Luis Alvarez Wholesale inventories climbed 1.4% M/M to $932.8B in March, compared with the +0.4% consensus and +0.9% prior (revised from +0.8%), according to preliminary data released by the U.S. Census Bureau on Wednesday. Y/Y, wholesale inventories increased 2.9%. Retail inventories for March were estimated at an end-of-month level of $823.5B, up 0.7% sequentially (vs. +0.3% prior) and +2.3% fro...
Luis Alvarez Wholesale inventories climbed 1.4% M/M to $932.8B in March, compared with the +0.4% consensus and +0.9% prior (revised from +0.8%), according to preliminary data released by the U.S. Census Bureau on Wednesday. Y/Y, wholesale inventories increased 2.9%. Retail inventories for March were estimated at an end-of-month level of $823.5B, up 0.7% sequentially (vs. +0.3% prior) and +2.3% from a year ago. Excluding autos, retail inventories were up 0.5% M/M in March, vs. the revised +0.4% prior. More on the U.S. Economy Oil Prices Advance Ahead Of What Will Likely Be Powell's Last FOMC Meeting (As Chair) JBND: Active Management Cannot Fix Structural Risk A Final Powell Pause At The Fed As Inflation Risks What happens to the economy when the Social Security fund runs dry? FOMC watch: Pantheon Macro sees the Fed standing pat as markets eye limited cuts
GH Research said on Wednesday it priced an underwritten U.S. offering of 6.53M ordinary shares at $18 each, for gross proceeds of about $117.5M The company is selling all of the shares in the offering, which is expected to close on April 30. The transaction was initiated by Lynx1 Capital Management, with participation from Deep Track Capital and Foresite Capital. Stifel, Cantor Fitzgerald and RBC ...
GH Research said on Wednesday it priced an underwritten U.S. offering of 6.53M ordinary shares at $18 each, for gross proceeds of about $117.5M The company is selling all of the shares in the offering, which is expected to close on April 30. The transaction was initiated by Lynx1 Capital Management, with participation from Deep Track Capital and Foresite Capital. Stifel, Cantor Fitzgerald and RBC Capital Markets are acting as joint book-running managers. Canaccord Genuity and Citizens Capital Markets are co-lead managers. Shares down -1% premarket. More on GH Research GH Research: WH Decision On Psychedelics To Treat Depression Makes Bull Case GH Research FY25 Results: Strong Cash Position As GH001 Advances Toward Phase 3 Cybin stands out as the most undervalued psychedelic stock as Trump signs on faster PTSD research Psychedelic stocks rally after Trump orders faster PTSD research; Compass Pathways, Atai lead gains Seeking Alpha’s Quant Rating on GH Research
Abstract Aerial Art/DigitalVision via Getty Images I have covered APA Corporation ( APA ) before , where I outlined the company's background in detail and explained why I considered it an attractive buy. Since then the stock has moved more than 50%, in line with its peers, due to the Iran war and the Strait of Hormuz closure; however, APA will be one of the most benefited companies as it does not ...
Abstract Aerial Art/DigitalVision via Getty Images I have covered APA Corporation ( APA ) before , where I outlined the company's background in detail and explained why I considered it an attractive buy. Since then the stock has moved more than 50%, in line with its peers, due to the Iran war and the Strait of Hormuz closure; however, APA will be one of the most benefited companies as it does not have oil hedges and will fully benefi from the price surge. This increase in free cash flow will directly flow to shareholders as the company has a 60% return to shareholders policy and will allow the company to further reduce debt, being one of the oil companies with the lowest debt levels. Background APA Corporation is an oil and gas company with a diversified production profile in three regions and also three exploration areas at different stages. Investor Presentation The company exited 2025 producing roughly 460,000 boe per day , with about 53% oil, 30% gas and the rest NGLs. The Permian is the main production basin for the company with 281,000 boe per day. APA operates across both the Midland and Delaware basins. In this basin the company is not focused on growth, but on maximizing free cash flow as it has been able to hold production flat while running fewer rigs and spending less capital. Drilling and completion costs are down around 30% since 2024, which significantly improves returns. Investor Presentation The second producing region is Egypt which is a significant asset that the market tends to overlook. Especially as updated terms in Q1 2025 have improved gas realizations that allocate higher fixed price on incremental volumes above predetermined levels. Moreover, last month there was a significant gas discovery in the Western Desert that pose well for future growth in the region. Investor Presentation This ensures Egypt will increase its contribution from both production and margin perspective. Here, the company does not benefit from elevated gas prices as they...
