Welcome back to Canada Daily, the newsletter on business, economics and politics from Vancouver to Montreal and beyond. If this was forwarded to you, sign up here . When Mark Carney’s Liberals won the election last April, they fell just three seats shy of a majority in the House of Commons. That constrains the government’s ability to pass major votes, as it must win the support of at least some op...
Welcome back to Canada Daily, the newsletter on business, economics and politics from Vancouver to Montreal and beyond. If this was forwarded to you, sign up here . When Mark Carney’s Liberals won the election last April, they fell just three seats shy of a majority in the House of Commons. That constrains the government’s ability to pass major votes, as it must win the support of at least some opposition lawmakers (or get some to abstain). Ever since the election, the prime minister has been trying to erase the gap. Now that goal is within reach. Conservative lawmaker Matt Jeneroux, who represents a district in Edmonton, announced that he’s changing sides and joining the Liberals. It’s the third defection from the Conservatives since November — an unusually high number for Canadian politics and a sign of trouble for Conservative Leader Pierre Poilievre. So here’s the math: the Liberals now have 169 seats, and three seats are vacant. If the Liberals win all three byelections, they’ll be at 172 — the thinnest possible majority in the 343-seat House. It will probably come down to Terrebonne, the Montreal-area district the Liberals won by a single vote in April, a result the Supreme Court of Canada nullified last week. In the bigger picture, the Jeneroux crossing will quiet talk of an imminent national election. Carney’s party has been on the upswing in opinion polls over the past month, driven in part by his widely praised speech at the Davos summit and renewed aggressiveness toward Canada from US President Donald Trump. Speculation had been growing that this spring would be a prime opportunity for Carney to try his luck with voters again. Instead, the most likely scenario is that Carney will wait to see how things go in the special elections. Of course, he also has another option: keep trying to convince more Conservatives that life is better on the Liberal side of the aisle. Also in today’s newsletter: a new CEO for Power Corp., a frigid housing market and Buffett’s...
Kaiser Aluminum press release ( KALU ): Q4 Non-GAAP EPS of $1.53 misses by $0.03 . Net sales of $929M (+21.4% Y/Y) beats by $19M . More on Kaiser Aluminum Kaiser Aluminum: Good Performance, Still A Buy After Q3 2025 Kaiser Aluminum Q4 2025 Earnings Preview Alcoa, Kaiser Aluminum cut at Wells Fargo; Constellium new favorite aluminum processor Seeking Alpha’s Quant Rating on Kaiser Aluminum Historic...
Kaiser Aluminum press release ( KALU ): Q4 Non-GAAP EPS of $1.53 misses by $0.03 . Net sales of $929M (+21.4% Y/Y) beats by $19M . More on Kaiser Aluminum Kaiser Aluminum: Good Performance, Still A Buy After Q3 2025 Kaiser Aluminum Q4 2025 Earnings Preview Alcoa, Kaiser Aluminum cut at Wells Fargo; Constellium new favorite aluminum processor Seeking Alpha’s Quant Rating on Kaiser Aluminum Historical earnings data for Kaiser Aluminum
Moussa81/iStock via Getty Images OR Royalties ( OR ) said it agreed to acquire a portfolio of precious metals assets consisting of eight royalties from Gold Fields ( GFI ) for a combined $115M, anchored by a 1.5% net smelter return royalty on Compañía de Minas Buenaventura's ( BVN ) newly producing San Gabriel gold and silver mine in Peru. OR Royalties ( OR ) said the deal adds immediate gold equi...
