Core Viewpoint - Viavi Solutions Inc. is recognized for its potential in the test and measurement sector, with recent developments indicating a strong growth trajectory and strategic acquisitions that enhance its market position [2][3]. Group 1: Company Overview - Viavi Solutions Inc. (NASDAQ:VIAV) specializes in testing, monitoring, and security tools, as well as advanced optical coating technologies for various sectors including telecommunications, aerospace, and defense [3]. - The company operates through two main segments: Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP) [3]. Group 2: Market Position and Acquisitions - Viavi's test and measurement solutions are crucial for telecommunications, cloud, enterprise, aerospace, defense, and industrial markets, indicating a sticky business model with significant competitive advantages [3]. - In early 2024, Viavi made a $1.3 billion bid to acquire Spirent Communications, which was later countered by Keysight Technologies with a bid of $1.46 billion, accepted by Spirent [3]. - The U.S. Department of Justice raised antitrust concerns regarding the acquisition, as Keysight and Spirent controlled significant market shares in high-speed Ethernet testing (85%), network security testing (60%), and radio frequency channel emulation (50%) [3]. - To address these concerns, the DOJ required Keysight to divest overlapping business units to Viavi, which closed on October 16, enhancing Viavi's position in the data center ecosystem and expected to accelerate growth and margin expansion [3]. Group 3: Investment Perspective - The market has not fully recognized Viavi's extensive opportunities in the data center market, with an estimated intrinsic value of the stock at $30 [3].

Market Overview - The stock market's recent rebound may not be sustainable, indicating potential volatility ahead [1] - Current market conditions are described as chaotic, with various narratives influencing investor sentiment [2] Bond and Gold Market Reactions - Bonds and stocks are reacting differently to market conditions, with bonds suggesting skepticism about presidential statements [3] - Gold prices experienced a sharp drop but attempted to recover, reflecting uncertainty in the market [3] Investor Sentiment - The recent rally appears driven by fear among underinvested investors, leading to a rush to buy stocks [4] - Despite some late returns, the overall market sentiment leans towards bullishness, contingent on geopolitical stability [4] Stock Analysis Whirlpool Corporation (NYSE:WHR) - Cramer expressed skepticism about Whirlpool, noting a 25% decline and concerns over its balance sheet and dividend cuts, advising against buying [8][9] - The company manufactures home appliances, facing challenges in maintaining competitiveness [9] Viavi Solutions Inc. (NASDAQ:VIAV) - Cramer acknowledged Viavi's potential in a hot market segment but suggested waiting for a better entry point due to its current high valuation [10] - Viavi provides critical testing and monitoring solutions across various sectors, with a recent acquisition attempt highlighting its growth strategy [11] - The company is positioned to benefit from the data center market, with an estimated intrinsic value of $30 per share [11]

Core Insights - Viavi Solutions Inc. reached a new 24-year high, driven by a "buy" recommendation from Stifel, with the stock closing at $35.94 after peaking at $36.03 during intra-day trading, marking a 6.93% increase [1]. Group 1: Investment Recommendation - Stifel has recommended investors to "buy" shares of Viavi Solutions, maintaining a price target of $35 following the company's showcase of its AI solutions portfolio at a recent conference [2]. Group 2: Product Offerings - Viavi Solutions presented a variety of products including 1.6T Ethernet testing, silicon photonics manufacturing, fiber inspection, hollow core fiber certification, PCIe testing, and distributed fiber sensing [3]. - The company introduced the INX 700 probe microscope, which features an extended battery and hyperscale optimization for automated inspection of single and multifiber connectors, along with the DCX-700 optical loss test set that allows for simultaneous measurement of 24 fibers [4]. Group 3: Industry Participation - Viavi Solutions is participating in the RSA Conference in San Francisco, where it is showcasing its Observer Threat Forensics, aimed at enhancing visibility across operational teams and identifying potential vulnerabilities [6].

