Key Takeaways BRK.B's building-products unit contributes 34-38% of manufacturing revenues and 35-45% of earnings.Diversified exposure across housing and construction helps BRK.B weather sector cyclicality.BRK.B shares have risen 8.7% YTD but face valuation concerns with a P/B ratio above the industry average.Berkshire Hathaway’s (BRK.B) manufacturing operations are a vital pillar of its long-term growth strategy, contributing significantly to revenues, earnings stability and diversification. Spanning indust ...

The most talked about and market moving research calls around Wall Street are now in one place. Here are today’s research calls that investors need to know, as compiled by The Fly.Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potentialTop 5 Upgrades: Goldman Sachs upgraded Viking Holdings ( VIK ) to Buy from Neutral with a price target of $78, up from $66. The firm says the company’s “differentiated” geographic exposure and higher-income demog ...

Core Viewpoint - The report summarizes significant rating changes from Wall Street that are expected to impact the market, highlighting both upgrades and downgrades across various companies and sectors [1][6]. Upgrades - Synopsys (SNPS): Rosenblatt Securities upgraded the rating from "Neutral" to "Buy," lowering the target price from $605 to $560, anticipating that Q4 results will meet market expectations after a disappointing Q3 [5]. - Eaton Corporation (ETN): Wolfe Research upgraded the rating from "In-Line" to "Outperform," setting a target price of $413, expecting benefits from electrical business orders and easing cyclical factors in 2026 [5]. - Colgate-Palmolive (CL): Royal Bank of Canada upgraded the rating from "Sector Perform" to "Outperform," maintaining a target price of $88, noting that earnings expectations are at a reasonable low despite challenges in 2026 [5]. - RPM International (RPM): Royal Bank of Canada upgraded the rating from "Sector Perform" to "Outperform," raising the target price from $121 to $132, indicating that the stock price has "bottomed out" [5]. - Viking Holdings (VIK): Goldman Sachs upgraded the rating from "Neutral" to "Buy," increasing the target price from $66 to $78, citing the company's unique geographic business layout and high-income customer focus [5]. Downgrades - Warner Bros. Discovery (WBD): Harbor Research downgraded the rating from "Buy" to "Neutral" without providing a target price, following a hostile takeover bid from Paramount [5]. - Norwegian Cruise Line (NCLH): Goldman Sachs downgraded the rating from "Buy" to "Neutral," lowering the target price from $23 to $21, citing an unfavorable risk-reward ratio due to market conditions in the Caribbean [5]. - Confluent (CFLT): Royal Bank of Canada downgraded the rating from "Outperform" to "Sector Perform," raising the target price from $30 to $31, following an acquisition agreement with IBM at $31 per share [5]. - SLM Corporation (SLM): Compass Point downgraded the rating from "Buy" to "Sell," reducing the target price from $35 to $23, after revealing updated mid-term outlooks at an investor forum [5]. - Viavi Solutions (VRT): Wolfe Research downgraded the rating from "Outperform" to "In-Line," citing valuation issues as the stock price has increased 14 times since the last upgrade [5]. Initiations - Micron Technology (MU): HSBC initiated coverage with a "Buy" rating and a target price of $330, identifying the company as a core beneficiary of the storage chip supercycle [9]. - United Airlines (UAL): Montreal Bank Capital Markets initiated coverage with an "Outperform" rating and a target price of $125, noting improvements in the industry environment and recovery in business travel [12]. - Thermo Fisher Scientific (TMO): Goldman Sachs initiated coverage with a "Buy" rating and a target price of $685, expecting the market for life science tools to return to historical growth rates [12]. - Affirm (AFRM): Wolfe Research initiated coverage with a "Sector Perform" rating, setting a fair value range of $72-$82 for the end of 2026 [10]. - Urban Outfitters (URBN): Goldman Sachs initiated coverage with a "Neutral" rating and a target price of $83, acknowledging market positioning but cautioning against high valuation risks [10].

The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.Top 5 Upgrades: Goldman Sachs upgraded Viking Holdings (VIK) to Buy from Neutral with a price target of $78, up from $66. The firm says the company's "differentiated" geographic exposure and higher-income demographic have offset "choppier" broader cruise trends.RBC Capital upgraded RPM (RPM) to Outperform from Sector Perform with ...

