Manchester United suffered defeat by Bayern Munich in the home leg of their Champions League quarter-final, but manager Marc Skinner refuses to rule them out.
Manchester United suffered defeat by Bayern Munich in the home leg of their Champions League quarter-final, but manager Marc Skinner refuses to rule them out.
In two different cases on Wednesday, United States authorities indicted Chinese nationals on charges ranging from conspiring to smuggle advanced AI chips to China to drug trafficking and money laundering. The cases came on the same day US President Donald Trump announced new mid-May dates for his highly anticipated summit with China. The developments come as the two countries continue to compete o...
In two different cases on Wednesday, United States authorities indicted Chinese nationals on charges ranging from conspiring to smuggle advanced AI chips to China to drug trafficking and money laundering. The cases came on the same day US President Donald Trump announced new mid-May dates for his highly anticipated summit with China. The developments come as the two countries continue to compete over global leadership in artificial intelligence, and as Washington continues to accuse Beijing of...
The wheat complex is showing strength on Wednesday. Chicago SRW futures were 6 ¼ to 7 ¾ cents higher at the close. KC HRW futures posted 10 ¼ to 13 ¾ cent gains in the front months on the midweek session. MPLS spring wheat saw gains of 4 ¼ to...
The wheat complex is showing strength on Wednesday. Chicago SRW futures were 6 ¼ to 7 ¾ cents higher at the close. KC HRW futures posted 10 ¼ to 13 ¾ cent gains in the front months on the midweek session. MPLS spring wheat saw gains of 4 ¼ to...
Singapore’s front-end bonds have emerged as a regional refuge amid the Iran war , outperforming Southeast Asian peers. Market watchers expect the trend to continue. While the city-state’s economy isn’t immune to rising energy prices and supply chain disruptions from the Middle East conflict, robust domestic liquidity and a firm currency are among factors that have made its AAA rated bonds a more s...
Singapore’s front-end bonds have emerged as a regional refuge amid the Iran war , outperforming Southeast Asian peers. Market watchers expect the trend to continue. While the city-state’s economy isn’t immune to rising energy prices and supply chain disruptions from the Middle East conflict, robust domestic liquidity and a firm currency are among factors that have made its AAA rated bonds a more stable bet. Yields on Singapore’s two-year government notes have risen by 16 basis points in March, the smallest increase in Southeast Asia, according to data compiled by Bloomberg. Similar-dated securities in Indonesia and the Philippines have seen yields surge by about five times more on bets their central banks will turn hawkish as the Iran war-driven oil shock adds to inflation risks. Pressure is also building on the Monetary Authority of Singapore, which unlike other central banks uses the currency to manage policy, with economists predicting a tightening next month. Wei Ming Cheong , a portfolio manager at Eastspring Investments, said the move will likely reinforce the outperformance of local bonds. “Any tightening will result in a stronger SGD, potentially attracting increased capital inflows,” he said. “Greater capital inflows increase system liquidity, which depresses short-end rates and steepens the yield curve.” A decision to tighten policy would mark the first such move by the MAS since October 2022, and also the first across Southeast Asia in the current cycle. Steeper Curve Singapore’s dollar is among the few Asian currencies that have advanced against the US dollar this year, trailing only the Malaysian ringgit and the Chinese yuan. While the cost of borrowing in the interbank market has risen in March to 1.16%, it is still below the one-year average of 1.44%. In comparison, Indonesia’s benchmark money-market rate last week rose to the highest since August, while Malaysia’s 3-month interbank rate is at the highest since July — signaling relatively less robust ...
據報美國富商馬斯克旗下的太空探索公司SpaceX，最快本周提交上市申請，預計集資額達750億美元，規模或創全球最高。 《The Information》報道，SpaceX預計本周或下周向監管機構提交上市申請，預計上市估值超過1.75萬億美元。報道引述知情人士表示，SpaceX正在權衡將集資額定於750億美元左右，並與潛在投資者討論集資超過750億美元的可能性。 這個金額遠高於分析員預計的300億至...
