Core Viewpoint - Leidos Holdings, Inc. is a significant entity in the technology and defense sectors, with upcoming financial results expected to provide insights into its performance and market position [1] Group 1: Analyst Ratings and Price Targets - Citigroup maintains a "Buy" rating for Leidos, raising its price target from $218 to $232, reflecting confidence in the company's future performance [2][6] - Stifel Nicolaus analyst Jonathan Siegmann sets a price target of $220 for Leidos but downgrades the stock from "Buy" to "Hold," indicating a more cautious outlook [3][6] Group 2: Financial Metrics - Leidos has a price-to-earnings (P/E) ratio of approximately 17.21, suggesting a moderate valuation of its earnings [4][6] - The price-to-sales ratio is about 1.39, indicating investor willingness to pay per dollar of sales [4] - The enterprise value to sales ratio stands at around 1.64, reflecting the company's total valuation relative to its sales [4] Group 3: Financial Health Indicators - Leidos has a debt-to-equity ratio of approximately 1.07, indicating a balanced approach to financing through debt and equity [5][6] - The current ratio of around 1.62 suggests that Leidos is well-positioned to cover its short-term liabilities with its short-term assets [5] - An earnings yield of about 5.81% provides a comprehensive view of Leidos' financial health and investment potential [5]

Core Insights - Delta Air Lines reported earnings per share (EPS) of $1.55, exceeding the estimated $1.53, while revenue of $14.61 billion fell short of the expected $15.69 billion [1][6] - CEO Ed Bastian expressed optimism for a 50% increase in EPS for the first quarter of 2026, driven by strong travel demand [2] - Delta has placed an order for thirty Boeing 787-10 aircraft, indicating a strategic move to expand its fleet and meet increasing demand for premium travel services [3] Financial Metrics - The company has a price-to-earnings (P/E) ratio of approximately 9.94, and a price-to-sales ratio of about 0.74, indicating the market's valuation of its earnings and sales [4] - Delta's earnings yield stands at about 10.06%, while the debt-to-equity ratio is approximately 1.15, reflecting the company's financial leverage [5] - The current ratio is around 0.40, suggesting a need for improvement in managing short-term liabilities [5]

Core Insights - Gotham Asset Management's latest 13F filing reveals a strategic shift towards broad market exposure, particularly in mega-cap technology and liquidity management, rather than focusing on individual stock selection [1][2] Portfolio Adjustments - Significant increase in SPDR S&P 500 ETF (SPY) by 1,262,794 shares, now totaling 5,618,281 shares, representing a $3.74 billion position, which is 16.29% of the portfolio, indicating a deliberate increase in market exposure [3][4] - NVIDIA (NVDA) position increased by 591,589 shares to 2,863,109 shares, valued at $534.2 million (2.33%), reflecting participation in AI-driven earnings growth in semiconductors [5][6] - Apple Inc. (AAPL) saw an increase of 538,746 shares to 1,428,976 shares, valued at $363.9 million (1.58%), with a 60% rise quarter over quarter, indicating strong signals from valuation and quality models [7] - Snowflake (SNOW) position increased by 388,608 shares to 956,539 shares, valued at $215.7 million (0.94%), with a notable 68% increase quarter over quarter, suggesting favorable screening on forward earnings metrics [8] - iShares 0–3 Month Treasury Bond ETF (SGOV) exposure doubled with an increase of 803,355 shares to 1,552,170 shares, valued at $156.3 million (0.68%), reflecting active liquidity management [9] - Amazon.com (AMZN) position increased by 260,509 shares to 978,948 shares, valued at $214.9 million (0.94%), with a 36% rise quarter over quarter, reinforcing exposure to mega-cap platforms with improving cash flow [10][11] Strategic Overview - The quarter was characterized by a beta-heavy approach, with a significant increase in S&P 500 exposure, suggesting limited advantage in deviating from the index at current valuations [12] - The scaling of mega-cap technology stocks (NVDA, AAPL, AMZN, SNOW) indicates broad-based signals rather than isolated stock convictions [13] - Active risk management is evident from the increase in short-term Treasuries, highlighting a disciplined approach to liquidity and volatility control [14] - Gotham's largest individual stock positions remain modest relative to total assets, reinforcing a systematic and diversified investment philosophy [15] - The filing reflects adjustments in factor exposure and portfolio construction decisions rather than discretionary stock picking, indicating a structured investment approach [16]

