Comparing Sprott Gold Miners ETF (NYSEMKT:SGDM) and Global X - Silver Miners ETF (NYSEMKT:SIL) highlights the differences between lower-cost gold mining exposure and a more expensive, silver-focused portfolio with higher recent volatility. Both funds target the materials sector but focus on different precious metals. While SIL provides a broad look at the silver mining industry, SGDM narrows its s...
Comparing Sprott Gold Miners ETF (NYSEMKT:SGDM) and Global X - Silver Miners ETF (NYSEMKT:SIL) highlights the differences between lower-cost gold mining exposure and a more expensive, silver-focused portfolio with higher recent volatility. Both funds target the materials sector but focus on different precious metals. While SIL provides a broad look at the silver mining industry, SGDM narrows its scope to gold miners listed in North America. These ETFs allow investors to gain exposure to metal prices through equity in companies that extract them, which can often lead to more pronounced price swings than holding the metals directly. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield. Continue reading
Family and money don't stay simple for long. Shey joined her husband Arnold in the audience at a "Ramsey Show"LIVE" in Chicago to figure out how to handle her mom's repeated requests. She said her mom earns more than they...
Family and money don't stay simple for long. Shey joined her husband Arnold in the audience at a "Ramsey Show"LIVE" in Chicago to figure out how to handle her mom's repeated requests. She said her mom earns more than they...
MicroStockHub/iStock via Getty Images Introduction Earlier today, Indiana-based Merchants Bancorp ( MBIN ) reported its first quarter earnings . The stock has been on a tear, outperforming the S&P 500 by three times since I downgraded the common shares back in June. While the bank beat earnings expectations and continues to experience strong revenue growth, I believe that investors are better serv...
MicroStockHub/iStock via Getty Images Introduction Earlier today, Indiana-based Merchants Bancorp ( MBIN ) reported its first quarter earnings . The stock has been on a tear, outperforming the S&P 500 by three times since I downgraded the common shares back in June. While the bank beat earnings expectations and continues to experience strong revenue growth, I believe that investors are better served at this time investing in the preferred shares than the common shares. Merchants Bancorp Earnings Merchants Bancorp’s asset yield continues to decline as short-term interest rates drop. Asset yields fell by 30 basis points in the first quarter to 6.14%. Compared to a year ago, asset yields declined by 65 basis points. Borrowing yields experienced a greater decline, dropping by 36 basis points in the first quarter to 3.64%. Compared to a year ago, borrowing yields are 77 basis points lower. Company Financials Due to the bank’s borrowing yield dropping faster than asset yields, net interest spreads have risen, going from 2.38% in the first quarter of 2025 to 2.44% in the fourth quarter and up 6 more basis points to 2.50% in the first quarter. Net interest margin, which incorporates the weight of leverage into the mix, has also risen, going up by 3 basis points in the first quarter to 2.92%, the same increase as a year ago. Company Financials When it comes to income and expenses, interest income pulled back in the first quarter, dropping by $36 million to $271 million. Interest expenses also declined, but by a little less, at $27 million to $142 million. Due to these changes, net interest income (interest income less interest expense) dropped by $9 million to $129 million. Net interest income for the bank has been essentially flat for the past two years. Company Financials Company Financials Changes in Loans and Deposits Merchants Bancorp had the best quarter for loan growth since 2023 in the first quarter. The bank grew lending by 8.8% in the first quarter. Over the last y...
Israel is preparing to sell a stake of as much as 30% in its two largest defense companies this year to help fund the nation’s expanding military spending. Israel Aerospace Industries Ltd. will trade on the Tel Aviv Stock Exchange with an estimated valuation of about 100 billion shekels ($34 billion), an Israeli official familiar with the matter said, asking not to be identified because the matter...
