Joining us to talk more about the markets is Evercore ISI founder and senior chairman Roger Olman. Uh Roger, good to have you. Uh I want to start uh good morning. I want to start with the firing of the BLS commissioner, the Bureau of Labor Statistics.Uh what do you what do you make of all of this and the ability to trust the data. Well, I find this move quite disturbing. Uh hundreds and hundreds of people, federal employees are involved in collecting this data.And so the idea that at the last minute and sur ...

Core Insights - Chevron reported a significant decline in net income for the second quarter, down approximately 44% to $2.49 billion, or $1.45 per share, compared to $4.43 billion, or $2.43 per share, in the same period last year [1] - The company incurred a $215 million loss related to the fair value measurement of Hess shares, but adjusted earnings per share were $1.77, surpassing Wall Street estimates of $1.70 [1][7] Acquisition Details - Chevron completed the acquisition of Hess Corporation on July 18, following a successful arbitration that dismissed Exxon's claim to a right of first refusal over Hess's assets in Guyana, allowing the $53 billion deal to proceed [2] - The acquisition is expected to contribute positively to earnings starting in the fourth quarter and aims to reduce annual run-rate costs by $1 billion by the end of 2025 [3] Production and Financial Performance - Chevron's total production reached approximately 3.4 million barrels per day, marking a 3% increase year-over-year, with U.S. production rising about 8% to 1.69 million bpd [4] - The production segment reported a profit of $2.72 billion, down 38% from $4.47 billion in the same period last year due to lower oil prices, while the refining business saw earnings increase by 23% to $737 million [5]

Expansion Strategy - Dai-ichi Life is considering mergers and acquisitions in Southeast Asia to expand overseas [1] - The company is eyeing a growing but increasingly crowded market in Southeast Asia [1]

Core Insights - Merck (MRK) announced a multi-year optimization initiative aimed at saving $3 billion in annual costs by the end of 2027, coinciding with its second-quarter results on July 29 [1][12] - The restructuring will involve job cuts in administrative, sales, and R&D sectors, as well as a reduction in global real estate footprint, with savings reinvested into high-growth areas of pipeline development [2][12] - The initiative is part of Merck's strategy to diversify its revenue base, which is currently heavily reliant on Keytruda, a PD-L1 inhibitor that accounts for approximately 50% of its pharmaceutical sales [3][4] Financial Performance - Keytruda generated sales of $7.96 billion in Q2 2025, reflecting a 9% year-over-year increase [4] - Sales of Gardasil, Merck's second-largest product, fell by 55% in Q2 2025 to $1.13 billion, primarily due to decreased demand in China and timing of public-sector purchases [5] - Merck's new products, including Capvaxive and Winrevair, are showing promising sales growth, with Capvaxive generating $129 million (up 20.6% sequentially) and Winrevair generating $336 million (up 20% sequentially) in Q2 2025 [10] Strategic Initiatives - Merck is actively pursuing mergers and acquisitions (M&A) to bolster its pipeline, with its phase III pipeline nearly tripling since 2021 [6] - The company announced a definitive agreement to acquire Verona Pharma for approximately $10 billion, expected to close in Q4 2025, which will enhance its cardio-pulmonary portfolio [7][8] - Recent multi-billion-dollar deals with Chinese biotechs aim to diversify Merck's product offerings across various therapeutic areas [9] Market Position - Year-to-date, Merck's shares have declined by 16.9%, contrasting with a 1% increase in the industry [15] - Merck's price/earnings ratio stands at 8.87, which is lower than the industry average of 15.11 and its 5-year mean of 12.80, indicating an attractive valuation relative to peers [16] Earnings Estimates - The Zacks Consensus Estimate for Merck's 2025 earnings has decreased from $8.93 to $8.87 per share, while the estimate for 2026 has dropped from $9.74 to $9.64 over the past 60 days [19]

Mergers & Acquisitions - Two major railroad giants are planning an $85 billion (850 亿) merger [1] - The merger aims to create the first transcontinental railroad system in the US [1] - Union Pacific intends to acquire Norfolk Southern [1] Regulatory Scrutiny - The deal will face significant scrutiny from antitrust regulators [1] - Regulators have set a high bar for consolidation in the railroad industry [1] Operational Concerns - Previous mergers in the industry have resulted in traffic and backups [2] - Norfolk CEO assures commitment to prevent recurrence of traffic and backups [2]

Mergers and Acquisitions - Union Pacific 将以 850 亿美元的现金和股票交易收购 Norfolk Southern [1] - 该交易预计将带来 25% 的溢价 [2] - 合并后的公司将创建美国第一条单线横贯大陆铁路网络 [2] - 预计交易完成时间为 2027 年初，取决于监管部门的批准 [4] - Surface Transportation Board (STB) 对大型一级铁路公司合并的批准有很高的门槛 [3] UPS Performance - UPS 股价下跌约 3% [5] - 公司未给出业绩预测，导致股价下跌 [5] - 经济不确定性影响了 UPS 的业务和预测能力 [6] - 移除最低限度豁免对公司产生了负面影响 [6] - UPS 正在重组其网络，以应对电子商务带来的增长，但电商业务利润率较低 [7] - 第二季度收益略低于预期，主要原因是国内业务的收益略有下降，成本略有上升 [8]

