Pakorn Supajitsoontorn/iStock via Getty Images Market Review With 2026 underway, a few factors are readily apparent across the global fixed income markets: the slow-going bull market remains in the sweet spot; attractive yield levels should continue to accrue into solid returns over the intermediate to longer term; and the unusual geopolitical backdrop and asynchronous central bank cycles should c...
Pakorn Supajitsoontorn/iStock via Getty Images Market Review With 2026 underway, a few factors are readily apparent across the global fixed income markets: the slow-going bull market remains in the sweet spot; attractive yield levels should continue to accrue into solid returns over the intermediate to longer term; and the unusual geopolitical backdrop and asynchronous central bank cycles should continue to create opportunities to add value through active management. Although events like Q1's tariff unveiling and accompanying market swoon created bumps along the way, the ongoing economic expansion with moderate growth and inflation has kept yields generally high and range bound—an environment where the highest-yielding sectors continued to post the highest returns. Although excess returns from spread products were once again positive in 2025—as they have been throughout the three years of the bull market—they were more muted. Spreads are narrower, and the bulk of the capital gains potential from narrowing spreads is well behind us at this point of the cycle. Thanks to the positive yield curve and a slight drop in yields, Treasuries finally outperformed cash and joined the bull market last year. Two prevailing themes from late 2025—renewed divergence across global monetary policy rates and the repricing of term premia—will likely remain at play within developed market rate complexes with 2026 underway. So, while we expect a smaller return contribution from spread product going forward, long-term fixed income should pick up a tailwind from the yield advantage and roll down benefits provided by the newly positive yield curves. In the U.S., the Fed's 25 bp rate cut in December carried a dovish tone, leading to a bull steepening along the curve with only slight movement in the 10-year yield. The narrow move on the 10-year underscored its prevailing low-volatility, range-bound conditions throughout 2025. The low-volatility conditions in the U.S. were further amplified by ...
The annual mass event in Ashbourne, Derbyshire is centuries old and has minimal rules except that competitors must come from one side or the other of a brook that runs through the town Continue reading...
The annual mass event in Ashbourne, Derbyshire is centuries old and has minimal rules except that competitors must come from one side or the other of a brook that runs through the town Continue reading...
March ICE NY cocoa (CCH26 ) today is down -177 (-4.94%), and March ICE London cocoa #7 (CAH26 ) is down -68 (-2.70%). Cocoa prices extended their two-month-long plunge today, falling to 2.5-year nearest-futures lows. Robust global supplies and slack demand are weighing on cocoa prices. Limiting losses in London...
March ICE NY cocoa (CCH26 ) today is down -177 (-4.94%), and March ICE London cocoa #7 (CAH26 ) is down -68 (-2.70%). Cocoa prices extended their two-month-long plunge today, falling to 2.5-year nearest-futures lows. Robust global supplies and slack demand are weighing on cocoa prices. Limiting losses in London...
A handful of software firms including McAfee have released their earnings ahead of schedule in a bid to convince lenders of their resilience to disruption from artificial intelligence. Cybersecurity firm McAfee told its debt investors that preliminary fourth-quarter revenue was $626 million, little changed from the prior year, according to people familiar with the matter. The firm, backed by Adven...
A handful of software firms including McAfee have released their earnings ahead of schedule in a bid to convince lenders of their resilience to disruption from artificial intelligence. Cybersecurity firm McAfee told its debt investors that preliminary fourth-quarter revenue was $626 million, little changed from the prior year, according to people familiar with the matter. The firm, backed by Advent International and Permira Advisers , advanced its earnings to provide clarity during market volatility, said the people, asking not to be identified discussing private information. Rocket Software , the Bain Capital -backed IT modernization firm, disclosed that 2025 revenue rose 5.2% to about $1.4 billion compared with the year earlier, the people said. Meanwhile, Clearlake Capital and Francisco Partners -backed Perforce Software reported a slight decline in annual revenue to $644 million from $654 million in 2024. On a recent call, Perforce management detailed its efforts to drive sales by embedding AI into products, the people said. The software industry has faced a seismic shift as the rapid advance of AI threatens to turn swaths of corporate debt into a burden. “SaaSpocalypse,” as it’s been dubbed, triggered a major selloff in the industry’s debt over fears the disruption will crush revenue growth of tech companies that relied heavily on borrowing. Many private lenders came out in spirited defense of the sector, arguing there are plenty of borrowers that will benefit from AI. Representatives for McAfee, Advent, Permira, Clearlake and Bain declined to comment, while representatives for Francisco Partners, Perforce and Rocket Software didn’t immediately respond to requests for comment. Read More: Distressed Software Loans Swell by $18 Billion in Span of Week McAfee, whose business relies on consumer cybersecurity subscriptions, also told lenders that an adjusted measure of earnings fell by 1% to $292 million in the fourth quarter compared with the year before. The firm,...
