Core Thesis - MGM Resorts International presents a compelling investment opportunity driven by multiple near- and long-term catalysts despite a temporary slowdown in Las Vegas tourism and room remodels at MGM Grand in 2025 [1] Share Buybacks and Earnings - MGM is aggressively buying back 7-8% of its shares annually, funded by a business generating a 14.2% Owner Earnings yield [2] - BetMGM, the company's digital sports betting and iGaming joint venture, turned profitable in 2025, distributing $100 million back to MGM and setting the stage for $125-200 million in cash distributions in 2026 [2] Near-Term Catalysts - The Northfield Park sale, closing in the first half of 2026, will inject $420 million of proceeds for share repurchases [3] - Stabilization of Las Vegas Strip operations is expected as MGM Grand's remodels are completed, conventions return, and RevPAR growth resumes [3] - MGM China's ongoing recovery continues to provide $200-300 million in annual dividends, further funding capital returns [3] Long-Term Potential - MGM's 42.5% stake in Osaka represents a future $350-450 million annual Owner Earnings contribution, supported by monopoly positioning and a lower tax rate relative to Macau [4] - GAAP net income is expected to swing from loss to profit in 2026 as one-time charges abate, attracting investor attention [4] Valuation and Target Price - At the current share price, MGM trades at roughly 7x Owner Earnings with significant buyback acceleration underway [5] - With stabilized core operations, growing digital cash flows, and Osaka's long-term potential, MGM Resorts offers an attractive risk/reward profile with a bullish target of Buy up to $46 per share [5] Historical Context - MGM's stock price has appreciated by approximately 38.25% since previous bullish coverage, highlighting its asset-light transition, strong brand, and disciplined buybacks [6]

Let's bring in Kevin Green, senior markets correspondent right away to help set up the action today. All right, KG, let's jump into it right away with Nvidia's latest results. Shares a little higher in the pre-market, not by much.Um, but you've talked about this, you know, well, actually they're flip-flopping literally as we uh speak right now, but this looks like it was a strong report generally across the board. What's your take. >> Yeah, I would agree.uh the market was kind of implying around a 4 and a.5 ...

Exclusive: Activist Irenic builds stake in Ralliant, pushes for cost cuts | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Adam Katz, Co-Founder and Chief Investment Officer of Irenic Capital Management, speaks during 13D Monitor's Active-Passive Investor Summit in New York City, U.S., October 21, 2025.... [Purchase Licensing Rights, opens new tab] Read more- Companies- Summary- Shareholders worry about company's forecast costs- Meg ...

Core Insights - Walmart's stock experienced volatility following a conservative outlook for Q1 and the full fiscal year, with shares initially dropping before recovering [1] - The company announced a $30 billion stock buyback plan, indicating confidence in its financial health despite a cautious outlook [2] Financial Performance - Net sales reached $190.7 billion, reflecting a 5.6% increase from the previous year, slightly above the $190.6 billion estimate [6] - Adjusted earnings per share were reported at $0.74, a 12.1% increase year-over-year, surpassing the $0.73 estimate [6] - Comparable sales growth for Walmart US was +4.2%, slightly below the +4.3% estimate, while e-commerce sales grew by 27%, exceeding the 19.8% estimate [6] - Sam's Club US comparable sales growth was +4%, also below the +4.4% estimate, with e-commerce sales growth at 23%, surpassing the 15% estimate [6] Forward Guidance - Q1 earnings per share guidance is projected between $0.63 and $0.65, below the $0.69 estimate [6] - Full fiscal year guidance anticipates net sales growth of 3.5% to 4.5% and diluted earnings per share between $2.75 and $2.85, lower than the $2.97 estimate [6] Market Trends - The CFO noted signs of cooling inflation, particularly in food prices, which could lead to stronger sales trends as consumers receive tax refunds [2] - The company highlighted that fresh produce purchases significantly increase basket sizes, which is crucial for overall sales performance [3]

