Zulfikar Ramadhan /iStock via Getty Images Overview Peabody Energy Corporation ( BTU ) is a relatively diversified coal mining company. The two largest segments; Seaborne Thermal and Seaborne Metallurgical did in 2025 account for about half of adjusted EBITDA. However, the Seaborne Metallurgical contribution to overall earnings will increase materially going forward, from a recovery in coking coal...
Zulfikar Ramadhan /iStock via Getty Images Overview Peabody Energy Corporation ( BTU ) is a relatively diversified coal mining company. The two largest segments; Seaborne Thermal and Seaborne Metallurgical did in 2025 account for about half of adjusted EBITDA. However, the Seaborne Metallurgical contribution to overall earnings will increase materially going forward, from a recovery in coking coal prices from very depressed levels last year, and from the ramp up of production from the low-cost low-vol hard coking coal Centurion mine in Australia. The earnings split from production coming out of Australia and USA was roughly 50/50 last year as well, but the Australian contribution will increase going forward for the same reasons. Figure 1 - Source: Peabody Energy Quarterly Reports I have covered Peabody frequently over the last few years and my prior articles can be found here . I have also owned the stock during part of this time, and I have recently added the stock back to my portfolio, following the recent stock price weakness during a period that I expect to be relatively positive for Peabody. This article will primarily focus on the Q1 2026 result that was released this morning. The stock price of Peabody is down 11% year-to-date, which might not seem all that much, but the drawdown is actually 33% from the recent March high. A delay with the ramp up from Centurion explains part of the recent weakness. There is also a debate on how exposed Peabody might be to potential fuel shortages in Australia and higher diesel prices overall for its operations. With that said, I have a hard time seeing the increased focus on energy supply and energy security being anything but positive for Peabody in the medium-to-long-term. So, I consequently consider the recent weakness as a good buying opportunity, and I have changed the rating from a Hold to a Buy for Peabody. Figure 2 - Source: TradingView Q1 2026 Result Peabody reported $83M in adjusted EBITDA during Q1 2026, which was...
Alexey_Fedoren Wall Street moved higher on Tuesday after Washington reaffirmed that the ceasefire between the U.S. and Iran remains in place, easing immediate fears of a broader escalation. The confirmation helped stabilize investor sentiment, as markets reacted positively. The blue chip Dow ( DJI ) was +0.4%, the benchmark S&P 500 ( SP500 ) was +0.6%, and the tech focused Nasdaq Composite ( COMP:...
Alexey_Fedoren Wall Street moved higher on Tuesday after Washington reaffirmed that the ceasefire between the U.S. and Iran remains in place, easing immediate fears of a broader escalation. The confirmation helped stabilize investor sentiment, as markets reacted positively. The blue chip Dow ( DJI ) was +0.4%, the benchmark S&P 500 ( SP500 ) was +0.6%, and the tech focused Nasdaq Composite ( COMP:IND ) was +0.8%. From a sector-by-sector stance, nine of the 11 S&P segments were in the green, with materials on top. Going in the other direction, real estate has been the weakest performing segment. Defense Secretary Pete Hegseth confirmed Tuesday that the ceasefire with Iran remains intact despite fresh hostilities in the Strait of Hormuz, characterizing recent military action as separate from broader negotiations On the economic front, the April U.S. ISM Services PMI Index came in at 53.6 versus the 53.9 consensus figure. Furthermore, job openings fell less than feared in March, while quits rate ticked up. U.S. Treasury yields edged lower across the curve. The 10-year Treasury yield ( US10Y ) fell 1 basis point to 4.42%, while the 2-year Treasury yield ( US2Y ) slipped 1 basis point to 3.94%. The 30-year Treasury yield ( US30Y ) dipped 1 basis point to 5.00%. As for stocks that are on the move, shares of Intel ( INTC ) climbed +12.3%, while shares of PayPal ( PYPL ) fell -10.2%. More on markets Elon Musk vs. OpenAI case: Prediction markets turn bearish on Musk Palantir Technologies earnings preview: Prediction markets signal key themes Hedge funds dump info tech for the second week as de-risking accelerates S&P 500: No Rest, Rotations Will Carry It Higher (Technical Analysis) Will Powell Have Influence When Kevin Warsh Assumes The Role As Fed Chairman?
