格隆汇2月21日｜美国总统特朗普：已会见了越南领导人，他表示可能加征更多美国关税。

The stock market was mixed this week on Walmart, Iran and private credit concerns. But the Friday Supreme Court's Trump tariff ruling helped.

March ICE NY cocoa (CCH26 ) today is up +118 (+3.98%), and March ICE London cocoa #7 (CAH26 ) is up +137 (+6.44%). Cocoa prices are sharply higher today as dollar weakness spurred technical short covering in cocoa futures, after cocoa prices reached deeply oversold levels following this week's plunge....

May arabica coffee (KCK26 ) today is up +0.60 (+0.21%), and May ICE robusta coffee (RMK26 ) is down -19 (-0.52%). Coffee prices are mixed today as they consolidate above Thursday's significant lows. Dollar weakness today has prompted some short covering in coffee futures. Coffee prices have been under pressure...

Solel Partners LP initiated a new position in Cal-Maine Foods (NASDAQ:CALM) , acquiring 181,700 shares in the fourth quarter for an estimated $14.46 million, according to a February 17, 2026, SEC filing. Solel Partners LP disclosed a new stake of 181,700 shares in Cal-Maine Foods during the fourth quarter, as detailed in its SEC filing dated February 17, 2026. This addition contributed a $14.46 million increase in quarter-end position value. The company’s scale, operational efficiency, and focus on specialty egg products position it as a key supplier to major retail and foodservice customers. Its strategy emphasizes product diversity and broad market reach to maintain a competitive edge in the consumer defensive sector. Continue reading

【特朗普：将在常规关税基础上对全球商品加征10%关税】财联社2月21日电，美国总统特朗普当地时间2月20日表示，他将签署一项命令，依据美国《1974年贸易法》第122条，在目前已经征收的常规关税基础上，额外对全球商品加征10%的关税。 (央视新闻)

The chip maker’s investment is a hedge against Google and a way to keep demand for its chips, an analyst says.

BorgWarner ( BWA ) is offsetting deceleration in its core business by branching out into data center power generation, an industry poised for explosive growth, and a decision that should translate into meaningful gains in the company’s top-line. However, BorgWarner ( BWA ) has yet to provide concrete details on its new opportunity with TurboCell. With much of the potential already reflected in the share price, UBS has adopted a more cautious stance, downgrading the stock to Sell from Neutral. “To be clear, we applaud BWA for seeking new growth opportunities,” analyst Joseph Spak said in his note to clients. “But we believe the bull case assumes fully scaled $1.5B in sales by 2030…we expect a slower ramp to half that level,” Spak adds, assuming that if even the bull case is correct, 50% of the upside has already been priced in. Rather than simply moving to the sidelines, Spak believes BorgWarner ( BWA ) is a sell at current levels, not because of the risks of the power generation business, but instead because of risks specific to the BorgWarner ( BWA ) and TurboCell partnership. First, TurboCell is a startup, and BWA has never made turbines at scale. This combo “amplifies the execution risk,” Spak says. Second, BWA indicated the cost of ownership is compelling. But without pricing or detailed specifications, Spak thinks this is difficult to verify. And finally, the product is still in development and not yet commercialized. While there is a “built-in” buyer with Edged through TurboCell’s parent Endeavor, Spak is uneasy with the lack of public information on either Endeavor, Edged, or TurboCell. “Until the product is more proven, bringing on third-party customers could take time,” he says. With these considerations, as well as underwhelming expectations for BWA’s core automotive business, “the scenarios that investors have to believe to justify upside may prove to be quite optimistic.” Spak’s Sell rating on BorgWarner ( BWA ) is a notable outlier among not only Wall S...