Citigroup Inc. has hired Karim Tannir , one of the most senior investment bankers in the Gulf, to lead its Middle East and Africa business as part of its efforts to make deeper inroads into a lucrative region. Tannir, who was most recently the head of HSBC Holdings Plc ’s regional banking division, will be based in Dubai, the bank said in a statement on Wednesday. He will report to Vis Raghavan , ...
Citigroup Inc. has hired Karim Tannir , one of the most senior investment bankers in the Gulf, to lead its Middle East and Africa business as part of its efforts to make deeper inroads into a lucrative region. Tannir, who was most recently the head of HSBC Holdings Plc ’s regional banking division, will be based in Dubai, the bank said in a statement on Wednesday. He will report to Vis Raghavan , the head of Citigroup’s new banking division and Ernesto Torres Cantu , who runs the international business. With more than three decades of experience in the region, Tannir is the latest marquee hire at Citigroup. The firm has been trying to bolster its investment banking business under Raghavan, who joined in 2024 from JPMorgan Chase & Co. , with hires from across Wall Street. A number of those additions have been from JPMorgan, where Raghavan spent years helping grow the investment banking business. Tannir has also previously worked at the firm, before exiting in 2023 for HSBC. He left that role earlier this month , Bloomberg News has reported. “Karim is one of the Middle East’s most respected banking leaders, with strong client relationships and deep regional insight,” Cantu said in the statement. “As cross‑border activity becomes more complex and more critical for our clients, the strength of our international franchise matters more than ever.” Citigroup is among prominent Wall Street lenders seeking to expand their operations in the Middle East, where wealth funds and state-owned entities have emerged as prolific dealmakers. While the ongoing conflict threatens to hamper that momentum, many executives are betting that Gulf governments will use their oil wealth to play a bigger role on the global stage. Read More: Goldman’s ‘Unwavering’ Support Shows Gulf’s Lure for Wall Street In the weeks after the war began, Citigroup’s top boss Jane Fraser fired off a 600-word memo underlining the bank’s enthusiasm for its business in the region. Raghavan echoed that sentiment and ...
Justin Sullivan/Getty Images News Listen below or on the go on Apple Podcasts and Spotify The following is an abridged transcript: Robinhood Markets ( HOOD ) is tumbling premarket after Q1 earnings and revenue both missed estimates, and the company lifted its expense outlook due to the impact of Trump Accounts . GAAP EPS came in at $0.38, just below the $0.39 consensus. Revenue of $1.07B trailed e...
