What do we know about the details, if any, on the back of these discussions. Well, Tom, they were thrashed out over many, many hours yesterday. The talks when all through the day and into the night as well.The US Treasury secretary, Scott Bessant, having to leave early because he had to get back to Washington to testify in Congress. But they got back around the table. Howard Lutnick, the commerce secretary, and the U.S. Trade Representative, Jamison Greer, emerging finally, as you heard there, to announce t ...

On top of that, e-commerce continues to increase as a percentage of retail sales, and it requires a greater distribution system than physical stores do. For every $1 billion in retail sales, physical retailers need 334,000 square feet of space, while e-commerce retailers need more than a million. As retailers develop their e- commerce businesses more fully, they're becoming even more dependent on Prologis and its systems. As e- commerce retailers race to increase their speed, they also need more centers clo ...

Core Insights - Ryman Hospitality Properties, Inc. has successfully completed the acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa for approximately $865 million [1][2]. Company Overview - Ryman Hospitality Properties is a leading lodging and hospitality real estate investment trust specializing in upscale convention center resorts and entertainment experiences [3]. - The company's portfolio includes five of the top seven largest non-gaming convention center hotels in the U.S., with a total of 12,364 rooms and over 3 million square feet of meeting space [3]. Acquisition Details - The JW Marriott Desert Ridge is located on approximately 402 acres in Arizona and features 950 guest rooms, including 81 suites, and about 243,000 square feet of meeting and event space [2]. - The resort includes amenities such as a 28,000-square-foot spa, seven dining options, a 140,000-square-foot water amenity, and two golf courses [2]. - The property has undergone nearly $100 million in capital investments, including renovations and upgrades to various facilities [2].

Dividend Announcement - Orchid Island Capital, Inc. declared a monthly cash dividend of $0.12 per share for June 2025, payable on July 30, 2025, to shareholders of record as of June 30, 2025, with an ex-dividend date of June 30, 2025 [1][7] Company Overview - Orchid Island Capital, Inc. is a specialty finance company that invests in Agency Residential Mortgage-Backed Securities (RMBS) on a leveraged basis, focusing on traditional pass-through Agency RMBS and structured Agency RMBS [4] Shareholder Distribution Requirements - To qualify as a Real Estate Investment Trust (REIT), the company must distribute at least 90% of its REIT taxable income annually to stockholders, excluding net capital gains [2] Share Count - As of June 10, 2025, the company had 121,210,845 shares of common stock outstanding, an increase from 119,072,481 shares as of May 31, 2025, and 107,786,614 shares as of March 31, 2025 [3] RMBS Portfolio Characteristics - The RMBS portfolio as of May 31, 2025, includes various categories of Agency RMBS, with a total mortgage asset value of $6,413,292, where Fannie Mae and Freddie Mac represent 61.4% and 38.6% of the portfolio, respectively [11][12] Borrowings and Debt Characteristics - The total borrowings of the company amount to $6,138,581, with a weighted average interest rate of 4.47% and a maturity of 29 days as of May 31, 2025 [13]

Group 1 - Zscaler's share price has increased nearly 40% this year, indicating strong market performance [1] - The market perceives Zscaler as a fast-growing niche vendor rather than a platform leader in the zero-trust space [1] Group 2 - The company is positioned at a strategic crossroads within the zero-trust framework, suggesting potential for further growth and influence in the industry [1]

Core Insights - Zscaler (ZS) achieved $2.9 billion in annual recurring revenues (ARR) for Q3 fiscal 2025, marking a 23% year-over-year growth for the third consecutive quarter, with a target of reaching $3 billion ARR by the end of Q4 fiscal 2025 [1][10] Group 1: Growth Drivers - The Z-Flex purchasing program, launched in Q3, simplified procurement and generated $65 million in total contract value (TCV) bookings, with significant ARR increases from major clients [2] - Zscaler's strategic focus on three pillars—Zero Trust Everywhere, Data Security Everywhere, and Agentic Operations—contributes nearly $1 billion in ARR [3] Group 2: Customer Expansion - The Zero Trust Everywhere initiative saw a 60% increase in enterprise customers, growing from 130 to over 210, with a goal to reach over 390 by the end of fiscal 2026 [4] - Zscaler has 642 customers generating over $1 million in ARR and 3,363 customers with ARR exceeding $100,000, indicating strong retention and expansion within existing accounts [5] Group 3: Competitive Landscape - Competitors like CyberArk and SentinelOne are also experiencing growth, with CyberArk reporting $1.215 billion in ARR (50% year-over-year increase) and SentinelOne reaching $948 million in ARR (24% year-over-year increase) [6][7] Group 4: Stock Performance and Valuation - Zscaler's shares have increased by 66.3% year-to-date, outperforming the Zacks Security industry's growth of 22% [8] - The forward price-to-sales ratio for Zscaler is 15.21, slightly above the industry average of 14.77 [15]