Sundry Photography/iStock Editorial via Getty Images Thesis Summary On Monday, April 20th, Nektar Therapeutics ( NKTR ) announced 52-Week Topline Results from 16-Week Blinded Treatment Extension of REZOLVE-AA Demonstrate Deepening of Responses in Severe-to-Very-Severe Alopecia Areata with Rezpegaldesleukin ("Rezpeg"). After demonstrating the overall safety of the drug and efficacy in a separate in...
Sundry Photography/iStock Editorial via Getty Images Thesis Summary On Monday, April 20th, Nektar Therapeutics ( NKTR ) announced 52-Week Topline Results from 16-Week Blinded Treatment Extension of REZOLVE-AA Demonstrate Deepening of Responses in Severe-to-Very-Severe Alopecia Areata with Rezpegaldesleukin ("Rezpeg"). After demonstrating the overall safety of the drug and efficacy in a separate indication, Nektar will be conducting two phase 3 pivotal studies that could result in two blockbuster indications. Due to the great safety profile of the drug and the fact that it is targeting two massive markets with unmet needs, the probability of a massive negative outcome is low. After Monday, the probability-weighted outcomes of Nektar have shifted drastically positive, and the ~20% move in the stock did not reflect this. Now, disclaimer: I have worked in healthcare for a part of my career, but I am no biotech specialist. However, in this case I don't think that is super important. We just need to identify that there is a good probability that the quick change of weighted probability of outcomes is causing the stock to be mispriced. We are not betting on the outcome of a clinical trial. There are a few dynamics around this stock that explain why I think this mispricing can occur: 1. Biotech in general has been undercapitalized over the last few years. After the 2020-2021 euphoria and RFK Jr. taking office as Secretary of HHS, there were a lot of funds that shut down and many investors ignoring the space. 2. Investor biases. Like I mentioned in the title, this stock has gone up 10x in the last year, and many investors will quickly look and say, "I missed it". Despite this, especially in biotech, this bias can cause people to overlook a story that is mostly de-risked and still attractive. 3. In a similar manner, since the stock is up 10x, any fund that was involved earlier in the story is probably looking to book gains, as it has been a massive home run and the position s...
zimmytws/iStock via Getty Images At a glance Performance The Fund returned 0.29% and the ICE BofA US ABS & CMBS TR returned 0.48%. Contributors/detractors Allocations to collateralized mortgage obligations (CMOs) and security selection among asset-backed securities (ABS) contributed to performance. Yield-curve positioning and the allocation to mortgage-backed securities (MBS) detracted. Outlook Ag...
zimmytws/iStock via Getty Images At a glance Performance The Fund returned 0.29% and the ICE BofA US ABS & CMBS TR returned 0.48%. Contributors/detractors Allocations to collateralized mortgage obligations (CMOs) and security selection among asset-backed securities (ABS) contributed to performance. Yield-curve positioning and the allocation to mortgage-backed securities (MBS) detracted. Outlook Against a backdrop of heightened geopolitical uncertainty and dispersion, we prioritize selective risk-taking and security selection over macro calls or broad beta exposure. Portfolio management John Kerschner, CFA Nick Childs, CFA Investment environment U.S. securitized markets eked out positive returns for the quarter, overcoming a sudden shift in the outlook for inflation and global monetary policy after war in Iran sent oil prices sharply higher. Securitized sectors outperformed investment-grade (IG) corporates and U.S. Treasuries. The Federal Reserve (Fed) kept the fed funds rate unchanged at 3.50% to 3.75%, while noting the “uncertain” implications of the Middle East conflict. Having previously discounted two or three more cuts in 2026, futures markets now are anticipating no change in Fed policy. The yield curve flattened out meaningfully as 2-year Treasury yields rose more than 10-year yields and markets repriced rate-cut expectations. U.S. employment data was mostly soft, with job creation in 2025 revised sharply down and nonfarm payrolls falling in February. A strong bounce-back in job creation and a drop in the unemployment rate followed in March, indicating the labor market continues to tread water. Inflation readings were steady, with the consumer price index (CPI) coming in at 2.4% year-on-year in February. Spreads on IG ABS ended the quarter virtually unchanged, at 53 basis points (bps), while spreads on IG CMBS ended three bps narrower, at 78 bps. Portfolio review A key theme within financial markets continues to be dispersion, whereby avoiding troubled sector...
