Lean hog futures posted Tuesday losses of 40 cents to $1.47 in most contracts, with April down a nickel. USDA’s national base hog price was reported at $90.58 on Tuesday afternoon, down 34 cents from the day prior. The CME Lean Hog Index was down another 42 cents on March...
Lean hog futures posted Tuesday losses of 40 cents to $1.47 in most contracts, with April down a nickel. USDA’s national base hog price was reported at $90.58 on Tuesday afternoon, down 34 cents from the day prior. The CME Lean Hog Index was down another 42 cents on March...
Corn futures closed the Tuesday session with contracts steady to 2 ¼ cents higher following some friendlier old crop numbers from USDA. The new crop data was a little less bull friendly. The CmdtyView national average Cash Corn price was steady to $4.14. USDA’s annual March Prospective Plantings report from...
Corn futures closed the Tuesday session with contracts steady to 2 ¼ cents higher following some friendlier old crop numbers from USDA. The new crop data was a little less bull friendly. The CmdtyView national average Cash Corn price was steady to $4.14. USDA’s annual March Prospective Plantings report from...
Walter Cicchetti/iStock Editorial via Getty Images Assume that your really major opportunities in life are going to be few, and when you get a lollapalooza, for God's sake, don't hang by like a timid little rabbit. Don't hang back. There aren't that many of the really big good ones. - Charlie Munger. Of the companies we follow, Sysco Corporation ( SYY ) has probably the best long-term track record...
Walter Cicchetti/iStock Editorial via Getty Images Assume that your really major opportunities in life are going to be few, and when you get a lollapalooza, for God's sake, don't hang by like a timid little rabbit. Don't hang back. There aren't that many of the really big good ones. - Charlie Munger. Of the companies we follow, Sysco Corporation ( SYY ) has probably the best long-term track record compounding value. Sysco has raised its dividend for 57 consecutive years and delivered attractive total returns for investors for decades. The last time we covered the company, we made the case that despite weakness in the restaurant sector, shares appeared undervalued. The stock was performing well until two things happened: the conflict in the Middle East and the announcement of a major acquisition. These two events wiped out the gains that had accumulated over the past year. At first we thought it was one of those value-destroying mega acquisitions. After listening to the call and looking at the details of the transaction, it is clear that the deal has several appealing characteristics. Management is making a bold, sizable bet that adds some risk. However, it is probably less risky than it appears at first glance. The upside is also meaningful, and we like that it is projected to be accretive in the first year. Despite the increased leverage and balance sheet risk, we have to credit management for seizing the opportunity and not being "timid rabbits," as Charlie Munger would say. Data by YCharts Acquisition Overview In some ways the Restaurant Depot acquisition resembles those made by Berkshire Hathaway ( BRK.A , BRK.B ). There was no sales auction. Instead, the family that owns it decided to sell, and Sysco was a good fit. As Sysco's CEO Kevin Hourican explained, "They came to Sysco because they view us as the best place to care for their family business for decades to come." Another similarity is that the current management will stay in place. Restaurant Depot will c...
Valar Atomics , the nuclear energy startup backed by Anduril Industries Inc. founder Palmer Luckey and Palantir Technologies Inc. executive Shyam Sankar , has raised fresh capital at a valuation of $2 billion, according to people familiar with the matter. The startup brought in a total of $450 million in the deal, said the people, who asked not to be identified discussing private information. That...
Valar Atomics , the nuclear energy startup backed by Anduril Industries Inc. founder Palmer Luckey and Palantir Technologies Inc. executive Shyam Sankar , has raised fresh capital at a valuation of $2 billion, according to people familiar with the matter. The startup brought in a total of $450 million in the deal, said the people, who asked not to be identified discussing private information. That includes $110 million in debt and $340 million in equity, some of the people said. The new valuation includes the dollars raised. A representative for Valar declined to comment. Valar aims to build clusters of small nuclear reactors to power sites that consume large amounts of energy, like artificial intelligence data centers. The startup, which is part of the Energy Department’s Nuclear Reactor Pilot Program , counts several defense tech heavyweights among its investors, including Luckey, Sankar and Lockheed Martin Corp. board member John Donovan . Valar is one of several startups aiming to move nuclear power generation forward. However, the latest generation of nuclear energy technologies, focused on smaller reactors, is still widely considered to be in its early days. Large-scale deployment could take decades, some experts say , thanks partly to lengthy regulatory hurdles and high costs . The startup last raised $130 million in November at an undisclosed valuation, led by Snowpoint Ventures, the VC firm co-founded by Palantir’s former head of global defense. In November, Valar said it was the first venture-backed startup to reach criticality, an important nuclear milestone, meaning that a reactor is working in a steady state. Read More: The Risky Movement to Make America Nuclear Again
President Donald Trump says he expects US forces to leave Iran within three weeks, suggesting military goals have been met. Bloomberg’s Jeff Mason and Laura Davison report. (Source: Bloomberg)
President Donald Trump says he expects US forces to leave Iran within three weeks, suggesting military goals have been met. Bloomberg’s Jeff Mason and Laura Davison report. (Source: Bloomberg)
SlavkoSereda/iStock via Getty Images Crude oil futures closed lower Tuesday on rising hopes for an end to the war in the Middle East after The Wall Street Journal reported that President Trump would be willing to wind up military operations against Iran even before the Strait of Hormuz is reopened, followed by unconfirmed reports that Iran's President Pezeshkian said the country could end the war ...
