Jon Tetzlaff/iStock Editorial via Getty Images Investment Thesis In my last piece on FedEx Corporation ( FDX ), published in September 2025, I argued that the improvements seen in the company’s Express segment did not translate to a meaningful shift in its growth prospects. I had a SELL rating with a $200 price target with the stock trading at around $230.01 at the time. My call, admittedly, was w...
Jon Tetzlaff/iStock Editorial via Getty Images Investment Thesis In my last piece on FedEx Corporation ( FDX ), published in September 2025, I argued that the improvements seen in the company’s Express segment did not translate to a meaningful shift in its growth prospects. I had a SELL rating with a $200 price target with the stock trading at around $230.01 at the time. My call, admittedly, was wrong, as the stock never declined towards $200. On the contrary, it rose as high as $390. In this article, I will be explaining what went wrong with my thesis specifically since I believe that the reasons matter, especially for where the stock goes from here. In addition, in this article, I will also be analysing FDX through the lens of an event that, in my opinion, defines the company now: the spin-off of FedEx Freight, set to be effective on 01 June 2026. Post the spinoff, investors in FDX will hold both shares of the parent company (RemainCo), comprising Express and Ground, and a standalone LTL entity, FedEx Freight (henceforth referred to as SpinCo or FDXF). The aim of this FDX update is to value the two entities separately, combine them, and analyse whether the market has already priced in the spin-off or whether the spin-off still presents an opportunity for investors to benefit from. Why I Got My September 2025 Thesis Wrong My September 2025 article on FDX was centred around a claim about the trajectory of a consolidated FDX: volume deceleration, earnings growth that leaned on cost reduction and not actual demand, FY26 targets that I found to be overambitious, and a management that I viewed as overoptimistic. In reality, FDX managed to convincingly beat that claim on every front. More specifically, adjusted EPS came in at $3.83 in Q1 [6% y/y growth], $4.82 in Q2 [19% y/y growth], and $5.25 in Q3 [16% y/y growth]. Moreover, FDX management raised their guidance twice, with the latest guidance projecting an adjusted EPS in the range between $19.30 and $20.10, comfortabl...
rudisill/iStock via Getty Images Introduction Dino Polska ( DNOPY )( DNOPF ), a well-known supermarket name in Poland but relatively undercovered in the US, has been delivering impressive revenue growth over the last few years. The latest earnings report showed that the model is still working, and shares were up sharply following better-than-expected Q1 results. However, margins remain an issue. T...
rudisill/iStock via Getty Images Introduction Dino Polska ( DNOPY )( DNOPF ), a well-known supermarket name in Poland but relatively undercovered in the US, has been delivering impressive revenue growth over the last few years. The latest earnings report showed that the model is still working, and shares were up sharply following better-than-expected Q1 results. However, margins remain an issue. The stock no longer looks obviously overvalued in light of its growth profile, but until margins stabilize, I remain on the sidelines. Q1 Confirmed The Growth Story Remains Intact The company’s Q1 2026 earnings report , published after close on May 14, looked solid and was well received by the market. Shares surged more than 10% the following day. Revenue of 8.44 billion zloty came in above the 8.37 billion consensus estimate. EBITDA of 565 million zloty was 9% above consensus, and EPS of 0.32 beat the 0.29 consensus forecast. Year-over-year, EBITDA rose 6.1%, while net profit edged up 1.6%. Like-for-like sales growth, or same-store sales growth, improved by 4.4%, considerably better than the 0.5% increase printed in the same period a year ago. This was arguably the most important number in the report because it showed that existing stores are delivering higher growth instead of revenue growth being fueled by new openings alone as some analysts may have feared. The LFL recovery is especially relevant because management said grocery prices on Dino’s shelves were still in deflation during Q1, which held back reported sales growth. The company generated positive LFL growth despite a weak price backdrop. Easter timing helped, having moved from late April in 2025 to early April in 2026, which management said helped increase consumer activity in late March. Unfortunately, that also means part of the Q1 LFL acceleration may not be fully repeatable. Store Expansion Remains The Core Driver Dino remains primarily a Polish store expansion story. The company is not relying on financial ...
⚽ Reaction and buildup on another busy Sunday ⚽ Sign up for Football Daily | Email Xaymaca FA Cup Chelsea 0-1 Manchester City Celtic 3-1 Hearts Falkirk 2-5 Rangers Hibernian 0-1 Motherwell Brighton & Hove Albion 1-2 Tottenham Hotspur Chelsea 1-0 Manchester United Everton 1-0 Leicester City Liverpool 1-3 Arsenal London City Lionesses 2-1 Aston Villa West Ham United 1-4 Manchester City Continue read...
⚽ Reaction and buildup on another busy Sunday ⚽ Sign up for Football Daily | Email Xaymaca FA Cup Chelsea 0-1 Manchester City Celtic 3-1 Hearts Falkirk 2-5 Rangers Hibernian 0-1 Motherwell Brighton & Hove Albion 1-2 Tottenham Hotspur Chelsea 1-0 Manchester United Everton 1-0 Leicester City Liverpool 1-3 Arsenal London City Lionesses 2-1 Aston Villa West Ham United 1-4 Manchester City Continue reading...
Accretive Wealth Partners LLC raised its stake in Microsoft Corporation (NASDAQ:MSFT - Free Report) by 13.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,415 shares of the software giant's stock after acquiring an additional 2,160 shares during the period. Microsoft makes up 2.6% of Accretive W...
