MaxFrost/iStock via Getty Images Anthropic ( ANTHRO ) has been fielding interest from investors including Dragoneer, General Catalyst, and Lightspeed Venture Partners as its revenue continues to rise, the Financial Times reported, citing people with knowledge of the matter. The new round is expected to value Anthropic at about $900B pre-money and to raise as much as $50B, three of the people told ...
MaxFrost/iStock via Getty Images Anthropic ( ANTHRO ) has been fielding interest from investors including Dragoneer, General Catalyst, and Lightspeed Venture Partners as its revenue continues to rise, the Financial Times reported, citing people with knowledge of the matter. The new round is expected to value Anthropic at about $900B pre-money and to raise as much as $50B, three of the people told FT. They told the FT that it was likely to close within two months. CFO Krishna Rao has been speaking with investors but has not yet agreed terms, and there is no guarantee that a deal will come together, the sources added. More on Anthropic Anthropic Is Taking Over Enterprise Wall Street Lunch: Anthropic Tries To Contain Claude Code Instruction Leak Anthropic's IPO: What You Need To Know Anthropic's deal with SpaceXAI could boost its revenue, Wells Fargo says AI's threat potential prompts US, China to consider discussions on guardrails: report
PrathanChorruangsak/iStock via Getty Images Insurance brokers are currently in a world of pain as the halcyon days of the hard market are clearly behind us. At first glance, the organic growth still seems to be holding up reasonably well (ex Brown & Brown, Inc. ( BRO )), but nonetheless, investors are somewhat spooked. Source: Company Filings, MBI Deep Dives, Daloopa Every broker reported sharper ...
PrathanChorruangsak/iStock via Getty Images Insurance brokers are currently in a world of pain as the halcyon days of the hard market are clearly behind us. At first glance, the organic growth still seems to be holding up reasonably well (ex Brown & Brown, Inc. ( BRO )), but nonetheless, investors are somewhat spooked. Source: Company Filings, MBI Deep Dives, Daloopa Every broker reported sharper property declines. The quantification varies with mix (admitted, large account, E&S cat-exposed), but no broker characterized property as anything other than firmly negative. Q1 FY26 was the quarter that confirmed the property-led soft market is accelerating. Property is clearly past peak: -9% (Marsh ( MRSH ) global, same as last quarter), -7% RPC (Arthur J. Gallagher ( AJG )), -15% (Aon plc ( AON )), -15% to -35% (BRO E&S), -25% to -35% (Ryan Specialty Holdings ( RYAN ) cat exposed). Capacity is returning across primary and reinsurance, which is exerting pressure on rates. On the other hand, the unanimous read is that the casualty rate environment is bifurcated. Excess and high-hazard classes are still seeing meaningful rate increases driven by social inflation and reserve actions, while small-to-medium hazard primary casualty is starting to see fresh capacity compete. US excess casualty was +18% per MRSH; high-hazard E&S classes were >+10% per RYAN. As you can see above in the organic growth table, BRO was the clearest under-performer in 1Q’26. BRO CEO Powell Brown explicitly named four idiosyncratic headwinds (Accession integration, Howden start-up litigation, faster-than-expected property declines, and pharmacy revenue model change) and conceded BRO is “slightly lower than the peers”. While the hard market in property is behind us, brokers identified data centers and AI-related infrastructure as a meaningful contributor or pipeline opportunity. AON took it furthest, raising its data center life-cycle insurance program capacity by $1 billion to $3.5 billion; AJG and Guy ...
Jamie McCarthy/Getty Images Entertainment Last year, I attended the Berkshire Hathaway Annual Meeting ( BRK.B ) ( BRK.A ). In fact, I am writing this article wearing a T-shirt that I bought there, and thinking about whether I should store it somewhere to preserve it instead of continuing to wear it until it becomes more worn (than it already is). Although I did not go this year, I would have liked...
