And good evening. We come on the air tonight from Texas's Hill Country. Just below us is the Guadalupe River and you can see the destruction it carved out in parts of central Texas.Down there is where the river stands tonight. And we wanted to show you how high it rose, more than 30 feet, even higher from where we are broadcasting live tonight, wiping out everything in its way. And today we were with rescuers digging into mangled cars caked in mud along river banks.Crews setting out on airboats and diving i ...

Crypto Interoperability & Wormhole - Wormhole is experiencing growth in the multichain world [1] - Interoperability is increasingly important in the crypto space [1] - Wormhole plays a role in Real World Asset (RWA) tokenization [1] RWAs & Tokenized Credit - RWAs and stablecoins can coexist in a multichain environment [1] - Tokenized credit is an emerging area within the crypto industry [1] Institutional Adoption & Crypto Expansion - Institutions are increasingly adopting crypto [1] - Institutions are opening up to crypto [1] - The crypto industry is expected to expand in the future [1] Governance & Regulation - Wormhole operates under a specific governance model [1] - Shifting US regulations have effects on the crypto space [1] On-Chain Opportunities - IPOs and other on-chain opportunities are emerging [1]

Company Overview - JPMorgan upgraded Phibro Animal Health Corporation (PAHC) due to strong execution following its $350 million acquisition of Zoetis' medicated feed additive and water-soluble product portfolio, which includes 37 product lines sold in about 80 countries and six manufacturing sites across the U.S., Italy, and China [1] - The acquisition is expected to enhance Phibro's profitability, improve EBITDA margins, and be accretive to adjusted earnings per share [1] Financial Performance - In Q3 2025, Phibro's sales reached $347.8 million, an increase of $84.6 million, or 32% year over year, although it missed the consensus estimate of $352.40 million [3] - Adjusted earnings for the same period were 63 cents, surpassing the consensus of 52 cents [3] Guidance and Market Outlook - Phibro raised its fiscal 2025 adjusted earnings per share guidance from $1.87-$2.01 to $1.96-$2.09, compared to the consensus of $1.94 [4] - The company revised its sales guidance from $1.25 billion-$1.30 billion to $1.26 billion-$1.29 billion, against a consensus of $1.28 billion [4] - Analyst Knyazkova noted that despite a strong performance in PAHC shares this year, there remains a favorable setup for further upside to estimates and attractive valuation [4] Industry Insights - The animal health performance is expected to exceed expectations for 2025, driven by strong demand, price increases, and healthy growth across medicated feed additives, nutritional specialties, and vaccines for 2026 [2] - While growth in livestock is slower than in companion animals, the livestock sector maintains strong fundamentals, including population growth, rising meat consumption, and limited impact from economic shifts [3]

[Musica] [Applauso] Esistono tre verità nascoste in ognuno di voi, nascoste anche dentro di me. Sono tre grandi doni. Il primo dono è il potere generativo delle emozioni. Ognuno di noi, se sa come fare, può entrare in un'emozione o in uno stato emozionale così a comando. Il secondo dono che è presente in ognuno di noi è che ogni emozione ha un messaggio e una spinta all'azione. E il terzo dono, quello forse più pazzesco, meraviglioso, è che ognuno di noi è l'unico vero creatore delle proprie emozioni. Dire ...

Core Viewpoint - The year 2025 will be significant for Apple Inc. due to the success of its film "F1," which has become the highest-grossing theatrical film for the company, yet this success has not significantly impacted Apple’s stock price [1][2][3]. Group 1: Film Performance - "F1" has grossed $109.5 million domestically and $293.6 million worldwide within 10 days of release, ranking second at the domestic box office during the Fourth of July weekend [1]. - The film has surpassed the previous record held by "Napoleon," which grossed $221 million, and is on track to exceed totals from other Apple films like "Killers of the Flower Moon" ($158 million) and "Argylle" ($96 million) [2]. - Despite its box office success, "F1" has a production budget of $250 million and a marketing budget of $100 million, indicating it is far from breaking even [4]. Group 2: Impact on Apple’s Business - The success of "F1" has not led to a significant increase in Apple’s stock price, which is down 0.5% to $212.47, and has decreased 12.8% year-to-date in 2025 [10]. - Apple’s entertainment division, including AppleTV+, is crucial for the company, and while films have not yet been profitable, they help offset production costs and can lead to award nominations [5]. - The film's potential award nominations could enhance Apple's reputation in the film industry, with a 22% chance for Best Picture and a 12% chance for Best Actor for Brad Pitt [6]. Group 3: Streaming Strategy - The addition of "F1" to Apple TV+ could boost the platform's visibility, especially if timed with the launch of a rumored ad-supported streaming plan [7][8]. - Apple currently has approximately 45 million paid streaming subscribers, generating around $450 million per month, but the streaming platform is estimated to lose $1 billion annually [9]. - The debut of "F1" on Apple TV+ may be pivotal in moving the platform closer to profitability [10].

V i e w p o i n t | 02 Jul 2025 10:54:37 ET │ 33 pages Taiwan Semiconductors GPU vs AI ASIC- More Than Just Chip Design - Interoperability and System Integration are Key CITI'S TAKE We see major CSPs turning more aggressive on ASIC systems to achieve cost efficiency and differentiation. Yet, success would depend on several factors than just building a chip: 1) interconnect and packaging - must be able to support scalability; 2) software stacks - must be CUDA-competitive to drive adaptation; 3) system integr ...

