JaysonPhotography/iStock via Getty Images Wall Street ended the week sharply higher as investors reacted to a stronger-than-expected U.S. jobs report, solid semiconductor earnings, and rising geopolitical tensions in the Middle East. Data from the U.S. Bureau of Labor Statistics showed nonfarm payrolls rose by 115K in April, well above economists’ expectations for 63K jobs, while the unemployment ...
JaysonPhotography/iStock via Getty Images Wall Street ended the week sharply higher as investors reacted to a stronger-than-expected U.S. jobs report, solid semiconductor earnings, and rising geopolitical tensions in the Middle East. Data from the U.S. Bureau of Labor Statistics showed nonfarm payrolls rose by 115K in April, well above economists’ expectations for 63K jobs, while the unemployment rate remained unchanged at 4.3%, reinforcing signs of resilience in the labor market despite ongoing economic uncertainty. Geopolitical risks also stayed in focus after the U.S. military launched retaliatory strikes on Iranian military targets, following what Washington said was an Iranian attack on Navy vessels passing through the strategically important Strait of Hormuz. Meanwhile, on Friday, several chip and AI-related stocks rallied after the U.S. said it expects a response from Iran today on a proposal to end the war despite the exchange of strikes. For the week, the S&P ( SP500 ) added +2.3%, while the tech-heavy Nasdaq Composite ( COMP:IND ) jumped +4.5%, and the blue-chip Dow ( DJI ) added +0.2%. Here’s what caught investor attention this week: Advanced Micro Devices ( AMD ) surged 26% after the semiconductor company reported first-quarter results and guidance that topped Wall Street expectations. AMD reported adjusted earnings of $1.37 per share on revenue of $10.25B for the quarter ended March 28, with revenue rising 38% year-over-year. The rally extends AMD’s sharp momentum run, with shares now up 112.5% YTD. Arista Networks ( ANET ) fell nearly 21% despite a first-quarter beat and analysts being largely positive but highlighting supply constraints. For the quarter ended March 31, the networking solutions company reported adjusted earnings per share of $0.87 versus the consensus estimate of $0.81. Revenue increased 35% year over year to $2.70B, which was more than the $2.62B consensus. The Walt Disney Company ( DIS ) shares rose ~7% premarket after the entertainm...
Torsten Asmus/iStock via Getty Images The Franklin Dynamic Municipal Bond ETF ( FLMI ) is a longer duration fixed income exposure. There aren't signs of major issues for borrowers in the muni world in terms of credit risk, but there are worries about the state of the yield curve as it concerns inflation expectations and the Iran War, which matter for these longer-duration and more structurally lev...
Torsten Asmus/iStock via Getty Images The Franklin Dynamic Municipal Bond ETF ( FLMI ) is a longer duration fixed income exposure. There aren't signs of major issues for borrowers in the muni world in terms of credit risk, but there are worries about the state of the yield curve as it concerns inflation expectations and the Iran War, which matter for these longer-duration and more structurally levered issues. The yield curve has rightfully shifted upwards again in contrast to the continued growth in the more ebullient equity markets, despite the effects of higher cost of capital on valuations of tech companies whose multiples are extended. We'd stay away from longer duration fixed income including FLMI - though FLMI is quite a competitive options within the muni landscape on active offering expenses and historical outperformance - but our concern would be even greater for equity markets which are moving in a contradictory direction to macro evolutions. FLMI Breakdown In our previous coverage of FLMI we discussed tight credit spreads . Credit spreads are still quite low for Single-A which is where the mode of the ETFs credit ratings lie. But it is also indeed the case that defaults are on the decline, and remain only in some concentrated places that don't reflect the broader muni market. Sectors (Franklin Templeton) Credit quality (Franklin Templeton) Bear Case However, the situation in broader rates also pour into the dynamics in credit quality in the muni market. The yield curve has made a clear upwards shift again, reaching new levels and clearly above 6 months ago . A few features of the period marked by the beginning of the Ukraine War and the ongoing goods boom inflation battle are back. The yield curve is reflecting higher inflation expectations , which are creeping up and are a causative factor for realised inflation. While driven mostly by energy prices, inflation is also clearly up , and whether from core or non-core sources it's affecting purchasing power ...
