murat4art Europe is locked in a fierce global “bidding war” for jet fuel as supplies from the Middle East remain cut off, forcing the continent to “fight for every cargo” in what analysts are calling a stress test for the airline industry, CNBC reported. “While we can import more, and we are, from the U.S. and Nigeria, we have to fight for every cargo that’s going to come,” Benedict George, head of European product pricing at Argus, told CNBC. “We have to fight against Singapore, against Australia, and the price…just goes higher and higher.” The scale of the supply deficit is staggering, according to analysts at Societe Generale. Europe’s average daily demand of about 1.6 million barrels of jet fuel relies on imports for roughly 500,000 barrels, three-quarters of which traditionally arrived from the Middle East before the Strait of Hormuz effectively closed following the U.S.-Iran conflict that began Feb. 28. With a current deficit of approximately 175,000 barrels per day, SocGen analysts warned that “paying more for energy is manageable; not having it is existential.” The United States has stepped in as a critical alternative supplier, but the competition is intense. As CNBC reported, U.S. jet fuel exports surged to a record 442,000 barrels a day in early April, with Europe's share jumping from a pre-war range of 30,000–60,000 barrels daily to roughly 200,000 barrels. "U.S. consumers and U.S. airlines are competing against Europeans and against Singapore and so on for that American jet fuel," George told CNBC, noting that unlike some Asian nations, the U.S. has not moved to restrict exports. Major carriers are deploying hedging strategies to cushion the blow, though analysts caution these may not be enough if physical fuel availability, not just price, becomes the primary constraint. Lufthansa has cancelled approximately 20,000 flights to conserve more than 40,000 metric tons of jet fuel, and has hedged roughly 80% of its 2026 fuel requirements at pre-crisis levels...

Wedgewood Partners, an investment management company, released its first-quarter 2026 investor letter. A copy of the letter can be downloaded here. The Wedgewood Composite returned -6.3% (net) in the first quarter compared to the S&P 500’s -4.3%, the Russell 1000 Growth Index’s -9.8%, and the Russell 1000 Value Index’s 2.1% returns. The letter mentioned the ongoing […]

Microsoft (MSFT) Slipped in Q1 Despite Revenue Growth of 15% Yahoo Finance

本周起，美国贸易代表办公室（USTR）将围绕两项调查举行听证会，为后续关税措施提供依据。 据悉，在4月28日和29日展开的调查涉及约60个经济体，范围几乎覆盖美国99%的进口来源，重点评估各方是否有效禁止强迫劳动产品进入供应链。若认定存在违规行为，美方可能据此加征关税。 另一项针对16个主要贸易伙伴的调查将于下周举行听证会，聚焦是否存在“过度生产、压低出口价格并损害美国制造业”的行为。根据税收基金会经济学家埃里卡·约克（Erica York）的数据，这些经济体合计占美国进口的约70%。 此次启动贸易调查的背景，是最高法院在2月20日裁定特朗普依据国际紧急经济权力法（IEEPA）大规模征收关税的做法越权。此前特朗普频繁动用该法对多国加征关税，甚至一度因不满一则加拿大电视广告而“设想”对加拿大征税。同时，他还借助关税威胁迫使欧盟、日本及韩国等贸易伙伴作出让步。这些措施在被叫停前累计带来约1660亿美元收入。 裁定越权后，联邦政府需向进口商退款。为填补政策真空，特朗普政府转而启用1974年《贸易法》第122条，在裁决作出的两天后即对进口商品征收10%的临时关税（上限为15%）。该措施将于7月24日到期，在通胀压力与中期选举临近的背景下，国会延长该政策的可能性有限。 而第301条款允许美国对“不正当”或“歧视性”贸易行为实施报复性关税，且税率无上限、有效期四年并可延长，被认为“更具可持续性”。 美国财政部长斯科特·贝森特已提前表态称，政府将以新的进口税（包括第301条关税）替代此前被推翻的收入来源。 特朗普亦表示，新关税“将为我们带来更多收入”。 尽管美国贸易代表贾米森·格里尔此前强调，不会预设结论，但市场仍对调查独立性存疑。

