Core Viewpoint - Freeport-McMoRan reported strong fourth-quarter earnings and revenue that exceeded analyst expectations, yet its shares fell over 2% intra-day Financial Performance - Adjusted net income attributable to common stockholders was $688 million, or $0.47 per share, surpassing the consensus estimate of $0.28 [1] - Revenue for the quarter rose to $5.63 billion, exceeding expectations of $5.28 billion [1] Adjusted Results - Adjusted results excluded $282 million after tax related to idle facility costs, recovery expenses, and asset impairments from a September 2025 incident in Indonesia, along with charges from legacy oil and gas assets [2] Production and Sales - Fourth-quarter production included 640 million pounds of copper, 65,000 ounces of gold, and 25 million pounds of molybdenum [4] - Sales reached 709 million pounds of copper, 80,000 ounces of gold, and 22 million pounds of molybdenum [4] - Average realized copper prices were $5.33 per pound, with unit net cash costs of $2.22 per pound, which was favorable compared to prior guidance [4] Future Outlook - For 2026, Freeport expects consolidated copper sales of approximately 3.4 billion pounds and average unit net cash costs of $1.75 per pound [5] - Projected operating cash flow is around $8 billion assuming copper prices of $5.00 per pound, increasing to about $11 billion based on recent market prices [5] Competitive Position - Freeport benefits from a 50% tariff on copper imports, reinforcing its position as the largest U.S. copper producer with greater expansion capacity compared to peers [3]

Core Viewpoint - Procter & Gamble reported flat organic sales growth for its fiscal second quarter, indicating challenges in the consumer spending environment in the United States [1] Group 1: Sales Performance - Organic sales were unchanged for the quarter ended December, contrary to Bloomberg consensus estimates of 0.54% growth [1] - Net sales increased by 1% year over year to $22.2 billion, slightly below Wall Street expectations of $22.32 billion [2] Group 2: Segment Analysis - Price increases were fully offset by an equal decline in volumes, highlighting a balance between pricing strategy and consumer demand [2] - Strength in beauty and health care segments was countered by weaker performance in grooming, home care, and baby care [2] Group 3: Earnings - Core earnings per share remained unchanged at $1.88 from the prior year, which was modestly above analyst projections of $1.86 [2]

Core Insights - Meta Platforms Inc. is a leading technology company with a focus on social media platforms and significant investments in artificial intelligence and virtual reality [1] - Jefferies has set a price target of $910 for META, indicating a potential upside of 44.26% from its current price of $630.79, despite concerns over capital spending on AI [2][6] - The company has made a strategic shift by reducing the budget for its Reality Labs division, reflecting a response to investor concerns while maintaining strong quarterly performance [3][6] Financial Performance - META's current stock price is $632, showing a 3.11% increase or $19.04, with fluctuations between $626.55 and $637.48 during the trading day [4] - Over the past year, META's stock has reached a high of $796.25 and a low of $479.8, with a market capitalization of approximately $1.59 trillion [4] - Despite a recent pullback, META's stock is up 3.6% year over year, although it underperforms the broader market [5][6]

Core Viewpoint - Johnson & Johnson (JNJ) is positioned as a strong investment opportunity in the healthcare sector, supported by a raised price target and positive earnings expectations [2][5][6] Group 1: Stock Performance - JNJ's current stock price is $219.90, reflecting a $1.89 increase or 0.87% [3][6] - The stock has a daily trading range between $218.10 and $222.15, with $222.15 being its highest price in the past year [3] - JNJ's market capitalization is approximately $529.8 billion, indicating its significant presence in the healthcare industry [4][6] Group 2: Analyst Ratings and Expectations - Cowen & Co. maintains a "Buy" rating for JNJ and has raised its price target from $222 to $250, indicating optimism about the company's future performance [2][6] - Zacks Investment Research identifies JNJ as a medical stock that could exceed earnings expectations, supported by its Earnings ESP tool [2][6] Group 3: Market Activity - JNJ's trading volume is 2,203,607 shares, indicating active trading and strong investor interest [4][6] - Over the past year, JNJ's lowest price was $141.50, showcasing its growth trajectory [4]

Core Viewpoint - Northern Trust Corporation demonstrates strong financial performance, consistently surpassing earnings estimates and showcasing solid revenue growth, indicating a favorable market perception and financial stability. Financial Performance - On January 22, 2026, Northern Trust reported earnings per share (EPS) of $2.42, exceeding the estimated $2.37, continuing a trend of outperforming consensus EPS estimates over the past four quarters [2] - The company reported approximately $2.14 billion in revenue, surpassing the estimated $2.06 billion, and marking an increase from $1.96 billion reported in the same period the previous year [3] Market Valuation - Northern Trust's price-to-earnings (P/E) ratio is approximately 16.85, with a price-to-sales ratio of about 2.01, indicating a favorable market perception of its revenue [4] - The enterprise value to sales ratio is around 1.80, and the enterprise value to operating cash flow ratio is approximately 10.31, further supporting the positive market outlook [4] Financial Stability - The company maintains a low debt-to-equity ratio of 0.29, reflecting conservative debt usage [5] - Northern Trust's earnings yield is about 5.94%, indicating strong earnings generation from each dollar invested in the company's stock [5]

