peterspiro/iStock Editorial via Getty Images Louisiana-Pacific ( LPX ) reported Q1'26 results on May 6th that once again highlighted the core tension in the stock. In my view, this is a decent-quality siding business that's offset by a cyclical and currently loss-making OSB business. In the company's most recent results, the company's OSB pricing drove a sharp decline in revenue and EBITDA, and we...
peterspiro/iStock Editorial via Getty Images Louisiana-Pacific ( LPX ) reported Q1'26 results on May 6th that once again highlighted the core tension in the stock. In my view, this is a decent-quality siding business that's offset by a cyclical and currently loss-making OSB business. In the company's most recent results, the company's OSB pricing drove a sharp decline in revenue and EBITDA, and weak housing activity in the siding segment compounded this. Against these factors, LPX still trades at a premium multiple relative to building products peers. A look at Q1'26 results Louisiana-Pacific reported a tough quarter in Q1, but that's generally been a consistent theme throughout the last couple of years. Revenues fell 20.7% to $574 million but that still beat sellside estimates by $4 million . As for what led to the decline, it was almost entirely driven by OSB, where prices fell 28% compared to last year. The impact was felt on EBITDA too, down $66 million on that line alone. In Siding, LPX's largest segment dropped 10% to $360 million on a 18% volume drop but 9% price increases partially offset. Despite that volume headwind, Siding EBITDA was only $5 million lower than a year ago. Because of its price point, management said that LP SmartSide has started to take market share from vinyl and fiber cement. But a year's worth of data doesn't really mean anything when fiber cement share has been growing rapidly relative to engineered wood over the last decade. Company Filings Investor Presentation Looking at LPX's overall EBITDA of $82 million, this was above the high end of management's guidance with CEO Jason Ringblom describing the result as navigating "a complex market exceptionally well." I don't necessarily disagree since the price realization in both segments exceeded expectations which is perhaps a small sign that things might be turning here. Investor Presentation On the flip side, OSB has been the albatross. The segment posted a $12 million EBITDA loss in Q1 (...
Hearts arrived in Glasgow needing a point to create history. With four minutes of regulation time remaining, Derek McInnes and his players were doing precisely that. Enter Daizen Maeda, whose goal was ensuring Hearts did not end a title wait stretching 66 years before Callum Osmand added gloss. Celtic are champions again, now for a fifth season in a row. It was the scenes that followed Osmand’s go...
Hearts arrived in Glasgow needing a point to create history. With four minutes of regulation time remaining, Derek McInnes and his players were doing precisely that. Enter Daizen Maeda, whose goal was ensuring Hearts did not end a title wait stretching 66 years before Callum Osmand added gloss. Celtic are champions again, now for a fifth season in a row. It was the scenes that followed Osmand’s goal, though, that should have repercussions. Celtic fans flooded on to the pitch, including to goad despondent Hearts players. There was still added time to play but the referee ended proceedings. It was a shameful way for such an extraordinary season to conclude. Continue reading...
After years of speculation, the scooter and electric bike (e-bike) company, Lime, is ready for an initial public offering (IPO). From its mandatory S-1 filing with the U.S. Securities and Exchange Commission, it plans to list under the ticker LIME. The global scooter and e-bike markets are both growing, but there's a Lime partner and backer that's a better investment: Uber Technologies (NYSE: UBER...
After years of speculation, the scooter and electric bike (e-bike) company, Lime, is ready for an initial public offering (IPO). From its mandatory S-1 filing with the U.S. Securities and Exchange Commission, it plans to list under the ticker LIME. The global scooter and e-bike markets are both growing, but there's a Lime partner and backer that's a better investment: Uber Technologies (NYSE: UBER) . Image source: Getty Images. Continue reading
sanfel/iStock Editorial via Getty Images A day after President Trump concluded his visit to Beijing, China confirmed a deal to buy U.S. airplanes and related equipment, in a move that could benefit aircraft maker Boeing ( BA ) and engine developer General Electric ( GE ). According to the South China Morning Post, China’s Ministry of Commerce said on Saturday that it had reached an agreement with ...