Amazon.com, Inc. (NASDAQ:AMZN) is included among the 10 Best Blue Chip Stocks to Invest in According to Billionaires. On May 4, Reuters reported that Amazon.com, Inc. (NASDAQ:AMZN) plans to let other businesses store and ship goods through its logistics network. The offering covers everything from raw materials to finished products. The move puts the company […]
Amazon.com, Inc. (NASDAQ:AMZN) is included among the 10 Best Blue Chip Stocks to Invest in According to Billionaires. On May 4, Reuters reported that Amazon.com, Inc. (NASDAQ:AMZN) plans to let other businesses store and ship goods through its logistics network. The offering covers everything from raw materials to finished products. The move puts the company […]
Tim Robberts/DigitalVision via Getty Images Central Puerto ( CEPU ) is a key Argentine company in electricity generation, with a 15% market share. I wrote about this company last November, and I believe it's time to update the information. I still rate it as a long-term buy because I believe it represents an attractive opportunity to participate in the Argentine energy market at low prices. The el...
Tim Robberts/DigitalVision via Getty Images Central Puerto ( CEPU ) is a key Argentine company in electricity generation, with a 15% market share. I wrote about this company last November, and I believe it's time to update the information. I still rate it as a long-term buy because I believe it represents an attractive opportunity to participate in the Argentine energy market at low prices. The electricity generation sector in Argentina is projected to grow at a CAGR of 2.78% over the next five years, in line with the stable growth of the utilities sector. Furthermore, CEPU has been constantly increasing its installed capacity, from 4.25 GW in 2020 to 6.94 GW in 2025. Although in my previous article I covered CEPU's operations in detail, I'm now very excited about the new business the company is exploring. Specifically, the company has entered the oil and gas sector with its involvement in the Vaca Muerta shale formation. CEPU is also exposed to mining through its stake in AbraSilver ( ABBRF ) ( ABRA:CA ), which has operations in the provinces of Catamarca and San Juan, where lithium, gold, and silver extraction predominates. If those participations are expanded, this would transform CEPU into not only one of the largest electricity generators in the country but also a comprehensive energy company. I like to compare this process with Pampa Energía ( PAM ), a company I recently wrote about. Pampa has been expanding its potential in Vaca Muerta for some time, and I believe much of that has already been priced in. But CEPU, while still in an early stage of production in Vaca Muerta, as I'll show later, could offer greater upside in the long term. To better understand Argentina's potential in this area, I think we need to look at some data. Argentina's attractive energy path In 2023, when Javier Milei became president and he implemented some pro-market reforms, the investment climate became more favorable. But the energy catalysts were already there. Even more: for deca...
Enter, a Brazilian AI legal startup, has tripled its valuation to $1.2 billion in a new round of funding, vaulting it into the upper ranks of artificial intelligence companies in Latin America. Peter Thiel’s Founders Fund led a $100 million financing in the company, with participation from other investors, including Sequoia Capital and Ribbit Capital. Sequoia and Founders Fund co-led a prior fundi...