Core Insights - Carnival Corporation is a significant player in the cruise industry, competing with Royal Caribbean and Norwegian Cruise Line, with a new price target set by Truist Financial at $34, indicating a potential upside of 20.52% from its current trading price of $28.21 [1][6] Financial Performance - The company has achieved profitability metrics not seen since 2006, reporting a return on invested capital (ROIC) of 13% in fiscal 2025, a notable recovery from a loss of $10.24 billion in fiscal 2020 [2][6] - Carnival generated $2.76 billion in net income on $26.62 billion in revenue for fiscal 2025, with a net margin increase to 10.4% and record EBITDA of $6.91 billion, surpassing the pre-pandemic peak of $5.43 billion in 2019 [2][3][6] Debt and Market Position - Despite a substantial debt load of $26.8 billion, Carnival's financial health is improving, with operating margins expanding by 250 basis points year-over-year [3][6] - The company's stock price is currently $28.20, reflecting a slight decrease, with a market capitalization of approximately $37 billion and a trading volume of 502,746 shares today [4] Revenue Insights - Carnival's revenue per passenger day has improved by 5.5%, raising questions about potential structural changes in cruise economics or if it is merely a peak in a cyclical trend, suggesting growth potential for investors [5]

Core Insights - ServiceNow is a leading player in the enterprise software industry, recognized for its cloud-based solutions that enhance business process automation and streamline operations [1] - The company has a strong market capitalization of approximately $130.11 billion, indicating its robust position in the industry [5] Stock Performance - BTIG has maintained a "Buy" rating for ServiceNow, reflecting confidence in the company's future despite a minor stock fluctuation, with the stock price at $125.30 and a slight decrease of 0.08% [2][6] - The stock has shown resilience with a trading range between $123.78 and $128.01, and a 52-week high of $239.62 [5] Innovation and Partnerships - ServiceNow has announced significant improvements to its global Partner Program, aimed at accelerating innovation in AI agents, showcasing its commitment to technological advancements [3][6] - The strategic collaboration with OpenAI focuses on integrating AI technology into business software, highlighting the trend of embedding AI within corporate solutions [4][6]

Core Viewpoint - Procter & Gamble (P&G) reported mixed financial results, with earnings per share exceeding estimates but revenue slightly missing forecasts due to declining demand for key products [2][3]. Financial Performance - P&G reported earnings per share (EPS) of $1.88, surpassing the estimated $1.86 [2][6]. - The company's revenue was $22.2 billion, slightly below the forecasted $22.3 billion [2][6]. - Fiscal second-quarter net income was $4.32 billion, or $1.78 per share, down from $4.63 billion, or $1.88 per share, in the previous year [3]. Market Position and Valuation - P&G has a price-to-earnings (P/E) ratio of approximately 21.22, indicating investor confidence in its earnings potential [4]. - The price-to-sales ratio is about 4.02, and the enterprise value to sales ratio is around 4.31, reflecting the market's valuation of its sales [4]. Financial Health - The company has a debt-to-equity ratio of approximately 0.67, suggesting a moderate level of debt [5]. - The current ratio is around 0.71, indicating the company's ability to cover short-term liabilities [5]. - Despite a 2% drop in share price in premarket trading, P&G's earnings yield is about 4.71%, offering a reasonable return on investment [5].

In Brief Tesla is offering passengers robotaxi rides in Austin without a human safety driver in the front seat.CEO Elon Musk on Thursday posted on X, his social media platform: “Just started Tesla Robotaxi drives in Austin with no safety monitor in the car. Congrats to the Tesla AI team!”  He then made a recruitment pitch for engineers interested in “solving real-world AI,” which he says will “likely lead to AGI” to join the Tesla AI team. The automaker launched its robotaxis in the Texas city last June in ...

The Vanguard Information Technology ETF ( VGT ) is an excellent vehicle for investors wanting diversified exposure to the American AI trade. I say that because it is a relatively cost-efficient fund (0.09% expense fee) and because it has demonstrated a 10-year average annual returnMichael Fitzsimmons is a retired electronics engineer and avid investor. He advises investors to construct a well-diversified portfolio built on a core foundation of a high-quality low-cost S&P500 fund. For investors who can toler ...