Microsoft (NasdaqGS:MSFT) is partnering with the U.S. Center for AI Standards and Innovation and the U.K. AI Security Institute to help set global AI safety standards. The company is launching a 15 week Critical Infrastructure cohort with Per Scholas to build a talent pipeline for data center and AI infrastructure roles. Security researchers report new Iranian state sponsored attacks using Microso...
Microsoft (NasdaqGS:MSFT) is partnering with the U.S. Center for AI Standards and Innovation and the U.K. AI Security Institute to help set global AI safety standards. The company is launching a 15 week Critical Infrastructure cohort with Per Scholas to build a talent pipeline for data center and AI infrastructure roles. Security researchers report new Iranian state sponsored attacks using Microsoft Teams to deliver ransomware, raising fresh concerns around enterprise security. For...
The Met Gala is the museum's biggest annual fundraiser, this year raising $42 million to help fund exhibits, pay curators, and preserve paintings, sculptures and one of the largest fashion archives in the world. Bloomberg The Weekend was the first to see the exhibit and the new gallery in a private tour with MET Director and CEO Max Hollein. (Source: Bloomberg)
The Met Gala is the museum's biggest annual fundraiser, this year raising $42 million to help fund exhibits, pay curators, and preserve paintings, sculptures and one of the largest fashion archives in the world. Bloomberg The Weekend was the first to see the exhibit and the new gallery in a private tour with MET Director and CEO Max Hollein. (Source: Bloomberg)
Grandbrothers/iStock Editorial via Getty Images The U.S. FDA has approved a label expansion for Vyvgart and Vyvgart Hytrulo in myasthenia gravis, letting a broader section of adults suffering from the autoimmune disease receive the therapy, its manufacturer, argenx ( ARGX ), said. In a statement on Friday, the Dutch biotech said that the FDA approved its supplemental Biologics License Application,...
Grandbrothers/iStock Editorial via Getty Images The U.S. FDA has approved a label expansion for Vyvgart and Vyvgart Hytrulo in myasthenia gravis, letting a broader section of adults suffering from the autoimmune disease receive the therapy, its manufacturer, argenx ( ARGX ), said. In a statement on Friday, the Dutch biotech said that the FDA approved its supplemental Biologics License Application, which sought to expand the Vyvgart label to all serotypes of adults living with generalized myasthenia gravis. The blockbuster therapy, which generated more than $4B in sales globally for argenx ( ARGX ) last year, was previously available in the U.S. for adults with gMG who are anti-acetylcholine receptor antibody positive. The neonatal Fc receptor blocker is also indicated for a rare autoimmune condition called chronic inflammatory demyelinating polyneuropathy. The sBLA, backed by the company’s Phase 3 ADAPT SERON study, was under the FDA’s priority review with a target action date of May 10. argenx ( ARGX ) has developed Vyvgart Hytrulo, the injectable version of Vyvgart, in partnership with Halozyme ( HALO ). More on argenx SE, Halozyme Therapeutics argenx SE (ARGX) Q1 2026 Earnings Call Transcript Halozyme Therapeutics: The Royalty Engine Is Becoming A Drug-Delivery Toll Road Halozyme Therapeutics, Inc. (HALO) Presents at The Citizens Life Sciences Conference 2026 Transcript Halozyme Therapeutics Q1 2026 Earnings Preview Argenx targets 2.5x more VYVGART patients by decade-end as Phase III empasiprubart MMN readout nears 4Q
Another step towards Europe for Bournemouth, another glimpse of Rayan’s talent, his goal a moment of calm amid high-octane hustle. Tempers boiled over, both teams reduced to 10 men by first-half losses of reason. Fulham fought for every ball in their own quest to play European football. Falling short here, and in recent weeks, opens up deep questions of their future direction. A new contract offer...