Enter, a Brazilian AI legal startup, has tripled its valuation to $1.2 billion in a new round of funding, vaulting it into the upper ranks of artificial intelligence companies in Latin America. Peter Thiel’s Founders Fund led a $100 million financing in the company, with participation from other investors, including Sequoia Capital and Ribbit Capital. Sequoia and Founders Fund co-led a prior funding round in Enter last year. The São Paulo-based startup develops AI technology to help businesses, including Airbnb Inc. and Latam Airlines Group SA, field the large volume of consumer and labor lawsuits in a country that’s known for being among the most litigious in the world. The startup’s goal is to use AI to handle the litigation process from start to finish. “Every single step that you can think of that happens in a litigation case is first tackled by an AI agent before including a human in the loop,” said Mateus Costa-Ribeiro, Enter’s co-founder and chief executive officer, who was also one of the youngest people to ever pass the New York bar exam. He started the company in 2023 with Michael Mac-Vicar and Henrique Vaz, who were executives at mobile gaming company Wildlife Studios. Enter is part of a growing crop of AI startups drawing interest from investors by focusing on the legal industry. Harvey, a US firm, was recently valued at $11 billion in a funding round, and Stockholm-based Legora is now valued at $5.5 billion . Leading AI developers like Anthropic PBC are also expanding into legal services. Costa-Ribeiro sees an open lane to focus on Brazil and turn Enter into a “monopolistic force” for legal AI in Latin America. Founders Fund partner Matias Van Thienen echoed the point, saying the venture firm’s investment is a bet on Enter’s leverage in a uniquely litigious landscape. “We feel really comfortable with winning Brazil outright,” Van Thienen said. Enter’s technology might do everything from draft a motion to dismiss a case to calculating the cost of a legal...
Raiffeisen Bank International AG ( RAIFF ) press release: Q1 net interest income decreased by €45M to €1.46B. Q1 EPS of €1.34. More on Raiffeisen Bank International AG Raiffeisen Bank International AG 2026 Q1 - Results - Earnings Call Presentation Swiss parliament topples proposed bill to limit executive bonuses in financial sector - report Historical earnings data for Raiffeisen Bank Internationa...
Raiffeisen Bank International AG ( RAIFF ) press release: Q1 net interest income decreased by €45M to €1.46B. Q1 EPS of €1.34. More on Raiffeisen Bank International AG Raiffeisen Bank International AG 2026 Q1 - Results - Earnings Call Presentation Swiss parliament topples proposed bill to limit executive bonuses in financial sector - report Historical earnings data for Raiffeisen Bank International AG Dividend scorecard for Raiffeisen Bank International AG Financial information for Raiffeisen Bank International AG
Jira Pliankharom/iStock via Getty Images Written by Nick Ackerman, co-produced by Stanford Chemist The First Trust Intermediate Duration Preferred & Income Fund ( FPF ) provides investors with exposure to preferred securities in a closed-end fund wrapper. The CEF wrapper can often provide opportunities based on historical discount/premium levels. In this case, the fund is not trading at any sort o...
Jira Pliankharom/iStock via Getty Images Written by Nick Ackerman, co-produced by Stanford Chemist The First Trust Intermediate Duration Preferred & Income Fund ( FPF ) provides investors with exposure to preferred securities in a closed-end fund wrapper. The CEF wrapper can often provide opportunities based on historical discount/premium levels. In this case, the fund is not trading at any sort of substantial discount. Though since our last update, the fund has provided positive total returns, those returns have been further pressured recently. This would be due to the higher long-term U.S. Treasury rates starting to head higher. While it might limit its duration to an intermediate level, that still makes it fairly interest rate sensitive, with its effective duration currently coming in at around 5 years. With all that, it may not look like the most appealing choice to consider in the preferred CEF space today, and that can continue to make it look like a " Hold" rating would be appropriate. FPF Basics 1-Year Z-score: -0.46 Discount/Premium: -4.50% Distribution Yield: 8.93% Expense Ratio: 1.41% Leverage: 35.68% Managed Assets: $1.83 billion Structure: Perpetual FPF's investment objective is "to seek a high level of current income." To achieve that, the fund will invest "at least 80% of its managed assets in preferred securities and other income-producing securities issued by U.S. and non-U.S. companies, including traditional preferred securities, hybrid preferred securities that have investment and economic characteristics of both preferred securities and debt securities, floating-rate and fixed-to-floating-rate preferred securities, debt securities, convertible securities, and contingent convertible securities." Performance - Still Looking Like A " Hold" Since our last write-up , the fund has delivered positive total returns. Though this was a period that was quite volatile for the broader equity market, including the fixed-income space. FPF Performance Since Prio...
