PresentationMichael CyprysMorgan Stanley, Research Division Great. So we're going to go ahead and get started. For important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. Good morning, everyone. I'm Mike Cyprys, lead analyst covering brokers, asset managers and exchanges for Morgan Stanley Research, and it's my pleasure to welcome Sarah Youngwood, the CF ...

The U.S. stock market experienced a volatile start to the week on Monday, March 2, 2026, as investors grappled with escalating geopolitical tensions in the Middle East. Following a weekend of significant military activity involving U.S. and Israeli strikes on Iranian targets, markets opened with sharp losses before finding a degree of stability in afternoon trading. The conflict has sent shockwaves through the commodities market, particularly oil and gold, while triggering a notable rotation within equity s ...

Core Insights - DaVita is one of the largest operators of renal dialysis clinics, with approximately 3,200 centers both in the U.S. and internationally [2] - The company is projected to generate over $13 billion in revenue by 2025 [2] - DaVita manages over $5 billion in annual healthcare spending through risk arrangements on dialysis patients in the Integrated Kidney Care (IKC) segment [2]

Unrest in the Middle East is crippling global air travel and disrupting flight schedules for many carriers, leaving passengers stranded at airports abroad. Airlines across the world canceled flights after Israel and the U.S. launched a joint attack on Iran as part of Operation Epic Fury.Emirates temporarily suspended operations to and from Dubai due to the unrest in the region. It said it will resume operations of a "limited number" later on Monday and will prioritize customers with earlier bookings. HEGSET ...

Core Insights - Legal risks are increasing for major lenders due to a lawsuit filed against JPMorgan Chase & Co., Barclays Plc, and Fifth Third Bancorp regarding their involvement in underwriting and financing securities linked to the bankrupt subprime auto lender Tricolor Holdings [1][9] - Following the lawsuit announcement, shares of JPMorgan, Fifth Third, and Barclays experienced declines of 1.9%, 4.8%, and 3.9%, respectively [1] Legal Allegations - The lawsuit, filed in Manhattan federal court, claims that the banks ignored audit warnings while structuring and marketing asset-backed securities (ABS) based on Tricolor's loan portfolio [2] - Plaintiffs, including Janus Henderson Group Plc and others, hold over $230 million in notes sold between April 2022 and June 2025, with some notes now trading at less than 10 cents on the dollar [2] Underwriting Oversight - The situation has shifted from a credit loss event to broader concerns regarding underwriting oversight and risk governance in structured finance [3] - Audits conducted in 2022 and 2024 revealed significant discrepancies in Tricolor's loan reporting and cash management practices, including misrouting of borrower payments and misstated loan delinquencies [4] Bank Actions and Implications - Despite being aware of audit findings, JPMorgan, Barclays, and Fifth Third continued to fund Tricolor and securitize its loans, allegedly earning underwriting fees while failing to disclose risks [5] - Tricolor filed for bankruptcy in September 2025, leading to JPMorgan recording a $170 million charge-off, Fifth Third reporting a $178 million non-cash impairment charge, and Barclays recording a £110 million ($148.2 million) impairment [6] Future Considerations - The new lawsuit introduces additional uncertainty, with potential settlement costs or adverse legal outcomes likely to impact earnings in upcoming quarters [7] - The case raises critical questions about underwriting oversight and disclosure practices in asset-backed securitization, with investors closely monitoring legal exposure and potential provisions [7]

Core Viewpoint - Venture Global (VG) is a significant player in the liquefied natural gas (LNG) industry, recognized for its innovative production and supply methods, and its recent financial performance has attracted investor interest [1] Financial Performance - On March 2, 2026, VG reported earnings per share (EPS) of $0.40, exceeding the estimated $0.35, and showing an improvement from the previous year's EPS of $0.33 [2] - VG generated revenue of approximately $4.445 billion, slightly below the estimated $4.447 billion, but the strong earnings performance led to a notable increase in stock price, indicating investor optimism [2] Valuation Metrics - VG's price-to-earnings (P/E) ratio is 10.11, reflecting the market's valuation of its earnings, while the price-to-sales ratio is 2.19, indicating how the market values VG relative to its sales [3] - The enterprise value to sales ratio is 5.08, and the enterprise value to operating cash flow ratio is 10.76, highlighting the company's valuation in relation to its sales and cash flow [4] Debt and Liquidity - VG has a high debt-to-equity ratio of 4.58, suggesting a heavy reliance on debt financing [4][5] - The current ratio of 0.83 indicates VG's ability to cover short-term liabilities with short-term assets, which is an area to monitor closely [4]

HBO Max and Paramount+ collectively reach over 200 million subscribers worldwide, which is more than Disney+, nearly on par with Amazon's Prime Video and just behind Netflix. ...

SAN DIEGO--(BUSINESS WIRE)---- $APO #Banking--Robbins LLP informs stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Apollo Global Management, Inc. (NYSE: APO) securities between May 10, 2021 and February 21, 2026. Apollo Global describes itself as a "high-growth, global alternative asset manager and a retirement services provider.†For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: ...

Saguenay, Québec--(Newsfile Corp. - March 2, 2026) - First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) ("First Phosphate" or the "Company") has been conditionally approved for a non-repayable contribution agreement for up to C$16.7 million with the Government of Canada through Natural Resources Canada ("NRCan") under the Global Partnerships Initiative ("GPI").This contribution funded by the Government of Canada will be deployed to assess the technical and engineering parameters ...

Key Takeaways GAP is set to report Q4 revenues of $4.2B, up 1.3%, but earnings are seen falling 16.7% year over year.Gap expects brand momentum at Old Navy and Banana Republic to lift traffic and full-price sell-through.Tariffs and inflation may hurt margins, with adjusted operating margin projected at 5.2% for Q4.The Gap, Inc. (GAP) is expected to register top-line growth when it reports fourth-quarter fiscal 2025 results on March 5, after the closing bell. For revenues, the Zacks Consensus Estimate is peg ...