Israel is preparing to sell a stake of as much as 30% in its two largest defense companies this year to help fund the nation’s expanding military spending. Israel Aerospace Industries Ltd. will trade on the Tel Aviv Stock Exchange with an estimated valuation of about 100 billion shekels ($34 billion), an Israeli official familiar with the matter said, asking not to be identified because the matter is private. The sale of the Rafael Advanced Defense Systems Ltd. stake will likely be a private placement through TASE UP , with an estimated value for the company of 60 billion shekels, according to an official for the firm who also requested anonymity. The government intends to initially sell as much as 30% of the makers of the Arrow and Iron Dome anti-missile defense systems, and that may eventually rise to no more than 49%, according to Shay Hacham, chief of staff for the Defense Ministry’s director general. The government declined to comment on the timing, valuation and venues being considered. Spokespersons for IAI and Rafael declined any comment. A final decision has yet to be made and delays are possible because of conflict and elections that must take place by October, the Israeli official said. The Rafael official said the companies may face fewer restrictions after the government divests part of its holdings. Measures being considered as part of the privatizations include offering higher executive salaries and speeding up approvals, the official said. Israel’s defense companies have expanded rapidly in the last several years, with accelerating exports lending support to the economy and giving the government a degree of diplomatic leverage . The share sales will channel billions of shekels to the country’s budget, strained by years of spending on the wars Israel is waging across multiple theaters. IAI and Rafael reported record revenue in 2025, with order backlogs exceeding $30 billion and $20 billion respectively. Foreign orders accounted for 70% of IAI’s total ...
Bloom Energy Erupts On Beat, Guidance Upgrade As On-Site Data Center Power Demand Soars Clean-power company Bloom Energy surged early in the U.S. cash session after reporting earnings Tuesday after the close, raising its full-year revenue and margin guidance on rising demand from data centers and other commercial customers. The maker of solid oxide fuel cell systems , branded as Bloom Energy Serve...
Bloom Energy Erupts On Beat, Guidance Upgrade As On-Site Data Center Power Demand Soars Clean-power company Bloom Energy surged early in the U.S. cash session after reporting earnings Tuesday after the close, raising its full-year revenue and margin guidance on rising demand from data centers and other commercial customers. The maker of solid oxide fuel cell systems , branded as Bloom Energy Servers , that generate electricity on-site for customers, posted a profit of $70.7 million, or 23 cents a share, compared with a loss of $23.8 million, or 10 cents a share, from the same quarter one year ago. On an adjusted basis, earnings came in at 44 cents per share in the first quarter, beating analysts' estimates tracked by Bloomberg of 8.4 cents per share. Here's a snapshot of first-quarter earnings (courtesy of Bloomberg): Adjusted EPS 44c, estimate 8.4c EPS 23c Revenue $751.1 million, estimate $535.3 million Product revenue $653.3 million, estimate $397.9 million Installation sales $25.9 million, estimate $49.2 million Service revenue $61.9 million, estimate $71.7 million Electricity revenue $9.90 million, estimate $14.1 million Adjusted Ebitda $143.0 million, estimate $52.9 million Adjusted net income $138.1 million, estimate $26.7 million " We at Bloom are ushering in the era of digital power for the digital age. Bloom is rapidly becoming the standard and "go-to choice" for on-site power ," Bloom CEO KR Sridhar wrote in an earnings press release. For the full year forecast, here's what Bloom expects: Sees revenue $3.4 billion to $3.8 billion, saw $3.1 billion to $3.3 billion, estimate $3.25 billion (Bloomberg Consensus) Sees adj. gross margin about 34%, saw about 32%, estimate 31.9%v Shares of Bloom jumped as much as 20% in the cash session to a new record high. Wall Street analysts were broadly positive (commentary courtesy of Bloomberg): Citi (neutral, PT raised to $281 from $229) Analyst Vikram Bagri sees the first quarter revenue beat as strong, driven by capacity...
deepblue4you/iStock via Getty Images My thoughts on income portfolios I recently posted an article titled: How To Build A $7,000/Mo Income Using BlackRock's 8% Yielding 32 CEFs There were some great conversations in the comment sections, and also some queries about what I personally implement. In my opinion, closed-end funds can serve different purposes for different wealth stages. There are so ma...