sanfel/iStock Editorial via Getty Images A day after President Trump concluded his visit to Beijing, China confirmed a deal to buy U.S. airplanes and related equipment, in a move that could benefit aircraft maker Boeing ( BA ) and engine developer General Electric ( GE ). According to the South China Morning Post, China’s Ministry of Commerce said on Saturday that it had reached an agreement with the U.S. over the purchase of airplanes, jet engines, and components. In a statement, the ministry added that the two countries agreed to implement multiple measures, including plans to mutually cut tariffs on some products to boost bilateral trade in areas such as agriculture. The ministry didn’t provide additional details, noting that Beijing and Washington are still discussing the specifics. Trump said on Thursday that China agreed to purchase 200 aircraft from Boeing ( BA ). However, the BA stock fell more than ~7% over the week as his remarks lacked specifics such as aircraft types or timing of the orders. GE Aerospace ( GE ) CEO Larry Culp and Boeing ( BA ) CEO Kelly Ortberg were among the high-profile business leaders to accompany the President on his two-day trip to the Chinese capital this week. More on Boeing, GE Aerospace Boeing's Preferred And Common Shares Have Similar Risk And Reward: Both Are A Hold Boeing Is Beating Airbus Where It Matters Most CliffsNotes IBM, Boeing Earnings Summaries: Boeing's OK; IBM Is All About What Management Didn't Say Trump wraps China visit with Boeing, barrels, and big talk Trump discloses $220M in trades tied to U.S. companies in Q1
Kevin Warsh, nominee for US Federal Reserve Chair, testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in Washington, DC, on April 21, 2026. Mandel Ngan | Afp | Getty Images If new Federal Reserve Chair Kevin Warsh is still itching for a "good family fight" over monetary policy, he is likely to get one if he sticks to his guns on interest rate cuts. With inflation...
Kevin Warsh, nominee for US Federal Reserve Chair, testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in Washington, DC, on April 21, 2026. Mandel Ngan | Afp | Getty Images If new Federal Reserve Chair Kevin Warsh is still itching for a "good family fight" over monetary policy, he is likely to get one if he sticks to his guns on interest rate cuts. With inflation spiking and Treasury yields surging, Warsh is likely to confront a Federal Open Market Committee in no mood to ease. In fact, several officials of late have stressed the need for the Fed to keep its options open for rate hikes ahead. If it looked like outgoing Governor Stephen Miran was a lone wolf howling for reductions, seeing a Fed chair trying to defy his fellow policymakers and push for cuts will loom even larger. Those who have watched Warsh over the years, from his prior stint as a Fed governor through his high-profile public disagreements with Fed policy since, expect him to put up strong arguments for cutting. The problem is, he's likely to lose at least in the short term, a situation that sets up some interesting communication issues for the new central bank leader. "I saw him in action. He does base his decisions on his view of the economy, and even his arguments for why he would favor rate decreases in general were based on his read of what's happening structurally in the economy," said former Cleveland Fed President Loretta Mester, who served with the Philadelphia Fed during the prior period when Warsh was on the board. "I just don't think right now he can make those arguments in a credible way, because we have an inflation problem." Indeed, surging inflation will be Warsh's first and primary policy challenge. watch now VIDEO 4:32 04:32 How Jerome Powell reshaped the Fed The Fed Officially, Warsh has echoed much of the Trump administration's position on the current run of price surges — mainly that they are temporary and will fade once the fighting in Iran cea...
