U.S. Federal Housing Finance Agency Director William Pulte said on Thursday he expects President Donald Trump will make a decision in the next month or two on whether to sell a piece of the U.S. mortg... ...

这一群体包括销售高档服装和配饰的商店、家居用品制造商、旅游运营商和赌场。高盛团队的理由是， 美国经济有望加速，从而提振那些增长稳定但利润率微薄的公司的利润。自去年10月以来，这一群体的 表现一直跑赢大盘。 "受到中产阶级消费支出影响的股票尤其具有吸引力，"Snider的团队在1月6日致投资者的报告中写 道，"价值股将在2026年初继续跑赢大盘。中产阶级消费者将经历实际收入增长的加速，这应转化为销 售增长的改善。" 在对人工智能（AI）交易放缓的担忧中，华尔街的策略师们正在寻找为美股牛市提供动力的新引擎。 自年初以来，囊括了Carmax Inc.、Etsy Inc.和Academy Sports & Outdoors Inc.等公司的标普零售精选行业 指数上涨了3.5%，自去年11月初繁忙的假日购物季开始以来上涨了8.8%。 由Ben Snider领导的高盛团队锁定了那些在中产阶级消费者增加支出时受益的公司。Snider的团队看好 医疗保健提供商、材料生产商和必需消费品制造商。但他们特别看好那些销售"锦上添花"而非"生活必 需"产品的公司。 高盛方面预计，消费者将从特朗普关税逆风的消退、劳动力市场的稳定以及政府 ...

Summary of Key Points from the Conference Call Companies and Industry Involved - **Broadcom Inc (AVGO)**: Added to the US Conviction List - **Dick's Sporting Goods Inc (DKS)**: Added to the US Conviction List - **Capital One Financial Corp (COF)**: Removed from the US Conviction List - **Cadence Design Systems Inc (CDNS)**: Removed from the US Conviction List - **Houlihan Lokey Inc (HLI)**: Removed from the US Conviction List Core Insights and Arguments Broadcom (AVGO) - Broadcom is expected to leverage its dominant position in enterprise networking silicon, which is projected to drive a majority share in customer silicon processors for major US hyperscalers, with AI expected to comprise over 40% of the company by 2026 [7] - The Street is believed to be underestimating the momentum in AVGO's AI optical networking business, with strong momentum reported from recent checks in Asia [7] Dick's Sporting Goods (DKS) - The acquisition of Foot Locker (FL) is seen as a strategic move to revitalize the sneaker category, with expectations of FL's gross margins increasing by 500 basis points [8] - The focus on near-term inventory build at FL is viewed as overshadowing the long-term strategic opportunity for both DKS and FL [8] Additional Important Content Market Commentary - The year 2025 was characterized by "noise, quiet, and transition," with significant policy changes and market dynamics impacting investor sentiment [10][11][12] - The S&P 500 EPS estimates for 2026 have risen by 6% over the year, indicating upward earnings momentum despite the surrounding noise [12] Themes to Watch in 2026 1. **AI & Power**: Transitioning to a new phase with emerging companies like AVGO gaining traction [18] 2. **Drug Development**: A shift towards new products in the GLP-1 category, with LLY outperforming NOVO [18] 3. **Blurring Lines in Retail**: Opportunities arising from eCommerce platforms driving revenue through advertising and alternative revenue streams [18] 4. **China's Economic Growth**: Expected above-consensus growth driven by technology advancements [19] 5. **Productivity-Driven Margin Growth**: Risks associated with a jobless expansion due to tech-driven productivity improvements [20] Performance Insights - The Conviction List has seen significant idiosyncratic returns, with a focus on identifying stocks expected to outperform regardless of sector or macro exposure [24][26] - The list's hit rate, which measures the percentage of stocks outperforming the benchmark, stands at 46% relative to the S&P 500 [32] Changes in the Conviction List - **Added**: Broadcom (AVGO) and Dick's Sporting Goods (DKS) [34] - **Removed**: Capital One Financial (COF), Cadence Design Systems (CDNS), and Houlihan Lokey (HLI) [35] Stock Performance - DKS has a price target of $285, representing a 42% upside from its current price of $200 [3] - AVGO has a price target of $450, indicating a 29% upside from its current price of $348 [3] This summary encapsulates the key points from the conference call, highlighting the companies involved, core insights, and additional important themes and performance metrics.

