Market Overview - The three major market indexes experienced a decline after an earlier surge, as investor optimism regarding potential Federal Reserve interest rate cuts diminished [1] - The Dow Jones Industrial Average saw a swing of nearly 1,100 points, ultimately falling by approximately 320 points (0.7%) after an earlier increase of over 700 points [1] - The S&P 500 and Nasdaq also faced losses, down 1.1% and 1.5% respectively, following a similar rally [1] Company Performance - Nvidia's shares initially rose by more than 3.5% after reporting quarterly earnings that exceeded Wall Street estimates, but later declined by 2.5% [2] - Other tech companies also faced losses, including Intel (down 2.8%), AMD (down 6%), Palantir (down 5.2%), Qualcomm (down 3.1%), Amazon (down 1.8%), Microsoft (down 1.5%), Meta (down 1.1%), and Tesla (down 1.5%) [2] - The tech-heavy Nasdaq and Dow were further impacted by losses from Boeing (down 3.7%), Walt Disney (down 1.8%), Goldman Sachs (down 1.1%), and Cisco (down 2.9%) [2] Economic Indicators - The decline in stock prices coincided with a reduced probability of the Federal Reserve cutting interest rates in December, with current odds at just under 40% for a 25 basis point cut [3] - This probability had peaked at 90% the previous month, indicating a significant shift in market expectations [3] - The Bureau of Labor Statistics reported that the U.S. added 119,000 jobs in September, surpassing analysts' estimates, although the unemployment rate rose to 4.4%, suggesting a potential brief recovery in the labor market [3]

ToplineOne week into the Starbucks Workers United strike over unfair labor practices, union protests have expanded to 30 stores in 25 new cities, including disruptions at the company’s largest East Coast distribution facility in York, PA, bringing the total to 95 stores across 65 cities participating in the open-ended ULP strike. NEW YORK, NEW YORK - NOVEMBER 13: Starbucks workers walk a picket line as they go on strike outside a Starbucks store on November 13, 2025 in the Clinton Hill neighborhood of the B ...

Core Viewpoint - ONEOK (OKE) stock is currently undervalued despite the company's strong fundamentals and stable cash flow from its fee-based pipeline network, presenting a potential investment opportunity [2][3][6]. Financial Performance - OKE has experienced a 27% decline in stock price this year, but its Price-to-Sales (P/S) ratio is 38% lower than a year ago, and its Price-to-Earnings (P/E) ratio is below the S&P 500 median [6]. - The company has achieved nearly $500 million in synergies from acquisitions year-to-date, indicating operational strength [7]. Growth Prospects - Recent increases in natural gas throughput and volumes in the Rocky Mountain and Mid-Continent regions suggest positive operational developments [7]. - New projects, such as the Bighorn plant and Eiger Express pipeline, are expected to enhance capacity and boost future revenue [7]. Market Position - OKE's fee-based business model supports stable cash flow, which is crucial for sustaining earnings during market fluctuations [4][7]. - Despite a moderated outlook for 2026 due to commodity prices, recent Q3 results have surpassed expectations, indicating resilience [7]. Valuation Metrics - OKE trades at a P/E multiple of 13.1, which is considered modest given its strong fundamentals [10]. - The stock's historical performance shows significant declines during past market downturns, but it has also demonstrated the ability to rebound from sharp declines [8].

The Block Ink logo is displayed on a mobile phone with the company's branding seen in the background in this photo illustration in Brussels, Belgium, on November 3, 2025. (Photo Illustration by Jonathan Raa/NurPhoto via Getty Images)NurPhoto via Getty ImagesBlock stock (NYSE: XYZ)is currently down 16% this month, primarily due to disappointing Q3 results.However, investors should put XYZ on their radar. The core reason is its strong historical support level.XYZ is presently trading within a key support rang ...