Jamie McCarthy/Getty Images Entertainment Last year, I attended the Berkshire Hathaway Annual Meeting ( BRK.B ) ( BRK.A ). In fact, I am writing this article wearing a T-shirt that I bought there, and thinking about whether I should store it somewhere to preserve it instead of continuing to wear it until it becomes more worn (than it already is). Although I did not go this year, I would have liked to. It is a pity that it is far for me and requires a very large logistical, financial, and time commitment (I live in Brazil). Even without attending physically, I followed a good part of the meeting, interviews, news, and testimonials from people who attended. From the stories I heard, the atmosphere was not the same as last year. There was a slightly more melancholic atmosphere since Warren Buffett was in the audience (and not on stage). It is an important symbol, a confirmation of his lower activity at the company. In general, most of the meeting was more focused on Berkshire Hathaway’s operations, rather than more philosophical questions. Even so, I believe it was possible to extract important insights from this meeting, such as the comparison between Buffett-Greg Abel, and Steve Jobs-Tim Cook. The End Of The Buffett Era In Buffett’s brief comments at this meeting, part was directed to supporting Abel. One of the things he mentioned during this brief speech was about the investment in Apple ( AAPL ), whose initial investment was ~$35 billion and reached $185 billion without Buffett having to do anything. It may seem like something simple, but with this example, a lot becomes explicit and implicit. The moment is even more interesting because it was announced that Tim Cook’s era is coming to an end and that John Ternus will take over (check it here ), giving a new direction to Apple’s case. But the parallel here, I do not think, is exactly between Cook-Ternus and the Buffett-Abel transition. We have to take a step back. The first investment in Apple that Buffett made wa...
Southwest Airlines ( LUV ) declares $0.18/share quarterly dividend , in line with previous. Forward yield 1.74% Payable July 2; for shareholders of record June 11; ex-div June 11. The company has now announced a dividend of $0.18 for nineteen consecutive quarters. See LUV Dividend Scorecard, Yield Chart, & Dividend Growth. More on Southwest Airlines Southwest Airlines: Braced For Fuel Shocks, Not ...
Southwest Airlines ( LUV ) declares $0.18/share quarterly dividend , in line with previous. Forward yield 1.74% Payable July 2; for shareholders of record June 11; ex-div June 11. The company has now announced a dividend of $0.18 for nineteen consecutive quarters. See LUV Dividend Scorecard, Yield Chart, & Dividend Growth. More on Southwest Airlines Southwest Airlines: Braced For Fuel Shocks, Not Priced For Them Southwest Airlines Co. (LUV) Q1 2026 Earnings Call Transcript Southwest Airlines Could Outperform The Industry In 2026 (Earnings Preview) Quant Rating Check: Analyzing the impact of Spirit’s collapse on airline standings Spirit Airlines collapse leaves travelers scrambling, rivals offer rescue fares and refund options
Worawee Meepian/iStock via Getty Images The following segment was excerpted from the Diamond Hill Mid Cap Strategy Q1 2026 Commentary. Key contributors Regal Rexnord ( RRX ), a manufacturer of electrical products for industrial equipment, outperformed in Q1 as the company reported strong orders for a new data center product, which should support solid revenue growth in 2027. Additionally, merger s...
Worawee Meepian/iStock via Getty Images The following segment was excerpted from the Diamond Hill Mid Cap Strategy Q1 2026 Commentary. Key contributors Regal Rexnord ( RRX ), a manufacturer of electrical products for industrial equipment, outperformed in Q1 as the company reported strong orders for a new data center product, which should support solid revenue growth in 2027. Additionally, merger synergies and continuous improvement efforts continue to drive better-than-expected organic growth and margin expansion. While leverage remains somewhat elevated and could leave the company vulnerable to near-term macroeconomic weakness, we continue to view the stock as attractive at current prices. Networking systems company Ciena ( CIEN ) saw shares increase in Q1 amid optimism around hyperscaler business, driven by strong demand for optical equipment due to data center buildouts. Freeport-McMoRan ( FCX ) is one of the world's largest copper miners, with operations in the US, Chile and Indonesia. Following the tragic accident at its Grasberg mine in Indonesia last year, the stock has recovered as management has demonstrated progress in restoring operations. That recovery, combined with a strong copper price, has supported improved market expectations for free cash flow generation. Global property and casualty insurer American International Group ( AI G) declined following a late-2025 rally driven by reports of a potential acquisition by Chubb ( CB ). The company announced a CEO succession plan in early January, which led investors to believe a transaction was unlikely, removing the deal premium and causing shares to fall. New positions We initiated a position in Antero Resources ( AR ), a natural gas exploration and production company, to gain exposure given our constructive long-term outlook for US natural gas. Shares of health care revenue management software vendor Waystar ( WAY ) have been pressured amid broader AI concerns across software, and we believe the market is...
