SteveOehlenschlager/iStock via Getty Images Northern Oil and Gas ( NOG ) down 1.4% in Thursday's trading as Raymond James downgrades to Outperform from Strong Buy with a $35 price target, trimmed from $37, saying the company has ~70% of its oil production hedged in FY 2026 at ~$70/bbl, which creates near-term headwinds in the current oil environment relative to less-hedged peers. Northern Oil ( NO...
SteveOehlenschlager/iStock via Getty Images Northern Oil and Gas ( NOG ) down 1.4% in Thursday's trading as Raymond James downgrades to Outperform from Strong Buy with a $35 price target, trimmed from $37, saying the company has ~70% of its oil production hedged in FY 2026 at ~$70/bbl, which creates near-term headwinds in the current oil environment relative to less-hedged peers. Northern Oil ( NOG ) said on its Q1 earnings conference call that the long-dated oil strip is what matters most regardless of current swings in spot prices; while underlying asset valuation is dramatically more dependent on the long-term commodity outlook—which is why Northern ( NOG ) continues to merit a favorable valuation and rating—Raymond James analyst John Freeman says the company's hedge position "creates some near-term headwinds in the robust oil environment relative to less-hedged peers." While the hedge position is unfortunate, Freeman thinks Northern ( NOG ) will beat its production guidance on improving activity; management guided to the top of the low-end activity scenario guidance, but the analyst expects oil volumes will come in within the high-activity scenario. "Overall, our bullish thesis on oil for 2H26 relative to the current strip puts NOG at a disadvantage, but next year the combination of increasing industry activity and much smaller hedge profile creates a favorable outlook," Freeman writes. More on Northern Oil & Gas Northern Oil and Gas: How I Value This Upstream Operator In 2026 Northern Oil and Gas: The Best Money Could Buy Right Now Northern Oil and Gas Q1 2026 Earnings Call Presentation
A closure of the Strait of Hormuz through August raises the risk of an economic downturn that comes close to the scale of the Great Recession in 2008, according to Rapidan Energy Group. The advisory firm’s base case assumes the waterway reopens in July, resulting in an average oil demand reduction of 2.6 million barrels a day and the spot-market price for benchmark Brent crude peaking near $130 a ...
A closure of the Strait of Hormuz through August raises the risk of an economic downturn that comes close to the scale of the Great Recession in 2008, according to Rapidan Energy Group. The advisory firm’s base case assumes the waterway reopens in July, resulting in an average oil demand reduction of 2.6 million barrels a day and the spot-market price for benchmark Brent crude peaking near $130 a barrel over the summer. However, a disruption beyond then would require even greater demand erosion to offset the supply shock through August and September — potentially enough to trigger an annual decline in global oil consumption in 2026. Several leading forecasters already expect a rare contraction in worldwide demand this year. Oil prices have nearly doubled since late February as the war between the US, Israel and Iran upends global markets and triggers concern about a simultaneous spike in inflation and slowdown in growth. “The current macro setup is less extreme than the 1970s or 2007 to 08,” Rapidan analysts wrote in a note, citing economies that are less oil-intensive and more credible monetary policy frameworks. “But that relatively stronger starting point doesn’t neutralize the risk that continued oil price spikes would exacerbate financial and macroeconomic vulnerabilities.” A delay until August would deepen the third-quarter supply deficit to roughly 6 million barrels a day, the firm said, just as inventories approach operationally challenging levels. Even with an early-August restart, markets would tighten before any relief is felt, as crude inventories continue declining into September while Arab Gulf production gradually rebounds and shipments begin reaching destinations, according to Rapidan.
Last night, artificial intelligence and market leader NVIDIA (NVDA) again blew out earnings. Nevertheless, the reaction to NVDA’s earnings was muted, as the blowout earnings appeared to already be priced in. Meanwhile, on Thursday, U.S. equities erased early losses to finish the session green amid fresh hopes of a U.S./Iran deal. Let’s break down the different crosscurrents that exist in this mark...