Core Insights - Nextpower (NXT) has emerged as a significant player in the clean-energy hardware sector, focusing on advanced power conversion systems and robotics to support the global shift towards electrification [2][3] - NXT stock has increased by 140% year-to-date but remains 20% below its 52-week high, indicating potential for further growth [3][4] - The company has a debt-free balance sheet with $845 million in cash and a record backlog exceeding $5 billion, contributing to healthy operating margins [4][9] Financial Performance - NXT has demonstrated strong fundamentals, including a 16.7% operating cash flow margin and a 19.9% operating margin based on a three-year average [9] - Revenue growth for the last twelve months was 20.4%, with an average growth of 27.1% over the past three years [9] - The stock is currently ranked in the top 10th percentile for "trend strength," indicating strong momentum [9] Market Position - The company’s rebranding reflects its transition into a comprehensive energy solutions provider, catering to rising global electricity demand [3] - NXT's market capitalization exceeds $2 billion, and it has maintained high operating margins without significant revenue decline over the past five years [10] - The stock is part of a portfolio that has consistently outperformed benchmarks, indicating a strong investment potential [8]

Labor Market Overview - The September 2025 jobs report indicates a payroll increase of 119,000 jobs, the largest in six months, but reveals ongoing weaknesses in the job market [3][4] - Payroll growth is primarily concentrated in health care and social assistance (up 57,000) and leisure and hospitality (up 47,000), while other sectors remain flat [4][5] - Employment in manufacturing and federal government continues to decline, with professional and business services losing 20,000 jobs due to cuts in research funding and federal contracts [5] Unemployment Trends - The unemployment rate rose to 4.4% in September, as the labor force grew faster than new hiring [6] - Among the unemployed, job losers increased by 88,000, with significant losses noted in the tech sector [7] Economic Influences - Ongoing tariff fluctuations and the rise of Artificial Intelligence (AI) contribute to hiring uncertainties, particularly affecting recent college graduates [8] - A decline in immigrant labor is noted, as new immigrants are deterred from entering the U.S. due to fears of federal government harassment [8] Federal Reserve Considerations - Inflation averages around 3%, above the Fed's target of 2%, with expectations of further increases as firms adjust prices due to higher tariffs [9] - The Federal Reserve's response to these economic conditions remains uncertain, with internal divisions on interest rate policies [9] Future Outlook - The October jobs report will not be released, with November data expected on December 16, potentially providing more clarity on the labor market [10]

Core Thesis - Warner Bros. Discovery (WBD) has seen its stock price rise to approximately $24 per share, reflecting a 122% increase year-to-date, driven by streaming profitability, cost reductions, and confidence in a corporate split [2][4] - The stock's current valuation at 1.56× price-to-sales is unusually high, suggesting that any decline in revenue could lead to a significant drop in stock price [4][5] - A conservative revenue estimate could bring the stock price back to the mid-teens, indicating that a stabilization of revenue expectations could lead to a 30-40% decline in stock value [6] Key Bearish Drivers - The linear TV sector is experiencing mid-single-digit contraction, which poses a structural challenge to WBD's EBITDA [9] - High levels of debt mean that even minor declines in cash flow could disproportionately impact equity value, raising refinancing risks [9] - Uncertainty in streaming margins due to high content expenses and competition could deflate current valuations [9] - Execution risks related to the corporate split could lead to lower market multiples for the networks unit, affecting overall equity value [9] - The performance of hit-driven content is critical; any missteps could drastically alter market sentiment [9] Bullish Offsets - The film slate is improving, and early indicators suggest that DC's repositioning could restore franchise momentum [8] - Max is stabilizing internationally, with new revenue pathways from bundling and ad-supported tiers [8] - Cost savings and merger synergies are contributing to EBITDA improvements, and the corporate separation could unlock higher valuations for the streaming unit [8] Conclusion - WBD's stock has shown impressive growth, reflecting renewed confidence in its business model and cost management [10] - However, the stock's recent rally leaves limited room for error, and various risks could lead to a significant price correction if not managed effectively [10]

