Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
France’s National Rally missed key targets in local elections ahead of next year’s seismic presidential vote – and the mainstream is doing OK elsewhere, too • Don’t get This Is Europe delivered to your inbox? Sign up here The Rassemblement National is not invincible. A year out from a make-or-break presidential vote, that might be the main lesson (though there are others, which may prove more sign...
France’s National Rally missed key targets in local elections ahead of next year’s seismic presidential vote – and the mainstream is doing OK elsewhere, too • Don’t get This Is Europe delivered to your inbox? Sign up here The Rassemblement National is not invincible. A year out from a make-or-break presidential vote, that might be the main lesson (though there are others, which may prove more significant) from last weekend’s local elections in France. What’s more, news elsewhere – Giorgia Meloni’s referendum defeat in Italy, Janez Janša beaten in Slovenia, Hungary’s Viktor Orbán in trouble, the left bloc largest in Denmark – might suggest the rest of Europe’s far right are not having it all their own way, either. But let’s focus first on France – if only because while local elections are rarely a wholly accurate guide to future national outcomes, these ones seem to provide some pointers – and the stakes in the country’s next major election are vertiginously high. Continue reading...
Hong Kong has held onto its crown as the exclusive regional home of Art Basel for the next five years, the culture minister has announced, after a deal was struck to secure the partnership as the city looks to enhance its status as an international art-trading hub. Some galleries at a preview for the local edition of the world-renowned annual art fair told the South China Morning Post that global ...
Hong Kong has held onto its crown as the exclusive regional home of Art Basel for the next five years, the culture minister has announced, after a deal was struck to secure the partnership as the city looks to enhance its status as an international art-trading hub. Some galleries at a preview for the local edition of the world-renowned annual art fair told the South China Morning Post that global uncertainties had prompted collectors to take a greater interest in buying works from established...
JHVEPhoto/iStock Editorial via Getty Images Salesforce: Wipeout is not imminent Back in my previous update on Salesforce ( CRM ), I mentioned that the company is going nowhere, that they are here to stay for the long term, and CRM's recent fourth quarter earnings highlights validate my conviction. Yet, after a short respite in early March, even as the Iranian conflict intensified, CRM stock is yet...
JHVEPhoto/iStock Editorial via Getty Images Salesforce: Wipeout is not imminent Back in my previous update on Salesforce ( CRM ), I mentioned that the company is going nowhere, that they are here to stay for the long term, and CRM's recent fourth quarter earnings highlights validate my conviction. Yet, after a short respite in early March, even as the Iranian conflict intensified, CRM stock is yet again tethering dangerously closer to those downcast February moments once more. I thought the market would have banished the ghosts of the so-called “ 2028 Global Intelligence Crisis ” for good, but it seems like the worries haven't been fully extinguished. However, the market is having other ideas right now. They are scrutinizing software companies that have overexerted themselves in using stock based compensation, that Wall Street is now asking more questions about, as investors wonder whether their earnings quality could still hold up in a world where "AI eats software," and cause the long duration terminal value computations to be lowered significantly. Software forward earnings multiple (Yardeni research) In case, you have not realized, the application software industry have gone through one of the worst hammerings in the last decade, and I think that characterization is not even close. Despite analysts upgrading their forward earnings estimates for the industry, the multiples continue to go lower through February this year, as investors digested the multitudinous bearish takes on the long-term durability and sustainability of SaaS as we know it. Questions are now being asked whether these software companies will still be relevant in an era where we can simply vibe code, where Anthropic’s AI coding tools ( ANTHRO ) become even more intelligent, and capable, and, more worryingly, highly effective AI agents build software replacements for solutions provided by application SaaS companies. It is no longer just about overlaying over the SaaS interface, but customizing wit...
The S&P 500 Index ($SPX ) (SPY ) today is up +0.83%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.86%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.06%. June E-mini S&P futures (ESM26 ) are up +0.81%, and June E-mini Nasdaq futures...
The S&P 500 Index ($SPX ) (SPY ) today is up +0.83%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.86%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.06%. June E-mini S&P futures (ESM26 ) are up +0.81%, and June E-mini Nasdaq futures...
