All right, so we were just talking about earnings coming up. Uh big bank earnings are among the earnings coming up. Do they have increased importance because of the lack of economic data that we have like PPI and CPI and the jobs report.Are we are we do you think investors are going to lean more heavily on the commentary from these bank CEOs. I think we have no choice but to see what they're saying, see what they're seeing in terms of consumer trends, trends with their credit cards, uh and also looking at a ...

Core Viewpoint - Johnson & Johnson is expected to report strong third-quarter financial results, continuing a trend of beating analyst estimates, with shares trading near all-time highs [1][2]. Earnings Estimates - Analysts anticipate third-quarter revenue of $23.74 billion, an increase from $22.47 billion in the same quarter last year [2]. - Expected earnings per share (EPS) for the third quarter is $2.75, up from $2.42 in the previous year [2]. - The company has consistently beaten revenue estimates for five consecutive quarters and EPS estimates for over ten quarters [2][3]. Market Sentiment - A strong second-quarter performance and raised guidance have contributed to a rally in Johnson & Johnson shares, which are up 30% year-to-date [4]. - Analysts suggest that the separation of the consumer health business (Kenvue Inc) allows the company to focus on higher growth areas like pharmaceuticals and medical devices [5]. Key Items to Watch - The second-quarter results highlighted strong growth in cancer drug sales, which increased by 24% year-over-year to $6.31 billion, offsetting a 15.4% decline in immunology sales [7]. - The MedTech unit also saw a 7.3% increase in sales to $8.54 billion, indicating a focus on innovative medicine [8]. - Guidance for full-year revenue and EPS will be closely monitored, as analysts expect the company to potentially raise these figures again [10]. Analyst Ratings and Price Targets - Recent analyst ratings include: - Morgan Stanley: Equal-Weight, price target raised from $176 to $178 - Goldman Sachs: Buy, price target raised from $186 to $212 - Citigroup: Buy, price target raised from $200 to $213 - Bernstein: Market Perform, price target raised from $172 to $193 - Bank of America: Neutral, price target raised from $175 to $198 - Wells Fargo: Upgraded to Overweight, price target raised from $170 to $212 [9]. M&A Activity - The company is reportedly in discussions to acquire Protagonist Therapeutics, which could enhance its immunology segment amid increased competition for Stelara [11].

Core Insights - Apogee Enterprises, Inc. (APOG) reported adjusted earnings per share (EPS) of 98 cents for Q2 fiscal 2026, exceeding the Zacks Consensus Estimate of 86 cents, but reflecting a 31.9% decrease from the prior-year quarter [1][10] - The company generated revenues of $358 million in the quarter, a 4.6% increase year-over-year, surpassing the Zacks Consensus Estimate of $334 million, driven by the acquisition of UW Solutions and higher Architectural Services volumes [2][10] - Apogee revised its fiscal 2026 guidance for net revenues to $1.39-$1.42 billion and adjusted EPS to $3.60-$3.90, down from previous estimates due to tariff headwinds and weaker margins [12] Financial Performance - Cost of sales increased by 12.4% year-over-year to $275.6 million, leading to a gross profit decline of 15.1% to $83 million, with gross margin decreasing to 23.1% from 28.4% [3] - Selling, general and administrative expenses rose by 0.7% to $56 million, while operating income fell by 35.9% to $27 million, resulting in an operating margin of 7.5% compared to 12.3% in the prior year [4] - Cash and cash equivalents stood at $39.5 million at the end of Q2 fiscal 2026, down from $41 million at the end of fiscal 2025, with cash provided by operating activities at $57.1 million [9] Segment Performance - Revenues in the Architectural Metals segment decreased by 0.3% year-over-year to $141 million, with adjusted EBITDA at $20.8 million [5] - Architectural Glass segment revenues fell by 19.9% to $72 million, with adjusted EBITDA around $12 million [6] - Performance Surfaces segment revenues surged by 144% to $48 million, with adjusted EBITDA increasing to $11.2 million [7] Backlog and Debt - The backlog for the Architectural Services segment increased to $792 million at the end of Q2 fiscal 2026, up from $682 million in the previous quarter [8] - Long-term debt decreased to $270 million at the end of Q2 fiscal 2026, down from $285 million at the end of fiscal 2025 [11] Stock Performance - Apogee's shares have declined by 45.1% over the past year, compared to a 25.8% decline in the industry [13]

