Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” first-quarter 2026 investor letter. A copy of the letter can be downloaded here. The first quarter of 2026 was highly volatile for US equities, driven by AI disruption concerns and the US-Israel conflict in Iran and the Middle East. In this backdrop, the Polen […]
Polen Capital, an investment management company, released its “Polen Focus Growth Strategy” first-quarter 2026 investor letter. A copy of the letter can be downloaded here. The first quarter of 2026 was highly volatile for US equities, driven by AI disruption concerns and the US-Israel conflict in Iran and the Middle East. In this backdrop, the Polen […]
S&P 500 Index futures are little changed as of 7:45 a.m. in New York ahead of a blockbuster slate of corporate earnings. Alphabet, Microsoft, Amazon and Meta Platforms are set to report after the close. Nasdaq 100 futures climb 0.3% Dow Jones Industrial Average futures are little changed The MSCI World Index is little changed. Here are some of the biggest US movers before the bell: Magnificent Sev...
S&P 500 Index futures are little changed as of 7:45 a.m. in New York ahead of a blockbuster slate of corporate earnings. Alphabet, Microsoft, Amazon and Meta Platforms are set to report after the close. Nasdaq 100 futures climb 0.3% Dow Jones Industrial Average futures are little changed The MSCI World Index is little changed. Here are some of the biggest US movers before the bell: Magnificent Seven stocks: Alphabet (GOOGL) -0.5%, Amazon (AMZN) -0.1%, Apple (AAPL) -0.7%, Nvidia (NVDA) +0.4%, Meta Platforms (META) -0.1%, Microsoft (MSFT) -0.6%, Tesla (TSLA) +0.2% Bloom Energy (BE) jumps 20% after the fuel cell maker boosted its revenue guidance for the full year, beating Wall Street guidance expectations. Booking Holdings (BKNG) falls 3% after the online travel agent said the Middle East conflict impacted its first-quarter results to varying degrees. Its second-quarter and full-year forecasts missed estimates. Brown-Forman (BF/B) falls 5% after the alcoholic beverage maker and Pernod Ricard agreed to terminate discussions regarding a potential business combination. Humana (HUM) slips 1% after the health insurer reaffirmed its adjusted earnings per share forecast for the full year, even as its first-quarter profit came ahead of expectations. KalVista Pharmaceuticals (KALV) soars 38% after Chiesi Farmaceutici SpA agreed to acquire the US-listed company for about $1.9 billion, expanding the Italian company’s rare immunology portfolio. NXP Semiconductors (NXPI) jumps 18% after the chipmaker reported first-quarter results that beat expectations and gave a second-quarter forecast that is above the analyst consensus. O-I Glass (OI) sinks 21% after the glass bottle maker cut its adjusted earnings per share guidance for the full year, citing higher global energy costs as a result of the conflict in the Middle East. Robinhood (HOOD) falls 10% after the firm said expenses jumped 18% in the first quarter and warned that its “Trump account” push would require an additional $100 m...
AbbVie press release ( ABBV ): Q1 Non-GAAP EPS of $2.65 misses by $0.02 . Revenue of $15B (+12.4% Y/Y) beats by $280M . First-Quarter Global Net Revenues from the Immunology Portfolio Were $7.290 Billion, an Increase of 16.4 Percent on a Reported Basis, or 14.3 Percent on an Operational Basis; Global Skyrizi Net Revenues Were $4.483 Billion; Global Rinvoq Net Revenues Were $2.119 Billion; Global H...
