Joining us right now is Steve Eisman. He is the host of the Real Eisman Playbook podcast. He's also former senior portfolio manager at Newberger Burman.And uh Steve, we always love having you in. Thank you for having me again. Thanks for coming in to talk today.We just teased that you are not worried at this point about uh the Fed. You're not really focused on the deficit at this point. What are you focused on.Uh two things. The tariffs and the potential for a trade war, I think, is really the only risk to ...

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is positioned as a strong investment opportunity in the semiconductor industry, particularly in the context of ongoing trade tensions and market volatility [3][4][5]. Group 1: Company Positioning - TSMC controls nearly 80% of the global chip supply chain, providing significant shareholder benefits and a strong competitive advantage [4]. - The company has gross profit margins of just under 60% over the past 12 months, indicating robust pricing power and market share dominance [5]. - TSMC reports returns on invested capital (ROIC) rates of up to 22%, which is a critical metric for value investors [6]. Group 2: Market Performance - Following a significant decline in stock prices during the "Liberation Day" announcement in April 2025, TSMC's stock recovered in less than 90 days, trading within 94% of its 52-week high [11]. - The current stock price is $211.07, with a 12-month price forecast of $217.00, indicating a potential upside of 2.81% [12]. - Institutional capital inflow into TSMC reached up to $8.3 billion in the most recent quarter, reflecting strong investor interest [13]. Group 3: Analyst Ratings - TSMC has a Moderate Buy rating among analysts, with a high forecast price of $250.00 and a low forecast of $170.00 [12][13]. - Analyst Simon Coles from Barclays has reiterated an Overweight rating on TSMC, setting a valuation target of up to $240 per share, suggesting an additional upside potential of 12% [13].

Economists say that President Trump's big, beautiful tax bill comes with a $3 trillion price tag over the next few months. But the White House says the opposite is true. So here to break down the disconnect, we've got Washington correspondent for Yahoo Finance, Ben Worshko.Ben, what have you been able to dig into with the details here. Yeah. Yeah, Brad.So this is a divide that we've seen between the White House and independent economist. Treasury Secretary Besson was on Capitol Hill yesterday and you saw th ...

High-stakes trade negotiations between the U.S. and China continued into a second day Tuesday, as both sides sought to defuse a trade war that threatens both economies. https://t.co/yTY2nmI9R9 ...

[Music] There's the closing bell on Wall Street and now it's market domination overtime. Jerobic is going to be along in a moment to give us the details from today's session, but I'm going to start with the major averages here and it looks like things are taking a little bit of a leg lower as we uh close out today's session, this Monday session. The Dow now down about a point. Little changed on the day here after starting the day in the red. It's kind of made a round trip here. Uh not necessarily any specif ...

Core Insights - Procter & Gamble (P&G) plans to cut 7,000 jobs over the next two years, representing about 6% of its workforce, as part of a broader restructuring strategy to navigate an uncertain spending environment influenced by US tariffs [1][4][13] - The company will exit certain product categories and brands in specific markets, which may include divestitures, to streamline operations and focus on core brands like Tide, Pampers, and Old Spice [1][9] - P&G anticipates a before-tax hit of approximately $600 million in fiscal year 2026 due to current tariff rates, which have been volatile [5][9] Job Cuts and Workforce Impact - The job cuts will account for roughly 15% of P&G's non-manufacturing workforce, with expected charges of $1 billion to $1.6 billion before-tax over the two-year period, a quarter of which is anticipated to be non-cash [13] - As of June 2024, P&G had about 108,000 employees [11] Market and Economic Context - The geopolitical environment is described as "unpredictable," with consumers facing "greater uncertainty," largely due to President Trump's tariffs affecting global markets and raising recession concerns in the US [4][6] - The ongoing trade war has resulted in at least $34 billion in lost sales and increased costs for companies [6] Strategic Adjustments - P&G's restructuring aims to simplify its organizational structure by broadening roles and reducing team sizes, which is seen as a way to free up cash for investment in core brands [9] - The company has previously exited markets such as Argentina and restructured operations in Nigeria, indicating a trend towards focusing on more profitable areas [10]

