Joining me now is Drew Pettit, US equity strategist over at Croup. Drew, you heard the conversation right now from the macroeconomic perspective. How do you frame that against the market that is still kind of near record highs, but is showing sometimes some signs at least of potential short to medium-term weakness.>> Yeah, it's funny. We've been saying this for a few years now, Dom. The market is not the economy.So the right side of the brain, the creative portion here of the market is what's going on with ...

Core Insights - WM reported disappointing third-quarter 2025 results, with adjusted earnings per share of $1.98 missing consensus estimates by 1.5% and showing a year-over-year increase of 1% [1][7] - Total revenues reached $6.4 billion, slightly missing estimates but reflecting a year-over-year growth of 14.9% [1][7] - The company's shares declined by 49.3% since the results were released on October 27 [1] Segment Performance - The Collection segment generated revenues of $3.9 billion, a 3.5% increase year-over-year, but fell short of the estimated $4.1 billion [2] - The Landfill segment's revenues increased by 7.8% year-over-year to $995 million, exceeding the estimate of $986.5 million [2] - The Transfer segment saw an 8.5% year-over-year revenue increase to $396 million, surpassing the estimate of $391.5 million [3] - The Recycling Processing and Sales segment experienced a revenue decline of 13.9% year-over-year to $372 million, missing the estimate of $432.3 million [3] Financial Metrics - Adjusted operating EBITDA was reported at $2 billion, a 15.1% increase from the previous year, but missed the projection of $1.9 billion [4] - The adjusted operating EBITDA margin improved by 10 basis points to 30.6%, exceeding the estimate of 30.1% [4]

Core Insights - Clean Harbors, Inc. (CLH) reported disappointing third-quarter 2025 results, with earnings and revenues falling short of the Zacks Consensus Estimate, leading to a 15.2% decline in stock price since the results were released on October 29 [1][9]. Financial Performance - CLH's earnings per share were $2.21, missing the Zacks Consensus Estimate by 6.8%, but showing a 4.3% increase year-over-year. Total revenues reached $1.5 billion, missing estimates by 1.7% but increasing 1.3% year-over-year [2]. - Adjusted EBITDA was $320.2 million, a 6.1% increase from the previous year, but below the estimate of $328.9 million. The adjusted EBITDA margin improved to 20.7%, up 100 basis points from the year-ago quarter [4]. - Segment-wise, Environmental Services (ES) revenues were $1.3 billion, a 2.4% increase year-over-year, while Safety-Kleen Sustainability Solutions (SKSS) revenues totaled $230.8 million, down 4.5% year-over-year [3][9]. Segment Analysis - Adjusted EBITDA for ES was $357.2 million, a 7.4% year-over-year increase but below the estimate of $378 million. For SKSS, adjusted EBITDA was $40.9 million, slightly down from the previous year but exceeding the estimate of $38.4 million [5]. Balance Sheet & Cash Flow - At the end of the quarter, CLH had cash and cash equivalents of $759.2 million, up from $600.2 million in the previous quarter. Inventories were $377.3 million, down from $383.4 million [6]. - Long-term debt remained flat at $2.8 billion. The company generated $302 million in net cash from operating activities, with capital expenditures of $94.4 million and adjusted free cash flow utilized at $230.6 million [7]. 2025 Guidance - For 2025, CLH updated its guidance for adjusted EBITDA to $1.16-$1.18 billion, down from the previous range of $1.16-$1.20 billion. However, the adjusted free cash flow outlook was raised to $445-$495 million, compared to the prior estimate of $430-$490 million [8].

