Gary Yeowell/DigitalVision via Getty Images If you've been following my recent articles, you may be aware that I write quite a bit about baby bonds and preferred shares. I believe this is a great way for investors to find high-yield investments with relatively low risk (compared to the common stock). Baby Bond From PennyMac Mortgage Trust The baby bond I want to discuss is ( PMTV ). It is a baby bond issued by PennyMac Mortgage Trust ( PMT ). Everyone loves when I write about PennyMac because it means I have to link sources to demonstrate that PennyMac was indeed sued for their issue with the preferred shares. Most of you already know that PennyMac has some fixed-rate preferred shares and then has what they consider fixed-rate to fixed-rate preferred shares . That's a very special kind of preferred share. It's one you create by launching a fixed-to-floating preferred share where the prospectus labels it as fixed-to-floating in enormous font at the top of the document. PMT Then, after the LIBOR Act was passed to reduce confusion, management determined that the law meant their fixed-to-floating preferred shares should remain fixed-rate indefinitely, even though they are contractually listed as being in the floating period: PMT You can imagine why most investors would expect the rate to float during the “floating rate period.” The Baby Bonds Before I dive deep into the Baby Bonds, I will point out that I currently own the fixed-to-floating preferred shares, and I would like to see PennyMac lose in court. I am not making an assertion (at least not here, at this moment) about the case beyond stating that the case exists based on the availability of court documents that indicate it is so. For investors who prefer a higher ranking financial claim on PennyMac, one that would be more difficult to reinterpret, we have the baby bonds. The REIT Forum Baby bonds must be paid. It is possible for preferred shares to have a dividend suspended, so long as the common share dividend w...

Political tensions rise after fatal attack at protest in Lyon as Emmanuel Macron hits out over remarks by Italian PM A French prosecutor is seeking murder charges against seven suspects in the fatal beating of a far-right activist that has fuelled political anger beyond France’s borders, prompting Emmanuel Macron to tell Italy’s Giorgia Meloni to keep out of French affairs. Quentin Deranque, 23, died from head injuries after being attacked by at least six people on the sidelines of a far-right protest in Lyon on 12 February. Most of the 11 suspects who have been detained are from far-left movements. Continue reading...

Investors seeking to gauge the health of the economy and the extent of elevated risk appetite would do well to monitor mergers and acquisitions (M&A) activity. Fortunately, the outlook is encouraging. With declining interest rates in the U.S. and other parts of the world, global consolidation activity surged 40% last year, and the number of $10 billion-plus transactions hit a record 60. Supported by the artificial intelligence (AI) build-out, expectations of declining interest rates in the U.S., strong corporate balance sheets, and rising appetite, M&A activity is expected to trend higher this year. If mergers and acquisitions activity surges this year, this ETF could be a winner. Image source: Getty Images Continue reading

【有線新聞】雲南咖啡豆進入採摘高峰期，罕見出現價格「倒掛」，即國內收購價高於出口價格。令不少企業轉攻內銷。 以往雲南產的咖啡豆主要出口海外，但今年國內客戶提早問價，收購價每公斤比出口價高十幾元，內銷報價明顯高於以國際期貨價格計算的出口收益。雲南咖啡公司總經理馬銘憶：「同一批商業豆，國內客戶能給到每公斤55元到60元，但如果按現在的匯率和期貨價格算，出口可能一噸差價能少好幾千元。」 不少原本以外銷為主的雲南咖啡企業，乘勢將超過七成的優質產品轉投國內市場，線上與線下銷量均較去年上升。有分析指強勁的內需是推高雲南咖啡價格的利好因素，反映咖啡發展模式正逐步轉型。雲南保山市商務局局長楊新錦：「國內消費市場漲幅遠超國際市場，這充分說明我們的咖啡正在從『原料論噸走量』向『精品溢價、品牌定價、全鏈增值』的產業迭升發展。」 隨著消費者、咖啡店經營者和生產商對雲南咖啡豆的接受度不斷提高，相關的採豆量亦穩步增長。廣東佛山咖啡學院創辦人梁劍宇：「大概我們每年都有1噸多的，跟雲南那邊採購的都是用雲南豆子，每年都在增加大概兩到三百公斤左右。」 有商家趁咖啡豆人氣走高推出不同的咖啡產品，例如咖啡味雪糕、咖啡雙皮奶等。去年國產咖啡生豆的銷量高達35萬噸，按年增長約25%，躋身全球十大咖啡消費國。

