May 5 is International Day of the Midwife. This year's theme is "one million more" — reflecting a shortage of midwives based on World Health Organization research. (Image credit: Ben de la Cruz/NPR)
May 5 is International Day of the Midwife. This year's theme is "one million more" — reflecting a shortage of midwives based on World Health Organization research. (Image credit: Ben de la Cruz/NPR)
Mohd Azrin/iStock via Getty Images The universe of preferred shares has changed in recent years, and eight of the ten largest issues in the S&P Global US Preferred Stock Index ( SPPREF ) are now a combination of common equity with an overlay of complex equity options. As discussed in a recent article that I wrote about PFXF , the VanEck Preferred Securities ex Financials ETF, " these Are Not Your ...
Mohd Azrin/iStock via Getty Images The universe of preferred shares has changed in recent years, and eight of the ten largest issues in the S&P Global US Preferred Stock Index ( SPPREF ) are now a combination of common equity with an overlay of complex equity options. As discussed in a recent article that I wrote about PFXF , the VanEck Preferred Securities ex Financials ETF, " these Are Not Your Father's Preferred Shares ". Such securities are not, in my opinion, suitable investments for the quintessential preferred share buyer who is seeking a stable source of dividend income. By contrast, the underlying statistics regarding the Invesco Preferred ETF ( PGX ) are cut and dried. The ETF does buy the same type of preferred shares that your parents or grandparents may have invested in. PGX is based on the ICE BofAML Core Plus Fixed Rate Preferred Securities Index. The index "tracks the performance of fixed rate US dollar-denominated preferred securities issued in the US domestic market." At least 80% of its total assets will be invested in fixed rate US dollar-denominated preferred securities that are in the Index. I note that it also owns junior subordinated debt, which improves PGX’s overall credit quality, but also affects the proportion of its income that are qualified dividends. Assets will have a minimum rating of B3, and the issuer will be located in a country with an investment grade Credit Rating Other notable statistics are: As of May 1, 2026, PGX owned 269 securities with a total market value of $3.29 billion. PGX's Net Expense Ratio, Total Expense Ratio, and Management Fees were all 0.50%. As of April 29, 2026, the weighted average coupon of PGX's holdings was 5.55%, and these assets traded at an average discount to par of 13.69%. Therefore, the weighted average Yield to Maturity was 6.76%. Due to the presence of securities that are callable, the weighted average Yield to Worst was 6.43%. The weighted average maturity of the preferred shares / bonds owned ...
Pinterest's first-quarter sales topped analysts' estimates as the platform leaned into the use of its own custom AI models to drive down costs and increase user engagement. Pinterest CEO Bill Ready joins Caroline Hyde on “Bloomberg Tech.” (Source: Bloomberg)
Pinterest's first-quarter sales topped analysts' estimates as the platform leaned into the use of its own custom AI models to drive down costs and increase user engagement. Pinterest CEO Bill Ready joins Caroline Hyde on “Bloomberg Tech.” (Source: Bloomberg)
Earnings Call Insights: Gartner, Inc. (IT) Q1 2026 Management view “First quarter insights revenue, EBITDA, adjusted EPS and free cash flow were ahead of expectations,” and “due to changes in the geopolitical environment, client decisions slowed somewhat in March,” while “year-over-year contract value growth accelerated in the first quarter,” according to (CEO & Chairman Eugene Hall). Hall said th...