Andrii Dodonov/iStock via Getty Images Co-authored with Dislocation Capital Benjamin Franklin famously wrote, " In this world nothing can be said to be certain, except death and taxes," in his 1789 letter to French scientist Jean-Baptiste Le Roy. If taxes are inevitable, the adage “If you can’t beat them, join them” starts to feel less like a resignation and more like a strategy – if you can’t beat taxes, you might as well fund the governments that collect them and get paid tax-free income in return. Long-duration municipal bonds have been pressured by the rapid rise in long-term Treasury yields from 2021 to 2024. While near-term inflation – potentially exacerbated by war-based supply shocks – may keep yields elevated, we believe that demographic forces point to structurally lower inflation over the longer term, making a decline in long-term rates more likely. Municipal bonds, with their meaningful duration, tend to benefit in such an environment while continuing to generate federally tax-exempt income. Municipal bonds are made to state and local governments and are generally tax-exempt, meaning that the interest earned on the bonds is excluded from gross income for federal income tax purposes (in some cases, it is also exempt from state and local income taxes). Given these tax benefits, headline yields for these bonds are often lower than other taxable fixed-income securities like corporate bonds and Treasury bonds. However, municipal bonds are much safer than similarly rated corporates when it comes to default risk. Source Fidelity, Moody's Investors Service Municipal bonds also have a role to play in diversified portfolios for individuals looking to diversify away from stocks due to their lower correlation with equities. Source Fidelity Investments Municipal bonds can be backed by either general taxation (General Obligation bonds or GOs) or specific revenue streams (Revenue bonds). GOs make up only 30% of the total outstanding bonds, while Revenue bonds that are ...

(RTTNews) - Below are the earnings highlights for Fannie Mae (FNMA.OB):

PROG Holdings press release ( PRG ): Q1 Non-GAAP EPS of $1.24 beats by $0.46 . Revenue of $742.7M (+8.6% Y/Y) beats by $10M . Consolidated GMV of $805.6 million, up 54.4% $210 million of net recourse debt reduction since the acquisition of Purchasing Power, resulting in net leverage ratio of 2.0 FY revenue consensus of $3.02B, EPS consensus of $4.23 Q2 outlook Three months ended June 30, 2026 outlook (In thousands, except per share amounts) Low High PROG Holdings - Total revenues from continuing operations $ 700,000 $ 725,000 PROG Holdings - Net earnings from continuing operations 29,000 38,000 PROG Holdings - Adjusted EBITDA from continuing operations 72,000 82,000 PROG Holdings - Diluted EPS from continuing operations 0.74 0.93 PROG Holdings - Diluted non-GAAP EPS from continuing operations 0.85 1.05 Click to enlarge FY26 outlook Revised 2026 outlook Previous 2026 outlook (In thousands, except per share amounts) Low High Low High PROG Holdings - Total revenues from continuing operations $ 3,000,000 $ 3,100,000 $ 2,950,000 $ 3,070,000 PROG Holdings - Net earnings from continuing operations 150,500 166,000 132,000 155,000 PROG Holdings - Adjusted EBITDA from continuing operations 343,000 370,000 320,000 350,000 PROG Holdings - Diluted EPS from continuing operations 3.68 4.06 3.34 3.79 PROG Holdings - Diluted non-GAAP EPS from continuing operations 4.40 4.80 4.00 4.45 Progressive Leasing - Total revenues 2,227,500 2,285,000 2,202,500 2,253,000 Progressive Leasing - Earnings before taxes 191,000 198,500 182,000 193,000 Progressive Leasing - Adjusted EBITDA 269,500 279,500 254,000 266,000 Purchasing Power - Total revenues 620,000 640,000 610,000 660,000 Purchasing Power - Earnings before taxes 14,500 22,000 13,000 22,000 Purchasing Power - Adjusted EBITDA 50,000 60,000 50,000 60,000 Four - Total revenues 140,000 157,000 125,000 140,000 Four - Earnings before taxes 16,500 20,500 7,500 11,000 Four - Adjusted EBITDA 25,000 29,000 17,500 22,500 Other - Total revenues 12,50...

