Core Insights - Rippling, an HR software startup, raised $450 million in Series G funding, achieving a valuation of $16.8 billion, focusing on global revenue growth over immediate profitability [1][4][5] Funding and Valuation - The funding round included participation from notable investors such as Y Combinator, Elad Gil, Sands Capital, GIC, and Goldman Sachs Growth [2] - The new valuation of $16.8 billion marks an increase from the previous valuation of $13.5 billion in early 2024 [4] Employee Equity and IPO Plans - Rippling plans to repurchase up to $200 million of equity from current and former employees through a tender offer, which may become an annual event [2][3] - The CEO stated that the company does not have immediate plans for an IPO, emphasizing the need for profitability before considering going public [4][6] Business Performance and Strategy - Rippling has surpassed $100 million in annual recurring revenue and serves over 20,000 customers with a suite of more than 20 products [5] - The company is prioritizing growth over profitability, indicating a strategic choice to expand rapidly rather than slow down for immediate profit [6] Legal Challenges - Rippling is involved in ongoing legal disputes with competitor Deel, including allegations of corporate espionage, which have raised questions about competitive practices in the tech industry [7][8]

Core Insights - 4D Molecular Therapeutics, Inc. reported a strong Q4 2025 EPS of $0.43, a significant improvement from the expected loss of -$0.53, driven by one-time collaboration revenue [3][6] - The full-year 2025 results showed a narrowed net loss of $140 million, improving from a loss of $161 million in 2024 [3] - Revenue for full-year 2025 was $85 million, primarily from Q4 collaboration, indicating growth potential from partnerships [4] Financial Performance - Q4 2025 revenue was $85.09 million, exceeding expectations by approximately 147.86%, mainly due to an $85 million upfront collaboration payment from Otsuka Pharmaceutical [6] - The company maintains a strong balance sheet with a low debt-to-equity ratio of ~0.042 and a high current ratio of ~9.39 [5] - As of December 31, 2025, the company had $514 million in cash, cash equivalents, and marketable securities, providing financial stability into the second half of 2028 [5] Industry Context - 4D Molecular Therapeutics operates in the Zacks Medical - Drugs industry, competing in the gene therapy space [2] - The company's performance highlights the potential for growth in gene therapy partnerships, although sustainability will depend on pipeline progress and future milestones [4]

Earnings Expectations - Carnival Plc is set to release its quarterly earnings on March 20, 2026, with analysts projecting an earnings per share (EPS) of $0.18 and revenue of approximately $6.13 billion [1][6] Financial Health Indicators - The company's price-to-earnings (P/E) ratio is 11.48, indicating a moderate valuation of its earnings by the market [3][6] - Carnival Plc has a price-to-sales ratio of 1.19, reflecting investor confidence in its revenue-generating capabilities [3][6] Valuation Metrics - The enterprise value to sales ratio is 2.17, suggesting that the market valuation is more than double its sales, factoring in debt and cash reserves [4] - An enterprise value to operating cash flow ratio of 10.29 highlights the company's valuation in relation to its cash flow generation capabilities [4] Liquidity and Debt Concerns - The earnings yield stands at 8.71%, indicating a strong return on investment from earnings [5] - A debt-to-equity ratio of 2.28 points to a significant reliance on debt for asset financing [5][6] - The current ratio of 0.32 raises concerns about the company's ability to meet short-term liabilities with its short-term assets, indicating potential liquidity challenges [5][6]

Core Viewpoint - Accenture reported strong second-quarter results that exceeded analyst expectations, but shares declined due to a full-year earnings outlook that fell slightly below forecasts [1]. Financial Performance - The company posted adjusted earnings per share of $2.93 for the quarter ended February 28, surpassing the analyst consensus of $2.85 by $0.08 [2]. - Revenue reached $18.0 billion, beating estimates of $17.83 billion, reflecting growth of 8% in U.S. dollars and 4% in local currency compared to the prior-year period [2]. - New bookings amounted to $22.1 billion, marking a 6% increase in U.S. dollars [2]. Future Guidance - For fiscal 2026, Accenture guided adjusted earnings per share to a range of $13.65 to $13.90, with the midpoint of $13.78 falling short of the analyst consensus estimate of $13.86 [3]. - The company expects revenue growth of 3% to 5% in local currency, or 4% to 6% excluding an anticipated 1% headwind from its U.S. federal business [3]. Operational Metrics - Operating margin improved by 30 basis points to 13.8% during the quarter [4]. - Accenture generated free cash flow of $3.7 billion and returned $2.7 billion to shareholders, including $1.7 billion in share repurchases and $1.0 billion in dividends [4]. - The company raised its full-year free cash flow outlook to between $10.8 billion and $11.5 billion [4].

Core Viewpoint - Alibaba Group Holding Ltd. reported fourth-quarter results that fell short of analyst expectations, leading to a decline in share price by approximately 4% in premarket trading Financial Performance - Adjusted earnings per American Depositary Share were RMB7.09, significantly below the consensus estimate of RMB10.94 [1] - Total revenue reached RMB284.84 billion, missing the forecast of RMB289.73 billion, but representing a 2% year-over-year increase [2] - On a like-for-like basis, excluding divested businesses, revenue would have grown by 9% year over year [2] - Adjusted EBITA decreased by 57% to RMB23.40 billion, primarily due to increased investments in quick commerce, user experience enhancements, and technology development [2] - Free cash flow fell by 71% year over year to RMB11.35 billion, largely reflecting elevated investment levels in quick commerce initiatives [3] Cloud Performance - Alibaba's Cloud Intelligence Group showed strong performance, with revenue increasing by 36% year over year [3] - AI-related product revenue achieved triple-digit growth for the tenth consecutive quarter [3] - The Qwen AI consumer interface surpassed 300 million monthly active users during the quarter [3]