Company Overview - TMC The Metals Company specializes in deep-sea exploration for polymetallic nodules in the Clarion-Clipperton Zone, which are rich in nickel, cobalt, copper, and manganese, essential for electric vehicle batteries and clean technology [3] - Currently priced at $5.42, TMC's stock is trading at less than half of its 52-week high of $11.35, indicating significant volatility [2] Financial Performance - In Q1 2025, TMC reported liquidity of $43.8 million, with only $2.3 million in cash and a burn rate of $9.3 million, resulting in a net loss of $20.6 million [6] - The company raised $37 million through a direct offering in May, but faces potential dilution risks due to attached warrants [6] Strategic Initiatives - TMC is pursuing U.S. permits under the Deep Seabed Hard Mineral Resources Act, aiming to expedite commercial recovery without waiting for international regulations [5] - A pre-feasibility study assigned a net present value (NPV) of $5.5 billion to the NORI-D project, with an overall project value of $23.6 billion when combined with other resources [5] Investment and Partnerships - Korea Zinc invested $85.2 million in TMC, acquiring a 5% ownership stake, which provides financial backing and industry credibility [5] Regulatory and Environmental Challenges - TMC's strategy of utilizing U.S. law instead of relying on the International Seabed Authority is contentious, with potential regulatory and environmental risks looming [7] - There are calls for a moratorium from various nations and scientific organizations, which could delay TMC's business model [7] Future Outlook - Key catalysts for TMC include acquiring a commercial recovery permit from NOAA and effective cash management to sustain operations [9] - The company must also conduct more detailed feasibility studies or initiate pilot collection projects to validate long-term economics [9] - Failure to secure permits or manage cash deficits could negatively impact investor sentiment and valuation [10] Investment Perspective - TMC represents a speculative investment with the potential to revolutionize the supply of essential battery metals, but it carries considerable risks [11] - The current decline in stock price may present an opportunity for investors confident in deep-sea nodules and willing to navigate environmental and regulatory challenges [11]

Core Viewpoint - ServiceNow (NOW) stock presents an attractive investment opportunity due to its high margins, indicative of pricing power and cash generation ability, available at a discounted price [2][10]. Company Overview - ServiceNow is a leading enterprise software company that provides digital workflow solutions aimed at automating operations and enhancing efficiency, supported by a widely adopted platform and strong recurring revenue [3]. Recent Performance - Despite a 23% decrease in stock value this year, NOW has become 35% less expensive based on its Price-to-Sales (P/S) ratio compared to one year ago [4]. - In Q3 2025, ServiceNow recorded 103 deals exceeding $1 million in net new annual contract value, expanding its high-value customer base to 553 accounts with over $5 million in Annual Contract Value (ACV) [5]. Financial Metrics - Remaining Performance Obligations reached $24.3 billion, indicating strong revenue visibility, and management has raised its full-year cash flow margin guidance [5]. - The company boasts a 97% customer renewal rate, underscoring the durability of its solutions [5]. - ServiceNow has demonstrated a 21.1% revenue growth over the last twelve months and a 22.3% growth over the last three-year average [10]. Valuation - NOW stock is currently offered at a P/S multiple of 13.4, representing a 35% markdown compared to one year ago [10].

Core Insights - Walmart reported strong quarterly revenues, exceeding Wall Street estimates, driven by increased online shopping and a growing customer base among high-income consumers [1][2]. Financial Performance - Walmart's stock rose over 5.6% to above $106, marking its second-largest gain this year, following a 9.5% increase in April [2]. - The retailer reported earnings per share of 62 cents and revenues of $179.5 billion, surpassing analysts' expectations of 60 cents and $177.4 billion [2]. Online Shopping Growth - Global online shopping sales increased by 27%, with a 28% rise in the U.S. and a 53% surge in its global advertising business [3]. - The popularity of Walmart's third-party marketplace also contributed to the growth in online sales [3]. Customer Demographics - Walmart's CFO noted an increase in "value-seeking" customers across various income levels, with a notable rise in traffic from high-income shoppers [4]. Future Outlook - The company anticipates sales growth of up to 5.1% for the year and expects earnings to range between $2.58 and $2.63, higher than previous forecasts [3].