Justin Sullivan/Getty Images News Cisco Systems ( CSCO ) tumbled more than 12% followi ng its Q 2 earnings repo rt, despite the networking giant delivering a record $15.35 B in revenue and year-over-year top-line growth of 10%. While the company exceeded Wall Street’s expectations on its headline numbers and raised its full-year gui dance, investors reacted negatively to narrowing gross margins an...
Justin Sullivan/Getty Images News Cisco Systems ( CSCO ) tumbled more than 12% followi ng its Q 2 earnings repo rt, despite the networking giant delivering a record $15.35 B in revenue and year-over-year top-line growth of 10%. While the company exceeded Wall Street’s expectations on its headline numbers and raised its full-year gui dance, investors reacted negatively to narrowing gross margins and the potential for continued profitability pressure. With the sharp pos t-earnings selloff, analyst sentiment has become a battle ground between those focused on a massive AI-driven infrastructure cycle and those wary of rising component costs. What Do Seeking Alpha Analysts Say About Cisco’s Future? Analyst expectations for Cisco are currently divided, reflecting a mix of optimism regarding the “AI-era” transition and skepticism over near-term margin headwinds. Bulls pointed to the company’s massive inflection point in AI infrastructure, noting that orders from hyperscalers reached $2.1B in the second quarter alone . This figure matche d the total AI orders for all of fiscal year 2025. Optimists also highlighted the ongoing campus networking refresh cycle, driven by the end-of-support for legacy products and the rapid adoption of Wi-Fi 7. These analysts believe Cisco is “quietly winning” the AI buildout through its Silicon One architecture and optics portfolio, which are seeing triple-digit growth in specific segments like Acacia. On the other side of the spectrum, s keptics h ighlighted the immediate pressure on profitability as non-GAAP gross margins fell 120 basis points to 67.5%. This decline was largely attributed to soaring memory costs and a shifting product mix, which management expects will continue to weigh on margins in the third quarter. A dditionally, some analysts expressed concern over the high valuation multiples relative to growth, pointing out that Cisco’s PEG ratio remains less attractive than faster-growing peers like Arista Networks ( ANET ). There is...
Get a jump start on the US trading day with Matt Miller and Dani Burger on "Bloomberg Open Interest." Warner Bros. is back at the table with Paramount — and Netflix could be forced into another bidding war. Activists are circling: Starboard targets TripAdvisor, Elliott builds a major stake in Norwegian Cruise Line, and Jana is pushing for change at Fiserv. Meanwhile, Anthropic and the Pentagon hit...
Get a jump start on the US trading day with Matt Miller and Dani Burger on "Bloomberg Open Interest." Warner Bros. is back at the table with Paramount — and Netflix could be forced into another bidding war. Activists are circling: Starboard targets TripAdvisor, Elliott builds a major stake in Norwegian Cruise Line, and Jana is pushing for change at Fiserv. Meanwhile, Anthropic and the Pentagon hit turbulence over surveillance fears — just as investors dump software stocks on AI anxiety. And on Wall Street? The new trade isn’t tech — it’s teams. Goldman Sachs says sports could be the next asset class. (Source: Bloomberg)
JHVEPhoto/iStock Editorial via Getty Images Morgan Stanley on Tuesday upgraded Veeva Systems ( VEEV ) to Equal Weight from Underweight, noting that the provider of customer relationship management (CRM) software better reflects its market risks after its recent sell-off. Analyst Craig Hettenbach pointed out that Veeva ( VEEV ) has fallen 45% since its recent peak in October. He attributed the sell...