President Donald Trump said he would impose a 10% global tariff, over and above tariffs already being charged, under Section 122 and declared all national security tariffs under Section 232 and existing Section 301 tariffs to be in full force and effect. Trump spoke Friday at a White House press conference after the US Supreme Court struck down the Trump administration’s global tariffs. (Source: Bloomberg)

格隆汇2月21日｜美国总统特朗普：（在被问及美国是否需要退还关税收入时表示）接下来五年我们都会在法庭上度过。

claffra/iStock via Getty Images Year to date, the energy sector has been one of the market’s strongest performers. In light of this, b elow is a list of the top oil and gas refining and marketing stocks ranked by their Year-To-Date performance. The list is topped by Calumet ( CLMT ), with a YTD performance of 47.91%. Green Plains ( GPRE ) and Clean Energy Fuels ( CLNE ) follow as the next top contenders in the sector. Other major players rounding out the top five include PBF Energy ( PBF ) and Valero Energy ( VLO ). The list also features established names like Marathon Petroleum ( MPC ) and Phillips 66 ( PSX ), along with Par Pacific ( PARR ) and Sunoco LP ( SUN ) Here is the list: Calumet, Inc. ( CLMT ), YTD perf: 47.91%, Quant rating: Buy 4.31 Green Plains Inc. ( GPRE ), YTD perf: 38.47%, Quant rating: Strong Buy 4.63 Clean Energy Fuels Corp. ( CLNE ), YTD perf: 25.24%, Quant rating: Sell 2.49 PBF Energy Inc. ( PBF ), YTD perf: 25.00%, Quant rating: Buy 3.95 Valero Energy Corporation ( VLO ), YTD perf: 22.39%, Quant rating: Buy 4.17 Marathon Petroleum Corporation ( MPC ), YTD perf: 20.81%, Quant rating: Hold 3.15 Phillips 66 ( PSX ), YTD perf: 20.44%, Quant rating: Hold 3.14 Par Pacific Holdings, Inc. ( PARR ), YTD perf: 20.40%, Quant rating: Hold 3.15 SunocoCorp LLC ( SUNC ), YTD perf: 17.88%, Quant rating: Not Covered Energy ETFs: ( XLE ), ( AMLP ), ( VDE ), ( XOP ), ( OIH ), and ( IXC ) More on energy stocks OIH Continues To Power Higher AMLP: Attractive 8% Dividend Yield But With Limited Price Appreciation The Great Commoditization: How To Invest In A Post-AI World Top 10 Oil And Gas Exploration and Production Stocks by Year-To-Date Performance Top 10 Oil And Gas Equipment Services Stocks by Year-To-Date Performance

美国总统特朗普谈论关税退款问题，称：我猜想必须要通过诉讼来解决（litigated）。 这将是一个耗时两年的过程。 我们未来五年将在法庭见。 未来五个月将调查关税。

Codelco expects output at its biggest copper mine to be stuck around current reduced levels for several years as the state-owned company grapples with the widening fallout from Chile’s deadliest mine accident in decades. Production at El Teniente will probably remain at about 300,000 metric tons a year through to the end of the decade, a company official told Bloomberg Friday. That’s down from about 356,000 tons in 2024, before a rockburst in July killed six people and forced the company to rethink its plans in new deeper sections. The prospect of stagnant production at the giant underground mine underscores supply constraints that have helped send copper prices to record highs. Major mines in Indonesia and the Democratic Republic of the Congo are also recovering from significant disruptions, while the industry generally grapples with declining ore quality at a time when electrification is pushing up demand for the wiring metal. Read More: Codelco Replaces Executives Over Omissions in Accident Reports Codelco is looking to other mines to meet its goal of a gradual company-wide recovery in output after operational and project setbacks, the official said. Meanwhile, investigations into the accident at El Teniente are widening . Just as Codelco looked to be putting the tragedy behind it, an internal audit detected “inconsistencies and concealment” in technical reports submitted to regulators over a rockburst incident at the same mine two years earlier. The audit resulted in the dismissal of three executives; the mining regulator lodging a criminal complaint; and prosecutors ordering the seizure of electronic devices from two of the fired executives in an investigation into whether Codelco bears criminal responsibility for the deaths. Investigators will be looking into whether reporting breaches surrounding the 2023 rockburst — in which workers were evacuated but no one suffered serious injuries — had any bearing on last year’s fatal collapse. Chile’s Interior Minister ...

