The Pershing Square Capital Management hedge fund, run by Bill Ackman, made several small changes in the third quarter.Here’s a look at the positions as of Sept. 30 and the top changes made in the third quarter.New and Exited PositionsIn the third quarter, Pershing Square Capital took no new stakes in companies, based on filings disclosed Friday.Read Also: Bill Ackman’s Amazon Trade Reverses Course – Now Up $119 Million And Counting In Third QuarterChanges to PositionsThe disclosure showed several changes t ...

ROSEN, A LEADING INVESTOR RIGHTS LAW FIRM, Encourages CarMax, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action First Filed by the Firm - KMXNovember 14, 2025 4:52 PM EST | Source: The Rosen Law Firm PANew York, New York--(Newsfile Corp. - November 14, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of CarMax, Inc. (NYSE: KMX) between June 20, 2025 and November 5, 2025, both dates inclusive (the "Class Period" ...

Market Overview - The stock market is showing a mixed picture, with tech stocks rallying after a rough start to the day, particularly the NASDAQ which has gained about 0.67% [1] - The S&P 500 is also holding onto gains of approximately 0.5% for the week, indicating a rally within a bull market where dips are being aggressively bought [1] - The 10-year Treasury yield is up 3 basis points to 4.14%, while the 30-year yield is up 4 basis points to 4.74% [1] Sector Performance - Energy and tech sectors are leading the day with gains over 1%, while materials, financials, and communication services are in the red [1] - Notable performers in the tech sector include Nvidia (up 2%), Microsoft (up 1.5%), and Tesla (up nearly 2%) [1] - In the semiconductor industry, Micron is leading with a gain of 5.7%, while Oracle and Intuit are also performing well in the software sector [1] Federal Reserve Policy - A rate cut in December is becoming increasingly doubtful as more Fed officials express caution about further cuts, with Kansas City Fed President Jeff Schmid suggesting inflation remains too high [2] - The odds of a December rate cut have decreased to about 45%, down from 94% a month ago, indicating a shift in market expectations [2] - The Fed is experiencing a divide, with some officials advocating for rate cuts while others prefer to hold rates steady [2] Walmart Leadership Change - Walmart's CEO Doug McMillan will retire at the end of January after a 12-year tenure, with John Ferner set to replace him [3] - Ferner has been credited with significant improvements in Walmart's U.S. business, and his leadership will be crucial as the company navigates changing consumer habits and competition [3] - Analysts believe that Ferner's first year will be critical in setting the strategic direction for Walmart and addressing growth expectations [3] Investment Insights - There is a growing concern among investors regarding the concentration of investments in AI-related stocks, with many portfolios underperforming despite positive index performance [4] - Retail investors are holding a significant amount of cash, and there is a recommendation to shift some of that cash into shorter-duration bonds, particularly municipal bonds [4][5] - Gold is being viewed as a potential diversifier in portfolios, especially as central banks increase their purchases amid concerns about the U.S. dollar's status [5] Cryptocurrency Market - The cryptocurrency market is under strain, with Bitcoin down 3% and significant liquidations occurring, erasing over a trillion dollars from the total market cap [6] - Despite the struggles in the crypto market, there is ongoing adoption of blockchain technology across various industries, indicating a disconnect between market performance and real-world use cases [6][7] - The proliferation of new tokens and investment vehicles is contributing to market saturation, making it challenging for individual cryptocurrencies to gain traction [6][7]

Core Insights - Spire Inc. reported a wider-than-expected fourth-quarter loss, with an adjusted loss of $0.47 per share, missing analyst estimates of a $0.43 loss, and revenue of $334.1 million, significantly below expectations of $422.84 million [1] - Despite the loss, the company raised its earnings outlook for the next two fiscal years, projecting adjusted earnings of $5.25 to $5.45 per share for fiscal 2026 and $5.65 to $5.85 per share for fiscal 2027, both above consensus estimates [2] Financial Performance - For fiscal 2025, Spire reported adjusted earnings of $4.44 per share, reflecting a 7.5% increase from $4.13 in the prior year [2] - The Gas Utility segment generated adjusted earnings of $231.4 million in fiscal 2025, up from $220.8 million the previous year, driven by new rates at Spire Alabama and higher surcharge revenues at Spire Missouri [3] - The Midstream segment's earnings increased to $56.3 million from $33.5 million, attributed to expanded storage capacity and contract renewals at higher rates [3]

Nov 14, 2025 4:50 PM Eastern Standard Time Celanese Corporation to Participate in Fireside Chat with J.P. Morgan Share DALLAS--(BUSINESS WIRE)--Celanese Corporation (NYSE: CE), a global specialty materials and chemical company, today announced that Scott Richardson, President and Chief Executive Officer, will participate in a fireside chat with J.P. Morgan on Tuesday, November 18, 2025, at 12:00 PM Eastern Time. A webcast of the fireside discussion and replay of the webcast will be available at Celanese - I ...