deepblue4you/iStock via Getty Images My thoughts on income portfolios I recently posted an article titled: How To Build A $7,000/Mo Income Using BlackRock's 8% Yielding 32 CEFs There were some great conversations in the comment sections, and also some queries about what I personally implement. In my opinion, closed-end funds can serve different purposes for different wealth stages. There are so many strategies that one could get more conservative with the allocations, being more heavily weighted toward fixed income [like the article linked above], or be more aggressive and remain all equity, and even add funds that incorporate leverage. For myself personally, I sit on the cusp of two phases, accumulation and preservation/distribution. A part of our annual income is derived from passive sources. This includes dividends, interest, and distribution income. I want to remain in a portfolio that at least attempts to get me Beta [using the S&P 500 total return as Beta], combined with a more aggressive strategy for excess funds for which I don't need to rebalance cash. I run different strategies in different accounts, but one of the main accounts I now consider an income-first account. Here are the details of my income sleeve below. My core 4 Here are the holdings in my 'core 4' income sleeve: Adams Diversified Equity Fund ( ADX ) Reaves Utility Income Fund ( UTG ) BlackRock Health Sciences Trust ( BME ) Adams Natural Resources Fund ( PEO ) I've spoken about the above 4 funds in previous articles. For myself personally, I believe they all represent different non-overlapping strategies that, when combined, have the potential to hedge one another in certain market shifts and changing cycles that the other strategies might not be experiencing. ADX is my blend fund that is an S&P 500 replicator of sorts by sector weight that has had several stints of providing alpha above the market. The fund aims to distribute 2% per quarter, mainly from long-term capital gains. UTG is a utili...
Keri Findley traded subprime mortgage bonds during the Great Financial Crisis. Now, she’s betting on big returns from a home equity product with parallels to one that boomed before 2008. Tacora Capital Management , the asset-based finance firm Findley started in 2021, has struck a deal to buy up to $300 million worth of borrowers’ future home equity from lender Point Digital , she said in an inter...
Keri Findley traded subprime mortgage bonds during the Great Financial Crisis. Now, she’s betting on big returns from a home equity product with parallels to one that boomed before 2008. Tacora Capital Management , the asset-based finance firm Findley started in 2021, has struck a deal to buy up to $300 million worth of borrowers’ future home equity from lender Point Digital , she said in an interview. A recently launched Tacora fund is now accepting outside money, according to a statement, with the fresh capital partly going to back the purchases. Findley has been a member of Point Digital’s board of directors since 2017. The deal gives Tacora ongoing exposure to home equity investment contracts, a relatively new product that offers homeowners a cash advance in exchange for a cut of their property’s future value. HEI contracts have proved popular with lower-income consumers who lack the formal documentation needed to obtain home equity lines of credit. The product has some similarity to so-called second lien mortgages, which surged in popularity during the 2000s but eventually faced widespread losses. Demand for them dried up in the intervening years, but Findley says there’s been a recent resurgence of interest in unlocking home equity as millions seek cash to repay debts without displacing their low interest-rate mortgages. “The market for second-lien mortgages with high leverage never came back after the crisis,” Findley said in an interview. “Now, many homeowners have super-low interest rates on their mortgages, so there’s lots of demand to tap into equity. It’s also a good return.” Point Digital’s HEI contracts have averaged returns of 17% since 2015, according to Findley. Many longtime homeowners have been reluctant to move since 2022, when interest rates jumped from ultra-low levels and buying a new house suddenly meant trading a cheap mortgage for a much pricier one. And as inflation soared after the Covid-19 pandemic, rising costs have more Americans worri...
Semiconductor stocks have been on a tear in 2026, as massive capital spending plans from hyperscalers fuel growth across the industry. Two of the top performers so far this year are Marvell Technology (NASDAQ: MRVL) and Micron Technology (NASDAQ: MU) . The two chipmakers' stocks are up 93% and 74%, respectively, in 2026 as of this writing. Investors looking at the semiconductor space may be weighi...
Semiconductor stocks have been on a tear in 2026, as massive capital spending plans from hyperscalers fuel growth across the industry. Two of the top performers so far this year are Marvell Technology (NASDAQ: MRVL) and Micron Technology (NASDAQ: MU) . The two chipmakers' stocks are up 93% and 74%, respectively, in 2026 as of this writing. Investors looking at the semiconductor space may be weighing these two high-flying stocks against each other. Despite the massive run-up in both stocks' prices, one stands out as a better buy right now. Image source: Getty Images. Continue reading
Some of the biggest names in oil trading are becoming embroiled in a complex web of disputes that could be worth many billions of dollars, as the industry wrangles over who should be liable for contracted shipments that weren’t delivered as a result of the Iran war. The increasingly widespread issues are adding to headaches for producers and traders already grappling with the biggest oil supply sh...