AbbVie press release ( ABBV ): Q1 Non-GAAP EPS of $2.65 misses by $0.02 . Revenue of $15B (+12.4% Y/Y) beats by $280M . First-Quarter Global Net Revenues from the Immunology Portfolio Were $7.290 Billion, an Increase of 16.4 Percent on a Reported Basis, or 14.3 Percent on an Operational Basis; Global Skyrizi Net Revenues Were $4.483 Billion; Global Rinvoq Net Revenues Were $2.119 Billion; Global Humira Net Revenues Were $688 Million AbbVie is raising its adjusted diluted EPS guidance for the full year 2026 from $13.96 - $14.16 to $14.08 - $14.28 vs. $14.21 consensus, which includes an unfavorable impact of $0.41 per share related to acquired IPR&D and milestones expense incurred year-to-date through the first quarter 2026. The company's 2026 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the first quarter of 2026, as both cannot be reliably forecasted. More on AbbVie AbbVie: Fairly Valued And Positioned For Growth AbbVie: Buy Or Sell Ahead Of Q1 Earnings? It's A Buy, But With Caveats (Upgrade) AbbVie: Upside Potential And Dividends With Competent Portfolio Renewal AbbVie says Rinvoq bests Humira in head-to-head study in rheumatoid arthritis AbbVie Q1 Preview: Skyrizi, Rinvoq expected to drive growth recovery
kodda Ares Management ( ARES ) has acquired a 32.4% stake in the Rover natural gas pipeline from fellow investment firm Blackstone ( BX ) for an undisclosed sum, Reuters reported Wednesday. The Rover pipeline system, operated by Energy Transfer ( ET ), spans ~700 miles in Pennsylvania, West Virginia, Ohio, and Michigan, moving natural gas from the Appalachian shale basin to Midwestern markets an...
kodda Ares Management ( ARES ) has acquired a 32.4% stake in the Rover natural gas pipeline from fellow investment firm Blackstone ( BX ) for an undisclosed sum, Reuters reported Wednesday. The Rover pipeline system, operated by Energy Transfer ( ET ), spans ~700 miles in Pennsylvania, West Virginia, Ohio, and Michigan, moving natural gas from the Appalachian shale basin to Midwestern markets and beyond. Rover is the second notable natural gas pipeline asset in Appalachia that Ares ( ARES ) has bought in recent months, having acquired Meade Pipeline in September from XPLR Infrastructure. "Large-scale, strategically located assets like Rover, which offer much-needed egress for in-basin supply, are playing a central role in the natural gas value chain and represent a compelling opportunity for expansion," Anthony Omokha, managing director in Ares Infrastructure Opportunities, told Reuters. More on Blackstone and Ares Management A Rare Chance To Buy Blackstone's $1.3 Trillion Empire At A Deep Discount Blackstone Q1 2026 Earnings Call Presentation Whitestone REIT: Purchase Highlights Opportunity In Ares Management
Wingstop press release ( WING ): Q1 Non-GAAP EPS of $1.18 beats by $0.15 . Revenue of $183.7M (+7.4% Y/Y) misses by $4.06M . Royalty revenue, franchise fees and other increased $8.7 million, of which $12.2 million was due to net new franchise development and $3.4 million related to an increase in vendor rebates, partially offset by a decrease of $5.9 million due to an 8.7% decline in domestic same...
Wingstop press release ( WING ): Q1 Non-GAAP EPS of $1.18 beats by $0.15 . Revenue of $183.7M (+7.4% Y/Y) misses by $4.06M . Royalty revenue, franchise fees and other increased $8.7 million, of which $12.2 million was due to net new franchise development and $3.4 million related to an increase in vendor rebates, partially offset by a decrease of $5.9 million due to an 8.7% decline in domestic same store sales contributed by lower transaction volumes, reflecting continued pressure on consumer spending. Advertising fees increased $1.0 million due to a 5.9% increase in system-wide sales in the first quarter 2026. Company-owned restaurant sales increased $2.9 million due to the six additional corporate stores opened or acquired since the prior year period. 97 net new openings Domestic restaurant AUV of $2.0 million Domestic same store sales decreased 8.7% vs. Q1 2025 Digital sales represented 72.5% of system-wide sales The Company's outlook is dependent on the macro-environment which is inherently difficult to predict given current high levels of uncertainty. The Company is providing updated guidance for 2026: Low-single digit decline in domestic same store sales growth; SG&A of between $146 - $149 million, which includes $3 million of restructuring charges related to corporate realignment; Stock-based compensation expense of approximately $28 million. Additionally, the Company reiterates guidance for 2026: Global unit growth rate of 15% to 16%; Interest expense, net of approximately $43 million; and Depreciation and amortization of approximately $30 million. More on Wingstop Wingstop: The Same-Store Sales Decline Is Priced In, The Recovery Catalysts Are Not Wingstop: Can The Moat Survive The Fried Chicken War? (Rating Downgrade) Wingstop: Losing Patience With Poor Franchisee Performance (Rating Downgrade) Wingstop Q1 2026 Earnings Preview Citi Research sees buying opportunity in Wingstop's selloff as turnaround heats up
tupungato/iStock Editorial via Getty Images Midea Group (OTC: MGCOF ) is a Chinese manufacturing conglomerate known for being one of the largest home appliance manufacturers. On top of that, it is also a leading producer of air conditioners and industrial robots. Midea is also engaged in several other high-growth applications and it is growing rapidly in international markets. Midea’s competitiven...