Moussa81/iStock via Getty Images OR Royalties ( OR ) said it agreed to acquire a portfolio of precious metals assets consisting of eight royalties from Gold Fields ( GFI ) for a combined $115M, anchored by a 1.5% net smelter return royalty on Compañía de Minas Buenaventura's ( BVN ) newly producing San Gabriel gold and silver mine in Peru. OR Royalties ( OR ) said the deal adds immediate gold equivalent ounces to its expected deliveries for 2026; contributes to its growth outlook with a forecast GEO delivery range of 80K-90K GEOs in 2026, growing to an expected GEO delivery range of 120K-130K in 2030, including both San Gabriel and Galiano Gold's ( GAU ) Nkran mine; and adds development and exploration assets in tier-1 mining jurisdictions. Mill throughput at San Gabriel, which produced its first gold and silver in December, is expected to ramp up from 2K metric tons/day in 2026 to 3,100 tons/day from 2028 onwards until an expected expansion is eventually completed towards the end of this decade, further boosting the production rate to 4K tons/day. More on OR Royalties OR Royalties: Debt-Free Compounder With Upside OR Royalties Analyst/Investor Day - Slideshow Seeking Alpha’s Quant Rating on OR Royalties
aprott/iStock via Getty Images Intro I think it's good to start with taking the line from my last piece, which, to me, describes Structure Therapeutics Inc. ( GPCR ) as a business really well: It is a GLP‑1 oral pure play trying to access one of today’s largest and fastest‑growing segments in the pharma industry. My last analysis on Structure was written back in October last year, and the headline...
aprott/iStock via Getty Images Intro I think it's good to start with taking the line from my last piece, which, to me, describes Structure Therapeutics Inc. ( GPCR ) as a business really well: It is a GLP‑1 oral pure play trying to access one of today’s largest and fastest‑growing segments in the pharma industry. My last analysis on Structure was written back in October last year, and the headline— Structure Therapeutics: The Dark Horse in the Oral Obesity GLP‑1 Arena —in my view, reflected the situation at that time very well. Structure’s market cap stood at about $1.3 billion, and the company was widely seen as one of the many “me‑too” contenders trying to break into the enormously valuable weight‑loss pill market . Back then, there was only one pill on the market that fit the definition of a modern GLP‑1 anti‑obesity drug: Novo Nordisk’s ( NVO ) Rybelsus. As a reminder, Rybelsus has been marketed since 2019, approved for treating type 2 diabetes, with annual sales of roughly $3 billion. Fast forward to today—Structure now has a market cap of around $5 billion, nearly 4 times higher than five months ago. The share price has risen more than threefold, from $22 to around $70. At this point, I think it’s fair to say that the dark horse has become a front-runner, with meaningfully improved odds of competing for the highest potential rewards. It next reports earnings on February 27th. Developments Since October 2025 Key developments in the broader weight‑loss market • Novo Nordisk has gained market access with its Wegovy pill, which was cleared by the FDA in December and launched commercially at the beginning of January. Initial uptake has been robust, coming in above expectations. • Weight‑loss drug prices have come down so significantly after the Novo/Lilly agreement with the U.S. administration that one could argue the entire segment’s dynamics look completely different from just three months ago. The previous model—heavily dependent on prescription‑based reimbursem...
ZeynepKaya/E+ via Getty Images Nick Timiraos, in the Wall Street Journal, produced a picture of the dilemma that is setting the stage for the future of Federal Reserve monetary policy. "Jerome Powell, whose term as Fed chair ends in May, has guided the economy through the worst inflation in four decades and relentless political pressure to change course." "He is poised to leave with the soft landi...
ZeynepKaya/E+ via Getty Images Nick Timiraos, in the Wall Street Journal, produced a picture of the dilemma that is setting the stage for the future of Federal Reserve monetary policy. "Jerome Powell, whose term as Fed chair ends in May, has guided the economy through the worst inflation in four decades and relentless political pressure to change course." "He is poised to leave with the soft landing closer than anyone had good reason to expect. But it isn’t secured." "If the economy stays strong, the White House might find itself demanding rate cuts that solid growth wouldn’t historically justify." "Whether President Trump’s choice to succeed Powell, Kevin Warsh, inherits a mandate to consolidate recent gains or push for something more ambitious could determine what comes next." Since the first quarter of 2022, the U.S. economy has been growing by around 2.5 percent year-over-year. Growth of Real GDP: Year-over-year (Federal Reserve) This rate of growth of the economy is a very acceptable rate and appears to be quite sustainable. Starting with the third quarter of 2009 and running to the first quarter of 2020, the longest economic expansion in U.S. history, the U.S. economy grew at a compound rate of 2.4 percent. The U.S. economy experienced a recession...the shortest in U.S. history...followed by a bout of inflation...the worst in four decades...which forced Mr. Powell and the Federal Reserve System to begin a policy of "quantitative tightening" in March 2022. The policy of "quantitative tightening" was simply an effort to reduce, steadily, the amount of securities held outright in the Fed's portfolio. Below is the picture of the securities portfolio over the next three years and nine months. The Fed began a policy stance of quantitative easing at the start of December 2025. Securities Held Outright (Federal Reserve) This quantitative tightening has left Mr. Powell "poised to leave with the soft landing closer than anyone had good reason to expect." And, Mr. Powell...
