GE Vernova Finds Its Footing In Sweden With Studsvik After Loss To Rolls Royce

Swedish nuclear life-cycle services company, Studsvik AB, announced an agreement with GE Vernova Hitachi (GVH) and Samsung C&T for 1.2 GW of new nuclear energy in Sweden.

Project developer Studsvik selected the GVH boiling water reactor design, the BWRX-300, to be constructed by Samsung C&T. The consortium is targeting first-unit operation in the mid-2030s.

The project location is still undetermined. It'll be developed at either Studsvik's existing licensed nuclear site in Nyköping, or Målma in Valdemarsvik.

This latest project for GE Vernova comes shortly after they lost in a competition with Rolls-Royce to construct reactors for Swedish state-owned utility Vattenfall. But, GE Vernova has been working with Studsvik’s wholly-owned reactor development subsidiary for several years, making this less of a surprise and more of a confirmation of previous expectations.

Rolls-Royce SMR selected to deliver Sweden’s first new nuclear power for over 40 years https://t.co/IakhRoHKVR pic.twitter.com/eSZmMdSPWX

— Rolls-Royce Press (@RollsRoycePress) June 15, 2026

The new project for GE Vernova is notable though for being one less reactor than they were competing against Rolls-Royce for earlier this year. The project to be developed at Nyköping or Målma will be for four BWRX300s instead of the potential five they would have built at the Värö Peninsula.

The reactor developer Studsvik is probably new to most of our readers, as the company only sees meaningful volume on its home exchange in Stockholm. The company has been in the nuclear industry for over 75 years, with services over a range of engineering-related business segments, to include fuel modeling software used across the commercial US nuclear fleet.

The company only recently entered the reactor development space after they acquired Kärnfull Next earlier this year, leading to their relationship with GVH and Samsung.

With the market cap under $200 million and revenue coming in under $100 million in 2025, the company has gone relatively unnoticed over the recent year. We covered them earlier this year when they acquired KNXT, but investors are still largely uninterested in one of the few plays on the Swedish nuclear renaissance story.

After jumping almost 200% from mid-2025 to the beginning of 2026, the stock has pulled back with the rest of the global nuclear and AI trade.
 

Tyler Durden Fri, 09/04/2026 - 07:45

Lululemon Crashes After Another Brutal Guidance Cut; Jefferies Flags "Triple Whammy" Quarter

Lululemon Athletica shares crashed in premarket trading in New York after the athletic-apparel retailer slashed its full-year outlook again, suggesting that demand in the Americas is deteriorating as Alo and other rivals gain market share. The move also puts mounting pressure on its incoming chief executive to revive the struggling brand.

Lululemon expects full-year revenue of between $10.35 billion and $10.50 billion, down sharply from its previous forecast of $11 billion to $11.15 billion and well below the Bloomberg Consensus estimate of $11.03 billion.

Full-year earnings are forecast at $9.48 to $9.73 per share, compared with the previous range of $10.95 to $11.15 and below the Bloomberg Consensus estimate of $10.84.

"We know there is significant work ahead for us," Lululemon's interim co-CEO, Meghan Frank, said during the company's call with analysts. "We're applying what we're learning this year to how we operate globally going forward."

The third-quarter forecast was even grimmer. Lululemon expects revenue of $2.29 billion to $2.32 billion, well below the $2.53 billion estimate. Earnings are projected at just 93 cents to 98 cents per share, versus the $2.41 analysts had expected.

The dismal forecasts overshadowed stronger-than-expected second-quarter profitability. Adjusted earnings of $2.92 per share exceeded the $1.80 estimate, while gross margin and operating margin also surpassed Bloomberg Consensus estimates. Revenue of $2.42 billion, however, missed expectations.

Shares crashed in premarket trading, falling about 19.3%. As of Thursday, shares were down 41.4% year to date.

Lorraine Hutchinson, a managing director and senior retail analyst at BofA Securities, wrote in a note on Friday morning that the athletic-apparel retailer's guidance downgrade failed to convince her team that the stock had found a bottom, given that North American sales continue to weaken and an unexpected reversal in China is pushing any potential recovery further into the future.

Here's what Hutchinson told clients:

Guidance reset again; no line of sight to inflection

LULU's 2Q miss in China and lack of progress in North America push the recovery timeline further out. Management laid out a detailed product and marketing plan to try to stabilize the business, but is not embedding any resultant improvement into the outlook. However, incoming CEO Heidi O'Neill joins next week, so we may hear a change in strategy on next quarter's earnings call. We think the depressed multiple balances the reset with the challenges ahead and retain our Neutral rating. LULU reduced its guidance by 15% to $9.48-9.73 (incl 86c of tariff refunds). We are cutting our F26/F27E EPS by 13%/31% and our PO to $122 from $140, still based on 12x P/E, now on F28 as we roll our valuation year forward.

