
U.S. policymakers are weighing offensive cyber operations against Iran if diplomatic talks on the nuclear program collapse, positioning cyber as a central element of joint military action rather than a peripheral tool. Recent Senate testimony and statements from US Cyber Command leadership underscore that cyber capabilities will be deployed in a repeatable, sustainable manner alongside kinetic strikes. Potential targets include Iran’s early‑warning radars, command‑and‑control networks, and critical administrative infrastructure to create operational friction and raise IRGC costs. However, limited resources and the need for clear political objectives constrain how broadly these tools can be applied.
Weave Communications reported Q2 2025 revenue of $58.5 million, a 15.6% year‑over‑year increase, and beat the top end of its non‑GAAP guidance. Gross margin rose to 72.3%, up 40 basis points, while free cash flow reached $4.5 million and cash balances stood...
Targa Resources reported record Q4 2025 results, with Permian gathering volumes averaging 6.65 billion cubic feet per day, a 10% year‑over‑year increase, and NGL transportation hitting a record 1.05 million barrels per day. Adjusted EBITDA rose to $4.96 billion for the full year,...
Sprouts Farmers Market reported fourth‑quarter sales of $2.1 billion, an 8% year‑over‑year increase, and full‑year revenue of $8.8 billion, up 14%. Comparable store sales rose modestly 1.6% in Q4, while e‑commerce grew 15% and now accounts for roughly 15.5% of total sales....
Appian Corp reported 22% year‑over‑year total revenue growth to $202.9 million, driven by an 18% rise in cloud subscription revenue and a 36% surge in professional services. Adjusted EBITDA reached $19.7 million, comfortably above the $10‑$13 million guidance, while operating cash flow turned...
Texas Roadhouse reported total revenue just under $5.9 billion for 2025, with all three brands posting both sales and traffic growth. Same‑store sales rose 4.9% year‑over‑year, driven primarily by a 2.8% increase in guest traffic. Restaurant margin slipped to 13.9% as...
Vertex Pharmaceuticals reported fourth‑quarter 2025 revenue of $3.2 billion, a 10% year‑over‑year increase, and full‑year revenue of $12 billion, up 9%. The company highlighted strong growth in its cystic fibrosis (CF) franchise, with 7% global expansion and double‑digit gains in the...
Insmed reported a $144.6 million net revenue for Brinsupri’s first full U.S. quarter, surpassing internal launch benchmarks. Management set a minimum $1 billion Brinsupri revenue target for 2026 and projected total company revenue to more than double 2025 levels, driven by continued...
Southern Copper reported record Q4 2025 results, posting $13.4 billion in net sales (up 17%), $7.8 billion adjusted EBITDA (up 22%) and $4.3 billion net income (up 28%). By‑product volumes—zinc up 36% and silver up 15%—boosted revenue and drove operating cash costs down...
TTM Technologies reported a 19% year‑over‑year increase in Q4 2025 net sales, reaching $774.3 million, driven by strong demand in data‑center computing, networking, and aerospace & defense. Non‑GAAP earnings per share hit a record $0.70, matching the top of guidance, while...
World Kinect Corp (WKC) posted record free cash flow of $2.5 billion for 2025 and a $769 million Q4 surge, driving a stronger balance sheet and enabling a 40% free‑cash‑flow payout target. Margins rose 66% to $2,283 per ounce, while all‑in sustaining...
IDEX Corp reported modest 1% organic revenue growth in Q4 2025, driven primarily by a 34% surge in HST segment orders that reached a record $493 million. Adjusted EBITDA margin expanded by 40 basis points year‑over‑year, and free cash flow hit...
F&G Annuities & Life reported record assets under management of $73.1 billion, a 12% year‑over‑year increase, driven by $14.6 billion in gross sales. Adjusted net earnings rose to $482 million for the year, with fee‑based income contributing 15% of earnings as the company...
Wayfair reported Q4 2025 revenue up 6.9% YoY (7.8% excluding Germany), with adjusted gross margin steady at 30.3% and contribution margin improving to 15.3%. Adjusted EBITDA surged to $224 million, driving full‑year EBITDA above $743 million and free cash flow up 40%...
InvenTrust Properties Corp. reported a robust 2025 year, delivering 5.3% same‑property NOI growth and a 6.2% rise in NAREIT FFO to $1.89 per share. The REIT completed $460 million of Sunbelt‑focused acquisitions while maintaining sector‑low leverage, with net debt to adjusted...
Travelzoo reported Q2 2025 revenue of $23.9 million, a 13% year‑over‑year increase, primarily from advertising and commerce. GAAP operating profit fell to $2.1 million (9% of revenue) as the company ramped up member acquisition, with cost per new club member climbing to...
Meta CEO Mark Zuckerberg testified in Los Angeles as part of a high‑profile social‑media addiction trial, facing questions about internal documents that show the company deliberately targeted users as young as ten. Plaintiffs highlighted memos from 2015‑2018 that set goals...
Garrett Motion reported $3.58 billion in 2025 sales and a $510 million adjusted EBIT, delivering a 14.2% margin despite a modest Q4 margin dip. The company converted nearly 80% of adjusted EBIT into free cash flow and returned $260 million to shareholders through...
Visteon reported a record 2025 adjusted EBITDA of $492 million, representing a 13.1% margin, and generated $292 million of adjusted free cash flow. Displays sales surged about 20% year‑over‑year, while new business wins hit $7.4 billion, a 20% increase driven largely by displays...

