Market Overview - The Australian sharemarket closed flat on February 10, 2026, with the S&P/ASX 200 ending 2.7 points lower at 8,867.40 after a 1.9% rally the previous day [1][9] - The index is currently 2.72% below its 52-week high and has shown virtually no change over the last five days [2][9] Sector Performance - Financials sector declined by 1.1%, primarily due to significant losses in insurance companies [2][9] - 8 out of 11 sectors ended higher, with Information Technology being the best-performing sector, gaining 2.14% [5][9] - Miners advanced by 1% on the back of higher iron ore prices, with BHP Group rising 1.1% and Rio Tinto gaining 1.4% [5][9] Top Gainers - Silex Systems Limited (SLX) led the day's gains, closing at $7.240, up $0.560 or 8.383% [3][9] - Other notable gainers included DroneShield Limited (DRO) up 7.301%, Deep Yellow Limited (DYL) up 7.142%, Zip Co Limited (ZIP) up 6.072%, and Superloop Limited (SLC) up 5.579% [3][9] Bottom Performers - Steadfast Group Limited (SDF) and Insurance Australia Group Limited (IAG) were the bottom performers, down 9.46% and 6.19% respectively [2][9] - AUB Group Limited (AUB) fell by 6.115%, while CSL Limited (CSL) and Suncorp Group Limited (SUN) also experienced declines of 4.979% and 4.237% respectively [2][9] Individual Stock Highlights - Treasury Wine Estates shares rose by 8.1% after resolving a dispute with U.S. distributor Republic National Distributing Company [7][9] - Gold stocks increased by 1.3%, with Genesis Minerals up 2.8% and St Barbara rising 4.4% [6][9] - Energy stocks advanced by 0.6%, with uranium miners Deep Yellow and Paladin Energy up 7.1% and 5.5% respectively [7][9]

Core Insights - The rise of rent now, pay later services indicates the increasing unmanageability of housing costs for many Americans [4][9] - Affirm has launched a pilot program allowing renters to split their payments into two installments, partnering with Esusu for credit score reporting [2][5] - Monthly service fees and potential finance charges can make these services more expensive than traditional payment methods [6][9] Company-Specific Insights - Affirm's new service does not charge interest but involves monthly fees, accessible only through Esusu's Plus and Premium services [3][5] - Other companies like Zip and Livble offer similar services, with Zip advertising an annual interest rate of 31.11% and Livble charging monthly finance charges of $30 to $40 [6][7] - Flex provides a rent-splitting option that may require landlord participation, with a monthly fee of $14.99 and additional charges [7] Industry Trends - The growth of rent now, pay later services reflects broader economic challenges, as turning rent into installment debt can increase household debt and reduce overall consumer spending [4] - Many of these services are reported to be more costly than using credit cards for rent payments, highlighting the financial strain on renters [6][9]

ZipRecruiter Announces Board of Directors AppointmentFeb 9, 2026 6:30 PM Eastern Standard Time# ZipRecruiter Announces Board of Directors AppointmentShare---SANTA MONICA, Calif.--([BUSINESS WIRE])-- [ZipRecruiter]® (NYSE: ZIP), a leading online employment marketplace, today announced the appointment of Jennifer Saenz to the company's Board of Directors (the "Board†) and the resignation of Yvonne Hao from her position as a member of the Board, both effective February 5, 2026. Jennifer Saenz will also serve ...

Core Viewpoint - The S&P/ASX 200 index has shown minimal change over the past five days, currently sitting 4.24% below its 52-week high, indicating a stable market environment despite fluctuations in individual stocks [1]. Group 1: Top Gainers - Silex Systems Limited (SLX) led the gains, closing at $9.800, up $0.890 or 9.988% [2][5]. - NexGen Energy (Canada) Ltd (NXG) also performed well, ending at $15.510, an increase of $1.210 or 8.461% [2][5]. - Paladin Energy Ltd (PDN) saw a rise to $10.865, gaining $0.735 or 7.255% [2][5]. - Iluka Resources Limited (ILU) finished at $6.255, up $0.385 or 6.558% [2][5]. - Lynas Rare Earths Limited (LYC) rounded out the top five gainers, closing at $13.015, an increase of $0.795 or 6.505% [2][5]. Group 2: Top Losers - Temple & Webster Group Ltd (TPW) led the declines, closing at $12.900 after falling $0.850 or 6.182% [3][6]. - Magellan Financial Group Limited (MFG) ended at $9.330, down $0.580 or 5.853% [3][6]. - Zip Co Limited (ZIP) slipped to $3.170, shedding $0.180 or 5.374% [3][6]. - Aristocrat Leisure Limited (ALL) declined to $54.875, losing $2.345 or 4.099% [3][6]. - Superloop Limited (SLC) closed at $2.450, down $0.100 or 3.922% [3][6].