EMCOR press release ( EME ): Q1 Non-GAAP EPS of $6.84 beats by $0.94 . Revenue of $4.63B (+19.6% Y/Y) beats by $430M . Increases 2026 Revenue Guidance Range to $18.50 billion - $19.25 billion from $17.75 billion - $18.50 billion (vs. consensus of $18.14B) Increases 2026 Diluted EPS Guidance Range to $28.25 - $29.75 from $27.25 - $29.25 (vs. consensus of $28.25) More on EMCOR EMCOR Group: Solid Business That Is Fully Valued EMCOR Group, Inc. (EME) Presents at 2026 Cantor Global Technology & Industrial Growth Conference Transcript EMCOR Group, Inc. (EME) Presents at 2026 Cantor Global Technology & Industrial Growth Conference - Slideshow EMCOR Q1 2026 Earnings Preview Emcor, Ampco-Pittsburgh are among industrials hitting 52-week highs

jetcityimage/iStock Editorial via Getty Images Sometimes it feels good to get a pick wrong. I grew up in metro-Detroit and am more than familiar with how important the auto industry is for much of the Rust Belt in the United States, Mexico, and Canada. General Motors ( GM ), Ford ( F ), and Stellantis ( STLA ) are all companies I want to see succeed, but the auto industry is still a space I’m wary about. I made a bearish pick last June, but GM has continued to trend upward. And for that, I’m thankful. GM put together a solid earnings report, with EPS topping expectations by more than a dollar. This was due in part to a $500 million tariff rebate, but GM also showed strength in key areas. Why no big price jump? It seems that much of the beats, like the tariff rebates, were already at least partially priced in. I’m not at buy with GM, although admittedly, my bigger concerns now are with the automobile industry as a whole. Yet GM is executing its pivot pretty well, has encouraging plans for subscriptions and EVs, and I find its restraint with dividends, along with not having to rely on incentives, quite appealing. I do think GM will continue to face pressure in China, the company’s number two market. Latin America is a bright spot, but this is a market that strikes me as ripe for China to exert pressure, likely via considerable investments in regional production. Canada, meanwhile, will be letting at least some Chinese vehicles in . GM IR Since you can access the earnings reports, transcripts, and presentations, I don’t want to rehash much, except where I may add value, or at least offer opinions. A few brief highlights: The dividend remains modest at 18 cents. I believe that when an industry is going through a transformation, like the auto industry, it's a good idea to be conservative with dividends and focus on shoring up the business and resources. The full-year adjusted EPS rose from $11.00 to $13.00 to $11.50 to $13.50. Revenues were down about $400 million from a...

hapabapa/iStock Editorial via Getty Images With accounting distortions and underappreciated structural cost advantages, Klarna ( KLAR ) appears to have hidden investment potential. With its large customer base and deep integration with platforms like Stripe, the company has carved out a strong moat. In addition, Klarna continues to grow at a rapid rate, and this demand continues to be driven by evolving use cases beyond pure BNPL. However, the true differentiation factor is the company's new AI-based operating model, which has led Klarna to more than double its revenue while reducing operating costs since 2022. This has resulted in one of the highest levels of revenue per employee in the entire industry, combined with strong margins and future growth opportunities. Klarna utilizes the Current Expected Credit Loss (CECL) methodology of accounting for credit losses, which hides the true valuation of the company. Under this methodology, companies recognize credit losses sooner and revenue later. Consequently, for rapidly growing lending portfolios like Klarna's, this combination causes a suppression effect on GAAP reported earnings. When the loan portfolio reaches a steady-state condition, Klarna will begin recognizing revenue for all outstanding loans (as opposed to just those originated during the most recent quarter or year), resulting in improved GAAP earnings. Additionally, given Klarna's low-cost capital financing options such as forward flow agreements, as well as strong insider support, Klarna appears undervalued at current multiples. With its multiples significantly below peers, I'm rating the stock a Buy. Business Overview Klarna is a licensed digital banking and payments platform serving over 118 million active consumers and 966,000 merchant partners. While the company's main product remains BNPL, Klarna has expanded beyond this offering. It is also integrated with Stripe and embedded in Apple Pay, which allows anyone with an existing bank card to use Klarna...

