Core Viewpoint - Freeport-McMoRan Inc. is considering expansion at several U.S. plants but warns that tariffs imposed by President Trump may increase its costs by approximately 5% [1] Group 1: Company Performance - Freeport-McMoRan reported first-quarter earnings that exceeded analysts' average expectations [1] - The company's copper sales also surpassed its previous forecasts [1] - Following the earnings report, the company's stock price rose by 7.1% to $37.69 [1] Group 2: Industry Context - The ongoing trade war is likely to lead to increased procurement costs for Freeport-McMoRan [1]

Financial Data and Key Metrics Changes - The company achieved net sales of $132.5 million for Q3 2025, representing a 22% year-over-year growth [8][15] - Adjusted EBITDA for the quarter was $11.3 million, with adjusted earnings per share of $0.20 [15] - Cash flow generated in the third quarter was $4.7 million, increasing the trailing twelve months cash flow to approximately $35 million [16] Business Line Data and Key Metrics Changes - The Display Solutions segment saw a 70% increase in sales year-over-year, with 15% organic growth [8][17] - Lighting sales lagged year-over-year but experienced a 110 basis point improvement in operating margins [9][19] - The Lighting segment's backlog increased by 18% compared to the previous year, indicating a strong rebound in large project order activity [10][19] Market Data and Key Metrics Changes - The Refueling C store vertical experienced a 60% increase in sales year-over-year, driven by ongoing customer graphics programs [17] - Sales of refrigerated and non-refrigerated display case products to the grocery vertical grew by 20% despite order fulfillment challenges [17] Company Strategy and Development Direction - The company is focused on onshoring and reshoring manufacturing, currently standing at 70% domestic sourcing and 30% foreign sourcing [11] - The acquisition of Canada's Best Store Fixtures is part of the strategy to enhance capabilities and market presence [7][16] - The company aims to leverage its unique integrated solutions approach to differentiate itself from competitors [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in regaining margins as customer demand stabilizes and operational efficiencies improve [7][10] - The company anticipates continued favorable order rates, although performance may remain choppy due to the lengthening quote-to-order conversion cycle [19][20] - Management remains optimistic about the market outlook, citing a strong backlog and recovery in lighting orders [46][67] Other Important Information - The company is actively pursuing both incremental and transformational M&A opportunities to enhance growth [55][56] - The product development team continues to release over 30 new products annually, indicating a strong commitment to innovation [58][60] Q&A Session Summary Question: Can you provide more details on fluctuating demand levels and customer schedules? - Management noted that fluctuating demand is primarily around grocery, with improvements in stability observed since early April [24][25] Question: What is the margin impact from production inefficiencies? - Management estimated a margin impact of 200 to 250 basis points due to scheduling disruptions, primarily in the grocery vertical [29][31] Question: How is the company managing the tariff environment? - Management indicated that they have established alternative sourcing and are monitoring pricing impacts due to tariffs, ensuring costs are captured appropriately [33][35] Question: Are there opportunities for cross-selling between display and lighting segments? - Management confirmed that there are significant cross-selling opportunities between display solutions and lighting customers, particularly in vertical markets [40][41] Question: What is the company's acquisition strategy moving forward? - Management stated that they remain active in M&A, focusing on both incremental and transformational opportunities to enhance business capabilities [54][56]

Core Viewpoint - Hasbro is facing significant financial impacts due to potential tariffs from the ongoing trade war, with estimates of a $300 million hit to its bottom line if the 145% levy on imports from China is implemented [1][2]. Financial Performance - Hasbro reported better-than-expected earnings, but the focus of investors and analysts was primarily on the implications of the trade war [1]. - The company maintained its full-year guidance, projecting a gross impact of $100 million to $300 million across the enterprise in 2025, depending on various tariff scenarios [2]. Tariff Impact - The CFO indicated that the forecast considers scenarios for China tariffs ranging from 50% to 145%, with an additional 10% for the rest of the world [2]. - CEO Chris Cocks noted that prolonged tariff conditions could lead to structural costs and increased market unpredictability, ultimately resulting in higher consumer prices [2]. Business Resilience - Despite the challenges, Hasbro believes it is well-positioned due to its robust games and licensing businesses and strategic flexibility [2]. - The U.S. games business benefits from digital and domestic sourcing, with many board games produced in Massachusetts [2]. - The Wizards of the Coast division has limited tariff exposure, with less than $10 million at risk due to domestic production in North Carolina, Texas, and Japan [2].