Earnings Call Insights: F&G Annuities & Life, Inc. (FG) Q4 2025 Management View CEO Christopher Blunt stated, "We delivered a strong finish to an outstanding year through disciplined growth and the proven ability and flexibility of our business model, as we transition to be more fee-based, higher margin and less capital intensive, and we remain focused on creating long-term shareholder value." He highlighted record AUM before flow reinsurance of $73.1 billion, a 12% increase over year-end 2024, and record retained AUM of $57.6 billion, up 7%. Gross sales for the year reached $14.6 billion, the company's second highest on record, with $9 billion in core sales and $5.6 billion from opportunistic products. Blunt underscored progress on 2023 Investor Day targets, noting a 44% increase in AUM since the baseline and advances in ROA and ROE toward targeted ranges. He also referenced the FNF distribution, raising F&G's public float to approximately 30%, "strengthening F&G's positioning within the equity markets, and facilitating greater institutional ownership." Blunt detailed changes to investment portfolio disclosure, stating, "Starting in the first quarter of 2026, we are updating our long-term expected return for alternative investments to reflect only the 40% or $4 billion of equity interest... This disclosure refinement will not have any impact to adjusted net earnings on an as-reported basis." President & CFO Conor Murphy reported, "We generated $14.6 billion of gross sales for the full year, including $3.4 billion in the fourth quarter." He highlighted $9 billion in gross sales of core products—indexed annuities, indexed universal life, and pension risk transfer. Murphy noted fee income from accretive flow reinsurance grew to $56 million for the full year, up 37% over 2024, and the share of fee-based earnings is expected to reach "approximately 25% of our total earnings by year-end 2028." Murphy explained a capital transaction: "We are on track to close the transact...

Earnings Call Insights: Howard Hughes Holdings Inc. (HHH) Q4 2025 Management View William Ackman, Executive Chairman, discussed the ongoing transformation of Howard Hughes from a pure-play real estate development company into a diversified holding company, highlighting the planned acquisition of Vantage Holdings as a key milestone. Ackman stated, "We expect to close our Vantage Holdings transaction. We remain confident we can get it done by the upcoming quarter, let's say, by June." Ackman emphasized a shift in valuation approach, suggesting investors focus on "growth in NOI, the per acre value of the finished lots that we deliver on each of various, how quickly is that growing... and then the progress we're making in terms of delivering condominiums and the margins that we're generating and then our ability to continue to extend that franchise." Ryan Israel, Chief Investment Officer, provided detail on the Vantage insurance acquisition, noting, "Vantage itself is actually a very diversified insurance platform across its more than 2 dozen lines of business, both in the specialty insurance and the reinsurance segments." CEO David O'Reilly stated that 2025 was "both transformative strategically, but it was also one of the strongest operating years in our history." He highlighted a record $476 million in MPC EBT and $276 million in full-year NOI, with strong demand and pricing in core markets. O'Reilly described Toro District, an 83-acre sports and entertainment development in Bridgeland, as a project that "enhances long-term recurring revenue potential, increases the value of the surrounding land and reinforces the power of our Master Planned Communities model." CFO Carlos Olea reported, "2025 results exceed our guidance. And as we look ahead to 2026, we think it's important to provide a framework that reflects normalization and transition." Outlook Olea guided for 2026 adjusted operating cash flow in the range of $415 million to $465 million. For MPC, EBT is expected...

格隆汇2月21日｜美国总统特朗普：现在我们拥有了确定性，因为关税裁决已经公布。

格隆汇2月21日｜美国总统特朗普：最高法院早就该公布裁决了。

美国总统特朗普表示，他将于周五签署一项命令，根据一项不同的授权征收10%的全球关税，“在已征收的正常关税基础上额外加征”。 特朗普表示，所有根据第232条款征收的国家安全关税以及现有的第301条款关税将维持不变。 责任编辑：李桐

