Crypto exchange-traded products were hit with their heaviest withdrawals since February last week, with global outflows reaching $2 billion as investors retreated on rising macroeconomic uncertainty. The exodus was punctuated by a record single-day withdrawal from BlackRock’s flagship Bitcoin ETF, IBIT, which saw $463.1 million leave the fund on November 14, per data from Farside Investors. The wave of redemptions pushed Bitcoin and Ethereum ETPs sharply lower, driving down assets under management across ...

Core Insights - Caterpillar Inc. (CAT) reported positive volume growth in Q3 2025, with total volumes increasing by $1.55 billion, contributing 10% to revenue growth, marking a significant recovery from previous declines [1][5] - The recovery was broad-based, with Energy & Transportation leading the increase at $870 million, followed by Construction Industries at $568 million and Resource Industries at $138 million [2][10] - Prior to this growth, CAT faced prolonged weakness, with Construction Industries experiencing seven consecutive quarters of volume declines and Resource Industries eight [3][4] Volume and Revenue Trends - In 2024, CAT experienced a total volume decline of $3.5 billion, followed by a further decline of $1.1 billion in Q1 2025, primarily due to sluggish end-market demand and significant dealer inventory reductions [4] - The company anticipates strong year-over-year sales growth in Q4 2025, supported by improved volumes across all segments, projecting volume growth of 4.7% in 2025 and 5.7% in 2026 [6][10] Industry Context - Competitors like Terex Corporation and Komatsu Ltd. have also faced challenges, with Terex experiencing seven straight quarters of negative organic growth and Komatsu expecting a flat to 5% decline in demand for construction, mining, and utility equipment in fiscal 2025 [7][8] - Despite the macroeconomic uncertainties affecting the industry, CAT's return to volume growth represents a meaningful shift in momentum [5] Stock Performance and Valuation - CAT shares have gained 52.6% year-to-date, slightly underperforming the industry growth of 55.7% [9] - The current forward 12-month price/earnings (P/E) ratio for CAT is 25.96X, compared to the industry average of 24.75X [11] - The Zacks Consensus Estimate indicates a year-over-year earnings decline of 16.03% for 2025, with a revenue increase of 2%, while 2026 estimates show an 18.4% growth in earnings and a 7.7% rise in revenues [12]