AUSTIN, Texas & SAN FRANCISCO, March 25, 2026--RSA 2026 – CrowdStrike (NASDAQ: CRWD) today introduced the Charlotte AI AgentWorks Ecosystem in collaboration with launch partners including Accenture, Amazon Web Services (AWS), Anthropic, Deloitte, Kroll, NVIDIA, OpenAI, Salesforce, and Telefónica Tech. The ecosystem enables customers to leverage CrowdStrike’s no-code development platform and fronti...
AUSTIN, Texas & SAN FRANCISCO, March 25, 2026--RSA 2026 – CrowdStrike (NASDAQ: CRWD) today introduced the Charlotte AI AgentWorks Ecosystem in collaboration with launch partners including Accenture, Amazon Web Services (AWS), Anthropic, Deloitte, Kroll, NVIDIA, OpenAI, Salesforce, and Telefónica Tech. The ecosystem enables customers to leverage CrowdStrike’s no-code development platform and frontier AI models to securely build, orchestrate, and scale custom security agents, while opening new opp
DoorDash's e-commerce push lifts orders and GOV sharply, but rising competition and a premium valuation complicate the outlook for sustained growth momentum.
DoorDash's e-commerce push lifts orders and GOV sharply, but rising competition and a premium valuation complicate the outlook for sustained growth momentum.
Ondas (NASDAQ:ONDS) used its fourth-quarter and fiscal-year 2025 earnings call to emphasize accelerating momentum into early 2026, driven by growth in its Ondas Autonomous Systems (OAS) segment, an expanded acquisition strategy, and new initiatives aimed at broadening its multi-domain intelligence,
Ondas (NASDAQ:ONDS) used its fourth-quarter and fiscal-year 2025 earnings call to emphasize accelerating momentum into early 2026, driven by growth in its Ondas Autonomous Systems (OAS) segment, an expanded acquisition strategy, and new initiatives aimed at broadening its multi-domain intelligence,
Ministers to introduce temporary ban on cryptocurrency donations to political parties after review UK politics live – latest updates Ministers are introducing a temporary ban in cryptocurrency donations following an official review . Philip Rycroft, a former senior civil servant, made the recommendation as part of a review into countering foreign financial influence and interference in UK politics...
Ministers to introduce temporary ban on cryptocurrency donations to political parties after review UK politics live – latest updates Ministers are introducing a temporary ban in cryptocurrency donations following an official review . Philip Rycroft, a former senior civil servant, made the recommendation as part of a review into countering foreign financial influence and interference in UK politics. Continue reading...
Sally Anscombe/DigitalVision via Getty Images Introduction Back when I last covered Chewy ( CHWY ), I reiterated their Hold rating, as the valuation still didn’t seem to offer a good enough margin of safety despite improving fundamentals and potential to grow both domestically and internationally over time, capitalizing on their significant amount of high-quality data that can allow them to tailor...
Sally Anscombe/DigitalVision via Getty Images Introduction Back when I last covered Chewy ( CHWY ), I reiterated their Hold rating, as the valuation still didn’t seem to offer a good enough margin of safety despite improving fundamentals and potential to grow both domestically and internationally over time, capitalizing on their significant amount of high-quality data that can allow them to tailor private label brands that meet current and future consumer needs. Following a strong year and solid guidance, I’m going to upgrade Chewy to a Buy, with the stock now reflecting a significant discount, with improving fundamentals and strong growth potential. Foundation Remains Great Chewy IR Despite slightly missing the market’s Q4 non-GAAP EPS estimates and meeting on revenue, Chewy’s growth advanced very well throughout the year, with a strong 14% increase in autoship customer sales and a FCF of $562 million in 2025 (compared to $452 million in 2024), slightly below my $574.56 million estimated before, for a strong 24.34% increase YoY. Chewy IR A main reason why the stock jumped following the report is Chewy’s solid 2026 guidance, expecting net sales between $13.60 billion to $13.75 billion (up 8.5% compared to 2025) while the Adjusted EBITDA margin would improve significantly to 6.6% to 6.8% (vs. 5.7% in 2025, 4.8% in 2024, and 3.3% in 2023). Based on the midpoint of this guidance, we should see net sales of $13.675 billion and an Adjusted EBITDA margin of 6.7%, meaning $916.23 million, while a FCF conversion rate of 80% (compared to ~78.16% in 2025) would get us to a FCF of $732.98 million, meaning a very strong ~30.42% growth rate as the company’s margins improve and they can leverage even a slower growth in net sales towards significant FCF growth. Chewy IR Financially, based on CHWY’s latest report , we see not only a strong position with a nearly spotless balance sheet, but also an improving one, with the company now holding over $860 million in cash and cash equiva...
