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Boeing expected to fly 777-9 for first time in nearly five years, Air Current editor says
(Reuters) -Boeing is expected to conduct the first flight of its 777-9 jet in about five years as early as August 5, Air Current editor Jon Ostrower said on Monday in a post on X, citing two people familiar with the matter. Reuters could not independently verify the report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Corebridge Financial (NYSE:CRBG) Reports Upbeat Q2
Retirement solutions provider Corebridge Financial (NYSE:CRBG) beat Wall Street's revenue expectations in Q2 CY2025, with sales up 5.8% year on year to $4.42 billion. Its non-GAAP profit of $1.36 per share was 17.5% above analysts' consensus estimates. Is now the time to buy Corebridge Financial? Find out in our full research report. Corebridge Financial (CRBG) Q2 CY2025 Highlights: Net Premiums Earned: $1.19 billion (6.5% year-on-year decline) Revenue: $4.42 billion vs analyst estimates of $4.12 billion (5.8% year-on-year growth, 7.3% beat) Pre-Tax Profit Margin: 21.3% (10.4 percentage point year-on-year increase) Adjusted EPS: $1.36 vs analyst estimates of $1.16 (17.5% beat) Market Capitalization: $19.12 billion Kevin Hogan, President and Chief Executive Officer, said, 'Corebridge delivered another quarter with very strong financial results and remains focused on driving shareholder value, as demonstrated by our variable annuity reinsurance transaction that further positions our company for the future. Company Overview Spun off from insurance giant AIG in 2022 to focus on the growing retirement market, Corebridge Financial (NYSE:CRBG) provides retirement solutions, annuities, life insurance, and institutional risk management products in the United States. Revenue Growth Big picture, insurers generate revenue from three key sources. The first is the core business of underwriting policies. The second source is income from investing the 'float' (premiums collected upfront not yet paid out as claims) in assets such as fixed-income assets and equities. The third is fees from various sources such as policy administration, annuities, or other value-added services. Regrettably, Corebridge Financial's revenue grew at a sluggish 3% compounded annual growth rate over the last five years. This was below our standard for the insurance sector and is a rough starting point for our analysis. Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Corebridge Financial's performance shows it grew in the past but relinquished its gains over the last two years, as its revenue fell by 5.6% annually. Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business. This quarter, Corebridge Financial reported year-on-year revenue growth of 5.8%, and its $4.42 billion of revenue exceeded Wall Street's estimates by 7.3%. Net premiums earned made up 42.3% of the company's total revenue during the last five years, meaning Corebridge Financial's growth drivers strike a balance between insurance and non-insurance activities. Net premiums earned commands greater market attention due to its reliability and consistency, whereas investment and fee income are often seen as more volatile revenue streams that fluctuate with market conditions. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Book Value Per Share (BVPS) Insurance companies are balance sheet businesses, collecting premiums upfront and paying out claims over time. The float – premiums collected but not yet paid out – are invested, creating an asset base supported by a liability structure. Book value captures this dynamic by measuring: Assets (investment portfolio, cash, reinsurance recoverables) - liabilities (claim reserves, debt, future policy benefits) BVPS is essentially the residual value for shareholders. We therefore consider BVPS very important to track for insurers and a metric that sheds light on business quality. While other (and more commonly known) per-share metrics like EPS can sometimes be lumpy due to reserve releases or one-time items and can be managed or skewed while still following accounting rules, BVPS reflects long-term capital growth and is harder to manipulate. Fortunately for investors, Corebridge Financial's BVPS grew at a solid 16.8% annual clip over the last two years. Key Takeaways from Corebridge Financial's Q2 Results We were impressed by how significantly Corebridge Financial blew past analysts' revenue expectations this quarter. We were also glad its EPS outperformed Wall Street's estimates. Zooming out, we think this was a good print with some key areas of upside. The stock remained flat at $34.79 immediately following the results. Corebridge Financial put up rock-solid earnings, but one quarter doesn't necessarily make the stock a buy. Let's see if this is a good investment. The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Sen. Warren issues call to Schumer, Jeffries: Get on the Mamdani affordability train
NEW YORK — Sen. Elizabeth Warren said Monday that Democratic Party leaders who've been slow to back mayoral nominee Zohran Mamdani need to get on board because the upstart candidate's focus on affordability offers a blueprint as Dems across the country are facing electoral setbacks. Mamdani has struggled to shore up support from establishment New York Democrats, including U.S. House Minority Leader Hakeem Jeffries, U.S. Senate Minority Leader Chuck Schumer and Gov. Hochul, despite winning the June 24 Democratic primary. 'New York City is the place to start the conversation for Democrats on how affordability is the central issue, the central reason to be a Democrat, and that delivering on it in meaningful, tangible ways that will touch working families is why we're here,' Warren said at a Mamdani campaign stop in Manhattan on Monday. The progressive, who ran for president in 2020, said her message was to elected officials hesitating to back Mamdani, while slamming former Gov. Andrew Cuomo, who's running as an independent in November's mayoral election, as' bending a knee' to billionaires. New York City is seen as a bellwether for the country's politics, and the success to date of Mamdani's campaign, which features policy proposals aimed at affordability, populist messaging and ground outreach, has attracted attention from across the country as national Democrats struggle to find a clear vision. But, citing concerns about Mamdani's pro-Palestinian stance and call to raise taxes, some mainstream party leaders have been slow to embrace his candidacy. Mamdani and Warren appeared together Monday at a childcare campaign event at the DC37 union's downtown Manhattan headquarters. Childcare advocates gathered to talk about the high cost of childcare and the need for more affordable, or free, options. Expanding free childcare has been a core tenet of Mamdani's campaign. Contrasting Mamdani with Cuomo, the Massachusetts senator said the former governor's strategy is to 'go to a handful of billionaires, have 'em give you a bunch of money and hope that you will be able to flood the city with a bunch of negative ads and somehow that's going to float him to the top.' That strategy, Warren said, is ripped from a tired political playbook. Mamdani also attacked Cuomo's reliance on wealthy donors, including some who support President Trump, during the primary race. 'What New Yorkers showed by a record margin in a democratic primary was that they wanted a vision of this city that would make it affordable for each and every New Yorker,' Mamdani said. Talking to reporters in Midtown Manhattan, Cuomo challenged Warren's claim that he's focused on catering to billionaires. 'I don't even know what that means … I represented the people of this state, I fought more for the working families of this state and accomplished more for the working families of this state than either of them, frankly,' he said before listing off some of his gubernatorial accomplishments, like raising New York's minimum wage and jacking up taxes on millionaires in 2021. 'What did they actually do?' he continued. 'I'm a pragmatic progressive. I don't just talk about it, I do it.' _____