Core Viewpoint - Cava Group has revised its full-year sales growth targets downward due to stagnant foot traffic in Q3, reflecting a trend of consumers cutting back on fast casual dining amid financial pressures [1] Company Summary - Cava CFO Tricia Tolivar indicated that despite the financial strain on consumers, the chain is becoming more accessible to lower-income customers, which has led to an increase in sales in that demographic [1] - The discussion on Bloomberg Businessweek Daily highlighted the company's growth strategy in the context of ongoing macroeconomic uncertainty [1]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $138 million, a decline of 7% compared to the same period last year [10] - SG&A expenses were reduced by 7%, amounting to $48 million, maintaining SG&A as a percentage of sales at 35% [11][12] - EBITDA for the quarter was $7.5 million, up sequentially from $6.1 million but down from $11.7 million year-over-year [13] - Net income was $2.7 million, an increase from $1.6 million in the previous quarter but down from $5.4 million in the same quarter last year, resulting in earnings per diluted share of $0.18 [13][14] Business Segment Data and Key Metrics Changes - Branded products segment revenue was $85 million, down from $93 million year-over-year, impacted by order timing and lower sales volume [10][11] - Healthcare apparel revenue declined by 5% to $32 million due to lower volume amid customer uncertainty [10][11] - Contact center revenue decreased by 9% to $23 million, driven by lower volume and customer downsizing [10][11] Market Data and Key Metrics Changes - The overall market remains uncertain, affecting customer behavior and order placements across all segments [4][18] - There is a significant level of caution among customers, leading to promising near-term opportunities in the pipeline as trade policies and economic conditions stabilize [4][18] Company Strategy and Development Direction - The company is focused on expanding market share in a fragmented market by recruiting more sales representatives and leveraging software automation [6] - Investments are being made in demand-driven activities while maintaining expense discipline to navigate economic uncertainties [8][15] - The company is actively exploring acquisition opportunities, particularly in the branded products segment, to enhance growth [42][44] Management's Comments on Operating Environment and Future Outlook - Management noted that while the growth environment is subdued, the pipeline remains strong, and they are focused on converting these opportunities [15] - The company is optimistic about future growth as economic uncertainty dissipates, allowing for the capture of additional market share [15] - Management expressed confidence in the ability to pass through cost increases to customers, maintaining pricing power despite economic challenges [30][32] Other Important Information - The company tightened its full-year revenue outlook to a range of $560 million to $570 million, indicating slight growth year-over-year at the high end of the range [14] - The balance sheet remains strong with $17 million in cash and cash equivalents, providing over $100 million in liquidity for growth plans [14] Q&A Session Summary Question: Can you describe the environment for branded products? - Management indicated that the market has been challenged due to tariffs and macroeconomic uncertainty, but recent tariff announcements are seen as positive [18][19] Question: Where are you in working off the inventory purchased in advance? - The company has been opportunistic in sourcing inventory from lower tariff jurisdictions and has communicated with clients about inventory management [22][23] Question: What is the impact of losing a client in the contact center? - The annualized impact from the lost client is about a couple of million dollars, but there are opportunities for growth in the pipeline [26] Question: Can you talk about your pricing power? - The company has been able to pass through cost increases to customers, maintaining pricing power despite economic pressures [30][32] Question: What are your expectations for revenue growth in Q4? - Revenue growth is expected to be primarily driven by the branded products segment, with strong bookings and a robust pipeline [34][40] Question: What are the acquisition opportunities currently? - The company sees a rich field for acquisitions, particularly in the branded products segment, and is actively evaluating potential deals [42][44]

By Juby Babu (Reuters) -E-commerce firm eBay forecast profit for the crucial holiday quarter below Wall Street estimates amid ongoing macroeconomic uncertainty, sending its shares down 8.5% after the bell on Wednesday. Tariffs and changes to certain customs requirements in the U.S. have created significant uncertainty for small businesses, while concerns over escalating prices for imported goods have weighed on consumer confidence. EBay has continued to see macroeconomic challenges across international ...

Core Insights - McCormick reported third-quarter sales and profit that exceeded expectations, driven by strong demand for its premium spices and seasonings despite ongoing macroeconomic uncertainties [1] Company Performance - The company demonstrated resilience in its sales performance, indicating a robust consumer preference for higher-priced products [1] Market Context - The results come amid a backdrop of macroeconomic uncertainty, suggesting that consumers are still willing to invest in quality food products [1]

Core Insights - The current jobs market is experiencing significant challenges, particularly for college graduates, who are facing the worst job market in a decade [1][2] - Economic uncertainty is causing both employers and workers to feel stagnant, leading to a slowdown in hiring and job movement [2][3] - While layoffs remain historically low, the unemployment rate is beginning to rise, with more unemployed individuals than available job openings [5][16] Labor Market Dynamics - Employers are reducing hiring to cut costs due to rising tariffs affecting their profitability, which is contributing to a slower labor market [3][20] - Workers are exhibiting "job hugging," staying in their current positions due to economic uncertainty, which is leading to increased job tenure [6][7] - New hire surveys indicate that job seekers are focusing on long-term job satisfaction, prioritizing factors like flexibility and culture fit over pay [9][12] Gender Pay Gap - The gender pay gap is widening for the second consecutive year, with women increasingly taking lower-paying roles for better work-life balance [11][12] - Women are more likely to prioritize culture and flexibility over compensation, which may contribute to the growing pay gap [10][14] - Stability and job security are perceived to be higher among women focusing on holistic job aspects compared to men who prioritize higher pay [14][15] Future Hiring Trends - Despite current slowdowns, there are indications that businesses may increase hiring in the coming months as they adapt to economic conditions [17][18] - The Federal Reserve's potential interest rate cuts could stimulate business hiring, although high tariffs remain a significant challenge [20][21] - The direction of the labor market will depend on inflation trends and the Fed's response to economic data in the upcoming months [21][22]