據報美國富商馬斯克旗下的太空探索公司SpaceX，最快本周提交上市申請，預計集資額達750億美元，規模或創全球最高。 《The Information》報道，SpaceX預計本周或下周向監管機構提交上市申請，預計上市估值超過1.75萬億美元。報道引述知情人士表示，SpaceX正在權衡將集資額定於750億美元左右，並與潛在投資者討論集資超過750億美元的可能性。 這個金額遠高於分析員預計的300億至500億美元，亦有望超越沙特阿美於2019年創下的290億美元紀錄。
據報美國富商馬斯克旗下的太空探索公司SpaceX，最快本周提交上市申請，預計集資額達750億美元，規模或創全球最高。 《The Information》報道，SpaceX預計本周或下周向監管機構提交上市申請，預計上市估值超過1.75萬億美元。報道引述知情人士表示，SpaceX正在權衡將集資額定於750億美元左右，並與潛在投資者討論集資超過750億美元的可能性。 這個金額遠高於分析員預計的300億至...
據報美國富商馬斯克旗下的太空探索公司SpaceX，最快本周提交上市申請，預計集資額達750億美元，規模或創全球最高。 《The Information》報道，SpaceX預計本周或下周向監管機構提交上市申請，預計上市估值超過1.75萬億美元。報道引述知情人士表示，SpaceX正在權衡將集資額定於750億美元左右，並與潛在投資者討論集資超過750億美元的可能性。 這個金額遠高於分析員預計的300億至500億美元，亦有望超越沙特阿美於2019年創下的290億美元紀錄。
Earnings Call Insights: Dolphin Entertainment (DLPN) Q4 2025 Management View CEO William O'Dowd highlighted that 2025 was "the first without a major acquisition," emphasizing the company's transition from an acquisition-driven strategy to focusing on organic growth and operational leverage. O'Dowd reported, "Full year revenue grew approximately 10% to $56.7 million. Fourth quarter revenue was $15....
Earnings Call Insights: Dolphin Entertainment (DLPN) Q4 2025 Management View CEO William O'Dowd highlighted that 2025 was "the first without a major acquisition," emphasizing the company's transition from an acquisition-driven strategy to focusing on organic growth and operational leverage. O'Dowd reported, "Full year revenue grew approximately 10% to $56.7 million. Fourth quarter revenue was $15.6 million, up 27% year-over-year." He stressed that this growth was "entirely organic" and pointed to a significant acceleration in profitability and cash flow. "Full year adjusted EBITDA reached $2.9 million, which is up over 200% from $900,000 in 2024." O'Dowd underscored the company's capital-light model, noting "Dolphin requires very little capital expenditure to operate...when we generate incremental EBITDA, that incremental EBITDA translates almost directly into free cash flow." He cited $127 million in net operating loss carryforwards as providing substantial tax shielding. On strategic initiatives, O'Dowd described the "strategic partnership with DealMaker" as "one of the most exciting developments in Dolphin's history and a meaningful growth catalyst for us," targeting celebrity and influencer-led capital raises with minimal capital outlay. O'Dowd also introduced "Dolphin Intelligence," a new division focused on AI-driven marketing, which "offers a suite of new services, including generative engine optimization and AI engine optimization strategy." The division is led by Mark Anderson and is positioned as both a growth driver and an internal efficiency tool. CFO Mirta Negrini stated, "Total revenue for the year ended December 31, 2025, was $56.7 million, an increase of 10% from $51.7 million in the prior year." Negrini reported, "Operating loss was $39,058 for the year ended December 31, 2025, compared to an operating loss of $10.5 million for the year ended December 31, 2024." She added, "Net loss for 2025 was approximately $3.1 million...This compares to a net lo...
Earnings Call Insights: MillerKnoll, Inc. (MLKN) Q3 2026 Management View Andrea Owen, President and CEO, highlighted "continued sales and order growth and disciplined execution" despite ongoing macroeconomic and geopolitical uncertainty and severe weather impacts. Owen emphasized the 30th anniversary of MKPS, a manufacturing system developed in partnership with Toyota, calling it "a significant co...