China: from growth engine to the source of the miss

China Mainland grew 4% (-2% ccy) and comps declined 8%, well below mid-to-high-teens sales guidance. The shortfall was due to weak traffic driven by pressure following social media commentary after the Great Wall marketing event. E-com was further hurt by a softer 618 event on Tmall. China sales were pressured in May, improved in June, then pressure resumed in July. To rebuild brand heat, management is focusing on brand-led marketing and activations in Tier-1 cities to try to shift the narrative. We model continued comp declines for the remainder of the year and into 1H27.

US comps: leggings decline/away-from-body green shoots

North America revenue fell 8% with comps down 12%. Leggings sales declined 20% in Q2 and women's bottoms were down MSD. Customers are shifting to away-from-body silhouettes and LULU is chasing 20% more volume than last year. Accessories also fell 13%, with strength in backpacks offset by softness in bags.

Margins get worse before they get better

Guidance implies that US trends worsen in 3Q, as 2Q sales benefited from more markdowns and categories like leggings continue to underperform. With a new CEO starting next week, it's difficult to have visibility on strategy, but we were surprised to hear that store openings and marketing will continue as planned. This is causing 1050bp of margin decline in 3Q. 4Q margin guidance calls for only ~240bp of pressure as LULU laps the bulk of its tariff pressure and continues to work on controlling SG&A. LULU also has $105mn ($0.65) of tariff refunds outstanding that it has not included in guidance.

Here's what other desks on Wall Street are saying, courtesy of Bloomberg:

Guggenheim (Neutral)

• Analyst Simeon Siegel says he fears that the reduced top-line guidance does not incorporate a deep enough cut looking further out.
• The trim in the forecast "is another along a stretch of a 'thousand cuts,' rather than a 'kitchen sink' approach."

Jefferies (Hold, PT cut to $105 from $115)

• Analyst Randal Konik says Lululemon's 2Q was "a triple whammy": US revenue was down, the women's business was down, with leggings falling 20%, and China was also lower.
• "Guidance cuts for both 3Q and the year confirm the fixed cost base is too big for a shrinking top line."

CFRA (Buy, PT $169)

• Analyst Zachary Warring says the Americas comparable-sales decline of 12% marks a meaningful acceleration from the 5% decline reported in the year-ago period, indicating "deepening market share losses in the company's largest and most profitable region."
• "Heidi O'Neill joins as CEO on September 8, 2026, and the company's ability to stabilize the Americas business and restore full-price selling discipline will be the central focus for investors in the quarters ahead."

Bloomberg Intelligence

• "Lululemon's challenges are far from over after weaker 2Q results prompted another cut to its 2026 outlook, with pressure set to intensify in 2H," writes Poonam Goyal.
• Goyal says the new CEO will need to restore product innovation and brand momentum, which should take several months to show tangible progress.

Jay Sole, managing director and senior retail analyst at UBS, told clients earlier today that he continues to see "a balanced upside/downside skew, even at a lower price."

Tyler Durden Fri, 09/04/2026 - 07:20

The Rising Cost Of Electricity In The United States

Across the U.S., Americans are paying roughly 30% more for electricity than in 2020.

This graphic, via Visual Capitalist's Cody Good in partnership with the National Public Utilities Council, uses data from the U.S. Energy Information Administration to show the change in average retail electricity prices by state across all sectors from 2020 to 2025.

Where Electricity Prices Rose the Most

Washington, DC saw the largest increase in the country, with average retail electricity prices rising 72% between 2020 and 2025. Maine followed closely at 67%, while Maryland and California rose 52% and 50%, respectively.

State Abbreviation State Change in Electricity Price, All Sectors 2020-2025 (%) DC Washington, D.C. 72 ME Maine 67 MD Maryland 52 CA California 50 RI Rhode Island 47 PA Pennsylvania 46 NY New York 45 MA Massachusetts 44 IL Illinois 43 CT Connecticut 39 DE Delaware 38 NJ New Jersey 35 NH New Hampshire 31 FL Florida 30 HI Hawaii 28 LA Louisiana 27 AL Alabama 26 MS Mississippi 26 NV Nevada 26 AR Arkansas 25 VA Virginia 25 WV West Virginia 25 IN Indiana 24 MI Michigan 24 AZ Arizona 23 WA Washington 23 OH Ohio 22 TN Tennessee 22 VT Vermont 22 CO Colorado 21 UT Utah 21 WI Wisconsin 21 ID Idaho 19 MO Missouri 19 MN Minnesota 18 NC North Carolina 18 OR Oregon 17 OK Oklahoma 16 KS Kentucky 15 AK Alaska 14 GA Georgia 14 TX Texas 14 MT Montana 13 SD South Dakota 13 IA Iowa 11 KS Kansas 9 NM New Mexico 9 SC South Carolina 7 NE Nebraska -1 WY Wyoming -1 ND North Dakota -18

Source: U.S. Energy Information Administration

Data shows percent growth in average retail electricity prices across all sectors from 2020 to 2025.