Core Viewpoint - Darden Restaurants, Inc. reported third-quarter results that met earnings expectations but fell short on revenue, resulting in a decline of over 3% in premarket trading Group 1: Financial Performance - Adjusted earnings per share for the quarter ended February 22 was $2.95, aligning with analyst consensus [1] - Revenue reached $3.3 billion, missing the estimate of $3.33 billion, but representing a 5.9% increase from the same period last year [1] Group 2: Revenue Growth Drivers - Revenue growth was driven by a 4.2% increase in same-restaurant sales and contributions from 31 net new restaurant openings [2] Group 3: Future Guidance - For fiscal 2026, the company provided earnings guidance of $10.57 to $10.67 per share, with a midpoint of $10.62 exceeding analyst consensus [2] - The company updated its full-year outlook, projecting total sales growth of approximately 9.5%, including about 2% from an additional week [4] - Same-restaurant sales are expected to grow approximately 4.5%, with plans to open around 70 new restaurants [4] - Capital expenditures are projected to range between $750 million and $775 million [4] Group 4: Segment Performance - LongHorn Steakhouse delivered the strongest performance with same-restaurant sales growth of 7.2%, followed by Olive Garden at 3.2% [3] - Fine Dining posted growth of 2.1%, while the Other Business segment increased by 3.9% [3]

Core Viewpoint - Five Below reported strong fourth-quarter results, exceeding both earnings and revenue expectations, and provided optimistic guidance for future quarters, leading to a significant increase in share price [1][2]. Group 1: Fourth Quarter Results - Five Below's earnings for the fourth quarter of fiscal 2025 were $4.31 per share, with revenue reaching $1.73 billion [1]. - The reported earnings surpassed analyst expectations of $3.96 per share, while revenue exceeded the forecast of $1.70 billion [2]. - Comparable sales increased by 15.4% during the quarter, indicating strong consumer demand [2]. Group 2: Future Guidance - For the first quarter of fiscal 2026, Five Below projected adjusted earnings between $1.57 and $1.69 per share, with revenue expected to range from $1.18 billion to $1.20 billion, significantly above the consensus estimate of $0.94 per share and revenue of $1.096 billion [2]. - For the full fiscal year 2026, the company anticipates adjusted earnings per share between $7.74 and $8.25, with revenue projected between $5.20 billion and $5.30 billion, also exceeding analyst projections of $7.05 per share and revenue of $5.243 billion [3].

Core Viewpoint - Micron Technology reported strong fiscal second-quarter results with significant revenue and earnings growth, but shares fell due to higher-than-expected capital spending plans [1] Financial Performance - Adjusted earnings per share for the quarter ended February 26 were $12.20, up from $1.56 a year earlier and above the analyst consensus of $8.79 [1] - Revenue surged 196% year over year to $23.86 billion, exceeding estimates of $19.19 billion, compared to $8.05 billion a year earlier [2] - Gross margin reached a record 74.9%, increasing 18 percentage points sequentially [2] - DRAM revenue, which accounted for 79% of total sales, totaled $18.77 billion, representing a 207% increase year over year [2] - NAND revenue climbed 169% to $5.0 billion, supported by pricing gains in the high-70% range [3] Future Guidance - For the current quarter ending in May, Micron forecasts revenue of $33.5 billion, significantly above the analyst estimate of $24.29 billion [3] - Adjusted EPS guidance of $19.15 is nearly double the consensus estimate of $12.03, with gross margin expected to rise to 81%, up 610 basis points sequentially [3] Capital Expenditure Plans - The company plans to invest more than $25 billion in new manufacturing facilities in fiscal 2026, approximately $5 billion higher than previous projections [4] - Capital expenditures are expected to increase by more than $10 billion year over year in fiscal 2027 as the company expands global manufacturing capacity [4] - Construction spending is expected to outpace equipment spending in both fiscal 2026 and 2027 [4]

Core Viewpoint - RBC Capital Markets has lowered its price target on Paychex to $102 from $125 while maintaining a Sector Perform rating due to concerns about future revenue growth and macroeconomic pressures [1] Group 1: Revenue Growth Expectations - The firm anticipates that Paychex will exceed its conservative third-quarter fiscal 2026 guidance, supported by tailwinds from Paychex Flex form-filling revenues and seasonally higher client fund balances [1] - There is an expectation of meaningful improvement in Professional Employer Organization (PEO) growth, driven by easier year-over-year comparisons and strong double-digit bookings growth in recent quarters [2] Group 2: Risks and Challenges - Risks to the company's fiscal 2026 revenue outlook have been highlighted, noting that guidance implies a significant acceleration in growth during the fourth quarter despite a challenging macroeconomic environment [3] - Ongoing pricing pressures and potential headwinds from generative AI adoption are also concerns that could impact revenue growth [3] - Lower attach rates and increased discounting within the Administrative Services Organization (ASO) business are expected to partially offset positive factors [2]

Group 1 - Jim Wyckoff has over 25 years of experience in stock, financial, and commodity markets, including roles as a financial journalist and reporter on commodity futures trading floors in Chicago and New York [1] - He has covered every futures market traded in the U.S. at various times throughout his career [1] - Jim is the owner of "Jim Wyckoff on the Markets," which provides analytical, educational, and trading advisory services [2] Group 2 - He has worked as a technical analyst for Dow Jones Newswires and as a senior market analyst with TraderPlanet.com [2] - Jim is also a consultant for the "Pro Farmer" agricultural advisory service and was the head equities analyst at CapitalistEdge.com [2] - He holds a degree in journalism and economics from Iowa State University [2] Group 3 - Daily updates and technical analysis are provided by Jim on Kitco.com, including both AM and PM roundups [3]