Financial Data and Key Metrics Changes - Time charter revenues for Q1 2025 were $54.9 million, a decrease of about 5% compared to $57.6 million in Q1 2024, attributed to a smaller fleet size and increased drydock days [14] - Adjusted EBITDA decreased to $23.3 million from $24.9 million in Q1 2024, a decrease of 6% [15] - Net income increased to $3 million from $2.1 million in Q1 2024, mainly due to decreased interest and finance charges [15] - Cash reserves decreased to $187.7 million from $207.2 million at the end of 2024 [16] - Long-term debt decreased to $623.9 million from $637.5 million, reflecting a 2% reduction [16] Business Line Data and Key Metrics Changes - Fleet utilization reached 99.6% in Q1 2025, up from 99.1% in the same quarter last year [19] - The average time charter equivalent rate was $50,739 per day, an increase of 5% compared to $15,051 per day in Q1 2024 [17][18] - Daily operating expenses increased by 2% to $5,866 per day compared to $5,775 per day in Q1 2024 [19] Market Data and Key Metrics Changes - The dry bulk market has shown dull performance in 2025, with new building vessel contracting slumping to only 0.1% of the global fleet [5][6] - The overall market levels remain historically healthy, but sentiment is lacking despite stable cargo volumes compared to 2024 [5] - Time charter rates for Capes dropped from a high of $35,000 per day in March 2024 to about $19,000 per day as of May 2025 [25] Company Strategy and Development Direction - The company focuses on a disciplined chartering strategy to ensure earnings visibility and resilience against market downturns [12][18] - Ongoing fleet modernization efforts include the sale of older vessels and investment in new joint ventures [8][10] - The company aims to leverage market volatility to deliver stable earnings through its commercial strategy [18] Management Comments on Operating Environment and Future Outlook - Management noted that the market is facing significant geopolitical and economic uncertainties, impacting sentiment and charter rates [5][24] - Despite current challenges, the company believes it is well-positioned with a strong balance sheet and predictable cash flows to navigate through cycles [22] - Future growth is expected to be influenced by macroeconomic conditions, with a cautious outlook for 2025 and 2026 [40][41] Other Important Information - The company declared a quarterly cash dividend of $0.01 per common share, totaling approximately $1.2 million [11] - The company has raised $25.6 million from the exercise of warrants under an ongoing program [10] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may not have included detailed inquiries or responses. The management concluded the call without further comments [45][46]

Industry Overview - U.S. retail sales have experienced fluctuations due to tariff fears and high inflation, yet spending at restaurants and bars remains strong [1] - Sales at U.S. restaurants reached $99.4 billion in April, reflecting a 1.2% month-over-month increase after a 3% rise in March, indicating consumer willingness to dine out [3][4] - Inflation is showing signs of cooling, with the consumer price index (CPI) rising 0.2% in April and a year-over-year increase of 2.3%, the smallest since February 2021 [5] Economic Factors - Easing trade war tensions and a temporary pause on tariffs announced by President Trump have contributed to a more favorable outlook for the restaurant industry [6] - The Federal Reserve's potential resumption of rate cuts could further benefit the restaurant sector [6] Investment Opportunities - Recommended restaurant stocks include BJ's Restaurants, Inc. (BJRI), Wingstop (WING), and CAVA Group, Inc. (CAVA), all of which have seen positive earnings estimate revisions in the last 60 days and carry a Zacks Rank 2 (Buy) [2] - BJRI has an expected earnings growth rate of 23.8% for the current year, with a 9% improvement in earnings estimates over the past 60 days [7] - WING's expected earnings growth rate is 6.3%, with a 6.3% improvement in earnings estimates over the past 60 days [8] - CAVA's expected earnings growth rate is 38.1%, with a 5.5% improvement in earnings estimates over the past 60 days [10]

