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美国 12 月贸易逆差扩大，为关祱政策反复无常的动荡一年画上句号。 美国商务部周四公布的数据显示，商品和服务贸易逆差较上月扩大至 703 亿美元 。全年逆差累计达 9015 亿美元 ，仍是 1960 年有记录以来规模最大的逆差之一。 “尽管 2025 年关祱新闻不断、数据波动剧烈，但全年贸易逆差几乎没有变化。” 全美金融市场经济学家奥伦・克拉奇金在报告中表示，“随着关祱的最大拖累效应可能已过去，我们预计贸易将进入更可预测的节奏。” 2025 年美国月度贸易数据波动尤为剧烈，原因是美国进口商对特朗普总统持续发布的关祱公告做出反应。黄金和药品进口波动尤其明显，企业纷纷赶在加征更高关祱前完成进口。 12 月逆差高于彭博社经济学家调查中除一项预估外的所有预期，反映出进口额增长 3.6%，其中电脑配件和汽车进口增幅明显。商品和服务出口下降 1.7%，主要因黄金出口减少。 数据公布前，亚特兰大联邦储备银行的 GDPNow 模型预测，净出口将为第四季度经济增长贡献约 0.6 个百分点，当时预计第四季度 GDP 增速为 3.6%。但报告发布后，多位经济学家预测，在周五公布第四季度 GDP 数据前，贸易对经济的提振作用将减弱，甚至可能产生拖累。 剔除价格变动因素（计入实际 GDP 核算）后，12 月商品贸易逆差扩大至 971 亿美元 ，为 7 月以来最高值。除非用于珠宝生产等工业用途，否则黄金贸易不计入政府 GDP 核算。 彭博经济观点 “有了 12 月贸易报告，我们可以估算净出口对第四季度实际 GDP 增长贡献甚微。与近期其他数据一致，以人工智能相关产品为首的资本货物进口，持续显示年末国内投资强劲。” —— 特洛伊・杜里。 特朗普将关祱作为其战略的一部分，旨在减少对外国商品的依赖、鼓励国内投资，并扭转数十年来制造业就业岗位下滑的趋势。他及其经济团队批评了认为美国民众承担了关祱成本的研究结论。 贸易领域最大的不确定因素之一是，最高法院是否会支持特朗普通过一项紧急法案实施全面关祱的权力。裁决最早可能于周五公布，但法院从不提前预告将发布哪些意见。 去年，美国企业进口的电脑及配件价值较 2024 年增加近 1450 亿美元 。需求激增反映出人工智能领域正在进行的大规模投资。 按国家划分，对华贸易逆差大幅收窄至约 2020 亿美元 ，为 20 多年来最低水平，这反映出特朗普对中国进口商品加征...

New users on the decentralized social network Mastodon could soon have an easier time getting started. Mastodon is running " onboarding experiments " to test ways to improve the new user experience, starting with default server recommendations. Now when new users join Mastodon from the mobile app, they may see a button to "join" a recommended server rather than the default "join mastodon.social" button that's currently displayed. Unlike most other social platforms, Mastodon has hundreds of independent servers users can join, catering to different communities and niches. The addition of default server recommendations could potentially help ne … Read the full story at The Verge.

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Toronto-based chip startup Taalas said on Thursday it had raised $169 million and said it has developed a chip ‌capable of running artificial intelligence applications faster and more cheaply than ‌conventional approaches. Taalas' announcement arrives weeks after Nvidia's Christmas Eve deal to license intellectual property from chip startup Groq ​for $20 billion, which reignited interest in a crop of startups and technologies used to perform specific elements of AI inference, the process where an AI model, such as the one that powers OpenAI's ChatGPT, responds to user queries.

Liens/iStock via Getty Images Denison Mines ( DNN ) +3.4% in Thursday's trading after saying it received final regulatory approval to construct the Phoenix in-situ recovery uranium mine at its Wheeler River project in Saskatchewan. The Canadian Nuclear Safety Commission released the decision of its administrative tribunal approving the environmental assessment and issuing a license to construct a mine and mill for the Wheeler River project; t he Saskatchewan provincial environmental assessment had been approved in July 2025. With a roughly two-year construction timeline, the timing of the approval means the project remains on track for first production by mid-2028, the company said. Phoenix is the first uranium mine in Canada to be approved for ISR mining and the first large-scale Canadian uranium mine approved for construction in more than 20 years. More on Denison Mines Denison Mines: De-Risking And The New Phoenix ISR Milestone Phoenix Momentum Tightens The Risk-Reward For Denison Mines Seeking Alpha’s Quant Rating on Denison Mines

