Forward-Looking Information Fourth Quarter 2025 Results January 30, 2026 Cautionary Statement This earnings presentation and the associated conference call may include forward‐looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among ...

Core Viewpoint - Comcast reported strong fourth-quarter earnings, exceeding expectations, which positively impacted its stock price Financial Performance - Earnings per share reached $0.84, surpassing the consensus estimate of $0.73 [1] - Revenue for the quarter was $32.31 billion, closely aligning with analyst expectations of $32.35 billion [1] - Adjusted EBITDA increased by 10.3% year over year to $7.9 billion [2] - Free cash flow rose by 34% to $4.37 billion [2] Wireless Performance - The company achieved its strongest-ever performance in wireless, with 1.5 million net line additions during the year [2] - Total wireless lines exceeded 9 million [2] Dividend Announcement - Comcast will maintain its annual dividend at $1.32 per share for 2026, with a quarterly dividend of $0.33 per share declared [3]

Financial Data and Key Metrics Changes - The company reported a full-year growth in NOI of 4.8% and a 5% increase in normalized FFO per share for 2025 [3][15] - Fourth quarter normalized FFO was $0.79 per share, with full-year normalized FFO at $3.06 per share, reflecting 4.2% and 5% growth respectively compared to the prior year [15][16] - The annual dividend rate was set at $2.17 per share, marking a 5.3% increase and the 22nd consecutive year of annual dividend growth [7] Business Line Data and Key Metrics Changes - The MH business generated over $1 billion in revenue in 2025, with a combined revenue CAGR of 5.9% over the last five years [9] - Core community-based rental income increased by 5.5% for the full year 2025 compared to 2024, driven by rate increases for renewing residents and market rent for new residents [16] - Core RV and marina annual base rental income increased by 4.1% compared to the prior year, while core seasonal and transient rent combined decreased by 9.1% [16][17] Market Data and Key Metrics Changes - Approximately half of the MH revenue comes from Florida, with 20% from California and Arizona, and the rest from North Central and Northeast US [9] - The average occupancy in California properties is 96%, reflecting strong demand in high-cost markets [11] - The company noted that demographic trends, including the aging of baby boomers and Gen X, support demand for its MH and RV offerings [11][12] Company Strategy and Development Direction - The company focuses on internal growth and operational expansions, particularly in the Sunbelt markets, while maintaining a strong balance sheet for potential acquisition opportunities [52][53] - The management emphasized the importance of community engagement and the value proposition of affordable housing in addressing broader housing issues [42][52] - The company plans to continue investing in its communities to support long-term resident retention and growth [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, anticipating normalized FFO growth of 3.7% for 2026 [6][18] - The company expects core property operating income growth of 5.6% at the midpoint of its guidance range for 2026 [18] - Management highlighted the positive early booking pace for RV and seasonal customers, driven by favorable weather conditions and marketing efforts [93] Other Important Information - The company has no secured debt maturing before 2028, with a debt to EBITDARE ratio of 4.5 times and interest coverage of 5.7 times [21] - The company anticipates approximately $100 million of discretionary capital after meeting obligations for dividend payments and capital expenditures [7][20] Q&A Session Summary Question: What gives confidence that seasonal and transient can accelerate through the balance of the year? - Management indicated that early booking pace is favorable compared to last year, with positive trends observed for major holidays [28][30] Question: What is the expected impact of insurance renewal on expenses? - Management noted that while they expect some increase in expenses, they are pleased with the lack of adverse claims experience in 2025 and anticipate a softening market for insurance [34] Question: What is the outlook for Canadian customers? - Management reported that Canadian customers represent 10% of total RV revenue, with no significant increase in home sales observed, maintaining a strong demand profile [48][50] Question: What is the strategy for the rental home business moving forward? - The company plans to prioritize selling homes but may accept rentals to expose more prospects to future home buying [99] Question: What is causing the decline in campground membership counts? - Management explained that attrition of legacy members paying lower dues is offset by new members paying higher dues, leading to a net decline in counts [117]

Key Takeaways Mondelez is expected to deliver Q4 revenues of $10.3B, up 7.4%, with EPS of 70 cents.Mondelez is adjusting pricing, pack sizes and promotions to better match affordability and steady demand.MDLZ expects easing inflation and supply-chain efficiencies to support stronger fourth-quarter profits.Mondelez International, Inc. (MDLZ) is likely to witness top and bottom-line growth when it reports fourth-quarter 2025 earnings on Feb. 3. The Zacks Consensus Estimate for revenues is pegged at $10.3 bill ...

Core Viewpoint - The Walt Disney Company (DIS) is facing challenges in its stock performance despite being a global entertainment leader, with recent earnings reports indicating mixed results and concerns over traditional TV revenue declines [1][4][5]. Financial Performance - DIS has a market capitalization of $197.5 billion and operates through various segments including Entertainment, Sports, and Experiences [1]. - In the past 52 weeks, DIS stock has decreased by 2.3%, while the S&P 500 Index has increased by 15% [2]. - For the fiscal year ending in September 2026, analysts project DIS' adjusted EPS to grow nearly 11% year-over-year to $6.58 [5]. Recent Earnings and Market Reaction - In Q4 2025, DIS reported an adjusted EPS of $1.11, which was better than expected; however, the stock fell by 7.8% due to missing revenue expectations of $22.46 billion [4]. - The traditional TV unit experienced a profit decline of 21% to $391 million, contributing to overall concerns despite strengths in streaming and parks [5]. Analyst Ratings and Price Targets - Among 31 analysts, the consensus rating for DIS is a "Strong Buy," with 21 "Strong Buy" ratings, four "Moderate Buys," five "Holds," and one "Strong Sell" [6]. - J.P. Morgan's David Karnovsky reiterated a "Buy" rating with a price target of $138, while the mean price target of $134.89 suggests a 23.1% premium to the current price [7].

