Worried that stocks are due for a rough patch after three consecutive years of strong returns? Don't be, says Morgan Stanley."We think consensus is still underestimating the collective impact of a series of bullish catalysts," said Mike Wilson, the bank's chief US equity strategist, said in a note on Monday. He continued: "While these variables have received attention individually, we believe their collective impact remains underappreciated in terms of fueling the rolling recovery."Here are six big cataly ...

Core Insights - AT&T plans to relocate its global headquarters from downtown Dallas to a new corporate campus in Plano, Texas, starting in 2028, consolidating three existing locations [1][7] - The new headquarters aims to enhance employee experience by providing modern workspaces designed for collaboration, innovation, and engagement [2][5][9] Company Strategy - The decision to move is part of AT&T's strategy to address workspace shortages and improve employee satisfaction, as indicated by feedback from an engagement survey [2][5][10] - The new campus will span 54 acres and is intended to consolidate administrative spaces in the Dallas-Fort Worth Metroplex, including locations in Central Dallas, Plano, and Irving [7][8] Employee Focus - CEO John Stankey emphasized that the investment in the new headquarters is centered around improving the employee experience and meeting expectations for well-maintained and functional workspaces [5][10] - The company acknowledges the evolving nature of work since its last headquarters move in 2008 and remains confident in the Dallas-Fort Worth area as a suitable location for its operations [8][9] Future Plans - Partial occupancy of the new headquarters is targeted for the second half of 2028, with a multi-year transformation plan for the site that includes demolishing old buildings and constructing a modern campus [8][9][12] - The planning team will provide more information and executional plans in the spring, ensuring that employees are kept informed throughout the process [12]

Group 1 - The US raid on Venezuela represents a significant paradigm shift that markets are currently underestimating [1][2] - Benchmark oil prices increased less than 1% following the US capture of President Nicolás Maduro, with US stock futures opening higher [2] - The US's control over Venezuelan oil could diminish the importance of Russian oil and reduce Russia's income and power [3] Group 2 - US oil-services companies such as Halliburton, Schlumberger, and Baker Hughes are expected to benefit significantly from the need to modernize Venezuela's oil infrastructure [4] - The influx of Venezuelan oil is forecasted to lead to lower prices for gas, diesel, and jet fuel, benefiting consumers and potentially easing supply chain costs [5]

Core Insights - Warren Buffett has officially retired as CEO of Berkshire Hathaway after six decades, with Greg Abel taking over on January 1, 2023, facing three significant challenges ahead [1] Group 1: Cash Management Challenges - Abel's primary challenge is to intelligently allocate Berkshire's substantial cash reserves, which recently surpassed $350 billion, exceeding the market values of major companies like Home Depot, Procter & Gamble, and General Electric [2] - Potential uses for this cash include stock buybacks, acquisitions, or dividends, but Buffett has not found these avenues fruitful in recent years, with no share repurchases in the last five quarters and only one dividend paid in 1967 [3][2] - Wall Street and shareholders may not be as forgiving of cash hoarding under Abel as they were with Buffett, making it crucial for Abel to find effective solutions [7][8] Group 2: Operational Responsibilities - Before becoming CEO, Abel managed Berkshire's non-insurance businesses, but identifying profitable acquisitions is a different skill set [9] - Abel will oversee a diverse range of subsidiaries, including insurers like Geico, and manage a stock portfolio valued at approximately $300 billion, requiring significant allocation decisions [11][10] Group 3: Company Culture and Management Style - Buffett and Munger established a culture based on trust, honesty, and long-term thinking, with a decentralized structure allowing autonomy among subsidiaries [12] - Abel is expected to adopt a more hands-on management approach, having already made leadership changes, including appointing Berkshire's first general counsel [13] - The challenge lies in maintaining the established culture while professionalizing the headquarters, as Abel does not have Buffett's extensive track record and must earn the trust of subsidiary management teams [14][13]

Core Insights - BYD has surpassed Tesla to become the world's largest seller of battery electric vehicles, marking a significant shift in the EV market dynamics [1][5] - In 2025, BYD sold 2.25 million battery-powered EVs, a nearly 28% increase from the previous year, while Tesla's sales fell by 8.5% to 1.64 million [2] - BYD's total vehicle shipments reached 4.6 million in 2024, including plug-in hybrids, while Tesla does not offer hybrid models [2] Company Performance - Tesla has experienced a decline in sales, with Q4 sales dropping nearly 16% year-over-year due to the removal of the $7,500 tax credit in the US [7] - The company is facing challenges in Europe and China, where competition is intensifying and demand is fluctuating [7][10] - BYD has also faced competition and a crackdown on EV discounting in China, leading to a 10% year-over-year sales drop in December [10] Competitive Landscape - BYD is recognized for its technological innovations, including rapid EV charging and autonomous driving features, enhancing its competitive edge [9] - The company is expanding internationally, planning to open 1,000 new stores in Europe, where it has already outsold Tesla [10] - Tesla's CEO, Elon Musk, has acknowledged BYD's competitiveness, indicating a shift in perception regarding the Chinese automaker [11]