Earnings Call Insights: MillerKnoll, Inc. (MLKN) Q3 2026 Management View Andrea Owen, President and CEO, highlighted "continued sales and order growth and disciplined execution" despite ongoing macroeconomic and geopolitical uncertainty and severe weather impacts. Owen emphasized the 30th anniversary of MKPS, a manufacturing system developed in partnership with Toyota, calling it "a significant competitive advantage" for efficient and high-quality production. Owen stated, "We expect to continue to fully offset tariff costs for the remainder of this fiscal year as we did in the third quarter." She also noted disruption in the Middle East, saying, "we do expect some impact to fourth quarter sales and costs." North America Contract showed "order growth in most sectors" and Owen expressed optimism about demand resiliency. Owen discussed upcoming launches at the NeoCon trade show, including products from Herman Miller, Knoll, Geiger, NaughtOne, HAY, Muuto, and Maharam. In Global Retail, Owen reported "segment comparable sales increased 5.5%" with North America up 3.9%, despite adverse weather. The company opened new DWR locations in Fort Worth and Pittsburgh and a Herman Miller store in Phoenix, planning to open 3 to 4 more locations before fiscal year-end, aiming to "approximately double our DWR Herman Miller store footprint over the next several years." Owen welcomed Claire Spofford, former CEO of J. Jill, to the Board, citing her "consumer insight, retail strategy and governance experience." CFO Kevin Veltman stated, "In the third quarter, we generated adjusted earnings per share of $0.43 compared to $0.44 in the same quarter last year... Consolidated net sales for the quarter were $927 million, up 5.8% year-over-year on a reported basis and 3.8% higher organically." Veltman reported, "We generated $61 million in cash flow from operations in the quarter and reduced our debt by $41 million, lowering our debt-to-EBITDA ratio to 2.75x as defined by our lending agreement....
gustavofrazao/iStock via Getty Images Investment Thesis Last week was always going to be a big week for Nvidia ( NVDA ) and its ecosystem with the GTC26 event, but also for Micron ( MU ), which is one of the essential memory suppliers for Nvidia’s chips. That’s because Micron would also be reporting its Q2 FY26 quarter a couple of days after Nvidia’s GTC event. Micron’s shares should have catapult...
gustavofrazao/iStock via Getty Images Investment Thesis Last week was always going to be a big week for Nvidia ( NVDA ) and its ecosystem with the GTC26 event, but also for Micron ( MU ), which is one of the essential memory suppliers for Nvidia’s chips. That’s because Micron would also be reporting its Q2 FY26 quarter a couple of days after Nvidia’s GTC event. Micron’s shares should have catapulted higher on blowout numbers in its Q2 ER, but markets clearly used those earnings results to create winners, and Micron’s capex was the trigger for markets. Markets believe some WFE (wafer equipment) manufacturers/vendors will become big beneficiaries of Micron’s surging capex over the next year as shown in the chart below. Exhibit A: Quarterly revenue growth rates for Micron since 1998. I believe markets are right, and I explain below why Lam Research (NASDAQ: LRCX ) , Applied Materials (NASDAQ: AMAT ) , and KLA Corp. (NASDAQ: KLAC ) will benefit from Micron’s rising capex as well as elevated capex plans from Micron’s direct peers. Primer On Micron’s Capex Plans Vs. The Memory Industry Markets have clearly demonstrated their disapproval for Micron’s forward-looking capex forecasts, as seen in Exhibit A above. A few days ago, I published this post explaining key details about Micron’s capex components . In my strong view, understanding this nuance about the memory maker’s capex is essential for investors when it comes to investing in WFE vendors. As I noted in that post, there are 3 components to the capex budgets of most memory makers like Micron—WFE equipment, construction, and test/assembly. Micron’s management usually guides investors on its capex plans in dollar terms and the areas /components that management intends to spend on. Markets are very appreciative of management when the focus on Micron’s capex is/will be directly towards WFE to support the production of its advanced memory products/components, especially for HBM and next-gen DRAM nodes. Spending on EUV (ex...
STORY: A landmark verdict Wednesday found Meta and Google liable for designing platforms dangerous to kids and teens. Both companies were slapped with damages to the tune of $6 million. The Los Angeles jury found Meta liable for $4.2 million of that and Alphabet's Google for $1.8 million. Those are small amounts for two of the world's most valuable companies... but the decision could force Big Tec...
