Core Viewpoint - Carnival (CCL) shares surged approximately 10% after the company reinstated its dividend and reported Q4 earnings that more than doubled year-over-year to $0.34 per share [1][4] Financial Performance - Q4 earnings increased to $0.34 per share, more than doubling compared to the previous year [1] - Carnival's stock has risen 89% from its year-to-date low, indicating strong recovery momentum [2] Dividend Reinstatement - The reinstatement of the dividend after a six-year suspension signals operational stability and confidence in cash flow, allowing for shareholder returns while supporting growth [3] - This decision marks a significant turning point for Carnival, moving away from pandemic-driven losses and debt restructuring [4] Future Guidance - Management provided optimistic full-year guidance, projecting net yields to increase by at least 2.5% in fiscal 2026 [1] - Analysts recommend maintaining positions in CCL shares as the consensus rating is "Strong Buy" with price targets suggesting nearly 40% upside potential [7][8] Technical Analysis - Carnival's stock is currently trading at a price-to-sales (P/S) multiple of 1.51, making it relatively cheaper compared to competitors like Royal Caribbean (RCL) [5] - The stock has surpassed its 100-day moving average, indicating bullish momentum in the near- to medium-term [6]

Core Insights - Intel has significantly reduced its dividend in 2023 and completely suspended it in 2024 due to ongoing financial struggles and poor performance [1][2] - The company is undergoing a leadership change and cost-cutting measures, but a return of the dividend is not expected in the near future [2][14] Financial Performance - Intel has invested heavily in new manufacturing facilities and technologies to regain its competitive edge against TSMC, which has led to a cash-intensive process with minimal initial revenue from its foundry business [4] - The client computing business has suffered from a downturn in PC demand and competition from AMD, while the data center segment has also faced challenges due to strong competition and a shift towards AI spending [5] - As of the first quarter of 2025, Intel had approximately $21 billion in cash and short-term investments but over $50 billion in debt, which has been increasing for the past 15 years [6][8] Profitability and Cash Flow - The products business remains profitable, generating an operating income of $2.9 billion on $11.7 billion in revenue in the first quarter [9] - The foundry business, however, reported an operating loss of $2.3 billion with less than $1 billion in revenue, contributing to a total operating loss of $301 million for the quarter [10] - Capital expenditures have significantly outpaced depreciation, leading to an adjusted free-cash-flow loss of approximately $3.7 billion in the first quarter [11] Strategic Moves - Intel is divesting non-core businesses and has reduced its gross capital spending target for 2025 by $2 billion to $18 billion, which may help improve its financial situation [12] - Under new CEO Lip-Bu Tan, the company is focusing on cost reduction, management restructuring, and enhancing engineering capabilities to attract major foundry customers [13] Future Outlook - A potential turnaround for Intel could begin to take shape in 2026, but the dividend is unlikely to return until the company stabilizes and grows its CPU market share and external foundry revenue [14][15] - Improving the balance sheet and reducing debt will be prioritized before any consideration of restarting dividend payments [15]