Core Insights - Tesla experienced a significant decline in sales, with 418,227 electric vehicles sold in Q4, marking a 15.6% decrease from the same period in 2024, leading to a second consecutive annual sales decline [1][2] - BYD surpassed Tesla in annual sales of battery-electric vehicles for the first time, with BYD's sales rising nearly 28% to 2.26 million units in 2025, while Tesla delivered about 1.64 million vehicles for the year [2][3] Sales Performance - Tesla recorded its first-ever annual sales decline in 2024, attributed to the end of the $7,500 tax credit for new EVs, which previously drove record sales [3] - Sales hit their lowest level since 2022 in November, despite the introduction of cheaper versions of the Model 3 and Y vehicles [4] Market Challenges - Tesla faced intense competition in China from local manufacturers offering advanced electric models at lower prices, and in Europe, sales dropped significantly due to backlash against CEO Musk's political endorsements, with December registrations falling 66% in France and 44% in Spain [5] - Analysts noted that Tesla's product lineup has become stale, with no new vehicle launches since the Cybertruck in 2023, which has underperformed in sales [6] Stock Performance and Future Initiatives - Despite sales challenges, Tesla's stock price reached a record high in December, driven by investor optimism regarding the robotaxi rollout [7] - The company is preparing for mass production of its Cybercab robotaxi, which lacks a steering wheel or pedals, and aims to expand its autonomous ride-hailing service [8] - Musk indicated that the upcoming launch of "unsupervised" Full Self-Driving software is expected to boost vehicle demand, with plans for the Austin robotaxi service to operate without safety monitors by the end of 2025 [9][10]

Core Insights - Elon Musk donated approximately 210,000 Tesla shares valued at nearly $100 million to undisclosed charities as part of year-end tax planning [1] - Musk's wealth is estimated at $619 billion, making the donation a small fraction of his overall net worth [2] - The donation comes as Musk seeks to strengthen his control over Tesla, where he has been CEO since 2008 [2] Company Control and Strategy - Musk has expressed concerns about not owning enough voting shares in Tesla, stating he would not feel comfortable expanding AI and robotics initiatives without controlling at least 25% of the company [3] - A new pay package approved by Tesla shareholders could potentially increase Musk's stake from 13% to nearly 29% if the company meets ambitious milestones [3][4] Financial Performance and Market Outlook - Tesla is expected to report annual sales figures soon, with an unusual pessimistic analyst consensus predicting a second consecutive year of sales decline [4] - The company has faced challenges with sales falling in China and Europe, despite a record high stock price driven by investor optimism regarding its robotaxi initiatives [5]

Sometimes it takes a few decades to really hit your stride. That appears to be the case with Canadian fashion retailer Aritzia, which has experienced considerable success in recent years.But 2025 has been something else entirely. Over the past 12 months, the brand — and its stock price — have kicked into overdrive as the company accelerated its physical and digital expansion.Aritzia's share price has more than doubled over the past year, even after taking a hit in the early days of President Donald Trump' ...

Core Viewpoint - Tesla has provided a surprising update regarding its quarterly sales, indicating a significant decline in vehicle deliveries compared to the previous year, which has raised concerns among investors [1][2]. Group 1: Sales Performance - The delivery consensus estimates that Tesla sold 422,850 vehicles in Q4 2025, representing a 14.6% decrease from the same period last year [2]. - This figure is below Wall Street's expectations of 440,907 EVs, highlighting a potential shortfall in sales performance [2]. - Analysts suggest that actual sales may be closer to 420,000, indicating a further decline in performance [3]. Group 2: Market Challenges - Tesla's US sales have reportedly fallen to their lowest level since 2022, exacerbated by the expiration of the $7,500 federal tax credit in September [4]. - The company faces intense competition in China from local EV startups offering advanced vehicles at lower prices, impacting Tesla's market share [5]. - In Europe, Tesla's sales have decreased nearly 30% this year, partly due to backlash against Elon Musk's political statements [5]. Group 3: Strategic Responses - In response to declining sales, Tesla has introduced various incentives in the US and is working to launch its Full Self-Driving technology in China and Europe [6]. - The delivery consensus suggests that Tesla will end the year with over 100,000 fewer EVs sold compared to 2024, indicating a significant challenge ahead [6].

Core Insights - Lululemon is facing challenges with an underperforming stock and a CEO transition set for 2026, prompting founder Chip Wilson to initiate a proxy battle for board changes [2][10] Company Performance - Lululemon's shares have underperformed compared to peers over the last two years, raising concerns among shareholders [2] - Wilson holds an 8% stake in Lululemon, linking his wealth to the company's performance [2] Leadership and Governance - Wilson criticized the board's handling of the CEO succession process, expressing a lack of confidence in their ability to select a new CEO [10] - The company announced that CEO Calvin McDonald will leave in January 2026, with interim co-CEOs appointed [9] Brand Strategy and Market Position - Wilson has publicly stated that Lululemon has experienced a "loss of cool," attributing this to leadership focused on financial metrics rather than brand identity [11] - He emphasized the importance of focusing on the core demographic of the brand, specifically the "32-year-old single professional woman" [15] Marketing and Brand Image - Wilson criticized Lululemon's recent advertising strategies, claiming they have become too broad and are losing their unique brand identity [12] - He expressed discontent with the portrayal of models in Lululemon's ads, describing them as "sickly" and "not inspirational" [12] Economic Strategy - Wilson praised Lululemon's vertical retailing model as an "unbeatable" economic strategy that has not been replicated by competitors [16][17]