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Ategrity Specialty: With A Longer Track Record, Possible Multiple Expansion (NYSE:ASIC)

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Arthur J. Gallagher & Co.: Bolt-On Acquisitions Fuel Growth

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The Valkyrie Trading Society is a team of analysts sharing high conviction and obscure developed market ideas that are downside limited and likely to generate non-correlated and outsized returns in the context of the current economic environment and forces. They are long-only investors.They lead the investing group The Value Lab where they offer members a portfolio with real time updates, chat to answer questions 24/7, regular global market news reports, feedback on member stock ideas, new trades monthly, quarterly earnings write-ups, and daily macro opinions.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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If Iran Wins The Strait Of Hormuz, The U.S. Economy Stays Steady

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If Iran Wins The Strait Of Hormuz, The U.S. Economy Stays Steady

Dr. Bill Conerly connects the dots between the economy and business decisions. He has the unique combination of a Ph.D. in economics from Duke University and over 30 years’ experience helping companies adapt to changing economic conditions. He has worked in economics and corporate planning at two Fortune 500 corporations and at a major bank, where he was senior vice president. He has earned the Chartered Financial Analyst (CFA) designation.   Companies have used Dr. Conerly’s expertise to help with decisions regarding capital expenditures, inventory levels, expansion into new markets, pricing, business models and financial structure. Dr. Conerly is an on-line contributor to Forbes.com and the author of The Flexible Stance: Thriving in a Boom/Bust Economy (2016) as well as Businomics (2007). He had been interviewed on the News Hour with Jim Lehrer, CNN and CNBC. He has been quoted in the Wall Street Journal, Fortune Magazine, and USA Today.

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This Miner Holds A Sweet Spot Amid AI Data Center Boom

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This Miner Holds A Sweet Spot Amid AI Data Center Boom

Ero Copper (ERO) holds a sweet spot amid the artificial intelligence data center boom, benefiting as much from demand for wiring and electrification as from rising spot prices. Shares have been going through some choppy action since they hit their all-time high in January. But the action has allowed the stock to form a 27-week long consolidation base with a…

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Credo Stock On The Mend, But Needs More Work To Reach A Buy Point

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Credo Stock On The Mend, But Needs More Work To Reach A Buy Point

After a midsummer tumble in artificial intelligence stocks, Credo Technology (CRDO) shares made headway toward a buy point this past week. But shares of the high-speed connectivity products maker and IBD 50 member are facing tests on its path to an entry.  Credo stock jumped more than 6% during the week, and reclaimed its 50-day moving average, lighting up a…

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Nvidia Stock, Nucor Lead 5 Stocks Near Buy Points With Roaring Growth

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Nvidia Stock, Nucor Lead 5 Stocks Near Buy Points With Roaring Growth

Nvidia stock, Nucor and Avnet are among five top stocks to watch near buy points this week, with robust and even rip-roaring growth. ASML stock and Cenovus Energy also make the cut. AI chip giant Nvidia (NVDA) is holding just above a short handle entry. Nucor stock and Avnet (AVT) are trading tightly around buy points. ASML Holding (ASML) offers an early…

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Qnity Electronics director Karin de Bondt buys $138,136 in stock

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Qnity Electronics director Karin de Bondt buys $138,136 in stock

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Puzzle 1161’s Full Solution Now Fully Revealed

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Nancy Guthrie

NEW YORK — Saturday’s edition of The New York Times’ Connections puzzle sent players hunting through categories built around synonyms for exhaustion, segments of something larger, and two closely related wordplay twists involving hidden units of length and secret pursuit, in a grid that puzzle columnists described as unusually tricky given how similarly two of its categories were structured.

Connections, published daily by the Times as part of its expanding suite of word games, presents 16 words or phrases that must be sorted into four hidden groups of four. Each group shares a common theme, and the puzzle is color-coded by difficulty, with yellow generally representing the most straightforward category and purple the most challenging. Players are permitted up to four incorrect guesses before the game ends.

Saturday’s puzzle, numbered 1161, organized its 16 entries into four categories: words meaning exhausted, words meaning a segment or portion, words ending in hidden units of length, and words ending in synonyms for following someone secretly.

