Broyhill Asset Management, an investment advisor, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. 2025 witnessed extreme market concentration and a strong focus on artificial intelligence, leaving many sectors behind. The Portfolio, which has been significantly reshaped, now trades at a substantial discount relative to the broader market. The firm strongly believes it will benefit as market fundamentals improve. For the year, the portfolio declined by 1.4%, un ...

Quick Read iShares Consumer Staples (KXI) returned 18.07% over the past year with lower volatility than the S&P 500’s 15.11%. Walmart and Costco represent KXI’s largest positions at 9.94% and 9.22%. KXI charges a 0.39% expense ratio versus XLP’s 0.08%. Nvidia made early investors rich, but there is a new class of 'Next Nvidia Stocks' that could be even better; learn more here. Consumer sentiment has been sitting in recessionary territory for months, with the University of Michigan's index at 56. ...

Core Viewpoint - The article discusses the shift in investor focus from software stocks to consumer staples, highlighting the perceived safety of household product manufacturers amid concerns about the impact of AI on service-oriented businesses [1]. Group 1: Market Trends - There is a significant rotation occurring in the market, with investors moving away from software stocks and towards safer sectors like consumer staples [1]. - The rise of AI technologies, such as ChatGPT, is believed to negatively affect service-oriented companies, while consumer staples are expected to remain resilient [1]. Group 2: Investment Opportunities - Clorox and other companies with solid dividend yields are recommended as attractive investment options in the current market environment [1]. - Philip Morris is noted for offering a dividend yield exceeding 3%, making it a potential choice for income-focused investors [1].

Financial Data and Key Metrics Changes - The company achieved all-time high EBITDA margins of 27% in electronic materials, reflecting improved cost structure and operational performance [4] - Sales increased approximately 1% year-over-year, with adjusted earnings per share at $1.41, flat compared to the prior year and up 3% sequentially [12][18] - Adjusted EBITDA was $55.5 million, down 2% year-over-year, primarily due to lower volume from equipment downtime in Performance Materials [12][13] Business Line Data and Key Metrics Changes - Performance Materials saw value-added sales of $157.1 million, down 4% year-over-year, impacted by equipment downtime [12][14] - Electronic materials reported value-added sales of $79.7 million, up 2% from the prior year and up 7% organically, with EBITDA margins reaching a record 27.1% [15][16] - Precision Optics experienced value-added sales of $27.1 million, up 21% year-over-year, returning to double-digit EBITDA margins [16][17] Market Data and Key Metrics Changes - Semiconductor sales, excluding China, increased 7% year-to-date, with high-performance memory applications up over 30% [6] - The defense market saw record bookings up approximately 40% year-to-date, with $150 million in requests for quotes (RFQs) [10][43] - The space market has grown fivefold in three years, with significant opportunities expected to continue [11] Company Strategy and Development Direction - The company is focusing on high-growth markets such as semiconductor, defense, space, and energy, with order rates up more than 10% sequentially [5][11] - Strategic partnerships, such as with Commonwealth Fusion Systems and Kairos Power, are aimed at expanding into new energy solutions [9][25] - The company aims to achieve midterm target margins of 23% and is committed to improving operational reliability and cost structure [13][57] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a strong Q4, driven by defense orders and improving operational performance [24] - There is uncertainty regarding the China market, which has seen a 20% year-over-year decline, impacting overall sales [74][92] - The company anticipates continued growth in high-demand sectors despite challenges in the automotive market [60][62] Other Important Information - The company ended the quarter with a net debt position of approximately $441 million and $214 million of available capacity on its credit facility [17] - A new $50 million stock repurchase program was authorized, although organic growth remains the top priority for capital allocation [17][65] Q&A Session Summary Question: Why was the full year outlook range not narrowed? - Management cited uncertainty around China and potential impacts from the government shutdown as reasons for maintaining the range [24] Question: What financial impact is expected from the new agreement with Commonwealth Fusion Systems? - Initial shipments are expected to contribute a few million this year, with a more significant annualized run rate anticipated next year [25][27] Question: What is the nature of the equipment downtime in Performance Materials? - The downtime was primarily due to issues in the largest plant, but operations have resumed, and sales are expected to catch up in Q4 [36][37] Question: What are the expectations for 2026 growth? - Management is optimistic about growth in key markets, with a focus on offsetting challenges in China with high-growth opportunities [42][45] Question: How is the company addressing operational reliability? - The company is focused on capital improvements and maintenance to minimize equipment downtime in the future [40][41] Question: What is the expected impact of tariffs on financial results? - The China business is down about 20% year-over-year, with some tariff impacts being manageable through pricing strategies [74][75] Question: Will beryllium be stockpiled due to increased defense spending? - Management indicated that increased U.S. defense spending could lead to higher demand for beryllium-based applications [102][103]

