Yahoo Finance

Annaly Capital Management is a leading diversified capital manager. It is a publicly traded REIT that invests in and finances residential assets. The company has three different types of businesses: Agency, Mortgage Servicing Rights, and Residential Credit. The company's primary investment portfolio consists of agency MBS, managed on a leveraged basis. The company uses an actively managed portfolio and hedging strategies with the goal of preserving net asset value in different interest rate scenarios.

With every earnings win reported on Wednesday, there seems to be an equal and opposite reaction in the form of an earnings disappointment. And with earnings the main source of investor optimism or caution today, it's little surprise that the major U.S. stock indices are flat. Over the course of the morning, the indices have played jump rope with their opening levels, landing on one side for a period of time only to land on the other side shortly thereafter. Still, after multiple days of gains, the financial press is viewing the lack of further share-price progress as worrisome, and it is not difficult to find the words 'stalled' and 'lost steam' used to label the stock market today. Geopolitics are not helping, as tension in the Middle East continues to roil that area and is the basis for domestic discontent as well, while U.S. relations with China remain strained after the U.S. revoked export licenses for Intel and Qualcomm to sell chips to China's Huawei, a maker of PCs and mobile phones. The Dow was up 0.2%, the S&P 500 fell 0.1% and the Nasdaq lost 0.3%. Crude oil is trading below $79 per barrel and gold is little changed at $2324 per ounce.

Healthpeak Properties is a self-administered real estate investment trust that invests directly or through joint ventures in private-pay healthcare facilities in the United States. Prior to the merger, the company's portfolio consisted of 477 properties and 18 development and redevelopment projects at year-end 2023. Post-merger, the REIT has 774 properties and 26 development and redevelopment projects. Its assets include life science facilities, medical office buildings, small regional hospitals and medical centers, and continuing care retirement communities (CCRC). Approximately 40% of ABR is from large health systems. About three quarters of assets are outpatient medical offices, with approximately 38% of leased square feet located in San Francisco and 30% located in Texas. Portfolio income in 2023 was divided as follows: Life Science/Labs (51%), Medical Office/Outpatient (37%), CCRC (9%), and Other (4%). Of annual revenues, about 75% of revenue is rental revenue, with the remainder from resident fees and interest income.

We raised our intermediate-term technical assessment to bullish from neutral on May 7. In a the three days prior, the S&P 500 (SPX) had popped 3.2%, the Nasdaq ripped higher by 4.8%, and the Nasdaq 100 (QQQ) jumped 4.4%. That is the largest three-day gain since mid-November for the SPX and since early November for the Nasdaq and the QQQ. The price action coincides with the beginning of the last rally following the late-October pullback low.