Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Swiss cement giant Holcim is near a deal to separate out its North American business, according to people familiar with the matter. The company could announce its plans in the coming days, the people…
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. French farmers have vowed to blockade Paris and keep up national protests despite prime minister Gabriel Attal offering concessions such as the scrapping an unpopular diesel tax increase. “We have made the decision to keep…
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Crew members on the tanker Marlin Luanda succeeded in extinguishing a blaze in one of the vessel’s tanks on Saturday, 19 hours after a Houthi missile strike in the Gulf of Aden. Friday’s attack was…
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The rally in US chip stocks that has seen Nvidia and AMD more than double in value over the past year is under pressure after warnings that the artificial intelligence boom is masking a broader…
The leader of Germany’s new left-wing populist party the Sahra Wagenknecht Alliance (BSW) criticised Olaf Scholz’s increasingly unpopular government and called for an immediate end to the Ukraine war at its founding congress in Berlin on Saturday. Sahra Wagenknecht, the party’s leader, told delegates that society was at a tipping point, with voters overcome with…
Stay informed with free updates Simply sign up to the US-China relations myFT Digest — delivered directly to your inbox. US national security adviser Jake Sullivan has urged Beijing to use its leverage with Tehran to rein in Iranian-backed Houthi attacks on vessels in the Red Sea in a back-channel meeting with Chinese foreign minister…
In its politically incendiary but legally nuanced hearing on Friday, the UN’s highest court made one thing clear: Israel’s battle with Hamas will ultimately be judged against the international norms of how war ought to be waged. That, legal experts said, was in itself to be celebrated: the restoration of the primacy of international humanitarian…
Fair Isaac Corporation (NYSE:FICO) Q1 2024 Earnings Conference Call January 25, 2024 5:00 PM ET Company Participants Dave Singleton – Vice President, Investor Relations Will Lansing – Chief Executive Officer Steve Weber – Chief Financial Officer Conference Call Participants Faiza Alwy – Deutsche Bank Surinder Thind – Jefferies Manav Patnaik – Barclays Kyle Peterson –…
satoshi takahata/iStock via Getty Images Dear fellow investors and friends, During the fourth quarter the fund gained 6.3% gross of fees 1. We do not have a stated benchmark in our Key Investor Information Document (KIID) and therefore cannot comment on relative performance. We leave it up to you to decide. We note the above…
BrianAJackson/iStock via Getty Images 2023 was another good year for Lyrical. Our CS composite returned 27.2%, outperforming the S&P 500 (SP500, SPX) by 90 bps. It was a particularly difficult year to outperform given the outsized performance contribution of the Magnificent Seven mega-cap growth stocks. We, as value investors, do not own any of the…
borzaya/iStock via Getty Images To Our Clients and Friends: For the fourth quarter and year ended December 31, 2023, the Giverny Capital Asset Management model portfolio, which is a Poppe family account 1, performed as follows 2: GCAM Performance Quarter ending Year-to- date ending One-year ending Three years ending *Annualized Since Inception 12/31/2023 12/31/2023 12/31/2023…
zimmytws By Brian Levitt, Global Market Strategist Is US debt a problem? There’s a perception, perpetuated by the media and many elected officials, that the US government debt is a looming disaster. Many even believe that a day of reckoning, when the US government collapses under the weight of its own debt, lurks. The national…
ismagilov The coming weeks will likely continue the correction of the trends that began last month. The markets recognize that the tightening cycle is over. However, they swung hard, pricing in aggressive easing by most of the G10 central banks, including the Federal Reserve and the European Central Bank. Official comments and some high-frequency economic…
artplus/iStock via Getty Images Dear Partners Alluvial Fund returned 3.2% in the fourth quarter, bringing our return to 15.1% for the full year. What a market turnaround this quarter saw. Spurred by a change in tone from the Federal Reserve, small-cap stocks snapped out of their doldrums and roared 22% higher in November and December….
