预计将在2026年恢复盈利增长。 联合健康美股盘前大幅波动，现涨0.67%。 联合健康第二季度调整后每股收益为4.08美元，去年同期为6.80美元，市场预期为4.59美元。 预计全年调整后每股收益至少为16美元，市场预期为20.40美元。 ...

Core Viewpoint - Goldman Sachs has issued a "Buy" rating for Apple (AAPL.US) with a target price of $251, anticipating that the company's Q3 FY2025 earnings will exceed market expectations [1]. Group 1: Q3 FY2025 Earnings Expectations - Goldman Sachs projects Apple's Q3 revenue to be $89.5 billion, representing a 4% year-over-year increase, surpassing the market expectation of $89.1 billion [1]. - The expected earnings per share (EPS) for Q3 is $1.45, which is also above the market consensus of $1.42 [1]. - Key drivers for the revenue and EPS exceeding expectations include a double-digit growth in service revenue (11% year-over-year), strong performance across product lines such as iPhone, Mac, iPad, and wearables, and improved gross margins due to optimized tariff-related costs and reduced foreign exchange headwinds [1]. Group 2: Service Business and iPhone Demand - The service business is expected to show resilient revenue growth, primarily driven by accelerating consumer spending on the App Store, despite increased uncertainty from the introduction of third-party payment channels [1]. - In the next 12 months, iPhone upgrade demand is anticipated to be supported by two factors: increased promotional efforts from U.S. wireless carriers and product innovations including enhancements in smart features and design [1]. Group 3: Q4 FY2025 Projections - For Q4 FY2025, Goldman Sachs forecasts Apple's revenue to reach $99.5 billion, with an EPS of $1.70 and a gross margin of 45.9%, all exceeding general market expectations [2]. Group 4: Stock Performance - As of the last market close, Apple's stock fell by 0.18% to $213.76, marking a cumulative decline of 14% year-to-date [3].

Group 1 - The adjusted earnings per share for 3M's continuing operations in Q2 were $2.16, exceeding market expectations of $2.01 [1] - The net sales for Q2 amounted to $6.3 billion [1] - 3M now expects a 2.5% growth in total sales for the full fiscal year, up from a previous estimate of 0.5%-1.5% [1] - The company anticipates a 2% growth in adjusted organic sales for the full fiscal year, slightly down from the previous forecast of 2%-3% [1] Group 2 - 3M's stock rose over 3% in pre-market trading [2]

美光科技(MU.O)：预计第四财季每股收益为2.14-2.44美元。 ...

Core Viewpoint - Darden Restaurants Inc. is expected to report strong fourth-quarter results, with analysts predicting a beat and positive guidance for fiscal year 2026, although some of this may already be reflected in the stock's performance [1][4]. Group 1: Financial Performance Expectations - Analysts from Truist Securities predict Olive Garden's same-store sales (SSS) will rise by 6.5% in the quarter, surpassing the 4.5% consensus and likely exceeding investor expectations [2]. - The fourth-quarter same-store sales estimate has been raised to +4.5% and EPS forecast to $3.02, both above the consensus estimates of +3.6% and $2.96 [3]. - For fiscal year 2026, the blended SSS forecast is increased to +3.8% and EPS to $11.05, up from +3.5% and $10.92 respectively [3]. Group 2: Strategic Focus and Market Position - Darden is likely to reaffirm its long-term goal of a 10%–15% total shareholder return, with a greater emphasis on new store openings rather than margin expansion [2]. - Olive Garden, which accounts for approximately 43% of Darden's sales, is seen as a key driver for the company's performance, benefiting from delivery growth and enhanced marketing efforts [5]. - Analysts maintain a bullish outlook on Darden, with expectations of continued earnings upside into fiscal year 2026 despite the stock's elevated price-to-earnings (P/E) multiple of 21x [4][5]. Group 3: Analyst Ratings and Price Forecasts - Truist Securities analyst Jake Bartlett has reiterated a Buy rating on Darden, raising the price forecast from $230 to $252 [8]. - Oppenheimer analyst Brian Bittner has also reiterated an Outperform rating, adjusting the price forecast from $230 to $250 [8].

Group 1 - Barclays raised the 2025 S&P 500 index target from 5900 to 6050, anticipating a recovery in earnings per share (EPS) growth for fiscal year 2026 [1] - The peak of trade policy uncertainty may have passed, allowing for a slight expansion in valuations, although concerns about the U.S. fiscal outlook and high interest rates remain [1][2] - Barclays estimates potential adverse impacts on 2025 S&P 500 EPS under different tariff scenarios, utilizing industry-level trade and output data [1] Group 2 - For fiscal year 2026, Barclays projects an EPS of $285, with a target S&P 500 index level of 6700, expecting earnings growth to normalize post-2025 tariff impacts [3] - The bank maintains a positive outlook on the financial sector due to factors like a steepening yield curve and potential regulatory easing, as well as on healthcare and large tech sectors due to attractive valuations and strong growth prospects [4]