Summary of Key Points from J.P. Morgan's US Internet 2026 Outlook Industry Overview - The report focuses on the **US Internet** sector, providing insights into market performance, macroeconomic factors, and company-specific forecasts for 2026. Core Insights and Arguments 1. **2025 Performance Recap**: - The internet sector outperformed the S&P 500 by 17% in 2025, with average performance across market caps showing significant variation: - Large Cap: +19% - Mid-Cap: +42% - Small Cap: +21% - Smaller Cap (<$2B): -16% [12][13] 2. **2026 Macro Outlook**: - J.P. Morgan economists estimate a **35% risk of recession** in 2026, with expectations of resilient global growth driven by fiscal stimulus and capital expenditure [19][23]. - Key economic indicators include: - GDP Growth: 1.8% in 2026 - Inflation: Expected to remain above 3% CPI - Unemployment: Projected to peak at 4.5% in Q1 2026 [21][19]. 3. **Investment Recommendations**: - **Top Picks for 2026** include: - Alphabet (Overweight, $385 PT): Growth driven by AI and cloud services [46]. - Amazon (Overweight, $305 PT): Expected growth in AWS and retail segments [51]. - DoorDash (Overweight, $300 PT): Anticipated GOV growth of 18% CAGR from 2025-2028 [57]. - Spotify (Overweight, $805 PT): Projected revenue growth driven by premium subscriptions [66]. 4. **AI and Cloud Growth**: - AI is expected to significantly drive cloud growth, with Google Cloud projected to grow in the mid-40% range and AWS adding the highest estimated revenue in 2026 [101][102]. - The report highlights the importance of AI in enhancing operational efficiencies and driving revenue growth across various sectors [78]. 5. **Valuation Metrics**: - The S&P 500 is projected to have a price target of **$7,500** by the end of 2026, suggesting a 9% upside [26]. - Internet companies are trading at an average of **10.2x 2027E EV/EBITDA**, with expected revenue growth of approximately **13% CAGR** from 2025 to 2027 [40]. Additional Important Insights 1. **Market Dynamics**: - The report discusses the competitive landscape in the AI space, noting that leading model developers like Google and OpenAI are pushing the frontier, but competition remains intense [89][94]. - The potential for AI-driven advertising and e-commerce growth is highlighted, with expectations for significant market share shifts in the online ad market [112]. 2. **Company-Specific Catalysts**: - Alphabet's AI tools are expected to enhance productivity and revenue, while Amazon's AWS is set to double its capacity by 2027 [56][88]. - DoorDash is focusing on expanding its marketplace and improving unit economics, while Spotify is ramping up its free cash flow and operating margins [60][68]. 3. **Key Questions for 2026**: - The report raises critical questions regarding AI monetization, the impact of AI on cloud growth, and the potential for disruption in various sectors, including travel and e-commerce [76][124]. This summary encapsulates the essential insights and projections for the US Internet sector as outlined in the J.P. Morgan report, providing a comprehensive overview of the anticipated trends and investment opportunities for 2026.