Leader mentions for first time lengths to which troops go to avoid falling into enemy hands while fighting for Russia Kim Jong-un has praised North Korean soldiers who blew themselves up with grenades in order to avoid capture while fighting Ukrainian forces in Russia’s western Kursk region, confirming the existence of the extreme battlefield policy. Mounting evidence, including from intelligence reports and testimonies of defectors, has indicated North Korean soldiers are explicitly told to resort to self-detonation or other forms of suicide to avoid falling into enemy hands. Continue reading...

The photo shows William and Catherine lying in grass with their children, Prince George, Princess Charlotte and Prince Louis.

Vadym Terelyuk/iStock via Getty Images Shares of BXP ( BXP ) have been a poor performer over the past year, losing about 10% of their value. The owner of office real estate has struggled with secular headwinds, and beyond that, its large expansion project has been a source of concern given an already leveraged balance sheet. I last covered shares in December when I downgraded the stock to a "hold" given my concerns about its development plan. While I was right to be cautious, I should have cut shares all the way to a sell considering their 17% decline. With updated financials, now is a good time to revisit BXP to see if shares are worth buying here. Seeking Alpha In the company's first quarter , BXP generated $1.59 of funds from operations ("FFO"), which beat estimates by $0.01 as revenue grew 1% to $872 million. While revenue was up slightly, FFO was down 3% from last year. Rental operating expenses grew about 4% to $344 million more than offsetting revenue gains and leading to compressed margins. During the quarter, it executed 1.1 million square feet of leases at an 8.7 year average term. Frankly against the backdrop of deep pessimism in the office sector, BXP's operating results were solid. BXP's occupancy rate was 87.4%, up 70bps sequentially with its leased rate at 90.9%. Until tenants actually occupy the space, BXP does not begin recording revenue, reflecting the fact that some work is often needed to be done by the landlord to get the property ready to be occupied. This 350bp gap is fairly large, and as this lease space becomes occupied, it should begin lifting revenue. 90% of the space is slated to commence this year, which is why I have been expecting occupancy to improve in 2026. BXP generates about 90% of its results of its revenue from central business districts ("CBD"), and it mostly operates high-quality properties in core urban centers. It reported sequential improvement in every single metro area except for one, Washington DC. I am very cautious on ...

juvaida khatun/iStock via Getty Images Annualized Annualized Annualized Annualized Annualized Performance 1Q26 1YR 3YR 5YR 7YR 10YR TimesSquare International Small Cap Composite (Gross) -4.32% 19.15% 9.77% 1.54% 4.99% 5.61% TimesSquare International Small Cap Composite (Net) -4.53% 18.16% 8.76% 0.57% 3.98% 4.59% MSCI EAFE® Small Cap (Net) Index -1.25% 25.55% 12.64% 4.43% 7.38% 7.42% Click to enlarge Please see the important performance and other related disclosures at the end of this Commentary, which are an integral part of this quarterly Commentary Newsletter. In the first quarter, markets navigated a complex backdrop of geopolitical tensions and economic resilience, alongside temporary global tariffs following a Supreme Court decision. Prior to the Iran conflict, markets had reached all-time highs with lower volatility, a dynamic that reversed following U.S. and Israeli engagement. Oil prices spiked, supply chains were disrupted, financial conditions tightened, and investors shifted toward safer assets. The conflict in Iran further underscored the growing importance of national resilience, prompting a re-evaluation of global supply chains and energy dependencies and accelerating the shift away from efficiency toward resilience and strategic autonomy. Central banks largely held policy steady in response to energy-driven inflation, with both the Federal Reserve and the ECB adopting a wait-and-see approach. Meanwhile, Japan’s snap election delivered political stability and a mandate for fiscal expansion, despite ongoing concerns around long-term debt sustainability. Amidst this volatility, international equities outperformed their US peers. For the quarter, the Russell 3000’s -5% return underperformed both the MSCI EAFE (-1%) and MSCI Emerging Markets (-0.2%). Value indexes outpaced growth in both developed and emerging markets. Among global risk factors, Momentum, Liquidity, and Dividend Yield enjoyed positive performance, while Beta, Profitability, and Growth were...

