SEI Investments beats Q2 estimates with record revenue of $641.6M

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[1] SEI Investments (SEIC) Q2 Earnings and Revenues Top Estimates (https://www.zacks.com/stock/news/2958596/sei- ...)[2] SEI Investments Q2 Earnings Call Highlights (https://finance.yahoo.com/markets/stocks/arti ...)[3] Earnings Calendar and Analysis for This Week (July 20-24) (https://finance.yahoo.com/markets/stocks/arti ...)[4] Stock Indexes Mixed Ahead of Alphabet’s Earnings (https://finance.yahoo.com/markets/stocks/arti ...)

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Jul 23 2026, 00:29

Hong Hao says 30% AI correction is mid-cycle, rotation not over

The rotation from AI stocks into traditional sectors is far from complete, with the 30% correction in Chinese AI names representing only a mid-cycle consolidation, Hong Hao said. "The adjustment is clearly a mid-cycle consolidation," Hong Hao, chief economist at GROW Investment Group, said in a Swiss Julius Baer monthly dialogue. "While some stocks have fallen sharply, the overall sector adjustment is far from complete when observed through the Korea KOSPI index." Capital has rotated from overheated AI and semiconductor names into previously neglected sectors over recent weeks, with internet giants such as Tencent Holdings (0700.HK), Alibaba Group (9988.HK) and Meituan (3690.HK) posting gains of 10% to 30%. The CSI Value Index has begun outperforming the CSI Growth Index, a trend Hong expects to persist. The Hang Seng Index closed nearly flat at 25,132 on July 21, while the Hang Seng Tech Index rose 1.32% to 4,814, with turnover reaching HK$289.9 billion. The rotation matters because it reflects a reassessment of China's economic breadth. "If AI development is booming and the economy is growing strongly, how could old economy sectors not benefit?" Hong said. "It should be a broad rally, not just capital chasing a few sectors." The divergence carries implications for portfolio positioning as investors weigh whether the AI trade has peaked or is merely pausing. The July 21 session illustrated the market's conflicting signals. While Hong argued the rotation to value has further to go, Hong Kong's semiconductor stocks surged more than 11% that day, with Hua Hong Semiconductor jumping nearly 18% and SMIC gaining more than 8%. AI large model concept stocks also staged a powerful rebound, with Zhipu skyrocketing nearly 37% and MINIMAX surging over 15%. The contrasting moves — a flat HSI masking furious tech buying — highlight the volatility that has characterized the market since AI stocks peaked. The Hang Seng Index briefly breached the 25,000 level during the session before recovering, with an intraday range of about 260 points. Hong attributed the turbulence to a fundamental disconnect between price and fundamentals. "These stocks have no major issues with their fundamentals, but their share prices have already priced in and over-discounted the fundamentals, leading to a disconnect," he said. "This easily triggers at least a major technical correction, which is hard to resolve within a week or two." **Fed Tightening Poses Downside Risk to Risk Assets** Beyond sector rotation, Hong flagged the Federal Reserve's policy trajectory as a key risk. The new Fed chair's hawkish rhetoric has pushed markets to price in a higher probability of rate hikes, though the path remains uncertain. "Whether it's a rate hike or balance sheet reduction, both will exert downward pressure on risk assets," Hong said. He questioned whether the Fed can effectively shrink its balance sheet, noting that the overnight reverse repo facility — a key source of liquidity — has already fallen back to levels last seen during the 2023 Silicon Valley Bank crisis. "If balance sheet reduction threatens liquidity, the market could collapse," he said. Despite June inflation coming in better than expected due to a sharp drop in fuel prices, Hong argued that the lagged effects of past monetary expansion mean inflation and inflation expectations are likely to rise in coming months. **RMB Appreciation Trend Intact but Pace to Slow** On the currency front, Hong said the renminbi's long-term appreciation trend is likely not over, but the pace needs to moderate after this year's rapid gains. The yuan has strengthened to around 6.77 against the dollar, driven by China's strong export performance — June exports rose 27% year over year. "The renminbi's nominal interest rate and real exchange rate are diverging, and the real exchange rate is one of the most undervalued currencies globally," Hong said. "This is the foundation for long-term appreciation." However, with the dollar index likely to find support around 100 and potentially strengthen on rate hike expectations or safe-haven flows, the yuan's near-term advance may stall. Hong expects China's full-year gross domestic product growth to approach the 5% target, with policy remaining "stability first" — focused on filling structural gaps and boosting consumption in the second half. Large-scale stimulus is unlikely unless the Iran conflict deteriorates unexpectedly, he said. *This article is for informational purposes only and does not constitute investment advice.*