Last night, artificial intelligence and market leader NVIDIA (NVDA) again blew out earnings. Nevertheless, the reaction to NVDA’s earnings was muted, as the blowout earnings appeared to already be priced in. Meanwhile, on Thursday, U.S. equities erased early losses to finish the session green amid fresh hopes of a U.S./Iran deal. Let’s break down the different crosscurrents that exist in this market to give investors an idea of what might be to come over the next few months. Technical View: Bulls Remain Firmly in Control, Though Targets Have Been Met in Some Stocks The Nasdaq 100 Index (QQQ) just delivered one of the most impressive two-month gains ever. Since bottoming in late March, QQQ has gained approximately 30% off the lows – highly unusual action for a market coming out of a correction (and not a full-fledged bear market like COVID or Tariffs). Although QQQ has come a long way, the bulls remain in control. QQQ continues to hold the short-term 10-day moving average and is currently forming a daily bull flag pattern. Zacks Investment Research Image Source: TradingView At the same time, a handful of leading stocks have reached extreme Fibonacci 4.236%, including Micron (MU) and SanDisk (SNDK). Zacks Investment Research Image Source: TradingView Conversely, other stocks like Cipher Mining (CIFR) are setting up bullish base structures but have yet to break out. Zacks Investment Research Image Source: TradingView Seasonality & Sentiment: Mixed Historical seasonality trends suggest that equities tend to pause in the months leading up to midterm elections. With the S&P 500 Index already up more than 25% in Trump’s second term, a pause at these levels would not be a huge surprise. Zacks Investment Research Image Source: @RyanDetrick, Carson Research, FactSet Meanwhile, despite the historic run off the market lows, investor sentiment is surprisingly subdued. In fact, according to the AAII Investor Sentiment Survey, bearish sentiment currently outweighs bullish sentimen...
Elena Alex photo/iStock via Getty Images Equity Residential ( EQR ) stock slipped 0.8%, and AvalonBay Communities ( AVB ) stock fell 1.5% in late afternoon trading on Thursday after they announced a merger of equals , combining two of the largest apartment REITs in the U.S. The transaction had been expected after Bloomberg reported about three weeks ago that the merger was being discussed. In the ...
Elena Alex photo/iStock via Getty Images Equity Residential ( EQR ) stock slipped 0.8%, and AvalonBay Communities ( AVB ) stock fell 1.5% in late afternoon trading on Thursday after they announced a merger of equals , combining two of the largest apartment REITs in the U.S. The transaction had been expected after Bloomberg reported about three weeks ago that the merger was being discussed. In the past month, AvalonBay ( AVB ) shares rose ~4.2%, and Equity Residential's ( EQR ) increased ~3.4%. The stock decline on both sides of the deal is perhaps one sign that this is a true merger of equals. Often, companies will call a deal a "merger of equals" when one company is acquiring another. The two REITs will combine in the largest REIT merger ever, said Mizuho analyst Haendel St. Juste. The deal creates the largest apartment REIT “by far” and the eighth largest REIT on a market cap basis. Their operations will span major coastal markets, including New York City, Boston, San Francisco, Los Angeles, and Washington, DC, and growth markets such as Dallas, Atlanta, Denver, southeast Florida, and Charlotte, noted Evercore ISI analyst Steve Sakwa. One way to tell the difference between an acquisition and a merger is that the exchange of stock doesn't provide a premium to shareholders that get new shares for their existing ones. In this case, AvalonBay ( AVB ) stockholders will get 2.793 shares of Equity Residential ( EQR ) common stock for each AVB share held. Based on Wednesday's closing price, that values each AVB share at $185.12, compared with AVB's closing price of $186.69 at the close. With the exchange ratio, AvalonBay ( AVB ) shareholders get slightly more than half (51.2%) of the combined REIT's number of common shares outstanding on a fully diluted basis. Conversely, EQR holders get the remaining 48.8%. The merged company's governance also indicates that the deal is a true merger. The board will be made up of seven trustees from Equity Residential ( EQR ) and seven e...