Shares of the semiconductor company Advanced Micro Devices (NASDAQ: AMD) climbed this morning as tech investors grew more optimistic that a potential ceasefire or slowdown in the war in Iran was around the corner. AMD's stock could also be responding to some recent news from Arm Holdings ' that its AI chip could generate significant sales over the next few years. The sentiment that rising tides li...
Shares of the semiconductor company Advanced Micro Devices (NASDAQ: AMD) climbed this morning as tech investors grew more optimistic that a potential ceasefire or slowdown in the war in Iran was around the corner. AMD's stock could also be responding to some recent news from Arm Holdings ' that its AI chip could generate significant sales over the next few years. The sentiment that rising tides lift all boats may be playing out here as investors take any sign of one semiconductor company doing well and apply it to others. AMD's shares were up by 6.5% as of 11:15 a.m. ET. Continue reading
Man credited with cooling Greenland tensions with Donald Trump is poised to play central role in any coalition deal Europe live – latest updates At the end of a long, gruelling night for the biggest parties on the right and left, there was one veteran of Danish politics who came out of Tuesday’s general election with a smile on his face – and a pipe in his mouth. Lars Løkke Rasmussen, the two-time...
Man credited with cooling Greenland tensions with Donald Trump is poised to play central role in any coalition deal Europe live – latest updates At the end of a long, gruelling night for the biggest parties on the right and left, there was one veteran of Danish politics who came out of Tuesday’s general election with a smile on his face – and a pipe in his mouth. Lars Løkke Rasmussen, the two-time prime minister whose Moderates party is not aligned with the country’s left or right-leaning political blocs, is poised to play a central role in any coalition deal reached in the coming weeks . Continue reading...
Erik Isakson/DigitalVision via Getty Images Shares of Vertiv Holdings ( VRT ) climbed to a record high on Wednesday as investor enthusiasm around artificial intelligence infrastructure continued to build, supported by a bullish outlook from HSBC analysts led by Sean McLoughlin. The firm initiated coverage of Vertiv ( VRT ) with a Buy rating and a price target of $325, implying roughly 27% upside f...
Erik Isakson/DigitalVision via Getty Images Shares of Vertiv Holdings ( VRT ) climbed to a record high on Wednesday as investor enthusiasm around artificial intelligence infrastructure continued to build, supported by a bullish outlook from HSBC analysts led by Sean McLoughlin. The firm initiated coverage of Vertiv ( VRT ) with a Buy rating and a price target of $325, implying roughly 27% upside from recent levels. HSBC views Vertiv as a “pure play” on data center power and cooling, positioning it at the center of one of the fastest growing segments in the AI supply chain. AI capex surge driving equipment demand HSBC expects a sharp acceleration in capital spending by hyperscale cloud providers, forecasting a roughly 91% increase in U.S. cloud capex in 2026 driven by AI. This surge is expected to translate directly into higher demand for infrastructure equipment, particularly in power management and cooling systems. The analysts estimate the total addressable market for power and cooling equipment at about $156 billion in 2026, up approximately 67% year over year. This reflects both rising compute intensity and increasing complexity in data center design. Vertiv positioned as integrated supplier HSBC favors vertically integrated suppliers and identifies Vertiv ( VRT ) alongside Eaton ( ETN ) and Schneider Electric as best positioned to capture growth from evolving data center architectures. Vertiv stands out for its broad exposure across both power and thermal management systems. According to HSBC’s analysis of the supply chain, the company derives roughly 80% of its revenue from data center related activity, one of the highest concentrations among peers. This positioning allows Vertiv ( VRT ) to participate across multiple components of the data center buildout, from uninterruptible power systems to cooling technologies. Order growth, backlog signal strong demand The report highlights strong recent momentum in Vertiv’s business. The company recorded a 252% year ove...