SlavkoSereda/iStock via Getty Images Crude oil futures closed lower Tuesday on rising hopes for an end to the war in the Middle East after The Wall Street Journal reported that President Trump would be willing to wind up military operations against Iran even before the Strait of Hormuz is reopened, followed by unconfirmed reports that Iran's President Pezeshkian said the country could end the war with certain guarantees. After hours, Trump told reporters at the White House that the U.S. could leave Iran within 2-3 weeks , suggesting the U.S. had largely accomplished its military goals and would leave it to other countries to resolve issues with the Strait of Hormuz. Earlier in the day, a frustrated Trump took to social media to criticize European countries that had not supported the U.S. in the war, telling those facing fuel shortages to "Go get your oil!" Trump said countries such as Britain that are running out of jet fuel because the Strait of Hormuz is effectively closed and refuse to aid the U.S. in its efforts should buy from the U.S. or they should "build up some delayed courage, go to the Strait, and just TAKE IT." However, the U.S. is already producing record amounts of jet fuel , but has little capacity to increase exports, as U.S. refiners are producing 1.9M bbl/day of jet fuel, with ~300K left over for exports after domestic consumption, according to U.S. government data. Even if the U.S. was able to boost jet fuel production, the increase would pale in comparison to the nearly 8M bbl of the fuel the world consumes daily. While oil prices fell, the S&P 500 surged 2.9% and the Nasdaq Composite jumped 3.8% on speculation that the U.S. and Iran may be looking for a way out of the conflict. "The oil market is going to dictate the end of this war," Spartan Capital's Peter Cardillo said in a note. "Trump knows that if oil prices go to $125 or $130 and stay there for a while, it's going to cause havoc for the economy." A global oil supply deficit of ~8.75M bbl/...
A key Commodity Futures Trading Commission official said the agency will use its powers to root out insider trading in prediction markets, as concerns about suspicious activity on the exchanges grow. “Unfortunately there’s a myth in mainstream media and social media that insider trading doesn’t apply in the prediction markets,” CFTC Enforcement Director David Miller said at a panel at New York Uni...
A key Commodity Futures Trading Commission official said the agency will use its powers to root out insider trading in prediction markets, as concerns about suspicious activity on the exchanges grow. “Unfortunately there’s a myth in mainstream media and social media that insider trading doesn’t apply in the prediction markets,” CFTC Enforcement Director David Miller said at a panel at New York University on Tuesday. “That is wrong.” The multi-billion dollar industry has surged over the past year, despite legal challenges from state officials who argue the federally-regulated exchanges should fall under their jurisdiction. That rapid expansion has also prompted concerns about insider trading as some wagers are thin enough that a single trader can move prices. Prediction market customers can place wagers on everything from college basketball games to geopolitical events. Earlier this year, a trader on Polymarket made approximately $400,000 betting on the ouster of former Venezuelan leader Nicolás Maduro , with many of the trades placed just before President Donald Trump publicly announced the US had captured him. Some lawmakers have since introduced bills seeking to crack down on insider trading and rein in the industry. The CFTC under the Trump administration has generally embraced prediction markets and the exchanges have recently taken a more proactive approach to insider trading. Both Kalshi and Polymarket announced new rules last week, as the public backlash has grown. Federal prosecutors have also said publicly they expect enforcement actions tied to the markets. There has, though, been significant debate in the industry about how the rules around insider trading would apply to the new types of wagers on prediction markets. Read More: Event Wagers Face $143 Million Insider Problem as War Bets Boom Miller said participants in CFTC-regulated markets are allowed to use their own knowledge and information to make trading decisions, such as a farmer seeing issues wit...