Churchill Asset Management President and CEO Ken Kencel discusses the state of the private credit market and sees deregulation as a net positive. Speaking on "Bloomberg Open Interest," Kencel also says mid-market companies are participating in a data center boom. ...

More on the market as we await the House vote today on a bill that could end the shutdown. Let's bring in Raymond James CEO Paul Shukri. It's great to have you Paul.Welcome. >> Yeah, great to be here on the NYC. >> Yeah.So, how are you feeling about the overall market these days. We're sort of waiting for the end of the shutdown, waiting to see about the AI trade after last week was a little bit bumpy. Where do you think things stand.Yeah, I mean there's always uh uncertainty uh and so you know the markets ...

Tariffs are reshaping the global packaging industry under President Donald Trump’s second term, with a universal 10% import duty now in force alongside higher steel and aluminium tariffs. These measures, coupled with foreign retaliation, are raising packaging costs, complicating material sourcing and fuelling supply chain uncertainty for cans, foils, cartons and plastics. Analysts estimate the 2025 tariff wave is weighing on US growth and trade, with knock-on effects for packaging demand worldwide. Tari ...

Core Viewpoint - Nexstar Media Group is progressing towards closing its $6.2 billion acquisition of Tegna by the second half of 2026, which would significantly reshape the local broadcast sector in the U.S. [1][2] Financial Performance - Nexstar reported third-quarter revenue of $1.2 billion, a decrease of 12% from the same period last year, with earnings per share at $2.14, down from $5.63, falling short of analysts' expectations of $4.51 [3][4]. Acquisition Progress - The company is optimistic about the acquisition, with Tegna filing its proxy statement and a shareholder vote scheduled for November 18. Nexstar has begun engaging with regulatory agencies and submitted initial paperwork [5]. - The U.S. Court of Appeals for the Eighth Circuit's ruling last summer, which vacated the "top four" ownership ban, has contributed to Nexstar's optimism regarding the acquisition [5]. Regulatory Environment - The FCC plans to review the current ownership cap in 2026, but it remains uncertain if the agency can lift restrictions without Congressional intervention. The outcome of the mid-term elections could impact the Nexstar-Tegna deal [6]. Industry Outlook - Nexstar's CEO emphasized the need for strong companies in the industry and expressed confidence that Nexstar would lead the future of local broadcasting through financial strength and innovation [3][7]. - The company has identified nine markets where it could introduce additional local news programming, enhancing its content offerings [7]. CW Network Performance - The CW network, in which Nexstar acquired a controlling stake in 2022, has reduced its losses and anticipates breaking even by mid-2026, with sports programming now constituting 40% of its content [8].

This notion that somehow, you know, being anti-business is going to help the average American citizen or even the lower paid. So I agree with the concept. I don't think we've done a particularly good job taking care of the bottom 20% of our citizens.Their incomes didn't go up. Their health care is worse. They live in more crime ridden neighborhoods.The schools don't work really well. And we did that. That's Democrat Republican policies, by the way.So I agree with that concept. I don't agree with the concept ...

Financial Data and Key Metrics Changes - Consolidated net revenue was approximately $92.7 million, down 16% year over year [9] - Adjusted EBITDA for the third quarter was $14.2 million, a decrease of 44.1% [15] - Net loss was approximately $2.8 million or $0.06 per share, compared to a net loss of $31.8 million or $0.68 per share for the previous year [16] Business Line Data and Key Metrics Changes - Revenue for the Radio Broadcasting segment was $34.7 million, a decrease of 12.6% year over year [9] - Net revenue for the Reach Media segment was $6.1 million, down 40% from the prior year [10] - Net revenues for the Digital segment were down 30.6% at $12.7 million [11] - Cable Television segment revenue was approximately $39.8 million, a decrease of 7% [12] Market Data and Key Metrics Changes - Local ad sales were down 6.5% against a market that was down 10.1%, indicating outperformance [9] - National ad sales were down 29.1% against a market that was down 21.5%, indicating underperformance [10] - Cable subscribers to TV One decreased to 34.1 million from 34.3 million at the end of Q2 [12] Company Strategy and Development Direction - The company is adjusting its guidance for the year, lowering the EBITDA forecast from $60 million to a range of $56 million to $58 million [7] - A second reduction in force was completed in October as part of ongoing cost reduction efforts [14] - The company is exploring potential M&A opportunities in light of anticipated deregulation in the industry [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing changes in operating strategy and a focus on improving performance in key markets [21][25] - The company is preparing for a political year, which is expected to drive demand [21] - Management acknowledged challenges faced in the current year but believes they are better positioned for future growth [25] Other Important Information - Operating expenses decreased to approximately $83.7 million for the quarter, a decrease of 4.2% from the prior year [12] - Interest expense decreased to approximately $9.4 million in Q3, down from $11.6 million last year [16] - The company repurchased $4.5 million of its 2028 notes at an average price of 52% [16] Q&A Session Summary Question: What is the outlook for 2026 and demand? - Management feels good about 2026 due to changes in operating strategy and the upcoming political year [21][25] Question: Are there plans for M&A activity? - Management is exploring M&A opportunities but currently has no transformative deals in progress [28][30] Question: Will the company continue debt buyback activity? - Management confirmed plans to continue executing on debt buybacks while maintaining liquidity [33]

