Kilduff founding partner at Again capital. He's also a CNBC contributor. John, thank you very much for being here.JP just kind of gave us the outlay of what some of the industry is feeling right now. Can you tell us whether or not the reversal that we are seeing in oil prices right now is going to be indicative of the volatility we see in the coming weeks. >> Right now, certainly, John, the volatility is going to stay with us for the next several weeks.No doubt. What's happening right now, though, is you're ...

Group 1 - BWX Technologies (BWXT) operates at the intersection of the defense, energy, and medicine industries [1] - The company was established as a separate entity from Babcock & Wilcox in 2015 and has since pursued two main development directions [1]

Core Viewpoint - Pomerantz LLP is investigating claims of potential securities fraud or unlawful business practices involving Zeo Energy Corp and its officers or directors [1] Group 1: Company Compliance Issues - On May 29, 2025, Zeo announced it received a notice from Nasdaq regarding non-compliance with periodic filing requirements due to the failure to file its Quarterly Report on Form 10-Q by the due date of May 15, 2025 [2] - Following this announcement, Zeo's stock price decreased by $0.34 per share, representing a decline of 9.91%, closing at $3.09 per share on May 30, 2025 [2] Group 2: Legal Context - Pomerantz LLP is recognized as a leading firm in corporate, securities, and antitrust class litigation, with a history of fighting for victims of securities fraud and corporate misconduct [3]

Group 1 - The Supervisory Board of AS Elenger Grupp has approved the extension of Margus Kaasik's term as Chairman of the Management Board for an additional three years, until June 26, 2028 [1] - Infortar operates in seven countries and is involved in maritime transport, energy, and real estate, holding a 68.47% stake in Tallink Grupp and a 100% stake in Elenger Grupp [2] - Infortar has a real estate portfolio of approximately 141,000 square meters and employs 6,296 people across its 110 companies, which include 101 subsidiaries, 4 affiliated companies, and 5 subsidiaries of affiliated companies [2]

Core Viewpoint - DMC Global Inc. has amended its credit facility to enhance financial flexibility in preparation for a potential acquisition of the remaining 40% stake in Arcadia Products, LLC, which the company currently does not own [1][2]. Financial Flexibility - The amendment allows for a temporary increase in DMC's maximum leverage ratio to 3.5x adjusted EBITDA for the first two quarters following the exercise of the put or call option, up from 3.0x [3]. - After the initial two quarters, the leverage ratio will decrease to 3.25x in the third quarter and return to 3.0x thereafter [3]. - Proceeds from the existing $50 million delayed draw term loan facility can now be held in a restricted account for future payment of the purchase price related to the put or call option [3]. Joint Venture Agreement - DMC's joint venture partner can exercise the put option starting September 6, 2026, while DMC can exercise the call option at any time [2]. Company Overview - DMC Global operates innovative, asset-light manufacturing businesses, including Arcadia, DynaEnergetics, and NobelClad, which serve various markets such as architectural building products and the global energy industry [5][6].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The German economy has faced significant challenges due to the COVID-19 pandemic, geopolitical tensions, and rising trade issues, necessitating accelerated structural reforms to revive growth [29][30][31] - Key recommendations include enhancing fiscal sustainability, fostering competition, addressing skilled labor shortages, and promoting regional development during transitions to green and digital economies [29][30][61] Summary by Sections 1. Strengthening Fiscal Policy and Continuing Structural Reforms - The German economy is stagnating due to a combination of external shocks and structural issues, with a need for reforms to improve fiscal sustainability and address rising spending pressures from an aging population [63][64] - Structural reforms should focus on increasing spending efficiency, reallocating resources, and broadening the tax base to support infrastructure and defense spending [33][36] 2. Fostering Competition to Revive Business Dynamism and Productivity Growth - High administrative burdens and regulatory barriers hinder business dynamism and innovation, necessitating a review and simplification of regulations [44][46] - The report emphasizes the importance of reducing barriers to entry in services and strengthening competition enforcement to enhance productivity [44][46] 3. Addressing Skilled Labour Shortages - Skilled labor shortages are a significant concern, exacerbated by demographic changes and a decline in working hours, requiring improved incentives for labor supply, particularly for women and older workers [50][51] - Recommendations include phasing out early retirement incentives and enhancing vocational training and adult education to better align skills with labor market needs [52][53] 4. Fostering Regional Development in Times of Structural Change - Regional disparities in living standards persist, and the green and digital transitions risk widening these gaps, highlighting the need for better coordination of policies and improved municipal capacities [56][58] - The report suggests using updated property values to enhance municipal tax revenues and improve financial accountability [58][59]