Anu Aiyengar, JPMorgan’s head of M&A talks to Bloomberg's Dani Burger at the Milken Conference in Beverly Hills. She reveals why the market is exploding with megadeals despite global uncertainty. From massive scale advantages to hidden valuation gaps, she breaks down why big companies are getting bigger, and why volatility isn’t stopping them. (Source: Bloomberg)
Anu Aiyengar, JPMorgan’s head of M&A talks to Bloomberg's Dani Burger at the Milken Conference in Beverly Hills. She reveals why the market is exploding with megadeals despite global uncertainty. From massive scale advantages to hidden valuation gaps, she breaks down why big companies are getting bigger, and why volatility isn’t stopping them. (Source: Bloomberg)
Tropic Death – 10 blistering, astonishing stories about racist, exploitative outrages in Caribbean ‘paradises’ – won him a Guggenheim award. Why did this star of the Harlem Renaissance die such a sad and lonely death? How does a writer disappear? This year marks six decades since the death of Eric Walrond, a Guyana-born writer who cut his literary teeth amid the Harlem Renaissance, kept company wi...
Tropic Death – 10 blistering, astonishing stories about racist, exploitative outrages in Caribbean ‘paradises’ – won him a Guggenheim award. Why did this star of the Harlem Renaissance die such a sad and lonely death? How does a writer disappear? This year marks six decades since the death of Eric Walrond, a Guyana-born writer who cut his literary teeth amid the Harlem Renaissance, kept company with the likes of Countee Cullen and WEB Du Bois, wrote a book once hailed as “the greatest short story work in the entire body of West Indian literature”, then dropped off the cultural map completely. That work is Tropic Death, a truly trailblazing counter-pastoral portrait of the Caribbean locales of his youth. Four of the book’s 10 stories are set in the US-controlled Panama Canal Zone, where his father had worked: an economy of subjection structured by a rigid caste system that promoted white supremacy over its global mix of migrant and indentured labourers. This year is the centenary of Tropic Death’s publication. Continue reading...
The narrative about the state of the labor market — whether it remains in stasis or is beginning to heat up — will be shaped this week by a series of data drops.
The narrative about the state of the labor market — whether it remains in stasis or is beginning to heat up — will be shaped this week by a series of data drops.
The alleged conflict between the pair began on a film set and has been disastrous for everyone involved. Apart from the lawyers, naturally Ladies, gentlemen, cineastes: our long nightmare is over. The It Ends With Us legal drama has finally Ended With Us. In a first-person-plural statement on behalf of Blake Lively and Justin Baldoni, snuck out as a horde of nippled breastplates swarmed up the Met...
The alleged conflict between the pair began on a film set and has been disastrous for everyone involved. Apart from the lawyers, naturally Ladies, gentlemen, cineastes: our long nightmare is over. The It Ends With Us legal drama has finally Ended With Us. In a first-person-plural statement on behalf of Blake Lively and Justin Baldoni, snuck out as a horde of nippled breastplates swarmed up the Met Gala carpet, our pair of ferociously feuding actors were forced to remind the wider public that, actually, their insanely costly legal binfire had always been about two creatives graciously shining their combined lights on the issue of domestic violence. “The end product – the movie It Ends With Us – is a source of pride to all of us who worked to bring it to life,” ran yesterday’s formal epilogue on a case even Pyrrhus would have settled 12 months ago. “Raising awareness, and making a meaningful impact in the lives of domestic-violence survivors – and all survivors – is a goal that we stand behind.” Note that gorgeously magnanimous “and all survivors” – so if you survived a plane crash, or Glastonbury, or even your best friend’s hen weekend, then this one was for you too. You’re welcome, victims! And if it took up to eight figures in legal fees to get here, and if that would have bought a lot of women’s shelters, then yeah – no doubt Blake and Justin are sorry for simply caring too much. It’s a cross to bear. Marina Hyde’s new book, What a Time to be Alive!, is out in September (Guardian Faber Publishing, £20). To support the Guardian, order your signed copy at guardianbookshop.com . Delivery charges may apply Marina Hyde is a Guardian columnist Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here . Continue reading...