Check out the companies making the biggest moves premarket: Seagate Technology — The data storage stock popped almost 18%. Seagate sees fiscal fourth-quarter revenue coming in at $3.45 billion, plus or minus $100 million, and adjusted earnings of $5 per share, plus or minus 20 cents. That compares to the LSEG estimate of $3.97 per share in earnings and revenue of $3.16 billion. Third-quarter results beat estimates on the top and bottom lines. Booking Holdings — Shares fell about 4.5% after the travel technology platform lowered its full-year adjusted earnings per share growth to the "low to mid-teens," down from prior estimates in the "mid-teens," citing lagging impacts from the Middle East conflict through the end of June. However, Booking posted both a beat on both the top and bottom lines for its first quarter. Shares of Expedia Group slipped about 3% in sympathy. Mondelez International — The maker of Oreo cookies and Sour Patch Kids candy added 1.5% after reporting first-quarter adjusted earnings of 67 cents per share on revenue of $10.08 billion. Analysts polled by FactSet had anticipated earnings of 61 cents per share and $9.75 billion in revenue. Humana — Shares of the insurer fell about 4.5% despite it reporting an earnings and revenue beat in its first quarter report. Humana delivered earnings of $10.31 per share and $39.65 billion in revenue, compared to expectations of $10.20 in earnings per share and $39.37 billion in revenue, according to analysts polled by FactSet. While the company's earnings guidance for 2026 was reaffirmed at above estimates, its full-year revenue outlook came in cooler than expected. Robinhood — The maker of the trading app saw shares tumble nearly 10% after first-quarter results fell short of expectations. Robinhood posted earnings of 38 cents per share on revenue of $1.07 billion. LSEG consensus estimates called for 43 cents per share and $1.18 billion. Starbucks — The coffee chain jumped 4% after Starbucks raised its full-year o...

通用医疗下调了本年度盈利预期。近期季度内，存储芯片、原油及货运价格大幅上涨，对公司业绩造成冲击。 这家医疗科技企业于周三公布，全年调整后每股收益预期由此前的4.95至5.15美元，下调至4.80至5美元。市场研究机构FactSet调查的分析师平均预期为每股调整后收益5.06美元。 公司维持全年3%至4%的有机营收增长目标不变。 首席执行官就下调盈利预期表示：“我们正采取审慎的经营策略。”他补充提到，企业将通过调价、成本管控等举措，抵消过半通胀带来的负面影响。 他表示：“值得关注的是，新一轮创新战略落地推进顺利、成果显著，将助力未来营收扩张与利润率提升。” 公司盘前股价下跌5.2%，报64.95美元。 一季度财报数据显示，通用医疗当期净利润为3.89亿美元，折合每股收益0.85美元；去年同期净利润5.64亿美元，每股收益1.23美元。 剔除一次性特殊项目后，一季度调整后每股收益为0.99美元，低于分析师预期的1.05美元。 公司一季度总营收同比增长7.4%，达51.3亿美元，超出华尔街50.3亿美元的市场预期。 首席执行官称， 通用电气 医疗的营收增速处于公司预期区间上限，主要得益于药物诊断、高端可视化解决方案及影像业务全线强劲的商业化落地表现。 责任编辑：何云

If you're anywhere near retirement age, you've probably heard that the longer you wait to collect Social Security, the more you'll get per month. And that's true. Americans who qualify for retirement benefits can choose to start receiving them at any point between the ages of 62 and 70, and the longer you wait, the higher your monthly benefit will be. However, many people don't know how much of a difference the age at which you claim Social Security makes. So, let's take a closer look at what it could mean to you to start collecting Social Security at the ages of 62, 67, 70, and any other age within that range. Image source: Getty Images. Continue reading