Financial Data and Key Metrics Changes - In Q1 2025, Imperial Petroleum generated revenues of $32.1 million and net income of $11.3 million, marking a 22.5% increase in revenue and a 190% increase in net income compared to Q4 2024 [6][21][25] - The company has maintained profitability since Q4 2021 and ended Q1 2025 with a cash base of approximately $227 million, which is about three times higher than its current market cap [5][22][25] Business Line Data and Key Metrics Changes - The performance of product tankers improved in Q1 2025, with the company benefiting from increased time charter coverage, as seven out of thirteen ships are currently under time charter employment [6][19] - Voyage costs decreased to $10.5 million, down $3.1 million from Q1 2024, attributed to increased time charter activity and reduced spot days [21] Market Data and Key Metrics Changes - Average rates for Suezmax and product tankers were lower by about 25% compared to the same period last year, reflecting broader market softness [5][21] - The tanker market experienced volatility due to geopolitical factors, including sanctions on tankers involved in Russian oil trade, which tightened capacity and strengthened day rates [10][13] Company Strategy and Development Direction - The company plans to expand its fleet significantly, adding seven new ships by Q3 2025, which will increase its fleet size by 60% [16][18] - The strategic addition of dry bulk carriers is aimed at diversifying the fleet and reducing volatility, as dry bulk carriers typically have a less volatile market cycle than tankers [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting the positive momentum in Q1 2025 despite a soft market [25] - The company remains optimistic about the tanker market in the short to medium term due to OPEC's production increases and ongoing sanctions on Russian oil [13][24] Other Important Information - The company reported a basic earnings per share of $0.32 for Q1 2025 and noted a 10% increase in available cash during the quarter [22][23] - Imperial Petroleum's daily TCE earnings per fleet stand at approximately $20,500, with a cash flow breakeven per vessel at around $9,000 [23] Q&A Session Summary Question: What are the expectations for the tanker market moving forward? - Management indicated that the tanker market outlook is positive in the short to medium term, primarily due to OPEC's decision to increase output and the ongoing sanctions on Russian oil [13][24] Question: How is the company managing its fleet expansion? - The company is strategically adding dry bulk carriers to diversify its fleet and reduce operational volatility, with plans to increase its fleet size significantly by Q3 2025 [16][17]

Financial Performance - Revenues for Q1 2025 were $32.1 million, a 22.1% decrease compared to $41.2 million in Q1 2024 due to stronger market rates in the previous year[8] - Net income for Q1 25' was $11.3 million, compared to $16.7 million in Q1 24', also attributed to higher revenue generation in the stronger market of Q1 24'[8] - EBITDA for Q1 25' was $14.7 million[8] - Cash and cash equivalents, including time deposits, totaled $227.4 million, approximately 170% higher than the company's current market capitalization[8] - Income from time deposits was $2.2 million for Q1 25'[36] Fleet Operations and Expansion - Fleet operational utilization was 84.2% for Q1 25', compared to 86% in Q4 24' and 80.6% in Q1 24'[8] - Approximately 47% of Q1 25' fleet calendar days were dedicated to time charter activity, while 53% were dedicated to spot activity[8] - The company took delivery of the drybulk carrier Supra Pasha (2012 built) on April 26th, 2025, with the remaining six drybulk carriers expected to be delivered by June 25'[8] - The company is adding seven drybulk carriers, increasing fleet size by 60% in both vessel number and deadweight tonnage (dwt) capacity[21] Market Dynamics - Tanker rates in Q1 25' were stronger than in the second half of 2024, influenced by OFAC sanctions imposed in March 2025[13] - A one-year time charter (TC) rate for a Kamsarmax vessel in March 2025 was estimated at around $14,100 per day, while spot day rates for Supramax vessels were close to $10,000[24] - Total capital commitment for the drybulk vessel acquisitions is $129 million, to be paid within Q3 25'[27]