Core Points - The dismantling of the Consumer Financial Protection Bureau (CFPB) is significantly impacting consumer protections in various financial sectors, including auto lending and credit reporting [1][3][4] - The Trump Administration has reversed several CFPB rulings, allowing companies like Toyota and Navy Federal to retain millions that were meant to be returned to consumers [2][3][4] - The CFPB has historically provided substantial consumer relief, totaling $20 billion to 195 million consumers since its inception [5] Group 1: Regulatory Changes - The Trump Administration has halted nearly all CFPB enforcement actions, leading to a significant reduction in consumer protections [6][8] - The CFPB's supervisory activities have ceased, with a substantial number of employees idled and unable to perform their duties [14] - The current administration's actions could result in an additional $240 million in consumer payments being retained by companies [4] Group 2: Impact on Financial Institutions - Major financial institutions, including JPMorgan Chase and Bank of America, are benefiting from reduced regulatory scrutiny, as lawsuits against them have been dismissed [9][10] - Financial services companies are investing less in consumer compliance, indicating a shift towards minimal regulatory adherence [11] - The lack of oversight is leading to slower responses to consumer complaints, with some companies significantly reducing their timely response rates [16] Group 3: Consumer Vulnerabilities - Consumers, particularly low- and middle-income individuals, are facing increased financial strain, with delinquencies on credit cards and auto loans reaching 12-year highs [12][20] - Predatory practices are likely to proliferate in the absence of regulatory oversight, especially in auto loans and payday loans [17][19] - The CFPB's diminished role raises concerns about the accuracy of credit reports and the potential for increased errors affecting consumers' credit scores [22][23] Group 4: Future Implications - The potential reduction of CFPB oversight from 63 auto lenders to as few as 5 could leave subprime lenders unregulated, exacerbating risks for vulnerable consumers [21] - The rollback of CFPB regulations may hinder long-term innovation in the financial services industry, as companies seek guidance on complex financial laws [30] - The recent surge in complaints against digital payment platforms like PayPal highlights the growing consumer dissatisfaction and potential risks in the fintech space [28][29]

Core Insights - The transition to blockchain-based identity verification empowers individuals by shifting control of personal data from corporations, aligning with the principles of Web3 [1][5] - The rise of AI has led to more sophisticated phishing attacks, necessitating advanced security measures beyond traditional methods [2][3] - The digital identity sector is increasingly relevant as identity theft cases are projected to reach record levels by 2025, with U.S. consumers losing over $27 billion to identity theft in the previous year [3][4] Company Overview - TransCrypts is a tech startup that leverages blockchain technology to provide a verification platform, allowing users to manage their own data and enhance security [5][6] - The company aims to disrupt the traditional credit reporting system by giving individuals control over their financial information, challenging established players like Equifax and TransUnion [7][10] - Recent funding will enable TransCrypts to expand its services beyond employment data to include health data and education records, enhancing its market potential [6][10] Market Potential - The credit bureau market is valued at nearly $125 billion in 2023 and is expected to exceed $385 billion by 2032, indicating significant growth opportunities for innovative solutions like TransCrypts [8] - The increasing importance of digital identity solutions is underscored by the need for real-time verification as AI technology advances [9] Competitive Landscape - Established companies in the credit reporting space are beginning to integrate blockchain technology, which may pose challenges for TransCrypts as it seeks to gain market share [11][10] - Monitoring trends in the digital identity sector is crucial for investors, as the success of TransCrypts could influence the broader industry landscape [12]

Core Insights - Verisk (VRSK) reported strong third-quarter fiscal 2025 results, with adjusted earnings of $1.72 per share, exceeding the Zacks Consensus Estimate by 1.8% and reflecting a 3% year-over-year increase [1][9] - Total revenues reached $768.3 million, slightly missing consensus estimates but showing a 5.9% increase compared to the previous year [1][9] Performance Comparison - VRSK shares have increased by 6.8% year-to-date, outperforming the industry, which has declined by 6.2%, and the Zacks S&P 500 Composite, which has grown by 8% [2] Quarterly Financial Details - Underwriting and Rating revenues rose by 6.9% year-over-year to $542 million, surpassing estimates [3] - Claim revenues increased by 3.6% to $226 million, also beating estimates [3] - Adjusted EBITDA grew by 7.2% to $429 million, with an adjusted EBITDA margin of 55.8%, up from 55.2% in the previous year [4] Cash Flow and Shareholder Returns - The company ended the quarter with cash and cash equivalents of $2.1 billion, a significant increase from $628.7 million at the end of the previous quarter [4] - Net cash utilized from operating activities was $404 million, with free cash flow of $336 million [5] - VRSK repurchased shares worth $100 million and returned $62.6 million in dividends to shareholders during the quarter [5] 2025 Guidance - For fiscal 2025, Verisk lowered its revenue guidance to $3.05-$3.08 billion, below the previous estimate and the Zacks Consensus Estimate of $3.1 billion [6] - Adjusted EBITDA forecast was also reduced to $1.69-$1.72 billion, with an anticipated adjusted EBITDA margin of 55-55.8% [6] - The adjusted earnings per share growth guidance remains at $6.80-$7.00, with the midpoint lower than the consensus mark [7]

