Market Valuation - Philippine stocks are trading at their steepest discount to regional peers since 2009 [1] Economic Concerns - Concerns are rising over the export-reliant economy due to the Trump administration's shifting tariff policies [1]

This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Balfour Beatty, the London-based construction giant and a leading infrastructure builder in the U.S., has a new CEO. Following the March announcement that former CEO Leo Quinn would step down, the company completed its transition and elevated Philip Hoare to the new group chief executive role, according to a Sept. 8 news release.  Hoare, a civil engineer by ...

Economic Impact of Trade and Tariff Policies - Trade wars and random tariff policies are impacting jobs and prices, affecting everyday consumers and businesses [2][3][4] - Tariff policies are increasing unpredictability and raising prices for American consumers [4] Public Safety and Federal Support - The Governor accepts federal support for law enforcement but notes cuts to FBI, ATF, and violence prevention programs in the President's proposed budget [5][6] - Baltimore's assaults with deadly weapons decreased by 10%, while DC's increased by 8% during a similar period, without mobilizing the National Guard [7] - The National Guard's activities in DC included spreading 744 cubic yards of mulch, collecting 886 bags of trash, and painting 270 feet of fence [11] Vaccine Policy - Maryland will maintain its vaccine policies from December 31st of last year, ensuring vaccine availability and safety, and not giving in to conspiracy theories [14] Redistricting - All options are on the table regarding redistricting in Maryland [17] - Less than 10% of all congressional districts are competitive [19]

US Government & Business - The US government is increasingly acting like a business, with a focus on dealmaking and economic upside [1][2][4][20] - The government took a 10% ownership stake in Intel in exchange for previously awarded funds from the Chips Act and the DoD secure enclave program, not through direct cash investment [6][12] - This action aligns with historical precedents where the government has taken equity stakes in companies during crises, such as the 2008 financial crisis (TARP program) and the 1984 Continental Illinois bank failure [8][10] - The appointment and potential removal of a Federal Reserve board governor is being viewed through a business lens, similar to a CEO firing an employee accused of a serious crime [17][18][20] Volatility & Investment - Volatility, when harvested correctly, can be a useful tool for risk management and yield generation, especially in assets like Bitcoin [23] - Bitcoin's volatility is a designed feature due to its fixed quantity, leading to price volatility as a natural outcome [24] - Intraday volatility in crypto is as important as close-to-close volatility, and Bitcoin exhibits fat kurtosis with occasional gaps [27][30] - There are two types of investors: those who seek volatility for potentially higher returns and those who avoid it [32] Humanoid Robots & Nvidia - Nvidia has released a new humanoid robot brain powered by the Nvidia Blackwell GPU with 128 gigabytes of memory, targeting the software needs of humanoid robot companies [33][34] - Early adopters of Nvidia's humanoid robot brain include companies like Agility, Boston Dynamics, and Figure [34] - Nvidia is positioning itself to "tax the whole industry" by providing the software, memory, and intelligence for humanoid robots, rather than building the robots themselves [35]

Core Viewpoint - The recent executive order eliminating the de minimis exemption is negatively impacting Etsy's stock price, which fell over 8% as a result of this change [1][2]. Group 1: Impact of Executive Order - The de minimis exemption allowed goods imported into the U.S. valued under $800 to be exempt from taxes and tariffs, but this exemption will end on August 29 [2]. - The elimination of this loophole is expected to adversely affect Etsy's fundamentals, particularly as many sellers offer small, inexpensive items that may become too costly due to new tariffs [4]. Group 2: Company Response - Etsy is proactively addressing the situation by providing guidance to its sellers through a webpage titled "Navigating Evolving Global Tariff Policies," suggesting best practices in light of the upcoming changes [5]. Group 3: Financial Implications - The new tariff regime is anticipated to hurt Etsy's revenue and other financial metrics, although the exact impact remains uncertain until management provides further data in upcoming earnings releases [6].

Core Insights - Rising inflation is expected to benefit both Walmart and Costco as consumers seek low-price options [2][3][11] - Walmart has a larger market cap of $778 billion compared to Costco's $441 billion, with Walmart operating over 10,000 stores globally [5] - Costco's membership model contributes significantly to its profits, with membership fees accounting for about 65% of net income [9] Financial Performance - Walmart's total revenue for fiscal 2024 was $648 billion, with adjusted earnings per share increasing by 5.7% to $6.65 [8] - Costco reported a 6.7% increase in U.S. net sales to nearly $238 billion for fiscal 2023, with membership fees rising by 8% to $4.58 billion [9] - Costco's stock rose 63% in the 52 weeks following its earnings release, while Walmart shares climbed 66% in the same period [8][10] Market Position and Strategy - Walmart managed to keep grocery price increases to 3% during a period of 6% to 9.1% inflation, outperforming competitors like Amazon and Kroger [7] - Costco's membership-driven model provides stability during inflationary periods, as evidenced by a 10.4% increase in membership fee income in its recent quarter [10] - Analysts expect Costco to increase earnings per share by 10% for the current quarter, while Walmart's recent earnings report was slightly disappointing [12][13] Future Outlook - Both companies are well-positioned to thrive amid rising grocery prices, but Costco's membership model may offer a more advantageous position given the uncertainty surrounding tariffs [14]

President Trump’s “America First” tariff policies are boosting manufacturing in Puerto Rico, an island he has both attacked and claimed to help more than any other US leader https://t.co/R1laQZSkS8 ...