Mounting fears that AI could upend the traditional software business model have triggered a broad selloff across the sector — causing a "SaaSpocalypse." Jared Sleeper, a partner at Avenir, joins Tracy Alloway and Joe Weisenthal on the Odd Lots podcast to discuss what types of companies have the best chance of surviving the AI disruption and how investors are dealing with the changing landscape. (Source: Bloomberg)

FEATURE Tesla stock remains popular with retail investors despite recent declines. Shares of the electric vehicle maker were down 1.6% at $404.58 in early trading Thursday, while the and were both down about 0.

Canadian energy shares are poised for their first record close in nearly eighteen years, helped by rising oil and natural gas prices and a return of investor interest in the sector. Oil surged this week as traders weighed whether US-Iran talks will be enough to head off conflict after a report suggested US military intervention could come sooner than expected. The S&P/TSX Composite Energy Index rose as much as 2% on Thursday; if it holds, the group would finish at an all-time high for the first time since June 2008. The index is up 19% this year, versus a 5.5% advance for the S&P/TSX Composite Index. Oil prices have risen on a run of geopolitical flash points involving Russia, Ukraine, Iran, Greenland and Venezuela. Brent crude futures are up 17% so far this year. Natural gas prices also jumped early in 2026 as winter storms lifted demand. “The fact that it’s taken well over a decade to return to the highs probably speaks to how long and persistent this sector was generally out of favor relative to some of the asset-light and higher growth sectors that are out there,” ATB Cormark Capital Markets research director Patrick O’Rourke said in an interview. Government policy has also helped. Prime Minister Mark Carney has leaned into the country’s oil industry since taking office in March 2025 and his government signed a memorandum of understanding with Alberta in November that could clear a path for a new export pipeline, part of a broader push to diversify trade away from the US. The new line could widen access to markets such as Asia and support higher output over time. Canadian Natural Resources Ltd. shares are up 26% this year, and O’Rourke said the company could benefit from any added capacity — though he also cautioned that big growth decisions tend to wait for clearer execution. “Elements like the MOU that has been signed with Alberta are positive, but still I think at the end of the day, words are nice, but actions are a lot more meaningful,” O’Rourke said. Energ...

jetcityimage Carvana’s ( CVNA ) fourth-quarter results failed to spark the rally management may have hoped for, as record annual revenue was overshadowed by investor concerns about the company’s ability to translate growth into sustainable profits, sending shares down double digits at Thursday’s open. Despite a 58% surge in revenue and a 43% surge in retail vehicle sales, adjusted EBITDA of $511M missed expectations by almost $30M, and adjusted EBITDA margin narrowed 100 basis points to 9.1%. “A miss for a high multiple growth stock is not a good combo,” said UBS’s Joseph Spak, attributing the miss to lower retail [gross profits per unit] that were impacted by higher reconditioning and depreciation costs. Carvana ( CVNA ) said it would take 3-6 months to work through the “growing pains” of the reconditioning buildout and sees an increase in retail GPU in the current quarter, though costs will remain “elevated.” “We clearly have significant fixed costs to leverage,” Carvana CEO Ernie Garcia acknowledged on the company’s earnings call. But for investors, “the key question here is how structural the cost pressures are as the company flexes into this next level of growth,” says Morgan Stanley’s Daniela Haigan. Transient cost pressures aside, Carvana ( CVNA ) remains plagued by questions over its accounting methods, specifically, does the company loan to related parties, and do these related parties originate loans for cars sold on Carvana, a point raised by Haigan on the call. “We do not sell loans to related parties…we disclose our related party transactions, and there’s no ambiguity about that,” CFO Mark Jenkins said on the call, stressing that all related party transactions are disclosed in the company’s financial statements. “We have checked every single detail of those short reports to ensure that all of our reporting is entirely accurate and definitively say that those reports are 100% inaccurate,” Jenkins added. But despite the persistent questions over Carvana’s...