EUGENE, Ore.--(BUSINESS WIRE)--Summit Bank Group (OTCID: SBKO): Summit Bank Group reported net income for the fourth quarter of $4.18 million or 53 cents per fully diluted share, which was the highest ever single quarter earnings per share for the Company, outperforming the previous quarter's result of 50 cents per share, which was also a best ever result for the Company. Comparable earnings for fourth quarter of 2024 were $3.01 million or 39 cents per fully diluted share, representing an increase of 38.6 p ...

Core Insights - Sanmina Corporation (SANM) reported strong first-quarter fiscal 2026 results, with revenues increasing by 59% year over year to $3.19 billion, surpassing the Zacks Consensus Estimate by $90 million [2][4][9] - The company’s net income on a GAAP basis was $49.3 million or $0.89 per share, down from $65 million or $1.16 per share in the prior-year quarter, while non-GAAP net income rose to $132.4 million or $2.38 per share, exceeding the consensus estimate of $2.15 [3][9] Revenue Performance - The Integrated Manufacturing Solutions segment generated $2.79 billion in revenues, a 72.2% increase year over year, contributing 87.5% to total revenues [5][9] - Revenues from Communications Networks and Cloud & AI Infrastructure surged to $1.964 billion from $737 million, while revenues from Industrial & Energy, Medical, Defense & Aerospace, and Automotive & Transportation declined to $1.226 billion from $1.269 billion [6] Profitability Metrics - Non-GAAP gross profit increased to $297.9 million from $180.1 million in the year-ago quarter, driven by higher revenues and improved operational efficiency [7] - Non-GAAP operating income totaled $192 million, with an operating margin of 6%, slightly up from 5.6% in the prior-year quarter [7] Cash Flow and Shareholder Returns - Sanmina generated $178.7 million of net cash from operating activities, compared to $63.9 million in the year-ago quarter [8] - The company repurchased 0.5 million shares for $79 million during the quarter [8] Future Outlook - For the second quarter of fiscal 2026, revenues are expected to be in the range of $3.1 billion to $3.4 billion, with non-GAAP earnings per share estimated between $2.25 and $2.55 [10]

Earnings Reports - Boeing (BA) reported a Q4 loss of -$1.91 per share after excluding a one-time sale of Digital Aviation Solutions for $10.55 billion, with revenues up +57% year over year to $23.95 billion [1] - UnitedHealth (UNH) beat earnings estimates by 2 cents at $2.11 per share, but revenues fell slightly by -0.04% to $113.22 billion, leading to a pre-market share drop of -15% [2] - General Motors (GM) exceeded earnings expectations with $2.51 per share, a +14% beat, and reported quarterly revenues of $45.29 billion, down -1.83%, while announcing a +20% increase in dividends [3] - United Parcel Service (UPS) posted earnings of $2.38 per share on revenues of $24.48 billion, beating estimates by +7.2% and +1.95% respectively, although shares were trading modestly down after initial gains [4] Market Expectations - January Consumer Confidence is anticipated to be reported at 90, slightly above the previous month's 89.1, but still below the 100 points average seen over the past four years, reflecting consumer strain from a delicate labor market and policy shifts [5] Upcoming Earnings - Texas Instruments (TXN) is expected to report Q4 earnings with flat year-over-year growth but a +10.7% increase in revenues, continuing a streak of eight consecutive quarterly earnings beats, with the stock up +13% since the start of the year [6]

Market Overview - Saira Malik, Nuveen CIO, believes that earnings will drive the market forward in 2026, projecting a growth rate of over 10 percent, but warns that premium valuations may lead to volatility [1] - The market is currently experiencing a tug of war between macro and micro factors, with geopolitical tensions, Fed policy, and corporate earnings being the three key issues [1] Sector Insights - Significant growth in aggregate dollars is still concentrated in large tech firms, with tech earnings expected to be double those of the average S&P 500 company this year [2] - Malik favors materials and industrials as secondary plays behind tech, while expressing skepticism towards consumer staples due to their lack of earnings growth unless in a recession [2] - Utilities are identified as a preferred defensive play amidst ongoing policy-related noise [2] Company Analysis: Antero Resources Corporation (NYSE:AR) - Antero Resources is highlighted as one of the best inexpensive stocks to buy, with 70 hedge fund holders [7] - Barclays lowered its price target for Antero Resources to $41 from $46, maintaining an Equal Weight rating, while noting the upstream industry's strategy of returning cash to shareholders remains durable [8] - Bank of America reduced its price target for Antero Resources to $39 from $47, citing risks of market oversupply by 2027 and applying an average 12% reduction to price objectives across the gas-focused E&P sector [10] Company Analysis: General Motors Company (NYSE:GM) - General Motors is also listed as one of the best inexpensive stocks to buy, with 71 hedge fund holders [12] - JPMorgan raised its price target for General Motors to $100 from $85, citing strengthening global production and billion-dollar tailwinds from the elimination of federal penalties related to fuel economy standards [12] - Goldman Sachs increased its price target for General Motors to $98 from $93 based on recent automotive sales data and positive supplier commentary [13] - HSBC raised its price target for General Motors to $75 from $48, indicating a more predictable year for automobile manufacturers in 2026 [14]

Here to discuss it all is Tom Lee. He's Fund Strat's head of research at a CNBC contributor. I kind of want to start Tom with what's been going on in the metals because a lot of people are pointing to this and saying the dollar's collapsing and metals are soaring and should they feel good about owning stocks in this environment or you hold your nose into I mean like can you kind of just unpack for us what you think is going on here.Um yeah, I mean I think metals uh is proving to be a a real genuine asset cl ...