在关税政策愈发不明朗的背景下，周四，消费品巨头宝洁公司大幅下调全年销售和利润预期，并报告第三季度净销售额出现超预期下滑。 24日，宝洁公布2025全年业绩预估： 作为消费品行业的晴雨表，宝洁公司目前预计2025财年总净销售额将与上一财年大致持平，远低于此前2%至4%的增长目标。 宝洁从海外进口原材料、包装材料和部分成品到美国，而其在美国生产并出口到加拿大的商品也可能受到关税打击。 不过，发言人强调，宝洁在美国销售的产品中约90%是在国内生产的。尽管如此，宝洁此前已表示可能不得不提高价格以抵消关税影响。 宝洁并非唯一一家在当前经济环境中挣扎的消费品巨头。竞争对手Reckitt周三报告称，其在欧洲和北美的销售量有所下降。清洁纸巾制造商 Kimberly-Clark本周早些时候也下调了年度利润预期，并表示今年将因贸易关税而产生约3亿美元的成本。 然而，行业内部也出现了明显分化。雀巢和联合利华的季度销售额均超过市场预期，前者受益于包装食品业务的较高价格，后者则依靠多芬香皂 和凡士林等顶级品牌的强劲表现。 预计核心每股收益增幅+2％至+4％，此前预计+5％至+7％； 预计内生性收入大约+2％，此前预计+3％至+5％； ...

据智通财经报道，近日，美国商务部发布公告，对原产自柬埔寨、马来西亚、泰国和越南的晶体硅光伏电池（无论是否组装成组件）的反倾销和反补贴调查 （下称双反）作出肯定性终裁。根据裁定，上述东南亚四国光伏产品的反倾销税率范围在0%-271.28%，反补贴税率范围在14.64%-3403.96%，不同产地和生 产商面临的税率差异极大。由于柬埔寨光伏企业"正面硬刚"美国，去年10月拒不配合贸易调查之后，美国商务部报复性地对该国四家光伏厂商施以超过 3500%的双反税率。 所有人都知道特朗普想干什么？一方面，美方称中国太阳能企业在这4个国家开设了大量工厂，曲线输入了美国，所以此举是为了打击中企。另一方面，美 方是想让这4国站出来，背刺中国。前几天，中国海关总署数据出炉，2025年第一季度东盟仍然是中国第一大贸易伙伴国，远高于欧盟以及其它国家和地 区。特朗普的逻辑是：只要东盟大国都远离中国，那中国就将不得不向美国妥协。不过，要让特朗普失望了，这4个国家无一愿意背刺中国。 编辑 特朗普（资料图） 面对这种情况，特朗普希望美联储进行降息。尽管他不断的在和美联储主席鲍威尔施压，但是他根本指挥不动美联储。最后就是特朗普的关税政策了，他 ...

Core Viewpoint - Ken Griffin criticizes Trump's tariff policies, stating they are damaging the reputation of the United States and its assets, including U.S. Treasury bonds and the strength of the dollar [1][5]. Group 1: Economic Impact - Griffin warns that the trade war has become meaningless, necessitating a reevaluation of supply chains [2]. - He highlights that tariffs cannot bring manufacturing back to the U.S., noting that the U.S. has become 20% poorer in recent weeks due to Trump's inconsistent tariff stance [5][7]. - Griffin emphasizes that when the economic "cake" shrinks rapidly, there are no significant opportunities, and the focus shifts to merely surviving [8]. Group 2: Brand and Reputation - Griffin states that the damage done to the U.S. brand may take a lifetime to repair [3]. - He compares the current situation to the pressure on Harvard University, suggesting that attacking such a prestigious institution is akin to attacking one of America's most outstanding brands [4]. - He expresses concern that the actions of U.S. officials may weaken the country's standing, especially amid a debt crisis in the Western world [9]. Group 3: Manufacturing and Investment - Griffin strongly doubts the effectiveness of Trump's goal to revive U.S. manufacturing through tariffs, asserting that the volatility of policies undermines the intended objectives [6].

Ken Griffin猛烈抨击特朗普的关税政策，认为其正在损害美国声誉。 据媒体报道，周三，对冲基金巨头Citadel创始人兼首席执行官肯·格里芬(Ken Griffin)在世界经济峰会上接受媒体采访时表示， 特朗普行动过快，疏远了盟友， 并玷污了美国资产曾经"无可比拟"的卓越声誉，包括美国国债、美元强势和国家信用度。 Griffin警告称： 不幸的是，贸易战已经变得毫无意义，这意味着我们要花时间思考供应链。 我们将品牌置于风险之中。要修复已经造成的损害，可能需要一辈子的时间。 他将当前情况与哈佛大学的遭遇相提并论，认为政府对这所美国顶尖学府的施压，无异于"攻击美国最卓越的品牌之一"。 关税无法推动制造业回流，美国四周内已变穷20% 近几周来，由于特朗普在关税问题上反复无常的态度，以及一度暗示可能解雇美联储主席（后又收回言论），投资者纷纷抛售美国股票和国债，市场剧烈波 动，深层的不安情绪持续存在。 Griffin对特朗普旨在通过关税复兴美国制造业的核心目标表示强烈怀疑。他认为： 我告诉你什么不会发生：人们不会筹集资金在美国建厂，因为政策的波动性实际上破坏了你试图实现的目标。 Griffin引用欧元作为参照， ...

