Pinterest earnings show that large companies like Meta Platforms are winners in an environment where advertisers pull back spending. The photo-sharing website’s fourth-quarter earnings were in line with Wall Street estimates, but revenue missed expectations. The company also said it expects first-quarter revenue to be between $951 million to $971 million, which was well below Wall Street estimates of $980.8 million.

EU’s head of foreign policy claims ‘Board of Peace’ is vehicle for Trump with no accountability to Palestinians or UN A bitter dispute between Europe and the US over the future of Gaza has broken out into the open, with the EU’s head of foreign policy, Kaja Kallas, warning that Donald Trump’s “ Board of Peace ” was a personal vehicle for the US president that removed any accountability to Palestinians or the United Nations. Spain’s foreign minister, José Manuel Albares, also accused Trump of trying to bypass the original UN mandate for the board , and said Europe, one of the chief funders of the Palestinian Authority, had been excluded from the process. Continue reading...

格隆汇2月14日｜纽约联储GDPNow模型显示，美国2025年第四季度经济增速预期为2.71%（此前为2.69%）；2026年第一季度为2.63%（此前为2.59%）。

格隆汇2月14日｜美国至2月13日当周石油钻井总数将于十分钟后公布。

TexBr/iStock via Getty Images Canadian stocks outperformed their U. S. peers last year, but could that continue as investors re-assess the potential impact of AI and continued trade tensions? Michael O’Brien, Co-Head of Canadian Equity Portfolio Management, TD Asset Management, joins MoneyTalk to discuss opportunities and expectations for Canadian stocks. Transcript Greg Bonnell: The TSX has continued its outperformance against the S&P 500 so far this year, with the big Canadian tech stocks coming under pressure recently. Can that run continue? Joining us now to discuss is Michael O'Brien, co-head of Canadian Equity Portfolio Management with TD Asset Management. Michael, always great to have you on the program, especially when we get a lot of Canadian earnings to sift through. Michael O’Brien: Yeah, it's been a busy week. Thanks for having me on. Greg Bonnell: Okay. So we have had this outperformance continuing from last year. As I take a look today, we're not having a great day. Shopify ( SHOP ), some of the other-- I guess we've seen as AI plays in this country-- have definitely been underperforming. How should Canadian investors be thinking about this? Michael O’Brien: Well, I think if you look at the composition of the Canadian market and compare it to the composition of the US market, if we're comparing why would Canada outperform, underperform, I think what you need to realize about the S&P 500 in the US, roughly 5% of their index would be energy and materials combined. Whereas, to give you a sense, Apple ( AAPL ) is 6%, Microsoft ( MSFT ) is 5%. So those one tech stock is the equivalent of the entire energy materials composition of the market. Come to Canada, energy and materials are about a third of our market-- so, vastly different. Right now, the big pain point year to date has been technology. And two drivers, really, one of them is more relevant for Canada than the other. The one that's not as relevant to Canada but is a big, big deal is investors' anxie...

Key PointsHCA Healthcare reported strong financial results and encouraging guidance.

欧洲股市周五小幅下跌，银行股普遍回落，欧莱雅销售增长不及预期，拖累大盘表现。 斯托克欧洲600指数收盘下跌0.1%，不过仍连续第三周录得上涨。 欧莱雅股价下跌4.9%，此前这家法国美妆巨头披露，北亚区销售远逊于预期。 汇丰控股 下跌2.2%，裕信银行下跌3.8%，银行板块领跌。 匈牙利、波兰和希腊的基准股指表现落后，此前其过去12个月跑赢其他新兴市场。与此同时，科技股和个人护理类股跑赢大盘，其中，凯捷股价上涨5.1%，此前首席执行官Aiman Ezzat表示，这家法国IT公司“正明确转向”以促进人工智能的应用。 “欧洲股市年初以来强劲表现，进一步上行正变得越来越艰难，”Bank J Safra Sarasin股票策略师Wolf von Rotberg表示，“尤其是金融股，如要延续近几个月的涨势，需要利好催化剂。然而债券市场传递出不同信号，开始消化温和增长的宏观背景。” 随着经济增长显现韧性，欧洲股市本周一度创下纪录新高。然而，对人工智能可能带来颠覆性影响的担忧已令从软件、财富管理到交通运输等多个行业出现震荡。 市场还关注财报季。花旗集团一项指数显示，分析师已下调了今年欧洲企业的盈利预期。 “短期内不确定性仍将维持在高位，”Berenberg多资产策略与研究主管Ulrich Urbahn表示，“但我们认为，在稳健盈利、政策支持以及更强劲的股票回购活动推动下，股市将自当前水平反弹。” 责任编辑：王许宁