Accretive Wealth Partners LLC raised its stake in Microsoft Corporation (NASDAQ:MSFT - Free Report) by 13.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,415 shares of the software giant's stock after acquiring an additional 2,160 shares during the period. Microsoft makes up 2.6% of Accretive Wealth Partners LLC's portfolio, making the stock its 7th biggest position. Accretive Wealth Partners LLC's holdings in Microsoft were worth $8,906,000 as of its most recent filing with the Securities and Exchange Commission. Other institutional investors have also recently modified their holdings of the company. IRON Financial LLC raised its position in shares of Microsoft by 23.2% during the third quarter. IRON Financial LLC now owns 6,510 shares of the software giant's stock worth $3,372,000 after acquiring an additional 1,225 shares during the last quarter. PMG Family Office LLC bought a new stake in shares of Microsoft during the third quarter worth $828,000. Trifecta Capital Advisors LLC raised its position in shares of Microsoft by 2.3% during the third quarter. Trifecta Capital Advisors LLC now owns 70,175 shares of the software giant's stock worth $36,347,000 after acquiring an additional 1,572 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in shares of Microsoft by 1.0% during the third quarter. TD Waterhouse Canada Inc. now owns 949,901 shares of the software giant's stock worth $493,860,000 after acquiring an additional 9,700 shares during the last quarter. Finally, Werba Rubin Papier Wealth Management raised its position in shares of Microsoft by 15.7% during the fourth quarter. Werba Rubin Papier Wealth Management now owns 12,492 shares of the software giant's stock worth $6,041,000 after acquiring an additional 1,698 shares during the last quarter. 71.13% of the stock is owned by hedge funds and other institutional investors. Get...
JD.com (NasdaqGS:JD) has entered a new partnership with Mastercard to expand global payments capabilities and AI-powered commerce solutions. The collaboration focuses on supporting JD.com's cross-border retail and logistics ecosystem while upgrading its payment infrastructure. The announcement highlights JD.com's push to strengthen its position in international e-commerce and digital payments. JD....
JD.com (NasdaqGS:JD) has entered a new partnership with Mastercard to expand global payments capabilities and AI-powered commerce solutions. The collaboration focuses on supporting JD.com's cross-border retail and logistics ecosystem while upgrading its payment infrastructure. The announcement highlights JD.com's push to strengthen its position in international e-commerce and digital payments. JD.com, trading at $32.01, has seen mixed share performance, with the stock up 6.2% over the past...
An Ebola outbreak in the Democratic Republic of Congo has killed more than 80 as authorities warned there was no vaccine for the strain in a crisis that the World Health Organization declared an international health emergency on Sunday. A total of 88 deaths and 336 suspected cases of the highly contagious haemorrhagic fever have been reported, the Africa Centres for Disease Control and Prevention ...
An Ebola outbreak in the Democratic Republic of Congo has killed more than 80 as authorities warned there was no vaccine for the strain in a crisis that the World Health Organization declared an international health emergency on Sunday. A total of 88 deaths and 336 suspected cases of the highly contagious haemorrhagic fever have been reported, the Africa Centres for Disease Control and Prevention (CDC Africa) said in an update on Saturday. The Geneva-based WHO said early on Sunday the outbreak...
Paul Chan Mo-po will seek to explain Hong Kong’s efforts to combat terrorism financing and work to attract more funds and business to the city during a five-day Europe trip, noting that stabilising geopolitics will strengthen foreign ties and the economic environment. The finance chief’s coming trip was announced on Sunday, and follows the easing of tensions after United States President Donald Tr...
Paul Chan Mo-po will seek to explain Hong Kong’s efforts to combat terrorism financing and work to attract more funds and business to the city during a five-day Europe trip, noting that stabilising geopolitics will strengthen foreign ties and the economic environment. The finance chief’s coming trip was announced on Sunday, and follows the easing of tensions after United States President Donald Trump visited mainland China and the reveal that Russian President Vladimir Putin was also set to...
makasana/iStock Editorial via Getty Images Equinor ( EQNR ) is a multinational oil company that's been volatile lately as oil volumes have varied with the US-Iran-Israel war. YTD the company's price is up 60%, benefiting from massive demand for oil and gas not impacted by the Strait of Hormuz. Despite this appreciation, as we discussed in our last article , the company remains our favorite oil meg...
makasana/iStock Editorial via Getty Images Equinor ( EQNR ) is a multinational oil company that's been volatile lately as oil volumes have varied with the US-Iran-Israel war. YTD the company's price is up 60%, benefiting from massive demand for oil and gas not impacted by the Strait of Hormuz. Despite this appreciation, as we discussed in our last article , the company remains our favorite oil megacap. Equinor 1Q 2026 Results Equinor had an impressive 1Q 2026, with $9.8 billion in adjusted operating income. Equinor Investor Presentation The company generated $6 billion in CFFO for the 1Q and $3.1 billion in net income. That puts the company squarely in the single-digit P/E ratio territory. However, Equinor also does not have a lofty debt load, and realized Brent prices of <$80/barrel is a YoY improvement, but it's well below current Brent crude prices of $100/barrel. Equinor had strong performance from volumes, which we'll discuss in more detail below, and the company has continued to maintain strong discipline. In Norway's NCS, Equinor made 7 new discoveries, maintained strong production, and started drilling in Brazil. From Adura, a UK North Sea company formed from a merger of assets with Shell, it saw its 1st dividend. Financially, Equinor has continued to pay a dividend that's still more than 4% after share price increases. The company's annualized $1.5 billion buyback target is almost 6% annualized in total shareholder returns. Equinor Volumes From a volume perspective, Equinor saw incredibly impressive 9% O&G production growth. Equinor Investor Presentation That was driven by new NCS production and regularity along with record high production in the US. That pushed production past 2.3 million barrels/day, massive production at a time of high prices, which will drive substantial cash flow. While power generation remained constant, renewable production increased dramatically versus gas-to-power. Ørsted's wind production has continued to grow , where Equinor has ...