The yellow group, typically the easiest of the four, centered on words describing a state of exhaustion. It included “beat,” “fried,” “spent” and “worn out,” four terms commonly used informally to describe feeling completely drained of energy. Puzzle commentary noted this category rewarded straightforward vocabulary recognition, requiring little lateral thinking compared with the puzzle’s later, more complex groups.

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The green group asked players to identify words meaning a segment or discrete portion of something larger, linking “leg,” “phase,” “stage” and “stretch.” Each word can describe one part of a longer journey, process or sequence, a category commentators described as conceptually connected but not overly difficult to untangle once the shared theme became apparent.

The blue category introduced the puzzle’s central wordplay twist, grouping words that each conceal a unit of length at their end: “chamomile,” ending in “mile”; “grinch,” ending in “inch”; “hotfoot,” ending in “foot”; and “lanyard,” ending in “yard.” Several puzzle columnists noted they initially spotted this pattern and assumed it would rank as the day’s purple, most difficult category, only to find it placed instead at blue, one level down.

That assumption proved to be exactly the trap the puzzle’s editors had set. The purple group, the day’s most difficult, followed a nearly identical structural gimmick, but built around hidden synonyms for following someone secretly rather than units of length. It linked “beanstalk,” ending in “stalk”; “eyeshadow,” ending in “shadow”; “hightail,” ending in “tail”; and “soundtrack,” ending in “track,” each concealing a different verb meaning to covertly follow or pursue someone. One columnist covering the puzzle for TechRadar admitted to missing the purple group entirely on a first attempt, explaining that after already identifying one “ending in” category, they assumed the puzzle would not repeat a similar structural pattern a second time, a miscalculation that led directly into one of Connections’ classic misdirection traps.

Connections has become one of the most closely followed entries in the Times’ games lineup since its 2023 launch, following the runaway success of Wordle, which the Times acquired the previous year. The puzzle rewards lateral thinking over straightforward vocabulary knowledge, since individual words can often plausibly belong to more than one category, a design choice intended to create red herrings that complicate early guesses. Saturday’s back-to-back “ending in” categories represented an especially deliberate example of that misdirection strategy, testing whether players would recognize the second hidden pattern once they had already used their pattern-recognition instincts to solve the first.

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Connections is written under the direction of the Times’ crossword editor, Wyna Liu, who oversees the game’s daily categories. Saturday’s puzzle arrived alongside the Times’ newer Connections: Sports Edition, a spinoff produced in partnership with The Athletic that applies the same grouping format to sports-specific terminology, running each day alongside the standard puzzle rather than replacing it.

The Times does not disclose internal difficulty ratings for individual Connections puzzles, but outlets that publish daily hint columns generally rank each day’s difficulty based on reader feedback and common patterns of mistakes. Saturday’s puzzle was described by several of those columns as more challenging than average, with the near-identical structure of the blue and purple categories singled out as the primary source of difficulty, since the pattern required solvers to recognize not just one, but two separate instances of the same underlying wordplay device within a single grid.

Connections remains part of a broader daily routine for millions of puzzle enthusiasts who also complete Wordle, the Mini Crossword and Strands each morning, all of which reset at midnight in each player’s local time zone. The four games have become a fixture of the Times’ digital subscription strategy, with the company regularly citing engagement with its games portfolio as a driver of subscriber growth in its quarterly earnings reports.

Players who missed Saturday’s puzzle or want to revisit past solutions can access the Connections archive through the Times’ Games app for subscribers with All Access or Games-specific subscriptions. A new Connections puzzle, along with a new Connections: Sports Edition, Wordle and Mini Crossword, will be published at midnight Sunday.

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CPK co-founder reveals what he believes sent iconic pizza chain into decline

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CPK co-founder reveals what he believes sent iconic pizza chain into decline

On a quintessential Beverly Hills street in 1985, a restaurant that would help transform the pizza industry opened its doors.

After years of practicing law as federal prosecutors and criminal defense attorneys, co-founders Rick Rosenfield and Larry Flax chose to leave the courtroom behind to pursue their dream of becoming restaurateurs.

