Meridian Funds, managed by ArrowMark Partners, released its fourth-quarter 2025 investor letter for “Meridian Hedged Equity Fund”. A copy of the letter can be downloaded here. U.S. equity markets experienced a quarter supported by optimism about potential monetary easing and caution regarding economic growth and valuations. Early gains were driven by strong AI-related earnings and the US Federal Reserve’s rate cut in October, which improved expectations for financial conditions. However, market sentiment c ...

Lincoln Electric FY Conference Summary Company Overview - **Company**: Lincoln Electric (NasdaqGS:LECO) - **Event**: FY Conference held on February 17, 2026 Key Points Strategic Initiatives - **RISE Strategy**: An evolution of the existing strategy aimed at enhancing safety, productivity, and quality in operations. The acronym stands for: - **R**: Reimagine work processes - **I**: Innovate to differentiate from competitors - **S**: Serve customers better - **E**: Elevate team members' career aspirations [6][7] - **Focus on M&A**: The company aims for 300-400 basis points of growth through mergers and acquisitions, targeting both legacy welding and automation businesses [17][19]. Market Position and Growth - **Market Share**: The company is experiencing stable market share, with gains particularly in North America due to a balanced go-to-market strategy [45][47]. - **End Markets**: Greater visibility in automotive, heavy fabrication, and construction sectors, with a strong position in the Americas region [33][34]. Financial Performance and Outlook - **Volume Growth**: Anticipated mid-single-digit sales growth, with a focus on automation and core welding business [29][32]. - **Pricing Strategy**: Pricing is expected to remain flat in the second half of the year, with no incremental pricing built into forecasts [35][38]. - **Cost Management**: The company has successfully reduced finance costs by approximately 50 basis points as a percentage of sales [15]. Automation Business - **Short vs. Long Cycle**: About 20% of the automation business is short cycle, with margins more reflective of proprietary technology rather than project duration [48][49]. - **M&A Focus**: The company is looking to expand proprietary content in automation through targeted acquisitions [50][55]. Economic Indicators - **PMI Monitoring**: The company is closely watching the Purchasing Managers' Index (PMI) as a proxy for customer confidence in capital investments, which typically influences consumable volume growth [27][28]. Challenges and Risks - **European Market**: Facing challenges due to high fixed costs and competitive pricing pressures, particularly in the European market [46][75]. - **Economic Uncertainty**: The transition from internal combustion engines to electric vehicles has created headwinds in capital planning cycles for automotive clients [54]. Technology and Innovation - **AI Integration**: The company is leveraging AI to enhance internal operations and improve product value propositions, focusing on managing variability in factory environments [85][86]. Conclusion - **Future Outlook**: The company is cautiously optimistic about growth in 2026, emphasizing customer service and productivity improvements while preparing for potential market challenges [92][93].

美联储降息预期推迟，叠加现金仓位降至低位（3.7%），市场流动性敏感资产承压。此外，贵金属价 格大幅回调（黄金失守5000美元）进一步抑制风险资产偏好。 经济观察网 根据截至2026年2月17日的市场数据，惠普（HPQ.N）股价当日下跌3.06%，收于18.67美 元。其下跌主要受以下因素影响： 机构观点 花旗分析师Asiya Merchant于2月17日发布报告，维持对惠普的"持有"评级，但将目标价从22美元下调至 20美元。这一调整可能加剧市场对惠普盈利能力的担忧。 行业板块情况 当日美股科技股普遍下跌，纳斯达克指数下跌0.77%，电脑硬件板块跌幅达1.20%。市场对AI领域高资 本开支的回报预期趋于谨慎，科技七巨头盘中多数走低，拖累板块情绪。 业绩经营情况 惠普在2025年11月公布的2025财年第四季度财报显示，尽管营收同比增长4%，但净利润同比下降，且 2026财年每股收益指引中值（2.90-3.20美元）低于市场预期的3.33美元。同时，公司宣布将在2028财年 前裁员4000-6000人，引发市场对成本压力与增长可持续性的关注。 市场环境 来源：经济观察网 综上，惠普股价下跌是机构下调预期、板块 ...

Carillon Tower Advisers, an investment management company, released its fourth-quarter 2025 investor letter for the “Carillon Eagle Small Cap Growth Fund”. You can download a copy of the letter here. Small-cap stocks delivered marginal gains in the fourth quarter of 2025. The Russell 2000® Value Index outperformed the Russell 2000® Growth Index in the quarter, with more balanced results. In line with the broader stock market, small-cap stocks delivered solid results in 2025. The Russell 2000 Growth Index re ...

AUSTIN, Texas--(BUSINESS WIRE)--CrowdStrike (NASDAQ: CRWD) today announced it has been named Frost & Sullivan's 2026 Company of the Year for Cloud Workload Security (CWS) and the 2025 Company of the Year for Global SaaS Security Posture Management (SSPM) for the second consecutive time. Together, these recognitions validate CrowdStrike's leadership in cloud runtime security across cloud workloads, SaaS environments, and AI through a single, unified platform. As AI accelerates cloud adoption. ...

Chief Financial Officer Jennifer Wolfenbarger reported full-year 2025 fully diluted EPS of $3.22, down from $3.86 in 2024. She said the result was negatively impacted by a $41.5 million pension settlement charge net of tax benefit, or $0.91 per share, and $0.01 of restructuring charges. On an adjusted basis, diluted EPS was $4.14 in 2025 versus $3.92 in 2024, an increase of 6%.Beyond the reported figures, management emphasized initiatives aimed at accelerating growth and improving margins. Ruzynski said the ...

