jetcityimage/iStock Editorial via Getty Images Listen below or on the go via Apple Podcasts and Spotify Carvana's ( CVNA )Q4 profitability loses traction; shares crater more than 20%. (00:14) DoorDash ( DASH ) sees double-digit growth in orders, GOV; sets upbeat Q1 guidance. (01:31) Moderna ( MRNA ) gains as FDA backtracks and accepts flu shot for review. (02:14) This is an abridged transcript. Ca...
jetcityimage/iStock Editorial via Getty Images Listen below or on the go via Apple Podcasts and Spotify Carvana's ( CVNA )Q4 profitability loses traction; shares crater more than 20%. (00:14) DoorDash ( DASH ) sees double-digit growth in orders, GOV; sets upbeat Q1 guidance. (01:31) Moderna ( MRNA ) gains as FDA backtracks and accepts flu shot for review. (02:14) This is an abridged transcript. Carvana ( CVNA ) sold more cars than Wall Street expected in the fourth quarter, but concerns over the company’s profitability have pushed the stock down this morning. Carvana is down 16% in premarket action. The used-car marketplace experienced a 58% surge in revenue. On a per-unit basis, retail vehicle sales were up 43% while wholesale increased 66%. However, breaking down the numbers further shows a $244 decline in the gross profit per vehicle (-$354 on an adjusted basis) and an 18.2% decline in wholesale marketplace gross profit. The company’s profitability gave a mixed picture, as adjusted EBITDA increased to $511M but missed $539M estimates, while on a per-share basis, adjusted profits surged to $4.22 per share from $0.56 per share, although this was attributed to one-time charges and so is not comparable to $1.12 estimates. The company did not issue sales guidance for the full year but said it continues to expect to sell 3M cars between 2030 and 2035. DoorDash ( DASH ) is up 13% in premarket trading. Shares surged as strong order growth and upbeat guidance outweighed a Q4 top- and bottom-line miss. Orders climbed 32% to 903M, and GOV jumped 39% to $29.7B, both above expectations. The Q1 outlook for GOV ($31B–$31.8B) and EBITDA ($675M–$775M) came in strong. Investors looked past softer margins and heavy investment spending, choosing to focus on demand momentum and growth visibility. Now we have an update to a story we brought you last week on Wall Street Breakfast. Moderna ( MRNA ) closed 6% higher on Wednesday after the U.S. FDA accepted the company’s marketing applica...
Max Kettner, chief multi-asset strategist at HSBC Global Investment Research, explains the market signals he sees constraining further downside to AI-related stocks. (Source: Bloomberg)
Max Kettner, chief multi-asset strategist at HSBC Global Investment Research, explains the market signals he sees constraining further downside to AI-related stocks. (Source: Bloomberg)
CoStar Group (NASDAQ: CSGP) , which runs one of the leading data and marketplace platforms for commercial real estate (CRE), has seen its stock cut nearly in half during the past six months. Investors are focused on the company's residential mess, but its commercial core remains intact. Some of the best businesses you will find are built on self-reinforcing networks . Visa (NYSE: V) and Mastercard...
CoStar Group (NASDAQ: CSGP) , which runs one of the leading data and marketplace platforms for commercial real estate (CRE), has seen its stock cut nearly in half during the past six months. Investors are focused on the company's residential mess, but its commercial core remains intact. Some of the best businesses you will find are built on self-reinforcing networks . Visa (NYSE: V) and Mastercard (NYSE: MA) are obvious examples of network effects in action. Merchants need cardholders, cardholders need merchants, and once the network reaches critical mass, few leave. CoStar has quietly built the same dynamic for property data, connecting 8.5 million properties with more than 230,000 professionals who depend on that data to close deals. More data brings in more users. More users create richer data. Continue reading
ARMMY PICCA/iStock via Getty Images I read an 8.82% distribution on an equal-weight solution of the US equity market, and my "antennae" immediately went up. This is the reaction I had studying the Invesco S&P 500 Equal Weight Income Advantage ETF ( RSPA ). As an income investor, I, personally, appreciated RSPA for 3 reasons: a good anchoring to RSP, upside cap present, but potentially less impactf...