Group 1: Applied Materials - Applied Materials' shares increased by 13%, reaching $43.56 per share, following strong earnings and positive guidance [1] - The company reported an EPS of $2.38, beating estimates by $0.17, and revenue of $7.01 billion, which was $130 million above expectations despite a 2.2% year-over-year decline [1] - Future revenue guidance is set between $7.15 billion and $8.15 billion, exceeding the prior estimate of $7.01 billion, with adjusted EPS expected between $2.44 and $2.84, also above the anticipated $2.28 [1] - Wells Fargo noted that Applied Materials expects semiconductor systems revenue to grow over 20% year-over-year, significantly higher than the previous Street estimate of 11% [1] - Bank of America and JPMorgan both maintain positive ratings on Applied Materials, with price targets of $420 and $435 respectively [1] Group 2: Rivian Automotive - Rivian Automotive's shares rose by 26%, or $3.65 per share, after Deutsche Bank upgraded the stock to a buy rating with a price target of $23 [1] - The company reported an EPS loss of $0.66, which beat estimates by $0.13, and revenue of $1.29 billion, which was $20 million above expectations despite a 25% year-over-year decline [1] - Rivian anticipates that 2026 will be a crucial year, with the R2 launch expected to drive vehicle delivery growth and mass market expansion [1] Group 3: Reddit - Reddit's shares are recovering after a decline, with a recent EPS of $1.24, beating estimates by $0.31, and revenue of $725.6 million, up 69.6% year-over-year, exceeding expectations by $58.54 million [1] - The company announced a $1 billion buyback program and expects revenue between $595 million and $605 million, along with adjusted EBITDA in the range of $210 million to $220 million, both ahead of estimates [1]

The e-commerce platform reports weaker-than-expected earnings but beats revenue estimates and announces a $2 billion buyback program. ...

Financial Data and Key Metrics Changes - Comparable FFO for 2025 was $2.32 per share, slightly higher than 2024 and better than initial expectations [23] - Fourth quarter comparable FFO was $0.55 per share, down from $0.61 per share in Q4 2024, primarily due to higher net interest expense and lease termination income from the previous year [24] - Company same-store GAAP NOI increased by 5% for the quarter, while same-store cash NOI decreased by 8.3% [24] Business Line Data and Key Metrics Changes - In 2025, the company leased 4.6 million sq ft of office space, with 3.7 million sq ft in Manhattan, marking the highest Manhattan leasing volume in over a decade [7] - Average starting rents in Manhattan were $98 per sq ft, with marked markets showing increases of +10.4% GAAP and +7.8% cash [8] - Office occupancy rose from 88.8% to 91.2% during the year, reflecting strong leasing activity [11][26] Market Data and Key Metrics Changes - The New York office market is experiencing a tightening landlords market, with robust tenant demand from finance, tech, and other industries [4] - The financing markets for class A assets are strong, with CMBS spreads at their tightest since 2021 [26] - The company has a liquidity of $2.39 billion, consisting of cash balances of $978 million and undrawn credit lines of $1.41 billion [20] Company Strategy and Development Direction - The company is focused on its Manhattan-centric office strategy, emphasizing high-quality office space and development projects like 350 Park Avenue and PENN 15 [5][14] - The company plans to enhance its retail offerings in the Penn District and is developing a 475-unit rental residential building [18] - The management team is committed to maintaining a liquid balance sheet while exploring stock buybacks due to perceived undervaluation [21][22] Management's Comments on Operating Environment and Future Outlook - Management believes the current fundamentals in Manhattan are the best in 20 years, with expectations for continued tightening in the landlords market [4] - The company anticipates significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease uptakes materializes [25] - Management acknowledges the disconnect between stock price and asset value, viewing it as a potential buying opportunity [22] Other Important Information - The company has refinanced nearly $3.5 billion of debt, extending maturities through 2031 [21] - The acquisition of 623 Fifth Avenue is viewed as a strategic move to create a high-end boutique office space [14][46] - The company is actively managing its capital plan, balancing development projects with stock buybacks and asset sales [52] Q&A Session Summary Question: Changes in the structure of 350 Park - Management confirmed that there were amendments related to the overall deal, allowing for flexibility in equity percentage [33] Question: Overall leasing pipeline and tenant conversations - The leasing pipeline remains strong, with over half of the activity from new tenants and significant expansions from financial services and tech sectors [36] Question: Share buybacks and asset dispositions - Management expressed strong interest in pursuing share buybacks, viewing the stock as undervalued [37] Question: Difference between cash and GAAP same-store NOI - Management indicated that the inflection point for cash NOI turning positive is expected in the second half of 2026 [39] Question: Retail market performance on Upper Fifth Avenue - The retail market is improving but still struggling to meet top rents from previous years [41] Question: GAAP occupancy and lease occupancy differences - Management clarified that the $200 million difference is an absolute number, not annualized, and will be recognized as tenants meet GAAP standards [42] Question: Details on 623 Fifth Avenue and its impact on FFO - The project is expected to generate an incremental return of over $0.11 to FFO, with a focus on creating a high-quality boutique office space [44][46]