Olivier Le Moal In this monthly article, we try to identify five closed-end funds (“CEFs”) that have a solid historical performance, pay high enough distributions, and offer reasonable valuations at the current time. We also present a more diversified list of the top 10 funds. Author’s Note: This article is part of our monthly series…
PM Images Long-time readers know I’ve been bullish on senior loans and other variable rate investments for years. These have performed exceedingly well too, as Federal Reserve hikes have led to significant dividend growth with almost no impact on prices. As the Fed is poised to cut rates in the coming months, thought to have…
SweetBunFactory KLA Corporation (NASDAQ:KLAC) has just published its quarterly earnings results. It reported GAAP net income of $582.5 million and GAAP earnings per diluted share of $4.28 on revenue of $2.49 billion. According to Rick Wallace, the results were well ahead of the expectations. However, the company’s indicators still seem to be lower compared to…
Sean Anthony Eddy Thesis Summary PayPal (NASDAQ:PYPL) is making headlines as the company has announced a new CEO, Alex Chriss. Markets have so far received this news well, with the stock up over 10% in the weeks following the announcement. Chriss has promised to deliver innovation to the company with hopes of reversing the trend…
Kittiporn Kumpang/iStock via Getty Images This article was coproduced by Chuck Walston. After gaining ground Monday in concert with Verizon (VZ) and that company’s better-than-expected earnings report, shares of AT&T (NYSE:T) fell 3% with the release of mixed Q4 results. As investors mulled over the earnings call, several factors appeared to cause the tumble. Arguably,…
NurPhoto/NurPhoto via Getty Images Introduction Nike (NYSE:NKE) is one of those rare companies that upon hearing their name, almost everyone (no matter how much investing experience they have) can understand who they are, what they do and how exactly they make money. This is because of the formidable brand reputation they have built up over…
Scott Olson I’ve heard Hershey (NYSE:HSY) often mentioned in quality investing circles in recent weeks and months as a rare opportunity to invest in a high-quality consumer staples behemoth. Over the last five years, Hershey performed well until May 2023 and has traded down 30% for a total 41% return. Let’s review the business and…
Oselote This Analysis Assigns a Hold rating for Gatos Silver, Inc. This analysis assigns a “Hold” rating to shares of Gatos Silver, Inc. (NYSE:GATO) (TSX:GATO:CA), reflecting a downgrade from the “Buy” rating in the previous analysis. The earlier rating was supported by expectations that investors would flock to silver to ward off the damaging effects…
Oselote/iStock via Getty Images To My Partners: Tourlite Fund, LP Founder Class returned 1.1% for the Fourth Quarter of 2023 and 8.8% for the full year. The fund has returned 14.3% since inception in April 2022, compared to 8.4% for the S&P 500 (SP500, SPX) and 0.5% for the Russell 2000 (RTY).1,2 Fourth Quarter 2023…
tanyss/iStock Editorial via Getty Images Introduction In times of economic uncertainties, the industrial sector often presents a mix of challenges and opportunities due to its cyclicality. Investors tend to gravitate towards companies with stable performance and lower sensitivity to economic cycles, especially when market volatility is high. This cautious approach often overlooks some sectors but…
Vertigo3d 2023 defied most expectations and extended already existing global equity market imbalances. It was a year of higher US rates and US Dollar, uncertain inflation, emerging artificial intelligence technologies, an expanding energy transition, and the stabilization of China. Against most odds and a harsh macroeconomic backdrop, the US economy continued to show resilience with…
Pituk Loonhong/iStock via Getty Images Please note all $ figures in $CAD, not $USD, unless otherwise stated. Introduction I recently covered Hydro One (H:CA) and suggested that the company was likely the worst regulated utility in Canada having higher leverage, a poor dividend yield, and an expensive valuation. Today, I’ll be covering another utility, ATCO…
