Monetary Policy & Interest Rates - The market anticipated the rate cut, and the Fed did not deviate from expectations, avoiding promises of a future glide path [1] - Dissenting opinions within the FOMC are viewed positively, potentially reinforcing the Fed's independence and highlighting the committee's diverse perspectives [2] - The market anticipates a new Fed chair in May 2026, raising questions about the future interest rate landscape and the potential for more than one rate cut [3] - The Fed's reaction function is expected to remain heavily reliant on labor market data, potentially leading to more rate cuts than currently priced in if the labor market deteriorates significantly [5][6] Earnings & Market Performance - The broadening market performance over the past six months is attributed to the trajectory of earnings among different cohorts [7] - Earnings growth deceleration in mega-cap tech companies is converging with accelerating earnings growth in the rest of the market, supporting market broadening [8][9] - Despite frothy valuations, value can be found beneath the surface due to significant churn and rotation within the market [10][11][12] - A GARP (Growth at a Reasonable Price) approach is recommended, focusing on both value and growth factors [12] Investment Strategies - Within the Russell 2000, fading the lower quality, unprofitable components and leaning into the profitable components with better fundamentals is advised [13] - A combination of value factors (price-to-book, price-to-sales, strong balance sheets, high interest coverage) and growth factors (positive earnings trends, forward revisions, exceeding earnings expectations) is recommended [14]

Uh, meantime, Lululemon earnings are out. Courtney Reagan has details from the report. Court.>> Yeah, John. And before I give you the details from the report, I have to let you know that CEO Kevin McDonald will be stepping down from Lululemon. There is going to be an extensive search, but in the meantime, the current CFO and chief commercial officer will step in to run as effective co-CEOs until a permanent successor has been named.McDonald has been with the company since 2018. And of course, as we've talke ...

Core Insights - Oracle reported revenue of $16.06 billion for the quarter ended November 2025, reflecting a year-over-year increase of 14.2% and an EPS of $2.26, up from $1.47 in the same quarter last year, although the revenue fell short of the Zacks Consensus Estimate by 0.55% [1] Financial Performance - Revenue growth was driven by a 17.2% increase in the Americas, reaching $10.47 billion, while Asia-Pacific saw a 4.9% increase to $1.83 billion, and Europe, the Middle East, and Africa reported an 11.2% increase to $3.76 billion [4] - Hardware revenue was $776 million, exceeding estimates of $713.6 million, marking a 6.6% year-over-year increase, while services revenue reached $1.43 billion, surpassing the $1.36 billion estimate with a 7.4% increase [4] - Software license revenue was $939 million, below the $1.18 billion estimate, and total software revenue was $5.88 billion, also below the $6.06 billion estimate [4] - Cloud revenue totaled $7.98 billion, slightly below the $8.01 billion estimate, with cloud applications revenue at $3.9 billion, a decrease of 18.5% year-over-year, and cloud infrastructure revenue at $4.08 billion, down 32.3% year-over-year [4] Stock Performance - Oracle's shares have returned -6.2% over the past month, contrasting with the Zacks S&P 500 composite's +1.8% change, and the stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting with competent advisors before making any financial decisions, particularly in the context of investments in complex instruments like cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for investment actions [1]. - The accuracy and reliability of the information are not guaranteed, and users are cautioned against relying solely on the content provided [1]. Group 2 - The website discusses the high risks associated with cryptocurrencies and CFDs, highlighting that they are complex instruments with a significant potential for financial loss [1]. - It encourages users to conduct their own research and fully understand the workings and risks of any financial instruments before investing [1].

All right, Keith Learner, set us up here. We got the Fed decision. We got some key earnings as we as we know.How you think. >> Yeah. Well, I think Mike summed it up well.I think I wouldn't be, you know, overly focused just on tomorrow, even though there could be a knee-jerk reaction. The important thing is historically when the Fed cuts rates and markets are near all-time highs, a year later, the market has been up about 93% of the time. Go back to the mid 90s, 97 98, the Fed stayed on hold at 550.for over ...