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“We didn’t want to open just a restaurant. We decided to be bold. We said we want to open a national and international chain of restaurants,” Rosenfield told Fox News Digital.

With its Original BBQ Chicken Pizza and polished approach to casual dining, California Pizza Kitchen helped popularize California-style pizza among diners across the U.S. and eventually around the world. The chain became a household name while helping bring a distinctive, California-inspired approach to pizzas, pastas, salads and desserts.

FUDDRUCKERS BECAME THE ‘BLOCKBUSTER’ OF BURGERS, AND NOW IT’S NEARLY GONE

rick rosenfield, larry flax

Rick Rosenfield (Left) and Larry Flax (Right) co-founded California Pizza Kitchen after years of practicing law. (Mark Boster/Los Angeles Times via Getty Images / Getty Images)

California Pizza Kitchen has more than 120 restaurants in 10 countries. But at one point, CPK existed only in a single storefront on South Beverly Drive.

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Rosenfield recalled the restaurant’s early days in Beverly Hills as “hectic,” with actress Shirley MacLaine becoming its first customer on opening day.

“Even before we opened, we knew we had a blockbuster on our hand. We created barbecue chicken pizza. And in the early days of CPK, it was complete craziness. Everybody was coming for barbecue chicken pizza,” said Rosenfield. His book, “The California Pizza Kitchen Story: How Two Federal Prosecutors Changed the Way America Eats Pizza,” was released July 21.

Rosenfield and Flax employed a real estate strategy that helped expand CPK’s reach, opening restaurants in and around shopping malls.

“CPK also had a hand in changing the way America eats because we were pioneers in going into upscale shopping centers around America at a time when… there was all fast food,” Rosenfield said. “We brought this polished, casual dining to the best malls in America.”

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California Pizza Kitchen located at the Simi Valley Town Center April 12, 2010. (Al Seib/Los Angeles Times via Getty Images / Getty Images)

After Rosenfield and Flax grew CPK to more than 200 locations worldwide, the pizza giant was acquired for $470 million by private equity firm Golden Gate Capital in 2011.

‘MCDONALD’S CHANGED THE COURSE OF MY LIFE’: CONGRESSMAN SELLS BUSINESS HE BUILT SINCE HIS TEEN YEARS

At the time of the acquisition, the  San Francisco-based firm described itself as “one of the most active acquirers of leading brands in the restaurant and retail sector.”

Nine years after Golden Gate Capital acquired the chain, CPK filed for Chapter 11 bankruptcy protection on July 30, 2020, after the COVID-19 pandemic compounded its existing financial troubles.

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Rosenfield, however, told Fox News Digital he believes CPK’s troubles began before the bankruptcy filing, arguing that Golden Gate Capital damaged the culture he and Flax had spent decades building.

“As founder, it’s hard to sit back because I had no role in it whatsoever. So, we’re armchair quarterbacks looking from the outside,” he said.

california pizza kitchen los angeles

A California Pizza Kitchen location in Los Angeles on June 28, 2005. (Frazer Harrison/Getty Images for Los Angeles Magazine / Getty Images)

“I believe that they damaged the culture from day one. They wanted to remake it in an image different than we had remade it in. And in the meantime, it wasn’t successful,” the co-founder continued. “And it continued to decline on that basis, unfortunately. As I said, while we sat and watched it, and then it was ultimately driven into bankruptcy.”

Golden Gate Capital declined Fox News Digital’s request for comment.

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California Pizza Kitchen emerged from bankruptcy in November 2020, and Rosenfield, who said he still dines at CPK every several weeks, is optimistic about the chain’s future under new ownership that he believes is “committed” to restoring the brand’s success.

The acquisition of California Pizza Kitchen (CPK) by New York-based Consortium Brand Partners was announced in December 2025 for a deal valued just under $300 million. Rosenfield said he is “thrilled” with the direction the restaurant is headed in under the new ownership.

“I believe they want to bring the brand, not only to its former glory, but to new glory,” said Rosenfield. “I have confidence in this team. And for the first time in all these years, my partner, Larry Flax, and I are very excited about where it could go.”

cpk co founders

Rosenfield and Flax at the Redondo Beach/South Bay Galleria California Pizza Kitchen on Jan. 15, 2008. (Allen J. Schaben/Los Angeles Times via Getty Images / Getty Images)

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Rosenfield reflected on the legacy he and Flax built from a small, leased space in Beverly Hills, telling Fox News Digital that the 41-year-old restaurant chain “accomplished” exactly what they envisioned from the beginning.