alexsl Introduction The iShares MSCI Emerging Markets ex China ETF (NASDAQ:EMXC) is a $9bn sized ETF, that has been providing exposure to non-China based emerging market (EM) stocks, for close to 7 years now. The focus universe here consists of stocks that belong to the following EMs- Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary,…
ibreakstock/iStock via Getty Images On February 1, 2024, Ceridian HCM Holding Inc. (NYSE:CDAY) will change its ticker symbol to DAY as part of its branding change. The other piece of the rebranding is a name change to Dayforce, which is also the name of its flagship human capital management software. Whatever the name and symbol,…
zhengzaishuru A guest post by D Coyne The OPEC Monthly Oil Market Report (MOMR) for January 2024 was published recently. The last month reported in most of the OPEC charts that follow is December 2023 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In many of…
manassanant pamai Episode Description: Long regarded as an undervalued and overlooked market, Japan has been undergoing a profound transformation. The renewed interest in this market stems from a variety of factors – including revamped investor sentiment, evolving macroeconomic conditions and compelling corporate reforms. Will Japan be able to live up to its potential and redefine…
RUBEN RAMOS/iStock Editorial via Getty Images Introduction and Performance Recap Our firm started covering Aritzia (OTCPK:ATZAF) (CA:ATZ) back in July of last year, 2023. Since then, the stock has performed quite well, gaining about 30% in value over that time. Just this past Wednesday, January 10th, Aritzia announced its earnings results for the third quarter…
deberarr Investment Thesis Mid-America Apartment Communities (NYSE:MAA) is a real estate investment trust (REIT) which operates over 100,000 multifamily rental units in the United States, mainly in the south and southeast. MAA owns units in some of the largest and highest growing markets in the south such as Atlanta, Dallas, Tampa, and Charlotte. MAA is…
TommL By Eric Winograd. Falling inflation hasn’t yet translated into good feelings among US consumers. Based on the latest data, that might be changing. Over the past few months, analysts have coined a new term to describe this confounding US economic environment: a “vibe-cession.” It seems there’s a wide disconnect between economists’ optimistic assessments based…
Phiromya Intawongpan As money market account balances soar, the mainstream media again proclaims, “There is $6 trillion of cash on the sidelines just waiting to come into the market.” No? Well, here it is directly from Yahoo Finance: “The growing pile of cash in money market funds should serve as a strong backstop for the…
Andrii Dodonov CLOs rallied strongly in December, ending 2023 with a 10.54% return. The current backdrop suggests CLOs are well positioned to start 2024. The VanEck CLO ETF (CLOI) returned 2.06% in the fourth quarter, and 9.37% for the year, outperforming investment-grade bonds and AAA-rated CLOs, but underperforming the broad CLO market due to its…
champpixs By Breakingviews Not even the mighty Blackstone (BX) can defy the economy. At present, that’s a good thing. The $1 trillion asset manager broke a five-quarter run of declining earnings in the fourth quarter. Money deployed for deals and cash flowing into its funds also increased year-on-year after a similar-length dry spell. Boss Steve…
Eoneren/iStock via Getty Images By Monika Carlson, CFA | Senior Investment Strategist – Fixed Income Investors who wait too long to get off the sidelines may find they’ve missed out. Bonds could see a big boost as central banks pivot toward rate cuts in 2024. Yet nearly $6 trillion is still sitting in money-market funds,…
MCCAIG The only thing that was genuinely surprising in yesterday’s fourth-quarter report on US economic activity was the strength of the increase. The positive directional bias, by contrast, has been relatively clear for weeks, if not longer. Assuming, of course, that you were analyzing a broad array of indicators and avoiding the rookie mistakes of…