Mergers and Acquisitions - Union Pacific 将以 850 亿美元收购 Norfolk Southern [1] Market Movers - Bloomberg Stock Movers 报告将报道当日的赢家和输家 [1]

Core Points - Mandalay Resources Corporation shareholders have approved a special resolution for an arrangement with Alkane Resources Limited, allowing Alkane to acquire all issued and outstanding common shares of Mandalay [1][3] - The approval required at least two-thirds of the votes, with 99.85% voting in favor and only 0.15% against the arrangement [2] - Alkane's shareholders also approved the issuance of ordinary shares as consideration for Mandalay shareholders [3] Voting Results - The voting results showed 73,442,195 votes for the arrangement and 109,035 votes against it, reflecting strong shareholder support [2] Next Steps - Mandalay will seek a final court order from the Supreme Court of British Columbia to approve the arrangement, with a hearing scheduled for August 1, 2025, and completion expected around August 5, 2025 [3] Market Impact - Alkane plans to upgrade its U.S. OTC listing from the Pink Limited Market to the OTCQX Market, which is anticipated to enhance visibility and liquidity for U.S.-based investors [4] - The merger is expected to create a dual ASX and TSX listed gold and antimony producer, positioning the combined entity for growth in tier-one jurisdictions [4] Company Overview - Mandalay Resources is a Canadian natural resource company with producing assets in Australia and Sweden, focused on increasing production and reducing costs to generate positive cash flow [5]

Summary of Torex Gold Resources (TORX.F) Conference Call on Acquisition of Prime Mining Company and Industry - **Company**: Torex Gold Resources (TORX.F) - **Acquisition Target**: Prime Mining - **Key Asset**: Dos Reyes project located in Sinaloa, Mexico - **Industry**: Mining, specifically gold and silver production Core Points and Arguments 1. **Transaction Overview**: Torex Gold announced a friendly acquisition of Prime Mining, emphasizing the strategic fit and potential upside for shareholders of both companies [5][6][10] 2. **Asset Quality**: The Dos Reyes project is described as a multimillion-ounce gold and silver project with high potential, located in a jurisdiction where Torex has extensive operational experience [6][10] 3. **Transaction Terms**: The acquisition involves a plan of arrangement where Torex shareholders will own 89.3% of the combined company, with Prime shareholders holding 10.7%. The deal values Prime at approximately CAD $449 million, representing a 32.4% premium based on recent share prices [7][9] 4. **Strategic Benefits for Torex**: The acquisition diversifies Torex's asset base, enhances its production profile, and provides significant exploration upside. The Los Reyes project is expected to contribute to Torex's growth story [10][11] 5. **Benefits for Prime Shareholders**: Prime shareholders will receive an immediate premium and gain exposure to Torex's flagship Morelos Complex, enhancing asset and commodity diversification [12][13] 6. **Exploration Potential**: The Los Reyes project has a substantial mineral resource estimate, with ongoing exploration expected to expand this resource. The project has identified multiple mineralized zones and targets for future drilling [19][40] 7. **Development Timeline**: A Preliminary Economic Assessment (PEA) is targeted for mid-2026, with plans to advance through feasibility studies and into production thereafter [26][46] 8. **Permitting and Security Considerations**: The permitting landscape for open-pit mining in Mexico is improving, and while security concerns have paused drilling, the company is optimistic about resuming operations safely [28][48] Other Important Content 1. **Historical Production**: The Los Reyes project has historical production dating back to the 1700s, with significant gold and silver output, indicating a long mining history and established infrastructure [16][18] 2. **Community Engagement**: Torex plans to replicate its successful community engagement strategies from Morelos at Los Reyes, which is crucial for project development [22][46] 3. **Future M&A Opportunities**: Torex is open to further acquisitions to build a focused precious metals company in the Americas, indicating a strategic growth plan beyond the current acquisition [49][50] This summary encapsulates the key points discussed during the conference call regarding the acquisition of Prime Mining by Torex Gold, highlighting the strategic rationale, potential benefits, and future plans for both companies.

Core Insights - Sterling Infrastructure, Inc. (STRL) is focusing on enhancing its modular construction capabilities and pursuing inorganic growth through mergers and acquisitions, driven by increasing market demand for data centers, AI infrastructure, and utility grid modernization [1][3] Group 1: Business Operations and Market Trends - The E-Infrastructure Solutions segment, which includes modular buildings and data centers, accounted for 51% of STRL's revenues in the first quarter of 2025, with a backlog growth of 27% year-over-year to $1.2 billion, where over 65% is related to data center projects [2][7] - STRL is actively pursuing strategic investments in mergers and acquisitions, recently announcing a definitive agreement to acquire CEC Facilities Group, LLC for $505 million, which is expected to enhance its market reach and cross-selling opportunities in Texas and other key regions [3][7] Group 2: Financial Performance and Projections - For 2025, STRL anticipates capital expenditures between $70 million and $80 million, an increase from $70.8 million in 2024, which is expected to improve revenue visibility and profit structure [4] - STRL's earnings per share (EPS) for 2025 is forecasted to grow by 41.2% to $8.61, with further growth of 10.1% to $9.48 in 2026 [12] Group 3: Stock Performance and Valuation - STRL's stock has surged 69% in the past three months, outperforming competitors in the Zacks Engineering - R and D Services industry and the broader market [5][8] - The stock is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 27.78, indicating a premium valuation compared to industry peers, suggesting strong market potential [9][11]