Core Insights - WM reported disappointing third-quarter 2025 results, with adjusted earnings of $1.98 per share missing the consensus estimate by 1.5%, although it represented a 1% year-over-year increase. Total revenues of $6.4 billion also missed estimates but grew 14.9% from the previous year [1][9]. Financial Performance - The Collection segment generated revenues of $3.9 billion, a 3.5% increase year-over-year, but fell short of the $4.1 billion estimate. The Landfill segment saw a 7.8% increase to $995 million, exceeding the $986.5 million projection. The Transfer segment's revenues rose 8.5% to $396 million, surpassing the $391.5 million estimate. However, the Recycling Processing and Sales segment's revenues declined 13.9% to $372 million, missing the $432.3 million estimate [3][4][9]. - Adjusted operating EBITDA was $2 billion, missing the estimate of $1.9 billion but increasing 15.1% year-over-year. The adjusted operating EBITDA margin improved by 10 basis points to 30.6%, exceeding the 30.1% estimate [5][9]. Cash Flow and Dividends - WM generated $1.6 billion in cash from operating activities, with capital expenditures of $635 million, resulting in free cash flow of $821 million. The company distributed $332 million in cash dividends to shareholders during the quarter [6][9]. 2025 Outlook - For 2025, WM expects revenues of $25.275 billion, which is below the Zacks Consensus Estimate of $25.36 billion. The company anticipates adjusted operating EBITDA in the range of $7.475 billion to $7.625 billion [7][9].

Core Insights - IQVIA Holdings Analytics Inc. reported strong third-quarter 2025 results, with earnings and revenues exceeding the Zacks Consensus Estimate [1][9] - Adjusted earnings were $3 per share, a 5.6% increase year-over-year, while total revenues reached $4.1 billion, reflecting a 5.2% growth from the previous year [1][9] Financial Performance - The Research and Development segment generated revenues of $2.3 billion, up 4.5% year-over-year, surpassing the estimate of $2.2 billion [3] - Technology and Analytics segment revenues were $1.6 billion, growing 5% year-over-year, but fell short of the projected $1.7 billion [3] - Contract Sales and Medical Solutions revenues increased 16.1% year-over-year to $209 million, exceeding the estimate of $181.7 million [4] - Adjusted EBITDA for the quarter was $949 million, a 1.1% rise from the previous year, surpassing the anticipated $945.3 million [4] Cash Flow and Debt - The company ended the quarter with cash and cash equivalents of $1.8 billion, down from $2 billion in the previous quarter [5] - Long-term debt decreased to $15 billion from $15.4 billion at the end of the second quarter [5] - Net cash generated from operating activities was $908 million, with capital expenditures of $136 million, resulting in a free cash flow of $772 million for the quarter [5] 2025 Guidance - IQVIA updated its revenue guidance for 2025 to a range of $16.15-$16.25 billion, with the midpoint exceeding the Zacks Consensus Estimate of $16.16 billion [6] - The earnings per share outlook was revised to $11.85-$11.95, with the midpoint also above the consensus estimate of $11.86 [6] - Adjusted EBITDA guidance was updated to $3.775-$3.800 billion, reflecting a slight increase from the previous quarter's view [7]

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