Company Overview - Once Upon a Farm, an organic baby-food manufacturer based in Berkeley, California, has registered for an IPO on the New York Stock Exchange under the ticker symbol OFRM, a decade after its establishment in 2015 [1] - The company was co-founded by Cassandra Curtis and Ari Raz, and John Foraker, former CEO of Annie's, joined as chief executive in 2017 [2] Financial Performance - In 2024, Once Upon a Farm reported sales revenue of $156.8 million, an increase from $94.3 million in 2023. For the first half of 2025, sales reached $110.6 million, up from $65.8 million in the same period the previous year [4] - The company recorded a net loss of $23.8 million for the year ending December 31, compared to a loss of $17.6 million the previous year. In the first half of 2025, the net loss was $28.5 million, significantly higher than the $4.2 million loss in the same period a year earlier [3][4] Operational Challenges - Once Upon a Farm faces operational challenges, including uncertainty in the macroeconomic environment due to geopolitical and economic instability, which could disrupt its supply chain [5] - The company sources a significant portion of its fruit and vegetable ingredients from Mexico and South America, and potential tariffs or trade barriers could lead to shortages and increased procurement costs [6] - All products are marketed as organic, non-GMO, with no added sugar, and free from artificial flavors, colors, and preservatives [6]

Group 1: Fund Performance - Artisan Global Discovery Fund's Investor Class APFDX returned 10.84%, Advisor Class APDDX posted 10.83%, and Institutional Class APHDX returned 10.93% in Q2 2025, compared to an 11.84% return for the MSCI All Country World Small Mid Index [1] - Global markets experienced volatility in Q2 2025, with a shift from double-digit declines to gains following President Trump's tariff announcements and subsequent suspension [1] Group 2: Company Focus - Aris Water Solutions, Inc. - Aris Water Solutions, Inc. (NYSE:ARIS) is highlighted as a stock of interest, with a one-month return of 1.89% and a 52-week gain of 58.96%, closing at $23.78 per share with a market capitalization of $1.407 billion on September 05, 2025 [2] - Aris Water Solutions, Inc. was among the top detractors for the fund, impacted by lower oil prices and macroeconomic uncertainty, despite better-than-expected quarterly results and guidance [3] - The company provides full-cycle water handling and recycling solutions in the Permian Basin, focusing on the Delaware Basin, where the water-to-oil ratio is notably high [3]

Market Performance - The S&P 500 closed at 6,664, up about 0.5% for the day, extending a rally of more than 4% over the past month [1] Historical Trends - Historical data indicates that the upcoming week has often produced negative results for the S&P 500, with a win rate of just 37%, making it one of the lowest-probability weeks for gains in the entire calendar year [3][6] - The average return for this period stands at -0.86%, contrasting with most weeks across the year that lean positive [6] Economic Indicators - The Federal Reserve cut rates by 25 basis points, its first reduction since late 2024, bringing the target range to 4.00%–4.25% [7] - Inflation remains a concern, with consumer prices rising 2.9% in August, complicating expectations for a looser policy stance [7] Corporate Earnings - S&P 500 companies are expected to post approximately 7.7% profit growth and 6.3% revenue growth in the third quarter, continuing a nine-quarter streak of earnings expansion [8] - Technology and financial sectors are driving gains, while energy and consumer staples are lagging [8] Market Outlook - Despite potential challenges, Wall Street remains optimistic, with projections suggesting the index could climb to the 7,000 milestone in the coming months [8]