Maintained a market share of just under 50% in the plasma space, exiting the year with 595 active centers despite elevated inventory levels impacting per-center revenue. Plasma donor compensation business provided a stable foundation with 4% revenue growth, shifting focus toward center efficiency and excess capacity filling over new openings. Successfully expanded footprint within the top 10 U.S. pharmaceutical manufacturers, now serving 6 of the top 10 through a land-and-expand strategy. Differentiated 'dy ...

Core Viewpoint - Cotton prices are currently seen as offering value, with expectations of holding around 60 cents per pound despite potential for further declines due to rising production costs and a weakening U.S. dollar [1] Price Trends - May ICE cotton futures were trading at 64.13 cents per pound on February 13, 2026, showing slight increases in March [2] - A recovery in cotton futures occurred after reaching a low of 60.90 cents per pound on February 6, 2026 [3] - Cotton futures experienced a 9% rally, reaching a high of 66.38 cents per pound on February 25, 2026, but subsequently fell to around 64.40 cents per pound by March 9 [4] Supply and Demand Dynamics - The USDA's February World Agricultural Supply and Demand Estimates report indicated an increase in global and ending cotton inventories, with a reduction in the U.S. mill price to 60 cents per pound [6] - The February WASDE report did not account for commodity cyclicality, and with cotton prices near six-year lows, producers are likely to reduce output, which may lead to declining inventories and increased consumption at lower prices [7] Long-term Outlook - Historical data shows that cotton futures have made higher lows since the Q4 2001 low of 28.20 cents per pound, indicating limited downside risk with potential for upside [8] - Over the past 25 years, production costs for agricultural commodities, including cotton, have risen, suggesting that despite a bearish trend since 2022, the long-term outlook may favor recovery due to higher lows and rising production costs [9]

Core Viewpoint - Citadel Securities indicates that seasonality, options-market positioning, and several other factors are favorable for stocks [1] Group 1: Seasonality - The current seasonality trends suggest a positive outlook for stock performance [1] - Historical data shows that certain times of the year typically yield better returns for equities [1] Group 2: Options-Market Positioning - The positioning in the options market is currently supportive of upward movements in stock prices [1] - Increased call option buying indicates bullish sentiment among investors [1] Group 3: Additional Factors - Other contributing factors to the positive outlook include macroeconomic indicators and investor sentiment [1] - The overall market environment appears conducive for stock gains in the near term [1]

Energy Sector - Natural gas futures fell 29% in February, settling below $2.86 per MMBtu as the shoulder season approaches in spring [1] - April WTI and May Brent crude oil futures rose by 3.52% and 6.24%, respectively, with Brent outperforming WTI [6] - The outbreak of war in the Middle East on February 28 caused crude oil and oil product prices to rise significantly in early March [7] Precious Metals - Platinum and palladium futures rose 11.87% and 5.70% in January, with three of the four precious metals posting double-digit gains in February [2] - Gold futures gained 10.60% in February after a low of $4,423.20 per ounce on February 2, while silver futures rose 17.88% [3][4] - The continued rise in precious metals prices reflects the declining value of the U.S. dollar and fiat currencies [2] Agricultural Commodities - Grains prices rallied in February due to uncertainty over weather, the ongoing war in Ukraine, and rising demand [8] - CBOT soybean futures gained 8.70%, soft red winter wheat rose 8.33%, and corn futures increased by 2.93% [9] - Soft commodities experienced significant declines, with ICE cocoa futures dropping 31.66% and frozen concentrated orange juice futures falling 13.76% [10] Livestock and Lumber - Cattle futures declined in February, with live and feeder cattle futures falling 1.93% and 1.97%, respectively [11] - Lumber futures decreased by 6.89% amid the construction offseason, although lower interest rates in 2026 could support future price increases [11] Bonds and Cryptocurrencies - Bonds rose in February due to expectations of lower short-term interest rates, while the dollar index increased by 0.73% [12][13] - Cryptocurrencies, including Bitcoin and Ethereum, experienced significant declines, with Bitcoin falling 21.77% and Ethereum dropping 28.17% [15] Market Outlook - The economic and geopolitical landscapes remain turbulent, with expectations of volatility in commodities as they move into March [16] - Metals such as gold, silver, and copper are in long-term bullish trends, supported by the decline in fiat currencies' purchasing power [17] - The situation in the Middle East is a critical factor for crude oil and oil product prices in the near term [16]