Another step towards Europe for Bournemouth, another glimpse of Rayan’s talent, his goal a moment of calm amid high-octane hustle. Tempers boiled over, both teams reduced to 10 men by first-half losses of reason. Fulham fought for every ball in their own quest to play European football. Falling short here, and in recent weeks, opens up deep questions of their future direction. A new contract offer to Marco Silva has stayed unsigned since November. The manager who re-established a Premier League club is free to field offers. Europe, a long-term ambition, veers beyond reach. Silva has never received sufficient backing to achieve that goal, an opinion he has freely expressed. To achieve it now might keep him Silva at Fulham but such outcome probably now relies on permutations beyond his control. Continue reading...
Matisse Capital fully exited its position in Kayne Anderson Energy Infrastructure Fund (NYSE:KYN) , selling 222,839 shares for an estimated $2.99 million based on quarterly average pricing, the firm’s May 8, 2026, SEC filing shows. According to an SEC filing dated May 8, 2026, Matisse Capital sold its entire stake of 222,839 shares in Kayne Anderson Energy Infrastructure Fund. The estimated transa...
Matisse Capital fully exited its position in Kayne Anderson Energy Infrastructure Fund (NYSE:KYN) , selling 222,839 shares for an estimated $2.99 million based on quarterly average pricing, the firm’s May 8, 2026, SEC filing shows. According to an SEC filing dated May 8, 2026, Matisse Capital sold its entire stake of 222,839 shares in Kayne Anderson Energy Infrastructure Fund. The estimated transaction value was $2.99 million, calculated using the average closing price for the first quarter of 2026. The fund’s position value dropped by $2.76 million at quarter-end, a figure that includes both share sales and stock price movements. The Kayne Anderson Energy Infrastructure Fund, Inc. is a closed-end investment company focused on U.S. energy infrastructure, primarily through holdings in energy-related MLPs and equities. The fund is managed by KA Fund Advisors and Kayne Anderson Capital Advisors, leveraging sector expertise to identify income and growth opportunities within the energy value chain. Continue reading
Pfizer (NYSE: PFE) is in a difficult spot right now. It has a number of blockbuster drugs nearing the end of their patent protection, which will likely lead to material revenue declines. It has fallen behind in the GLP-1 weight-loss drug race. And its payout ratio is worryingly high. Here's why you might want to buy it anyway. As the short list of problems above highlights, Pfizer is not hitting o...
Pfizer (NYSE: PFE) is in a difficult spot right now. It has a number of blockbuster drugs nearing the end of their patent protection, which will likely lead to material revenue declines. It has fallen behind in the GLP-1 weight-loss drug race. And its payout ratio is worryingly high. Here's why you might want to buy it anyway. As the short list of problems above highlights, Pfizer is not hitting on all cylinders right now. Wall Street knows this, which helps explain why the pharmaceutical company's stock has fallen more than 50% from its 2021 highs. To be fair, that high was partly driven by over-enthusiastic investors, who priced in years of COVID vaccine revenues that didn't materialize. But given the company's long and successful history, investors still seem overly pessimistic about Pfizer's future. Image source: Getty Images. Continue reading
Putin Rips NATO Aggression At Scaled-Down Victory Day Parade As Ceasefire Holds By many accounts Russia's Saturday Victory Day parade and memorial observances in Moscow's Red Square were once again muted and somewhat scaled down compared to the immense pageantry which marked the pre-Ukraine war years. President Putin used the occasion while speaking in front of thousands of military personnel and ...