OR Royalties press release ( OR ): Q4 Non-GAAP EPS of $0.32 beats by $0.02 . Revenue of $90.46M (+59.4% Y/Y). More on OR Royalties Inc. OR Royalties: Debt-Free Compounder With Upside OR Royalties Inc. (OR:CA) Analyst/Investor Day - Slideshow Seeking Alpha’s Quant Rating on OR Royalties Inc. Historical earnings data for OR Royalties Inc. Dividend scorecard for OR Royalties Inc.
OR Royalties press release ( OR ): Q4 Non-GAAP EPS of $0.32 beats by $0.02 . Revenue of $90.46M (+59.4% Y/Y). More on OR Royalties Inc. OR Royalties: Debt-Free Compounder With Upside OR Royalties Inc. (OR:CA) Analyst/Investor Day - Slideshow Seeking Alpha’s Quant Rating on OR Royalties Inc. Historical earnings data for OR Royalties Inc. Dividend scorecard for OR Royalties Inc.
winyuu/iStock via Getty Images Note: I have covered Ceragon Networks Ltd. (NASDAQ: CRNT ) or "Ceragon" previously, so investors should view this article as an update to my earlier work on the company. Earlier this week, wireless backhaul solutions provider Ceragon Networks reported fourth quarter and full year 2025 results in line with the business update provided in early January: Company Press R...
winyuu/iStock via Getty Images Note: I have covered Ceragon Networks Ltd. (NASDAQ: CRNT ) or "Ceragon" previously, so investors should view this article as an update to my earlier work on the company. Earlier this week, wireless backhaul solutions provider Ceragon Networks reported fourth quarter and full year 2025 results in line with the business update provided in early January: Company Press Releases/Regulatory Filings While Q4 sales were impacted by a large North American customer deferring previously scheduled deliveries into 2026, the company generated strong cash flow from operations and reduced outstanding borrowings by almost 40%. Over the course of 2025, the company has experienced substantial sales declines in India, mostly as a result of key customer Vodafone Idea's financial woes . Company Press Releases However, this has been partially offset by progress in the North American market, with backlog almost doubling on a year-over-year basis. While 2025 has not played out as originally expected, management anticipates a return to growth this year. Despite headwinds from spiking memory prices, non-GAAP gross margin and operating margin are expected to increase, as outlined in more detail on the conference call : (...) we expect 2026 revenue to be between $355 million and $385 million, consistent with the guided revenues range we shared in early January. We also see an improvement of approximately 1 percentage point in our non-GAAP gross margin at the midpoint of our provided revenue range, primarily driven by improved revenue mix between North America and India as well as additional cost reduction initiatives we are working on. This effort also includes a plan to overcome the recent spike in the price of memory components in the market. All in all, we expect our non-GAAP operating margin for 2026 to be between 6.5% to 7.5% at the midpoint of the revenue range. At the midpoint of the provided ranges, sales would increase by approximately 10% on a year-over-...
KKR Co-Head of Credit & Markets Christopher Sheldon discusses the firm’s 2026 credit strategy report and the challenges investors face in a market with tight credit spreads amid rising M&A activity. He speaks with Dani Burger on Bloomberg’s Deals. (Source: Bloomberg)
KKR Co-Head of Credit & Markets Christopher Sheldon discusses the firm’s 2026 credit strategy report and the challenges investors face in a market with tight credit spreads amid rising M&A activity. He speaks with Dani Burger on Bloomberg’s Deals. (Source: Bloomberg)
March Nymex natural gas (NGH26 ) on Wednesday closed down by -0.020 (-0.66%). March nat-gas prices on Wednesday added to Tuesday's sharp losses and posted a 4-month nearest-futures low. Nat-gas prices are slumping as weather forecasts call for above-normal temperatures across the eastern half of the US for the rest...