(RTTNews) - Macquarie Group Limited (MQG.AX) reported net profit after tax attributable to ordinary shareholders of A$4.85 billion for the year ended 31 March 2026, up 30 percent on the year ended 31 March 2025. Earnings per share was A$12.77, up 30% from prior year. Net operatin
(RTTNews) - Macquarie Group Limited (MQG.AX) reported net profit after tax attributable to ordinary shareholders of A$4.85 billion for the year ended 31 March 2026, up 30 percent on the year ended 31 March 2025. Earnings per share was A$12.77, up 30% from prior year. Net operatin
Earnings Call Insights: LTC Properties (LTC) Q1 2026 Management View "LTC is successfully executing our SHOP strategy" and management framed the quarter around scaling senior housing operating properties quickly, with CEO Clint B. Malin saying, "Our capabilities, reputation and culture are resonating with sellers and operators, and these relationships are driving investment opportunities and recor...
Earnings Call Insights: LTC Properties (LTC) Q1 2026 Management View "LTC is successfully executing our SHOP strategy" and management framed the quarter around scaling senior housing operating properties quickly, with CEO Clint B. Malin saying, "Our capabilities, reputation and culture are resonating with sellers and operators, and these relationships are driving investment opportunities and record external growth, allowing us to scale incredibly quickly" (Co-CEO & Co-President Clint B. Malin). Malin tied the strategy to portfolio mix and per-share growth, stating, "With the SHOP currently projected to represent 45% of our total investments and 40% of annualized NOI by year-end, the shift in our portfolio mix is dramatically enhancing LTC's long-term ability to grow FFO and FAD per share above our historical rate" (Co-CEO & Co-President Malin). Portfolio recycling remained part of the plan, with Malin adding, "we would consider transactions that capitalize on attractive skilled nursing pricing by recycling capital into higher-growth SHOP assets" (Co-CEO & Co-President Malin). Asset management reiterated the 2026 disposition/repayment funding plan embedded in guidance, including, "reinvestment of approximately $265 million in planned dispositions and loan repayments from skilled nursing assets this year" and that this included "$77 million is closed and $190 million is expected to close in the third quarter" (Executive Vice President of Asset Management J. Satterwhite). Financial capacity and leverage were emphasized alongside external growth: "Including year-to-date ATM sales of $95 million, our current liquidity is $585 million" and "Our pro forma liquidity totaled $775 million" (Executive VP, CFO Caroline Chikhale). Outlook Management reiterated full-year guidance, with Caroline Chikhale stating, "We are reiterating our 2026 guidance for core FFO per share projected in the range of $2.75 to $2.79 and core FAD per share in the $2.82 to $2.86 range" (Executive VP, C...
Earnings Call Insights: El Pollo Loco (LOCO) Q1 2026 Management View "We are proud of our first quarter results, including system-wide same-store sales growth of 5.8% and restaurant-level margin expansion of 320 basis points year-over-year," said (CEO & Director Elizabeth Williams), adding, "Our momentum is sustainable and we are well-positioned to deliver on our priorities for 2026." "The Baja To...
Earnings Call Insights: El Pollo Loco (LOCO) Q1 2026 Management View "We are proud of our first quarter results, including system-wide same-store sales growth of 5.8% and restaurant-level margin expansion of 320 basis points year-over-year," said (CEO & Director Elizabeth Williams), adding, "Our momentum is sustainable and we are well-positioned to deliver on our priorities for 2026." "The Baja Tostada lineup exceeded expectations, delivering a record-breaking 8.3% sales mix for our brand with our tostada and salad category peaking at over 20% of our total sales mix," said (CEO & Director Williams), and noted, "We have made a strategic decision to keep the chicken Baja Tostada on the menu in the summer." "For the first quarter, our total digital business, including kiosks, represented approximately 28% of sales in our corporate restaurants," said (CEO & Director Williams), and added, "National Burrito Day activation at the beginning of April delivered our single highest loyalty sales day in our company's history." "For the first quarter ended April 1, 2026, total revenue was $126.2 million," said (Chief Financial Officer Ira Fils), and added, "We reported GAAP net income of $8.2 million or $0.27 per diluted share" and "Adjusted EBITDA for the first quarter of 2026 was $18.2 million." Outlook "We are increasing our system-wide comparable store growth guidance to now be between 2% and 4% for the full year," said (Chief Financial Officer Fils), and added, "We are increasing our adjusted EBITDA guidance to be between $67.5 million to $69.5 million." "We expect our restaurant level margin for the full year 2026 to be between 18.25% and 18.75%, an increase of 25 basis points from our prior guidance," said (Chief Financial Officer Fils). "We are maintaining the following guidance: the opening of at least 3 to 4 company-operated restaurants and 15 to 16 franchise-operated restaurants; capital spending between $37 million and $40 million; G&A expenses between $52 million to ...