Core Insights - Bonhoeffer Fund is strategically selling slower-growth firms while acquiring durable, faster-growing firms in temporarily depressed sectors, aligning with long-term growth themes [3] - The portfolio is diversified with a focus on banks, insurance, natural resource royalties, logistics, housing, and specialty finance, with new investments expected to yield a growth rate of 30-40% [3][6] - The fund's performance in Q3 2025 showed a gain of 1.3%, underperforming compared to major indices like MSCI World ex-US and S&P 500 [6][7] Portfolio Overview - As of September 30, 2025, the portfolio's largest country exposures are the United States (71%), Canada (11%), South Korea (7%), Peru (7%), and Greece (3%) [8] - The largest industry exposures include distribution (52%), real estate/infrastructure/finance (62%), and consumer products (7%) [8][11] Investment Themes - The distribution theme includes high-velocity firms in car dealerships and building product distributors, with a focus on inventory turns [11] - The real estate/construction/finance segment is driven by infrastructure programs and housing development, with banks meeting specific growth criteria [15][16] - Public leveraged buyouts (LBOs) focus on firms that create growth through acquisitions, benefiting from operational leverage [18][19] Case Study: Fairfax Financial - Fairfax Financial utilizes insurance float to finance a balanced portfolio, with a decentralized business model allowing for strategic acquisitions [38][39] - The company has shown significant improvement in underwriting discipline, with combined ratios declining from 107% to 91% since 2009 [38] - Fairfax's investment portfolio, valued at $67.4 billion, primarily consists of bonds (74%) and equities (26%), generating a historical return of 7.7% per year [40] Financial Metrics - Fairfax's return on equity (RoE) target is 15%, with a current cost of float at -3.2% per year [33][40] - The company has four levers for earnings growth: acquisitions, expanding underwriting, investment portfolio growth, and stock repurchases [41] - The expected growth rate for Fairfax is estimated at 7% per year, with a target share value of $3,225, representing an 88% upside from current prices [53][58]

Core Insights - Accenture is expected to report an EPS of $3.74 and revenue of approximately $18.51 billion on December 18, 2025, indicating strong market performance [1] - The EPS for the quarter ending November 2025 is projected to be $3.74, reflecting a 4.2% increase year-over-year, while revenue is anticipated to reach $18.56 billion, marking a 4.9% rise from the previous year [2][6] - Recent consensus EPS estimates have been slightly revised downwards by 0.1%, indicating a reassessment by analysts that may influence investor actions [3] Financial Metrics - Accenture has a price-to-earnings (P/E) ratio of approximately 22.06, indicating the price investors are willing to pay for each dollar of earnings [4] - The company’s price-to-sales ratio is about 2.44, reflecting the value placed on each dollar of sales, while the enterprise value to sales ratio is around 2.39 [4] - The enterprise value to operating cash flow ratio is approximately 14.53, and the earnings yield stands at 4.53%, providing a return on investment relative to earnings [5] - Accenture's debt-to-equity ratio is 0.26, indicating a relatively low level of debt compared to equity, and a current ratio of 1.42 suggests good liquidity to cover short-term liabilities [5][6]

Market Overview - Markets ended slightly lower as pressure mounted on major players in the artificial intelligence (AI) sector, leading investors to question if AI expectations have become overly optimistic [1] - There is a noticeable rotation from technology stocks to more reasonably priced value stocks as investors reassess their strategies [1] Economic Data - Key economic reports are anticipated this week, including the November jobs report, an inflation update, and October retail sales data, which will influence market expectations regarding interest rate cuts in 2026 [2][3] - The Federal Reserve recently implemented its third consecutive quarter-point rate cut, but the future direction of monetary policy remains uncertain [3] Value Investing Strategy - In a volatile market, value investing is highlighted as a prudent approach, focusing on companies' intrinsic value and fundamentals rather than chasing hype [4] - Value investing emphasizes long-term perspectives, targeting quality businesses trading below their true worth to benefit from eventual price corrections [5] Earnings Yield as a Metric - Earnings yield, calculated as annual earnings per share divided by market price, is a key metric for identifying attractive investment opportunities [6][7] - Stocks with higher earnings yield are considered undervalued, while those with lower yields are seen as overpriced, making this metric useful for comparisons with fixed-income securities [8] Screening Criteria for Stocks - A primary screening criterion is set at an earnings yield greater than 10%, supplemented by estimated EPS growth, average daily volume, and stock price thresholds [9][11][12] - The screening process aims to identify stocks with strong fundamentals and growth potential while ensuring adequate liquidity [10] Selected Stocks - CorMedix Inc. (CRMD): Focused on therapeutic products, with a projected 613% sales growth and 1,057% EPS growth for 2025, currently holds a Zacks Rank 1 [13] - Centerra Gold (CGAU): Engaged in gold and copper operations, with expected EPS growth of 37% and 30% for 2025 and 2026, respectively, also holds a Zacks Rank 1 [14] - Commercial Metals Co. (CMC): Involved in steel and metal products, with projected EPS growth of 125% for fiscal 2026, currently holds a Zacks Rank 1 [15] - CommScope Holding Company, Inc. (COMM): A key player in networking hardware, with an anticipated EPS growth of 5,566% for 2025, currently holds a Zacks Rank 1 [16] - Seanergy Maritime Holdings (SHIP): A Capesize ship-owner with projected EPS growth of 39% for 2026, currently holds a Zacks Rank 1 [17]