Core Insights - DICK'S Sporting Goods, Inc. (DKS) is rapidly evolving into a leading omnichannel sports retailer, driven by its digital strategy and expanding capabilities [1][10] - The GameChanger platform and Dick's Media Network are pivotal in generating long-term digital revenue streams [1][2] Digital Strategy - DKS is executing a comprehensive digital transformation that integrates proprietary platforms and data-driven capabilities to enhance customer engagement and unlock new revenue streams [2][4] - The GameChanger platform is expanding with new features and partnerships, enhancing the youth sports experience and solidifying DKS's position in the youth sports tech ecosystem [3][10] E-commerce Growth - The company is scaling its multi-billion-dollar e-commerce business by strengthening its online presence and increasing market share among both online-only and omnichannel retailers [5][10] - DKS is focusing on app-led experiences and youth sports engagement to boost e-commerce, including app-exclusive reservations [3][10] Financial Performance - DKS shares have decreased by 4% over the past six months, while the industry has grown by 5.9% [8] - The forward price-to-earnings ratio for DKS is 13.12X, compared to the industry average of 18.15X [9] - The Zacks Consensus Estimate for DKS's fiscal 2025 earnings per share (EPS) indicates a year-over-year decline of 6.6%, while fiscal 2026 shows an increase of 16.3% [11]

"你们有2026年所有资产的完整展望概要 吗？" 感谢 Dani Wojdyla 整理以下内容……综合了 1000 多⻚的 GS Outlook 资料。 "宏观经济背景依然有利于2026年的股票⻛险……全球经济增⻓2.8%，加上美联储宽 松政策和资本⽀出扩张"……1年期Varswap预计2026年⽇均波动幅度为1.4%，市场机 会众多。 全⽂如下 // 祝您2026年好运 ------------------ 过去⼏周，⾼盛研究部⻔发布了 1000 多⻚ 2026 年展望报告（所有报告都可以在这⾥找到）。 尽管需要探讨的内容很多，但总体⽽⾔，宏观经济环境依然有利于2026年的股市。⾼盛经济学 家预计， 2026年全球经济增⻓将保持强劲，达到2.8%，⾼于市场普遍预期的2.5%。他们预 测，所有地区的经济将持续扩张，同时美联储也 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V ...

With the busy and allimp important holiday season for retail set to wrap up, let's take a look and see how the sector did. Bring in Jan Niffen, Jay Rogers Niffin Worldwide CEO. Jan, great to see you. >> Great to see you, too.And you know, I'm not the economist, but I can tell you if we had 4% GDP growth regularly, we sure as heck wouldn't have to worry about retail sales or jobs or wages. >> Yeah, but well, we'll see if we do. But for now, the holiday uh season does look to be stronger.Jan, I'm just wonderi ...

Group 1 - U.S. stock futures were mostly higher, with Nasdaq 100 futures gaining around 100 points [1] - BlackBerry reported third-quarter revenue of $141.8 million, exceeding analyst estimates of $137.4 million [2] - BlackBerry's adjusted earnings were 5 cents per share, beating estimates of 4 cents per share [2] Group 2 - BlackBerry's total revenue decreased approximately 1% year-over-year, while QNX revenue grew by 10% [2] - BlackBerry shares fell 4.6% to $4.13 in pre-market trading [2] - Aimei Health Technology Co Ltd shares dropped 15.8% to $44.00 after a significant increase the previous day [3] - Nike Inc shares decreased 9.9% to $59.11 despite better-than-expected earnings and sales, due to a decline in gross margins [3] - FedEx Corp shares fell 2.2% to $281.00, despite posting strong financial results and raising FY2026 guidance [3]

Stock Recommendations - Intuitive Surgical is a multi-year compounder with stable revenues and great margins, expected to perform well next year [1] - Dicks Sporting Goods is down 11% from its highs, trading at 11 times earnings, possessing strong franchise excellence and same store sales [1] - Toast appears poised to break a shorter-term downtrend [1] Consumer Sector Analysis - Dicks Sporting Goods is expected to fix Foot Locker [1]

Bill Baroo, what you got. >> Intuitive surgical multi-year compounder. It's been consolidating this year, stable revenues, great margins, and I think we're gonna have a great one next year.>> The Linkster, >> I continue to like the consumer Dicks. It's down 11% from its highs. It trades at 11 times earnings, strong franchise excellence, same store sales, and they will fix Foot Locker.>> Okay. All right. >> They will.>> You know it. >> Ahead of plan. >> All right, Josh Brown.Uh Toast looks like it wants to u ...

Key Takeaways DKS is executing a broad digital transformation to drive omnichannel growth and engagement.GameChanger and Dick's Media Network fuel high-margin digital revenues via data and brand partnerships.E-commerce scales with app-exclusive launches and seamless omnichannel experiences across DICKS.com.DICK'S Sporting Goods, Inc.’s (DKS) digital strategy is a key growth catalyst, underscoring its rapid evolution into a leading omnichannel sports retailer. DKS’ GameChanger platform and the Dick’s Media N ...