【有線新聞】北韓勞動黨第9屆代表大會開幕。 大會周四開幕，領袖金正恩致辭時稱國家五年前面對嚴竣環境，受封鎖和制裁措施等影響，各領域發展受限，威脅國家安全。不過他說過去五年發生根本性變化，於政治、經濟和國防等領域取得重大成就，又鞏固了北韓的國際地位，為世界政治格局帶來巨大變化，對未來發展感樂觀和自信。新一屆大會批准總結黨中央委員會工作、選舉中央領導機構及修改黨章程等議程。

The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refuelling tankers, giving President Donald Trump the option for a major attack against Iran as he pressures the country to strike a deal over its nuclear programme. The deployment is unlike anything the US has done since 2003, when it amassed forces ahead of the invasion of Iraq. It dwarfs the military build-up that Trump ordered off the coast of Venezuela in the weeks...

Netflix co-CEO Ted Sarandos tells Bloomberg he is "highly confident" the deal for Warner Bros. Discovery will close. Netflix granted a seven-day waiver to Warner Bros. to reopen talks with Paramount Skydance that ends on February 23. Sarandos discusses why he believes Netflix’s offer is better for shareholders, viewers and theaters with Bloomberg’s Ed Ludlow and Lucas Shaw. (Source: Bloomberg)

ijeab/iStock via Getty Images Shares of alternative asset managers and business development companies were under pressure Thursday amid a media report that Blue Owl Capital Inc. ( OWL ) is permanently halting redemptions for its retail-focused private credit fund, a move that raised fresh concern over the risks facing the private credit market. The Financial Times had reported that Blue Owl's ( OWL ) OBDC II vehicle will no longer reopen to quarterly withdrawals and instead plans to return capital over time as assets are sold. Meanwhile, Blue Owl agreed to sell roughly $1.4B of debt investments to institutional buyers, underscoring efforts to manage outflows. During a conference call Thursday, Blue Owl ( OWL ) management described the FT report as a "complete mischaracterization," stressing that it is not halting redemptions but rather changing the method by which it provides redemptions, according to Briefing.com. Part of the reason private credit broadly has come under scrutiny as of late is the potential mismatch between investor redemption terms and the underlying illiquid loans some of these funds hold. Blue Owl Capital ( OWL ) didn't immediately respond to Seeking Alpha's request for comment. Here are some of the holdings of the VanEck BDC Income ETF ( BIZD ), along with their Quant ratings and intraday percentage moves (as of 1:35 p.m. ET): Ares Capital ( ARCC ), 3.17, -3% Blue Owl Capital Corp. ( OBDC ), 3.11, -1.6% Blackstone Secured lending Funding ( BXSL ), 3.23, -2.8% Main Street Capital ( MAIN ), 3.09, -4.2% Golub Capital BDC ( GBDC ), 3.03, -1% Fs Kkr Capital ( FSK ), 3.15, -3.3% Hercules Capital ( HTGC ), 2.91, -2.3% Sixth Street Specialty Lending ( TSLX ), 2.98, -4% Capital Southwest ( CSWC ), 3.22, -1.5% Trinity Capital ( TRIN ), 3.17, -2.1% Prospect Capital ( PSEC ), 3.14, -3.3% Morgan Stanley Direct Lending Fund ( MSDL ), 3.44, -2.5% Oaktree Specialty Lending ( OCSL ), 3.03, -1.9% Midcap Financial Investment ( MFIC ), 3.20, -1.9% Goldman Sachs BDC...

Earnings Call Insights: Oceaneering International, Inc. (OII) Q4 2025 Management View Roderick Larson, President and CEO, opened by stating, "We closed out 2025 with strong execution across the business, making continued progress against our strategic priorities." He emphasized continued pricing progression, operational delivery, and growing contributions from Aerospace and Defense Technologies (ADTech), highlighting "our cash balance increasing to $689 million at year-end, further strengthening our financial flexibility." Larson reported 2025 order intake of $3.7 billion, a book-to-bill ratio of 1.33, 140 basis points EBITDA margin expansion, 99% ROV uptime for the second consecutive year, and a 7% improvement in ROV pricing. He also noted the company won its highest ever initial contract award through ADTech and repurchased approximately 1.8 million shares for $40 million. Larson stated, "We reported net income of $178 million or $1.76 per share, a 217% increase year-over-year. This improvement was largely due to a $156 million discrete tax benefit related to the release of U.S. valuation allowances." Michael Sumruld, Senior VP & CFO, noted, "The balance sheet strength and the growth in cash over the last several years...just gives us the opportunity, more flexibility and opportunity to do more when the time is right." Outlook Larson outlined, "Based on our current backlog, anticipated order intake and market fundamentals, we project consolidated revenue in 2026 to grow in the low to mid-single-digit percentage range. Year-over-year, ADTech revenue will improve significantly. SSR and IMDS revenue improvement will largely offset anticipated declines in OPG and Manufactured Products." The company projects 2026 EBITDA between $390 million and $440 million, with year-over-year improvements in all segments except OPG. Free cash flow for 2026 is anticipated to be $100 million to $120 million, with a year-over-year reduction primarily reflecting early receipt of $37 mill...