Narratives can crush multiples faster than fundamentals change. Markets are pricing “software is dead” as if AI will commoditize SaaS overnight. But enterprises still need governance, permissioning, audit trails, compliance, uptime, and data orchestration. AI may change workflows, but it doesn’t...
Choice Hotels reported full‑year 2025 adjusted EBITDA of $626 million, up 4% and in line with guidance, while adjusted EPS matched the midpoint at $6.94. International expansion accelerated, adding 13% rooms to nearly 160,000 and pushing direct‑franchised rooms above 40% of...
Motorcar Parts of America (MPAA) trimmed its FY 2026 sales outlook to $750‑$760 million, reflecting a $50 million shortfall from a major customer’s store closures. Gross margin fell to 19.6% year‑over‑year but rose sequentially, and operating income is projected between $72 million and...

The February 18 edition spotlights ETFs that deliver at least a 5% annual dividend yield, hold over $100 million in assets, and trade with a 20‑day average volume above 0.5 million shares. The list features a mix of traditional dividend funds, leveraged products,...
YETI Holdings reported a record Q4 2025 with net sales of $583.7 million, up 5 % year‑over‑year, driven by 6 % growth in drinkware and a 25 % surge in international revenue. Adjusted gross margin fell to 58.4 % as tariffs added a 310‑basis‑point cost...
EPAM Systems reported Q4 2025 revenue of $1.4 billion, a 12.8% year‑over‑year increase, and AI‑native revenue topped $105 million, on track to exceed $600 million in 2026. The company posted GAAP EPS of $1.98 and non‑GAAP EPS of $3.26, while free cash flow...

Recent rotation has helped resolve some of U.S. large cap stocks’ valuation excesses, but risks remain to the downside for U.S. multiples. Large cap growth’s sales multiple is still near its all-time high, at about 6X, and growth’s earnings multiple may...
Workiva reported Q4 2025 revenue of $239 million, up 20% year‑over‑year and surpassing the top end of its guidance. Subscription revenue rose 21% to $219 million, driven largely by new customer additions, while non‑GAAP operating margin expanded to 19.1%, beating expectations by...
Acadian Asset Management reported record assets under management of $177.5 billion, a 52% increase year‑over‑year, driven by strong net client cash flows of $5.4 billion in Q4 and $29.4 billion for the full year. While US GAAP net income fell 18% in the...
In this episode, Warren Buffett’s 2008 shareholder letter is dissected to highlight timeless investment principles amid market turbulence. Buffett stresses that pessimism, not euphoria, should guide investors, urging disciplined valuation, liquidity, and patience during downturns while warning against chasing applause...
DT Midstream reported 2025 adjusted EBITDA of $1.138 billion, a 17% increase driven by a 27% surge in its Pipeline segment after the Midwest Pipeline acquisition. The company declared a quarterly dividend of $0.88 per share, up 7.3%, and achieved investment‑grade...
In this episode, Ed Wachenheim of Greenhaven Associates discusses his $6.1‑$6.2 billion equity portfolio, which remains heavily concentrated in cyclical and housing‑related stocks such as General Motors, Lennar, Toll Brothers, PulteGroup and D.R. Horton. He explains recent trims—most notably a 34%...

