Key Takeaways AA shares jumped 93.5% in six months, outperforming peers on strong aluminum and alumina demand.Alcoa is benefiting from higher aluminum prices, tariffs, and rising production across key segments.Earnings estimates for AA moved higher, with 2026 projections surging on improved growth outlook.Shares of Alcoa Corporation (AA) have been showing impressive gains of late, rising 93.5% in the past six months. The alumina, aluminum and bauxite products provider has outperformed the industry and S&P 5 ...

Well, Frank, I what I think is interesting is the reaction of the Chinese government or the non-reaction because officially the foreign ministry dodged a question. They didn't actually go into anything other than a boilerplate statement which was that uh Beijing Beijing's position on Tik Tok is consistent and clear. But uh the state media reaction has been interesting in that it's been quoting a probe Beijing professor on the Tik Tok deal.And there that professor is saying that this deal is in line with Chi ...

By David Shepardson WASHINGTON, Dec 18 (Reuters) - TikTok's Chinese owner, ByteDance, said Thursday it signed binding agreements with three major investors to form a joint venture to operate TikTok's U.S. app led by American and global investors in a bid to avoid a U.S. government ban, a significant step toward ending years of uncertainty. The deal is a milestone for the short ​video app used regularly by more than 170 million Americans after years of battles that began in August 2020, when President Do ...

Core Insights - Kering and Ardian have finalized a joint venture agreement for a prominent property located at 715-717 Fifth Avenue, New York City, encompassing approximately 115,000 sq. ft (10,700 sq. m) of luxury retail space [2][3] - Kering will hold a 40% stake in the joint venture, while Ardian will hold 60%, with the transaction valued at USD 900 million (EUR 766 million) and net proceeds for Kering amounting to USD 690 million (EUR 587 million) [3][4] - This partnership enhances Kering's real estate portfolio management strategy and provides financial flexibility, while Ardian views this investment as a strategic expansion into the U.S. market [4][5] Company Overview - Kering is a global luxury group with a diverse portfolio of brands including Gucci, Saint Laurent, and Bottega Veneta, generating revenue of €17.2 billion in 2024 and employing 47,000 people [6] - Ardian is a diversified private markets firm managing or advising $196 billion for over 1,890 clients globally, focusing on providing investment solutions that adapt to new economic dynamics [9]

Core Insights - The establishment of xCelle Asia, a joint venture between AAR and AFI KLM E&M, aims to enhance service offerings for next-generation aircraft nacelles in the Asia-Pacific region [1][2][3] - xCelle Asia is positioned to provide maintenance, repair, and overhaul (MRO) services, including on-wing inspections and rotable support for various engine types [1][2] - The joint venture reflects a commitment to innovation, sustainability, and operational excellence, aiming to replicate the success achieved in the Americas [2] Company Overview - AAR is a global aerospace and defense aftermarket solutions provider with operations in over 20 countries, supporting both commercial and government customers through various segments [4] - AFI KLM E&M is a major multi-product MRO provider with a workforce of over 12,800, offering comprehensive technical support for nearly 3,000 aircraft operated by 200 airlines [5]

Financial Data and Key Metrics Changes - In Q3, the company reported a TCE income of $247 million, with an adjusted EBITDA of $150.5 million, leading to a net profit of $91.5 million or $18 per share [16][17] - The company has a dividend payout ratio of 80% of net profit, resulting in a distribution of $73.2 million or $14.7 per share [17][18] - The company has paid dividends consistently over the last 15 quarters, with a projected dividend of $1.16 per share for 2024 [9][17] Business Line Data and Key Metrics Changes - The company operates a fleet of 126 vessels, including 117 owned and nine long-term time chartered vessels, with a focus on product and chemical tankers [6][7] - The company has seen a strong market in Q3, contrary to typical seasonal trends, due to increased ton miles and tighter supply from sanctioned vessels [16] Market Data and Key Metrics Changes - As of mid-November, the company had booked 71% of its bookings for Q4, indicating an improvement in rates, with current bookings around $26,040-$25,600 [30][31] - The company experienced 230 extra dry docking days in Q3, impacting operations, but this is expected to taper off in the current quarter [31] Company Strategy and Development Direction - The company is focused on strategic growth through acquisitions, joint ventures, and fleet modernization, including a recent acquisition of 14.1 million shares in TORM [11][23] - The company aims to maintain a low-cost operation while ensuring strong shareholder distributions, with a clear dividend policy linked to the loan-to-value ratio [9][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the geopolitical environment, including the reopening of the Red Sea, could impact market dynamics, but the overall sentiment may not significantly affect trading volumes [37][40] - The company anticipates a strong winter market, driven by refinery closures in Europe and increased demand from the US, leading to a tight tonnage situation [50][51] Other Important Information - The company has a strong focus on innovation and has established a joint venture in the bunkering space with Cargill [8] - The company is actively managing its fleet, with a strategy to extend the life of vessels rather than ordering new builds in a high-price environment [55][56] Q&A Session Summary Question: Why has the order book fallen in Q3? Is scrapping increasing? - Management indicated that the order book has fallen due to a shift in vessels going into dirty trades, rather than an increase in scrapping [52][54] Question: Can you share thoughts on fleet renewal schemes? - The company is focusing on life extension of existing vessels and is open to various opportunities, including resales and M&A, rather than committing to new builds at high prices [55][56]