In early trading on Thursday, shares of Omnicom Group, topped the list of the day's best performing components of the S&P 500 index, trading up 9.2%. Year to date, Omnicom Group, has lost about 5.1% of its value. And the worst performing S&P 500 component thus far on t

美国种植户今春将扩大大豆种植面积，并缩减美国种植最广泛的农作物玉米的播种规模。 美国农业部周四在本年度首次展望报告中表示，今年农民将种植8，500万英亩大豆，高于去年的8，120万英亩。 农业部表示，今春大豆种植面积的预期增长反映出“相较其他作物更强的盈利能力，以及玉米带和三角洲地区预期的轮作安排”。 与此同时，玉米种植面积将从去年的9，880万英亩降至9，400万英亩。小麦种植面积将从4，530万英亩小幅降至4，500万英亩。总体而言，三大主要作物的播种面积将减少1%，但农民获得的价格“预计都将小幅上涨”。 责任编辑：陈钰嘉

Unilever PLC (NYSE:UL) disclosed on Tuesday that it embarked on a transformative five-year partnership with Alphabet Inc.’s (NASDAQ:GOOG) Google Cloud. The deal aims to revolutionize consumer goods through advanced AI and data technologies. This collaboration intends to enhance Unilever’s brand portfolio, including well-known names like Dove and Vaseline, by leveraging Google Cloud’s AI capabilities to create a new model for consumer engagement. This strategic alliance will migrate Unilever’s da

Image source: The Motley Fool. Thursday, Feb. 19, 2026 at 10 a.m. ET Need a quote from a Motley Fool analyst? Email pr@fool.com Continue reading

First arrest of a senior member of royal family in modern history came on morning of former prince’s 66th birthday Andrew Mountbatten-Windsor arrested – latest updates Full report Why has Andrew been arrested – and what happens now? It was shortly after 8am on Thursday when a small fleet of unmarked police cars drew up at Wood Farm on the king’s private Sandringham estate in Norfolk. Plainclothes officers stepped out into the late winter drizzle and readied themselves for a historic act that the royal family might have been expecting and dreading for weeks. Continue reading...

A SpaceX Falcon 9 crashed to Earth last year. Now scientists have measured the pollution it caused.

Microsoft stock price today: MSFT edges up on $50B AI pledge, CrowdStrike deal and insider buy Bez Kabli

With its addition to a Pentagon list, should investors stay clear of Alibaba’s stock now?

peshkov/iStock via Getty Images The US economy is on track to report a third straight quarter of growth in tomorrow’s delayed GDP update for Q4, based on the median of a set of nowcasts compiled by The Capital Spectator. The pace is expected to slow from Q3, but the increase will be strong enough to keep last year’s chatter about recession on the fringes of economic analysis. Today’s revised estimate shows output in the previous quarter rose 2.7% at an annualized rate for GDP, unchanged from the previous estimate . If this median nowcast is accurate, growth will downshift from Q3’s strong 4.4% advance, which marked a two-year high. An encouraging sign is the relatively steady run of median nowcasts lately, following several upward revisions. Nearly a month ago, the median estimate was 2.1% , which was revised up earlier this month and is holding at 2.7% ahead of tomorrow’s release from the Bureau of Economic Analysis. The widely followed GDPNow estimate from the Atlanta Fed remains the upside outlier, currently nowcasting a 3.6% increase. Using this outlook as a guide in context with our median nowcast implies that a high-2%-to-low-3% increase is a reasonable assumption for tomorrow’s release. Although the top-line measure of economic activity is expected to chug along at a solid pace for a third straight quarter, there are growing concerns about the so-called K-economy effect - a reference to an uneven economy across sectors and households. For example, a substantial gap in consumer sentiment has opened up between consumers with equity investments compared with households with little or no stock holdings. “Sentiment surged [in February] for consumers with the largest stock portfolios, while it stagnated and remained at dismal levels for consumers without stock holdings,” survey director Joanne Hsu said. The gap between high and low earners “leaves the economy much more sensitive,” said Samuel Tombs, chief US economist at Pantheon Macroeconomics. “It’s almost like t...