Justin Sullivan/Getty Images News Listen below or on the go on Apple Podcasts and Spotify The following is an abridged transcript: Robinhood Markets ( HOOD ) is tumbling premarket after Q1 earnings and revenue both missed estimates, and the company lifted its expense outlook due to the impact of Trump Accounts . GAAP EPS came in at $0.38, just below the $0.39 consensus. Revenue of $1.07B trailed expectations of $1.14B. Average revenue per user fell to $157 from $191 in the prior quarter. Transaction-based revenue declined to $623M from $776M in Q4. Crypto revenue dropped 47% Y/Y to $134M, while options revenue rose 8% to $250M and equities revenue jumped 46% to $82M. Robinhood also raised its 2026 combined adjusted operating expense and share-based compensation guidance to $2.7B–$2.825B, above prior guidance and consensus. “Our work for Trump accounts is contracted on a cost plus basis with a small margin, so we expect revenues to exceed costs,” the company said. Investment manager Ross Gerber of Gerber Kawasaki said Robinhood only makes money “when you gamble and lose on.... stock options, crypto and betting. This is a gambling app, nothing more. They make money when you lose.” President Donald Trump pressed Iran to “get smart soon” after reportedly telling aides to prepare for an extended blockade of the country’s key port infrastructure . The decision to maintain the blockade is seen as a lower-risk alternative to resuming bombing or abandoning negotiations altogether, the Wall Street Journal reported. Trump said Iran’s offer to reopen the Strait of Hormuz while postponing nuclear talks showed Tehran was not negotiating in good faith. “Iran can't get their act together,” Trump posted overnight on Truth Social. “They don't know how to sign a nonnuclear deal. They better get smart soon!” An extended blockade would likely keep energy markets on edge, with traders watching closely for any disruption tied to the Strait of Hormuz — a key chokepoint for global oil flows...
igoriss/iStock via Getty Images Introduction & Investment Thesis Spotify ( SPOT ) stock is down 44%+ from its all-time high since June 2025. Yesterday, despite the company delivering a beat to both its revenue and earnings estimates in Q1 FY26 , the stock dropped 12%+ after earnings. This is primarily because management’s forward guidance for Premium subscriber growth and operating income for Q2 c...
igoriss/iStock via Getty Images Introduction & Investment Thesis Spotify ( SPOT ) stock is down 44%+ from its all-time high since June 2025. Yesterday, despite the company delivering a beat to both its revenue and earnings estimates in Q1 FY26 , the stock dropped 12%+ after earnings. This is primarily because management’s forward guidance for Premium subscriber growth and operating income for Q2 came under expectations. As I will explain below, the Premium division is the most important business segment for Spotify, as it contributes more than 90% to total revenue while carrying a substantially higher margin than its Ad-supported tier. However, with a softer expectation for Premium subscriber growth in Q2, there is a growing concern around potential pricing fatigue, as the company raised the price of their subscriptions in February 2026. So far, ARPU has remained resilient, which is encouraging in my opinion, while the company continues to make strategic AI-driven investments in its platform to attract new users and deepen engagement. Spotify is not out of the woods, but with the stock suffering a deep re-rating from the contraction of its valuation multiples, I believe the risk-reward looks increasingly attractive. As a result, I will rate the stock a “buy” as I initiate coverage of the company on Seeking Alpha. Reviewing Spotify’s Q1 FY26 Spotify just reported its Q1 FY26 earnings yesterday, where it beat both its revenue and earnings per share estimates. On the revenue front, the company generated €4.5B, growing 8% YoY (or 14% YoY on a constant currency basis), driven primarily by the 10% YoY (or 15% YoY on a constant currency basis) growth in its Premium Revenue segment, reflecting premium subscriber growth of 9% and premium ARPU (Average Revenue Per User) remaining flat (or 5% YoY on a constant currency basis) at €4.76. Q1 FY26 Earnings Slides: Growth in Premium Revenue and ARPU Note, Spotify grew their total MAUs (Monthly Active Users) by 12% YoY to 761M, with...
I'm love photography and art. This is me./iStock via Getty Images By Deepali Bhargava , Regional Head of Research, Asia-Pacific | Francesco Pesole , FX Strategist Energy costs drive headline inflation higher CPI inflation in March rose to 4.6% year-on-year from 3.7% in February, in line with our expectations. The entire 0.9 percentage point increase was driven by higher transport inflation, which ...