智通财经APP获悉，当前财报季中，关税上涨与美元疲软正为企业盈利预期蒙上阴影，分析师预计未来 几个季度负面影响还将持续扩大。 随着美元兑欧元汇率跌至三年低点、兑瑞士法郎创十年新低，欧洲企业已纷纷拉响警报。这令本已因特 朗普贸易政策导致经济放缓风险而承压的股市雪上加霜。 鉴于斯托克600指数成分股企业60%的营收来自海外，美元大幅贬值将显著降低其以欧洲本土货币计值 的美国市场收益。受此影响，欧洲市场中对美业务敞口较大的股票随美元同步下挫，众多投资者正转向 以内需为导向的企业寻求避险。 欧洲市值最高的企业SAP SE(SAP.US)率先预警汇率风险。这家软件巨头首席财务官向投资者表示，美 元走弱将在中期形成盈利阻力，随着外汇对冲合约陆续到期，负面影响将在明年集中显现。 与此同时，荷兰啤酒巨头喜力集团(HEINY.US)预计，欧元走强将导致今年营收减少17.2亿欧元(20亿美 元)。法国医疗诊断公司BioMerieux和英国零售商WH Smith Plc在财报中也强调了汇率风险。 Lombard Odier Investment Managers宏观研究主管Florian Ielpo表示："欧洲企业必须清醒认识到， ...

当地时间4月22日，美国电动汽车品牌特斯拉发布的报告显示，该公司今年第一季度净利润为4.09亿美 元，与去年同期相比下降71%。此外，调整后特斯拉每股收益为0.27美元，低于分析师预期。 特斯拉工厂 图源：央视新闻 近期，美国政府效率部牵头人埃隆·马斯克面临着双线"职场问题"的困扰。当地时间4月22日，特斯拉发 布的报告显示，该公司今年第一季度净利润为4.09亿美元，与去年同期相比下降71%；据美国媒体消 息，马斯克和财政部长贝森特上周曾在白宫激烈争吵，甚至爆粗口，而当时美国总统特朗普和到访白宫 的意大利总理梅洛尼都能听到。 马斯克 资料图 图源：新华社 特斯拉一季度净利润大降，舆论认为受马斯克拖累 截至22日下午，特斯拉股价收于每股238美元，较年初下跌近37%。 《纽约时报》引述投资人士的话说，"这是我见过的特斯拉有史以来最糟糕表现。"舆论普遍认为，特斯 拉业绩大跌，是受公司创始人马斯克涉入政治拖累。特斯拉公司也表示，贸易战和"不断变化的政治情 绪"可能对该公司造成压力。 《华尔街日报》称，马斯克在当日的电话会议上深深叹了口气，然后谈及特朗普政府的贸易战。他表 示，他主张降低关税，并将继续这样做，"我只想 ...

据央视网消息，近期，美国总统特朗普表示，对中美达成协议有信心。特朗普说："我认为我们会与中国达成协议，我们会和所有人达成协议的。如果我们 达不成协议，那我们就定个目标，然后就这么定了，这样也挺好。大概在接下来的三到四周内，事情应该能全部搞定。" 贸易（资料图） 据彭博社近期消息，在美国总统特朗普执意挑起贸易战之际，中国进口商削减了约90%的美国石油采购量，目前正进口创纪录数量的加拿大原油。 追踪水 运石油和天然气运输的Vortexa Ltd数据显示，3月份，中国从加拿大温哥华附近输油管道终点港进口的原油数量，飙升至前所未有的730万桶，本月有望超过 这一数字。与此同时，中国从美国进口的原油数量已从去年6月份的峰值2900万桶骤降至每月300万桶。 彭博社指出，中国——全球最大原油进口国，从美 国转向加拿大寻求更多石油，是特朗普政府试图重塑全球贸易关系却造成经济和战略混乱的又一例证。 自从中美贸易战升级，中国炼油厂对美国原油的采购量，直接砍掉了90%。美国农民早就尝过这种滋味。 上半年中国刚订完大豆，转头就找巴西买了40船 货，美国大豆商仓库里堆着3700万吨库存，急得直跺脚。美国对华牛肉出口暴跌95%，连续约 ...