PM Images As broader U.S. equity benchmarks struggle to sustain upward momentum in 2026, a select group of high-yield dividend stocks is quietly delivering both income and capital appreciation. With volatility persisting across major averages, investors have increasingly gravitated toward companies offering durable cash flows and shareholder-friendly payout policies. Notably, several stocks yielding 5% or more have also generated double-digit total returns year to date, demonstrating that income-focused strategies have not required a tradeoff in performance. In an environment marked by uneven sector leadership and macro uncertainty, these names have provided a combination of yield support and relative price strength. The following top 10 stocks, ranked by year-to-date performance, highlight companies that are producing yields above 5% while also advancing more than 10% in 2026. The list covers U.S. stocks with market caps north of $10B. LyondellBasell Industries N.V. ( LYB ), +29.26% Verizon Communications Inc. ( VZ ), +17.97% United Parcel Service, Inc. ( UPS ), +17.07% Edison International ( EIX ), +16.13% Altria Group, Inc. ( MO ), +15.80% Viper Energy, Inc. ( VNOM ), +15.48% Plains All American Pipeline, L.P. ( PAA ), +14.53% Energy Transfer LP ( ET ), +14.37% Webster Financial Corporation ( WBS ), +13.40% Enterprise Products Partners L.P. ( EPD ), +12.63% Dividend ETFs: ( VIG ), ( SCHD ), ( VYM ), ( DGRO ), ( SDY ), ( DVY ), ( IDV ), ( DGRW ), ( NOBL ), ( HDV ), ( RDVY ), ( VIGI ), and ( SDVY ). More on markets Tech’s internal split: Semiconductor strength masks software breakdown Walmart is outperforming the broader market, yet it trails Staples in the top 10 ETFs with heavy Walmart exposure are in focus after the retail giant’s earnings Dividend picks: 20 large-cap defensive stocks outperforming the market in 2026 Five years later, Cathie Wood's ARKK is still down over 50% since its 2021 peak

As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys. At Four Corners Property Trust, a filing with the SEC revealed that on Wednesday, C

zhengzaishuru/iStock via Getty Images I previously covered Energy Transfer LP ( ET ) in November 2025, discussing why I had reiterated my Buy rating then, despite the potential miss against the prior FY2025 adj. EBITDA guidance. My optimism was attributed to the expanding distribution yields/capital appreciation prospects arising from the discounted valuations, the growing AI-related monetization opportunities, and the oversold technical indicators - with ET still compelling for value- and dividend-oriented investors. In this article, I shall discuss why I am reiterating my Buy rating for the ET stock here, thanks to the multi-year, diversified profitable growth prospects and the accretion of their growth capital investments from FY2026 onwards, significantly aided by the healthy balance sheet. This is on top of the dual pronged return prospects across capital appreciation and dividend incomes, along with the robust insights offered by the stock's uptrend support line since early 2020. ET Proves Its Electrification & NGL Export Beneficiary Status ET 1Y Stock Price ( TradingView ) Since my last Buy rating, ET has continued to trade sideways along the $16s, before experiencing a rapid breakout to retest the prior March 2025 highs of $18s by the time of writing, with a similar rally also observed in its pipeline peers in varying degrees. Much of their tailwinds are attributed to the ongoing market rotation to value/dividend-oriented stocks after the notably cooling AI-related sentiments since November 2025, worsened by the likelihood of a consecutively paused Fed rate cut in the upcoming March 2026 FOMC meeting. This is albeit well balanced by the undeniably durable AI spending trends as numerous hyperscalers offer outsized FY2026 capex guidance, with the consequently, insatiable power demand buoying numerous utility related stocks. ET is one of such beneficiary, as observed in their new contracted pipeline capacity of over 6 Bcf per day in FY2025 , with it being the e...