Jul 23 2026, 00:09

GeneDx faces class action after 49% stock collapse on $31.2M charge

GeneDx Holdings Corp. faces a securities class action alleging executives misled investors about the Fabric Genomics acquisition, after the stock lost 49.2% of its value in a single day. "The complaint challenges whether generic safe harbor warnings were sufficient given what executives allegedly already knew about Fabric's deteriorating viability," Joseph E. Levi, a partner at Levi & Korsinsky, said. The class period runs from April 16, 2025 through May 4, 2026. On May 5, GeneDx disclosed a $31.2 million impairment charge tied to the Fabric Genomics acquisition and slashed full-year 2026 revenue guidance by approximately $65 million, from a prior range of $540 million to $555 million. Shares fell $33.42 to close at $34.52, erasing nearly half the company's market value in a single session. The lawsuit, filed by Hagens Berman and supported by Levi & Korsinsky, alleges GeneDx made materially false statements about the acquisition's potential to generate recurring software revenue, reduce costs, and strengthen the company's competitive position. The complaint contends that integration challenges were undermining promised cost efficiencies, that the recurring software revenue model was failing to materialize, and that blended average reimbursement rates had fallen from over $3,800 to $3,300 in just two quarters. The lead plaintiff deadline is Aug. 3, 2026. **What the lawsuit alleges was missing from disclosures** The securities action asserts that GeneDx's public statements omitted specific material information necessary for investors to assess the Fabric acquisition's true state. According to the complaint, Fabric was proving suitable only for international markets rather than the broad domestic and global platform initially described, and the acquisition's goodwill and intangible assets were at risk of significant impairment. The Private Securities Litigation Reform Act's safe harbor for forward-looking statements does not protect companies that make projections while allegedly concealing known problems, the complaint argues. Generic warnings that "acquisitions may not achieve expected results" cannot substitute for disclosing specific, known issues already affecting operations, according to the filing. **What happens next for investors** The Aug. 3 lead plaintiff deadline applies only to investors seeking to represent the class. Under the PSLRA, the court appoints the investor with the largest documented financial interest to direct the litigation. Class members who do not seek lead plaintiff status retain their rights to participate in any future settlement or judgment. Securities class actions are handled on a contingency basis, with no upfront costs to investors. The 49% decline puts GeneDx shares at their lowest level since before the Fabric Genomics acquisition was announced. The next catalyst for the stock is the lead plaintiff appointment process, which typically takes several weeks after the Aug. 3 deadline, followed by the company's response to the complaint. This article is for informational purposes only and does not constitute investment advice.

Jul 22 2026, 23:51

China's Lan Fo'an pushes 100 billion yuan fiscal package to boost demand

**China's finance chief called for stronger execution of a 100 billion yuan fiscal-financial coordination package as the economy grew at its slowest pace in more than three years.** China Finance Minister Lan Fo'an called for more forceful implementation of a 100 billion yuan fiscal-financial coordination package to revive domestic demand, as the economy expanded at its slowest pace in more than three years in the second quarter. "We must implement the coordinated fiscal and financial policy package with the spirit of driving nails, ensuring policy benefits fully reach all types of business entities and consumers," Lan wrote in an article published in the People's Daily on Wednesday. "We need to clear the blockages and pain points that restrict investment and consumption, and expand new space for domestic demand growth." The package, announced in January, allocates 100 billion yuan ($14.8 billion) in fiscal funds to support six policy measures — four targeting private investment and two focused on household consumption. Preliminary estimates suggest every 100 billion yuan in fiscal outlay can support up to 1 trillion yuan in credit, Lan has previously said. In the first quarter, newly issued loans under the programs exceeded 8.8 trillion yuan, up 4.2 percent year-on-year, according to the Ministry of Finance. The push comes as China's economy faces headwinds from a prolonged property downturn and sluggish consumer spending. Government land-sale revenue tumbled 31.5 percent to 977.8 billion yuan in the first half, while fiscal revenue rose 4.7 percent to 12.1 trillion yuan, data from the finance ministry showed Wednesday. The coordinated approach aims to generate a multiplier effect — with fiscal funds leveraging bank credit to support consumption and investment — as authorities seek to stabilize growth without resorting to broad-based stimulus. The policy package extends interest subsidies for personal consumption loans through the end of 2026 and expands coverage to credit card installments, removing sectoral restrictions to broaden consumer choice. For service-sector businesses, the maximum subsidized loan amount has been increased tenfold to 10 million yuan, with the subsidy cap raised to 100,000 yuan. The program now covers digital, green and retail sectors. On the investment side, the package includes interest subsidies for equipment renewal loans and loans to micro, small and medium-sized enterprises, both offering eligible borrowers subsidies equivalent to 1.5 percentage points of the loan amount. A special guarantee plan for private investment aims to improve financing access for smaller firms that often face collateral constraints. The measures are already showing traction. In Zhejiang province, newly issued loans linked to interest subsidy policies have topped 1 trillion yuan since the beginning of the year, provincial finance data show. Nationwide, the policies supported about 330 billion yuan in corporate financing in the first quarter, up 12.8 percent year-on-year, and helped generate around 480 billion yuan in investment. The last time Beijing deployed a similarly coordinated fiscal-financial push was during the post-Covid recovery in 2023, when targeted interest subsidies and guarantee programs helped stabilize private investment after a prolonged downturn. That package contributed to a rebound in bank lending, with aggregate social financing expanding by 9 percent year-on-year in the first half of 2023. Local governments have issued 2.07 trillion yuan in special bonds in the first half, accounting for about 47 percent of the annual quota, finance ministry official Zhao Zeyong said Wednesday. The ministry will accelerate fund allocation and strengthen local government debt management, Zhao added. For global investors, the key question is whether the multiplier effect can offset structural headwinds from the property sector and weak household confidence. Luo Zhiheng, chief economist at Yuekai Securities, said stronger consumption and investment cannot rely on fiscal support alone but also require policies that improve incentives for households and businesses. "By using targeted fiscal funds to lower costs and share risks, the policy can better align government support with market-based decisions," Luo said. This article is for informational purposes only and does not constitute investment advice.