Earnings Call Insights: Williams-Sonoma (WSM) Q1 2027 Management View “We are off to a strong start in fiscal 2026. In Q1, our comp came in at 4.8%.” (President, CEO & Director Laura Alber) She said the quarter included “strength in both our retail and DTC channels,” with “Furniture and non-furniture trends” described as strong, and highlighted profitability with “an operating margin of 16.2%, ahe...
Earnings Call Insights: Williams-Sonoma (WSM) Q1 2027 Management View “We are off to a strong start in fiscal 2026. In Q1, our comp came in at 4.8%.” (President, CEO & Director Laura Alber) She said the quarter included “strength in both our retail and DTC channels,” with “Furniture and non-furniture trends” described as strong, and highlighted profitability with “an operating margin of 16.2%, ahead of expectations,” while “absorbing tariffs and higher fuel costs.” Alber emphasized capital returns and reiterated annual guidance despite Q1 outperformance: “We returned $373 million to our investors through share buybacks and dividends,” and “despite our beat in the first quarter, we are not raising guidance as it is early in the year, and there's a lot of uncertainty in the external environment.” Alber detailed portfolio and leadership updates, including Pottery Barn: “we announced the promotion of Jennifer Kellor to the role of President of Pottery Barn,” and “we announced former Pottery Barn President, Monica Bhargava's departure from the company.” She also announced “Dormify as our 10th brand,” and said West Elm’s momentum supports “return to store count growth with 5 West Elm openings planned in 2026.” “Q1 net revenues finished at $1.81 billion with comp growth of 4.8%.” (Executive VP & CFO Jeff Howie) He also said, “We accelerated our market share gains as the home furnishings market declined in the low single digits in Q1.” Outlook “We are reiterating the annual guidance we provided on our Q4 call.” (President Alber) She said FY2026 assumptions include “comp brand revenue growth of 2% to 6%” and “an operating margin in the range of 17.5% to 18.1%,” while “not building in a meaningful housing recovery” and assuming continued volatility across “tariffs and interest rates.” “We expect fiscal year '26 net revenue comps to be in the range of 2% to 6%, with total net revenue growth of 2.7% to 6.7%.” (Executive VP & CFO Howie) He added: “Our guidance does not contempla...
Tesla and SpaceX CEO Elon Musk arrives to the inauguration of U.S. President-elect Donald Trump in the Rotunda of the U.S. Capitol on Jan. 20, 2025 in Washington, DC. Chip Somodevilla | Via Reuters After SpaceX filed to go public in what may be a record breaking IPO, some are hypothesizing another major event on Wall Street: a merger between the spacecraft maker and Tesla . "Step by step the holy ...
Tesla and SpaceX CEO Elon Musk arrives to the inauguration of U.S. President-elect Donald Trump in the Rotunda of the U.S. Capitol on Jan. 20, 2025 in Washington, DC. Chip Somodevilla | Via Reuters After SpaceX filed to go public in what may be a record breaking IPO, some are hypothesizing another major event on Wall Street: a merger between the spacecraft maker and Tesla . "Step by step the holy grail could be combining SpaceX and Tesla in some way to give the connected tissue between both disruptive tech stalwarts looking to lead the AI Revolution," wrote Wedbush analyst Dan Ives, who expects the two companies to merge by next year. A combination of the two companies could make sense. After all, both count Elon Musk as their CEO. Ives also noted that Musk "wants to own and control more of the AI ecosystem," something a SpaceX-Tesla merger could facilitate. However, speculation is divided among analysts and traders. Kalshi traders placed only 33% odds that it will happen before May 2027 and even less chances for earlier months. On Friday, traders saw a nearly 77% chance the merger would happen before April 2027 but those chances plunged roughly 40 percentage points the next day. The timing of the merger may be ideal for Tesla. In China, the company fell fell behind competitors BYD and automotive conglomerates Geely and Chery for the highest number of electric vehicles in the country in April, according to monthly wholesale figures from the China Passenger Car Association. BYD even defeated Tesla as the leading top electric vehicle last year. Merger rumors are not new. Tesla and SpaceX, which also owns artificial intelligence company xAI, are already developing the semiconductor fabrication plant Terafab in East Texas. The project would manufacture chips for the two companies and filings show it can cost up to to $119 billion. Musk also sparked conversation on the merger during last month's earnings call when he explained the challenges of two companies working on T...