“I love that everybody has a CPK story. That’s what drove me to do the book,” the co-founder said. “It’s accomplished what we wanted. Grandparents, parents, kids all have a place that they can all go to and agree to go to.”

“While I said that I believe that they did damage to the culture in the years past, I think the food has been incredibly consistent. And I’ve always been extremely, I’m extremely proud of the brand,” Rosenfield said.

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Winnebago president & CEO Happe sells $393,630 in WGO shares

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Winnebago president & CEO Happe sells $393,630 in WGO shares

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Clean Harbors co-CEO Gerstenberg sells $699,650 in stock

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Here’s how Tesla FSD, Rivian ‘hands-free’ driving systems compare

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Here's how Tesla FSD, Rivian ‘hands-free’ driving systems compare

Rivian’s in-vehicle AI assistant launched in its vehicles on May 12, 2026.

Michael Wayland / CNBC

DETROIT — What’s the best advanced driver-assistance system on the market? Ask Rivian Automotive‘s new artificial intelligence and it will say its creator.

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“Rivian’s is truly exceptional … an unmatched blend of safety and technology,” the chatbot told me during hourslong drives in one of its R1T pickup trucks in which the vehicle largely controlled itself on several Midwest highways.

While the Rivian AI bot may be biased, that’s exactly the company’s goal with a new generation of vehicle software and technologies: to be the best. Rivian is trying to catch up to — and then surpass — Tesla‘s FSD (Supervised) capabilities, but with additional safety guardrails that the Elon Musk company doesn’t use.

Based on recent drives totaling hundreds of miles, Rivian’s Autonomy+ has surpassed legacy competitors such as General Motors‘ Super Cruise with its ADAS. But it’s still playing catch up to Tesla’s FSD when it comes to nonhighway driving and point-to-point driving, where a vehicle is designed to navigate itself from start to finish. I drove a recent version of FSD (Supervised) v14 to compare the technology.

Rivian CEO RJ Scaringe at the company’s first “Autonomy and AI Day” on Dec. 11, 2025, in Palo Alto, California.

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Lora Kolodny | CNBC

Rivian expects to deliver point-to-point driving later this year but, for now, its system is a giant leap forward for the company compared with what it previously offered and is clearly laying the groundwork to better compete with Tesla.

“That’s the next step,” said James Philbin, senior vice president of autonomy and AI at Rivian. “Tesla’s system you use is a point-to-point system. So that that’s the next big leap for us in a way, is getting to that same point-to-point type interaction and that system where it really does the full driving task.”

To be clear, no vehicle on sale today is self-driving or autonomous. Drivers always need to pay attention and be ready to take over. Many advanced driver-assistance systems, or ADAS, can control a vehicle’s speed, braking and steering using cameras, sensors and/or mapping data. An increasing amount of systems allow humans to take their hands off the wheel when in use.

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Rivian credits its improvements with its push toward vertical integration that included a new generation of software and electric architecture for its vehicles. It’s just beginning to reap the benefits with its ADAS.

When the steering-wheel light bar illuminates in green with GM’s Super Cruise, drivers may remove their hands from the steering wheel.

Michael Wayland / CNBC

The technologies also are increasingly more important to drivers and investors, which are targeting ADAS as growth markets with recurring revenue for automakers.

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“We favor self-reliant (and properly-valued) companies that are building next-gen machines using in-house expertise,” Piper Sandler analyst Alexander Potter said in an investor note upgrading Rivian’s stock last month. “As volume rises, Rivian should be better able to monetize software & services, a key benefit of vertical integration.”

The systems vary in pricing but can be initially included in a vehicle’s purchase or bought via subscriptions. Tesla’s system is currently $99 a month, according to its website. Rivian’s is $49.99 a month or $2,500 to purchase for the lifetime of a vehicle. GM’s is $39.99 a month or $399 a year.

