Core Insights - Aristides Capital has fully exited its position in the iShares Biotechnology ETF, liquidating approximately $3.60 million worth of shares, indicating a strategic shift away from sector beta after a strong biotech rebound [1][2][5] Fund Performance - The iShares Biotechnology ETF (IBB) has seen a price increase of 28% over the past year, closing at $171.88, significantly outperforming the S&P 500, which rose about 15% in the same timeframe [3][4] - Year-to-date gains for the ETF exceed 30%, with a trailing one-year return of 14.49% [4][6] ETF Overview - The iShares Biotechnology ETF has an Assets Under Management (AUM) of $8.68 billion and an expense ratio of 0.44%, providing exposure to over 250 biotechnology stocks [4][8] - The ETF aims to replicate the performance of a biotechnology sector index, focusing on disciplined portfolio construction to manage sector-specific risks [4][8] Investment Strategy - Exiting a broad biotech ETF amid a strong market run reflects a deliberate capital rotation strategy rather than a bearish outlook, as the fund maintains significant positions in other market beta assets [5][9] - The current market environment favors selective investments over broad sector ETFs, suggesting that alpha generation will come from targeted stock selection rather than diversified baskets [9]

Should you add it to your own portfolio?Quantum computing could be the next major technological breakthrough. While many tech giants are developing quantum systems, there are also a few pure-play quantum computing companies -- and one has been getting significant attention recently.That would be Rigetti Computing (RGTI 8.55%), which develops superconducting quantum computers. Rigetti's up 61% year-to-date as of Dec. 24, and recent SEC filings show that it has been a popular investment. Asset managers have b ...

Core Insights - Aristides Capital has initiated a new position in Fluor Corporation, acquiring 224,842 shares valued at approximately $9.46 million as of September 30, representing about 2.84% of its total reportable U.S. equity assets [1][2]. Company Overview - Fluor Corporation is a global leader in engineering and construction services, focusing on energy, infrastructure, technology, and government projects [6]. - The company operates a project-driven business model, generating revenue through large-scale contracts in various sectors including energy transition, infrastructure, and government services [9]. Financial Performance - Fluor's revenue for the trailing twelve months (TTM) is reported at $15.59 billion, with a net income of $3.38 billion [4]. - The company's stock price as of the latest report is $40.69, reflecting a 20% decline over the past year, underperforming the S&P 500, which has increased by about 15% during the same period [3][4]. Recent Developments - Despite a challenging third quarter, where revenue fell 18% year over year, adjusted EBITDA increased by 29% to $161 million, and management has raised full-year adjusted EPS and EBITDA guidance [10]. - Fluor's backlog stands at $28.2 billion, with 82% being reimbursable, which mitigates risks associated with cost overruns [10][11]. - The company has repurchased $70 million of its stock in the quarter and plans to repurchase up to $800 million more by early 2026, supported by $2.8 billion in cash and marketable securities [11].

Core Viewpoint - Not all AI companies will succeed, and three specific stocks are highlighted as particularly risky investments in the current market environment [1]. Group 1: SoundHound AI - SoundHound AI has faced significant challenges, including a drop in share prices following Nvidia's sale of its stake and a record GAAP net loss of $109.3 million despite achieving $42 million in revenue [4][6]. - The company's market capitalization is $4.6 billion, with shares trading at approximately 30 times trailing sales, which is higher than many tech companies, including Nvidia at 25 times [5][7]. - Although SoundHound is expanding into new industries through its acquisition of Amelia, it faces stiff competition from established players like Alexa, making its future success uncertain [6][7]. Group 2: BigBear.ai - BigBear.ai has been struggling, with declining revenue over the past three years, and its fourth-quarter revenue guidance suggests a potential decline of 9.6% to 44% year-over-year [8][9]. - The company has a market cap of $2.6 billion and is trading at a premium valuation of 14 times trailing sales, despite its gross margin being among the lowest in the industry at 22.4% [10][12]. - Key metrics for BigBear.ai are deteriorating, including a shrinking backlog and widening net losses, indicating a challenging outlook for the company [11][12]. Group 3: Pony.ai - Pony.ai, which focuses on AI-powered autonomous vehicles, reported a 72% year-over-year revenue growth in Q3, driven by its robotaxi services [13][14]. - However, the company experienced a significant revenue drop from $50.6 million in Q4 2023 to $35.5 million in Q4 2024, raising concerns about its financial stability [15]. - Given its recent IPO in November 2024, it is advised to wait for more comprehensive financial data before considering investment in Pony.ai [16].