Key Points Social Security payroll taxes are currently 12.4%, split between employee and employer. An increase of 4.27 percentage points would be necessary to avoid future benefit cuts. The government hasn't made any decisions yet about how it will handle the program's impending insolvency. The $23,760 Social Security bonus most retirees completely overlook › It's one of the biggest financial worr...
Key Points Social Security payroll taxes are currently 12.4%, split between employee and employer. An increase of 4.27 percentage points would be necessary to avoid future benefit cuts. The government hasn't made any decisions yet about how it will handle the program's impending insolvency. The $23,760 Social Security bonus most retirees completely overlook › It's one of the biggest financial worries plaguing workers and retirees today: What happens to Social Security benefits once their trust funds are depleted? While projections now indicate that this could happen as soon as 2032, the government still has no plan to avoid benefit cuts of roughly 28%. This isn't because people are out of ideas. It's because the ideas we have are likely to be very unpopular. Many involve raising taxes, either on beneficiaries and workers, and that could have far-reaching implications for everyone. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » How much would payroll taxes need to increase to avoid Social Security benefit cuts? Social Security payroll taxes provided nearly $1.3 trillion in revenue to the program in 2024 -- by far the program's largest source of income. This 12.4% tax is currently split equally between employees and employers, though self-employed individuals pay the full 12.4% themselves. Increasing this tax is one possible way to avoid or minimize future Social Security benefit cuts, but it would make life more difficult for millions of American workers, especially those already struggling to make ends meet. Higher Social Security taxes would reduce take-home pay without providing any immediate benefit, making it even more difficult for workers to save for retirement on their own. The Social Security Trustees Report, released in June 2025, estimated that to avoid benefit cuts entirely, the payrol...
Rubio: Diplomacy Will Be Rendered 'Impossible' If Iran Enacts Hormuz Toll System Iran has been seeking to significantly expand the area around the Strait of Hormuz over which it claims military control by this week advancing the newly-created government agency of the "Persian Gulf Strait Authority" . The agency quickly published a map proclaiming "Iranian armed forces oversight" across more than 2...
Rubio: Diplomacy Will Be Rendered 'Impossible' If Iran Enacts Hormuz Toll System Iran has been seeking to significantly expand the area around the Strait of Hormuz over which it claims military control by this week advancing the newly-created government agency of the "Persian Gulf Strait Authority" . The agency quickly published a map proclaiming "Iranian armed forces oversight" across more than 22,000 sq km (8,800 sq miles) of the Hormuz waterway. Now, all transit through the strait "requires coordination with and authorization from the Persian Gulf Strait Authority" - the new entity announced. Of course, Washington has made clear that international vessels must not comply with Iran's rules . Yet Tehran is Wednesday into Thursday claiming some 'victories' in this regard. The Iranians say they are in active discussions with Oman to establish a permanent toll system for maritime traffic passing through the strait, according to Iran’s ambassador to France, Mohammad Amin-Nejad. "Iran and Oman must mobilize all their resources both to provide security services and to manage navigation in the most appropriate manner, prevent pollution, and simply strive to establish an order so that global trade is not subject to disruptions. This will entail costs, and it goes without saying that those who wish to benefit from this traffic must also pay their share," Amin-Nejad said, as cited in Bloomberg . Amin-Nejad further asserted the potential costs would be "clear, transparent, reasonable, and logical" - though the system is not yet in place. An initial toll proposal, which some companies may have already paid in order to get their stranded vessels out, was reportedly up to $2 million per tanker. Iran is also touting that China and and South Korea have been in direct communication to arrange passage of their ships : Iran continues to control the flow of tankers through the Strait of Hormuz for political and propaganda gains as the war of words continues over the peace negotiations...