Core Viewpoint - Despite a general market decline, ten stocks experienced significant gains, with four reaching new record highs, driven by positive corporate developments [1]. Group 1: Company Performances - Coherent Corp. (NYSE:COHR) saw a 6.78% increase to $272.33 after being added to the S&P 500 index, which typically boosts stock prices due to increased exposure to investors [4][5]. - In Q2 FY2026, Coherent reported a 41.9% increase in net income to $147 million and a 17.5% rise in revenues to $1.686 billion year-on-year [6]. - Viavi Solutions Inc. (NASDAQ:VIAV) reached a 24-year high, climbing 6.93% to $35.94, following a "buy" recommendation from Stifel and showcasing its AI solutions at a recent conference [9][10]. - PBF Energy Inc. (NYSE:PBF) hit a new record high of $50.64, closing up 7.51% at $50.09, amid rising tensions in the Middle East which increased investor interest in oil stocks [13][14]. - Dell Technologies Inc. (NYSE:DELL) soared 7.49% to $176.91, driven by an optimistic analyst rating from Goldman Sachs, which raised its price target to $195 [17][18]. - Hewlett Packard Enterprise Company (NYSE:HPE) experienced a 7.77% increase to $23.90, as investors bought shares to qualify for an upcoming dividend payment [20][21]. Group 2: Financial Highlights - Coherent Corp. anticipates continued strong growth in the second half of FY2026, driven by demand in data centers and communications [7]. - Dell Technologies reported a 30% increase in net income to $5.9 billion and a 19% rise in revenues to $113.5 billion for FY2026 [19]. - HPE's revenue for Q1 FY2026 increased by 18.5% to $9.3 billion, although net income declined by 29% to $423 million [22]. - HPE expects Q2 revenues to rise by 26% to 31.6%, targeting between $9.6 billion and $10 billion [22].

Core Insights - VIAVI Solutions Inc. has launched Observer Threat Forensics, which features advanced retrospective analysis capabilities to enhance network security operations [1][2][3] Group 1: Product Features - Observer Threat Forensics provides a unified view across network, application, and user domains, enabling retrospective analysis and identification of vulnerabilities [1][2] - The solution integrates packet insights, flow data, and log telemetry into a cohesive NetSecOps workflow, simplifying user experience through an easy-to-read dashboard [3] - The platform leverages existing datasets from VIAVI's network performance monitoring, allowing for simultaneous performance insights and security threat investigations [5] Group 2: Industry Trends - The industry is moving towards a converged NetSecOps structure to address gaps in incident response and improve resilience, with 79% of CIOs and CISOs expressing a desire for this convergence [2][4] - Despite the interest in transitioning to a converged model, only 27% of organizations have begun this process, highlighting the challenges faced during the transition [4][5] Group 3: Strategic Partnerships - VIAVI collaborates with CrowdStrike to integrate real-time adversary intelligence into its network visibility solutions, enhancing the ability to investigate incidents and mitigate breaches [5] - The partnership aims to unify NetSecOps workflows, providing organizations with the necessary context to respond to modern threats effectively [5] Group 4: Upcoming Events - VIAVI will showcase Observer Threat Forensics at the RSA Conference from March 23-26, 2026, and will present on the topic of network visibility for stronger security and performance [1][6]

Core Viewpoint - Madison Small Cap Fund underperformed in Q4 2025, returning -0.4% compared to the Russell 2000 Index's 2.2% return, with sector allocation, particularly in healthcare, negatively impacting performance [1] Group 1: Fund Performance - The fund's Class I shares returned -0.4% in Q4 2025, lagging behind the benchmark's 2.2% return [1] - The healthcare sector was identified as the weakest performer for the fund during this quarter [1] Group 2: Viavi Solutions Inc. Overview - Viavi Solutions Inc. (NASDAQ:VIAV) is a key investment for the fund, providing network test, monitoring, and assurance solutions across various sectors [2][3] - As of March 12, 2026, Viavi's stock closed at $29.76, with a one-month return of 13.20% and a 52-week gain of 172.03% [2] - Viavi has a market capitalization of $6.89 billion [2] Group 3: Strategic Developments - Viavi Solutions operates through two segments: Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP) [3] - The company made a $1.3 billion bid for Spirent Communications, which was countered by Keysight Technologies at $1.46 billion, leading to antitrust concerns from the U.S. Department of Justice [3] - The DOJ required Keysight to divest overlapping business units to Viavi, which closed on October 16, enhancing Viavi's position in the data center ecosystem and expected to accelerate growth and margin expansion [3] - The market is believed to not fully recognize Viavi's potential in the data center market, with an estimated intrinsic stock value of $30 [3]

Core Insights - VIAVI Solutions Inc. has launched the TestCenter D2 1.6T Appliance aimed at accelerating the rollout of 1.6T Ethernet networks for cloud providers and hyperscalers [1] - The shift from 800G to 1.6T deployments for AI backend infrastructure is expected to gain momentum this year, with high-speed Ethernet becoming the preferred fabric due to its scalability and rapid innovation [1] Product Features - The TestCenter D2 1.6T Appliance is designed specifically for 1.6T networks running AI workloads in multi-vendor environments, allowing users to validate performance, scale, robustness, and reliability [1] - It features scalable traffic capacity and industry-leading performance, helping network managers shorten development cycles and improve efficiency for AI-driven applications [1] Market Context - Current validation technologies are struggling to meet the performance and scale requirements of AI and next-generation cloud architectures, leading to bottlenecks in service rollouts [1] - The TestCenter D2 1.6T Appliance addresses these challenges, providing confidence in the speed, reliability, and interoperability of new 1.6T-class networks [1] Additional Capabilities - The appliance supports multi-rate operations for various next-generation network architectures and delivers high traffic capacity for validating network performance at full scale [1] - It is designed to replicate large-scale, real-world AI workloads, ensuring reliability and performance before deployment [1] Industry Recognition - The TestCenter D2 1.6T Appliance received a score of 4.0 in the 2026 Lightwave Innovation Reviews, highlighting its innovative features [1]