March Nymex natural gas (NGH26 ) on Wednesday closed down by -0.020 (-0.66%). March nat-gas prices on Wednesday added to Tuesday's sharp losses and posted a 4-month nearest-futures low. Nat-gas prices are slumping as weather forecasts call for above-normal temperatures across the eastern half of the US for the rest...
(RTTNews) - Occidental Petroleum Corporation (OXY) on Wednesday announced a net loss attributable to common stockholders of $68 million, or $0.07 per share, compared to $297 million, or $0.30 per share, last year.
(RTTNews) - Occidental Petroleum Corporation (OXY) on Wednesday announced a net loss attributable to common stockholders of $68 million, or $0.07 per share, compared to $297 million, or $0.30 per share, last year.
Tenaris press release ( TS ): Q4 GAAP EPS of $0.87 beats by $0.10 . Revenue of $3B (+5.3% Y/Y) beats by $40M . Shares +1.53% . Market Background and Outlook Although oil and gas prices remain volatile amidst contrasting near-term oversupply and geopolitical concerns, oil and gas companies are looking at a resilient longer-term demand outlook and the need to replace production declines as they adva...
Tenaris press release ( TS ): Q4 GAAP EPS of $0.87 beats by $0.10 . Revenue of $3B (+5.3% Y/Y) beats by $40M . Shares +1.53% . Market Background and Outlook Although oil and gas prices remain volatile amidst contrasting near-term oversupply and geopolitical concerns, oil and gas companies are looking at a resilient longer-term demand outlook and the need to replace production declines as they advance their investment plans. Drilling activity in the United States and Canada is expected to remain near current levels after the modest decline seen in the second half of 2025. In the rest of the world, we do not expect major changes compared to current activity levels in the near term. In the United States, despite the increase in tariffs on imported steel products, OCTG prices are still around the same level as before the application of the tariffs. We expect that they will eventually respond to the tariffs on imports and the increases in raw material costs for domestic producers. For the first quarter of 2026, we expect our sales and margins to remain close to current levels. More on Tenaris Tenaris: 'The Coiling Spring' Of The Energy Patch Tenaris: $600M Buyback, Stable Margins, And A Cash Fortress In Energy (Rating Downgrade) Tenaris Q3 And 2025E Update: Continued Risk, Especially With Market Downside Tenaris Q4 2025 Earnings Preview Seeking Alpha’s Quant Rating on Tenaris
DigitalBridge ( NYSE: DBRG ) on Wednesday said that one of its investment funds, along with Advencap and Soho Square Capital, has agreed to sell Substantial Group, the parent company of UK wholesale fibre operator Netomnia. Under the agreement, Netomnia will be acquired by nexfibre for an enterprise value of 2 billion pounds. DigitalBridge said it invested in Netomnia in 2022 to support the expans...
DigitalBridge ( NYSE: DBRG ) on Wednesday said that one of its investment funds, along with Advencap and Soho Square Capital, has agreed to sell Substantial Group, the parent company of UK wholesale fibre operator Netomnia. Under the agreement, Netomnia will be acquired by nexfibre for an enterprise value of 2 billion pounds. DigitalBridge said it invested in Netomnia in 2022 to support the expansion of the company’s fibre network and operations. The transaction is subject to customary regulatory approvals and other closing conditions. DBRG -0.0% after hours to $15.41. Source: Press Release More on DigitalBridge DigitalBridge: The Unclear Future Of The Preferreds After The SoftBank Acquisition DigitalBridge: SoftBank Deal Leaves ~7% On The Table - Is That It, Or More To Come? SoftBank's $4 Billion Bet - Acquiring DigitalBridge To Power The AI Future Mastercard, American Express, Visa among losers; DigitalBridge in top performers: week's financials wrap Biggest stock movers Monday: DigitalBridge, Ultragenyx Pharmaceutical
Community Health Systems press release ( CYH ): Q4 Net Operating Revenue of $3.11B (-4.9% Y/Y) misses by $30M . Adjusted EBITDA of $395M. More on Community Health Systems Community Health Systems: Why I Am Upholding A Risky Buy Rating In 2026 Community Health Systems Q4 2025 Earnings Preview Community Health Systems redeems $222.5M of 2032 senior secured notes Seeking Alpha’s Quant Rating on Commu...
