President Trump signing an executive order meant to keep Tik Tok running in the United States. Vice President JD Vance says the deal values Tik Tok's US business at 14 billion and under the terms a new joint venture company will oversee Tik Tok in America with China based Bite Dance retaining less than a 20% stake. Uh but there's been no indication yet that the Chinese government has made uh the legal changes with the algo and all that necessary for a deal to go through.Joining us uh is our own Aean Jeffs a ...

Summary of New Oriental Education & Technology (EDU) Conference Call Company Overview - **Company**: New Oriental Education & Technology (EDU) - **Industry**: China Education - **Stock Rating**: Equal-weight - **Price Target**: US$47.00 - **Current Price**: US$50.98 (as of September 24, 2025) - **Market Capitalization**: US$85,111 million - **Fiscal Year Ending**: May 2026 Key Points and Arguments 1. **1QF26 Revenue and OPM Guidance**: Management expects to exceed the high end of its previous revenue guidance (up 2-5% year-over-year) and OPM guidance (0-0.5 percentage points year-over-year) due to better-than-expected overseas revenue, which is projected to decline between -5% to 0% year-over-year, compared to previous guidance of -5% [2][4][9] 2. **F2026 Outlook**: The company aims to improve shareholder returns by returning no less than 50% of GAAP net profit over the next three years, with 50% allocated to dividends and the remainder to share buybacks [4] 3. **Earnings Forecast**: Non-GAAP operating profit is forecasted at US$586 million (11.1% OPM) and non-GAAP net profit at US$549 million (10.4% NPM) [9] 4. **Revenue Breakdown**: High school revenue is expected to grow by 10-12% year-over-year, while K9 revenue is projected to increase by 20% year-over-year, indicating a re-acceleration in the second quarter of fiscal 2026 [9] 5. **Cost Control Measures**: Management anticipates that cost control efforts and improvements in K9 and profitable East Buy will help offset the drag from the overseas business, leading to a stable OPM year-over-year [9] 6. **Valuation Methodology**: The valuation is based on a discounted cash flow (DCF) model, with a weighted average cost of capital (WACC) of 14% and a terminal growth rate of 3% [10] 7. **Market Risks**: Potential risks include intensified competition, low visibility in revenue/earnings from live-streaming e-commerce, and possible regulatory changes affecting high school and non-academic tutoring sectors [12] Additional Important Information - **Earnings Growth**: The company is expected to achieve an 8.4% earnings compound annual growth rate (CAGR) from fiscal 2026 to 2029 [4] - **Stock Performance**: The stock has a 52-week range of US$87.11 to US$40.70, indicating significant volatility [6] - **Analyst Team**: The report is prepared by a team including Eddy Wang, CFA, and Gary Yu, Equity Analysts at Morgan Stanley [5] This summary encapsulates the essential insights from the conference call regarding New Oriental Education & Technology, highlighting its financial outlook, strategic initiatives, and market conditions.

For more on the Tik Tok deal and the broader impact on big tech, let's bring in Jeffrey's managing director and senior technology analyst, Brent Th. Brent, great to have you with us. Um, we just got a number in terms of valuation, $14 billion for US Tik Tok.What's your take. That's massively undervalued. I think Carter said it well.Like, how do you buy a blender for a higher market cap. This is crazy. I mean, the numbers got to be wrong.Uh, it doesn't make any sense. The market cap of Snap is 14. the market ...

Core Insights - The valuation of TikTok in the U.S. at $14 billion is considered massively undervalued compared to other tech companies like Snap and Meta [1][2] - There is skepticism regarding the valuation, as it does not align with the market caps of comparable companies, suggesting a potential miscalculation [2] - The deal is viewed as favorable for Oracle, despite concerns about the need to recreate and retrain TikTok's algorithm, which could lead to user loss [3] Company and Industry Analysis - The ongoing drama surrounding TikTok is believed to be resolved, which may help attract more advertisers to the platform [4] - Instagram is currently dominating the social media landscape, with over 3 billion monthly active users, indicating a competitive environment for TikTok [5] - The social media market is primarily dominated by three platforms: Meta, TikTok, and Snap, with TikTok expected to find room for monetization despite Snap's struggles [6]

Valuation & Investment - The company's valuation is estimated at approximately $14 billion [1] - The deal is considered favorable for investors [1] - Investment decisions ultimately rest with the investors based on their valuation assessment [1] Data Security & Accessibility - The agreement aims to safeguard American data security [1] - The agreement seeks to maintain the accessibility of TikTok [1]