primeimages/E+ via Getty Images By Elior Manier Numerous counteracting factors are preventing much progress in the stock markets, which are stuck in a two-day tight consolidation range. On the rough side, geopolitics and positioning are hurting sentiment. Pre-war trading for equities has never been too bullish. Yes, war is profitable, particularly for US companies that benefit from their competitive defense industry while remaining far from the action. The Atlantic and Pacific oceans are quite extensive moats for the United States. The issue stems from the fact that stocks are susceptible to changes in mood, and such game-changing tensions usually weigh on risk appetite. War times and stock market performance (Courtesy of FeroFinancial) Positioning is also at some 5-year extremes, which prevents participants from pushing for more, particularly given the current themes and trends. On the bright side, however, markets are receiving powerful fundamental backdrops from recent data. Just last week, traders welcomed a stronger Non-Farm Payrolls report, confirmed by this morning's lowest jobless claims in 5 weeks, pushing back against the weakening trends in the labor market (206K vs. 225K expected). Good news for the economy, but less suitable for those thirsty for Federal Reserve cuts. To help with these cut expectations, however, last Friday's CPI report came in softer than expected, now closer to 2% than 3% for the first time since 2021. Participants will be awaiting tomorrow's Core PCE report before confirming the cooling. Exciting times are coming. This also coincides with 74% of reporting firms beating their earnings estimates - a very decent backdrop from the US economy ( despite growing imports hurting the GDP outlook ). Overall, the dynamics are challenging to deal with. So when they are tough to understand, there are some interesting dynamics to trade. Fade the extremes as long as nothing changes. Take quick profits and losses, and get ready to act if the pictur...

Key PointsLemonade's Q4 revenue rose 53% year over year, beating analyst estimates by a comfortable margin.

your_photo/iStock via Getty Images Dividend Yield Theory Dividend Yield Theory (DYT) is a potent tool to identify undervalued stocks and calculate total return potential from price appreciation and dividends. It's a good fit for investors who: • See dividends as an important factor in their total return. • Use fundamentals to evaluate investments. • Believe in value investing. • Are data-driven. • Have a long-term focus. It’s not for traders or investors with a short time frame—it can take years for the DYT case to play out—but the rewards can be substantial for those with patience. FactSet Research Systems This article applies DYT basics in a case study of a company that the theory indicates has very good total return potential: FactSet Research Systems Inc. ( FDS ). FDS offers a wide range of services to investment professionals, including data products, analytical applications, and enterprise data solutions. It operates globally and has a market cap of $7.2 billion. Competitors include Bloomberg, MSCI ( MSCI ), Moody's ( MCO ), and Morningstar ( MORN ). Dividend Yield Theory Application Investment Quality Trends is a foundational source for Dividend Yield Theory, and they begin with this concept: For stable, blue-chip dividend stocks with consistent business models, the dividend yield tends to revert to its historical mean over time. When yield is at a historically high level, it usually means the stock price is depressed. FDS certainly qualifies, as the chart below illustrates. When the stock price recovers, investors reap both capital gains and the high yield on their bargain-priced shares. This only happens, of course, if the company is strong enough to recover and continue paying a growing dividend. FactSet price and yield history (YCharts) If FDS does return to its average yield of about 1%, we calculate the returns as follows: Current dividend: $4.40. Current share price: $200. Current yield: 2.21%. Mean yield: 1.0%. Current yield: 121% above mean yield. To...

Key PointsCEO Stephen Altemus sold 86,803 shares on Feb. 13, 2026, representing a transaction value of approximately $1.39 million at around $16.01 per share.

Key PointsVision One Management sold 436,911 shares of Enviri Corporation in the fourth quarter.