Key Takeaways Nokia's Energy Efficiency tech is being deployed by Indosat to cut RAN energy use and CO2 emissions. The AI-based SaaS solution powers down idle radio gear and manages cooling to save energy. Deployment follows a successful pilot and supports Indosat's AI-led, cloud-native sustainability strategy.Nokia’s (NOK) Energy Efficiency solution, part of its Autonomous Networks portfolio, is being leveraged by Indosat Ooredoo Hutchison (“IOH”), Indonesia’s leading digital telecommunications company, ...

Core Insights - JELD-WEN UK has achieved its second Cradle to Cradle Certified® product certification in 2025, enhancing its portfolio of sustainable doors and reinforcing its commitment to responsible innovation across Europe [1][3][5] Sustainability Commitment - Cradle to Cradle Certified® is recognized as one of the most advanced product sustainability standards, assessing products based on material health, circularity, climate protection, water stewardship, and social fairness [2] - The newly certified Bronze-level products include various door types from Latvia, Estonia, Denmark, Sweden, and the United Kingdom, showcasing the company's alignment of sustainability with manufacturing excellence [3] Strategic Positioning - The certification highlights how sustainability is integral to JELD-WEN's innovation and operational performance, positioning the company favorably ahead of regulatory changes like the EU Deforestation Regulation (EUDR) [4] - By adhering to Cradle to Cradle Certified® standards, JELD-WEN ensures responsible sourcing and sustainability throughout the product lifecycle, enhancing transparency and long-term value for stakeholders [4] Global ESG Goals - The expansion of Cradle to Cradle certification marks a significant milestone in JELD-WEN's sustainability journey, reflecting the company's commitment to designing safe, circular, and responsibly made products [5] - JELD-WEN aims to provide sustainable solutions that benefit customers, communities, and the planet, aligning with its global ESG objectives [5] Company Overview - JELD-WEN Holding, Inc. is a leading global designer, manufacturer, and distributor of high-performance building products, operating in 14 countries and employing approximately 16,000 associates [6]

Group 1 - BP plc is planning to sell its Castrol lubricants business, valued at approximately $8 billion, attracting interest from several high-profile bidders including Clayton Dubilier & Rice (CD&R) [1][3][8] - The sale of Castrol is part of BP's strategy to address pressures from activist investors like Elliott Management, who are advocating for cost reductions and improved returns [4][8] - Other bidders for the Castrol unit include Apollo Global Management, Lone Star Funds, and India's Reliance Industries, indicating a competitive auction process [3][4] Group 2 - Helge Lund, BP's current chairman, is an operating advisor to CD&R, which adds a unique dimension to the bidding process, although he is reportedly not involved in CD&R's interest in Castrol [2][6] - The auction for Castrol began earlier this year as BP faces scrutiny regarding its strategic direction and leadership succession, with potential successors having withdrawn from consideration [2][4] - CD&R's interest in Castrol aligns with its expansion strategy in the UK, where it already owns the Morrisons supermarket chain and Motor Fuel Group [6]

Core Insights - Chewy (CHWY) reported a 6.2% adjusted EBITDA margin in Q1 of fiscal 2025, an increase of 50 basis points year over year, with adjusted EBITDA rising 18.3% to $192.7 million from $162.9 million a year ago, indicating disciplined execution and progress toward long-term profitability targets [1][9] Financial Performance - The improvement in margins was driven by a focus on high-margin, recurring revenue streams, particularly the Autoship program, and the expansion of the sponsored ads business, which is the largest contributor to margin gains [2] - Operational discipline was evident as SG&A was maintained at 18.5% of net sales, reflecting tight cost control, while adjusted earnings per share increased 12.9% year over year to 35 cents, highlighting consistent bottom-line growth alongside margin expansion [3] Future Outlook - Management reaffirmed its 2025 adjusted EBITDA margin outlook of 5.4-5.7%, with the mid-point implying a 75-basis-point improvement from 2024, expecting approximately 60% of this expansion to come from gross margin gains [4] - Chewy aims to convert about 80% of adjusted EBITDA into free cash flow for 2025, with confidence in achieving a long-term adjusted EBITDA margin goal of 10% [5] Industry Comparison - Central Garden & Pet (CENT) reported a resilient margin performance in Q2 of fiscal 2025 despite a 7% revenue drop, with gross margin expanding by 180 basis points to 32.8% and adjusted earnings per share rising to $1.04 [6] - Petco Health and Wellness Company, Inc. (WOOF) focused on restoring profitability in Q1 of fiscal 2025, achieving a gross margin expansion of 30 basis points to 38.2% and an adjusted EBITDA margin improvement of 105 basis points to 6% [7] Stock Performance and Valuation - Chewy's shares have gained 23.3% year to date, outperforming the industry's growth of 7.4% [8] - The Zacks Consensus Estimate for Chewy's fiscal 2025 earnings implies year-over-year growth of 23.1%, with upward revisions in estimates for fiscal 2025 and 2026 [10] - Chewy trades at a forward price-to-sales ratio of 1.33X, below the industry's average of 2.02X, with a Value Score of B [13]