Core Viewpoint - The Federal Reserve is navigating economic challenges with a focus on labor market conditions and inflation data, despite criticisms of its policy approach [1][2][11]. Inflation and Economic Data - Current inflation rates are reported at 3% year-over-year, with core CPI also at 3%, indicating persistent inflation concerns [4][10]. - Grocery prices have increased by 3.2% over the past year, reflecting ongoing public concern about inflation [5]. - The Federal Reserve anticipates inflation will decrease, with forecasts suggesting a return to target levels [10][12]. Policy Decisions - The Federal Reserve is considering cutting policy rates in December, based on data indicating that inflation will eventually decline [11][12]. - There is a belief that tariffs have a minor and temporary effect on inflation, and the Fed should focus on broader economic indicators [3][6][9]. Economic Growth Projections - The Federal Reserve's long-term growth forecast is set at 1.8%, which some analysts argue is overly conservative given current economic policies [13][14]. - There is optimism regarding potential productivity gains from technological advancements, although immediate impacts may not be seen [15][16]. Regulatory Environment - Deregulation is viewed as a means to lower capital costs and stimulate economic growth, paralleling the effects of interest rate cuts [21][22]. - The Federal Reserve staff considers the impact of deregulation and tax incentives when estimating potential GDP growth [20][21].

Core Insights - U.S. stock futures advanced on Friday following a decline on Thursday, driven by strong quarterly results from Amazon and Apple [1] - Amazon reported net sales of $180.2 billion for Q3, a 13% year-over-year increase, and projected Q4 sales between $206.0 billion and $213.0 billion, up 10% to 13% year-over-year [6] - Apple reported revenue of $102.47 billion, exceeding analyst estimates, with earnings of $1.85 per share, also above expectations [6] Market Performance - Major indices showed mixed performance with Dow Jones up 0.11%, S&P 500 up 0.69%, and Nasdaq 100 up 1.21%, while Russell 2000 was down 0.03% [2] - The SPDR S&P 500 ETF Trust (SPY) rose 0.80% to $685.27, and Invesco QQQ Trust ETF (QQQ) advanced 1.31% to $634.23 in premarket trading [2] Company Highlights - Amazon's stock jumped 12.21% in premarket trading following its positive earnings report [6] - Apple's stock rose 1.88% after reporting better-than-expected financial results [6] - Netflix advanced 3.21% after announcing a 10-for-1 stock split [6] Analyst Insights - Wells Fargo's Scott Wren advises focusing on long-term trends rather than short-term market fluctuations, emphasizing the importance of sectors like technology, financials, and industrials [9][10] - The firm views market pullbacks as buying opportunities, targeting the S&P 500 to reach 7,400-7,600 by the end of 2026 [11] Upcoming Economic Data - Investors are awaiting key economic data releases, including personal income and consumer spending figures, which have been delayed [14]

Core Insights - Apollo Global Management, Inc. (NYSE:APO) is identified as one of the best bargain stocks to buy in November, despite a recent price target reduction by Morgan Stanley from $154 to $151 while maintaining an "Equal Weight" rating [1] - The company is planning to sell its Hispanic grocery chain, Heritage Grocers Group, which could generate approximately $1.5 billion, amid declining consumer demand in Latino communities due to fears of immigration raids [2] - Baron Funds noted that shares of Apollo detracted in Q1 2025 due to a reversal in economic sentiment and capital market activity, although they continue to hold the stock due to Apollo's focus on credit and strong management [3] Group 1: Stock Performance and Analyst Ratings - Morgan Stanley reduced the price target on Apollo's stock to $151 from $154, citing updated price targets for Alternative Asset Managers in North America [1] - The performance of alternative asset manager stocks, including Apollo, has been affected by uncertainty and volatility surrounding economic policies, leading to a reversal of gains from the previous year [3] Group 2: Business Developments - Apollo Global Management is planning to divest its Heritage Grocers Group, potentially raising around $1.5 billion, as the grocery chain has faced challenges due to weak consumer spending [2] - The grocery chain's performance has been negatively impacted this year, particularly in Latino communities, due to concerns over immigration raids affecting consumer demand [2]

Core Insights - The Federal Reserve is currently navigating a complex economic landscape with significant uncertainty due to a lack of data, particularly influenced by the government shutdown [1][2] - The market is anticipating a more cooperative and potentially dovish Federal Reserve committee in the coming months, which may lead to a shift in monetary policy focus [5][6] Federal Reserve and Monetary Policy - The Federal Reserve's approach to quantitative tightening (QT) is cautious, with a preference for short-duration investments like T-bills to manage risk [3][4] - There is a strong sentiment that the committee is not on a preset path, indicating potential volatility in future policy decisions [4] - The market is focused on the committee's evolving stance, which could lead to a more risk-tolerant approach regarding inflation and employment data [5][6] Economic Outlook - Concerns about inflation persist, but there is optimism that the committee will take more risks as it evolves, particularly in 2026 and 2027 [9][10] - The potential for a strong economy with low inflation and high unemployment raises questions about job quality and labor market participation [10][11] Labor Market and Fiscal Policy - There are suggestions for fiscal policy interventions, such as vocational training programs, to address labor market challenges and improve job quality [11][12] - The construction and real estate sectors could benefit from lower interest rates, which may help offset negative sentiments surrounding AI-related job losses [13] Market Environment - The current market environment is described as "risk on," with trading near record highs and a positive outlook for investments [14][15] - There is a strong M&A activity and capital returns, driven by a deregulatory environment that allows businesses to operate more freely [15][16] - The expectation of double-digit returns on equities and favorable fixed income returns is supported by a more cooperative Federal Reserve [18]