Opinions expressed by Entrepreneur contributors are their own. Key Takeaways Tech isn’t the enemy — the same mechanics that hook people to screens can push them outdoors. Consumers are shifting from buying products to buying experiences. Partnerships, not individual brands, will define the next era of the outdoor industry. Robin Thurston thinks the most dangerous product in modern life may be the ...
Opinions expressed by Entrepreneur contributors are their own. Key Takeaways Tech isn’t the enemy — the same mechanics that hook people to screens can push them outdoors. Consumers are shifting from buying products to buying experiences. Partnerships, not individual brands, will define the next era of the outdoor industry. Robin Thurston thinks the most dangerous product in modern life may be the screen staring right back at you. “This really is the new tobacco,” says the CEO of Outside Inc., who believes Silicon Valley has spent years engineering products designed to keep people indoors. “When you aggregate big tech into this, their primary goal is to capture our attention,” he says. Public sentiment is starting to catch up. In March, a Los Angeles jury found Meta and YouTube negligent in a closely watched social media addiction case involving a young woman who said addictive features like infinite scroll and autoplay contributed to anxiety and depression. The companies were ordered to pay roughly $6 million in damages, one of thousands of similar lawsuits now moving through courts in California. Even on social media—the root of the problem—you can feel the backlash. Digital‑detox content and TikTok challenges reward logging off instead of doom‑scrolling, and influencers are racking up views by quitting the apps that made them famous. Related: How to Find the Right Balance Between Screen Time and ‘Me’ Time (and Why It’s So Important) From screen to green “The antidote to all of it is nature,” Thurston says. His connection to the outdoors is personal. A longtime endurance athlete and cyclist, he describes being outside as a reset from the noise and overstimulation of modern life. “For me, it is church,” he says. “It is my moment where I can meditate.” That’s why his company operates outdoor publications like Outside and BACKPACKER, hiking and trail apps, mapping tools and experiences designed to get people in the great wide open. Outside’s mission is to inspire ever...
Google is about to look really different, and if you’re not a fan of the AI Overviews feature, then you’re not going to like what’s coming. At the Google I/O 2026 keynote this week, the company announced that it is overhauling Search to embrace a conversational, AI-driven approach, even inviting users to enlist AI agents to automatically notify them if, for example, their favorite band were to go ...
Google is about to look really different, and if you’re not a fan of the AI Overviews feature, then you’re not going to like what’s coming. At the Google I/O 2026 keynote this week, the company announced that it is overhauling Search to embrace a conversational, AI-driven approach, even inviting users to enlist AI agents to automatically notify them if, for example, their favorite band were to go on tour. “This is the biggest upgrade to our iconic search box since its debut over 25 years ago,” said Elizabeth Reid, leader of the Search organization at Google. Now, when you search on Google, you’re given the option from the start to use AI mode. Even if you opt not to use AI mode, you might get a search result with an AI Overview, which will now include a chat box for you to ask follow-up questions. Once you open the chat box, Google begins to look more like ChatGPT than the search engine that’s ingrained itself into our lives for decades. This announcement didn’t elicit the reaction that Google would’ve hoped for. Instead, many users see this as yet another example of a tech company squeezing AI agents and chatbots into everything it can, making it impossible to navigate the internet without encountering a chatbot. Especially after the rocky rollout of Google’s AI Overviews — remember when Google told people to stare into the sun? — users are not eager for another adjustment. Image Credits:Google On Google’s video announcing the Search updates, one commenter wrote, “this is the best advertisement for letting people know it’s time to get a different search engine.” They make a good point. The new Google Search, which Reid describes as “AI search through and through,” is sure to alienate users. Generative AI aside, some users have also grown weary of Google for its sheer dominance — a U.S. District Court ruled in 2024 that Google had acted illegally to maintain a monopoly in online search. If you’re curious about alternative search engines, you’re in the right place. H...
