Capped Call Transactions Explained: How Companies Offset Dilution
Learn how capped call transactions work in convertible bond offerings, how lower and cap strikes offset equity dilution, and why dealers delta-hedge.
Market Education
Learn how stocks, bonds and capital markets work. Explore plain-English explanations, worked examples and charts, then follow related coverage to connect market concepts with current events. Find your way around ECMSource.
Stitch Fix Q4 Revenue Hits $324M as Checkout Glitch Dents FY27
Stitch Fix reported Q4 revenue of $324.4 million, but shares dropped after hours as an August checkout glitch and shipment shifts clouded its FY27 outlook.
Adjustable-Rate Mortgages Explained: SOFR, Margin, Caps
Understand how adjustable-rate mortgages (ARMs) reset after the fixed period, including SOFR index calculation, lender margins, rate caps, and payment math.
Cintas Posts Record $3.01B Q1 Revenue, Raises FY27 Guidance
Cintas reported fiscal Q1 2027 revenue of $3.01B, up 10.9%, operating margin of 23.6%, and raised full-year guidance while pursuing its UniFirst buyout.
Series I Bonds Explained: Composite Rate, Inflation Math, Tax
Understand how Series I savings bonds work, including the composite rate formula, inflation adjustments, 12-month lockup, early penalties, and tax rules.
McDonald’s Unveils $8.5B Plan and Low-50s Margin Goal
McDonald’s sets 2030 financial targets, committing $8.5B in franchisee support, deploying ArchIQ AI, and targeting low-to-mid 50% operating margins.
Qualified vs. Ordinary Dividends: Tax Rules Explained
Understand how qualified dividends differ from ordinary dividends, the IRS 60-day holding period rule, Form 1099-DIV reporting, and tax calculations.
Halozyme Inks $1.5B Convertible Debt Deal and Capped Calls
Halozyme closed a $1.5B convertible debt offering with capped calls, refinancing 2027 and 2028 notes while securing over $630M in fresh liquidity.
DoorDash Inks $131.5M NYC Delivery Worker Settlement
DoorDash agreed to a $131.5 million settlement with New York City resolving food delivery pay compliance issues, backed by $4.42 billion in company cash.
Treasury Bills: Discount Rate vs. Investment Yield Explained
Understand why Treasury bills quote both a discount rate and investment yield, how the 360 vs 365-day math works, and how to calculate your true return.