Earnings Call Insights: N-able (NABL) Q1 2026 Management View CEO John Pagliuca said N-able is focusing on “AI innovation, where we are automating work historically delivered through labor-intensive services,” positioning the company around an “end-to-end cyber resilience platform” as “advancements in frontier models are fundamentally rewriting the threat landscape.” Pagliuca highlighted Q1 operat...
Earnings Call Insights: N-able (NABL) Q1 2026 Management View CEO John Pagliuca said N-able is focusing on “AI innovation, where we are automating work historically delivered through labor-intensive services,” positioning the company around an “end-to-end cyber resilience platform” as “advancements in frontier models are fundamentally rewriting the threat landscape.” Pagliuca highlighted Q1 operating indicators and mix shift: “First quarter ARR was $548 million, growing 8% year-over-year in constant currency, and adjusted EBITDA margin was 27%,” and “trailing 12-month net retention now at 106%.” He tied performance to upmarket progress, noting “the number of customers with over $50,000 of ARR grew by 13% year-over-year,” and said the cohort “now represents 62% of N-able's total ARR.” Pagliuca emphasized channel expansion and security/data protection momentum, including that “4 of our top 5 new customer wins in the quarter… were through value-added resellers,” and that “security operations and data protection continue to outpace total company growth.” He also cited new reference wins, including being “Manchester City Football Club's official cybersecurity partner.” CFO Tim O’Brien described capital priorities as “investing behind durable demand for cybersecurity solutions while delivering a robust financial profile,” and said Q1 results included total revenue of $134 million, adjusted EBITDA of $37 million, and unlevered free cash flow of $22 million. Outlook The company guided Q2 2026 total revenue to $137.5 million to $138.5 million and Q2 adjusted EBITDA to $39.5 million to $40.5 million, with O’Brien adding: “revenue growth is impacted by the timing and magnitude of on-premise deals and related revenue recognition dynamics, and we continue to view ARR as the best velocity metric for our business.” For full-year 2026, O’Brien guided total revenue to $554 million to $559 million and ARR to $581 million to $586 million, alongside adjusted EBITDA of $167 million to $...
Earnings Call Insights: Clarus Corporation (CLAR) Q1 2026 Management view "Overall, our first quarter results reflect disciplined execution of our simplification strategy" (Executive Chairman Warren Kanders), while adding, "we have initiated this review to enhance shareholder value" and "Potential alternatives include the sale of all or part of the business or other strategic or financial transact...
Earnings Call Insights: Clarus Corporation (CLAR) Q1 2026 Management view "Overall, our first quarter results reflect disciplined execution of our simplification strategy" (Executive Chairman Warren Kanders), while adding, "we have initiated this review to enhance shareholder value" and "Potential alternatives include the sale of all or part of the business or other strategic or financial transactions involving the company" (Executive Chairman Kanders); he also said Clarus "retained Jefferies LLC as our financial advisor" and "will not be answering any questions or commenting further" on the process (Executive Chairman Kanders). Outdoor focus remained on higher-margin categories, with Kanders saying the company is "shifting toward a sustainable full price model" and that "Apparel... grew 10% year-over-year on a full price basis in Q1" (Executive Chairman Kanders). Outdoor execution details emphasized category concentration, with "our big three business units, mountain, climb, and apparel... now account for over 90% of total revenue" and adjusted EBITDA of "$1.4 million" (President McNeil Fiske). Adventure commentary mixed progress with a weaker setup for the back half, as management pointed to "new international customer wins" and then warned it sees "macro, trade, and consumer headwinds" later in the year, alongside "targeted pricing actions and additional cost controls" (Executive Chairman Kanders). "We have revised our full year 2026 sales range to be between $245 million and $255 million and adjusted EBITDA to be in the range of $3 million to $5 million" (CFO Michael Yates), and he highlighted a reporting change: "beginning in the first quarter of 2026, we will no longer be adjusting and adding back the costs associated with the Section 16(b) litigation and the Consumer Product Safety Commission DOJ matter" (CFO Yates). Outlook "Second quarter sales are expected to range between $51 million and $53 million, and adjusted EBITDA is expected to approximately be a $...
We have selected seven stories from this week’s news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. 2 former Chinese defence ministers handed suspended death sentences Two former Chinese defence ministers, Wei Fenghe and Li Shangfu, h...
We have selected seven stories from this week’s news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. 2 former Chinese defence ministers handed suspended death sentences Two former Chinese defence ministers, Wei Fenghe and Li Shangfu, have received suspended death sentences after being found guilty of corruption, according to...