Financial Data and Key Metrics Changes - Comparable FFO for 2025 was $2.32 per share, slightly higher than 2024 and better than initial forecasts [25] - Fourth quarter comparable FFO was $0.55 per share, down from $0.61 per share in Q4 2024, primarily due to higher net interest expense and lease termination income from the previous year [26] - Company same-store GAAP NOI increased by 5% for the quarter, while same-store cash NOI decreased by 8.3% [26] Business Line Data and Key Metrics Changes - In 2025, the company leased 4.6 million sq ft of office space, with 3.7 million sq ft in Manhattan, marking the highest Manhattan leasing volume in over a decade [8] - Average starting rents in Manhattan were $98 per sq ft, with marked markets showing increases of +10.4% GAAP and +7.8% cash [9] - Office occupancy rose from 88.8% to 91.2% in 2025, driven by significant leasing activity [12][28] Market Data and Key Metrics Changes - The New York office market is experiencing a tightening landlords market, with robust tenant demand from finance, tech, and other industries [5][6] - The financing markets for New York office assets are strong, with CMBS spreads at their tightest since 2021 [28] - The company has a liquidity of $2.39 billion, including cash balances of $978 million and undrawn credit lines of $1.41 billion [20] Company Strategy and Development Direction - The company is focused on its Manhattan-centric office strategy, with significant developments planned, including the 1.85 million sq ft 350 Park Avenue project [14] - The company is also enhancing its retail offerings in the Penn District, with plans to replace outdated retail spaces [18] - The management team is committed to maintaining a highly liquid, cash-heavy balance sheet while pursuing stock buybacks due to perceived undervaluation [22][23] Management's Comments on Operating Environment and Future Outlook - Management believes the current fundamentals in Manhattan are the best in 20 years, with expectations for continued tightening in the landlords market [5] - The company anticipates significant earnings growth in 2027 as the positive impacts from PENN 1 and PENN 2 lease-up take effect [27] - Management acknowledges the disconnect between stock price and asset value, viewing it as a potential buying opportunity [23] Other Important Information - The company has been active in refinancing nearly $3.5 billion of debt and extending maturities through 2031 [21][29] - The acquisition of 623 Fifth Avenue is viewed as a strategic move to create a high-end boutique office space, with expected returns of over 10% [15][60] Q&A Session Summary Question: Changes in the structure of 350 Park Avenue - Management confirmed that there were amendments related to the overall deal, allowing for flexibility in equity percentage [33] Question: Yield expectations for 350 Park Avenue - Management indicated that Citadel's rent will be based on a formula related to financing costs, with expectations for high demand [36] Question: Overall leasing pipeline and tenant conversations - The leasing pipeline remains strong, with significant activity from new tenants and expansions in financial services and tech [40] Question: Share buybacks and asset sales - Management expressed a strong interest in pursuing share buybacks, viewing the stock as undervalued [42] Question: Difference between cash and GAAP same-store NOI - Management expects to see a positive inflection in cash NOI in the second half of 2026 as free rent periods end [45] Question: Retail market performance on Upper Fifth Avenue - The retail market is improving but still struggling to meet peak rents from previous years [48] Question: GAAP occupancy and lease occupancy differences - Management clarified that the $200 million difference is not annualized and will be recognized as tenants build out their spaces [50][51] Question: Development costs and financing expectations for 623 Fifth Avenue - Management plans to finance the project as usual, with expectations for completion by the end of 2027 [62]