Earnings Call Insights: Enbridge Inc. (ENB:CA) Q4 2025 Management View Gregory Ebel, President and CEO, opened with management changes, welcoming Matthew Akman as EVP and President of Gas Transmission, Allen Capps as Head of Corporate Strategy and President of Power, and Marlon Samuel as the new VP of Investor Relations. Ebel stated, "We had another great year of record financial results, exceeding the midpoint of our 2025 guidance for both EBITDA and DCF per share, marking the 20th year of achieving or exceeding our annual financial guidance." Ebel highlighted a 31st consecutive annual dividend increase, maintaining Enbridge’s status as a dividend aristocrat, and noted, "Our debt-to-EBITDA remains within our leverage range of 4.5 to 5x, maintaining our strong investment-grade credit profile while growing our investment capacity." The company sanctioned $14B of capital across all businesses and placed $5B of assets into service during the year, growing the backlog 35% since the previous Investor Day. Enbridge acquired a 10% interest in the Matterhorn Express pipeline and announced a significant partnership with 38 First Nations groups for its West Coast pipeline. Ebel reported strong operational utilization, with mainline volumes averaging 3.1 million barrels per day, Texas Eastern hitting over 15 Bcf per day, and Enbridge Gas Ohio achieving its third highest throughput day ever. He also referenced mainline optimization projects, stating the first phase will add 150,000 barrels per day at a cost of $1.4B and a second phase could add another 250,000 barrels per day. Ebel cited significant progress in securing contracts, reporting 100% contract renewal on major gas transmission pipelines. Patrick Murray, EVP & CFO, reported, "I'm pleased to report again record fourth quarter and full year EBITDA, DCF and earnings per share. Compared to the fourth quarter of 2024, adjusted EBITDA is up $83 million. DCF is up $0.06 and EPS increased $0.13." Outlook Murray reaffirmed 202...

Earnings Call Insights: The Wendy's Company (WEN) Q4 2025 Management View Interim CEO and CFO Ken Cook opened by emphasizing that 2025 was a challenging year but a foundational one for rebuilding, stating, "Together as One Wendy’s, we are strengthening the foundation to deliver long-term profitable growth for the company and our franchisees." Cook detailed the launch and progress of Project Fresh, a turnaround strategy with four pillars: brand revitalization, operational excellence, system optimization, and capital allocation. Cook reported, "Global system-wide sales declined 8.3%, driven by our U.S. business, where marketing spend was down significantly...in addition to a tough comp with our SpongeBob collaboration in the prior year and our decision to shift the launch of our new chicken sandwiches into 2026." He highlighted the success of chicken tenders and new sauces as a bright spot. International business remained strong, with system-wide sales up 6.2% in the quarter and 59 new international locations opened, including entries into Armenia and Scotland. Net unit growth internationally reached a record with 121 net new restaurants in 2025. Cook confirmed, “We now have a clear picture of what needs to improve in our marketing, menu and operations and how to optimize the store footprint within our system. Project Fresh is our turnaround strategy to clearly address these issues, and we are implementing it with urgency.” Project Fresh’s restaurant optimization includes closing 5% to 6% of U.S. locations, with 28 closures in Q4 2025 and the remainder expected in H1 2026. Wendy’s also launched Biggie Deals as a permanent value platform. Chief Accounting Officer Suzanne Thuerk stated, "Total adjusted revenue was $439.6 million, a decrease of $19.7 million compared to the prior year. This was driven by lower franchise royalty revenue due to the decline in U.S. same-restaurant sales as well as lower franchise fees." Outlook Wendy’s anticipates 2026 will be a rebuilding ...

Earnings Call Insights: Moderna, Inc. (MRNA) Q4 2025 Management View CEO Stéphane Bancel reported that 2025 revenues were $1.9 billion, primarily from COVID vaccine sales, and highlighted a $2.2 billion reduction in operating expenses, stating "I would like to thank the entire Moderna team for this great accomplishment in 2025. I'm very proud of this." He also addressed the FDA’s refusal-to-file (RTF) letter on the company’s flu program mRNA-1010, noting "the current uncertainty in the U.S. FDA regulatory environment creates real challenges for businesses, patients and the broader innovation ecosystem." Key commercial achievements included the launch of mNEXSPIKE, which quickly became the leading product in the U.S. The company also announced a five-year strategic agreement with Mexico for respiratory vaccine supply and a global commercialization deal with Recordati for a rare disease candidate. Bancel announced the appointment of Dr. David Berman as Chief Development Officer and Executive Committee member, emphasizing his experience in immunotherapy development at BMS and AstraZeneca. CFO James Mock stated, "Total revenue was $700 million, coming in at the higher end of our recent guidance... operating expenses were down 31%, reflecting continued cost discipline and execution across the organization." Outlook The company expects total revenue growth of up to 10% in 2026, with growth anticipated primarily from international markets. Management estimates a balanced geographic revenue mix between the U.S. and international markets in 2026, shifting from the 2025 split of 62% U.S. and 38% international. The 2026 revenue outlook assumes no contributions from flu vaccine or flu/COVID combination vaccine, and guidance factors in potential declines in COVID vaccination rates. Cost of sales is projected to be approximately $900 million, R&D expenses at $3 billion, and SG&A expenses at $1 billion. The company projects to end 2026 with $5.5 billion to $6 billion in cash and i...