来源：环球市场播报 据特斯拉官网消息，该公司于周六在美国上调了Model Y车型的价格。 该公司将Model Y Premium全轮驱动版和Model Y Premium后轮驱动版的售价分别上调1000美元，至49990美元和45990美元。 该公司还将Model Y Performance全轮驱动版在美国的售价上调500美元，至57990美元。
来源：环球市场播报 据特斯拉官网消息，该公司于周六在美国上调了Model Y车型的价格。 该公司将Model Y Premium全轮驱动版和Model Y Premium后轮驱动版的售价分别上调1000美元，至49990美元和45990美元。 该公司还将Model Y Performance全轮驱动版在美国的售价上调500美元，至57990美元。
(RTTNews) - nVent Electric plc (NVT) announced that its board has approved a 3-year share repurchase program pursuant to which the company may repurchase up to $500 million of nVent shares effective on July 23, 2026. The program is in addition to nVents existing authorization app
(RTTNews) - nVent Electric plc (NVT) announced that its board has approved a 3-year share repurchase program pursuant to which the company may repurchase up to $500 million of nVent shares effective on July 23, 2026. The program is in addition to nVents existing authorization app
Latvia’s President Edgars Rinkevics nominated Andris Kulbergs of the United List party to form a new government after Prime Minister Evika Silina resigned on Thursday ahead of parliamentary elections in October. “Mr. Kulbergs enjoys my full support and trust,” Rinkevics told a news conference on Saturday afternoon in Riga. Kulbergs’s United List party sits in opposition to the current three-party ...
Latvia’s President Edgars Rinkevics nominated Andris Kulbergs of the United List party to form a new government after Prime Minister Evika Silina resigned on Thursday ahead of parliamentary elections in October. “Mr. Kulbergs enjoys my full support and trust,” Rinkevics told a news conference on Saturday afternoon in Riga. Kulbergs’s United List party sits in opposition to the current three-party governing coalition. “Given the recent events, I believe the government should be formed by members of the opposition party,” Rinkevics said. Latvian Premier Resigns in Row Over Drone Incursions
SweetBunFactory/iStock via Getty Images The highly anticipated initial public offering of AI chip-maker Cerebras Systems ( CBRS ) marked a watershed moment for the semiconductor industry last week, with Cerebras being the largest tech debut in years. After soaring 68% on its first day of trading and dropping about 10% on the second, Cerebras now has a market cap of ~$60B, which reflects a very agg...
SweetBunFactory/iStock via Getty Images The highly anticipated initial public offering of AI chip-maker Cerebras Systems ( CBRS ) marked a watershed moment for the semiconductor industry last week, with Cerebras being the largest tech debut in years. After soaring 68% on its first day of trading and dropping about 10% on the second, Cerebras now has a market cap of ~$60B, which reflects a very aggressive valuation based off of expected forward revenues. While the AI company is now highly valued, at approximately ~25X FY 2026 estimated revenues, Cerebras’ IPO comes at a time of massive interest in AI infrastructure companies in general. While I have repeatedly said that I like the momentum in CapEx spending in the Data Center business, there is clearly a limit as to how much I would pay for the growth potential of Cerebras. Given the massive surge in valuation on the first day of its IPO, I would wait for shares of Cerebras to find a bottom before engaging. My personal price target for Cerebras is ~$223 per-share, given the very stretched valuation of the AI infrastructure company at the moment. Seeking Alpha Previous rating I looked at Cerebras in February 2026 after the AI tech enterprise completed a $1.0B funding round and was gearing up for what was likely a blockbuster IPO in a market seeing massive AI-driven chip demand: Nvidia Rival Gearing Up For IPO . I maintain Cerebras, now that it is a publicly traded chip enterprise, as a ‘Hold’ mainly because of its ambitious valuation based off of forward revenues. This said, however, I am going to keep a close eye on Cerebras in the future and will likely purchase a couple of shares should profit taking push the company’s share price below my fair value estimate. Successful IPO, what’s next… Upon hitting the Nasdaq, intense momentum drove Cerebras’ stock up by ~89% in intraday trading, to a high of ~$386, before settling at a first-day close of $311.07. This meant that the AI infrastructure platform increased its mark...
SlavkoSereda/iStock via Getty Images The market barely squeaked by last week, but we got our 7th winning week in a row. That puts this rally into elite territory. I’ll repeat the list of top streaks in my final thoughts at the end of this article. Here’s an interesting factoid: there have only been 20 streaks in the last 75 years that have lasted as long as this one. And if we are up next week, we...