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Summary of ZipRecruiter Conference Call Company Overview - **Company**: ZipRecruiter (NYSE: ZIP) - **Industry**: Online Job Marketplace - **Core Business**: Matches employers with job seekers using advanced technology and AI algorithms to improve job matching quality [5][6] Recent Developments - **New Features**: - **ZipIntro**: A feature allowing employers to have live conversations with qualified candidates, resulting in a 90% satisfaction rate among job seekers [7][8] - **Resume Database**: Enhanced tool for employers to proactively search for candidates, with a 12% increase in resume reviews quarter-over-quarter [8][9] - **Acquisition of Breakroom**: A UK-based company that has successfully created over 10,000 employer pages and gathered over a million ratings from employees [9] Market Position and Competition - **Competitors**: Main competitors include LinkedIn and Indeed, with ZipRecruiter focusing on individualized matches rather than social media or vertical search engines [12] - **Market Size**: The total addressable market (TAM) for recruitment in the U.S. is approximately $300 billion, with only 5% currently online, indicating significant growth potential for online platforms [15] Employer and Job Seeker Perspectives - **Employer Needs**: Employers seek to streamline the hiring process and make quality hires quickly, with tools like preset job templates and ZipIntro facilitating this [16] - **Job Seeker Needs**: Job seekers require a more personalized job search experience, which ZipRecruiter aims to provide through data-driven matching [17] Traffic and Growth - **Brand Awareness**: ZipRecruiter has achieved 80% aided brand awareness, with significant growth in traffic from LLM-based sources, increasing by 140% quarter-over-quarter [18] - **Revenue Growth**: Despite a challenging macro environment, ZipRecruiter reported a 12% quarter-over-quarter revenue growth in its enterprise business [28][29] Macro Environment - **Current State**: The labor market has been stable but soft, with a noted decline in hiring activity. However, ZipRecruiter has managed to grow its paid employer numbers [28][29] - **Future Outlook**: The company is prepared for various economic scenarios, aiming for growth in 2026 while maintaining flexibility in its operations [31][32] Financial Performance and Guidance - **Revenue per Paid Employer**: This metric has faced pressure due to overall hiring declines, but the company remains confident in long-term growth driven by enterprise market share and customer maturity [36][37] - **Margins**: ZipRecruiter expects margins to stabilize in Q4, with a long-term target of 30% adjusted margins [41][45] Capital Deployment Strategy - **Investment Priorities**: Focus on organic business growth, maintaining balance sheet flexibility for opportunistic M&A, and shareholder returns through buybacks or debt retirement [47][49] Conclusion - **Long-term Potential**: ZipRecruiter remains optimistic about the U.S. labor market and its growth potential, with a focus on leveraging AI and data to enhance its platform and user experience [53][56]

Core Insights - Seven state Democratic attorneys general are investigating Buy Now, Pay Later (BNPL) services, requesting details on loan costs, structures, and consumer repayment abilities [1][2][3] Group 1: Regulatory Actions - Companies such as Klarna Group Plc, Affirm Holdings Inc., and Afterpay Ltd. received letters from state attorneys general, requiring them to provide detailed information about their loan products and customer interactions within 30 days [2] - The inquiry is a response to a reduction in federal regulation, as the Consumer Financial Protection Bureau previously revoked a rule that classified many BNPL services under the same regulations as credit cards [5][6] Group 2: Consumer Protection Concerns - Connecticut Attorney General William Tong expressed concerns that aggressive marketing of BNPL services may lead consumers into expensive debt traps, especially during the holiday season [3][4] - The state officials are seeking information on how companies assess delinquencies and borrowers' repayment capabilities, as well as their compliance with the federal Truth in Lending Act [7] Group 3: Market Growth Projections - The volume of BNPL transactions is projected to reach $687 billion by 2028, a significant increase from $334 billion in the previous year, indicating rapid growth in the sector [6]

Market Performance - On November 7, 2025, the Australian stock market experienced a decline, with all major indices ending in negative territory. The S&P/ASX 200 fell to 8,769.70 from 8,828.30, a decrease of 0.7% [1][6] - The S&P/ASX 20 also dropped to 4,863.80 from 4,900.00, marking a 0.7% decline [1][6] - Broader indices such as the S&P/ASX 50 and S&P/ASX 100 saw declines of 0.6%, closing at 8,451.90 and 7,308.00 respectively [6] Futures Market - The S&P/ASX 200 futures for December 2025 declined by 0.62%, trading at 8,788.5, down 54.5 points [2][6] Top Gainers - AUB Group Limited (AUB) led the gainers, increasing by $2.30 or 6.285% to close at $38.890 [4][6] - ASX Limited (ASX) rose by $2.17, representing a 3.773% increase to $59.680 [4][6] - News Corporation (NWS) gained $1.36 or 3.022%, finishing at $46.350 [4][6] - GPT Group (GPT) added $0.16, lifting its share price by 2.996% to $5.500 [4][6] - Lynas Rare Earths Limited (LYC) rounded out the top five performers, up $0.38 or 2.891% to $13.520 [4][6] Top Decliners - Block, Inc. (XYZ) recorded the steepest decline, tumbling $17.79 or 15.756% to $95.120 [5][6] - Zip Co Limited (ZIP) dropped $0.24, a 6.649% decline to $3.370 [5][6] - Qantas Airways Limited (QAN) lost $0.67, down 6.582% to $9.510 [5][6] - Domino's Pizza Enterprises Limited (DMP) slipped $1.17 or 5.839% to close at $18.870 [5][6] - Macquarie Group Limited (MQG) fell $12.48, a 5.745% decrease to $204.770 [5][6]

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