All right, Keith Learner, set us up here. We got the Fed decision. We got some key earnings as we as we know.How you think. >> Yeah. Well, I think Mike summed it up well.I think I wouldn't be, you know, overly focused just on tomorrow, even though there could be a knee-jerk reaction. The important thing is historically when the Fed cuts rates and markets are near all-time highs, a year later, the market has been up about 93% of the time. Go back to the mid 90s, 97 98, the Fed stayed on hold at 550.for over ...

Core Viewpoint - The content emphasizes the importance of conducting personal research and due diligence before making any financial decisions, particularly in the context of complex financial instruments like cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for investment actions [1]. - The content is not tailored to individual financial situations, highlighting the need for users to consult competent advisors [1]. Group 2 - The website discusses the high risks associated with cryptocurrencies and CFDs, noting that they are complex instruments with a significant potential for financial loss [1]. - It encourages users to understand how these financial instruments work and to assess their ability to handle the associated risks before investing [1].

Core Insights - December is characterized as a month of transition, with managers prioritizing results over risk/reward ratios as they approach year-end [1] Group 1: Market Focus - Portfolio managers are concentrating on presenting results to clients rather than assessing risk/reward dynamics [1] - The emphasis is on reaching December 31st, indicating a focus on year-end performance metrics [1] Group 2: Investment Strategy - The company employs a combination of top-down macro analysis and bottom-up stock selection to identify investment opportunities [1] - Key areas of focus include earnings, technological disruption, policy shifts, and capital flows to uncover mispriced opportunities [1] Group 3: Analyst Insights - The company shares high-conviction ideas and contrarian views on both growth and value stocks through platforms like Seeking Alpha [1]

Eastman Chemical Company (NYSE:EMN) 2025 Conference Summary Industry and Company Overview - **Company**: Eastman Chemical Company - **Industry**: Specialty Chemicals, Advanced Materials, Additives, Functional Products Key Points and Arguments Demand Environment - Demand is currently lighter than expected, particularly in Chemical Intermediates, with North American demand deteriorating due to commodity price pressures and prolonged turnaround times for large crackers [3][4][5] - Advanced Materials and Additives & Functional Products are expected to maintain earnings in line with previous forecasts despite overall lighter demand [3][4] Financial Performance - The company anticipates earnings for Q4 to be slightly below the previously communicated range of $0.75 to $1, primarily due to challenges in the Chemical Intermediates segment [5][6] - Cash flow is projected to approach $1 billion for 2025, supported by inventory management actions taken in Q3 [5][6] Inventory Management - Customers have not significantly built inventory, leading to a cautious approach in managing supply chains [7][8] - The company has made strategic decisions to manage inventory levels effectively, particularly in the fibers and specialty plastics businesses [8][9] Market Segments - Approximately 50% of Eastman's exposure is to discretionary markets, which typically yield higher margins [12] - The automotive sector is a significant focus, with Eastman positioned to benefit from higher-end automotive products due to increased glass usage and technology integration [15][17] Cost Management and Capital Expenditure - Eastman is on track to achieve $75 million in cost reductions for 2025 and an additional $100 million in 2026, focusing on operational efficiencies across the company [25][46] - Capital expenditures are expected to stabilize around $400 million, with potential increases if new projects are initiated [44][45] Future Outlook - The company is optimistic about growth in the packaging sector, particularly in 2026, driven by mechanical recycling and innovative product offerings [22][39] - Eastman is strategically positioned to leverage its investments in digital technologies and supply chain transparency to enhance operational efficiency [9][10] Challenges and Risks - The company faces challenges from consumer demand fluctuations, particularly in discretionary segments, which may impact growth trajectories [38][40] - Ongoing macroeconomic uncertainties, including interest rates and consumer affordability, could influence market conditions and demand recovery [18][20] Strategic Initiatives - Eastman is focusing on enhancing its circular economy initiatives, including the development of a methanolysis facility to support recycled content in packaging [32][33] - The company is committed to maintaining strong partnerships with customers to navigate current market challenges and capitalize on future growth opportunities [38][40] Additional Important Insights - The company has seen a shift in customer behavior, with a focus on maintaining existing relationships rather than expanding new product introductions in a challenging consumer environment [38] - Eastman is actively managing its supply chain to mitigate tariff impacts and enhance operational efficiency, particularly in its textiles and fibers businesses [26][28][27] This summary encapsulates the key insights from the Eastman Chemical Company conference, highlighting the current state of the company, its market segments, financial performance, and strategic initiatives moving forward.