ARMMY PICCA/iStock via Getty Images I read an 8.82% distribution on an equal-weight solution of the US equity market, and my "antennae" immediately went up. This is the reaction I had studying the Invesco S&P 500 Equal Weight Income Advantage ETF ( RSPA ). As an income investor, I, personally, appreciated RSPA for 3 reasons: a good anchoring to RSP, upside cap present, but potentially less impactful than in the past, consistent and competitive distributions. Here I explain why, but first … What is RSPA The fund does full replication of the S&P 500 Equal Weight Index and invests up to 10% of the NAV in ELN, therefore covered call and cash-secured put. RSPA (Seeking Alpha) It is certainly an original strategy that distinguishes it compared to classic covered call ETFs. Participating in it involves an expense ratio of 0.29% against a turnover that is, however, contained since 2024 in the 10% threshold. The strategy In practice it is a hybrid structure : The core is practically almost passive, equal weight The overlay, if we want to call it that, instead is active and takes place mainly through ELN. The managers can modify at any time the percentage allocated between equity, ELN and cash. In theory, the exposure to SPXEW generates beta, while the ELN generates premiums and, therefore, a coupon flow. The ELN is senior unsecured debt of banks with embedded options, which simulates a sort of covered call strategy, with all the consequences of the case. The consequences To understand them, I introduce the comparison with RSP: in terms of price return, we notice how the drawdowns are fully replicated, while the upsides are as if “braked." RSPA - RSP: price return (Seeking Alpha) This is the effect of two components: of the upside cap typical of the options strategy inserted in the ELN. but also of the holding distribution of RSPA. Holding distribution The index has 523 holdings distributed in an equal-weight manner, just like in RSP. RSPA aims to replicate this exposure, but...
Americold Realty Trust press release ( COLD ): Q4 FFO of $0.25 misses by $0.01 . Revenue of $658.5M (-1.2% Y/Y) beats by $3.95M . FY26 FFO consensus of $0.89 February 19, 2026 Warehouse segment same store revenues (constant currency) $2.20B – $2.27B Warehouse segment same store NOI (constant currency) $735M – $785M Total Company NOI (constant currency) $780M – $845M Total selling, general and admi...
Americold Realty Trust press release ( COLD ): Q4 FFO of $0.25 misses by $0.01 . Revenue of $658.5M (-1.2% Y/Y) beats by $3.95M . FY26 FFO consensus of $0.89 February 19, 2026 Warehouse segment same store revenues (constant currency) $2.20B – $2.27B Warehouse segment same store NOI (constant currency) $735M – $785M Total Company NOI (constant currency) $780M – $845M Total selling, general and administrative expense (inclusive of approximately $218M – $228M of core SG&A, $23M – $24M of share-based compensation expense, and $8M-$10M of Project Orion deferred costs amortization) $250M – $260M Core EBITDA $570M – $620M Interest expense $170M – $180M Current income tax expense $6M – $8M Total maintenance capital expenditures $60M – $70M Adjusted FFO per share $1.20 – $1.30 Click to enlarge More on Americold Realty Trust Americold Realty: A Mispriced Cyclical REIT Offering A Compelling Yield Americold: Attractive Valuation, But Weak Fundamentals Americold Offers 8.6% Dividend Yield While Waiting For Market Thaw Americold Realty Trust double downgraded at BofA Securities on lower returns Americold names new CFO, reaffirms 2025 outlook
(RTTNews) - While reporting financial results for the fourth quarter on Thursday, electric utility IDACORP, Inc. (IDA) initiated its earnings guidance for the full year 2026 in a range of $6.25 to $6.45 per share.
(RTTNews) - While reporting financial results for the fourth quarter on Thursday, electric utility IDACORP, Inc. (IDA) initiated its earnings guidance for the full year 2026 in a range of $6.25 to $6.45 per share.
Baris-Ozer/iStock via Getty Images A massive American military buildup keeps growing in the Middle East amid unprecedented air power in the region that hasn't been seen since the 2003 invasion of Iraq. Among them are F-16 fighters, F-22s and F-35s, along with refueling jets, and radar and intelligence-gathering planes. Supporting their presence are two aircraft carrier groups, as well as air defen...