Canadian home prices slipped 0.4% in January to $658,000, the lowest level since February 2021, marking a 5% year‑over‑year decline. The correction represents a 22.6% drop from the 2022 peak, yet prices remain 26.4% above early‑2020 levels. National sales fell 16.2%...
U.S. banks posted robust Q4 consumer‑loan growth, but all warned that a proposed 10% credit‑card rate cap could restrict credit access and hurt borrowers. JPMorgan’s credit‑card revenue fell short of forecasts by 7.6% and the bank now expects card‑loan growth...

The episode analyzes the unexpected surge in global gasoline demand and price spreads in late 2025, attributing it to tight refinery capacity in Asia and the Middle East and seasonal factors. It examines how rising EV adoption, evolving blending mandates,...
Toyota Motor Corp's labor union lowered its annual bonus demand to 7.3 months' pay, a 0.3‑month reduction from last year’s record level, as the automaker faces higher U.S. tariffs. The union also called for wage hikes in the spring “shunto”...

Live cattle prices slipped modestly on the CME, with April contracts down $0.27 to $242.52 and June contracts down $0.02 to $238.42. Feeder cattle also fell, March contracts losing $0.40 to settle at $370.57. The market is largely waiting for...

Sprite’s aviation securitization platform is launching a $495 million asset‑backed securities (ABS) program backed by lease contracts on 30 aircraft. The issuance comprises three fixed‑rate tranches with an anticipated repayment date in March 2033 and a final legal maturity in March 2041. World...

Software is getting hit on fear of substitution more than evidence of structural deterioration in enterprise spending. When price action gets ahead of reality, the re-rating can be violent if the narrative cools.
Home Depot, Lowe’s and Amazon together captured 56% of the U.S. home‑improvement market in 2025, leaving independent hardware retailers struggling. Independent stores such as C&H Hardware and the 53‑year‑old Blossom True Value in Mountain View have shut down or announced...
The equal‑weighted S&P 500 continues a well‑defined uptrend, indicating intermediate‑term bullish momentum. In contrast, the broader, cap‑weighted U.S. equity averages remain confined to tight trading ranges, reflecting short‑term indecision. Meanwhile, the VVIX—volatility of the VIX—has stayed above the 100 threshold, underscoring...

A proposal to replace the graduated tax on IRA withdrawals with a flat 6% rate has sparked a lively debate among retirees and advisors. Commentators argue the low flat rate could trigger a wave of large Roth conversions as individuals...

Although global markets have narrowed the gap with the US in recent weeks, US equities still trade at a roughly 40% valuation premium to the rest of the world. That premium could shrink further if big tech companies lose their...

The Nasdaq Composite posted the strongest advance among U.S. indexes, rising 0.8% as risk‑on sentiment persisted amid solid earnings and encouraging economic data. Federal Reserve officials remain divided on rates, while housing starts jumped 6.2% to a five‑month high and...
Macro: global growth slows; rates remain sticky. Key factors: US CPI, China demand, energy. Risks: policy missteps, inflation shocks. Trade: shorten duration in US Treasuries. — Viktor Kopylov, PhD, CFA More insights: t.me/si14Kopylov
I was astonished that Bryn Talkington's feet were not held to the fire today after she recommended (confidentally) $PANW yesterday. Four hours later the company guided lower and the stock tanked. Does the network basically not give a shit (about their most...

The global macro docket for the next 24 hours of trade pics up. Japan has machinery orders, mfg activity survey, a 1-year and 20-year JGB auction, Jan CPI. Walmart and Alibaba report earnings. US and Canada trade balance. PBOC rate setting. Start...

Stark differences in income drive migration within CARICOM (and these are official data). More at today's Chartbook Top Links: https://t.co/DaCnHTI3Wj
India's navy has begun seizing shadow fleet tankers in its exclusive economic zone. As I've said in other videos covering the shadow fleet, once the first domino falls...the rest will quickly follow. #crudeoil #crude #india #geopolitics https://t.co/IVVPGp8cQ7
Bc of the interest component & exponential function of a debt based monetary system, there is never enough money to pay off the debt. And bc debts are always paid (either by lender or borrower), if they didn’t debase the...
A) Many studies have examined whether tariffs have been passed through to consumer prices, and they've found significant retail price increases B) Tariff burdens absorbed by US companies are an inefficient corporate tax, paid by Americans via lower wages or share...