Some of the biggest names in oil trading are becoming embroiled in a complex web of disputes that could be worth many billions of dollars, as the industry wrangles over who should be liable for contracted shipments that weren’t delivered as a result of the Iran war. The increasingly widespread issues are adding to headaches for producers and traders already grappling with the biggest oil supply shock in history, and threaten to haunt key Middle Eastern energy markets long after shipping through the Strait of Hormuz resumes, industry executives said. In one example, a unit of PetroChina Co. has clashed with Shell Plc over a cargo of Emirati crude that was due to load in March, according to people familiar with the matter. TotalEnergies SE is also in dispute with Shell over several other Middle Eastern energy trades, separate people said, asking not to be identified discussing confidential information. The conflicts have also drawn in an exchange where one of the region’s main oil price benchmarks is set. One senior executive at a trading house said that the scale of disputes and uncertainties surrounding cargoes from the Middle East was so large that — taken all together — it could impact his company’s profits by $500 million in either direction, depending on how they are each resolved. In some instances the disputes have arisen because producers cut their production levels. In others, buyers with contracts under which they are responsible for lifting oil from ports in the Middle East have said they were unable to secure ships to load it due to the near-total closure of the Strait of Hormuz — leading sellers to terminate the contracts, and in some instances seek damages. Complicating the situation is the fact that cargoes of oil are typically bought and sold many times before any oil is actually loaded onto a tanker, creating a web of interconnected exposures. The cargoes trade in lively bilateral over-the-counter markets, as well as underpinning billions of dollars ...
Iran’s currency has fallen in recent days to a fresh record low, in a sign the US’s naval blockade is squeezing the Islamic Republic’s economy. The rial depreciated to 1.8 million versus the dollar on Wednesday, according to Bonbast.com, a website that tracks its value on the black market. It’s down roughly 12% this week as the blockade on Iranian ports makes it harder for Tehran to keep exporting...
Iran’s currency has fallen in recent days to a fresh record low, in a sign the US’s naval blockade is squeezing the Islamic Republic’s economy. The rial depreciated to 1.8 million versus the dollar on Wednesday, according to Bonbast.com, a website that tracks its value on the black market. It’s down roughly 12% this week as the blockade on Iranian ports makes it harder for Tehran to keep exporting oil. Read More: US Signals No Letup of Naval Blockade in Bid to Squeeze Iran US Treasury Secretary Scott Bessent on Tuesday cited the weakening currency as evidence that Washington’s economic pressure campaign, designed to force Iran into a deal that constrains its nuclear program, is working. Iran wants the naval restrictions lifted as a precondition for any further talks or the reopening of the Strait of Hormuz. US President Donald Trump has said the blockade will remain in place until Iran strikes a deal to end the war, now in a shaky ceasefire. The continued closure of the waterway is pushing up oil prices, with Brent futures rising 5% to more than $117 a barrel on Wednesday. Read More: How Sanctions and a Currency Crash Fueled Iran Unrest: QuickTake The rial has dropped heavily in the last few years largely because of Western sanctions. A particularly rapid fall in December sparked mass anti-government protests that were violently suppressed by security forces.
Quantum computing is no longer a sci-fi concept; it is now a reality. In addition to small entrepreneurial companies with fresh ideas and the potential to make them into a commercial blockbuster, there are many established companies, including Magnificent 7 members, who also have a footprint in the sector. Defiance Quantum ETF (NASDAQ: QTUM) is ... QTUM Just Hit a New High. The 2 Catalysts That Co...
Quantum computing is no longer a sci-fi concept; it is now a reality. In addition to small entrepreneurial companies with fresh ideas and the potential to make them into a commercial blockbuster, there are many established companies, including Magnificent 7 members, who also have a footprint in the sector. Defiance Quantum ETF (NASDAQ: QTUM) is ... QTUM Just Hit a New High. The 2 Catalysts That Could Push It Higher in 2026.
Zerbor/iStock via Getty Images SNDL ( SNDL ) led decliners among Canadian cannabis firms on Wednesday after announcing lower-than-expected Q1 2026 revenue, which the company attributed to a sales decline driven by market headwinds. The Edmonton-based licensed producer lost ~9% in the morning hours, while its Canadian peers, including Tilray ( TLRY ), Canopy Growth ( CGC ), and Aurora Cannabis ( AC...