JHVEPhoto/iStock Editorial via Getty Images Morgan Stanley on Tuesday upgraded Veeva Systems ( VEEV ) to Equal Weight from Underweight, noting that the provider of customer relationship management (CRM) software better reflects its market risks after its recent sell-off. Analyst Craig Hettenbach pointed out that Veeva ( VEEV ) has fallen 45% since its recent peak in October. He attributed the sell-off to concerns over AI-related disruption in the software sector and the company’s recent performance in the CRM market, where it has lost four of the top 10 pharma companies. “The pendulum has swung too far from overenthusiasm to extreme pessimism,” Hettenbach wrote, adding that “while there are lingering risks from share loss in CRM,” VEEV better reflects the concerns as its stock trades at a 10-year low on an EV/FCF basis. The analyst highlighted VEEV's financial position, including its $6.6B in cash, and called the company's inaugural share repurchase program, announced in January, a “potential support” for the stock. However, Hettenbach lowered his price target on Veeva ( VEEV ) to $205 from $222, assuming a 2x turn decline in EV/FCF to recognize multiple compressions in the software sector. The analyst projected VEEV to provide in-line guidance with a “slight upside” for Q4 2025 when it releases quarterly financials on Mar. 4. More on Veeva Systems Viva La Vida: Here Comes The Rebound For Veeva Systems 44th Annual J.P. Morgan Healthcare Conference Veeva Systems Inc. (VEEV) Presents at 44th Annual J.P. Morgan Healthcare Conference Transcript Samsara gets rating upgrade at BNP Paribas Veeva announces share repurchase program
Earnings Call Insights: Waystar Holding Corp. (WAY) Q4 2025 Management View Matthew Hawkins, CEO, stated that 2025 was a defining year for Waystar, crossing $1 billion in revenue, exceeding both revenue and EBITDA guidance, and completing the acquisition of Iodine Software. "We completed the acquisition of Iodine Software, adding more than 1,000 hospitals and health systems, deep clinical intellig...
Earnings Call Insights: Waystar Holding Corp. (WAY) Q4 2025 Management View Matthew Hawkins, CEO, stated that 2025 was a defining year for Waystar, crossing $1 billion in revenue, exceeding both revenue and EBITDA guidance, and completing the acquisition of Iodine Software. "We completed the acquisition of Iodine Software, adding more than 1,000 hospitals and health systems, deep clinical intelligence and significantly expanding our addressable market." Hawkins emphasized the extension of Waystar’s AI leadership, citing that "Waystar AltitudeAI prevented more than $15 billion in denials for our clients, reduced appeal time by 90% and drove double-digit increases in denial overturn rates." He also highlighted new AI-driven capabilities that cut documentation analysis by 40% and are now powered by data from 1 in 3 U.S. hospital discharges. Key performance indicators included Q4 revenue of $304 million, 24% year-over-year growth, and 12% organic growth. Win rates improved beyond the historical average of more than 80%, and Waystar added 85 clients with trailing 12-month spend above $100,000. Hawkins reported 112% net revenue retention, 97% gross revenue retention, and a Net Promoter Score above 70. "Waystar delivered a record bookings quarter in Q4, and we closed several sizable deals to cap off a strong 2025." He noted that integration with Iodine is ahead of plan, with expectations to realize over 90% of committed cost synergies in fiscal 2026. Steven Oreskovich, CFO, stated, "Revenue increased 24% year-over-year in the fourth quarter to $304 million. Organic revenue grew 12% and Iodine contributed $31 million in the quarter, slightly ahead of our previously communicated expectation." Outlook Oreskovich provided 2026 full year guidance: "We expect revenue of $1.274 billion to $1.294 billion with a midpoint of $1.284 billion, representing 17% year-over-year growth." The guidance assumes normalized organic growth of approximately 10% for both Waystar and Iodine. Sequen...
Earnings Call Insights: Louisiana-Pacific Corporation (LPX) Q4 2025 Management View Jason Ringblom, President, began by recognizing Brad Southern's retirement and emphasized a seamless leadership transition: "We remain fully committed to driving growth, gaining market share, delivering product and process innovation and generating shareholder value in the years to come." Ringblom noted 2025 was a ...