I'm love photography and art. This is me./iStock via Getty Images By Deepali Bhargava , Regional Head of Research, Asia-Pacific | Francesco Pesole , FX Strategist Energy costs drive headline inflation higher CPI inflation in March rose to 4.6% year-on-year from 3.7% in February, in line with our expectations. The entire 0.9 percentage point increase was driven by higher transport inflation, which surged to 9.0% YoY, reflecting higher fuel prices. This pushed 1Q CPI inflation to 4.1%, about 50 bp higher than the 4Q25 average. Underlying inflation also remained firm. March's trimmed-mean CPI was also elevated, increasing to 3.5% YoY, slightly above the 3.4% recorded in 4Q. This was largely driven by persistent price pressures in housing, where inflation accelerated to 6.8% YoY, even as contributions from other persistent components, such as recreation and culture, eased. The quarter also marked a reversal of last year’s trend, where services inflation remained elevated and persistently outpaced goods inflation. The surge in fuel prices and transport inflation saw goods inflation surging to 5.5% YoY in March compared to 3.6% in services, while also lifting YoY inflation in tradables almost four-fold to 4.5%. Australian CPI contribution by components Source: CEIC Inflation dynamics strengthen case for a May hike We expect the Reserve Bank of Australia to take some comfort from the easing in services inflation. However, the broader risk backdrop has shifted to the upside, as higher oil prices are likely to generate second-round effects that could place renewed pressure on services inflation. With further pass-through of higher oil prices into transportation, electricity, and utility costs, we now expect CPI inflation to increase to 5% YoY in 2Q, much higher than the RBA’s June 2026 target of 4.2%. At the March monetary policy meeting, despite a split vote, the discussion was focused on the timing of further tightening rather than whether additional rate hikes would be re...
More on Teva Pharmaceutical Teva: The Market Is Pricing The Past, Not The Pipeline - Initiating Buy Teva: Shedding The Generics Skin To Reveal A Fairly Priced, Branded Powerhouse Teva Pharmaceutical Industries Limited (TEVA) Presents at Barclays 28th Annual Global Healthcare Conference Transcript Teva cuts 2026 outlook despite Q1 beat to reflect Emalex buyout Teva Pharmaceutical beats top-line and...
More on Teva Pharmaceutical Teva: The Market Is Pricing The Past, Not The Pipeline - Initiating Buy Teva: Shedding The Generics Skin To Reveal A Fairly Priced, Branded Powerhouse Teva Pharmaceutical Industries Limited (TEVA) Presents at Barclays 28th Annual Global Healthcare Conference Transcript Teva cuts 2026 outlook despite Q1 beat to reflect Emalex buyout Teva Pharmaceutical beats top-line and bottom-line estimates; reaffirms FY26 outlook
Astronomers say the upper stage of a Falcon 9 rocket that launched in early 2025 will strike the Moon later this summer, likely on the near side of the Moon. Bill Gray, who writes the widely used Project Pluto software to track near-Earth objects, has published a comprehensive report on the impact expected to occur at 2:44 am ET (06:44 UTC) on August 5. The Falcon 9 rocket's upper stage is 13.8 me...
Astronomers say the upper stage of a Falcon 9 rocket that launched in early 2025 will strike the Moon later this summer, likely on the near side of the Moon. Bill Gray, who writes the widely used Project Pluto software to track near-Earth objects, has published a comprehensive report on the impact expected to occur at 2:44 am ET (06:44 UTC) on August 5. The Falcon 9 rocket's upper stage is 13.8 meters (45 feet) tall and has a 3.7-meter (12 feet) diameter. Since the Moon has no atmosphere, it will strike the lunar surface intact. Although the Moon will be visible to the eastern half of the US and Canada, and in much of South America, Gray said he believes the impact will probably be too faint to be seen by Earth-based telescopes. Read full article Comments
vzphotos/iStock Editorial via Getty Images AbbVie ( ABBV ) shares added ~2% in the premarket on Thursday after the company raised its full-year earnings outlook as its newer immunology drugs, Skyrizi and Rinvoq, offset weakness in its former best-seller, Humira, driving a Q1 2026 topline beat for the Illinois -based pharma giant. The company added $15B in revenue for the quarter with ~12% YoY grow...