tupungato/iStock Editorial via Getty Images Midea Group (OTC: MGCOF ) is a Chinese manufacturing conglomerate known for being one of the largest home appliance manufacturers. On top of that, it is also a leading producer of air conditioners and industrial robots. Midea is also engaged in several other high-growth applications and it is growing rapidly in international markets. Midea’s competitiveness is reflected in strong margins, return on equity and continuous growth. Its valuation appears attractive considering its robust balance sheet, strong track record and numerous opportunities. Over the past years Midea’s business has been highly cash generative. Considering the quality of the business Midea’s shares are attractively valued. Returns are supported by high dividend yield and share buybacks. Seven-armed industrial robot Midea is a fairly recent constituent of CSI 300 and Hang Seng indexes that follow companies listed in Chinese mainland and Hong Kong. It has a market capitalization of approximately $86 billion. Midea’s businesses and operations span wide and deep. Geographically, around 57% of the revenue comes from mainland China. It has 65 manufacturing sites, of which 43 are outside of China. The company employs nearly two hundred thousand people. Midea has seven business units. Smart Home segment represents over 65% of the revenue and consists of home appliances, air conditioners and domestic water systems. By volume Midea is the largest manufacturer of residential air conditioners. Intelligent Building Technology is a collection of companies engaged in commercial heating and cooling solutions and elevators. Industrial Technology is a division behind the manufacturing of components such as compressors, motors, chips and motion control. Robotics and Automation includes German industrial robotics brand KUKA that was acquired fully in 2022. Smart Logistics, also called ANNTO, is a provider of warehouse automation. Last but not least, Midea Healthcare and Mid...
primeimages/E+ via Getty Images Hedge fund billionaire Ken Griffin has warned that wealthy investors may not fully grasp the risks of the booming $3.5tn private credit market, particularly the difficulty of accessing their money during a downturn, according to a report by Financial Times. “The real issue here is the liquidity mismatch between the retail investor and the duration of the investments...
primeimages/E+ via Getty Images Hedge fund billionaire Ken Griffin has warned that wealthy investors may not fully grasp the risks of the booming $3.5tn private credit market, particularly the difficulty of accessing their money during a downturn, according to a report by Financial Times. “The real issue here is the liquidity mismatch between the retail investor and the duration of the investments,” the founder of $67bn hedge fund Citadel said in an interview with the FT. The private credit sector has exploded over the past decade as major alternative investment firms including Blackstone, Apollo Global Management, KKR and Ares Management expanded beyond institutional clients to target wealthy individuals with the promise of higher returns. Griffin questioned whether this aggressive push was accompanied by adequate disclosure, asking: “But did the retail investors really understand the nature of the investment they were making?” The hedge fund billionaire pointed to a fundamental mismatch between investor expectations and the reality of these products. “We live in a world where retail investors have become accustomed to having immediate liquidity for their investments . . . investing in private credit is a different story,” Griffin noted, explaining that “semi-liquid” private credit funds only permit periodic withdrawals unlike traditional mutual funds. Cracks are already emerging in the sector, according to Financial Times calculations showing that wealthy investors sought to pull more than $20bn from private credit funds in the first quarter of 2025, of which just over half was permitted under strict withdrawal rules. Blue Owl Capital, which aggressively courted retail investors, has limited withdrawals from its two flagship funds amid billions of dollars in redemption requests. JPMorgan Chase boss Jamie Dimon reinforced these concerns, warning that when the credit cycle turns “it will be worse than people think” given weaker lending standards across the more than...