Earnings Call Insights: Gartner, Inc. (IT) Q1 2026 Management view “First quarter insights revenue, EBITDA, adjusted EPS and free cash flow were ahead of expectations,” and “due to changes in the geopolitical environment, client decisions slowed somewhat in March,” while “year-over-year contract value growth accelerated in the first quarter,” according to (CEO & Chairman Eugene Hall). Hall said the Business and Technology Insights transformation showed measurable progress, including: “We’ve increased the number of high-impact documents by 22%,” “the number of documents in our Insights library is up 19%,” and “the number of these documents has more than doubled,” referring to same-day insights. On capital return and multi-year targets, Hall said, “we will continue to drive strong free cash flow that we can put to use to drive incremental shareholder value, and we expect to deliver adjusted EPS on a compound annual basis above 12% over the next 3 years.” Safian summarized the quarter and guidance posture: “First quarter contract value, or CV, grew 1% year-over-year,” and “we are increasing our EBITDA, adjusted EPS and free cash flow guidance for the full year,” (Executive VP & CFO Craig Safian). Outlook “We now expect full year EBITDA at or above $1.545 billion,” “we expect 2026 adjusted EPS at or above $13.25,” and “for 2026, we expect free cash flow at or above $1.16 billion,” said (CFO Safian). “For 2026, we expect consolidated revenue at or above $6.405 billion,” Safian said, adding this “is updated from last quarter and is FX-neutral growth of 1%.” On cadence and drivers, Hall said, “looking ahead to the rest of the year, we expect contract value will accelerate,” and attributed the acceleration to engagement and BTI changes: “we expect that our new business growth and our retention both improving as we go through the year.” Analysts’ estimates were provided but not in a valid fiscal-quarter format (Q1–Q4), so no transcript-to-estimate comparisons are included. F...
Earnings Call Insights: Marathon Petroleum (MPC) Q1 2026 Management View "Our first quarter results demonstrated the impact of our strategy and the capability of our integrated system." (President, CEO & Chairman of the Board Maryann Mannen) "Our refineries ran at 89% utilization with nearly 100% capture." (President, CEO & Chairman of the Board Mannen) "We believe approximately 6 million barrels ...
Earnings Call Insights: Marathon Petroleum (MPC) Q1 2026 Management View "Our first quarter results demonstrated the impact of our strategy and the capability of our integrated system." (President, CEO & Chairman of the Board Maryann Mannen) "Our refineries ran at 89% utilization with nearly 100% capture." (President, CEO & Chairman of the Board Mannen) "We believe approximately 6 million barrels per day, representing close to 6% of global refined products capacity, has come offline during the conflict in the Middle East." (President, CEO & Chairman of the Board Mannen) "We invested nearly $330 million in our Refining & Marketing business this quarter with near-term projects focused on increasing jet optionality." (President, CEO & Chairman of the Board Mannen) "In March, we brought more than 30,000 barrels per day of incremental jet production capacity online at our Garyville refinery." (President, CEO & Chairman of the Board Mannen) "Through an agreement with our South Korean customer, E1, we have secured long-term delivered demand for up to 40% of the volumes MPC will purchase from MPLX's new Gulf Coast fractionation facilities." (President, CEO & Chairman of the Board Mannen) "In the first quarter, we returned over $1 billion to shareholders." (President, CEO & Chairman of the Board Mannen) "And today, we announced an additional $5 billion share repurchase authorization." (President, CEO & Chairman of the Board Mannen) "We delivered adjusted earnings per share of $1.65 and adjusted EBITDA of $2.8 billion." (Executive VP & CFO Maria Khoury) "Cash flow from operations, excluding working capital changes, was $1.7 billion." (Executive VP & CFO Khoury) Outlook "For our second quarter guidance... we are planning for utilization at about 94%, that comes off of a really strong turnaround in the first quarter." (President, CEO & Chairman of the Board Mannen) "We didn't change scope. This is not a reduction of scope at all. This was just our intent to bring that cost forw...
MikeMareen Lithuania has taken delivery of its first High Mobility Artillery Rocket System (HIMARS) launchers, marking a step forward in the country’s military modernization and its integration with NATO forces. Gaylia Campbell, left, vice president of tactical missiles at Lockheed Martin, at the signing ceremony with Vitalija Zumerienė, Lithuania’s vice minister of national defense. (Lockheed Mar...