Core Viewpoint - ConocoPhillips (COP) is significantly affected by commodity price fluctuations, leading to volatile cash flow generation, which is a characteristic of upstream players in the oil and natural gas sector [1] Financial Strength - ConocoPhillips has a strong balance sheet, with a debt-to-capitalization ratio of 26.4%, which is lower than the industry average of 49.1%, indicating lower debt exposure compared to peers [2][6] - The strong balance sheet allows ConocoPhillips to secure capital on favorable terms for future growth projects or acquisitions, providing stability in its business model [3] Comparison with Peers - EOG Resources Inc. (EOG) and Exxon Mobil Corporation (XOM) also exhibit strong balance sheets, with debt-to-capitalization ratios of 12.7% and 12.6% respectively, enabling them to withstand periods of low oil prices [4] Stock Performance and Valuation - Over the past year, ConocoPhillips shares have declined by 6.6%, which is less than the 12.3% decline of the broader industry [5] - The company trades at an enterprise value to EBITDA (EV/EBITDA) ratio of 5.37X, significantly below the industry average of 11.16X, indicating potential undervaluation [6][8] Earnings Estimates - The Zacks Consensus Estimate for ConocoPhillips' 2025 earnings has experienced downward revisions in the last 30 days, reflecting changing market expectations [10]

Market Overview - U.S. stock futures are mixed as investors react to economic data and await comments from Federal Reserve officials, following two days of declines in major indexes due to profit-taking in technology stocks and valuation concerns [1][4][8] - S&P 500 futures are down by approximately 0.18% to 0.4%, while Nasdaq 100 futures show a decline of around 0.13% to 0.6%, and Dow Jones futures are slightly up by about 0.02% to 0.11%, indicating varied investor sentiment [2] Commodity Markets - Crude oil futures are trading lower by approximately 0.46% to 0.7%, around $64.69 per barrel, while gold spot prices have risen about 0.59% to 0.6%, nearing $3,756.88 per ounce, close to its record high [3] Economic Data and Events - Key economic data releases today include weekly jobless claims, second-quarter GDP estimates, durable goods orders, and existing home sales, with stronger data potentially affecting Federal Reserve rate cut expectations [5][6] - The upcoming release of the Personal Consumption Expenditures (PCE) index will be crucial for shaping interest rate expectations [6] Corporate Developments - Intel (INTC) shares gained 1.9% to 3% in pre-market trading as it seeks investment from Apple (AAPL) for its turnaround efforts [7] - Costco Wholesale Corp. (COST) is up 0.43% ahead of its fourth-quarter earnings report [7] - Accenture PLC (ACN) saw a 0.2% rise in pre-market after reporting fourth-quarter revenue slightly above expectations, driven by demand for AI-driven consulting services [7] - CarMax Inc. (KMX) shares initially rose 2% in pre-market but later plunged nearly 12% after missing profit targets [7] - PepGen Inc. (PEPG) shares soared 141% after announcing positive Phase 1 trial results for a treatment [11] - International Business Machines (IBM) stock rose 3.3% following a successful quantum-enabled trading trial [11] - Starbucks (SBUX) stock rose 0.2% after approving a restructuring plan to close underperforming locations [11] - Lithium Americas (LAC) rallied in premarket trading amid reports of talks with the Energy Department and General Motors (GM) regarding a government loan for a lithium project [11]

jupiter burns $1.3m daily buying back jup tokens. that's 33% of circulating supply annually at current rates. the protocol trades at 3x annual revenue with $474m in buybacks coming. every other defi token trades at 15-50x revenue with zero buybacks. the math is broken. ...

A 2.3% stake in the Chicago Bears was recently sold at a record $8.9% billion valuation. This continues the trend of skyrocketing NFL valuations. Over the past year, small stakes and the San Francisco 49ers sold at an $ 8.6% billion valuation. A small piece of the Philadelphia Eagles sold at $8.3% billion valuation. And a small piece of the Miami Dolphins was valued at $7.7% billion.The reason for these escalating valuations are number one, the NFL's broadcasting deals are viewed as being undervalued. Curre ...

Market Valuation - US stocks are considered extremely expensive from a historical perspective [1] - Bank of America strategists suggest the high valuations may be justified [1]