Um, we're going to run out of time, but before you go, I have a question for you. Talking about giveaways, um, here in New York City, a place where you also used to live and used to run Robin Hood, a great charity that's done enormous things for this city. What you think of the race, uh, for mayor here between Mamani now and Eric Adams.I think those are really realistically the only two choices on the table. Yeah. You know, it's it's fascinating because I I I have not followed uh the the race as closely or ...

Investment Rating - The report does not explicitly state an investment rating for the oil industry Core Insights - Global oil demand averaged 104.3 million barrels per day (mbd) through June 24, showing year-over-year growth of 410 thousand barrels per day (kbd), but 130 kbd lower than the forecasted growth of 540 kbd for June [4] - Visible OECD commercial oil inventories decreased by 10 million barrels (mb) during the third week of June, with crude oil inventories dropping by 9 mb and oil product stocks falling by 1 mb [4] - Global liquid inventories have increased for the fourth consecutive week, rising by 9 mb in the third week of June, with a month-to-date build of 39 mb in June [4][5] Summary by Sections Oil Demand - US gasoline and jet fuel demand remained strong due to seasonal travel, while industrial fuel consumption was weak, with propane and distillate demand at post-pandemic lows [4] - Year-to-date global oil demand growth is at 1.01 mbd, closely aligning with the revised forecast of 1.06 mbd [4] Inventory Trends - OECD liquid stocks shifted from a 4 mb build in the first two weeks of June to a 6 mb decline, with crude inventories down by 21 mb and product inventories up by 15 mb [4] - The accumulation of oil product stocks has accelerated in June, marking the highest rate of build in 13 months [5] Regional Insights - South Korea reported a year-over-year decline in oil consumption statistics for May, with total oil demand in eight European economies declining by 30 kbd YoY in January [30][73] - Naphtha demand in East Asia remained stable despite initial disruptions, while Southeast Asian imports may face risks due to increased tariffs [4]

Investment Rating - The report maintains a positive outlook on the semiconductor industry, highlighting reassuring pricing trends and improving inventory levels [2][3]. Core Insights - The semiconductor market is experiencing a continued digestion of MCU inventory, with a 5% month-over-month decline and a 24% decrease compared to the previous month [3][4]. - Pricing across all product categories has remained stable, with an average increase of 1% month-over-month and 13% year-over-year [3][8]. - The report emphasizes the positive trends in pricing and inventory, particularly for companies like TI, Renesas, and Infineon, while also noting improvements for STM and other industrial MCU names [2][4]. Summary by Relevant Sections Inventory Trends - MCU inventory has decreased by 5% month-over-month, following a 4% decline the previous month, indicating a healthy destocking process [3][4]. - Other categories such as Sensors and Diodes also saw inventory reductions of 5% and 4% respectively, while overall inventory trends are generally stable [3][4]. Pricing Trends - Pricing for MCUs remained flat month-over-month and year-over-year, while transistors saw a 2% increase month-over-month and a 17% increase year-over-year [4][14]. - Capacitors, Diodes, and Sensors experienced price increases of 2-3%, contributing to an overall stable pricing environment [4][14]. Company Observations - Infineon and STM showed varied pricing trends, with Infineon down 4% and STM up 4% in June compared to May, reflecting a mix-driven pricing environment [5][8]. - The report indicates that inventory levels are stable, with significant destocking in MCUs, previously driven by MCHP and now also by STM [5][11].