Tim Robberts/DigitalVision via Getty Images Sure enough, I have anticipated a much better period for AppLovin ( APP ). Quite frankly, the stock is down in double digits since my last piece . But did it change my view around the company? Well, no, not really. So far, I was wrong. I have underestimated how investor confidence and sentiment may change in a short period of time. AI threat-driven sell-off was brutal. But I don't think in APP's case it was justified. Sure, the software sector needed a cool-off from premium valuations, but I don't find much rationale behind APP's drop to be honest. I don't change my rating. I maintained a Strong Buy. Short-term volatility didn't change my long-term thesis. Quite the opposite, I view several tailwinds developing favorably. Significant APP's Market Position That AI Can't Replace Don't get me wrong. AI threat is real. But I don't think the risk is so significant as for other tech-software names, quite frankly. AppLovin has an ecosystem that requires time to be built. It surely wasn't surprising that this fear of AI disrupting businesses sparked a sell-off in APP, too. But in my honest opinion, I don't find much rationale behind AppLovin dropping more than tech-software ETF ( IGV ) over the past 6 months, which contains names that are much disruptable. As you can see down below, the mobile tech name had a strong correlation to IGV's performance. APP: Stock Performance Versus IGV (Seeking Alpha) That's why I say that it's difficult to me to rationalize this sell-off. Sure, it wasn't the cheapest stock. But it's still a high-growth name with strong presence in the field. Also, it enhances AI capabilities itself with its Axon . So, it's even more challenging to justify the downtrend. The way I view it, AI may not disrupt it, but quite oppositely help APP maintain strong market position. On top of this, APP's strength is the ecosystem. It has years of experience, know-how, and tools, which have led to happy clientele. That's impor...

Canadian National Railway press release ( CNI ): Q1 Non-GAAP EPS of $1.80 misses by $0.01 . Revenue of $4.38B (-0.5% Y/Y) misses by $20M . Operating ratio, defined as operating expenses as a percentage of revenues, of 64.6%, an increase of 120 basis points, and adjusted operating ratio of 64.2%, an increase of 80 basis points. First -quarter 2026 compared to first -quarter 2025 Gross ton miles (GTMs) increased 3% to 118,389 (millions). Revenue ton miles (RTMs) increased 3% to 61,834 (millions), a new first quarter record. Through dwell decreased by 4% to 7.5 (entire railroad, hours). Car velocity increased by 6% to 201 (car miles per day). Through network train speed increased by 6% to 18.7 (mph). Record first quarter fuel efficiency of 0.892 (US gallons of locomotive fuel consumed per 1,000 gross ton miles (GTMs)), was 3% more efficient. Train length increased by 2% to 7,873 (feet). GTMs per average number of employees increased 8% to 5,026 (thousands), the best employee productivity in the last five years. Operating expenses per GTM decreased 2% to 2.39 (cents). More on Canadian National Railway Company Canadian National Railway: Don't Play On Railroad Tracks, Own Them Canadian National Railway Company (CNR:CA) Presents at JPMorgan Industrials Conference 2026 Transcript Canadian National Railway Company (CNR:CA) Presents at Citi's Global Industrial Tech & Mobility Conference 2026 Transcript Canadian National Railway Q1 2026 Earnings Preview Canadian National Railway raises dividend by ~3%, announces normal course issuer bid

More on Sofi SoFi Technologies: The Market Is Handing You A $17 Entry On A $4.7 Billion Revenue Machine SoFi: This Fintech Leader Is Ready To Rebound SoFi's Reset Is Testing More Than Valuation Sofi Non-GAAP EPS of $0.12 in-line, revenue of $1.1B beats by $50M SoFi Technologies Q1 preview: Revenue growth, margin expansion in focus

(RTTNews) - IDEX Corp. (IEX), a diversified manufacturing company, on Wednesday reported its net income increased in the first quarter of the full year 2026 compared with the previous year.

Can the activist investor push effective change to create long-term shareholder value?