The nifty universal adapter lets you charge your electronics in more than 200 countries worldwide. | Image: Baseus Packing multiple charging adapters can quickly eat up space, which is why an all-in-one travel adapter like the Baseus EnerCore CG11 makes for a good investment. The travel-friendly accessory works in most countries and lets you charge several devices at once, and right now, Amazon is offering it for $24.95 ($45 off) — its lowest price to date — when you use promo code G76S8NVM at checkout. Baseus EnerCore CG11 Universal Travel Adapter Where to Buy: $69.99 $24.95 at Amazon (with code G76S8NVM) $69.99 $39.99 at Baseus Baseus’ versatile adapter features four sliding plug types — Type A, Type C, Type G, and Type I — which retract when not in use, making it easy to pack. Together, they support outlets in more than 200 countries and regions, including the UK, Europe, Australia, Asia, and South America. It features a USB-C and USB-A port, both of which deliver up to 60W of power, as well as a third 5W USB-A port for lower-power gadgets. That means you can charge a range of gadgets simultaneously, from smartphones and earbuds to the latest tablets. You can even charge beefier gadgets, including laptops, albeit at slower speeds. Additionally, the universal travel adapter features a built-in, retractable USB-C cable with five preset lengths, which can extend up to 27 inches and deliver up to 70W of power. The palm-sized cube also weighs about half a pound, so it won’t add as much bulk to your bag as a bunch of chargers and adapters would. It lacks surge protection, too, so you can even safely bring it on board cruise ships.

ookawa/iStock via Getty Images Investment Process We seek to invest in high-quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. Undervaluation Determining the intrinsic value of a business is the heart of our research process. Intrinsic value represents the amount that a buyer would pay to own a company's future cash flows. We seek to invest at a significant discount to our estimate of the intrinsic value of a business. Business Quality We seek to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. Financial Strength We believe that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available. Shareholder-Oriented Management Our research process attempts to identify management teams with a history of building value for shareholders. Team Overview Our team has worked together for many years and has implemented a consistent and disciplined investment process. Our team is organized by geographic regions, but within those regions we are generalists who look across all industries. We believe this model enables our analysts to become broad thinkers and gain critical insight across all economic sectors. Investment Results (%) As of 31 December 2025 Average Annual Total Returns QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Investor Class: ARTNX 8.19 28.62 28.62 23.34 12.41 — 14.13 Advisor Class: APDNX 8.25 28.80 28.80 23.49 12.54 — 14.25 Institutional Class: APHNNX 8.30 28.92 28.92 23.57 12.60 — 14.32 S&P 500® Index 2.66 17.88 17.88 23.01 14.42 — 17.24 Click to enlarge Source: Artisan Partners/S&P. Returns for periods less than one year are not annualized. Class inception: Investor (28 February 2020); Advisor (28 February 2020); Institutional (28 February 2020). Expense Ratios (% Gross/Net)* ART...

aprott/iStock via Getty Images Drug licensing deals between Chinese companies and global pharmaceutical companies surged to a record $137.7B last year, indicating a nearly 10-fold increase since 2021, according to China-based data provider PharmCube. Companies based in the Greater China region, including Hong Kong, Macau, and Taiwan, inked 186 cross-border out-licensing deals worth $137.7B in 2025. In 2021, there were 65 such deals worth nearly $13.9B, Reuters reported, quoting PharmCube. Licensing deals represent a popular strategy that leading drugmakers deploy to replenish pipelines as their blockbuster drugs face copycats with the expiration of key patents. The findings underscore how Big Pharma is increasingly turning to China for licensing ahead of a massive revenue deficit tied to several notable patent cliffs. Industry advisory firm Vision Life Sciences projects a potential $200B hit to annual global pharmaceutical revenue from 2026 to 2030 as some of the best-selling medicines lose patent exclusivities, paving the way for generic or biosimilar competition. According to Vision Lifesciences, Merck ( MRK ) and Pfizer ( PFE )/Astellas ( ALPMF ) ( ALPMY ) are among those facing patent expirations for their diabetes drug, Januvia/Janumet, and cancer drug, Xtandi, respectively. China has remained a major attraction for international drugmakers seeking licensing arrangements this year, as the deal count has already reached 38, while the total value of those deals has approached $49.0B. The average deal size so far in 2026 stands at $1.3B, indicating a ~76% rise from 2025 and roughly a six-fold increase from the average in 2021. The increase is largely driven by AstraZeneca’s ( AZN ) obesity drug deal worth up to $18.5B with China’s CSPC Pharmaceutical ( CSPCY ) ( CHJTF ) and AbbVie’s ( ABBV ) cancer drug deal worth up to $5.6B with RemeGen. More on AbbVie, AstraZeneca PLC, etc. Pfizer: Recovery Isn't Over, Battered Valuation Still Discounts Its Turnaround Game Pfiz...

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Key PointsTrilogy Metals reported fourth-quarter 2025 financial results this week.