Financial Data and Key Metrics Changes - In Q3 2025, Banco Macro reported a net income loss of ARS 33.1 billion, a decrease of ARS 191.5 billion compared to the previous quarter, primarily due to higher loan loss provisions and administrative expenses [3][4] - Total comprehensive income for the quarter was an ARS 28.4 billion loss, with net income for the first nine months of 2025 totaling ARS 176.7 billion, down 35% year-on-year [3][4] - The annualized ROE and ROA as of Q3 2025 were 4.5% and 1.5%, respectively [3] Business Line Data and Key Metrics Changes - Net operating income before general and administrative expenses was ARS 779.6 billion, down 23% from Q2 2025 [4] - Provision for loan losses increased to ARS 156.8 billion, up 45% from the previous quarter and 424% year-on-year [4] - Net interest income totaled ARS 686.2 billion, a decrease of 7% from Q2 2025 and 8% year-on-year [4][5] - Net fee income was ARS 177.3 billion, down 7% from Q2 2025, with credit card fees decreasing by 22% [9] Market Data and Key Metrics Changes - Private sector loans increased by 3% quarter-on-quarter and 67% year-on-year, with commercial loans showing significant growth [14][15] - Total deposits increased by 5% quarter-on-quarter, totaling ARS 11.8 trillion, with private sector deposits increasing by 6% [15] - Banco Macro's market share in private sector loans reached 9% as of September 2025 [15] Company Strategy and Development Direction - The bank aims to grow loans by 35% in real terms and deposits by 25% in real terms for 2026, with a focus on both commercial and consumer sectors [22][38] - The bank is exploring M&A opportunities due to its excess capital of ARS 3.3 trillion, with potential developments expected in the next 12-18 months [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the increase in provisions was due to a peak in non-performing loans (NPLs) and unexpected additional expenses [21] - The bank expects the peak of NPLs to occur between October and November, with a cost of risk forecasted to be around 5% in 2026 [29][30] - Management remains optimistic about the bond portfolio performance improving in Q4 2025 [57] Other Important Information - The efficiency ratio deteriorated to 39.1% from 35.9% in Q2 2025, indicating increased operational costs [11] - The non-performing total finance ratio reached 3.02%, with a coverage ratio of 120.87% [16] Q&A Session Summary Question: Was the result worse than anticipated? - Management acknowledged that the results were impacted by higher provisions for NPLs and unexpected expenses, along with margin compression due to interest rate fluctuations [21][22] Question: What are the expectations for loan growth next year? - The bank forecasts a 35% growth in loans and a 25% growth in deposits for 2026, with an expected ROE in the low 10s [22][30] Question: Can you provide details on the extra expenses? - The additional expenses were primarily related to early retirement plans that were not anticipated [24] Question: When do you expect the peak of NPLs? - Management expects the peak to occur between October and November, with a cost of risk around 6.5% for Q4 [29][30] Question: What factors will drive deposit growth in 2026? - Positive real interest rates are expected to drive deposit growth, with a forecast of 25% growth in real terms [61] Question: What is the plan for the $400 million bond maturing in 2026? - Management is considering various options, including rolling over the bond or issuing a new senior bond, with a decision expected by mid-2026 [72][74]