Core Insights - The company reported adjusted earnings per share of $0.45, an increase from $0.40 in the same quarter last year, indicating a potential stabilization in its retail business despite ongoing geopolitical challenges [1][34] - Consumer money transfer transactions decreased by 2.5% in the quarter, but cross-border principal growth showed resilience, suggesting a strong customer base adapting to macroeconomic conditions [2][37] - The company aims to build a digital-first, retail-enabled consumer services model, leveraging its global brand and payment capabilities to moderate fluctuations in its core remittance business [3][4] Financial Performance - For the fourth quarter, the company reported revenue of $1 billion, reflecting a 5% decline year-over-year on an adjusted basis [3][32] - The full year GAAP revenue was $4.1 billion, with adjusted revenue growth excluding Iraq down by 2% due to challenges in the Americas retail business [32][34] - Adjusted operating margin for the full year was 20%, up from 19% in the previous year, benefiting from cost discipline [34] Consumer Services and Digital Growth - Consumer services adjusted revenue grew by 26% in the fourth quarter and nearly 30% for the full year, driven by travel money and bill payments [35][36] - The branded digital business saw a 13% increase in transactions and a 6% rise in adjusted revenue, marking nine consecutive quarters of revenue growth [38][39] - The digital business now accounts for over 40% of the principal sent globally, with significant growth opportunities in the Middle East and other regions [21][22] Market Dynamics and Strategy - The company is focusing on operational efficiencies and expanding its payment capabilities to drive productivity and market competitiveness [4][6] - Recent geopolitical changes in regions like Chile and Venezuela are impacting migration and mobility, creating a dynamic environment for the business [8][62] - The implementation of a U.S. remittance tax has not materially impacted the business so far, but the company is closely monitoring its effects [9][15] Partnerships and Expansion - The company has secured several new exclusive partnerships, including with Canada Post and Deutsche Post, expected to generate at least $100 million in incremental retail revenue annually [27][29] - The company is expanding its wallet capabilities in various countries, including Australia, Mexico, Singapore, and the Philippines, to enhance customer retention and monetization [12][13][25] - The company is also developing a digital asset strategy, including the launch of a U.S. Dollar payment token and partnerships for stablecoin transactions [24][25][73] Outlook - The adjusted revenue outlook for 2026 is projected to grow by 6% to 9%, with adjusted EPS expected to be between $1.75 and $1.85 [44][45] - The company anticipates that the integration of Intermex will contribute positively to its financial performance, with expected synergies enhancing overall profitability [70][71] - The company is adapting its customer acquisition strategies to remain competitive in a changing market landscape, particularly in response to aggressive offers from lower-scale players [76][77]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2025 Commission File Number 1-11758 (Exact name of Registrant as specified in its charter) | Delaware 1585 Broadway | | 36-3145972 | (212) 761-4000 | | --- | --- | --- | --- | | (State or other jurisdiction of | New York, NY 10036 | (I.R.S. Employer Identification No.) | (Registrant's telephone ...

Core Viewpoint - Apollo Global Management's CEO Marc Rowan denies any business or personal relationship with Jeffrey Epstein, amidst ongoing scrutiny related to Epstein's past activities and correspondence with Apollo executives [1]. Company Statements - Apollo stated that neither Marc Rowan nor any other employee, except for Leon Black, had a relationship with Epstein [1]. - The company emphasized that the recent documents do not accuse Apollo or its executives of engaging in or being aware of Epstein's illicit activities [1]. - Apollo's response was prompted by teachers' unions requesting an SEC investigation into what they believe are misleading statements made by Apollo to its investors [1]. Historical Context - Leon Black, a co-founder of Apollo, left the company in early 2021 following a review of his ties to Epstein, which cleared him of wrongdoing [1]. - The review indicated that while Black attempted to introduce Epstein to his co-founders, no one else at Apollo seriously considered hiring Epstein [1]. Recent Developments - New documents reveal correspondence between Rowan's office and Epstein's office regarding at least five scheduled meetings, although it remains unverified if these meetings occurred [1]. - Apollo clarified that in certain instances, Rowan and other employees provided information to Epstein related to tax work for Black [1]. - Apollo stated that Epstein's attempts to work with the co-founders were declined consistently [1]. Broader Implications - The release of Epstein-related documents has led to increased scrutiny of Apollo's top officials, particularly in light of Epstein's past convictions and the ongoing fallout from his death [1]. - The American Federation of Teachers and the American Association of University Professors have expressed concerns regarding the implications of these documents for Apollo's leadership [1].

Core Viewpoint - Cipher Mining Inc. (NASDAQ:CIFR) is identified as a promising investment opportunity with significant upside potential, particularly due to its established data centers that may attract infrastructure investors seeking stable cash flows [1]. Group 1: Investment Potential - Morgan Stanley initiated coverage of Cipher Mining with an Overweight rating and a price target of $38, indicating strong confidence in the company's future performance [1]. - The firm believes that Bitcoin companies with established data centers, like Cipher Mining, will likely appeal to investors focused on long-term, stable cash flows, especially if they secure long-term leases with creditworthy counterparties [1]. Group 2: Business Model Comparison - Morgan Stanley compared Cipher Mining's business model to that of data center REITs such as Equinix and Digital Realty, noting that Bitcoin companies' data centers may not achieve the same valuation multiples due to limited growth potential [2]. - The report suggests that data centers developed by Bitcoin companies should ideally be owned by REIT-like investors who can accurately assess the value of long-term, low-risk contracted cash flows [2]. Group 3: Company Overview - Cipher Mining operates as a Bitcoin mining ecosystem in the U.S. and is involved in developing a cryptocurrency business [3].