Many of the largest increases were concentrated in coastal and Northeastern markets, where retail electricity prices have climbed sharply since 2020.

The U.S. Interior Tells a Different Story

While most states saw higher electricity prices, a few moved in the opposite direction. North Dakota had the largest decrease, with average retail electricity prices falling 18% from 2020 to 2025.

Nebraska and Wyoming also posted slight declines, each falling 1%.

This contrast shows how electricity costs can vary widely across the country depending on regional generation mixes, fuel costs, grid needs, regulations, and local market conditions.

The Bigger Impact of Rising Electricity Costs

Electricity prices rose across most of the U.S. from 2020 to 2025, but the increases were uneven. This matters because electricity is a core cost for households, businesses, and local economies.

As demand grows from data centers, electrification, and grid upgrades, affordability will remain a key challenge across the U.S.

For questions about the rising cost of electricity, contact the National Public Utilities Council.

Tyler Durden Fri, 09/04/2026 - 06:55

Finnish President Just Made Some Surprisingly Frank Comments About Russia

Authored by Andrew Korybko,

He argued that it’s not plotting to test NATO’s resolve, its resilience to immense hardships “should never be underestimated”, suggested that the conflict will end without Ukraine recovering its lost territories, praised the CIA chief for visiting Russia, and called for “someone in Europe” to follow suit.

Finnish President Alexander Stubb bucked the trend of fearmongering about Russia in his interview with Bild. Instead of claiming that it’s plotting to test NATO’s resolve like American media reported was the reason why the CIA chief recently paid an unannounced visit to Moscow, he described such talk as part of Russia’s “information warfare” against Europe. Stubb insisted that his intelligence doesn’t indicate any such plans and argued that Russia wouldn’t attack the world’s most powerful military bloc anyhow.

He also pointed to the unlikelihood of Russia “suddenly mobilizing” forces for a two-front conflict with Ukraine and NATO even though he still believes that a mobilization directed towards Ukraine will occur this fall despite United Russia Chairman Dmitry Medvedev recently denying that there’s any need to. Another of the surprisingly solid points that Stubb made about Russia had to do with its resilience to immense hardships and warned that this “should never be underestimated” by its foes.

He also suggested that Ukraine won’t recover its lost territories upon describing victory for it as simply “surviving, remaining independent, and remaining a sovereign state” but still urged its allies to continue supporting it for their unspecified sake of their own security. Wrapping everything up, Stubb praised the CIA chief’s recent unannounced visit to Moscow for expanding bilateral dialogue in “different formats”, which led to his clarion call for “someone in Europe” to “resume dialogue with Russia” too.

Stubb’s last point echoes what he intriguingly told local media a week prior about how “At some point, dialogue will have to be established on the European side, and perhaps the most important role in this will be played by countries that share a border with Russia.” This followed reports that Britain, France, and Germany – collectively known as the E3 – are preparing to resume dialogue with Russia. It was thus analyzed here that the E3 and the Intermarium might open up rival dialogues with Russia.

The Intermarium refers to the modern-day revival of interwar Poland’s vision of an anti-Soviet alliance between their country, the Baltic States, and Finland, all of which border Russia in the present. Therefore, the abovementioned analysis concluded that Stubb might lead the Intermarium’s dialogue with Russia since regional leader Poland’s government is irreparably divided between the conservative president and the liberal prime minister, which makes it unlikely to agree on this ultra-sensitive issue.

Stubb also expressed interest earlier this year in serving as the EU’s envoy for talks with Russia back when this role was first discussed among the bloc’s members, but the problem is that Putin suggested shortly thereafter that this should be “someone who has not badmouthed us”.

As it turns out, Stubb was recently condemned by Russian Foreign Ministry spokeswoman Maria Zakharova as a terrorist for justifying Ukraine’s attacks against civilian infrastructure, which might disqualify him from this role.

At the same time, Putin might calculate that it’s better for dialogue to occur with Stubb if he initiates it on behalf of Finland, the Intermarium, or the EU as a whole than to rebuff him in that scenario, so the possibility of him entering into some sort of talks with Russia in the future can’t confidently be ruled out.