Core Viewpoint - Loop Capital upgraded Shake Shack Inc. from Hold to Buy and raised its price target to $127 from $98, indicating a positive outlook on the stock following a significant selloff [1] Group 1: Company Fundamentals - The upgrade reflects Shake Shack's strong fundamentals, including unit growth in the low double-digit to mid-teen range [2] - The company is noted for industry-leading store-level returns and expectations for stable to modestly positive same-store sales over the next 12 to 18 months [2] Group 2: Market Performance - Shake Shack shares have declined more than 30% since July, which Loop Capital views as an attractive buying opportunity [1] - The new price target implies roughly 23x the firm's 2026 EV/EBITDA estimate, justified by Shake Shack's growth trajectory and profitability outlook [2]

Core Viewpoint - Tigress Financial Partners has raised its 12-month price target on Rivian Automotive Inc. to $25 while maintaining a Buy rating, driven by accelerating growth supported by AI integration, strategic alliances, and new vehicle launches [1] Group 1: Financial Performance - Rivian's third-quarter 2025 results showed record deliveries and 78% revenue growth, indicating strong operational momentum ahead of the R2 launch [1] - The company is leveraging its cash position and strategic partnerships to enhance manufacturing capacity and R&D investment, positioning itself for sustained long-term growth [2] Group 2: Strategic Initiatives - Rivian's expanding EV lineup and partnerships, particularly with Volkswagen, are expected to transform the business by boosting innovation in next-generation EV technology and supporting global expansion [2] - AI-driven autonomy initiatives are fueling Rivian's business performance, contributing to its competitive edge in the EV market [2]

Core Insights - Berkshire Hathaway has made a significant investment in Alphabet, purchasing 17.8 million shares worth $4.3 billion as of September 30, indicating a potential shift in investment strategy before Warren Buffett steps down as CEO [1] - Buffett has historically avoided technology investments, focusing instead on companies within his "circle of competence," but this move may signal a new era for the company [2] Investment Activity - In the third quarter, Berkshire spent $6.4 billion on stocks while selling $12.5 billion, marking the twelfth consecutive quarter as net sellers [3] - The company has faced challenges in finding attractive deals due to high stock prices and increased competition, leading to a struggle in making acquisitions [3] Financial Position - Berkshire's cash reserves reached a record $358 billion after subtracting Treasury payables, presenting a significant opportunity for the incoming CEO, Greg Abel, to deploy this capital effectively [4] - Despite the challenges in the investment landscape, Buffett remains optimistic about future opportunities for Berkshire [4]

Core Viewpoint - Mizuho raised its price target on Expedia Group Inc. to $270 from $240 while maintaining a Neutral rating due to better-than-expected third-quarter results and positive guidance [1][2] Group 1: Financial Performance - Expedia's gross bookings value (GBV) growth accelerated, with B2C increasing from 1% in Q2 to 6.6% in Q3, and B2B rising from 17% to 26% [1] - Management's outlook for fourth-quarter and 2025 margins has improved, projecting approximately two percentage points of EBITDA margin expansion this year and further improvement in 2026 [2] Group 2: Analyst Sentiment - Analysts acknowledged the company's strong fundamentals and progress but noted that the recent rally in shares has balanced the risk-reward profile, leading to a neutral stance despite continued growth prospects [2]

Core Viewpoint - Bernstein SocGen Group has reduced its price target on Boeing Co. to $267 from $287 while maintaining an Outperform rating, expressing confidence in the company's production ramp-ups despite short-term investor concerns [1] Group 1: Stock Performance and Investor Sentiment - Boeing shares experienced a significant decline following the third-quarter earnings release on October 30, despite exceeding consensus revenue estimates [2] - The drop in share price was attributed to investor worries regarding capital expenditures and cash flow implications, negatively impacting overall sentiment [2] Group 2: Production Goals and Future Growth - Boeing is making steady progress on its production goals, with 737 output currently at 42 units per month and 787 production at eight units per month [3] - Bernstein projects that if 787 deliveries increase to 12 units per month by mid-2028 and 14 units per month by mid-2029, Boeing's total deliveries will still be below its backlog of 1,048 planes, indicating potential for further growth [3] Group 3: Investments and Cash Flow - Ongoing investments in the St. Louis facility are supporting Boeing Defense, Space & Security operations, which are crucial for the company's future [4] - Boeing Global Services is highlighted as a growing contributor to the company's cash flow, enhancing overall financial stability [4]