Market Sentiment - The CNN Money Fear and Greed index improved to a reading of 52.3, remaining in the "Neutral" zone, up from 50.2 [5] - U.S. stocks closed higher, with the S&P 500 reaching a record high during the session [1] Employment Data - The ADP Employment Report for September indicated a decline of 32,000 private-sector jobs, the largest drop since March 2023, significantly missing Wall Street's expectations [2] - The government shutdown has delayed several official economic releases, making the ADP data more critical for assessing labor market health [2] Company Performance - RPM International Inc. reported better-than-expected sales for its fiscal 2026 first quarter [3] - Conagra Brands Inc. also reported positive earnings for the first quarter [3] - Most sectors in the S&P 500 experienced losses, particularly materials, financials, and communication services, while health care and utilities stocks performed better [3] Stock Market Indices - The Dow Jones increased by approximately 43 points, closing at 46,441.10 [4] - The S&P 500 rose by 0.34% to 6,688.46, and the Nasdaq Composite gained 0.42% to 22,755.16 during the session [4] - Investors are anticipating earnings results from AngioDynamics, Inc. [4]

Economic Indicators - The US ADP employment change for September unexpectedly fell by 32,000, marking the largest decline in 2.5 years, with August revised lower to a loss of 3,000 from a previously reported gain of 54,000 [2] - The MBA mortgage applications decreased by 12.7% for the week ending September 26, with the purchase mortgage sub-index down by 1.0% and the refinancing sub-index down by 20.6% [2] - The average 30-year fixed mortgage rate rose by 12 basis points to 6.46% from 6.34% in the prior week [2] Stock Market Performance - Stock indexes continued to decline due to signs of a weakening US labor market, with the S&P 500 down by 0.18%, the Dow Jones down by 0.19%, and the Nasdaq 100 down by 0.27% [5] - The government shutdown led to a risk-off sentiment in stocks, causing the dollar index to fall to a one-week low and gold prices to reach a record high [4] Corporate Earnings Expectations - More than 22% of S&P 500 companies provided guidance for Q3 earnings that are expected to exceed analysts' expectations, the highest in a year [6] - S&P companies are projected to achieve 6.9% earnings growth in Q3, an increase from 6.7% at the end of May [6] Company-Specific Movements - Corteva (CTVA) shares fell over 5% after announcing plans to split its seed and pesticide businesses [12] - Viasat Inc (VSAT) declined more than 3% following a downgrade by Barclays [12] - AES Corp (AES) shares rose over 13% on news of potential acquisition talks by BlackRock's Global Infrastructure Partners [14] - Nike (NKE) increased more than 3% after reporting Q1 revenue of $11.72 billion, surpassing the consensus of $11.02 billion [15]

Market Overview - U.S. stock futures declined on Wednesday following gains on Tuesday, with major indices experiencing drops due to the federal government entering a shutdown after Congress failed to agree on a spending plan [1][2] - Historical data indicates that government shutdowns typically have a short-lived and limited long-term impact on equities [1] Economic Indicators - The 10-year Treasury bond yielded 4.15%, while the two-year bond was at 3.60%, with a 94.6% likelihood of the Federal Reserve cutting interest rates in the upcoming October meeting [2] - U.S. job openings increased by 19,000 to 7.227 million in August, while the Chicago Business Barometer fell to 40.6 in September, below market expectations [5] Recent Performance - The S&P 500 gained over 3% in September, with the Dow increasing nearly 2% and the Nasdaq rising 5.6% [4] - Most sectors on the S&P 500 closed positively on Tuesday, with information technology, health care, and industrials showing the largest gains, while energy and consumer discretionary sectors closed lower [3] Analyst Insights - Historical trends suggest that October is often a positive month for the S&P 500, with nearly 60% of Octobers since 1950 showing positive returns and an average gain of 0.89% [8] - The fourth quarter (October to December) is historically the strongest three-month period for equities, with an average return of almost 2% since 1950, and over 6% in the past five years [12][17] - The current momentum of the S&P 500, which is on a five-month winning streak, indicates a historically bullish setup for equities as the year ends [14][17] Company Performance - Nike Inc. reported better-than-expected first-quarter results, with earnings of 49 cents per share surpassing the consensus estimate of 27 cents, and sales of $11.720 billion exceeding the estimate of $11.000 billion [17] - Ryvyl Inc. surged 94.66% following a $75 million merger agreement, while AST SpaceMobile Inc. jumped 6.38% due to news about its upcoming satellite launch [17]