Core Insights - Central state-owned enterprises (SOEs) are accelerating their entry into the AI sector amid a global AI wave, driven by policy support, industrial upgrades, and technological changes [1] - A dual challenge exists for these enterprises: the need for speed in AI project deployment while ensuring safety and stability in critical sectors like energy and finance [1][3] - The AI investment landscape for central SOEs has evolved from cautious exploration to strategic scaling, with significant increases in funding and project deployment [2][4] Investment Trends - Initial phase (2015-2019): Central SOEs cautiously explored AI applications, with annual investments generally below 100 million RMB [2] - Scaling phase (2020-2023): Investments surged, with leading SOEs exceeding 1 billion RMB annually, and 90% of SOEs establishing their own AI platforms [2][3] - Current phase (2024 onwards): Policies encourage SOEs to increase AI R&D investment to at least 15%, with a notable rise in AI budget allocations across various sectors [3][4] Application Landscape - Central SOEs are becoming key players in the AI market, with 931 AI model procurement projects initiated in 2024, accounting for 61.3% of the total market [3][10] - Major sectors for AI application include telecommunications, energy, finance, and government, with significant contributions from leading SOEs like China Mobile and State Grid [10][11] - The AI application landscape is shifting from isolated projects to comprehensive, multi-scenario deployments across industries [10] Market Dynamics - The digital market for central SOEs is projected to reach approximately 593.1 billion RMB in 2024, with a compound annual growth rate of 10.7% expected until 2027 [4] - The number of AI model procurement projects increased dramatically from 92 projects worth 789 million RMB in 2023 to 1,520 projects worth 6.467 billion RMB in 2024 [11] - The introduction of models like DeepSeek has accelerated AI integration, with 45% of central SOEs deploying this model within a month of its launch [12][14] Challenges and Considerations - Rapid deployment of AI technologies has led to issues such as resource wastage and inadequate assessment of actual needs, resulting in underutilized computing resources [15] - The complexity of integrating general AI models with specific business requirements poses significant challenges for central SOEs [15][16] - Data security and privacy concerns are heightened, particularly in government-related projects, necessitating careful handling of sensitive information [16]

Yinson Holdings said its chairman Lim Han Weng is in talks with several parties for a potential deal involving his shareholding in the Kuala Lumpur-listed energy giant. https://t.co/Eeb5XKjjSg https://t.co/Eeb5XKjjSg ...

Investment Rating - The report maintains a constructive outlook on IG Financials, suggesting they are a sweet spot relative to Corporates, while also indicating a cautious stance on Energy and Basics due to tariff vulnerabilities [2][11]. Core Insights - The baseline scenario anticipates gradually slowing global growth for H2'25, with spreads expected to remain rangebound due to healthy balance sheets and low default rates [2][3]. - The European private credit market is highlighted for its robust fundamentals and significant liquidity, which is expected to suppress hard defaults [2][15]. - The report emphasizes the importance of sector-specific dynamics, noting that IG Financials have shown resilience amid geopolitical risks, while sectors like Energy and Basics are more sensitive to tariff headlines [8][11]. Economic Data and Tariff Rulings - Recent economic data from the EU and US have surprised positively, challenging initial recessionary scenarios, with EU GDP projected to halve to 0.4% in 2025 under a downside scenario involving tariffs [3]. - The report suggests that spreads may peak in Q3'25 around 120/425bp but could tighten by year-end, supported by monetary policy and resilient fundamentals [3][4]. ECB Policy Outlook - The ECB is expected to cut rates by 25bp to 2.0% in June, with another cut anticipated in July, reflecting a prioritization of growth support amid trade tensions [4]. - The report indicates that the ECB may remain in a gradual easing mode due to legal complexities surrounding US tariffs, which could reduce immediate downside risks [4]. Spread Dynamics - In May, PMIs softened, yet manufacturing activity trended higher, supporting risk sentiment despite ongoing trade uncertainties [5]. - The report notes that spreads widened in an orderly fashion around tariff announcements, with limited panic selling observed [8]. Sector Analysis - The report identifies that IG Financials exhibited lower beta during spread widening, while IG Energy and HY Basics were the most sensitive to tariff headlines [8]. - In the Energy sector, firms with robust balance sheets are better positioned against global demand fragility, while those with higher leverage face more exposure [9]. Technicals and Market Dynamics - The report highlights a record-breaking month for IG Corps supply in May, driven by positive tariff news, which pushed spreads tighter [14][39]. - It anticipates that flows will remain orderly, targeting high-quality structures and issuers, reflecting a cautious investor appetite [14]. European Private Credit Outlook - The report notes that European private credit shows resilience with rising revenue and EBITDA, alongside improving interest coverage ratios [15]. - It suggests that ample dry powder is available to support liquidity and suppress hard defaults in the private credit space [15].

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