The Pentagon is testing artificial intelligence models from rivals including OpenAI ( OPENAI ) and Google ( GOOG )( GOOGL ) as it looks to reduce its reliance on Anthropic’s ( ANTHRO ) Claude system, Bloomberg News reported Thursday, citing a senior defense official. The review began in March, shortly after Defense Secretary Pete Hegseth labeled Anthropic a “supply-chain risk” over disagreements t...
The Pentagon is testing artificial intelligence models from rivals including OpenAI ( OPENAI ) and Google ( GOOG )( GOOGL ) as it looks to reduce its reliance on Anthropic’s ( ANTHRO ) Claude system, Bloomberg News reported Thursday, citing a senior defense official. The review began in March, shortly after Defense Secretary Pete Hegseth labeled Anthropic a “supply-chain risk” over disagreements tied to safeguards and restrictions on the company’s AI technology. Anthropic is challenging the designation in court, arguing the move could cost it billions of dollars in lost business. Claude has become deeply embedded in parts of the Pentagon’s operations, including the Maven Smart System used in classified missions involving Iran. Defense officials have praised the model’s performance and usability, though the full scope of its role in military targeting remains unclear. Now the Defense Department is testing competing models with about 25 heavy AI users spread across five military theater commands. Officials are comparing how the systems respond to identical prompts and whether different models perform better in specific operational scenarios. Emil Michael, the Pentagon’s undersecretary for research and engineering, said relations with Anthropic ( ANTHRO ) remain frozen while the legal dispute continues. He added that the military expects competing AI firms to narrow any technology gap with Anthropic through rapid model upgrades. The Pentagon also appears eager to avoid dependence on any single AI supplier as military adoption accelerates. Officials said future conflicts are expected to rely increasingly on artificial intelligence, particularly for repetitive tasks and operational efficiency. Human rights organizations, meanwhile, continue to warn about the risks of using AI in warfare, especially in targeting decisions where speed and scale could amplify mistakes involving civilians. More on Invesco Aerospace & Defense ETF, Anthropic, etc. Alphabet: The Buffett Effect ...
亞冠籃球聯賽東亞區資格賽 南華首名晉身四強 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】亞冠籃球聯賽東亞區資格賽，南華擊敗桃園璞園領航猿，首名晉身四強。 打過NBA魔術的保斯高，為南華轟入全場最多45分，贏11...
亞冠籃球聯賽東亞區資格賽 南華首名晉身四強 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】亞冠籃球聯賽東亞區資格賽，南華擊敗桃園璞園領航猿，首名晉身四強。 打過NBA魔術的保斯高，為南華轟入全場最多45分，贏110比103。打破領航猿的不敗身，星期六晚會跟另一組的次名，爭入決賽。
伊波拉｜劉宇隆評估國際爆發風險低 本港將與內地聯防聯控 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】剛果民主共和國爆發伊波拉疫情，港府向當地發出紅色旅遊警示，有專家評估病毒在非洲擴散風險極高，但國際層面的風險低...
伊波拉｜劉宇隆評估國際爆發風險低 本港將與內地聯防聯控 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】剛果民主共和國爆發伊波拉疫情，港府向當地發出紅色旅遊警示，有專家評估病毒在非洲擴散風險極高，但國際層面的風險低。現時發出紅色旅遊警示已經足夠，本港將與內地聯防聯控。 疫苗可預防疾病科學委員會主席劉宇隆：「當然我想最重要我們香港現在都說，要從大局著想，『十五五』對接要整個大灣區一盤棋去看，所以香港做所有這些防控的工作不能夠單獨看香港的。我知道現在衞生署衞生防護中心已經會和國內廣東省，甚至遲些可能是國家層面。如果非洲真的失控，是一個整體的策略，暫時我認為在香港，現在發出紅色旅遊警示，呼籲香港人如非必要你千萬不要去。我想香港都應該沒有旅行團去，不會有遊客自己去自由行，我想這些基本上我認為是零的。」
scanrail/iStock via Getty Images Introduction In the fall of 2024, I wrote an article explaining why I had added exposure to Emerging Market Equity ETFs and offered an option for those looking specifically to generate income as well. A lot has changed in the ensuing 20 months, and I have been considering and changing some of my Emerging Market exposure in portfolios. Hence, it seems an appropriate...