Core Viewpoint - Winnebago Industries reported a significant reduction in adjusted EPS guidance and net revenue guidance for FY2025, highlighting operational inefficiencies in the Motorhome segment while noting improvements in Marine and selective growth in other segments [1][10]. Inventory Discipline - The company aims for a long-term operational standard of two times inventory turn, aligning with dealer goals and industry best practices, and is willing to sacrifice short-term market share for channel health [3][4]. - This disciplined approach may increase near-term financial pressure but is expected to enhance dealer partnerships and improve supply-demand dynamics when demand recovers [4]. Tariff Risk - Recent U.S. tariff policy escalations have a direct impact on imported RV and marine components, with a forecasted unmitigated tariff risk of $0.50–$0.75 to diluted EPS for FY2026 [5][6]. - The company is monitoring costs with suppliers and may implement price increases to offset short-term effects, but persistent tariff exposure could depress profitability if mitigation tactics are insufficient [6]. Segment Performance - The Marine segment achieved a 15% net revenue increase and over 11% unit growth in Q3 FY2025, with Barletta capturing 9.2% of the U.S. aluminum pontoon market [7]. - Newmar's Class A diesel market share exceeded 33%, and dealer inventory for the brand has significantly decreased since 2019, contributing to the company's risk diversification [7][9]. Future Outlook - Full-year adjusted EPS guidance for FY2025 has been lowered to $1.20–$1.70, with consolidated revenue guidance set at $2.7 billion–$2.8 billion due to dealer destocking and weak RV retail demand [10]. - The company targets margin recapture in the Motorhome segment for FY2026 and aims to reduce net leverage, with a current net-debt-to-EBITDA ratio of 4.8 times [10].

Core Insights - Descartes Systems Group announced that Walking Comfort is utilizing Descartes Sellercloud™ to enhance ecommerce growth by centralizing and synchronizing product listings, inventory, orders, and fulfillment across various online sales channels [1][2] Company Overview - Walking Comfort is a Utah-based retailer specializing in footwear, including running shoes, slippers, sandals, and accessories like insoles. The company was founded in 2008 and operates two brick-and-mortar locations with a workforce of 35 employees [4] Product and Service Details - Descartes Sellercloud is a cloud-based ecommerce platform designed for small and mid-market retailers, distributors, wholesalers, and manufacturers. It centralizes the management of catalog, inventory, orders, purchasing, fulfillment, and shipping, featuring over 350 integrations with various marketplaces and logistics partners [2][3] - The platform has enabled Walking Comfort to save hundreds of hours weekly by automating data consolidation across sales channels, reducing shipping costs by over 55%, and allowing for dropshipping directly from retail locations when convenient [2] Operational Benefits - The use of Descartes Sellercloud has allowed Walking Comfort to reduce operational complexity by updating inventory and orders in real-time, preventing underselling and overselling, and maintaining compliance with marketplace requirements [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The China Current Activity Indicator (CAI) decreased to +4.3% month-on-month annualized seasonally adjusted in May from +4.6% in April, indicating a slight slowdown in economic activity [7] - The weakening in CAI was primarily driven by the manufacturing sector, suggesting challenges in this area [12] - The import-implied domestic demand proxy indicates largely stable growth in recent months, reflecting resilience in domestic consumption [9] - The Financial Conditions Index (FCI) eased in May, mainly due to foreign exchange depreciation against a trade-weighted basket, which may impact liquidity conditions [27][24] - The report anticipates a faster pace of government bond issuance in the coming months, with an additional RMB1 trillion quota expected to be approved [36] Summary by Relevant Sections Economic Indicators - The CAI fell to +4.3% in May, down from +4.6% in April, indicating a deceleration in economic momentum [7] - Manufacturing and construction growth proxies both declined in May, highlighting sector-specific weaknesses [13] Domestic Demand - The import-implied domestic demand proxy suggests stable growth, indicating that domestic consumption remains resilient despite external pressures [9] Financial Conditions - The FCI eased in May, primarily driven by FX depreciation, which may affect overall economic liquidity [27][24] - The growth impact of FCI impulse is expected to turn positive from Q2 onwards, suggesting potential recovery in economic activity [12] Government Policy - The report notes a slight tightening in the domestic macro policy proxy in May, driven by a narrower fiscal deficit, which may influence future economic stimulus measures [35] - An increase in government bond issuance is projected, with expectations of an additional RMB1 trillion quota to be approved [36]

12 June 2025 | 6:17PM CST China Property What would it take to clear China's housing inventory (No. 2) With incremental inventory (including both saleable and non-saleable WIP and land reserve) data being disclosed by city governments lately, we perform a deep dive into China's housing inventory in the 2nd edition on this topic (see first edition here). We examine 78 cities which account for ~50% of China's population and housing stock and ~60% GDP. Shi Xu +86(21)2401-8929 | shi.x.xu@goldmansachs.cn Goldman ...