Core Viewpoint - Home BancShares (HOMB) is expected to report a quarterly earnings per share (EPS) of $0.60, reflecting a year-over-year increase of 20%, with revenues projected at $270.43 million, a 4.8% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that analysts have not reassessed their initial estimates during this period [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Key Financial Metrics - Analysts predict that the 'Net Interest Margin' will reach 4.5%, up from 4.3% a year ago [5]. - The 'Efficiency Ratio' is estimated at 41.2%, slightly down from 41.4% in the same quarter last year [5]. - The consensus for 'Total non-performing loans' is $85.58 million, a decrease from $101.10 million year-over-year [5]. - The 'Average balance - Total interest-earning assets' is expected to be $20.14 billion, down from $20.23 billion a year ago [6]. - The estimated 'Total non-performing assets' is $131.50 million, compared to $144.21 million last year [6]. - 'Net Interest Income' is projected to be $224.38 million, an increase from $215.22 million in the same quarter last year [7]. - 'Total Non-Interest Income' is expected to reach $43.47 million, up from $42.78 million a year ago [7]. - 'Net Interest Income (FTE)' is forecasted at $226.72 million, compared to $217.84 million last year [8]. Stock Performance - Over the past month, Home BancShares shares have declined by 5.4%, while the Zacks S&P 500 composite has increased by 3.5% [8]. - Based on its Zacks Rank 3 (Hold), HOMB is expected to perform in line with the overall market in the near future [8].

Market Overview - The market is perceived as stretched and narrow, raising concerns about future actions over the next quarter [1] - There are risks on the horizon from fiscal, geopolitical, and earnings perspectives, alongside potential opportunities [2] - The market has reached new all-time highs during a government shutdown, indicating conflicting narratives of risk and optimism [3] Earnings and Sector Performance - Earnings estimates have increased for communication services, tech, and financial sectors since July, suggesting potential investment opportunities [4] - US corporations have shown resilience in income statements, justifying valuations, particularly among larger, high-growth companies [5] - Optimism in financials, especially larger banks, is seen as beneficial for broader macroeconomic growth [6] Consumer Spending and Airline Sector - Total card spending increased by over 2%, but airlines experienced a slight pullback, raising concerns about consumer strength [7] - Delta Airlines is highlighted as a safer investment option due to its valuation metrics, with forward earnings at eight times and forward cash flow at ten times [9]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Asia/EM (Emerging Markets) equity strategy, highlighting the current market conditions and future outlook for the region [2][4]. Core Insights - The recent rally in Asia/EM markets is primarily attributed to multiple expansions rather than earnings growth, raising concerns about sustainability [2][10]. - For the rally to continue into 2026, a significant reacceleration in global GDP growth and earnings estimates is necessary [4][14]. - Current downside risks for major Asia/EM indices range from 6% to 13%, while upside potential is limited to 1% to 8% [7][8]. - The 12-month forward P/E multiples have increased by 3.0 to 3.6 points since early April, returning to levels last seen in 2021, which are 1.0 to 1.8 standard deviations above the 10-year averages [11][12]. Earnings and Economic Outlook - Earnings estimate revisions have been flat to down since April, contrasting with the positive revisions seen in the US market [7][14]. - The economic team expresses concerns about growth risks, particularly in trade-dependent economies, with moderate deceleration expected in forward EPS for major markets [14][15]. - The report indicates resilience in domestic demand sectors like Financials and Consumer, while global cyclicals such as Energy and Materials are expected to face weakness [15]. Market Sentiment and Flows - There is a noted gap of approximately 10% between current index levels and base case targets, with markets nearing bull case targets [8][34]. - Sentiment indicators show complacency but not extreme euphoria, with inflows into EM equities increasing from 2 out of 10 weeks at the market trough in April to 8 out of 10 weeks recently [34][36]. Sector Performance - Emerging Markets (EM) equities are characterized as low-quality cyclicals, with historical performance showing sudden bursts of investor interest followed by disappointment [18]. - The report suggests a preference for Financials and domestic Consumer plays over traditional cyclicals like Energy and Materials, which are currently underweighted [25][30]. Conclusion - The report emphasizes the need for cautious optimism regarding the sustainability of the current market rally, highlighting the importance of economic growth and earnings recovery for future performance [2][4][18].