Putin Rips NATO Aggression At Scaled-Down Victory Day Parade As Ceasefire Holds By many accounts Russia's Saturday Victory Day parade and memorial observances in Moscow's Red Square were once again muted and somewhat scaled down compared to the immense pageantry which marked the pre-Ukraine war years. President Putin used the occasion while speaking in front of thousands of military personnel and flanked by a handful of world leaders to take swipes at NATO and the West, saying he's fighting "just" war and called Ukraine an "aggressive force" that is being "armed and supported by the whole bloc of NATO" . Pool Photo via AP "The great feat of the generation of victors inspires the soldiers carrying out the goals of the special military operation today," Putin said . "They are confronting an aggressive force armed and supported by the entire NATO bloc. And despite this, our heroes move forward ." He added: "I firmly believe that our cause is just . " The three-day Ukraine ceasefire announced and backed by President Trump appears to be holding, as no drone attacks have been registered on Moscow or other parts of the country. Large-scale drone waves were coming on a daily basis throughout last week. Massive bombardment of Ukraine has also ceased. Ukraine's Zelensky had reportedly ordered his armed forces to adhere to the short ceasefire : Meanwhile, Ukrainian President Volodymyr Zelensky issued a decree on Friday (May 8) ordering the Ukrainian military not to attack the parade . He also confirmed that his government would adhere to the ceasefire and the prisoner swap of 1,000 detainees from each side. "Red Square is less important to us than the lives of Ukrainian prisoners who can be returned home," Zelensky said, referring to the historic site in Moscow where the annual event is held. The Kremlin has over the past days repeatedly warned that Kiev would come under immense bombing if the parade did get attacked, and went so far as to tell foreign diplomats they should ev...
(Bloomberg) -- For many US companies, the hot new type of credit seems to be getting less attractive. Most Read from BloombergTrump Wants to Make H-1B Workers More Expensive for US EmployersBillionaire Duke of Westminster to Sell £700 Million of US Real Estate AssetsOnline Mob Fuels 6,000% Stock Rally in Obscure SpaceX RivalTrump Punts Thorniest Iran Challenges in Push to Open HormuzIran War Is Dr...
(Bloomberg) -- For many US companies, the hot new type of credit seems to be getting less attractive. Most Read from BloombergTrump Wants to Make H-1B Workers More Expensive for US EmployersBillionaire Duke of Westminster to Sell £700 Million of US Real Estate AssetsOnline Mob Fuels 6,000% Stock Rally in Obscure SpaceX RivalTrump Punts Thorniest Iran Challenges in Push to Open HormuzIran War Is Draining World’s Oil Buffer at an Unprecedented PacePrivate credit firms saw their lending volume shri
Manchester United have played some exhilarating football during a stirring run of victories since Michael Carrick took interim charge in January, but this was not one of those days. Having beaten arch-rivals Liverpool at a raucous Old Trafford last weekend to qualify for next season’s Champions League, this was a comedown from that great high and a sobering reminder of the task still facing Carric...
Manchester United have played some exhilarating football during a stirring run of victories since Michael Carrick took interim charge in January, but this was not one of those days. Having beaten arch-rivals Liverpool at a raucous Old Trafford last weekend to qualify for next season’s Champions League, this was a comedown from that great high and a sobering reminder of the task still facing Carrick to make United a major force again. Given that they made five changes, a lack of fluency was perhaps to be expected and the fact that United left disappointed not to have picked up an 11th win from 15 games under Carrick was indicative of their recent progress. Continue reading...
Real estate stocks underperformed the broader markets but eked out gains on the back of individual company earnings announcements. The sector had a mediocre start to May 2026 but remained strongly in the positive territory on a year-to-date basis. This week, the S&P 500 Real Estate Index Sector ( SP500-60 ) increased 0.06% to close at 281.85 points, while the accompanying State Street Real Estate ...