Core Insights - Cybersecurity companies like Zscaler, CyberArk, and Cloudflare are positioned to benefit from ongoing trends in digital security, remaining resilient against macroeconomic challenges [1][2] Group 1: Zscaler - Zscaler employs "zero trust" systems, treating all network users as potential threats and providing cloud-native services that are easier to scale and maintain [4] - The company serves over 7,500 customers globally and secures more than 500 billion transactions daily [4] - Analysts project Zscaler's revenue to grow at a compound annual rate of 21% from fiscal 2024 to fiscal 2027, with profitability expected by 2027 [5] - Zscaler plans to triple its zero trust deployments, expand its AI-powered ZDX Copilot platform, and integrate with larger cybersecurity firms [5] - The zero trust market is anticipated to grow at a compound annual rate of 16.7% from 2025 to 2032, indicating significant growth potential for Zscaler [6] Group 2: CyberArk - CyberArk is a leader in the privileged access management (PAM) market, focusing on internal threats rather than external ones [7] - The company serves over 10,000 customers across 110 countries [7] - Analysts expect CyberArk's revenue to grow at a compound annual rate of 24% from 2024 to 2027, with profitability anticipated in 2026 [8] - Growth drivers include the acquisition of Venafi, expansion of cloud-based subscriptions, and diversification into new security services [8] - The PAM market is projected to grow at a compound annual rate of 21.4% from 2024 to 2033, supporting CyberArk's high valuation of 15 times this year's sales [9] Group 3: Cloudflare - Cloudflare enhances digital media delivery and protects clients from bot-based attacks through its content delivery network (CDN) [10] - The company serves data to users in 330 metropolitan areas across over 125 countries, processing an average of 78 million HTTP requests per second [10] - Analysts forecast Cloudflare's revenue to grow at a compound annual rate of 27% from 2024 to 2027, with narrowing net losses [11] - Key growth factors include the deployment of Nvidia's GPUs, expansion of the "Workers AI" platform, and growth of its Cloudforce One security platform [11] - The global CDN market is expected to expand at a compound annual rate of 17.7% from 2024 to 2030, providing Cloudflare with opportunities for continued growth [12]

Core Insights - The implementation of a zero trust architecture could potentially reduce global annual economic losses from cyber incidents by up to $465 billion, representing a reduction of up to 31% in overall cyber losses [1][8] - North America has experienced significantly more cyber incidents compared to Europe, with nearly four times the number of incidents, yet a higher percentage of European incidents (41%) could have been mitigated by zero trust compared to North America (31%) [2] - The rise in ransomware incidents, which increased by 126% in one year, has heightened the proportion of events that zero trust could have mitigated globally [3] Company Insights - Zscaler's Risk360 service provides organizations with a comprehensive cyber risk profile, enabling them to quantify business risk and potentially receive more favorable cyber insurance policies [5][6] - The Zscaler Zero Trust Exchange platform is designed to protect users, devices, and applications from cyberattacks, leveraging a large network of over 160 data centers globally [9] Industry Insights - The report emphasizes the importance of zero trust as a fundamental cybersecurity control that enhances cyber hygiene and reduces risk exposure by requiring continuous verification of users, applications, and devices [4] - Companies with over $1 billion in annual revenue are identified as standing to benefit the most from zero trust implementation, with 60% of attacks deemed mitigable [3]

Core Viewpoint - Sezzle Inc. has filed a lawsuit against Shopify Inc. for alleged antitrust violations, claiming that Shopify is engaging in monopolistic practices that hinder competition in the "buy now, pay later" service sector [1]. Group 1: Lawsuit Details - The lawsuit is filed in the U.S. District Court for the District of Minnesota, asserting both federal and state antitrust violations [1]. - Sezzle is seeking an injunction to stop Shopify's alleged anticompetitive conduct, which it claims limits consumer choice and fair market competition [1]. - The company is also pursuing treble damages as part of the lawsuit [1]. Group 2: Company Commitment and Updates - Sezzle's CEO, Charlie Youakim, emphasized the company's commitment to a competitive and consumer-friendly payments ecosystem, stating that the lawsuit is a crucial step for merchants and consumers [2]. - The company reaffirmed its fiscal 2025 guidance, indicating confidence in its financial outlook despite the ongoing legal challenges [7]. Group 3: Company Overview - Sezzle is a fintech company focused on empowering consumers through its digital payment platform, which offers point-of-sale financing options and connects millions of customers with merchants [3]. - The company prioritizes transparency, inclusivity, and ease of use, aiming to help consumers manage their spending and achieve financial independence [3].

Key Takeaways IRM stock surged 22.5% over three months, outpacing the industry's 1.5% decline. Data center revenues rose 20.3% in Q1 2025, supporting Iron Mountain's growth diversification. IRM raised its dividend by 10.6% in February, backed by strong AFFO growth and financial flexibility.Iron Mountain Incorporated (IRM) shares have rallied 22.5% in the past three months, against the industry’s fall of 1.5%.Iron Mountain is well-poised to gain from strong cash flows in the storage and records management ...