Earnings Call Insights: Fidelity National Financial (FNF) Q4 2025 Management View CEO Mike Nolan opened the call highlighting “outstanding results in the current environment” for both Title and F&G businesses, citing adjusted pretax title earnings of $401 million in the fourth quarter and $1.4 billion for the year, with industry-leading adjusted pretax title margins of 17.5% for the quarter and 15.9% for the full year. Nolan described “exceptional strength in our direct commercial business” and emphasized disciplined expense management. Nolan referenced ongoing investments in technology, including the inHere digital transaction platform, which “engaged 80% of our residential sale transactions and reached nearly 2.8 million unique users throughout 2025,” as well as AI tools deployed enterprise-wide. On F&G, Nolan noted assets under management rose to $73.1 billion at year-end, a 12% increase, and detailed the distribution of approximately 12% of F&G’s shares to FNF shareholders, returning about $500 million in value and increasing F&G’s public float. CFO Anthony Park stated, “We generated fourth quarter total revenue of $4.1 billion. Excluding net recognized gains and losses, our total revenue was $4.1 billion as compared with $4 billion in the fourth quarter of 2024.” Park added, “Adjusted net earnings were $382 million, or $1.41 per diluted share, compared with $366 million or $1.34 per share for the fourth quarter of 2024. The Title segment contributed $306 million, the F&G segment contributed $104 million, and the Corporate segment contributed $4 million before eliminating $32 million of dividend income from F&G.” Outlook Nolan described the 2026 outlook as “certainly more optimistic than when we came into '25,” highlighting expectations for an uptick in purchase and refinance volumes if rates remain in the low 6% range. “MBA and Fannie Mae are estimating about 10% more existing home sales in '26. And then the refi opportunity should be much better in '26 as well...

Rosen Law Firm Urges Oracle Corporation (NYSE: ORCL) Stockholders to Contact the Firm for Information About Their Rights Bluefield Daily Telegraph

Rosen Law Firm Urges Oracle Corporation (NYSE: ORCL) Stockholders to Contact the Firm for Information About Their Rights The Joplin Globe

Bogdan Nicolaescu/iStock via Getty Images Thesis Summary The Supreme Court has just struck down President Donald Trump's tariffs on the basis of the fact that they are unconstitutional. These have buoyed markets, which were up 1% following the news, though they have now given back some gains. Perhaps, like me, investors have realized that the tariff drama isn’t quite over yet. The Court didn’t outlaw tariffs outright. It simply ruled that the way the tariffs were implemented was unconstitutional. This was done using the International Emergency Economic Powers Act. But the battle isn’t over yet, and the Trump administration has mentioned before that it can look at other ways of carrying out the tariffs. The tariff tantrum isn't over yet. What The Court Actually Said The Supreme Court ruling wasn’t really about whether tariffs are constitutional but rather whether the executive branch has the power to unilaterally levy tariffs like Trump just did. The administration attempted to use emergency powers to impose broad-based tariffs across trading partners. But the Supreme Court ruled that emergency economic powers do not equate to blanket authority to tax global trade. With tariffs invalidated, we will now be left with some messy implications in terms of carrying out refunds. However, just because these tariffs don’t apply, it doesn’t mean tariffs can’t be reversed. Let’s highlight a few ways in which tariffs could make a comeback. Pathway #1: Use Different Statutes This is the most obvious route. The administration, or anyone thereafter, could potentially rely on statutes that were not touched by this ruling. Two major ones remain intact: Trade Expansion Act of 1962 (Section 232). Trade Act of 1974 (Section 301). The first would allow tariffs on grounds of national security, while the latter would be valid in terms of levying retaliatory tariffs. It's worth mentioning that both of these avenues have been used before , successfully. The main difference here would be that...

Michelle Giuda, CEO of the Krach Institute for Tech Diplomacy at Purdue, says tariffs are not the only way for the US to lead the globe in tech developments. She points to deals announced during the India AI Summit as an example of global tech leadership by US firms. Giuda joins Ed Ludlow on “Bloomberg Tech.” (Source: Bloomberg)

Rosen Law Firm Urges Oracle Corporation (NYSE: ORCL) Stockholders to Contact the Firm for Information About Their Rights Business Wire

Key PointsActivist investing firm Elliott Management has taken a 10% stake in Norwegian Cruise Line.

Getty Images By Chris Turner, Global Head of Markets and Regional Head of Research for UK & CEE and Padhraic Garvey, CFA, Regional Head of Research, Americas Negatives and positives for Treasuries, but the negatives dominate, until we know more Please see our macro team’s take on the Supreme Court ruling here . The impact reaction for Treasuries is higher in yield. Not by much, but it’s taken the 10yr yield back up to the 4.10% area. The biggest direct impact is on the fiscal deficit, and, by extension, on bond supply. There is no doubt that tariff tax revenue has acted as something of a comfort blanket for deficit concerns. The deficit is still too high. But the actual outcomes have been coming in lower than same-period comparisons with 2024, and the tariff revenue has made the difference. It has helped Treasury Secretary Bessent stay clear of needing to increase issuance of bonds, and in particular, no increased pressure to add to longer end supply pressure. Going beyond the immediate impact, the next big question is to what extent this affects the inflation outlook – critical for bonds. If the tariffs simply go back on again in another guise (our central view), then the inflation threat remains elevated, and could even intensify as new tariffs become really solidified. On the other hand, many of the other means to setting replacement tariffs are temporary and arguably less impactful. In addition, Congress could decide not to write new legislation for the President to deploy in the guise of extended tariff powers. That would downsize the inflation impact (but then upsize the revenue hole that needs filling). On balance, we view the greater risk as focused on the fiscal deficit, in turn placing upside risks to yields. It’s tough to argue that there is a growth spurt to come from this whole mess. To get there, we’d need to see a material ratchet down in the tariff intention being shown by the administration. Ultimately, this translates into a path for the 10yr yield...