scanrail/iStock via Getty Images Introduction In the fall of 2024, I wrote an article explaining why I had added exposure to Emerging Market Equity ETFs and offered an option for those looking specifically to generate income as well. A lot has changed in the ensuing 20 months, and I have been considering and changing some of my Emerging Market exposure in portfolios. Hence, it seems an appropriate time to do a review of this general exposure and see what, if any, changes might be prudent to make. First, let's take a look at the general thesis I presented back then for why I thought gaining exposure to this segment of the global market could be valuable. Emerging Market Performance Data by YCharts A big part of the thesis was simply that Emerging Market valuation looked cheap on an absolute and relative basis and that, despite its relative underperformance to U.S. Equities up to that point, diversifying away from the expensive domestic market looked appealing. As the above chart shows, that diversification worked out well. In fact, all international equity exposure has outperformed domestic since the fall of 2024. Yardeni Research Has the relative attractiveness of the valuation spread changed during this time? Surprisingly, the answer is not by much. The All Country World bucket's P/E has moved up from 17.2x to 17.7x currently, but the Emerging and US ratios remain essentially as they were back then. I will get into the reason why shortly, but I do believe there are reasons to be concerned these aggregate numbers are somewhat misleading. Overall, though, it looks like we should still be attracted to having some Emerging Market exposure, and considering the recent significant outperformance, the market appears to be confirming that view. There's a reason to be concerned, though, and we'll need to drill down into the details of what has led to Emerging Market outperformance recently. Data by YCharts If you haven't heard, the answer is South Korea. That country's index...
Key Points Pennington Partners added 17,870 shares of the Vanguard Russell 3000 ETF (VTHR) during Q1 2026, with an estimated trade value of $5.4 million. Pennington's VTHR position now stands at 63,762 shares worth $18.3 million -- representing 6.3% of Pennington's 13F reportable assets under management (AUM). VTHR has gained roughly 26% over the past year and carries one of the lowest expense rat...
Key Points Pennington Partners added 17,870 shares of the Vanguard Russell 3000 ETF (VTHR) during Q1 2026, with an estimated trade value of $5.4 million. Pennington's VTHR position now stands at 63,762 shares worth $18.3 million -- representing 6.3% of Pennington's 13F reportable assets under management (AUM). VTHR has gained roughly 26% over the past year and carries one of the lowest expense ratios in its category at just 0.06%. 10 stocks we like better than Vanguard Scottsdale Funds - Vanguard Russell 3000 ETF › What happened According to a recent SEC filing, Pennington Partners & Co., LLC increased its position in the Vanguard Russell 3000 ETF (NASDAQ:VTHR) by 17,870 shares during the first quarter of 2026. Based on the quarter's average closing price, the estimated transaction value was $5.4 million. What else to know The VTHR position now represents 6.3% of Pennington's AUM as of March 31, 2026, placing it fourth among the fund's top holdings. Top holdings after the filing: NYSE: VTI: $59.2 million (20.3% of AUM) NYSE: BOXX: $49.9 million (17.1% of AUM) NYSE: IWV: $41.6 million (14.2% of AUM) NASDAQ: VTHR: $18.3 million (6.3% of AUM) NYSE: JAAA: $8.4 million (2.9% of AUM) As of May 20, 2026, shares of VTHR were trading at $325.94, up about 26% over the past year -- trailing the S&P 500 by roughly 1.5 percentage points, and underperforming its Large Blend category benchmark by roughly 1.7 percentage points. Metric Value AUM $5.8 billion Expense ratio 0.06% Dividend yield 1.05% 1-year return (as of 5/20/26) 25.98% ETF snapshot The Vanguard Russell 3000 ETF seeks to track the performance of the Russell 3000 Index, giving investors diversified exposure to nearly the entire U.S. equity market through a low-cost, passively managed strategy. Its approximately 3,000 holdings represent roughly 98% of the investable U.S. equity universe, spanning large-, mid-, and small-cap companies. An ultra-low expense ratio of 0.06% makes VTHR one of the cheapest funds in its catego...