Core Viewpoint - Robinhood Markets, Inc. is launching a futures and derivatives exchange and clearinghouse, enhancing its investment in the prediction-market sector, which is expected to positively impact its stock performance [1][2]. Group 1: New Ventures - The new initiative is a joint venture where Robinhood will be the controlling partner, aimed at boosting its presence in prediction markets [2]. - The venture will allow Robinhood to design and list customized contracts for clients, enhancing its offerings in the prediction market space [8]. Group 2: Market Impact - HOOD shares have seen an increase of 8.55%, trading at $125.50 following the announcement [7]. - Susquehanna International Group has been named as a day-one liquidity provider, with more firms expected to join, which could enhance liquidity in the new market [3][8]. Group 3: Analyst Insights - Goldman Sachs analyst James Yaro has reiterated a Buy rating on HOOD, projecting a price target of $175, citing the potential for improved scalability and monetization of prediction markets through the new venture [4]. - Yaro emphasized that the joint venture could lead to better liquidity in more markets compared to Robinhood's current offerings [4]. Group 4: Financial Considerations - The joint venture is expected to allow Robinhood to earn revenue through both its brokerage and futures commission merchant (FCM) operations [5]. - Yaro noted that the existing licenses and products from MIAXdx should help manage the incremental investment needs of the venture [5].

Financial Data and Key Metrics Changes - For the quarter ended September 30th, core net investment income was $0.28 per share, with GAAP net investment income also at $0.28 per share [5][16] - Net asset value (NAV) decreased by 1.2% to $10.83 per share from $10.96 per share in the previous quarter [16] - The debt to equity ratio was reported at 1.6 times, which was later reduced to 1.4 times after asset sales [16][17] Business Line Data and Key Metrics Changes - The portfolio grew to $2.8 billion, up from $2.4 billion in the prior quarter, indicating a strong increase in assets under management [12] - The weighted average yield on debt investments was 10.2%, with approximately 99% of the debt portfolio being floating rate [17] - The portfolio maintained a median leverage ratio of 4.5 times and a median interest coverage of 2 times [9][18] Market Data and Key Metrics Changes - The pricing on high-quality first lien term loans was reported at SOFR plus 475-525 basis points, with reasonable leverage and meaningful covenant protections [8][9] - The company noted a steady increase in transaction activity in the private middle market lending sector, which is expected to lead to higher loan origination volumes [8] Company Strategy and Development Direction - The company is focused on enhancing earnings power through scale, diversification, and disciplined capital deployment, as evidenced by a $250 million portfolio acquisition and the formation of a new joint venture [5][6] - The goal for the new joint venture, PSSL2, is to grow it to over $1 billion in assets, similar to existing joint ventures [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market environment, highlighting opportunities for capital deployment in core middle market companies with lower leverage and higher spreads [8][11] - The company remains committed to delivering a stable dividend stream while preserving capital and creating long-term value for stakeholders [19] Other Important Information - The company has a strong credit quality track record, with a loss ratio on invested capital of only 11 basis points annually since inception [12] - The portfolio is well-diversified, comprising 164 companies across 50 industries, with a focus on sectors that are recession resilient [10][12] Q&A Session Summary Question: How did the portfolio acquisition come about? - The acquisition was part of a joint venture with a third party, involving assets that were well-known to the company, which originated a couple of years ago [21][22] Question: Are there more opportunities like the portfolio acquisition? - Management indicated that they are always looking for similar opportunities and emphasized the value of acquiring assets they are familiar with [21][22] Question: What impact did the government shutdown have on portfolio companies? - The company has minimal exposure to civilian government activities, focusing more on defense and intelligence, which were not impacted by the shutdown [24] Question: What is the expected NII contribution from the recent asset sales? - The NII contribution from the $250 million portfolio acquisition is expected to add about 1-2 cents per share for a full quarter [29] Question: How does the current leverage ratio cover the dividend? - Management believes that a leverage ratio of 1.5 should easily cover the dividend, even with potential reductions in SOFR [43] Question: What trends are being observed in the underlying portfolio companies? - The company is seeing double-digit revenue growth and single-digit EBITDA growth across its portfolio, with a healthy overall portfolio despite some choppier credits [46][47] Question: Is there any consideration for stock buybacks given the stock price is trading below book value? - The board considers all options, including buybacks, and acknowledges that the current stock price appears to be a good value [59]

Core Insights - Restaurant Brands International is forming a joint venture with CPE to operate Burger King's restaurants in China [1][2] - CPE will own approximately 83% of the joint venture, while Restaurant Brands will hold a 17% minority stake [2] - CPE plans to invest $350 million into the joint venture for marketing, menu innovation, and restaurant expansion [3] Company Strategy - The joint venture aims to expand Burger King's presence in China from about 1,250 locations to over 4,000 by 2035 [3] - The deal is expected to close in the first quarter of 2026, pending regulatory approval [4] Market Context - China's large population and growing economy have historically attracted U.S. companies, including restaurant chains [5] - Recent economic slowdowns have prompted some companies to reevaluate their strategies in the Chinese market [5]

Accessibility StatementSkip Navigation CPE to invest $350 million of primary capital to grow Burger King China to over 4,000 restaurants by 2035 Accelerated development at Burger King China reinforces RBI's path to 5%+ Net Restaurant Growth MIAMI, Nov. 10, 2025 /PRNewswire/ - Restaurant Brands International Inc. (NYSE: QSR) (TSX: QSR) (TSX: QSP) ("RBI") today announced a joint venture with CPE to unlock the next phase of growth for Burger King in China. The joint venture aims to expand the brand's footprint ...