Financial Data and Key Metrics Changes - Comparable FFO for 2025 was $2.32 per share, slightly higher than 2024 and better than anticipated [26] - Fourth quarter comparable FFO was $0.55 per share, down from $0.61 per share in Q4 2024, primarily due to higher net interest expense [26] - Same-store GAAP NOI increased by 5% for the quarter, while same-store cash NOI decreased by 8.3% [27] Business Line Data and Key Metrics Changes - In 2025, the company leased 4.6 million sq ft of office space, with 3.7 million sq ft in Manhattan, marking the highest leasing volume in over a decade [6] - Average starting rents in Manhattan were $98 per sq ft, with mark-to-markets of +10.4% GAAP and +7.8% cash [7] - Office occupancy rose from 88.8% to 91.2% in 2025, driven by significant leasing activity [12][28] Market Data and Key Metrics Changes - The New York office market is experiencing a tightening landlord's market, with robust tenant demand from finance and tech sectors [4] - The financing markets for Class A assets are strong, with CMBS spreads at their tightest since 2021 [29] - The company has a liquidity of $2.39 billion, including cash balances of $978 million and undrawn credit lines of $1.41 billion [22] Company Strategy and Development Direction - The company is focused on its Manhattan-centric office strategy, with significant developments planned, including 350 Park Avenue and 623 Fifth Avenue [5][15] - The company aims to capitalize on the shortage of large blocks in better buildings by bringing prime space to market [14] - The management team is committed to maintaining a highly liquid, cash-heavy balance sheet while exploring stock buybacks [22][24] Management's Comments on Operating Environment and Future Outlook - Management believes the current fundamentals in Manhattan are the best in 20 years, with expectations for continued tightening in the landlord's market [4] - The company anticipates significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease-up takes effect [28] - Management acknowledges the disconnect between stock price and asset value, viewing current stock buybacks as an attractive investment opportunity [24][25] Other Important Information - The company has extended maturities on nearly $3.5 billion of debt through 2031 and has been active in refinancing to bolster liquidity [23][30] - The acquisition of 623 Fifth Avenue is viewed as a strategic move, with plans to create a high-quality boutique office space [15][16] - The company is also developing a 475-unit rental residential building on 34th Street, expected to break ground in the fall [19] Q&A Session Summary Question: Changes in the structure of 350 Park Avenue - Management confirmed that there were amendments related to the overall deal, providing flexibility in equity percentage [35] Question: Overall leasing pipeline and tenant conversations - The leasing pipeline remains strong, with over half of the activity from new tenants and significant expansion from financial services and law firms [40] Question: Cash and GAAP same-store NOI difference - Management expects to see cash NOI turn positive in the second half of 2026 as free rent periods end [45] Question: Retail market conditions on Upper Fifth Avenue - The retail market is improving but still struggling to meet top-tick rents from four or five years ago [48] Question: Difference between GAAP occupancy and leased occupancy - The $200 million difference is not annualized and will be recognized as tenants build out their spaces [51]

Financial Data and Key Metrics Changes - Comparable FFO for 2025 was $2.32 per share, slightly higher than 2024 and better than anticipated [23] - Fourth quarter comparable FFO was $0.55 per share, down from $0.61 per share in Q4 2024, primarily due to higher net interest expense and lease termination income from the previous year [24] - Company same-store GAAP NOI increased by 5% for the quarter, while same-store cash NOI decreased by 8.3% [24] Business Line Data and Key Metrics Changes - In 2025, the company leased 4.6 million sq ft of office space, with 3.7 million sq ft in Manhattan, marking the highest Manhattan leasing volume in over a decade [6] - Average starting rents in Manhattan were $98 per sq ft, with marked markets showing +10.4% GAAP and +7.8% cash [7] - Office occupancy rose from 88.8% to 91.2% [11] Market Data and Key Metrics Changes - The New York office market is experiencing a tightening landlords market, with robust tenant demand from finance, tech, and other industries [4] - The financing markets for class A assets are strong, with CMBS spreads at their tightest since 2021 [26] - The company has a liquidity of $2.39 billion, including cash balances of $978 million and undrawn credit lines of $1.41 billion [20] Company Strategy and Development Direction - The company is focused on its Manhattan-centric office strategy, with significant developments planned, including 350 Park Avenue and 623 Fifth Avenue [5][14] - The company aims to create high-quality office spaces and enhance its retail offerings in the Penn District [13][19] - The management team is committed to maintaining a cash-heavy balance sheet while exploring stock buybacks due to perceived undervaluation [21][22] Management's Comments on Operating Environment and Future Outlook - Management believes the current fundamentals in Manhattan are the best in 20 years, with expectations for continued tightening in the landlords market [4] - The company anticipates significant earnings growth in 2027 as the positive impact from PENN 1 and PENN 2 lease uptakes materializes [25] - Management acknowledges the disconnect between stock price and asset value, viewing it as a potential buying opportunity [22] Other Important Information - The company has extended maturities on nearly $3.5 billion of debt through 2031 and has been active in refinancing to bolster liquidity [27][28] - The company is planning to develop a 475-unit rental residential building and enhance retail offerings along 34th Street [18] Q&A Session Summary Question: Changes in the structure of 350 Park Avenue - Management confirmed that there were amendments related to the overall deal, allowing for flexibility in equity percentage [30] Question: Overall leasing pipeline and tenant conversations - The leasing pipeline remains strong, with over half of the activity from new tenants and significant expansions from financial services and tech sectors [34] Question: Share buybacks and asset dispositions - Management expressed strong interest in pursuing share buybacks, viewing the stock as undervalued [35] Question: Difference between cash and GAAP same-store NOI - Management indicated that the inflection point for cash NOI turning positive is expected in the second half of 2026 [37] Question: Retail market performance on Upper Fifth Avenue - The retail market is improving but still struggling to meet top rents from four or five years ago [39] Question: GAAP occupancy and lease occupancy differences - Management clarified that the $200 million difference is not annualized and will be recognized as tenants build out their spaces [40]