Real estate stocks underperformed the broader markets but eked out gains on the back of individual company earnings announcements. The sector had a mediocre start to May 2026 but remained strongly in the positive territory on a year-to-date basis. This week, the S&P 500 Real Estate Index Sector ( SP500-60 ) increased 0.06% to close at 281.85 points, while the accompanying State Street Real Estate Select Sector SPDR ETF ( XLRE ) was up 0.02% to $44.41. The Dow Jones REIT Indx Equity REIT Total Return Index ( REIT:IND ) added 0.57%, while the FTSE Nareit All Equity REITs index advanced 0.56%. Among largecap stocks, Healthpeak Properties ( DOC ) led the gainers, adding 19.61% from the prior week to $19.64. This week, the healthcare REIT delivered Q1 top- and bottom-line beats and lifted its full-year guidance slightly. Lamar Advertising ( LAMR ) (+12.53% W/W to $157.93) followed with positive Q1 financial results . KE Holdings ( BEKE ) from China was also a significant gainer, advancing 10.61% from the prior week to $18.87. The week saw Goldman Sachs upgrade the stock to Buy from Neutral on the back of a potential recovery in China's property market and attractive valuation after a sell-off since late January. CoStar Group ( CSGP ) led the losers in the category, retreating 5.62% from the prior week to $32.77. Notably, Nasdaq Global Indexes said late Friday that Lumentum Holdings is set to replace the real estate services provider on the Nasdaq-100 index later this month. Meanwhile, CEO Andy Florance added 2.5M CSGP stocks late last week despite a dramatic fall in the stock's value year-to-date. Realty Income ( O ) (-2.96% W/W to $61.92) and American Tower ( AMT ) (-2.80% W/W to $176.53) were the other notable losers. Realty Income's Q1 earnings and revenue topped consensus, but its same-store rental growth rate decelerated, and its full-year FFO guidance boost remained below the consensus estimate. For midcap gainers, Americold Realty Trust ( COLD ) led the pack with ...
ArLawKa AungTun/iStock via Getty Images Introduction Shares of Orion Properties Inc. ( ONL ) have notably outperformed U.S. REIT peers held in the Vanguard Real Estate Index Fund ETF ( VNQ ) in 2026, benefiting from cheap valuations and refinancing/deleveraging progress. Even so, ONL shares remain marginally lower compared with my previous coverage back in September 2025, when ONL had recently rej...
ArLawKa AungTun/iStock via Getty Images Introduction Shares of Orion Properties Inc. ( ONL ) have notably outperformed U.S. REIT peers held in the Vanguard Real Estate Index Fund ETF ( VNQ ) in 2026, benefiting from cheap valuations and refinancing/deleveraging progress. Even so, ONL shares remain marginally lower compared with my previous coverage back in September 2025, when ONL had recently rejected a takeover offer of $2.75/share by Kawa Capital. ONL recently launched a strategic review of its business, although no concrete decisions were disclosed alongside Q1 2026 results. After reviewing the REIT's latest financials, I confirm my previous Buy rating on the shares, with my bullish investment thesis briefly summarized alongside two distinct investment outcomes: As part of the strategic review, ONL may decide to pursue a sale to a strategic buyer, which would allow for better allocation of the currently elevated administrative overhead. Alternatively, ONL may decide to remain an independent company, pursuing incremental deleveraging and gradual portfolio growth outside the office sector. In the meantime, ONL shares remain attractively valued at 4x the expected Core FFO (Funds From Operations) in 2026, or a market-implied cap rate of about 12.2% following recent disposals of vacant properties. Q1 2026 Results Overview ONL reported Core FFO of $0.21/share , up 10.5% Y/Y as ONL benefited from lower interest costs. Indeed deleveraging has been a major focus for the company in recent quarters, with ONL selling two properties in Q1 2026 and and extra 7 properties post-quarter end, bringing its net debt to around $400 million (pro-forma for the extra disposals in Q2 2026 and restricted cash). As the company has been selling largely vacant properties and adding a property with 100% occupancy during Q1 2026, the occupancy rate has naturally staged a notable improvement to 83.1%, up 8.8% Y/Y. The occupancy gains also come against the backdrop of persistently high capital ...
‘It’s unfair, they saw everything’, says Boro manager Southampton’s Eckert walks out after questioning Southampton’s manager, Tonda Eckert, walked out of the post-match press conference at Middlesbrough on Saturday after repeatedly refusing to answer questions about allegations that one of his analysts had spied on Kim Hellberg’s training session last Thursday. Shortly afterwards Hellberg said his...
‘It’s unfair, they saw everything’, says Boro manager Southampton’s Eckert walks out after questioning Southampton’s manager, Tonda Eckert, walked out of the post-match press conference at Middlesbrough on Saturday after repeatedly refusing to answer questions about allegations that one of his analysts had spied on Kim Hellberg’s training session last Thursday. Shortly afterwards Hellberg said his Middlesbrough team were victims of “cheating” in the lead-up to this vital Championship playoff semi-final first leg. Continue reading...