NextEra Energy (NYSE: NEE) combines regulated utility stability with one of the largest renewable energy pipelines in North America. This video explores why steady earnings growth, rising dividends, and the scale of clean energy could reward patient investors over time. Stock prices used were the market prices of Feb. 6, 2026. The video was published on Feb.13, 2026. Continue reading

Zuckerberg grilled at social media trial Taipei Times

投资要点： 板块行情：本周上证指数上升0.4%、深证成指上升1.4%、创业板指上升1.2%、沪深300上升0.4%、房地产（申万）下跌0.7%。个股方面，涨跌幅前五的分别为：ST中迪(+27.6%)、京能置业(+14.4%)、京投发展(+10.9%)、先导基电(+9.8%)、光明地产(+8.0%)，涨跌幅后五的分别为：皇庭国际(-10.1%)、我爱我家(-8.5%)、城投控股(-6.4%)、卧龙新能(-6.1%)、财信发展(-5.9%)。 数据跟踪：新房：本周（2.07-2.13），42个重点城市新房合计成交136万平米，环比下降6.3%。2月截至本周（2.01-2.13），42个重点城市新房合计成交262万平米，环比上升17.7%，同比上升27.6%，年初至今累计成交同比下降17.5%。二手房：本周（2.07-2.13），21个重点城市二手房合计成交154万平米，环比下降25.3%。2月截至本周（2.01-2.13），21个重点城市二手房合计成交342万平米，环比上升12.3%，同比上升70.0%，年初至今累计成交同比上升25.8%。 行业新闻：宏观方面，中国人民银行、金融监管总局、中国证监会、农业农村部四部门联合印发《关于统筹建立常态化金融支持机制助力防止返贫致贫和乡村全面振兴的意见》，支持有条件的安置区用好保障性住房金融支持政策。市场方面，国家统计局数据显示，2026年1月，70城商品住宅销售价格环比降幅总体收窄、同比下降；70城二手住房价格指数环比下跌0.5%，呈现企稳信号。因城施策方面，江苏省召开房地产从业人员座谈会，研究提振房地产政策举措；上海公示大都市圈国土空间规划草案，覆盖长三角14城；浙江衢州龙游县出台购房补贴政策，涵盖购房消费补贴与多孩家庭购房补助两类。 公司公告：2026年1月单月销售金额：华侨城A5.9亿元（YOY-53%）；华润置地116.5亿元（YOY+0.4%）；新城控股7.1亿元（YOY-30%）；金地集团12.2亿元（YOY-46%）；中国金茂76.0亿元（YOY+14%）；龙湖集团24.5亿元（YOY-45%）；招商蛇口76.7亿元（YOY-15%）；保利发展156.2亿元（YOY-13%）。2026年1月单月销售面积：华侨城A4.5万平（YOY-45%）；华润置地36.8万平（YOY-25%）；新城控股14.8万平（YOY+28...

Down 15%, Should You Buy the Dip on Microsoft? The Motley Fool

Cogstate press release ( COGZF ): 1H GAAP EPS of $0.26. Revenue of $26.9M (+12.6% Y/Y) in-line. More on Cogstate Cogstate Limited (COGZF) Q2 2026 Earnings Call Transcript Seeking Alpha’s Quant Rating on Cogstate Historical earnings data for Cogstate Dividend scorecard for Cogstate Financial information for Cogstate

核心要点 摩根大通 私人银行近期一项调查显示，由于投资人员薪资推高成本， 超高净值家族 运营其私人投资公司的支出正在上升。 管理资产至少 10 亿美元的家族办公室，年均运营成本达 660 万美元 ，高于 2024 年的 610 万美元。 为超高净值人群服务的顾问表示，部分家族对成本缓慢上升并不在意，但其子女通常对此十分敏感。 摩根大通私人银行近期一份报告显示，随着全球最富有人群财富不断膨胀，他们用于运营私人投资公司的支出也在同步增加。 该行调查发现，管理资产规模至少 10 亿美元 的家族办公室，年均运营成本平均为 660 万美元 。自摩根大通 2023 年开展上一次家族办公室调查以来，平均成本已增加 50 万美元。 家族办公室顾问柯比・罗斯普洛克表示，支出上升是财富激增的自然结果。 “通常情况下，如果觉得资产在缩水，家族办公室会试图削减各项开支。” 罗丝普洛克（Tamarind Partners 首席执行官）说，“大多数人没有意识到，过去十年创造的巨额财富，意味着需要更多人手、更多人员来支持更多系统运转。” 摩根大通私人银行家族办公室业务全球联合主管威廉・辛克莱表示，支出增加很大程度上源于 投资人才薪酬成本上涨 ，这部分支出占运营预算的最大比例。 “人才争夺战正在上演，家族办公室在打造投资团队时，需要与其他金融服务及相关机构 —— 私募股权公司和对冲基金 —— 展开竞争。” 他说。 尽管家族办公室已开始采用外包模式，但辛克莱认为，这更多是源于 人才短缺 ，而非为了节约成本。约 80% 的家族办公室表示会将部分投资组合外包，但其中只有 28% 表示降低成本或减轻资源负担是外包的主要原因。 报告显示，在选择外部顾问时， 亮眼的业绩记录 和 私募投资渠道 等因素的重要性远高于成本。 家族办公室顾问娜塔莎・珀尔表示，部分家族办公室负责人对成本缓慢上升 不太在意 ，相较于使用第三方服务商，他们更看重单一家族办公室带来的 保密性与控制权 。 她补充道，许多超高净值家族的负责人因拥有多家投资实体和控股公司，往往对具体开支不甚清楚。 但珀尔表示，他们的子女更容易对成本感到 震惊 。继承人通常会在父辈去世后考虑整合成本，甚至彻底解散家族办公室。 “下一代会仔细审视并说：‘哇，我们父母居然花了这么多钱？这些钱我们想要。’” 她说，“到那时，下一代可能已经有了自己的孩子，甚至孙辈，毕竟现...