Community Health Systems press release ( CYH ): Q4 Net Operating Revenue of $3.11B (-4.9% Y/Y) misses by $30M . Adjusted EBITDA of $395M. More on Community Health Systems Community Health Systems: Why I Am Upholding A Risky Buy Rating In 2026 Community Health Systems Q4 2025 Earnings Preview Community Health Systems redeems $222.5M of 2032 senior secured notes Seeking Alpha’s Quant Rating on Community Health Systems Historical earnings data for Community Health Systems
Proposal to replant inside a different type of protected woodland would not replicate diversity of cleared sites used by threatened cockatoo species, conservationists say Get our breaking news email , free app or daily news podcast Property developers in Perth plan to bulldoze an endangered banksia ecosystem used by threatened black cockatoo species, and conservationists have warned the damage can...
Proposal to replant inside a different type of protected woodland would not replicate diversity of cleared sites used by threatened cockatoo species, conservationists say Get our breaking news email , free app or daily news podcast Property developers in Perth plan to bulldoze an endangered banksia ecosystem used by threatened black cockatoo species, and conservationists have warned the damage cannot be mitigated by proposed offsets. The developers want to replant the banksia ecosystem within a different type of protected woodland – a proposal that a leading botanist said was doomed to fail. Continue reading...
Industrial Logistics Properties ( ILPT ): Q4 FFO of $0.27 misses by $0.01 . Rental income of $113.91M. More on Industrial Logistics Properties Industrial Logistics Properties: A Solid Industrial REIT Up 70% In Past Year Industrial Logistics Properties Q4 2025 Earnings Preview Top 10 small-cap stocks with highest dividend growth grade Seeking Alpha’s Quant Rating on Industrial Logistics Properties ...
Industrial Logistics Properties ( ILPT ): Q4 FFO of $0.27 misses by $0.01 . Rental income of $113.91M. More on Industrial Logistics Properties Industrial Logistics Properties: A Solid Industrial REIT Up 70% In Past Year Industrial Logistics Properties Q4 2025 Earnings Preview Top 10 small-cap stocks with highest dividend growth grade Seeking Alpha’s Quant Rating on Industrial Logistics Properties Historical earnings data for Industrial Logistics Properties
Macerich ( MAC ) Q4 earnings exceeded the average analyst estimate as revenue grew, expenses came in lower than expected, and occupancy improved from the prior quarter. Q4 adjusted FFO per share of $0.48, beating the average analyst estimate of $0.44, rose from $0.35 in Q3 and $0.47 in Q4 2024. Q4 revenue of $261.7M, topping the $260.5M consensus, increased from $253.3M in the previous quarter and...
Macerich ( MAC ) Q4 earnings exceeded the average analyst estimate as revenue grew, expenses came in lower than expected, and occupancy improved from the prior quarter. Q4 adjusted FFO per share of $0.48, beating the average analyst estimate of $0.44, rose from $0.35 in Q3 and $0.47 in Q4 2024. Q4 revenue of $261.7M, topping the $260.5M consensus, increased from $253.3M in the previous quarter and declined from $273.7M a year ago. Macerich ( MAC ) stock ticked up 0.1% in after-hours trading on Wednesday. Total expenses of $281.7M edged up from $281.1M in Q3 and $268.5M in Q4 2024. Shopping center and operating expenses of $81.6M, better than the Visible Alpha consensus of $86.8M, rose from $79.8M in the prior quarter and dropped from $87.1M a year ago. At Dec. 31, 2025, portfolio occupancy was 94.0%, beating the Visible Alpha estimate of 93.7% and rising from 93.4% at Sept. 30, 2025, but down a tick from 94.1% at Dec. 31, 2024. Go-forward portfolio centers net operating income (NOI), excluding lease termination income, rose 1.7% Y/Y vs. +1.7% Y/Y in Q3. Base rent re-leasing spreads were 6.7% greater than expiring base rent for the trailing 12 months ended Dec. 31, 2025, marking the 17th straight quarter of positive base rent leasing spreads. Macerich said it completed important milestones in its Path Forward Plan in 2025 and has a clear path for this year. "For 2026, our focus will be on completing our leasing pipeline, ensuring tenants are moved in and commencing rent on time, solidifying remaining lease expiration, completing the targeted dispositions, and continuing to evaluate new acquisition opportunities that are accretive to the plan in a disciplined manner," said President and CEO Jack Hsieh. Conference call at 5:00 PM ET. More on Macerich Macerich: Deleveraging Balance Sheet And Redevelopments To Limit Downside Risk Macerich FFO of $0.48 beats by $0.04, revenue of $261.7M beats by $1.22M Seeking Alpha’s Quant Rating on Macerich Historical earnings data for ...