Earnings Call Insights: Louisiana-Pacific Corporation (LPX) Q4 2025 Management View Jason Ringblom, President, began by recognizing Brad Southern's retirement and emphasized a seamless leadership transition: "We remain fully committed to driving growth, gaining market share, delivering product and process innovation and generating shareholder value in the years to come." Ringblom noted 2025 was a challenging year for homebuilding, with tariffs, policy uncertainty, and consumer confidence weighing on demand. Despite these headwinds, Siding business sales grew 8% for the year, with margin expansion driven by ExpertFinish and strong performance in the Shed segment. Ringblom reported Q4 net sales of $567 million, EBITDA of $50 million, and adjusted diluted earnings per share of $0.03. For the full year, Siding achieved 4% higher net selling prices and 4% higher sales volumes, resulting in 8% revenue growth and a 26% EBITDA margin. Shed volumes were up slightly more than 20% year-over-year, while products sold into new residential construction saw a volume decline of 1 to 3 points. Ringblom highlighted that geographic strengths in the Upper Midwest and cautious dealer inventory strategies led to elevated year-end channel inventories. He called out the integration of LP under Chief Commercial Officer and Chief Operating Officer roles, aligning OSB and Siding strategies for sales synergies and operational efficiencies. Alan J. Haughie, Executive VP & CFO, stated, "Revenue increased by 6% with prices, including mix effects, up 8% on a 2% volume decline... ExpertFinish jumped 35%, while Primed volumes fell by 5%." Haughie added that ExpertFinish margins improved by about 8 points year-over-year, with the Siding EBITDA margin for Q4 reaching 25%, up 5 points year-over-year. Outlook Haughie explained that Siding order files have started 2026 weaker than anticipated due to elevated inventories, projecting total volumes in Q1 2026 to be down 15% to 20%, with shed volumes down 25...
tkpond/iStock via Getty Images Hacker Interstellar Is Producing Uneven Results Hacker Interstellar Inc. ( SOUD ) has filed to raise $15 million in a U.S. IPO of its ordinary shares, according to an F-1 registration statement . The company is developing social network voice and AI-related technologies for internet users in emerging markets. However, in the most recent half-year period, user numbers...
tkpond/iStock via Getty Images Hacker Interstellar Is Producing Uneven Results Hacker Interstellar Inc. ( SOUD ) has filed to raise $15 million in a U.S. IPO of its ordinary shares, according to an F-1 registration statement . The company is developing social network voice and AI-related technologies for internet users in emerging markets. However, in the most recent half-year period, user numbers are falling, as are ARPU and financial results. I’ll provide an update when we gain more information about the IPO’s pricing and valuation. What Does Hacker Interstellar Do? The company is developing and commercializing a suite of voice-based AI technologies based on large language models (LLMs) and adapting them for vernacular languages and dialects, principally in Asian, Southeast Asian, and Middle-Eastern countries. SOUD’s technologies include: Voice social app - YoYo. AI/LLM voice model technologies. AI multilingual recommendation engine. Virtual gifts & items. Interactive virtual games. A breakdown of the firm’s revenue contribution by type is shown in the pie chart below: SEC Its Selling expenses as a percentage of revenue have been dropping as revenue has decreased: Selling Expenses vs. Revenue Period Percentage Six Months Ended June 30, 2025 3.1% Year Ended December 31, 2024 3.8% Year Ended December 31, 2023 4.9% Click to enlarge (Source - SEC) Its Selling efficiency rate has turned negative due to falling YoY revenue in the most recent reporting period: Selling Efficiency Rate Period Multiple Six Months Ended June 30, 2025 -2.1 Year Ended December 31, 2024 4.4 Click to enlarge (Source - SEC) SOUD’s core operating leverage ratio is quite good, indicating strong unit economics: Core Operating Leverage Ratio Period Ratio Six Months Ended June 30, 2025 0.28 Six Months Ended June 30, 2024 0.29 Year Ended December 31, 2024 0.28 Year Ended December 31, 2023 0.33 Click to enlarge (Source - SEC) However, the company's Rule of 40 performance is poor due to negative topline ...
On February 17, 2026, Nine Ten Capital Management disclosed in an SEC filing that it sold 33,797 shares of Resolute Holdings Management (NYSE:RHLD) in the fourth quarter, an estimated $5.00 million trade based on quarterly average pricing. According to a filing dated February 17, 2026, Nine Ten Capital Management sold 33,797 shares of Resolute Holdings Management during the fourth quarter. The est...
On February 17, 2026, Nine Ten Capital Management disclosed in an SEC filing that it sold 33,797 shares of Resolute Holdings Management (NYSE:RHLD) in the fourth quarter, an estimated $5.00 million trade based on quarterly average pricing. According to a filing dated February 17, 2026, Nine Ten Capital Management sold 33,797 shares of Resolute Holdings Management during the fourth quarter. The estimated transaction value, based on the quarterly average price, was $5.00 million. At quarter-end, the fund held 92,980 shares valued at $19.19 million. The position’s value increased by $10.05 million, reflecting both trading activity and price movement. Based in New York, Resolute Holdings Management is an alternative asset management platform with a focused team and scalable business model. Continue reading