While all EU leaders apart from Slovakia’s Robert Fico are adversarial to Russia, Stubb is the most pragmatic among them, so he might ultimately be tasked with this role or play it on his own initiative.

Tyler Durden Fri, 09/04/2026 - 05:00

Ferrari's Hybrid Hangover: Collectors Stampede Into Legacy V8s And V12s

Exotic-car collectors continue to shun hybrid Ferraris (Read May's sportscar report) in favor of legacy V8 and V12 petrol-powered models, pushing used-car values sharply higher.

One possible driver is concern over long-term ownership costs: hybrid and fully electric supercars combine complex electronics, high-voltage battery packs, and sophisticated thermal-management systems, creating the risk of astronomical repair bills as these vehicles age.

Goldman Sachs analyst Christian Frenes, the bank's equity analyst covering European automakers including Ferrari, Mercedes-Benz, BMW, Volkswagen, Stellantis, Renault, Aston Martin, and Porsche Automobil Holding, wrote in a Thursday morning note that the Ferrari Residual Value Index climbed 5.8% in August and 13.8% from a year earlier, reaching 102.25.

That pushed the gauge above its January 2025 level for the first time since the bank began systematically tracking used-Ferrari prices.

Under the hood, Frenes said the US led the rally with a 10% monthly gain, driven by both a more valuable mix of cars and higher underlying asking prices. Great Britain advanced 4.6%, although he cautioned that the increase reflected a specials-heavy mix and that comparable prices declined. Italy rose 1.5%, Japan gained 1.3%, and Germany increased 0.9%.

The big story is that since January 2025, used hybrid Ferrari prices have fallen 13.1%, while non-hybrid models have surged 16.4%. The gap widened again in August, with hybrid prices slipping 0.6% as petrol-powered models jumped 10.4%.

Here's a snapshot from the report:

1. US exceptional gains continue as all markets improve: Latest August data show month-over-month residual list-price improvements across all regions, with the USA clearly outperforming (+10.0%), driven both by a strong mix and rising underlying list prices. GB also improved by 4.6% month over month, although the gain was driven by a specials-heavy mix; like-for-like prices declined. Italy (+1.5%), Japan (+1.3%), and Germany (+0.9%) all posted moderate gains.

2. US hunger for legacy V8/V12 persists: Since we began tracking in January 2025, hybrid models have moved -13.1% and non-hybrids +16.4%. The latest August month-over-month data further widened the powertrain gap, as hybrids were broadly flat (-0.6%), while non-hybrids posted material gains (+10.4%). The increase was largely driven by continued exceptional US demand for legacy, phased-out V8 and V12 models, which now list 36% and 30% above rest-of-world prices, respectively, in the US secondary market. We continue to believe this trend is best explained by heightened US collector demand following the reveal of the electric Ferrari Luce.

3. Ferrari extends its luxury-peer lead in August: Our newer cross-brand index (April 2026 = 100) shows Ferrari at 114, versus Lamborghini at 109, Rolls-Royce at 105, Bentley at 103, Aston Martin at 102, and McLaren at 96. Nine of the ten largest model-level gainers since April were pre-hybrid Ferrari V8 or V12 models. Hybrid weakness, meanwhile, remains a peer-wide phenomenon, with Bentley hybrids contributing to the largest model-level losers since April.

The report's most compelling charts show exotic-car collectors shunning hybrid Ferraris in favor of V8 and V12 petrol-powered models:

Collectors are aggressively bidding up the naturally aspirated 812 GTS, powered by a 6.5-liter V12 engine, while avoiding the hybrid SF90 Stradale.

Collectors became especially aggressive in petrol-powered models after Ferrari debuted the all-electric Luce, which has since bombed.

Across the used exotic-car market, Ferraris remain the models most favored by collectors, while McLarens are being shunned.

Professional subscribers can read the full report at our new Marketdesk.ai portal.

Tyler Durden Fri, 09/04/2026 - 04:15

Russia's Oil Revenue Sinks As Urals Falls To $59

Submitted by Julianne Geiger of OilPrice.com

Russia collected 326.2 billion rubles, or about $3.76 billion, in net oil revenue in August, down 22% from a year earlier and the lowest monthly total since February.

Russia’s tax authority calculated August oil revenues using a crude price of just over $59 per barrel. Urals, Russia’s main export grade, averaged almost $95 per barrel during the spring after the Iran war pushed buyers toward barrels outside the Persian Gulf.