If a company. Talk numbers the way the federal government has been talking numbers, the FCC would be all over them for speculative numbers, not grounded in any kind of accounting. When I hear these pledges that Japan's going to invest so much in the United States, that Europe's going to invest so much in the United States, that such and such a company is going to invest so much.You don't know what they mean because you don't know what the baseline would have been. You don't know what's being counted and inc ...

Financial Data and Key Metrics Changes - The company experienced a 3% decline in net sales, excluding currency effects, due to negative consumer sentiment impacting global industry demand [10] - Ongoing earnings per share were reported at $1.34, negatively impacted by approximately $0.35 from a noncash loss associated with a minority interest in Becker Europe BV [11] - Free cash flow was unfavorable compared to the prior year by approximately $140 million, driven by seasonal inventory build [11] Business Line Data and Key Metrics Changes - MDA North America saw a 5% decline in net sales year over year, with EBIT margin approximately 6% [15][16] - MDA Latin America experienced a 1% decline in net sales year over year, with EBIT margin at 6% [17] - MDA Asia reported a 4% decline in net sales year over year, but achieved over 7% EBIT margin with 90 basis points of margin expansion [19] - SDA global business delivered 8% net sales growth year over year, driven by direct-to-consumer sales growth [20] Market Data and Key Metrics Changes - Asian appliance imports were estimated to approach the highest level on record during the first half of the year, contributing to promotional intensity [6] - The overall industry is expected to be flat to down 3% globally, with MDA North America and Latin America also expected to be flat to down 3% and 5% respectively [45][46] Company Strategy and Development Direction - The company is focused on new product introductions, with over 30% of North American products transitioning to new products in 2025, marking the largest product portfolio refresh in over a decade [21] - The company aims to leverage its strong U.S.-based manufacturing footprint to benefit from new tariff and trade policies [22][24] - The company is committed to investing in innovative products and reducing debt levels while maintaining a healthy dividend [49][50] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic uncertainty, elevated interest rates, and evolving trade policies have negatively impacted consumer sentiment [5] - The company expects meaningful improvement in the North American business as the full impact of tariffs kicks in later this year [7] - Management remains confident in the long-term fundamentals of the housing market and believes the company is well-positioned to benefit from eventual recovery [25][34] Other Important Information - The company updated its full-year guidance, expecting approximately flat net sales of $15.8 billion in 2025, reflecting strong new product pipeline offset by worsening global consumer sentiment [41] - The company plans to adjust the annual dividend rate to $3.60 per share starting in the third quarter to create capacity for future investments and debt repayment [51][96] Q&A Session Summary Question: Estimate of pull forward tariff-free imported product currently on the ground - Management indicated that it is difficult to provide an exact estimate but noted a significant imbalance between declared sell-in and actual sell-out, with a potential 60 to 90 days of inventory from excess Asian imports [59][61] Question: Promotional calendar and second half outlook - Management stated that they significantly reduced promotional efforts in Q2 and do not expect a completely different behavior in the second half, anticipating a more muted promotional environment [62][64] Question: North America major margins and guidance - Management confirmed that the adjustment in guidance reflects continued delays for tariffs, with no change in the fundamental investment story [76][78] Question: Performance of SDA business and back half outlook - Management expressed satisfaction with SDA performance, driven by new product momentum and direct-to-consumer growth, while noting that the segment is back half loaded [88][90] Question: Update on India sale - Management expects proceeds from the India sale to be in the $550 million to $600 million range, with closure anticipated by the end of the year [110][112] Question: Confidence in pricing actions to offset tariffs - Management confirmed that necessary pricing actions have been implemented to offset tariffs, although the impact was masked by a loss in product mix [114]

Financial Performance - Net sales were $38 billion, a decrease of 54% year-over-year, or 32% excluding currency effects[16] - Ongoing EBIT margin was 53%, unchanged year-over-year, impacted by unfavorable currency[16, 18] - Free cash flow was negative $856 million, representing -227% of net sales, impacted by seasonal inventory build[16, 18] Segment Results - North America (MDA NAR): Net sales decreased by 5%, and EBIT margin decreased by 03 percentage points[23] - Latin America (MDA LAR): Net sales decreased by 1%, but EBIT margin increased by 02 percentage points[27, 29] - Asia (MDA Asia): Net sales decreased by 4% excluding currency, but EBIT margin increased by 09 percentage points[31, 34] - Global Small Domestic Appliances (SDA Global): Net sales increased by 8%, and EBIT margin increased by 34 percentage points[36, 38] 2025 Guidance - Net sales are projected to be approximately $158 billion, flat year-over-year[88] - Ongoing EBIT margin is expected to be around 57%, flat year-over-year[88] - Free cash flow is estimated at approximately $400 million, representing about 25% of net sales[88] Strategic Initiatives - Whirlpool is focusing on new product introductions, particularly in North America, with over 30% of the product portfolio transitioning in 2025[42] - The company expects to pay down approximately $700 million of debt in 2025[98, 102] - Capital expenditures are planned at around $450 million for innovation, digital transformation, and cost optimization[97, 98]