STORY: A landmark verdict Wednesday found Meta and Google liable for designing platforms dangerous to kids and teens. Both companies were slapped with damages to the tune of $6 million. The Los Angeles jury found Meta liable for $4.2 million of that and Alphabet's Google for $1.8 million. Those are small amounts for two of the world's most valuable companies... but the decision could force Big Tech to rethink how it defends itself against safety claims. Parents and child safety advocates celebrated news of a verdict outside the court: LENNON TORRES, OF CHILD ONLINE PROTECTION NONPROFIT HEAT INITIATIVE: "This is the beginning of the tides turning on big tech, for sure." :: Mona Edwards The case focused on a 20-year-old woman who said she became addicted to YouTube and Instagram at a young age because of their attention-grabbing design. Plaintiffs focused on how social media platforms are designed, and not the content itself. That made it much harder for the companies to be found not liable. The jury found both companies negligent in designing both YouTube and Instagram, and they failed to warn of their dangers. Snap and TikTok were also defendants, but both settled before the trial began. Those terms weren't disclosed. The plaintiff's lawyer, Mark Lanier, said Wednesday's verdict bodes well for thousands of other, similar cases. "This is the tip of the spear. And you've got to remember, this is what's called a bellwether. It's the first trial in the history of American jurisprudence; it usually takes the plaintiffs three or four times to figure out how to win these cases. The plaintiffs are supposed to lose the first three or four. We won.” Meta spokesperson Ashly Nikkole Davis gave a statement outside the court: "We respectfully disagree with the verdict and will appeal. Teen mental health is profoundly complex and cannot be linked to a single app. We will continue to defend ourselves vigorously as every case is different, and we remain confident in our record of pr...
SlavkoSereda/iStock via Getty Images The cost to repair and restore Persian Gulf energy infrastructure hit in the Middle East war to date could reach at least $25B, based on an initial assessment of impacted facilities, and likely will rise further as the full scale of the damage becomes clear, Rystad Energy said Wednesday in a report . Qatar's Ras Laffan LNG and Pearl GTL facilities, Iran's South...
SlavkoSereda/iStock via Getty Images The cost to repair and restore Persian Gulf energy infrastructure hit in the Middle East war to date could reach at least $25B, based on an initial assessment of impacted facilities, and likely will rise further as the full scale of the damage becomes clear, Rystad Energy said Wednesday in a report . Qatar's Ras Laffan LNG and Pearl GTL facilities, Iran's South Pars offshore gas field, and Bahrain's Sitra Refinery appear high on repair intensity and repair time, while Iraq, Kuwait, Saudi Arabia, and the United Arab Emirates suffered moderate-to-minor disruptions, according to Rystad's analysis. The Ras Laffan complex is the "clear outlier," where the loss of LNG trains S4 and S6 triggered force majeure and reduced capacity by ~17%, equivalent to 12.8M metric tons/year of LNG production. R epairs will take more than just money, Rystad's head of supply chain research Audun Martinsen said, as "the Gulf region's recovery will be defined less by financial capital and more by structural constraints." "While some assets may be restored within months, others could remain offline for years," Martinsen said; as an example, production backlogs at the few global suppliers of the gas turbines needed to repair LNG facilities at Ras Laffan mean a full recovery could take up to five years. Ras Laffan accounts for 5% of global natural gas production and 20% of the world's LNG production. Crude oil futures fell Wednesday after the Trump administration presented a proposal for a negotiated end to the war with Iran, but losses were curbed by Iran's initial rejection. "Some in the market thought this was going to be a very temporary war, and that's what kept oil prices below $100/bbl for a good number of days after it began," but Iran has held on longer than many expected, Ajay Parmar of energy intelligence firm ICIS said in a note. China's buildup of reserves, which helped prop up the oil market last year, likely has contributed to keeping prices do...
Live cattle futures saw Wednesday weakness with contracts down 20 to 95 cents at the close. Cash trade has yet to get kicked off this week. The Wednesday Fed Cattle Exchange online auction showed no sales on the 1,024 head offered, as bids were $233-235 live and $369 in the...
Live cattle futures saw Wednesday weakness with contracts down 20 to 95 cents at the close. Cash trade has yet to get kicked off this week. The Wednesday Fed Cattle Exchange online auction showed no sales on the 1,024 head offered, as bids were $233-235 live and $369 in the...