Chinmayi Shroff/iStock via Getty Images Investment Process We seek to invest in issuers with high-quality business models that have compelling risk-adjusted return characteristics. Our research process has four primary pillars: Business Quality We use a variety of sources to understand an issuer’s business model resiliency. We analyze the general health of the industry in which an issuer operates, the issuer’s competitive position, the dynamics of industry participants and the decision-making history of the issuer’s management. Financial Strength and Flexibility We believe that analyzing the history and trend of free cash flow generation is critical to understanding an issuer’s financial health. Our financial analysis also considers an issuer’s capital structure, refinancing options, financial covenants, amortization schedules and overall financial transparency. Downside Analysis We believe that credit instruments by their nature have an asymmetric risk profile. The risk of loss is often greater than the potential for gain, particularly when looking at below investment grade issuers. We seek to manage this risk with what we believe to be conservative financial projections that account for industry position, competitive dynamics and positioning within the capital structure. Value Identification We use multiple metrics to determine the value of an investment opportunity. We look for credit improvement potential, relative value within an issuer’s capital structure, catalysts for business improvement and potential value stemming from market or industry dislocations. Team Overview Our team brings together a group of experienced credit analysts who are dedicated to a single investment philosophy and process. All team members conduct deep fundamental credit research as generalists with sector tendencies to identify issuers with high quality business models that have compelling risk-adjusted return characteristics. Portfolio Management Bryan C. Krug, CFA Portfolio Manager I...

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格隆汇2月19日｜eBay(EBAY.US)盘中一度涨超5%，报86.46美元。消息面上，公司2025年第四季度营收30亿美元，按报告口径同比增长15%，按汇率中性口径同比增长13%。

Tiger Duggan had been receiving treatment at MedPark Hospital in Bangkok, his family says.

JHVEPhoto/iStock Editorial via Getty Images 2026 has proven to be a very volatile stock market, and in my view, this is not a time for passive investing. Investors who can discern key buying opportunities in beaten-down names that nevertheless have strong fundamentals will be rewarded with substantial outperformance against a choppy S&P 500 this year. Let's pay particular attention to legacy tech companies that are rediscovering their groove, and eBay ( EBAY ) is one of them. The online auction platform is finding tremendous success in concentrating its sales focus on a few core categories, most recently boosting its push into fashion by acquiring Depop from Etsy for $1.2 billion (paying less than the $1.6 billion that Etsy paid for the company back in 2021, despite growing GMV to >$1 billion since then). Over the past year, eBay's stock has found a positive groove as well, rising ~20% in the trailing twelve months. A strong Q4 earnings print, which outperformed Street top-line expectations by two points, added further momentum to a stock once discarded and left for dead. In my view, eBay's momentum has further room to rise in 2026. Data by YCharts I wrote a "Buy" article on eBay in October, when the stock had just corrected to the ~$90s after its Q3 earnings print. Momentum is clearly turning around on eBay, however, especially as holiday quarter GMV came in well above expectations. It's becoming evident that eBay recognizes it will never become like Amazon ( AMZN ), but it is being selective in a few categories that other online retail giants find difficult to penetrate (collectibles, auto parts, and increasingly fashion)—and this strategy is helping to drive relevance for the company again. I reiterate my "Buy" rating here. To me, these are the core reasons why investors should remain long on eBay: GMV strength counteracts the prevailing narrative that eBay is a dead platform. We note in particular that while many retail companies are contemplating a tougher macr...