Baris-Ozer/iStock via Getty Images A massive American military buildup keeps growing in the Middle East amid unprecedented air power in the region that hasn't been seen since the 2003 invasion of Iraq. Among them are F-16 fighters, F-22s and F-35s, along with refueling jets, and radar and intelligence-gathering planes. Supporting their presence are two aircraft carrier groups, as well as air defense systems and batteries that have been rushed over to assist in any coming campaigns. What's next? Diplomatic discussions with Iranian officials took place this week , but it's unlikely the Islamic Republic will agree to the list of red lines posed by President Trump. Zero nuclear enrichment, the transfer of nuclear stockpiles out of the country, and snap inspections are just several demands that will be difficult to square, as well as Tehran's ballistic missile program, violent suppression of its citizens, and ending support to regional terror proxies. At this point, it looks like an offensive is only a matter of time, and could even come within days. Current firepower in the region is thought to support a sustained attack against Iran, instead of the one-off "Midnight Hammer" strike conducted last June. Options this time around also likely include the elimination of Iranian military and political leaders, and possibly overthrowing the regime following its brutal crackdown last month that is thought to have killed thousands . On watch: A significant "war premium" was tacked on to crude oil on Wednesday , with WTI crude futures ( CL1:COM ) advancing more than 4.5% to $65 per barrel, marking their biggest daily jump in months. Meanwhile, safe-haven gold ( XAUUSD:CUR ) returned to above the $5,000 level given the threat of war, while any closure or disruption to the Strait of Hormuz will likely lead to outsized effects. The vital maritime chokepoint is crucial for oil tankers and supplies of natural gas, and any prolonged blockade could drive prices through the roof and spre...
Goldman Sachs believes that demand for high-speed, short-range connectivity in artificial intelligence data centers could support further gains for Credo Technology Group . The bank initiated the company, which produces cables and chips to connect powerful AI computers, at a buy rating. Analyst James Schneider set a 12-month price target of $165, which signals 29% upside from Wednesday's close. Sc...
Goldman Sachs believes that demand for high-speed, short-range connectivity in artificial intelligence data centers could support further gains for Credo Technology Group . The bank initiated the company, which produces cables and chips to connect powerful AI computers, at a buy rating. Analyst James Schneider set a 12-month price target of $165, which signals 29% upside from Wednesday's close. Schneider expects Credo to sustain its competitive advantage due to its vertically integrated business model. The analyst also sees the company delivering better price and performance versus its competitors. CRDO 1Y mountain CRDO 1Y chart "Credo manufactures high-speed, short-range wired connectivity products for the datacenter market, and is the pioneer of a technology called Active Electrical Cables (AECs) — copper-based cables with signal boosting components," he wrote. "AECs provide lower cost, high bandwidth connections with high reliability (no 'link flaps' or intermittent failures) relative to competing technologies for short-range datacenter connections, and we expect this technology to continue proliferating." Data center demand has surged in recent months due to the rising use cases of artificial intelligence. Schneider acknowledged that debates around copper versus optical networking solutions have arisen, but he expects copper solutions to remain mainstream for at least the next five years. Still, he wrote that he is "encouraged by Credo's diversification efforts into optical solutions for datacenters that can help sustain long-term growth." The analyst also applauded Credo's "carefully managed guidance and investor messaging." He sees a favorable risk-reward setup for the stock. Shares of Credo have surged 78% in the past 12 months.
TechnipFMC press release ( FTI ): Q4 Non-GAAP EPS of $0.70 beats by $0.18 . Revenue of $2.52B (+6.3% Y/Y) misses by $20M . The Company’s full-year guidance for 2026 can be found in the table below. Updates to Subsea guidance, previously issued on October 23, 2025, are as follows: Subsea revenue in a range of $9.2 - 9.6 billion, which increased from the previous guidance range of $9.1 - 9.5 billion...
TechnipFMC press release ( FTI ): Q4 Non-GAAP EPS of $0.70 beats by $0.18 . Revenue of $2.52B (+6.3% Y/Y) misses by $20M . The Company’s full-year guidance for 2026 can be found in the table below. Updates to Subsea guidance, previously issued on October 23, 2025, are as follows: Subsea revenue in a range of $9.2 - 9.6 billion, which increased from the previous guidance range of $9.1 - 9.5 billion. Subsea adjusted EBITDA margin in a range of 21 - 22%, which increased from the previous guidance range of 20.5 - 22%. More on TechnipFMC TechnipFMC plc (FTI) Presents at Goldman Sachs Energy, CleanTech & Utilities Conference Transcript TechnipFMC Has Not Become Overvalued, Despite Its Spectacular Rally TechnipFMC: Margin Growth Continuing TechnipFMC Q4 2025 Earnings Preview TechnipFMC wins 'large' engineering contract for BP Gulf of Mexico project
Representatives from more than 45 countries expected to attend initiative aimed at bringing an end to the war in Gaza Authoritarians, strongmen and dictators: who is on Trump’s Board of Peace? In Gaza, the charity Doctors Without Borders, known by its French acronym MSF, said it will continue working in the Palestinian territory for as long as possible following an Israeli decision to end its acti...