Summary of Ryder's Conference Call Company Overview - **Company**: Ryder System, Inc. - **Industry**: Transportation and Logistics - **Founded**: 1933, went public in 1955 - **Revenue**: Approximately $13 billion - **Stock Symbol**: R - **Segments**: Fleet Management Solutions (FMS), Dedicated Transportation Solutions (DTS), Supply Chain Solutions (SCS) [1][2][3] Core Business Segments 1. **Fleet Management Solutions (FMS)** - Represents about 43% of total revenue - Offers truck leasing and maintenance services - Operates a fleet of nearly 240,000 vehicles - Revenue growth is dependent on the freight market [3][5][26] 2. **Dedicated Transportation Solutions (DTS)** - Accounts for 19% of revenue - Provides trucks and drivers for customers - Growth is influenced by the driver market and outsourcing trends [5][61] 3. **Supply Chain Solutions (SCS)** - Focuses on warehousing and logistics - Operates over 300 warehouses with over 100 million square feet of space - Long-term growth target is low double digits [6][40][54] Transformation and Strategy - **Balanced Growth Strategy**: Initiated in 2019 to de-risk the business model, improve returns, and accelerate growth in asset-light businesses [7][10] - **Revenue Mix Shift**: In 2018, asset-intensive business was 56% of revenue; by 2023, it decreased to 38% [11] - **Earnings Improvement**: Targeting low twenties return on equity (ROE) over the cycle, with a peak ROE of 17% expected in 2025 [12] - **Cost Savings**: Achieved over $100 million in savings from maintenance optimization initiatives [10][13] Financial Outlook - **2026 EPS Guidance**: Midpoint reflects an 8% year-over-year growth, with a range of 4%-12% [71] - **Potential Earnings Lift**: Identified $250 million in earnings lift as the freight market recovers [13][72] - **Free Cash Flow**: Expected to be $700-$800 million, with plans for organic growth, acquisitions, dividends, and share buybacks [83][85] Market Dynamics - **Freight Market**: Current softness in the freight market is impacting lease sales and rental fleet performance [27][69] - **Driver Market**: A tightening driver market is expected to drive growth in dedicated services as companies outsource more [61][66] - **Customer Sentiment**: Large companies are moving forward with projects, while small to mid-sized companies are more hesitant due to market conditions [70] Innovation and Technology - **AI Integration**: Ryder is leveraging AI in customer-facing systems and operational efficiencies [88][89] - **Automation**: Increased use of automation in warehouses and maintenance operations to enhance productivity [100][102] Management Transition - **Leadership Change**: Robert Sanchez will transition to Executive Chair, with John Diez taking over as CEO [15][78] - **Management Team**: Strong leadership team in place, with a focus on innovation and operational excellence [17][80] Conclusion - Ryder is positioned for future growth with a focus on innovation, operational efficiency, and a strong management team. The company anticipates that the best years are ahead as market conditions improve and demand for logistics services increases [105]

智通财经APP获悉，英伟达(NVDA.US)将于2月25日公布最新一个财季业绩及指引，花旗集团对这家由 黄仁勋掌舵的芯片巨头给出了偏乐观的前瞻判断，预计公司将释放强劲的业绩指引。 花旗分析师Atif Malik在致客户的报告中表示，其模型预测英伟达1月所在财季营收约为670亿美元，高 于华尔街普遍预期的656亿美元；同时，预计公司对4月所在财季的营收指引将达到730亿美元，也明显 高于市场预期的716亿美元。 Malik指出，B300产品的持续放量叠加Rubin架构的推出，将推动英伟达在2026年下半年实现同比34%的 销售加速增长，显著高于2026年上半年约27%的增速。他认为，当前多数投资者的关注点已不再局限于 本次财报本身，而是将目光投向3月中旬举行的年度GTC大会，届时英伟达预计将重点阐述其推理路线 图，包括如何利用Groq的低延迟SRAM知识产权，并首次给出对2026年至2027年AI相关销售前景的初步 展望。 基于上述判断，Malik维持对英伟达的"买入"评级，并给予270美元的目标价。 在不只局限于短期业绩的分析中，Malik进一步指出，从中长期视角看，英伟达当前估值"具备吸引 力"。随着市场对 ...

转自：京报网_北京日报官方网站 【#央视春晚直播总收视创13年新高#】#央视春晚同时在看人数峰值破4亿#中央广播电视总台《2026年 春节联欢晚会》在"欢乐吉祥，喜气洋洋"的主基调中圆满播出，为全球华人和海外朋友奉上了一道年味 浓郁、文化醇厚、科技闪耀的"文化年夜饭"，传递出和合共鸣、四海同春的浓浓暖意。截至2月17日8 时，春晚境内全媒体总触达230.63亿次，同比提升37.3%。在全国电视市场的直播总收视份额达 79.29%，创13年来新高。春晚播出期间，平均每分钟同时在线收看（收听）人数达3.25亿人，同时在线 收看人数峰值破4亿人。总台春晚在境内新媒体端数据刷新历史纪录。春晚在境内新媒体直点播触达总 数162.07亿次，同比增长49%。其中，总台自有客户端直点播累计播放量达7.7亿次，同比增长2.7%；直 播播放量累计达6.05亿次，较去年增加6005万人次。"春晚无障碍版"在央视新闻、央视频及云听客户端 累计直点播播放量达2833.66万次，同比增长144%。网络热度持续走高，近2000个话题登上热搜热榜。 截至2月17日13时，2026年总台春晚全网话题阅读量达271.2亿。全网各大平台热搜涌现， ...

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