Core Insights - REV Group, Inc. is a significant player in the specialty vehicle manufacturing industry, producing vehicles for emergency response, commercial, and recreational markets, facing competition from Thor Industries and Winnebago Industries [1] Anticipated Earnings - On December 10, 2025, REV Group is expected to release quarterly earnings with an anticipated earnings per share (EPS) of $0.78 and revenue of approximately $647 million, to be discussed in a live webcast [2][6] Financial Metrics - The company has a price-to-earnings (P/E) ratio of 25.05, indicating a moderate valuation compared to industry standards, and a price-to-sales ratio of 1.14, showing that investors pay $1.14 for every dollar of sales [3][6] - The enterprise value to sales ratio is 1.17, reflecting the company's total valuation relative to its sales, while the enterprise value to operating cash flow ratio is 12.00, indicating how many times the operating cash flow can cover the enterprise value [4] Financial Health - REV Group exhibits stable financial health with a debt-to-equity ratio of 0.28, indicating a relatively low level of debt compared to equity, and a current ratio of 1.63, suggesting good liquidity to cover short-term liabilities [5][6] - The earnings yield stands at 3.99%, representing the return on investment for shareholders and providing a measure of profitability [5]

Core Insights - Nutanix, Inc. is a leading cloud computing company specializing in enterprise cloud platforms that integrate storage, computing, and virtualization [1] - The company is set to release its quarterly earnings on November 25, 2025, with analysts expecting an EPS of $0.41, a 2.4% decline from the previous year, while revenue is projected to increase by 14.6% to $677.2 million [2][7] Financial Metrics - Nutanix has a price-to-earnings (P/E) ratio of approximately 82.18, indicating a high valuation relative to earnings [4] - The price-to-sales ratio is about 6.07, suggesting the market values Nutanix at over six times its annual sales [4] - The enterprise value to sales ratio is approximately 6.35, and the enterprise value to operating cash flow ratio is around 19.63, reflecting the company's valuation relative to its sales and cash flow [5] - The earnings yield is approximately 1.22%, indicating the return on investment for shareholders [5] Debt and Liquidity - Nutanix's debt-to-equity ratio is -2.14, indicating more liabilities than equity, which may raise concerns about financial risk [6] - The current ratio of about 1.83 shows that Nutanix has a strong ability to cover its short-term liabilities with its short-term assets [6] Market Sentiment - There has been a 1.8% downward revision in the consensus EPS estimate over the past 30 days, which could impact investor sentiment and stock price performance [3][7]

Core Insights - Kohl's Corporation is a prominent American department store chain, competing with major retailers like Burlington and Best Buy [1] - The company is expected to report a quarterly earnings per share (EPS) of -$0.19 and projected revenue of $3.37 billion on November 25, 2025, amid economic concerns [2] - Analysts are closely monitoring Kohl's financial metrics, including a price-to-earnings (P/E) ratio of approximately 8.46 and a price-to-sales ratio of about 0.11, indicating potential for sales generation [3][4] Financial Metrics - The enterprise value to sales ratio stands at 0.53, while the enterprise value to operating cash flow ratio is approximately 9.31, reflecting cash flow efficiency [3] - An earnings yield of 11.82% suggests a substantial return on earnings relative to the share price, appealing to investors [4] - Kohl's debt-to-equity ratio is 1.75, indicating financial leverage, and a current ratio of 1.36 shows the ability to cover short-term liabilities with short-term assets [4]

Core Insights - AutoZone is a leading retailer and distributor of automotive replacement parts and accessories in the United States, competing with major players like Advance Auto Parts and O'Reilly Automotive [1] - The company is set to release its quarterly earnings on December 9, 2025, with analysts estimating earnings per share (EPS) of $32.33 and projected revenue of approximately $4.64 billion [2][6] - Wall Street analysts suggest that AutoZone may represent a good investment opportunity, which can significantly influence stock price movements [3][6] Financial Metrics - AutoZone's price-to-earnings (P/E) ratio is approximately 25.78, indicating the market's valuation of its earnings [4][6] - The price-to-sales ratio stands at about 3.41, reflecting the market's valuation of its revenue [4][6] - The enterprise value to sales ratio is around 4.04, and the enterprise value to operating cash flow ratio is approximately 24.55, providing insights into the company's valuation relative to sales and cash flow [5] - AutoZone's earnings yield is about 3.88%, offering a perspective on the return on investment [5]