Representatives from more than 45 countries expected to attend initiative aimed at bringing an end to the war in Gaza Authoritarians, strongmen and dictators: who is on Trump’s Board of Peace? In Gaza, the charity Doctors Without Borders, known by its French acronym MSF, said it will continue working in the Palestinian territory for as long as possible following an Israeli decision to end its activities there. Earlier this month, Israel announced it will suspend the charity’s operations in Gaza after the humanitarian organisation refused to hand over personal details of its staff members to Israeli authorities. Continue reading...
seb_ra/iStock via Getty Images By Mike Sobolik, Investment Strategist, Direct Real Estate, North America US commercial real estate (CRE) got an encouraging signal. Banks have begun to ease underwriting standards for CRE loans for the first time since interest rates started rising in 2022, according to the January 2026 Senior Loan Officer Opinion Survey (SLOOS) from the Federal Reserve . It suggest...
seb_ra/iStock via Getty Images By Mike Sobolik, Investment Strategist, Direct Real Estate, North America US commercial real estate (CRE) got an encouraging signal. Banks have begun to ease underwriting standards for CRE loans for the first time since interest rates started rising in 2022, according to the January 2026 Senior Loan Officer Opinion Survey (SLOOS) from the Federal Reserve . It suggests lenders are gaining confidence that market conditions have stabilized and that risks are becoming more manageable. This shift toward easing is expected to boost CRE loan origination activity and support property transaction growth, broadening investment opportunities within CRE equity and credit. Similar turns in lending standards have historically tended to occur early in recovery phases, often marking the start of a new capital cycle. Comparable patterns followed the tech downturn in the early 2000s, the post–Global Financial Crisis period beginning in 2011, and the economic reopening after the COVID-19 era stimulus in 2021–2022. (See the chart below.) The January 2026 SLOOS reported a net tightening of -3.16% (negative numbers reflect net easing) across combined CRE loan types, including construction and land development loans, loans secured by nonfarm, nonresidential properties (e.g., office, retail, industrial), and multi-family loans. Anything less than zero means underwriting standards are easing; greater than zero means underwriting standards are tightening. Banks start to ease commercial real estate underwriting standards Tightening standards, all CRE loans, net percentage of banks (%, not seasonally adjusted, axis inverted) Sources: Invesco Real Estate, utilizing data from Moody’s Analytics and the Federal Reserve Senior Loan Officer Opinion Survey (SLOOS), as of Feb. 2, 2026. The relationship between the SLOOS results and commercial real estate capital returns is based on a -0.789 correlation between the net percentage of banks tightening loan standards and one...
Khanchit Khirisutchalual/iStock via Getty Images Every three months, we take a snapshot of the expectations for future earnings in the S&P 500 ( SPX ) at approximately the midpoint of the current quarter, shortly after most U.S. firms have announced their previous quarter's earnings. Or we did, up until this month. The man behind the data we've visualized for this feature, Standard & Poor's Howard...
Khanchit Khirisutchalual/iStock via Getty Images Every three months, we take a snapshot of the expectations for future earnings in the S&P 500 ( SPX ) at approximately the midpoint of the current quarter, shortly after most U.S. firms have announced their previous quarter's earnings. Or we did, up until this month. The man behind the data we've visualized for this feature, Standard & Poor's Howard Silverblatt , retired on January 31, 2026 after 48 years, 8 months, 14 days at S&P! Benedek Vörös, S&P Dow Jones' Index Investment Strategy Director, marked the career milestone just before Howard's final day on the job: This week has given the markets plenty to digest. But for many of us at S&P Dow Jones Indices, the most significant data point isn't on the tape. It’s on the calendar. Tomorrow marks the final day of Howard Silverblatt’s legendary 49-year tenure at our firm. For five decades, Howard’s definitive voice tracked the ebb and flow of the world’s most prominent index with a precision that turned financial math into a narrative art form. Whether he was breaking down S&P 500®, buyback yields for the Wall Street Journal or explaining the compounding power of dividends on CNBC, Howard taught a generation of investors that while price is what you pay, the underlying cash flow is what you get. We hope S&P continues regularly publishing the data series Howard routinely made freely available at the S&P 500's official home on the internet. Including the earnings expectations we're featuring in this article. Although we pulled the data on February 13, 2026 and referenced that date in the following chart, our Winter 2026 snapshot was really taken on January 31, 2026 and has been pulled from Howard's final Earnings & Estimates spreadsheet, which he posted on his last day on the job! The following chart presents how earnings expectations have changed from the end of 2021 through the end of January 2026: The earnings outlook has substantially improved since our Fall 2025 snap...