MikeMareen Lithuania has taken delivery of its first High Mobility Artillery Rocket System (HIMARS) launchers, marking a step forward in the country’s military modernization and its integration with NATO forces. Gaylia Campbell, left, vice president of tactical missiles at Lockheed Martin, at the signing ceremony with Vitalija Zumerienė, Lithuania’s vice minister of national defense. (Lockheed Martin) The systems were formally presented during a ceremony in Camden, Arkansas, last week. The event also included the signing of a joint statement between Lockheed Martin ( LMT ) and Lithuania’s Ministry of National Defense outlining plans to expand cooperation in defense and industrial development. The HIMARS system has drawn widespread attention for its role in Ukraine, where it has been used to strike Russian supply depots, command posts and logistics hubs well behind the front lines. Analysts have credited the platform’s precision and mobility with helping disrupt Russian operations and slowing advances during key phases of the conflict. Broader industrial collaboration The joint statement, signed by Lithuania’s Vice Minister of National Defense Vitalija Zumerienė and Lockheed Martin ( LMT ) executive Gaylia Campbell, sets out a framework for closer collaboration between the U.S. defense contractor and Lithuanian institutions, including potential partnerships with local industry and research organizations. Zumerienė said the agreement reflects Lithuania’s intent to play a larger role in the defense technology ecosystem, alongside procuring advanced military systems. The agreement also aligns with Lockheed Martin’s ( LMT ) broader efforts to expand its global supplier network as demand for defense systems rises. The company has emphasized the importance of strengthening industrial partnerships to support production capacity and supply chain resilience. HIMARS, a mobile rocket artillery system capable of striking targets at extended ranges, is already in use by multiple ...
Conflict appears to have reached painful stalemate, but leaders in Tehran and Washington seem to think victory is near The month-old ceasefire between Iran and the US appeared to be in new peril on Tuesday with a fresh barrage of Iranian missiles reported to have targeted the United Arab Emirates as US naval forces pressed ahead with efforts to reopen the strait of Hormuz. The Iranian strike on th...
Conflict appears to have reached painful stalemate, but leaders in Tehran and Washington seem to think victory is near The month-old ceasefire between Iran and the US appeared to be in new peril on Tuesday with a fresh barrage of Iranian missiles reported to have targeted the United Arab Emirates as US naval forces pressed ahead with efforts to reopen the strait of Hormuz. The Iranian strike on the UAE was the second in 48 hours, and came shortly after the US defence secretary, Pete Hegseth, insisted the shaky truce which has paused the war in the Middle East was intact, despite the new increase in violence. Continue reading...
Getty Images By Elior Manier US stock indexes have bounced back from yesterday’s losses, as tensions in the Middle East have not gotten any worse and WTI crude retreating. Rather than reacting to the ongoing stalemate, investors are now focused on next week’s presidential visit to China. President Trump also mentioned this event during his morning appearance . The upcoming diplomatic summit is giv...
Getty Images By Elior Manier US stock indexes have bounced back from yesterday’s losses, as tensions in the Middle East have not gotten any worse and WTI crude retreating. Rather than reacting to the ongoing stalemate, investors are now focused on next week’s presidential visit to China. President Trump also mentioned this event during his morning appearance . The upcoming diplomatic summit is giving a boost to the current economic outlook, and participants have been waiting for it for some time. Markets are betting that the US will not start a major military operation before President Trump meets with Xi Jinping. This important summit between the leaders of the world’s biggest powers is giving markets a sense of temporary safety. As a result, tech stocks are gaining even more momentum, and the upbeat mood is quickly returning to cryptocurrencies, with Bitcoin ( BTC-USD ) breaching $80,000 for the first time since January (up a sneaky 36% since its yearly trough). Nasdaq is back on top of today's session rally. Daily Market Performance (11:53) - May 4, 2026 (Courtesy of Finviz) Yesterday’s drop in the market was steadily reversed as the session went on. Based on recent flows, most investors are still much more optimistic than worried about the chances of the war restarting. Add to it ever-stronger PMIs, and the global outlook just isn't looking terrible. Consumer sentiment is also rebounding. Of course, breaking news can always move prices quickly, but right now, the main rule on Wall Street is that selling on fear just isn’t profitable. Because of this, new bursts of buying have been very profitable for short-term traders. Add to it record earnings and projections, and the conditions for the rally have been underappreciated. Still, the long-term outlook for geopolitics and the economy is very uncertain. It could be wise to prepare for a potential "buy the rumor, sell the news" on Trump’s visit in China, but let’s see how the situation moves until then. It’s importa...