Zerbor/iStock via Getty Images SNDL ( SNDL ) led decliners among Canadian cannabis firms on Wednesday after announcing lower-than-expected Q1 2026 revenue, which the company attributed to a sales decline driven by market headwinds. The Edmonton-based licensed producer lost ~9% in the morning hours, while its Canadian peers, including Tilray ( TLRY ), Canopy Growth ( CGC ), and Aurora Cannabis ( ACB ), were among notable decliners. SNDL generated C$195.9M in revenue during the quarter, with a ~4% YoY decline marking its first topline contraction in three quarters. SNDL’s net revenue from cannabis operations fell ~14% YoY to C$29.4M, while its liquor retail segment added C$104.1M with a ~5% YoY decline. The company attributed the underperformance to market headwinds in both the liquor and cannabis segments. “Beyond the normal seasonality that impacts the first quarter each year, Q1 2026 was particularly challenging, driven primarily by market softness across our business segments and operating territories,” CEO Zach George remarked. While its adjusted gross margin for the quarter slipped 60 bps to 27% and adjusted operating loss reached C$8.9M, largely steady from the prior-year period, SNDL’s GAAP earnings per share stood at -C$0.04, beating the consensus by C$0.01. “While remaining focused on our strategic priorities and anticipating an improvement in the cannabis market in the second half of the year, we are not standing still,” CEO George added. In addition to strategic adjustments in response to market softness, the company said that it has rolled out several initiatives that could generate nearly C$20M of additional operating income over the remaining quarter. “We are proactively adjusting our commercial execution and cost structure to reflect the reality of current market conditions,” the CEO said. More on SNDL Wall Street Lunch: Cannabis Stocks Fly High On DEA Rescheduling Move SNDL Remains 'Hold' Amid Sector Uncertainty SNDL Remains Cheap But Risky SNDL Q1 Ea...
Prime Minister Narendra Modi is poised to secure a landmark victory in West Bengal state for the first time ever, exit polls showed, reinforcing his standing as the country’s most popular political leader. The Bharatiya Janata Party was on track to win the most number of seats in the state legislature, enough to form the government and unseat Chief Minister Mamata Banerjee , who has governed the s...
Prime Minister Narendra Modi is poised to secure a landmark victory in West Bengal state for the first time ever, exit polls showed, reinforcing his standing as the country’s most popular political leader. The Bharatiya Janata Party was on track to win the most number of seats in the state legislature, enough to form the government and unseat Chief Minister Mamata Banerjee , who has governed the state for 15 years. It was seen comfortably crossing the 148 seat mark needed for a majority, most of the exit polls showed. The exit polls released by local media Wednesday aren’t definitive and have proved unreliable in the past. Official results will be released on May 4. Matrize 146-161 125-140 6-10 P-Marq 150-175 118-138 2-6 Poll Diary 142-171 99-127 0-0 Chanakya 150-160 130-140 6-10 Source: ABP News West Bengal was the highest-profile contest among the five regions that went to the polls in April, testing Modi’s popularity at a time of heightened economic challenges. The election in the eastern state was overshadowed though by a controversial overhaul of the voters roll weeks before the polls, with more than 9 million people, or 12% of voters, scrapped from the list. Opposition groups alleged that Modi’s Hindu-nationalist party was using the voter revision to target mainly poor and Muslim voters in the state and tilt the election in its favor. Banerjee, a three-term chief minister, went as far as asking the Supreme Court to intervene to halt the process. The Election Commission said the cleanup of the voters roll was aimed at weeding out duplicate entries and illegal migrants. A win in West Bengal would be a milestone for the BJP and strengthen its position nationally. The state has the third-largest number of seats in the lower house, or Lok Sabha, at 42, or about 8%. If the official results mirror the exit polls, Modi will remain the BJP’s star campaigner who managed to expand the party’s support base beyond its traditional strongholds in northern and western India. ...
ChatGPT is struggling to keep up its once-explosive growth as users uninstall the app or opt for rival chatbots instead. According to data from market intelligence firm Sensor Tower , ChatGPT experienced a 132 percent increase in uninstalls year over year in April. Its uninstall rate was even higher last month, up 413 percent year-over-year, following OpenAI's deal with the Pentagon in February. W...
ChatGPT is struggling to keep up its once-explosive growth as users uninstall the app or opt for rival chatbots instead. According to data from market intelligence firm Sensor Tower , ChatGPT experienced a 132 percent increase in uninstalls year over year in April. Its uninstall rate was even higher last month, up 413 percent year-over-year, following OpenAI's deal with the Pentagon in February. While ChatGPT is still growing its user base, Sensor Tower says that growth is slowing down - ChatGPT increased its monthly active users by 168 percent in January, but only 78 percent in April. ChatGPT still has a "substantially larger user base" th … Read the full story at The Verge.