Core Viewpoint - Nebius Group NV (NASDAQ:NBIS) is identified as one of the 13 stocks with significant upside potential, supported by its lower total cost of ownership and strong software capabilities [1]. Group 1: Company Overview - Nebius Group NV is a technology company that provides infrastructure and services to AI builders globally, offering an AI-centric cloud platform that includes large-scale GPU clusters, cloud services, and developer tools [5]. - The company announced plans to deploy the NVIDIA Rubin platform through its AI Cloud and Token Factory services, enabling access to advanced AI capabilities starting in the second half of 2026 [3]. Group 2: Analyst Insights - Analyst Josh Baer from Morgan Stanley maintained a Hold rating on Nebius Group NV with a price target of $126, highlighting the company's diversified customer mix and strategic equity stakes [1]. - Despite the positive outlook, Morgan Stanley analysts expressed concerns regarding the company's neocloud business model, citing competitive pressures, capital intensity, and uncertainties in software monetization and pricing dynamics amid AI capacity expansion [2].

Morgan Stanley opened accounts for Jeffrey Epstein's trusts between 2015 and 2019, years after the financier was convicted and registered as a sex offender under a 2008 plea deal, documents released b... ...

Core Viewpoint - Qualcomm's stock has significantly declined from over $180 in early January to just above $140, erasing two years of gains and returning to 2020 price levels, leading to frustration among long-term investors [3][8] Group 1: Stock Performance - Qualcomm's shares have effectively round-tripped two years of progress, now sitting at levels last seen in 2020 [3] - The stock has fallen from early-January levels above $180 to around $140, indicating a substantial decline [8] Group 2: Analyst Sentiment - Recent guidance from Qualcomm's Q1 numbers has raised concerns about the smartphone cycle and the company's growth potential, leading to a shift in analyst ratings [4][5] - Analysts from Daiwa Securities Group and Morgan Stanley have downgraded Qualcomm's rating, with Wells Fargo maintaining a cautious stance [5] - Some analysts have set price targets in the low $130s, suggesting further downside potential [6] Group 3: Market Conditions - The bear argument highlights that while Qualcomm may appear underpriced, the stock could remain inexpensive if growth continues to underperform [6] - Cautious voices in the market suggest that the stock is already priced for muted growth, with risks of further declines if earnings disappoint [7] Group 4: Contrarian Opportunities - Despite the negative sentiment, the stock's RSI indicates extremely oversold conditions, attracting contrarian investors who may see a buy-the-dip opportunity [8]

Core Insights - Vestwell has raised $385 million in Series E funding, doubling its valuation since the 2023 Series D round, bringing total capital raised to $660 million [1][2] - The company now supports over 2 million active savers and administers more than $50 billion in assets, with annual recurring revenue exceeding $200 million [1][2][9] Company Growth and Strategy - Vestwell is expanding its distribution across various channels, enhancing AI-driven experiences, and extending savings pathways beyond retirement [4][6] - The company aims to close the $50 trillion savings gap in America, reflecting strong investor confidence in its unified savings platform [7] - Vestwell's platform supports a wide range of savings solutions, including emergency savings, college savings, and disability accounts, all through a single infrastructure [10][16] Technological Advancements - Ongoing investment in AI capabilities personalizes guidance and automates administration, enabling a more connected saving experience [6][11] - The platform is designed to lower barriers to participation and deliver measurable outcomes, making savings accessible across various demographics [9][20] Market Position and Future Outlook - Vestwell is positioned as a key player in the modern savings economy, with a resilient platform and a clear path for continued expansion [11][14] - The company is well-positioned to capitalize on the growing demand for integrated savings solutions across employers and financial institutions [14]

Group 1: Market Reactions to Tariff Announcements - The announcement of a $550 billion investment package from Japan, which includes a 15% baseline tariff on Japanese imports, has significantly impacted the energy and infrastructure sectors, particularly benefiting companies like XOM (+2.4%) and LNG (+3.1%) [2][3] - The introduction of a 100% tariff on foreign-produced films led to a sharp decline in media stocks, with NFLX dropping 4.2% and DIS down 2.1%, raising concerns about the sustainability of the streaming model [4][5] - The S&P 500 index remains volatile, currently at 6,120, as market participants react to unpredictable policy changes and social media announcements [11] Group 2: Sector-Specific Developments - The energy sector is experiencing a surge due to new projects, including a major natural gas plant in Portsmouth, Ohio, which has positively influenced local utility and construction stocks [3] - The entertainment industry is facing challenges due to proposed tariffs, which could fundamentally disrupt the streaming business model, as highlighted by analysts at JPMorgan [5] - The logistics sector is under pressure as trade tensions create uncertainty in supply chains, with companies like FDX and UPS experiencing increased volatility [10] Group 3: Broader Economic Implications - The recent trade deal with India, promising reciprocal tariff rate decreases, has provided a modest boost to emerging market ETFs, although the S&P 500 showed little reaction [9] - The presence of major financial institutions at a crypto forum hosted by the Trump family indicates a shift in Wall Street's approach to decentralized finance, with COIN seeing a 5.7% increase [6][8] - The overall market sentiment reflects a need for diversification into sectors favored by the administration, such as oil, gas, and crypto, while reducing exposure to sectors impacted by tariffs [12]

Morgan Stanley (MS) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power ...