Industry Performance - March is typically a favorable month for stocks, with prices climbing and delivering an average upside return, particularly in the first three months of spring [1] - April has historically been one of the strongest months for stock returns, with average increases of around 1.6-2.0% for the S&P 500 since 1945, although it has become more unpredictable in the current market climate [2] - Certain industries, particularly energy and financial sectors, exhibit seasonal tailwinds during spring, with increased consumer spending leading to higher loan demand and transaction volumes in the financial sector [4] - The energy sector's performance is influenced by seasonal demand and positioning ahead of summer driving demand [5] Commodity Pricing - The West Texas Intermediate crude averaged $59.64 a barrel in Q4 2025, down from $70.69 the previous year, yet the outlook for the fourth-quarter earnings season appears positive, with the energy industry expected to post greater earnings than a year ago [6] Company Highlights - TotalEnergies SE (NYSE:TTE) has a price target increase to $80 from $70, with a focus on its growing power segment and potential resource development in Namibia, which could enhance free cash flow growth over the next decade [12][13] - Devon Energy Corporation (NYSE:DVN) reported adjusted earnings per share of $0.82 and revenue of $4.12 billion, exceeding analyst projections, while also achieving significant progress on its Business Optimization Plan [15][16] - Devon Energy's investment in Fervo Energy through a Series E funding deal indicates strategic growth in shale and Delaware Basin inventories [17]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $85.2 million, representing over 40% volume growth compared to the previous year [6][19] - The fourth quarter revenue was $20.7 million, with HEPZATO sales at $19 million and CHEMOSAT at $1.7 million, compared to $13.7 million and $1.4 million respectively in Q4 2025 [19] - Gross margins were 85% in Q4 and 86% for the full year, compared to 86% and 83% in the prior year [19] - The net loss for Q4 2025 was $1.9 million, an improvement from a $3.4 million loss in Q4 2024, while the full year net income was $2.7 million compared to a loss of $26.4 million in 2024 [21] Business Line Data and Key Metrics Changes - Revenue from HEPZATO increased significantly from $32.3 million in 2024 to $78.8 million in 2025, while CHEMOSAT revenue rose from $4.9 million to $6.4 million [19] - The average number of treatments per patient has remained consistent at approximately four cycles since launch [7] Market Data and Key Metrics Changes - The company operates 28 active treatment centers and aims to expand to 40 by the end of 2026 [9] - The average rate of new patient starts per site per month was approximately 0.75 for the first two months of 2026, compared to an average of 0.5 for the full year of 2025 [11] Company Strategy and Development Direction - The company’s commercial strategy focuses on three priorities: expanding site capacity, changing prescribing patterns, and building referral networks [7][15] - The CHOPIN data publication is anticipated to drive revenue acceleration and enhance the company’s market position [6][12] - The company is actively engaging key opinion leaders to support updates to the NCCN guidelines for metastatic uveal melanoma [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued revenue growth driven by site activations and the anticipated impact of the CHOPIN results [6][15] - The company expects to guide total revenue of at least $100 million for 2026, reflecting a greater than 20% increase in HEPZATO procedure volume [22][23] Other Important Information - Research and development expenses for 2025 were $29.2 million, up from $13.9 million in 2024, with expectations for a nearly 90% increase in 2026 [20] - The company ended 2025 with approximately $91 million in cash and investments, and no outstanding debt obligations [22] Q&A Session Summary Question: Clarification on guidance assumptions and seasonality - Management confirmed that seasonality is expected in the third quarter, with modest growth anticipated from Q2 to Q3 [26][28] Question: Difference between HEPZATO KIT REMS sites and clinical trial sites - Management clarified that HEPZATO KIT REMS sites must be compliant and cannot accept referrals until they have treated their first patient [31][33] Question: Timing of CHOPIN study publication and its impact - Management indicated that the CHOPIN study publication is imminent, expected within a month, and will be used to educate treating physicians [39] Question: Average treatments per patient and new patient starts - The average treatments per patient remain around 4.1, with intervals stretching closer to 8 weeks [45][48] Question: Potential for NCCN guideline updates - Management noted that updates to the NCCN guidelines are driven by key opinion leaders and are hopeful for changes based on new data [82]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting with competent advisors before making any financial decisions, particularly in relation to investments in cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for investment actions [1]. - The accuracy and reliability of the information are not guaranteed, and users are cautioned against relying solely on the content provided [1]. Group 2 - The website discusses the complexities and high risks associated with cryptocurrencies and CFDs, highlighting the potential for significant financial loss [1]. - It encourages users to conduct their own research and fully understand the instruments and risks involved before making investment decisions [1].

Hello and welcome to Market Domination. I'm Josh Lipton live from our New York headquarters. There's just an hour to go now till the closing bell and stocks are rallying to the close, kicking off February with a bang.Our very own Jared Blicker is standing by with all the headlines. Jared, thank you to Josh. New month, nice rally underway.Let's take a look at the Dow Jones transports here because we don't have a lot of records. I thought we'd start here because a number the index itself is at a record and we ...

Core Insights - The article discusses the concept of seasonality in stock market returns, emphasizing that it reflects recurring patterns rather than definitive predictions [2][3] - Historical data from the S&P 500 since 1990 shows that January typically has a median return of 1.7%, while February has a lower median return of 0.8% [5][6] - The article highlights that March, April, and May generally see returns over 1%, with April and May having win percentages above 70% [6][7] Historical Performance - The analysis includes historical performance data from 1928, focusing on years where specific trading days match those of 2026 [8] - The trend indicates an upward movement into late April, followed by a dip in May, and a rally into early August, with another dip in late September [9] - The year typically ends with a sideways to upward trend, particularly strong in October through December [7][9] Volatility Insights - The VIX, or volatility index, shows that volatility starts the year at a median of about 19, decreasing to 15 currently, indicating lower volatility than historical averages [10][11] - Volatility tends to rise into mid-March, dip during summer, and peak in October and November, coinciding with significant market movements [11][12] - A reduction in volatility is observed towards year-end, aligning with a typical year-end rally in stock prices [13]

[music] It's already February and stocks just notched a positive January, which greatly increases the odds that 2026 will close in the green come December 31st. But not to get too ahead of ourselves, we're going to dig into what typically happens in February and beyond. I'm Jared Blickery, host of Stocks and Translation.First, we need to break down the concept of seasonality. What it is and what it isn't. Quite simply, it is the recurring calendar patterns that we see in market returns year after year or on ...