Market Overview - U.S. stock futures declined following a government shutdown that began on October 1, 2023, after Congress failed to agree on a spending plan [1][4] - Historical data indicates that government shutdowns typically have a short-lived and limited long-term impact on equities [1] Economic Indicators - The 10-year Treasury bond yielded 4.15%, while the two-year bond was at 3.60% [2] - Job openings in the U.S. rose by 19,000 to 7.227 million in August [5] - The Chicago Business Barometer fell to 40.6 in September, below market expectations [5] - The S&P CoreLogic Case-Shiller Home Price Index increased by 1.8% year-over-year in July [5] Stock Performance - Major indices experienced declines in futures trading: Dow Jones down 0.56%, S&P 500 down 0.65%, Nasdaq 100 down 0.73%, and Russell 2000 down 0.70% [2] - The SPDR S&P 500 ETF Trust (SPY) fell by 0.54% to $662.56, while Invesco QQQ Trust ETF (QQQ) declined by 0.62% to $596.66 [2] Sector Performance - Most sectors on the S&P 500 closed positively, with information technology, health care, and industrials showing the largest gains [3] - Energy and consumer discretionary sectors closed lower [3] Historical Trends - The S&P 500 gained over 3% in September, with the Dow up nearly 2% and the Nasdaq up 5.6% [4] - October has historically been a positive month for the S&P 500, with nearly 60% of Octobers since 1950 showing positive returns and an average gain of 0.89% [8][9] - The fourth quarter (October to December) is noted as the strongest three-month period for equities, with an average return of almost 2% since 1950, and over 6% in the past five years [12][17] Company Highlights - Nike Inc. reported better-than-expected first-quarter results, with earnings of 49 cents per share surpassing the consensus estimate of 27 cents, and sales of $11.720 billion exceeding the estimate of $11.000 billion [17] - Ryvyl Inc. surged 94.66% following a $75 million merger agreement [17] - Iron Horse Acquisitions Corp. jumped 47.43% after finalizing a business merger [17]

Market Sentiment - The CNN Money Fear and Greed index improved to a reading of 52.7, remaining in the "Neutral" zone, up from 51.3 [5] - U.S. stocks showed positive performance with the Nasdaq Composite gaining approximately 0.3% and the Dow Jones reaching a new closing high [1][3] Economic Indicators - Major indices saw gains in September, with the S&P 500 increasing over 3%, the Dow rising nearly 2%, and the Nasdaq jumping 5.6% [2] - U.S. job openings rose by 19,000 to 7.227 million in August, while the Chicago Business Barometer fell to 40.6 in September, below market expectations [2] Sector Performance - Most sectors in the S&P 500 closed positively, particularly information technology, health care, and industrials, while energy and consumer discretionary sectors declined [3] - The Dow Jones closed higher by around 82 points to 46,397.89, the S&P 500 rose 0.41% to 6,688.46, and the Nasdaq Composite gained 0.30% to 22,660.01 [3] Upcoming Earnings - Investors are anticipating earnings results from Conagra Brands Inc., RPM International Inc., and Acuity Inc. [4]

Market Sentiment - The CNN Money Fear and Greed index improved to a reading of 52.7, remaining in the "Neutral" zone, up from 51.3 [5] - U.S. stocks showed positive performance with the Nasdaq Composite gaining approximately 0.3% and the Dow Jones reaching a new closing high [1][3] Economic Indicators - Major indices saw gains in September, with the S&P 500 increasing over 3%, the Dow rising nearly 2%, and the Nasdaq jumping 5.6% [2] - U.S. job openings rose by 19,000 to 7.227 million in August, while the Chicago Business Barometer fell to 40.6 in September, below market expectations [2] Sector Performance - Most sectors in the S&P 500 closed positively, particularly information technology, health care, and industrials, while energy and consumer discretionary sectors declined [3] - The Dow Jones closed higher by around 82 points to 46,397.89, the S&P 500 rose 0.41% to 6,688.46, and the Nasdaq Composite gained 0.30% to 22,660.01 [3] Upcoming Earnings - Investors are anticipating earnings results from Conagra Brands Inc., RPM International Inc., and Acuity Inc. [4]