U.S. Attorney General Pam Bondi and Deputy Attorney General Todd Blanche arrive for a closed-door briefing for members of the House Oversight and Government Reform Committee, on the Justice Department's handling of the Epstein investigation and compliance with the Epstein Files Transparency Act on Capitol Hill in Washington, D.C., U.S., March 18, 2026. Nathan Howard | Reuters Former Attorney Gener...
U.S. Attorney General Pam Bondi and Deputy Attorney General Todd Blanche arrive for a closed-door briefing for members of the House Oversight and Government Reform Committee, on the Justice Department's handling of the Epstein investigation and compliance with the Epstein Files Transparency Act on Capitol Hill in Washington, D.C., U.S., March 18, 2026. Nathan Howard | Reuters Former Attorney General Pam Bondi will appear before the House Oversight and Government Reform Committee on May 29, the committee announced Wednesday. The panel's majority announced the appearance the same day its Democratic members said they had begun the process to hold Bondi in civil contempt of Congress after she skipped scheduled testimony earlier this month. The committee had called Bondi in to testify on the Department of Justice's handling of files related to the late sex offender Jeffrey Epstein . "This is all theater and completely unnecessary. They were happy giving the Clintons a free pass for months. We have secured Bondi's appearance for May 29," the House Oversight committee majority posted to X, in response to Democrat's contempt announcement. "Today, we're marking up legislation to tackle fraud at the federal level and all Democrats can talk about is Epstein." Read more CNBC politics coverage Trump’s lack of focus on economy is spooking Republicans as 2026 election looms Trump orders Navy to ‘shoot and kill any boat’ laying mines in Hormuz Strait U.S. Navy Secretary John Phelan leaving Trump administration: Pentagon Bill and Hillary Clinton fought subpoenas for months, but eventually both testified before the committee in February . The House Oversight committee, chaired by Rep. James Comer , R-Ky., subpoenaed Bondi in March . The committee's ranking member Rep. Robert Garcia , D-Calif., and all other Democratic members filed a contempt resolution Wednesday and claimed Bondi "illegally defied our committee." "Bondi has extensive personal knowledge about the Trump Administration...
Earnings Call Insights: Veralto (VLTO) Q1 2026 Management View "We are off to a strong start in 2026" with "approximately 7% total sales growth and 13% adjusted earnings per share growth" in Q1, while "continuing to invest in commercial execution, productivity and innovation" (President, CEO & Director Jennifer Honeycutt). "We raised our full year adjusted earnings per share guidance to a range of...
Earnings Call Insights: Veralto (VLTO) Q1 2026 Management View "We are off to a strong start in 2026" with "approximately 7% total sales growth and 13% adjusted earnings per share growth" in Q1, while "continuing to invest in commercial execution, productivity and innovation" (President, CEO & Director Jennifer Honeycutt). "We raised our full year adjusted earnings per share guidance to a range of $4.20 to $4.28 per share" and "expect core sales growth to accelerate as the year progresses" (President, CEO & Director Honeycutt). "Thus far this year, we have invested approximately $1 billion across 2 strategic acquisitions"—"In-Situ in our Water Quality segment and GlobalVision in our PQI segment"—and "also made opportunistic share repurchases" (President, CEO & Director Honeycutt). "We initiated a new cost optimization program designed to streamline our business and enhance operating efficiency" and management framed this as part of capital allocation flexibility, saying, "our balance sheet remains strong, providing flexibility to pursue additional acquisitions and share repurchases" (President, CEO & Director Honeycutt). Outlook "We expect core sales growth to accelerate as the year progresses" (President, CEO & Director Honeycutt). "We raised our full year adjusted earnings per share guidance to a range of $4.20 to $4.28 per share" (President, CEO & Director Honeycutt). "We haven't baked any benefit from the program in 2026 in the guidance" and "you should expect roughly 50% of the run rate savings in '27 and full run rate in 2028" (Senior VP & CFO Sameer Ralhan). Compared with the prior call’s full-year adjusted EPS guide of "$4.10 per share to $4.20 per share" for 2026, management’s Q1 message was, "we raised our full year adjusted earnings per share guidance" to "$4.20 to $4.28 per share" (Senior VP & CFO Ralhan; President, CEO & Director Honeycutt). Financial Results "In the first quarter, we delivered approximately 7% total sales growth and 13% adjusted earnin...