Core Viewpoint - The book "Finding Champion Stocks: How to Discover Hidden Gems" by Martin Friedson challenges traditional investment metrics and emphasizes the need for a new perspective to identify high-performing stocks, particularly through the analysis of the S&P 500 index [5][6]. Group 1: Traditional Metrics and Their Limitations - Traditional metrics such as price-to-earnings ratio, earnings per share, and stock ratings are often manipulated and may not effectively identify champion stocks [6][7]. - Earnings per share (EPS) is heavily influenced by Wall Street analysts, who may benefit from predicting EPS rather than identifying true champion stocks [6][8]. - Companies can artificially inflate EPS by manipulating revenue recognition and managing impairment timing, which does not contribute to shareholder value [7][8]. Group 2: Characteristics of Champion Stocks - Champion stocks often exhibit strong free cash flow, which is considered the true source of stock value, as it reflects profitability after capital expenditures [9]. - Analyzing past champion stocks in the S&P 500 from 2017 to 2021 reveals that successful companies respond to market needs and take proactive measures to reduce uncertainty [9][11]. - Examples of champion stocks include NRG Energy, AMD, and Tesla, which adapted to market conditions and leveraged their strengths to achieve significant stock price increases [10][11]. Group 3: Investment Strategy for Identifying Champion Stocks - Investors should avoid relying on widely accepted market "common sense," as it can mislead judgment and often does not hold true [13][14]. - Champion stocks typically have price volatility that is at least 1.5 times greater than the total return of the bottom 250 stocks in the previous year [14]. - It is advisable to focus on stocks with lower market capitalization and those that are not the most discussed, as these may present overlooked investment opportunities [14].

Core Insights - Target's Q1 net sales reached $23.85 billion [1] - Adjusted earnings per share for Q1 were $1.30, below the estimated $1.66 [2] - Same-store sales declined by 3.8%, compared to an expected decline of 1.94% [2] - Q1 EBITDA was $2.29 billion, exceeding the forecast of $1.84 billion [3] - Target revised its full-year adjusted earnings per share guidance to $7-$9, down from the previous estimate of $8.80-$9.80, while market expectations were at $8.43 [3] - Target's stock rose nearly 2% in pre-market trading [3]

Group 1 - The company's same-store sales declined by 1.7%, which was better than the market expectation of a 2.04% decline [1] - The first quarter net sales amounted to $20.93 billion, representing a year-over-year increase of 2%, aligning with market expectations [2] - The operating margin for the first quarter was 11.9%, down from 12.4% in the same period last year [2] Group 2 - The company forecasts a 1% growth in same-store sales for the full year, an improvement from the previous estimate of 0% to 1%, while the market expected a growth of 0.56% [3] - The company maintains its full-year capital expenditure forecast at approximately $2.5 billion, consistent with market expectations [3] - The projected earnings per share for the full year is estimated to be between $12.15 and $12.40 [3] Group 3 - The company's stock rose over 3% in pre-market trading [4]

Core Insights - Becton Dickinson (BDX) reported revenue of $5.27 billion for the quarter ended March 2025, reflecting a 4.5% increase year-over-year, but a revenue surprise of -1.74% compared to the Zacks Consensus Estimate of $5.37 billion [1] - The earnings per share (EPS) for the quarter was $3.35, up from $3.17 in the same quarter last year, with an EPS surprise of +2.13% against the consensus estimate of $3.28 [1] Revenue Performance by Segment - BD Life Sciences - Biosciences in the United States generated $142 million, slightly below the estimated $145.02 million, with no year-over-year change [4] - BD Medical - Medication Delivery Solutions in the United States reported $687 million, compared to the estimated $703.87 million, showing a year-over-year increase of +3.8% [4] - BD Interventional - International revenues were $384 million, below the estimated $394.64 million, representing a year-over-year decline of -2.8% [4] - BD Interventional - United States revenues totaled $880 million, under the estimated $913.82 million, with a year-over-year decrease of -2% [4] - Total revenues for BD Interventional were $1.26 billion, compared to the estimated $1.31 billion, reflecting a year-over-year decline of -2.2% [4] - BD Interventional - Surgery revenues were $383 million, slightly below the estimated $393.29 million, with a year-over-year increase of +1.1% [4] - BD Interventional - Peripheral Intervention revenues were $481 million, below the estimated $499.49 million, showing a year-over-year decline of -1.6% [4] - BD Interventional - Urology and Critical Care revenues were $400 million, under the estimated $413.17 million, with a year-over-year decrease of -5.7% [4] - BD Medical - Advanced Patient Monitoring revenues were $257 million, slightly below the estimated $261.87 million [4] - Total revenues for BD Medical were $2.76 billion, compared to the estimated $2.77 billion, reflecting a year-over-year increase of +12.7% [4] - BD Medical - Medication Delivery Solutions revenues were $1.12 billion, slightly below the estimated $1.15 billion, with a year-over-year increase of +0.9% [4] - BD Life Sciences - Biosciences revenues were $352 million, below the estimated $363.86 million, representing a year-over-year decline of -6.6% [4] Stock Performance - Becton Dickinson shares have returned -8.5% over the past month, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]