The financial regulator revealed in a response to a TechCrunch records request that the probe was closed in September 2025.

Earnings Call Insights: Essent Group Ltd. (ESNT) Q4 2025 Management View Mark Casale, Founder, Chairman, CEO & President, reported "net income of $155 million or $1.60 per diluted share" for Q4 2025, with full year net income of $690 million and a return on average equity of 12%. Casale highlighted "the strength of our buy, manage and distribute operating model in generating high-quality earnings," while noting the company's more strategic approach to capital management. Casale announced that as of December 31, mortgage insurance in force was $248 billion, a 2% increase year-over-year, and book value per share rose 13% to $60.31. Persistency rate at year-end was 86%, with 60% of the in-force portfolio having a note rate of 6% or lower. He stated, "over the near term, earned premium and insurance in force growth will be modest." Casale discussed the expansion of Essent Re, citing a new quota share transaction with highly rated reinsurers to provide forward protection for 2027 business and a major move into Lloyd's market for P&C reinsurance, expecting $100 million to $150 million of written premium in 2026, with approximately two-thirds earned in the year. "We believe that P&C will be an ongoing opportunity to generate supplemental earnings for Essent Re." Casale highlighted the board's approval of a "13% increase in our quarterly dividend of $0.35 per share starting in the first quarter of 2026." David Weinstock, CFO & Senior VP, stated, "For the fourth quarter, we are $1.60 per diluted share compared to $1.67 last quarter and $1.58 in the fourth quarter a year ago." He noted a new segment presentation for reinsurance, separating third-party reinsurance results, and highlighted that "our mortgage insurance provision for losses and loss adjustment expenses was $55.2 million in the fourth quarter of 2025 compared to $44.2 million in the third quarter of 2025 and $37.2 million in the fourth quarter a year ago." Outlook Casale indicated, "over the near term, earned prem...

Michael Burry has been erratically going bearish on the market multiple times in the past few years, but this time, he might have hit the nail on the head. Palantir (NASDAQ:PLTR) has cratered from its highs, with Nvidia (NASDAQ:NVDA) trading sideways. These are two stocks he shorted a few months ago and drove headlines. In ... Here’s How Michael Burry’s Shorts Are Doing So Far in 2026

Here’s How Michael Burry’s Shorts Are Doing So Far in 2026 Yahoo Finance

Qualcomm stock rebounds as softer CPI and chip rally lift QCOM shares — what to watch next Bez Kabli

格隆汇2月14日｜当地时间2月13日，美国总统特朗普表示，在俄乌冲突问题上，乌克兰总统泽连斯基“必须行动起来”。特朗普说：“俄罗斯想达成协议，泽连斯基必须行动起来，否则他将错失一个很好的机会。他必须行动。”

Readers respond to Sammy Gecsoyler’s article about his week without bank and contactless cards I welcome Sammy Gecsoyler’s article ( My week of only using cash: could a return to notes and coins change my life?, 10 February ) while noting that he is young, employed and living in a city, and that he commented about the older cash-payers seen in charity shops. I am one of the many who live rurally. We rely on access to cash. Our lives still include paying small sums – £2.50 for entry and a coffee at our many village societies (open to all), or £5 for lunch provided fortnightly by volunteers – and varying sums to sponsor fundraising or village facilities, or small amounts to travel on our community bus. Continue reading...

designer491/iStock via Getty Images Valneva ( VALN ) announced on Friday that the U.K. regulators have updated recommendations for the use of its chikungunya vaccine, Ixchiq, restricting its use in older adults due to reports of serious adverse events related to the single-dose shot. The revised recommendations from the United Kingdom’s Commission on Human Medicines suggest that Ixchiq continues to offer a favorable benefit–risk profile in people aged 18–59 years who are without contraindicated conditions but at risk of contracting chikungunya. However, the CHM has recommended restricting its use in people older than 60 those with specific health conditions such as immunodeficiencies and added timing restrictions for its administration. In June, pending a safety review, the CHM temporarily suspended the use of the live-attenuated vaccine in people aged 65 years and older after multiple countries reported very rare but fatal reactions. In 2023, the U.S. FDA approved Ixchiq as the world’s first chikungunya shot, only to suspend its authorization last August due to safety concerns. More on Valneva Valneva SE (VALN) Q3 2025 Earnings Call Transcript Valneva SE 2025 Q3 - Results - Earnings Call Presentation Valneva ends chikungunya vaccine deal with India’s Serum Institute Seeking Alpha’s Quant Rating on Valneva Historical earnings data for Valneva