da-kuk Investors were net sellers of fund assets (including those of conventional funds and ETFs) for the second week in three, redeeming a net $6.6 billion for the LSEG Lipper fund-flows week ended Wednesday, January 24, 2024. Fund investors were net purchasers of fixed income funds (+$3.9 billion), commodity funds (+$220 million), and alternatives funds…
Ralf Hahn Earlier this week, the LSEG put up their quarterly earnings preview, and included within was the “market cap weight vs. sector weight” analysis of the 11 S&P 500 sectors. (The table was posted here last week. The full article is attached here.) Tajinder Dhillon, the LSEG executive who’s responsible for prepping and publishing…
Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Q4 2023 Earnings Conference Call January 26, 2024 10:00 AM ET Company Participants Chuck Shaffer – Chairman and Chief Executive Officer Tracey Dexter – Chief Financial Officer Michael Young – Treasurer and Director of Investor Relations James Stallings – Chief Credit Officer Conference Call Participants Brady Gailey – KBW…
ArtistGNDphotography Buy land, they’re not making it anymore.” -Mark Twain Today, we put Taylor Morrison Home Corporation (NYSE:TMHC) in the spotlight since our last piece on the name in October of 2022. The stock of this home builder sold off in trading on Tuesday. The shares fell nearly six percent on the day while the…
Primis Financial Corp. (NASDAQ:FRST) Q4 2023 Earnings Call Transcript January 26, 2024 10:00 AM ET Company Participants Matt Switzer – CFO Dennis Zember – President and CEO Conference Call Participants Casey Whitman – Piper Sandler Russell Gunther – Stephens Christopher Marinac – Janney Montgomery Scott Operator Hello, and thank you for standing by. My name…
Wirestock Since I last wrote an earnings preview on pharmaceuticals company GSK plc (NYSE:GSK) last October, its price is up by 11.8%, which was to be expected on good results and the settlement of its heartburn medication, Zantac, related cases in California. With full-year 2023 results expected at the end of the month, a continued…
new look casting/iStock via Getty Images MoneyShow’s top contributing analysts, strategists, and newsletter editors share their investment recommendations for the year ahead. See Part 1 here. Arista Networks By James Kelleher, Senior Analyst at Argus Research Arista Networks (ANET), our top pick in Technology-Communications Networks, is a leading supplier of cloud networking solutions for Internet…
Financial Institutions, Inc. (NASDAQ:FISI) Q4 2023 Earnings Conference Call January 26, 2024 8:00 AM ET Company Participants Kate Croft – Director of Investor Relations Martin Birmingham – President & CEO Jack Plants – Executive Vice President and Chief Financial Officer Reid Whiting – Chief Banking Officer Conference Call Participants Nicholas Cucharale – Hovde Group Damon…
Sartorius Aktiengesellschaft (OTCPK:SARTF) Q4 2023 Earnings Call Transcript January 26, 2024 7:00 AM ET Company Participants Dr. Joachim Kreuzburg – IR Rene Faber – Head of Bioprocess Solutions Division & Member Conference Call Participants Vineet Agrawal – Citi Matthew Weston – UBS Oliver Reinberg – Kepler Cheuvreux Charles Pitman – Barclays Richard Vosser – JPMorgan…
Sartorius Stedim Biotech S.A. (OTCPK:SDMHF) Q4 2023 Earnings Call Transcript January 26, 2024 7:00 AM ET Company Participants Dr. Joachim Kreuzburg – IR Rene Faber – Head of Bioprocess Solutions Division & Member Conference Call Participants Vineet Agrawal – Citi Matthew Weston – UBS Oliver Reinberg – Kepler Cheuvreux Charles Pitman – Barclays Richard Vosser…
First Hawaiian, Inc. (NASDAQ:FHB) Q4 2023 Earnings Conference Call January 26, 2024 1:00 PM ET Company Participants Kevin Haseyama – IR Manager Robert Harrison – Chairman, President & CEO James Moses – CFO Lea Nakamura – Chief Risk Officer Conference Call Participants Steven Alexopoulos – JPMorgan Andrew Liesch – Piper Sandler Timur Braziler – Wells…
mady70/iStock via Getty Images Universal Stainless (NASDAQ:USAP) is a US Northeast manufacturer of steel alloys and derived products (ingots, bars, wires, plates). Last March, I wrote about the company, warning that its price was not attractive for a long-term investor because it represented an overvaluation over cycle-average earnings. In that article, I also warned that…