Core Viewpoint - BofA Securities analyst Lorraine Hutchinson maintains a Buy rating on Nike, Inc. with a price target of $80, indicating confidence in the company's future performance despite current challenges [1]. Financial Performance - Nike is set to release its fourth quarter fiscal 2025 financial results on June 26, with an EPS estimate of 12 cents, aligning with consensus expectations [2]. - The fourth quarter is characterized as a peak for sales and margin pressure, attributed to aggressive inventory clearance without sufficient new product innovation [1]. Market Position and Strategy - Retailer enthusiasm for Nike's Spring '26 innovation pipeline is growing, although the wholesale landscape remains challenging [3]. - Nike is expected to deepen retail relationships and reclaim shelf space as competitors reduce their presence [4]. - The company is navigating tariff impacts effectively, leveraging strong negotiating power with vendors and retailers [6]. Pricing Strategy - Nike has implemented targeted price increases, including $5–$10 hikes on footwear over $100, while keeping prices for kids' products and footwear under $100 stable to maintain accessibility [7]. - The broad pricing structure and scale are seen as advantages if consumer spending tightens [7]. Inventory and Sales Outlook - There are early signs of stabilization in Nike's wholesale business, with Fall '25 order books outside China showing only modest declines [8]. - Hutchinson has adjusted the FY26 EPS estimate to $1.80 from $2.00 due to foreign exchange impacts and lowered expectations for China, while maintaining the FY27 estimate at $3.00 [8]. Stock Performance - Nike shares are currently trading lower by 1.50% at $61.86 [9].

Executive Summary - Seneca Foods Corporation reported strong financial results for fiscal 2025 despite challenges such as a rainy growing season, increasing costs, and fluctuating tariffs, with a net debt reduction of $297 million year-over-year [2][3] - The company experienced increased sales volumes and excellent operating cash flow, although high costs from the previous year impacted margins in the short term [2] Financial Performance - For the twelve months ended March 31, 2025, net sales totaled $1,578.9 million, an increase of $120.3 million from $1,458.6 million in the previous year, driven by higher sales volumes, increased selling prices, and a favorable product mix [6] - Gross margin as a percentage of net sales decreased to 9.5% for the twelve months ended March 31, 2025, compared to 12.9% for the same period in 2024 [6] - In the fourth quarter of fiscal 2025, net sales were $345.8 million, up from $308.0 million in the fourth quarter of fiscal 2024, reflecting a year-over-year increase of $37.8 million [7] - Gross margin for the fourth quarter was 4.5%, down from 6.7% in the same quarter of the previous year [7] Earnings and Adjustments - Adjusted net earnings for the twelve months ended March 31, 2025, were $67.1 million, compared to $80.2 million for the same period in 2024 [5] - Earnings before income taxes for the twelve months ended March 31, 2025, were reported at $54.5 million, down from $83.0 million in the previous year [5] - EBITDA for the twelve months ended March 31, 2025, was $136.96 million, compared to $167.30 million for the same period in 2024 [8] Company Overview - Seneca Foods is a leading provider of packaged fruits and vegetables in North America, sourcing products from over 1,100 American farms and distributing to approximately 55 countries [3] - The company holds a significant market share in various segments, including retail private label, food service, and industrial products, and operates under well-known brands such as Libby's®, Green Giant®, and Aunt Nellie's® [3]

Distribution Solutions Group (DSGR) FY Conference June 12, 2025 08:35 AM ET Speaker0 Thanks, Steven. So I'm gonna I'm gonna lead most of the presentation this morning. Brett may jump in on a on a few items as well and provide you really, the purpose this morning, provide you a little bit of overview of the business, and then we'll spend a little bit of time updating you just on on overall financial performance. But quite a bit of the conversation will be surrounded around a lot of the initiatives that we're ...