Rivian vs. Tesla

The biggest operational difference between ADAS technologies from Tesla and Rivian is their ability to control the vehicle on nonhighway streets with traffic lights and signs.

Rivian’s system currently detects those roadway signals, but it does not do anything about them other than alert the driver that they are coming. Meanwhile, Tesla’s system handled every signal, interchange and exit ramp I encountered for nearly 200 miles in rural Michigan and downtown Ann Arbor, Michigan.

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Rivian’s Autonomy+ system currently detects roadway signals, but it does not do anything about them other than alert the driver that they are coming.

Michael Wayland / CNBC

Based on a decade of experience driving with hands-free ADAS, those two technologies are by far the most advanced. This has not always been the case.

GM, not Tesla, led the development of hands-free highway systems with its Super Cruise, which I initially tested a year before its debut in 2017. But America’s largest automaker was slow to roll it out on new vehicles or significantly grow its capabilities other than expanding geographies and making it able to do lane changes.

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Ford Motor also quickly caught up to GM on highways, but both continue to lack systems that are capable of hands-free driving on nonhighways. The two automakers are working on that type of technology, including so-called eyes-off capabilities, but they are not expected until 2028.

It’s a difficult leap, as Tesla’s in-vehicle Grok AI told me during nearly 200 miles of driving in a 2025 Tesla Model Y: “Highways have predictable lanes, speed, fewer pedestrians and clear markings, making sensor fusion and path prediction simpler. City streets bring chaos, intersections, bikes, peds, construction and ambiguous rules that challenge even top AI vision systems.”

Challenging for some more than others. During my drives in the Model Y, the vehicle was essentially controlling itself for multiple hours and dozens of miles without intervention on highway and nonhighway roads.

Tesla FSD (Supervised)

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Michael Wayland / CNBC

It somewhat effortlessly handled several traffic circles, also known as roundabouts, and parked for me multiple times when arriving at or near destinations, including parallel parking. It also managed a semitruck blocking half a lane on a two-lane road as well as pretty complex construction zones, with Tesla’s ADAS sensing each barrel or cone.

The Rivian technology handled highway driving very well with no intervention outside of exit ramps and, at times, construction zones. It also isn’t able to change lanes on its own yet, which the company promises is coming soon.

When I asked Rivian about several of my experiences, the company said its vehicles can detect construction objects but it does not always display them on the in-vehicle screen. Its system also still needs assistance in certain locations, such as roundabouts.

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Safety concerns remain

All ADAS technologies — except a Mercedes-Benz system in limited circumstances — still need drivers to monitor the systems, even if they can largely control the vehicle without human intervention for hundreds of miles.

With the rise of “hands-off” technology, industry insiders and regular people alike have raised concerns about driver inattentiveness. Automakers have been largely trying to fight that with driver-facing cameras. But concerns remain about the ADAS handover back to a driver as well as on people over-relying on the systems.

YouTube is filled with examples of drivers misusing such systems, particularly Tesla products, as well as videos of ADAS doing human-like moves but also malfunctioning and needing assistance.

A Tesla Model 3 is shown driving on the highway with FSD 14.2.2.3 self-driving supervised software in Irvine, California, U.S., Jan. 28, 2026.

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Mike Blake | Reuters

Mike Nelson and CNBC's Rob Ferris take a ride in New York City to test what it's like to use xAI's chatbot Grok in his Tesla.
We tried out xAI’s Grok chatbot while driving a Tesla in NYC. Here’s what happened.

Philbin said it’s those types of circumstances where noncamera technology, including lidar, can better detect potential hazards and objects. My drives were on clear days without any inclement weather.

Still, despite not having many sensors, Tesla’s Grok chatbot — developed by Musk’s xAI, which merged with SpaceX earlier this year — also felt its brand has the superior system, which is true for many driving situations, at least for now.

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“Tesla’s Full Self-Driving (Supervised) is widely rated as the top advanced driver assistance system in 2026 by sources like Motor Trend and others,” Grok AI said. It later added, “Rivian’s AI Assistant is solid for voice controls, navigation, and vehicle features in their R1 vehicles, but it’s still catching up to more advanced systems like ours and full self-driving capabilities.”

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