The world woke to a drastically altered Middle East as global powers and regional neighbours scrambled to respond to “Operation Epic Fury”, a “massive and ongoing” joint military assault by the United States and Israel against Iran. Beijing joined a growing chorus of international alarm on Saturday, with the Chinese Foreign Ministry issuing a stern response to the strikes. However, in a display of...
The world woke to a drastically altered Middle East as global powers and regional neighbours scrambled to respond to “Operation Epic Fury”, a “massive and ongoing” joint military assault by the United States and Israel against Iran. Beijing joined a growing chorus of international alarm on Saturday, with the Chinese Foreign Ministry issuing a stern response to the strikes. However, in a display of diplomatic caution, it stopped short of an outright condemnation. “China is deeply concerned about...
Tom Werner/DigitalVision via Getty Images Thesis Emergent BioSolutions Inc. ( EBS ) closed about 27% lower on Friday. I think it’s safe to say that the slide was driven less by the 2025 results but more by a major negative reset in 2026 expectations . Management guided to just $720 to $760 million in 2026 revenue, a range that was far below the roughly $1.0 billion level that analysts had been mod...
Tom Werner/DigitalVision via Getty Images Thesis Emergent BioSolutions Inc. ( EBS ) closed about 27% lower on Friday. I think it’s safe to say that the slide was driven less by the 2025 results but more by a major negative reset in 2026 expectations . Management guided to just $720 to $760 million in 2026 revenue, a range that was far below the roughly $1.0 billion level that analysts had been modelling. Elsewhere, management guided for adjusted EBITDA of $135 to $155 million, down from $205 million in 2025, alongside an expected return to a GAAP net loss. So overall, it didn’t make for great viewing, and the size of the expectations gap, not just the weaker fundamentals, which I’ll get to, is what really hurt the stock price. Now, I think the sheer size of the guidance told us that 2025 profitability was boosted by a pretty favourable mix and cost dynamics that will not repeat any time soon. The competitive pressure on naloxone, combined with the uneven government procurement, should weigh rather heavily on 2026. So overall, with lower revenue on the horizon and a sharp dip in profitability expected, I wouldn't be too bullish on Emergent shares, which now find themselves trading in the $8 range. Emergent BioSolutions Inc. Financial results Emergent showed us a much-improved FY25 financial performance in 2025. We’re starting to see the impact of their multi-year turnaround strategy. Now, despite a steep 29% year-over-year decline in total revenue to $742.9 million, the company actually swung from a net loss of $190.6 million in 2024 to a net income of $52.6 million in 2025. This was, of course, mainly driven by some very aggressive cost controls. We also saw improved manufacturing efficiency and a far richer product mix. Gross margin managed to expand to 45%, up from 26%, while adjusted gross margin rose to 54%. It’s a nice reflection of lower production costs and the reduced restructuring and shutdown expenses. Elsewhere, adjusted EBITDA hit $205.0 million, up abou...
Software stocks as a whole have been getting slammed in recent weeks. There's really only one culprit for this mess: Anthropic. Anthropic is a leading company in the generative AI space, and is seen as the leader in coding generative AI. Some of its products have made it possible to write programs that replace several software products for which companies pay millions. This has caused several soft...
Software stocks as a whole have been getting slammed in recent weeks. There's really only one culprit for this mess: Anthropic. Anthropic is a leading company in the generative AI space, and is seen as the leader in coding generative AI. Some of its products have made it possible to write programs that replace several software products for which companies pay millions. This has caused several software stocks to tumble in valuation, as the market is unsure about their future. Recently, Anthropic released its new capability: Cybersecurity. Essentially, it allows users to scan for security weak points and can develop the code necessary to patch these vulnerabilities. That release caused several cybersecurity companies to sell off, as there is now a worry that this could replace them, too. However, I think this is overblown. This is a useful feature that helps software developers address vulnerabilities, but it is far from a cybersecurity platform that helps protect enterprise devices and data. That job is best left to experts like CrowdStrike (NASDAQ: CRWD) , and the recent sell-off has opened up a rare buying opportunity. Continue reading
Richard Drury/DigitalVision via Getty Images Fears over defaulting loans in the SaaS space, a sector that private credit platforms heavily lend money to, have created serious selling pressure for BDCs lately, many of which are now trading at 52-week lows. While I recently came out with a number of articles heavily recommending some BDCs like Blackstone Secured Lending ( BXSL ) or Hercules Capital ...