SlavkoSereda/iStock via Getty Images The market barely squeaked by last week, but we got our 7th winning week in a row. That puts this rally into elite territory. I’ll repeat the list of top streaks in my final thoughts at the end of this article. Here’s an interesting factoid: there have only been 20 streaks in the last 75 years that have lasted as long as this one. And if we are up next week, we will wipe out 11 streaks of 8 weeks, and there will only be 9 streaks ahead of us. For now, let’s focus on which segments of the market attracted buyers, and which segments were used as a source of funds. You can’t establish a trend with one week of data, but now we have 7 weeks to work with. Can you see the pattern? By paying attention to money flows in and out of these market segments, we can get an idea of how to tilt our own portfolios. S&P 500 Last 4 Weeks Here is a look at the last 4 weeks of the 7-week rally. The easy explanation for such a strong run is the ceasefire in the Iran conflict. But that doesn’t tell the whole story. The ceasefire is fragile and could break down at any moment. There must be more behind this rally. S&P 500 last 4 weeks (Author compilation) Zoom out to twelve months When we look at the market on a month-by-month basis, we can see how powerful this rally has been. April was up 10.4%, and May is off to a very good start. Returns by month (Author compilation) S&P 500 drawdowns Drawdowns are gone. We made 3 more new highs last week – Tuesday, Wednesday and Friday. Just look at that V-shaped bottom in late March, and how closely we are clinging to the “zero drawdown” line. S&P 500 drawdowns (Author compilation) A look at the bull run since 2022. A gain of 106% in 3.5 years is not a record, but it is certainly respectable. Bull run since 2022 (ZenInvestor.org) Major index performance last week Nasdaq and U.S. Large Caps were the only two indices I track for this report. Everything else was down, especially non-U.S. markets. Interestingly, the Nas...
Reptile8488/E+ via Getty Images In our last update, we provided a strong buy rating recommendation on ArriVent BioPharma ( AVBP ) with an analysis called " Phase 3 Delay May Signal Stronger Outcomes for Firmonertinib. " In our initiation of coverage, we reported that we viewed ArriVent BioPharma as a de-risking investment from Shanghai Allist Pharmaceuticals, which already sells this drug in China...
Reptile8488/E+ via Getty Images In our last update, we provided a strong buy rating recommendation on ArriVent BioPharma ( AVBP ) with an analysis called " Phase 3 Delay May Signal Stronger Outcomes for Firmonertinib. " In our initiation of coverage, we reported that we viewed ArriVent BioPharma as a de-risking investment from Shanghai Allist Pharmaceuticals, which already sells this drug in China. So, with the Firmonertinib readout data release shifted to mid-2026, we assumed that the company's patients remain progression-free for longer than under current treatment standards. Therefore, Firmonertinib may be well positioned to gain substantial market adoption, supported by its convenient oral monotherapy and a potentially more favorable safety profile compared with Rybrevant. Looking at the shares' evolution, we are up by almost 30% since the end of March 2026 (Fig. 1). Mare Ev. Lab Rating Update Fig 1 Q1 Results This is a pre-sales company that is progressing with clinical execution and balance sheet strength rather than headline financial metrics. So, the company reported cash and cash equivalents totaling $326.4 million. ArriVent BioPharma also includes short-term investment in this calculation. From an operating perspective, the company used $37.6 million to fund research and development expenses (Fig. 3), significantly lower than the $61.3 million used in Q1 2025, and SG&A costs ($8.5 million), slightly higher than the $5.5 million used last year. Lower research and development expense reflects changes in clinical timing and investment cadence across programs. On the other hand, higher general and administrative costs are up due to the late-stage execution and potential commercialization activities. Going down to the P&L, given a cash-positive financial position, the company received interest and investment income of almost $2.8 million but still reported a net loss of $43.3 million. ArriVent Q1 Financials in a Snap Fig 2 Why are we positive? In our previous a...