vzphotos/iStock Editorial via Getty Images AbbVie ( ABBV ) shares added ~2% in the premarket on Thursday after the company raised its full-year earnings outlook as its newer immunology drugs, Skyrizi and Rinvoq, offset weakness in its former best-seller, Humira, driving a Q1 2026 topline beat for the Illinois -based pharma giant. The company added $15B in revenue for the quarter with ~12% YoY growth, exceeding the consensus by $280M, as Skyrizi and Rinvoq added $4.5B and $2.1B globally with ~31% YoY and ~23% YoY growth, respectively. Meanwhile, Humira, once the world’s best-selling medication, generated $688M with a ~39% YoY decline as its off-patent versions hurt its sales. AbbVie’s ( ABBV ) aesthetics portfolio brought in $1.6B with ~ ~8% YoY growth driven by its anti-wrinkle therapy Botox, which generated $668M with ~20% YoY growth. Meanwhile, the neuroscience portfolio added $2.9B with ~26% YoY growth as the therapeutic version of Botox recorded $1.0B in revenue with ~17% YoY growth. During the quarter, ABBV’s adjusted gross and operating margins reached 83.6% and 40.8%, down from 84.1% and 42.3% in the prior year period , while its adjusted diluted EPS stood at $2.65 with ~8% YoY growth but was missing the consensus by $0.02. The company estimated $14.08 - $14.28 of adjusted EPS for 2026, in line with $14.21 projected by analysts and up from its prior forecast of $13.96 - $14.16. More on AbbVie AbbVie: Fairly Valued And Positioned For Growth AbbVie: Buy Or Sell Ahead Of Q1 Earnings? It's A Buy, But With Caveats (Upgrade) AbbVie: Upside Potential And Dividends With Competent Portfolio Renewal AbbVie Non-GAAP EPS of $2.65 misses by $0.02, revenue of $15B beats by $280M AbbVie says Rinvoq bests Humira in head-to-head study in rheumatoid arthritis
Zeta Global ( ZETA ) was upgraded to Overweight from Sector Weight by KeyBanc Capital Markets on Wednesday, as the investment firm touted potential benefits from artificial intelligence. Shares rose 2% in premarket trading. “Zeta could be in the early innings of a multi-pronged inflection toward a more recurring business model benefiting from AI tailwinds,” analyst Jack Nichols wrote in a note to ...
Zeta Global ( ZETA ) was upgraded to Overweight from Sector Weight by KeyBanc Capital Markets on Wednesday, as the investment firm touted potential benefits from artificial intelligence. Shares rose 2% in premarket trading. “Zeta could be in the early innings of a multi-pronged inflection toward a more recurring business model benefiting from AI tailwinds,” analyst Jack Nichols wrote in a note to clients. “Athena may act as an accelerant driving larger recurring-revenue mix and ARPU expansion. Fundamentals are improving with multiple upside levers, though gross margin remains a limiter with free cash flow margins still under-developed ex-SBC. While execution remains key, the setup warrants monitoring upcoming catalysts; we upgrade to Overweight establishing a price target of $22.” Athena is Zeta Global's AI agent, which became generally available on March 24. Delving deeper, Nichols said that Zeta, which reports first-quarter results on April 30, could see more usage and recurring revenue as a result of AI, citing early Athena customers who have spent “materially more through the Zeta platform.” “In conjunction with a proprietary data moat, Athena or other AI product SKUs could stand to help drive higher return on advertising spend,” Nichols added. “Recurring revenue, post-Marigold, is anticipated to be roughly 60.0% in 2025, up from 57.0% in 2024 and 55.0% in 2023, as Zeta further sees increased visibility and growing recurring pieces of the business within existing customers. Organic existing customers committing more spend, coupled with new products and agentic SKUs, could position Zeta for further recurring revenue mix shift.” More on Zeta Global Zeta Global: A Turning Point The Market Still Undervalues Zeta Global: The Discount That Shouldn't Exist Zeta Global: A Senseless Dip That Can Be Bought Confidently Zeta Global reports Q4 results Zeta Global Q4 2025 Earnings Preview