The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative perfor...
The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.
La información financiera y operativa incluida en este comunicado de prensa está basada en estados contables consolidados auditados presentados en dólares estadounidenses (USD) y preparados de acuerdo con las Normas Internacionales de Información Financiera, según fueron emitidas por la Junta de Normas Internacionales de Contabilidad y adoptadas por la Unión Europea (Normas de Contabilidad NIIF). ...
La información financiera y operativa incluida en este comunicado de prensa está basada en estados contables consolidados auditados presentados en dólares estadounidenses (USD) y preparados de acuerdo con las Normas Internacionales de Información Financiera, según fueron emitidas por la Junta de Normas Internacionales de Contabilidad y adoptadas por la Unión Europea (Normas de Contabilidad NIIF). Asimismo, este comunicado de prensa incluye medidas alternativas del rendimiento que no son NIIF, es decir, EBITDA, Flujo libre de efectivo, Efectivo/deuda neta y Días de capital de trabajo operativo. Para más información sobre estas medidas alternativas del rendimiento, ver el Anexo I.
Earnings Call Insights: SolarEdge Technologies (SEDG) Q4 2025 Management View CEO Yehoshua Nir highlighted significant progress on the company's turnaround plan, stating, "Fourth quarter revenue was up 70% year-over-year without the benefit of any significant one-time pull forward of revenue, and outperformed the typical seasonal decline." He emphasized margin expansion, cash flow improvements, an...
Earnings Call Insights: SolarEdge Technologies (SEDG) Q4 2025 Management View CEO Yehoshua Nir highlighted significant progress on the company's turnaround plan, stating, "Fourth quarter revenue was up 70% year-over-year without the benefit of any significant one-time pull forward of revenue, and outperformed the typical seasonal decline." He emphasized margin expansion, cash flow improvements, and market share gains across U.S. residential, commercial, and storage segments, as well as European C&I. Nir described 2025 as a year of defense and stabilization, with 2026 set to be "about shifting to offense while keeping this discipline intact." The company plans to focus on profitable growth, scaling the Nexis platform, and investing in high-growth adjacencies such as AI data center power. The CEO noted the introduction of the Single SKU concept and the launch of several new products, including initial units of the Nexis platform. He said, "We also introduced the Single SKU concept, which has received extremely positive feedback from our customers." Nir announced SolarEdge's number one share position in the U.S. C&I market and stated intentions to drive further share gains, especially as "48E is the only available tax credit in residential solar." On innovation, the Nexis launch was confirmed for March 19 in Germany, with Nir sharing, "Our first customers have told us that this is the best SolarEdge product ever." The CEO also detailed the company's move into AI data center power, citing ongoing developments in solid-state transformer technology and engagements with "potential customers and ecosystem partners." CFO Asaf Alperovitz reported, "Non-GAAP revenues for the fourth quarter were $334 million, up 70% year-over-year, and slightly down quarter-over-quarter, outperforming the typical seasonal decline of 10% to 15%." He added, "Non-GAAP gross margin this quarter was up significantly to 23.3% compared to 18.8% in Q3, just above the high end of our guidance." Alperovi...