德债走强，连续第二日跑输美国国债，此前公布的美国1月通胀放缓幅度超预期，且德国政府考虑豁免债务刹车机制。德国10年期国债收益率连续第八日下跌，与2024年12月以来最长连跌纪录持平，本周累计下跌8个基点。 货币市场加码押注欧洲央行宽松政策，目前定价显示年底前将降息9个基点，高于周四的7个基点及上周的5个基点。 英国国债同样上涨，但表现逊于美国国债；掉期市场暗示英国央行今年将降息47个基点（此前预期为46个基点），无视政策制定者Huw Pill关于“利率有点太低了”的表态。 市场： 德债收益率跌2个基点，至2.75%，德国国债期货上涨33个点，报129.20。 意大利10年期国债收益率跌2个基点，至3.36%。 法国10年期国债收益率跌2个基点，至3.34%。 10年期英国国债收益率跌4个基点，至4.42%。 责任编辑：王许宁

IPGP beat Q4 estimates as revenues rise 17% Y/Y, driven by industrial demand and growth products, sending shares sharply higher.

Francis Bown says its grey concrete and childlike composition expressed the fatalism and despair of the time, while Helen Keats reflects on other brutalist builds Fiona Twycross, the heritage minister, is to be congratulated for finally giving London’s Southbank Centre Grade II listing ( Campaigners welcome ‘long overdue’ listing of brutalist Southbank Centre, 10 February ). I remember being shocked when I first saw it in the 1960s, but it has become a remarkable symbol of the zeitgeist. Continue reading...

ra2studio/iStock via Getty Images I’ll bet you never heard of IC Industries, Inc. Don’t search for a ticker. There hasn’t been one since the 1980s. Back then, it was a conglomerate whose flagship business was the Illinois Central Railroad. Like many conglomerates, IC shed businesses in the late ‘80s. It eventually became a Pepsi Bottler. But I, then a novice Value Line ( VALU ) analyst, had the inauspicious task of writing it up soon after I started working there. That assignment felt like rookie hazing. As per the normal process, I got on the phone with IC’s CFO. (Back then, Investor Relations was just starting to emerge as a field. Many companies were still leaving that task to the CFO or sometimes the CEO.) At that time, late 1980 or early 1981, we weren’t yet using personal computers. But Value Line, using its mainframe, gave us data printouts for each company we covered. These had several years worth of historical columns with information similar to what you can see today in the Seeking Alpha Financials presentations . Those filled the left portions of the printout. The right sides were blank. Here, we’d fill in our projections for the various rows (data items). Naturally, I had my IC sheet open before me when I called the CFO. I planned to write lightly enough to allow for subsequent erasures and revisions. And since this was a conglomerate, I added my own thing. On a legal pad, I created a mini segment-based worksheet I would use to derive companywide Sales and Operating Profits. Worksheet and legal pad spread before me on the desk, pencil in hand, I got the CFO on the phone. And we started talking. And my head started spinning. It felt like we spoke different languages. As best as I can recall, the CFO kept explaining to me how they didn’t care about any of the numerical items about which I was asking. Was I stupid? I had recently gotten my MBA in Finance. And I graduated “With Distinction.” (Pausing now to pat myself on the back!) Could I really be so off b...

USS Gerald R Ford will take about three weeks to sail to region, amid pressure on Iran’s nuclear and ballistic programmes Donald Trump has ordered the world’s largest carrier to sail from the Caribbean Sea to the Middle East in an effort to increase pressure on Iran amid discussions over curbing its nuclear and ballistic missile programmes. The USS Gerald R Ford and its supporting warships should take about three weeks to return to the region, where it will join the USS Abraham Lincoln, dramatically increasing the military firepower available to the US leader. Continue reading...

Beehive socialism | Ratcliffe’s apology | Tommy Cooper’s dream | Valentine’s Day | Love boat The beehive may not be quite the utopian dream it first appears to be ( Letters, 9 February ). Worker bees need to be so active during the summer months that they typically only survive for about four to six weeks. Drone bees’ longevity is not much better. The lucky ones may get to service the queen, but die as a consequence. Unsurprisingly, the queen fares much better. Tom Challenor Ealing, London • So Jim Ratcliffe is sorry for his choice of language use in relation to immigration ( Report, 12 February ). What about being sorry for his sentiments? Could I suggest that he spends a week as a bed-bound inpatient in a NHS hospital before he makes a judgment about the contribution of immigrants? Liz Thompson Oxford Continue reading...