Core Insights - Old Republic International has consistently increased its dividend payouts, with a recent total of $1.16 per share over the last four fiscal quarters, marking a 9.4% increase from the previous period [2] - The company declared a special dividend of $2.50 per share, the highest in its history, to be paid on January 14, 2026 [2] - Old Republic operates as a significant commercial underwriter in the U.S. and offers various specialty insurance products, including commercial liability and aviation insurance [3] Financial Performance - In Q3 2025, Old Republic reported a net income of $279.5 million, a decrease from $338.9 million in the same quarter the previous year [5] - However, net operating income increased from $182.7 million to $196.7 million, indicating strong underlying insurance operations [5] - The company's conservative approach has led to a stock price increase of approximately 90% over the last three years, with a current price of $46.62 and a year-to-date increase of 25% [7] Market Position - Old Republic's market capitalization stands at $12 billion, with a dividend yield of 2.49% [7] - Investment firm Piper Sandler has raised its price target for the stock from $46 to $51, indicating optimism about the company's growth potential [7]

One of these stocks hasn't performed well in 2025, leading to a magnificent opportunity for the year ahead.The premise of only picking a single stock from a small group of options obviously doesn't apply in the real world. You can buy any stock (or as many stocks as) you want to at any given time.Nevertheless, this sort of thought exercise has value. Not only does it require you to weigh a company's own pros against its own cons, but it also forces you to compare one potential investment to another. This ca ...

The pharmaceutical giant's stock has tumbled over the past year and a half, but it could be poised to storm back.Is there a more popular health trend right now than GLP-1 agonist obesity drugs such as Ozempic? Probably not. Ironically, though, investing in Ozempic, or rather in its manufacturer, Novo Nordisk (NVO 0.63%), hasn't gone very well this year.Shares have fallen by 40% in 2025. Competition from Eli Lilly's similar drug, Zepbound, and from telehealth companies selling compounded versions of Ozempic ...

Core Insights - The S&P 500 is nearing its all-time high, driven by technology stocks and AI investments [1][2] - Analysts express concerns that some leading stocks may be overvalued due to unrealistic growth expectations [2][3] Company Analysis: Palantir - Palantir Technologies is experiencing significant growth, with a 63% revenue increase last quarter and a 121% rise in U.S. commercial revenue [7] - The launch of its Artificial Intelligence Platform (AIP) is a key factor in its growth, allowing users to interact with data using natural language [5][6] - Despite impressive growth metrics, Palantir's stock is considered overvalued, with a forward P/E ratio of 268 and a price-to-sales ratio exceeding 100 [8] - RBC Capital has set a price target of $50 for Palantir, indicating a potential downside of 74% from its current price of $190.58 [6][8] Company Analysis: CoreWeave - CoreWeave has reported a 134% revenue growth in the most recent quarter, driven by contracts with major clients like Microsoft and Nvidia [9] - The company has a significant debt load of $14 billion, which has doubled from the previous year, raising concerns about its financial strategy [10] - CoreWeave's revenue backlog has reached $55.6 billion, but this is not guaranteed revenue as clients can reduce or withdraw contracts [11][13] - The company's operating margin has compressed to 16%, with interest expenses exceeding its adjusted operating income of $217 million [14] - DA Davidson has set a price target of $36 for CoreWeave, suggesting a downside of 54% from its current price of $76.90 [6][10]

A patient, partnership-driven family office didn’t wait for fundamentals to break before walking away, and that timing may matter more than the sale itself.New York City-based Wildcat Capital Management sold out its position in TIC Solutions, Inc. (TIC +0.09%) during the third quarter, reducing exposure by 1.5 million shares with a net change of $16.56 million, according to a November 13 SEC filing.What HappenedAccording to a filing with the Securities and Exchange Commission dated November 13, Wildcat Capi ...

Amid a historic rally and blowout earnings, one portfolio move hints at where conviction ends and discipline begins.New York-based JB Capital Partners cut its holding in Tutor Perini (TPC +0.73%) by 175,000 shares in the third quarter, reducing exposure by approximately $5.35 million, according to a November 13 SEC filing.What HappenedAccording to a U.S. Securities and Exchange Commission (SEC) filing dated November 13, JB Capital Partners LP reduced its stake in Tutor Perini (TPC +0.73%) during the third q ...