Republicans stall votes on partisan ICE funding amid party infighting toggle caption Anna Moneymaker/Getty Images North America Congress is set to leave town for a weeklong recess without passing a Republican-backed measure to fund immigration enforcement for the next four years amid dissent from within their own ranks over a federal fund to pay people who claim to have been politically persecuted...
Republicans stall votes on partisan ICE funding amid party infighting toggle caption Anna Moneymaker/Getty Images North America Congress is set to leave town for a weeklong recess without passing a Republican-backed measure to fund immigration enforcement for the next four years amid dissent from within their own ranks over a federal fund to pay people who claim to have been politically persecuted. The near-term collapse of the legislation, which is separate from that reparations fund, came as tensions between President Trump and some Congressional Republicans spilled into the open over fears that the president's focus on vanquishing rivals and testing loyalty could cost them in the midterms. Trump set a June 1 deadline to pass the party-line immigration funding – but now his push for retribution against fellow Republicans may derail not only that deadline, but also additional funding for one of his top priorities, stringent immigration enforcement. Sponsor Message In the last week, Trump helped oust two veteran incumbents, endorsed a primary challenger against another and lambasted a Republican House member running for re-election in a toss-up district . "Get smart and tough Republicans," Trump wrote on Truth Social . "Or you'll all be looking for a job much sooner than you thought possible." But Trump's moves to rail against his own party could end up backfiring, not only in November, but if Republicans, especially members newly-embolded by a primary defeat, feel more free to push back against the president and his agenda. "Maybe he doesn't think he needs us," Sen. Lisa Murkowski, R-Alaska, told reporters earlier this week. "But I don't know. Last I checked, the laws don't just appear before his desk to be signed." Pushback on White House ballroom Trump lashed out as Republicans seemed set to exclude two of his pet projects in the immigration enforcement funding bill they are racing to pass this week: provisions from a voting overhaul known as the Save America Act...
Walter Cicchetti/iStock Editorial via Getty Images Introduction Yesterday, on May 20, Space Exploration Technologies Corp., aka SpaceX ( SPCX ), filed its S-1 , and finally, the biggest IPO ever is in the making. I have been waiting for this IPO to happen, and I even wrote an article about what could be happening behind the scenes back in January. If you’d like to check how well or how badly I did...
Walter Cicchetti/iStock Editorial via Getty Images Introduction Yesterday, on May 20, Space Exploration Technologies Corp., aka SpaceX ( SPCX ), filed its S-1 , and finally, the biggest IPO ever is in the making. I have been waiting for this IPO to happen, and I even wrote an article about what could be happening behind the scenes back in January. If you’d like to check how well or how badly I did, you can use this link . After carefully reading the S-1 and knowing what was happening in the last few weeks, I’m feeling very confused. This IPO is being carefully engineered to “hold” the stock price in place and then “letting it go” when needed. It creates a dangerous environment not only for those who will risk “jumping in” the IPO itself but also for the passive investors of all of the funds that track the Nasdaq-100 and regular investors, as funds will start to withdraw money from other securities and instruments to free some cash. While many companies are using some “tricks” to try to influence the stock price, this time around, due to the scale of the IPO, it looks different. It seems the company can dictate the rules, and when accounting for the fact that SpaceX is going to have a controlled company status, with every decision being made solely by Elon Musk (he is holding over 85% of the voting power), it makes the setup even more unattractive for me, personally. SpaceX S-1 Another topic I’ll have to raise in this article is the absolute absurdity of the valuation compared to how much money the company is making and what the growth rate of SpaceX is. As this article focuses on the IPO, I will look as far as the IPO and a few months beyond that, because the IPO itself will be the driver of the stock price, at least in the short term. After the company goes public and the initial volatility is done, the results and fundamental metrics will reclaim the stage. Upcoming IPO Starting at the beginning, SpaceX is targeting a valuation of up to $1.75 trillion, which, if a...