Core Insights - VIAVI Solutions Inc. has launched a next-generation fiber test head for distributed acoustic sensing (FTH-DAS) that incorporates AI and machine learning for real-time infrastructure monitoring [1] Group 1: Product Features - The FTH-DAS is a true-phase DAS interrogator designed for the network edge, enabling multi-event detection and localization with real-time event classification across multiple fibers [1] - The device combines on-device machine learning with a patented true-phase DAS technique to enhance measurement accuracy and interpretation for real-time intelligence [1] - The technology allows for the detection of various events, such as gas pipeline leaks, nearby digging, vehicles, and footsteps, providing instantaneous alerts to prevent accidental damage [1] Group 2: Applications and Market Potential - DAS fiber sensing technology has seen a significant rise in applications, including threat identification for data centers, telecom network cables, security surveillance, and monitoring critical infrastructure [1] - The AI/ML models used for event detection and classification are based on decades of historical data and are automatically updated at the edge without the need for external processing [1] - The true-phase DAS technique enables the measurement of physical quantities like strain, vibration amplitude, frequency, and true acoustic power, allowing for robust machine learning training and inference [1] Group 3: Company Overview - VIAVI Solutions Inc. is a global leader in test and measurement and optical technologies, providing solutions that secure critical infrastructure across various sectors, including data centers, communication networks, military, and aerospace [1] - The company also develops technologies for high-volume optical applications across multiple end markets, including anti-counterfeiting, consumer electronics, and automotive [1]

Core Insights - VIAVI Solutions Inc. will showcase advanced technologies for validating next-generation AI fabrics at the Optical Fiber Communication (OFC) 2026 event, highlighting the convergence of AI, security, and high-speed photonics [1] Group 1: Technology Demonstrations - The company will demonstrate 1.6T high-speed Ethernet, silicon photonics, PCIe over optics, automated network testing, and fiber sensing solutions [1] - VIAVI's ONE LabPro and TestCenter platforms for OSI L0-3 traffic generation and analysis will be featured, along with a new hollow-core fiber test solution and the DCX-700 optical loss test set capable of testing up to 24 fibers simultaneously [1] Group 2: New Product Launches - Three new technologies will be unveiled, including a distributed acoustic sensing product with real-time edge-based AI capabilities, a high-density OSFP test platform for 1.6T Ethernet infrastructure, and new INX™ 700 probe microscopes designed for hyperscale data centers [1] Group 3: Industry Collaboration - Demonstrations will be conducted in partnership with the Ethernet Alliance and the Fiber Optic Center, showcasing interoperability with next-gen Ethernet technologies in collaboration with industry partners like Amphenol and Celestica [1] Group 4: Workshops and Discussions - VIAVI will host a workshop on distributed fiber optic sensing for communication networks on March 16 and participate in a panel discussion on optical technologies redefining data center interconnection on March 18 [1] Group 5: Industry Recognition - VIAVI's technological leadership was recognized with six awards at the Lightwave Innovation Awards, including accolades for the ONE LabPro ONE-1600ER and the TestCenter 1.6T Platform [1]

Core Insights - Viavi Solutions Inc. is a key player in the network testing and security industry, known for its innovative solutions that enhance network reliability and security [1] Executive Transactions - On March 2, 2026, McNab Paul, the Executive Vice President, sold 3,551 shares at $32.89 each, retaining 18,198 shares [2] - On February 9, 2026, Oleg Khaykin, the President and CEO, sold 73,250 shares at approximately $26.25 each, totaling around $1.9 million, reducing his direct holdings by 4.19% to 1,635,621 shares [3] Financial Metrics - Viavi has a negative price-to-earnings (P/E) ratio of -186.70, indicating negative earnings over the past year, while its price-to-sales ratio is 6.48, suggesting investor confidence in revenue potential [4] - The enterprise value to sales ratio is 6.94, and the enterprise value to operating cash flow ratio is 82.10, indicating a high valuation relative to revenue and cash flow [5] - The debt-to-equity ratio stands at 1.59, showing significant use of debt, while a current ratio of 2.61 indicates strong short-term financial health [5][6]