Rivian Automotive (NASDAQ: RIVN) shares skyrocketed last week after the company projected robust vehicle deliveries for 2026 when it reported its fourth-quarter results on Feb. 12. However, even after the huge jump in share price, the stock is still trading down about 15% year to date, as of this writing. Let's dig into the electric vehicle (EV) maker's results and prospects to see whether or not it's too late to buy the stock. Image source: Getty Images. Continue reading

Shares of cybersecurity software companies tumbled Friday after Anthropic PBC introduced a new security feature into its Claude AI model. Crowdstrike Holdings was the among the biggest decliners, falling as much as 6.5%, while Cloudflare Inc. slumped more than 6%. Meanwhile, Zscaler dropped 3.5%, SailPoint shed 6.8%, and Okta declined 5.7%. The Global X Cybersecurity ETF fell as much as 3.8%, extending its losses on the year to 14%. Anthropic said the new tool will “scans codebases for security vulnerabilities and suggests targeted software patches for human review.” The firm said the update is available in a limited research preview for now. The drop by cybersecurity stocks was the latest example of software shares slumping on concerns over competition from AI-native companies. Anxiety has been building for weeks , with iShares Expanded Tech-Software Sector ETF ETF down more than 23% this year, putting it on track for its biggest quarterly percentage drop since the financial crisis in 2008. Read more: Traders Left With ‘Unscratchable Itch’ for Anthropic Exposure Much of the selling has come on new AI tools released by companies like Anthropic, OpenAI, and Alphabet Inc., with investors fretting that the ability to “vibe code” — use AI to write software code — will allow users to create their own applications, diminishing demand for legacy products, weighing on their growth, margins, and pricing power.

Nvidia: Why The Stock Is Still A Buy Here (NASDAQ:NVDA) Seeking Alpha

JHVEPhoto/iStock Editorial via Getty Images NVIDIA Corporation ( NVDA ) has spearheaded the AI revolution since the market bottomed in late 2022. The company's market-leading position in GPUs has enabled its sales and profitability to skyrocket in recent years. In fact, the stock is up by nearly twentyfold since I pounded the table on Nvidia, bottoming around the split-adjusted $10 level. Now, the AI juggernaut is getting ready to report Q4 earnings on February 25th. In my view, this may be the most crucial earnings report of the season, as it could provide essential insight into the health of the broader AI segment. The AI segment, and the market in general, have been skittish lately. Lingering concerns about circular financing, excessive CapEx spending, software cannibalization, increasing AI-related debt loads, and other issues have caused rolling corrections in the market. Nvidia: 1-Year Chart NVDA (StockCharts) Nvidia has not been immune from the selling pressure, as its stock has gone pretty much nowhere for more than six months now. Moreover, the share price even corrected by a textbook 20% from the recent high around $210 despite not witnessing any considerable changes from a fundamental standpoint. Therefore, the stock may be consolidating here before its next move higher. On the other hand, it's also possible that Nvidia and the broader AI market topped recently and may just be starting to head lower here. However, given the AI market's solid momentum and Nvidia's market-leading position, I believe there is a higher probability of more upside ahead. This dynamic is why the upcoming earnings report is so important, as it could provide critical insight regarding what's coming ahead in 2026. Nvidia: Continues To Dominate Despite Nvidia's stock appreciating considerably over the last few years, it's still the dominant force powering AI from the base, with its market-leading GPUs. Additionally, Nvidia has built a dominant ecosystem including advanced hardware, ...