A US Navy trained dolphin named Ten, seen above, discovered a 1800's era torpedo in San Diego Bay. Don Bartletti | Los Angeles Times | Getty Images Defense Secretary Pete Hegseth on Tuesday shut down the idea that Iran could weaponize marine mammals in the Strait of Hormuz as the war with Iran continues as he fielded a question about the potential use of "kamikaze dolphins." Experts say the idea i...
A US Navy trained dolphin named Ten, seen above, discovered a 1800's era torpedo in San Diego Bay. Don Bartletti | Los Angeles Times | Getty Images Defense Secretary Pete Hegseth on Tuesday shut down the idea that Iran could weaponize marine mammals in the Strait of Hormuz as the war with Iran continues as he fielded a question about the potential use of "kamikaze dolphins." Experts say the idea isn't as far-fetched as it may seem. Several countries, including the U.S., have a history of using dolphins in conflict areas, though not as weapons. "I cannot confirm or deny whether we have kamikaze dolphins, but I can confirm they don't," Hegseth said at the briefing . Hegseth's comments came in response to news reports about the possibility. The Wall Street Journal reported April 30 that Iranian officials had said Iran could use "mine-carrying dolphins" to attack U.S. warships. It is not clear whether Iran has that capability. The term "kamikaze" was popularized during World War II for pilots flying suicide missions into their targets. The U.S. Navy Office of Information declined to comment further, referring CNBC to Hegseth's Tuesday briefing. watch now VIDEO 1:57 01:57 Defense Sec. Hegseth: Ceasefire is not over, we urge Iran to be prudent in actions they take Squawk on the Street The Strait of Hormuz has been largely blocked during the war, and on Sunday, President Donald Trump announced " Project Freedom ," an operation to free ships stranded in the strait since the onset of the conflict. Hegseth characterized the new mission as "separate and distinct from Operation Epic Fury," the war the U.S. and Israel began waging Feb. 28. He said U.S. forces would not need to enter Iranian waters or airspace to carry out the operation. Fresh attacks this week in the key waterway reignited fears that the impact on the global economy would worsen. Though a ceasefire between the U.S. and Iran officially remains in place, Iran attacked the United Arab Emirates, and the U.S. said it...
LIV Golf has tapped law firm Gibson Dunn & Crutcher to advise it in an effort to turn around a loss-making business and find investors to fill the gap left by Saudi Arabia’s Public Investment Fund , according to people familiar with the matter. The league that briefly challenged the PGA Tour ’s supremacy said on Monday that it has retained investment bank Ducera Partners to guide it in its efforts...
LIV Golf has tapped law firm Gibson Dunn & Crutcher to advise it in an effort to turn around a loss-making business and find investors to fill the gap left by Saudi Arabia’s Public Investment Fund , according to people familiar with the matter. The league that briefly challenged the PGA Tour ’s supremacy said on Monday that it has retained investment bank Ducera Partners to guide it in its efforts to “secure long-term investment partners and support its evolution into a diversified, multi-partner investment model”. The company is also working with business advisory firm AlixPartners . PIF confirmed last week its decision to stop funding the event after the 2026 season, scheduled to end in August. Shortly after, LIV Golf announced it had appointed a new board led by turnaround consultants Gene Davis and Jon Zinman. Besides finding new investors or exploring a potential sale, the company may look into cutting costs, according to some of the people familiar with the matter, who asked not to be identified discussing private information. A spokesperson for LIV Golf referred to the company’s most recent statements, and said there are no plans to make changes to the organization at this time, in response to questions about plans to cut costs. “We have strong conviction that there is real value in what we have created at LIV, and we are focused on unlocking that value through a diversified investment approach,” the LIV Golf spokesperson said. A Gibson Dunn representative didn’t return an email seeking comment. The law firm advised LIV Golf in the past, including in its formation, development and general corporate matters related to its operations.