Total Russian oil and gas revenue fell 16% year over year in August to 424 billion rubles. Oil and gas provide roughly one-fifth of federal budget revenue.

August oil receipts were more than 60% below July, which included a large scheduled payment from Russia’s profit-based tax on producers.

Moscow also paid refiners more than 197 billion rubles in August to maintain domestic fuel supplies. Refinery subsidies have reached almost 916 billion rubles since January.

Ukrainian drone strikes have repeatedly disrupted Russian refineries this year. Russia responded with restrictions on gasoline and diesel exports and increased fuel imports as domestic supplies tightened.

The refinery outages have also reduced Russia’s ability to absorb its own crude production. Every barrel that cannot enter a refinery must move into storage, find export capacity or remain underground.

Export capacity has developed problems of its own. Ukrainian attacks have disrupted terminals and shipping operations in the Black Sea and Baltic, reducing Russia’s ability to redirect crude displaced by refinery outages.

Deputy Prime Minister Alexander Novak said Thursday that Russia’s recent production decline should reverse as refineries restart.

Rystad Energy expects a deeper hit. The consultancy recently cut its 2026 Russian crude production forecast to 8.95 million barrels per day and expects output to decline to roughly 8.6 million bpd in 2027.

Russia benefited earlier this year from a sharp increase in global oil prices. August brought Urals back near $59, refinery subsidies above $2 billion for the month, fuel export restrictions and additional pressure on crude production.

Tyler Durden Fri, 09/04/2026 - 03:30

Grain That Feeds Half The World Set For Biggest Annual Gain Since 2003

Chicago rice futures are on track for their largest annual gain since 2003 as the grain that feeds much of the world becomes increasingly expensive amid an intensifying El Niño and diesel-fuel and fertilizer supply disruptions stemming from turmoil in the Strait of Hormuz and the Russia-Ukraine war. Despite encouraging signals of a potential Black Sea peace deal, which sent wheat futures tumbling earlier today, the risk of a broader food crisis next year remains elevated.

Chicago rice futures have surged more than 50% this year, while benchmark Thai prices have advanced for six consecutive weeks. Bloomberg says the rally reflects growing anxiety that adverse weather conditions and elevated agricultural input costs will curb production across Asia, which dominates global rice output and exports.

India's monsoon rainfall was 13% below normal as of Wednesday, while US rice-crop conditions were weaker than a year earlier.

BMI commodities analyst Bin Hui Ong said monsoon-dependent producers such as Thailand and Indonesia are particularly vulnerable because dry conditions could coincide with critical planting and early crop development periods.

"We think monsoon-dependent Southeast Asian producers, particularly Thailand and Indonesia, are among the most exposed, as the anticipated dry conditions could significantly overlap with critical planting and early crop development periods," Ong wrote in a note.

Ong said, "We expect the implications to be felt most acutely by net rice-importing and lower-income markets, where higher rice prices can feed directly into food inflation and affordability pressures."

Rice futures in Chicago have jumped to near two-year highs. If the gains hold through year-end, this would mark the largest annual increase since 2003.

Several countries in sub-Saharan Africa already have limited stock buffers, the analyst added.

Several Wall Street desks, including Barclays and JPMorgan, have warned about mounting food-supply risks next year.

Tyler Durden Fri, 09/04/2026 - 02:45

Germany's Anti-Immigration AfD Party Reaches Record Support Days Before Pivotal State Election

Via Remix News,

The Alternative for Germany has reached a record high of 43 percent in the eastern German state of Saxony-Anhalt for the first time in an Insa poll, which was commissioned by Nius newspaper.

Sven Schulze (CDU, left), Minister President of Saxony-Anhalt, and Ulrich Siegmund (AfD, right), the top candidates, are on stage for the TV debate organized by "Volksstimme" and "Mitteldeutscher Zeitung," where they are discussing the issues. (Photo by Hendrik Schmidt/picture alliance via Getty Images)

The same poll found that the Christian Democrats (CDU) would receive 22 percent, the Left Party 12 percent, and the Social Democrats (SPD) 7 percent.

The Green Party would receive 5 percent, allowing it to cross the threshold to enter parliament.

Other parties would not have enough votes to enter, including the BSW at 4 percent and the FDP at 3 percent.

While the polling results put the AfD in first place by a wide margin, it also would not be enough for the AfD to win a clear majority in the state parliament.

While 43 percent of voters said they would back the AfD, another 5 percent of voters said they could imagine voting for the party.

If the Greens come under the 5 percent mark, the AfD may still have a chance to secure an absolute majority even with only 43 percent of the vote.

Read more here...

Tyler Durden Fri, 09/04/2026 - 02:00