Later today, investors are going to be parsing through the Fed's minutes for clues on the path of interest rates. Joining us right now with her take on the markets is Alicia Lavine. She's head of investment strategy and equities at BNY Wealth.And Alicia, thanks for coming in this morning. Great to be in. So, we mentioned earlier in the tease that we broke the winning streak we've seen for the markets, but we are still talking about all three of the major averages, less than 1% from all-time highs.So, I don' ...

Core Viewpoint - Alphabet's stock can continue to build on its gains by enhancing its search and cloud services, which could lead to higher earnings estimates according to a Morgan Stanley analyst [1] Group 1 - The focus on driving search momentum is essential for Alphabet's growth strategy [1] - Cloud services are identified as a significant area for potential revenue increase [1] - Higher earnings estimates are anticipated as a result of these strategic focuses [1]

Market Overview - The equity market has experienced a significant recovery since Liberation Day, with low stocks increasing by 38% [1] - The current period, historically challenging, includes August, September, and October, suggesting a potential for a 5-10% correction due to high forward multiples for the S&P at approximately 22 times earnings [2] Earnings Performance - Second quarter revenues rose by 6% year-over-year, while earnings increased by 12% year-over-year, both exceeding expectations [4] - Earnings estimates for the remainder of the year are being reevaluated upwards, indicating solid double-digit growth [5] Economic Indicators - The GDP estimate for the U.S. next year is projected at 2.8%, significantly higher than the blue chip consensus of 1.5% [6] - International stocks are currently valued about 40% cheaper than domestic stocks, with a typical discount of around 20% [8] Investment Strategy - There is a belief in a rolling rotation within the market, with potential profit-taking from high-performing stocks benefiting small-cap, value, and international names that have lagged [3] - The international asset class is favored, supported by a weak dollar and more accommodative foreign central banks, which are expected to facilitate stronger economic and earnings growth [9][10]

Core Insights - T. Rowe Price Group (TROW) and Apollo Global Management (APO) are prominent players in the asset management industry, each with distinct strengths and focuses [1][20] - Apollo emphasizes private equity and alternative assets, while T. Rowe Price specializes in mutual funds and active management of equity and fixed income [1] Apollo Global Management (APO) - Apollo's diversified business model supports sustainable earnings, with a compound annual growth rate (CAGR) of 7.8% in assets under management (AUM) from 2021 to 2024, driven by retirement services and new financing [3] - The company expects its total AUM to reach nearly $1.5 trillion by 2029, primarily through scaling its private equity business [3][9] - Recent acquisitions, such as Bridge Investment Group Holdings, and partnerships with Mubadala and Citigroup enhance Apollo's capabilities and growth potential [4] - Apollo's revenues grew at a CAGR of 63.7% from 2021 to 2024, although growth moderated in the first half of 2025 [5] - The Zacks Consensus Estimate projects a year-over-year earnings increase of 4.7% for 2025 and 19.3% for 2026, with upward revisions in estimates over the past 60 days [10] T. Rowe Price Group (TROW) - T. Rowe Price's AUM experienced a CAGR of 2.3% from 2020 to 2024, supported by market appreciation and strength in multi-asset and fixed income [6] - The company has formed strategic alliances, including a partnership with Goldman Sachs to enhance access to private markets and an acquisition of Retiree for retirement income planning [7] - T. Rowe Price's net revenues grew at a CAGR of 3.4% over the past four years, continuing into the first half of 2025 [8] - The Zacks Consensus Estimate indicates a year-over-year earnings decline of 1.6% for 2025, followed by a 4.9% increase in 2026, with upward revisions in estimates [13] Comparative Performance - Over the past year, Apollo outperformed the industry with a stock gain of 17.3%, while T. Rowe Price only rose 0.5% [15] - Apollo trades at a forward price-to-earnings (P/E) multiple of 16.3X, while T. Rowe Price trades at 11X, both below the industry average of 17.45X [17] - Both companies have increased dividends five times in the past five years, with Apollo's yield at 1.5% and T. Rowe Price's at 4.8% [19] Investment Outlook - Apollo is positioned for greater upside potential due to its diversified and rapidly growing alternative asset platform, aggressive expansion, and strong earnings growth trajectory [20] - T. Rowe Price offers steady growth and high dividend yield but has a more conservative approach, limiting its upside compared to Apollo [21]