AM-C/iStock Unreleased via Getty Images Deutsche Bank ( DB ) was trading lower despite reporting higher earnings during the first quarter as provisions jumped at the investment banking unit. Shares were 2.63% lower at $31.11 during pre-market trading on Wednesday. Post-tax profit was up 8% to a quarterly record of €2.2B. The quarter saw net revenues increase 2% year-over-year to €8.67M from €8.52M...
AM-C/iStock Unreleased via Getty Images Deutsche Bank ( DB ) was trading lower despite reporting higher earnings during the first quarter as provisions jumped at the investment banking unit. Shares were 2.63% lower at $31.11 during pre-market trading on Wednesday. Post-tax profit was up 8% to a quarterly record of €2.2B. The quarter saw net revenues increase 2% year-over-year to €8.67M from €8.52M. Earnings per share rose 7% to €1.06. Segment-wise, the private bank unit saw its revenue rise by 5% to €2.57M and asset management by 10% to €802M. The corporate bank segment saw its revenue fall by 3% to €1.82B, while the revenue was unchanged at the investment bank unit at €3.37B. In March, Deutsche Bank CEO Christian Sewing had said that the investment bank's revenue in Q1 will likely be flat year-over-year, with capital market growth offsetting a decline in trading. At the group level, provision for credit losses surged by 10% to €519M. The rise was driven by a 77% rise in provisions at the investment banking unit to €290M. The unit saw its loan loss provisions jump because of a single-name exposure and macro-economic overlay. Another major European bank, Barclays ( BCS ) ( BCLYF ), had reported a similar surge in a one-off charge and impairments on account of its exposure to Market Financial Solutions, a property lender that collapsed earlier this year. BCS was trading lower despite posting a rise in Q1 earnings. For Deutsche, the common equity Tier 1 capital ratio stood at 13.8% at the end of March. For 2026, the German lender said its Q1 revenue provides a solid step-off point for its full-year 2026 revenue ambition of €33B. Provisions for credit losses are expected to see a year-over-year improvement in a normalized environment. More on Deutsche Bank Deutsche Bank Aktiengesellschaft (DB) Presents at European Financials Conference 2026 Transcript Deutsche Bank: Recent Pullback Provides A Buying Opportunity Deutsche Bank: A Bullish Refocus On European Banks Emerges ...
Welcome to our guide to the commodities driving the global economy. Today, OPEC reporter Grant Smith explores the rationale behind Abu Dhabi’s surprise decision to leave the organization after 60 years. The story of the UAE’s shock exit from OPEC is ultimately about the twilight of the oil age. On the surface, the decision by the United Arab Emirates to leave the organization appears to be a matte...
Welcome to our guide to the commodities driving the global economy. Today, OPEC reporter Grant Smith explores the rationale behind Abu Dhabi’s surprise decision to leave the organization after 60 years. The story of the UAE’s shock exit from OPEC is ultimately about the twilight of the oil age. On the surface, the decision by the United Arab Emirates to leave the organization appears to be a matter of frustration with group leader Saudi Arabia. For much of this decade, Abu Dhabi’s impatience to use new oil-production capacity it’s built up has brought the country into conflict with Riyadh, which urged supply restraint to defend prices. But during the past year, the Saudis have also embraced a much looser stance on output, steering OPEC and its allies to swiftly bring back idled barrels. The question, then, becomes why the UAE is in such a hurry to slip the confines of the Organization of the Petroleum Exporting Countries. Its public announcement of the departure offers clues, such as allusions to a “new energy age.” One person familiar with the country’s policymaking said it’s pursuing a strategy to optimize the use of abundant resources while the energy transition gathers pace. Put more simply, the UAE feels an urgency to pump as much oil as possible before the world’s pivot away from fossil fuels erodes consumption. To be sure, that’s not exactly the official line. In its statement, Abu Dhabi pointed to “sustained growth in global energy demand.” The organization it’s just left insists that oil consumption will keep rising until at least the middle of the century . But views among the wider industry suggest a much more imminent demand plateau, perhaps within the next decade. Predictions have been pushed back recently. The difficulty of hitting climate targets and the necessity of ensuring supplies amid conflicts such as Russia’s war on Ukraine focused minds on energy security. Yet the mere suggestion of a peak on the horizon, whatever the date, undermines OPEC’s c...