Philip Morris nudged up the bottom end of its outlook for this fiscal year off the back of strong demand for its smoke-free products, including Zyn nicotine pouches https://t.co/g5cJBNgyCv ...

[Music] I come out every night and say it's not about friends, it's about money. But tonight is actually about friends and money. I'm joined by some of the most incredible members of the CNBC investing club for a very special edition of the lightning round.So now it is time. It's time for a special edition of Kramer's lightning round 24. What we say in the stock by buy sell just no course.Step first episode by Planet Sound and then the lightning round is over. Are you ready, Steve. That is time for the ligh ...

Supply Chain & Capacity - The company experienced significant supply capacity constraints in the past four quarters, leading to out-of-stock situations at the retail consumer level [1] - The company has accelerated capacity expansion, particularly in the US, to address previous supply issues [1] - The company now has the ability to fully supply the market [1] Growth & Performance - Zen's sequential developments show growth rates approaching 40% [1] - The company is pleased with its performance in the second quarter and the first half of the year [1] Market Expectations - The company's stock price reacted to the speed of its transformation, which accelerates revenue and profitability growth expectations [2] - The company aims to meet the high expectations set by the market [2]

We're about 2 minutes away from the end of the trading day. Scarlet Fu and Vonnie Quinn here with you and here to help take you through the closing bell. We've got a global simulcast.Tim Sandvik joins us as well as Israeli lee. We bring together our Bloomberg Television, radio and you tube audiences worldwide as we pass through the most crucial moments of the trading day. And Tim, it doesn't look like a whole lot is going on when you look at the closing numbers here in the S&P 500, little change, but it's b ...

Core Viewpoint - The comparison between the valuations of Google and Philip Morris highlights the potential investment appeal of Google, especially considering its growth prospects and financial stability despite recent market volatility [2][3]. Group 1: Financial Performance - Google's revenue growth rate is accelerating at over 13%, outperforming Philip Morris's growth of 7% [6]. - Over the last three years, Google's average growth rate stands at 10%, which is slightly better than Philip Morris's growth figure of less than 7% [6]. - Google's average operating cash flow (OCF) margins are 36%, superior to Philip Morris's 30% average OCF margins [6]. Group 2: Financial Stability - Google's balance sheet is robust, with debt constituting only 1% of equity, significantly lower than Philip Morris's 18% [6]. - Google maintains a stronger cash position, with cash making up 20% of total assets compared to Philip Morris's 7% [6]. Group 3: Strategic Initiatives - Google's strategic AI initiatives are expected to significantly expand its business, particularly benefiting Google Cloud and enhancing Search and advertising effectiveness [3]. - AI features are anticipated to boost YouTube engagement and drive growth in premium subscriptions [3]. Group 4: Risks and Challenges - Google's earnings may disappoint, with sales growth projected to slow from 13% last year to around 8-10% in the near term due to potential geopolitical tensions and economic slowdown [4]. - The company faces internal challenges related to significant capital expenditures, which have exceeded $134 billion since 2022, raising concerns about the returns on these investments [5]. - Regulatory challenges are also present, with the Department of Justice pursuing actions to address alleged monopolistic practices in search [5].

My next guest has been turning to the US ENTP names lately and two of her top picks are up more than 5% over the past week. Let's bring in Victoria Green, G Squared Private Wealth CIO and a CNBC contributor. Victoria, let's start with why.Um, you know, a a lot of times it's very hard to predict uh what's going to happen with these international developments. So, why did you jump into the ENTP space and where did you put your money. Yeah, sure.If you're saying, hey, this conflict may continue to grow. it cou ...