Richard Drury/DigitalVision via Getty Images Fears over defaulting loans in the SaaS space, a sector that private credit platforms heavily lend money to, have created serious selling pressure for BDCs lately, many of which are now trading at 52-week lows. While I recently came out with a number of articles heavily recommending some BDCs like Blackstone Secured Lending ( BXSL ) or Hercules Capital ( HTGC ), I don't see the same opportunity for Morgan Stanley Direct Lending Fund ( MSDL ): the investment firm did not fully support its dividend with net investment income in the last quarter, and management announced a reduction in the regular dividend to $0.45 per-share (a 10% reduction). Further, falling base rates and a rise in non-accruals are concerns that prevent me from upgrading MSDL to buy at this point, despite shares being oversold and trading at fresh 52-week lows. Data by YCharts Previous rating Morgan Stanley Direct Lending was a hold in my last coverage -- No Safety Margin -- due to its strong focus on first liens but its inability to generate excess dividend coverage. Morgan Stanley Direct Lending fell short of its dividend in the fourth quarter as well, highlighting growing concerns about the BDC's NII trajectory. While shares are trading well below net asset value and 'SaaSpocalypse' fears have gotten way out of hand, in my opinion, I do not recommend buying the drop here just yet. SaaS-driven sell-off continues Morgan Stanley Direct Lending is one of the leading BDCs in the market, with Morgan Stanley being the sponsor of this specific private credit platform. The BDC is externally managed by MS Capital Partners Adviser and chiefly originates variable rate-paying senior secured loans. Morgan Stanley Direct Lending Morgan Stanley Direct Lending is a first lien-focused BDC which is the kind of BDC that I would generally prefer to invest in given a high degree of principal protection... if it weren't for the investment firm's recent coverage problems. In ...
TORONTO, Feb. 28, 2026 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQX: GOTRF) (FSE: B4IF) (“Goliath” or the “Company”) announces that it has applied to the TSX Venture Exchange (the “TSXV”) to extend the term of an aggregate of 2,590,673 common share purchase warrants of the Company (the “Warrants”), with each Warrant being exercisable to acquire one common share of the Company ...
TORONTO, Feb. 28, 2026 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQX: GOTRF) (FSE: B4IF) (“Goliath” or the “Company”) announces that it has applied to the TSX Venture Exchange (the “TSXV”) to extend the term of an aggregate of 2,590,673 common share purchase warrants of the Company (the “Warrants”), with each Warrant being exercisable to acquire one common share of the Company (each a “Warrant Share”) at a price of $2.50 per Warrant Share. As disclosed by the Company in a news release dated March 10, 2025, the Warrants were issued by the Company on March 10, 2025 in connection with a $10,000,000 strategic non-brokered private placement of 5,181,347 units of the Company (“Units”) to McEwen Inc. (NYSE: MUX) (TSX: MUX) (“McEwen”), an arm’s length party to the Company, at a deemed price of C$1.93 per Unit, in exchange for the issuance to the Company of an aggregate of 868,056 shares of common stock of McEwen (“McEwen Shares”) at a deemed price of C$11.52 per McEwen Share.
The U.S. and Israel launched military strikes in Iran, targeting Khamenei and the Iranian president. "Operation Epic Fury" will be "massive and ongoing," President Trump said Saturday morning. (Image credit: AP)
The U.S. and Israel launched military strikes in Iran, targeting Khamenei and the Iranian president. "Operation Epic Fury" will be "massive and ongoing," President Trump said Saturday morning. (Image credit: AP)
We came across a bullish thesis on SentinelOne, Inc. on r/Valueinvesting by Mundane_Link8653. In this article, we will summarize the bulls’ thesis on S. SentinelOne, Inc.’s share was trading at $13.87 as of February 16th. S’s forward P/E was 39.37 according to Yahoo Finance. SentinelOne, Inc. operates as a cybersecurity provider in the United States and internationally. S is emerging as one of the...
We came across a bullish thesis on SentinelOne, Inc. on r/Valueinvesting by Mundane_Link8653. In this article, we will summarize the bulls’ thesis on S. SentinelOne, Inc.’s share was trading at $13.87 as of February 16th. S’s forward P/E was 39.37 according to Yahoo Finance. SentinelOne, Inc. operates as a cybersecurity provider in the United States and internationally. S is emerging as one of the most compelling cybersecurity investments, currently trading at just […]