Key Takeaways OLED reported Q4 EPS of $1.39, up from 96 cents, as revenues rose to $173M and met estimates.Material sales and royalties drove growth, with green emitter sales climbing to $74M in the quarter.OLED expects revenues of $650M-$700M and gross margin of 74%-76% in 2026.Universal Display Corporation (OLED) reported relatively healthy fourth-quarter 2025 results, with adjusted earnings beating Zacks Consensus Estimate while the top line matched the same. The company reported a top-line expansion yea ...

Key Takeaways Workday will report Q4 fiscal 2026 results on Feb 24 after posting steady earnings surprises.WDAY saw demand for HCM and finance tools, expanded Workday GO and launched EU Sovereign Cloud.Workday's Earnings ESP is -3.86%, making an earnings beat less certain this quarter.Workday, Inc. (WDAY) is set to release fourth-quarter fiscal 2026 results on Feb. 24, after the closing bell. In the trailing four quarters, the company delivered an earnings surprise of 9.11%, while in the last reported quart ...

Conestoga Capital Advisors, an asset management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. In Q4 2025, Conestoga Capital Advisors Mid Cap Strategy returned -5.75% net of fees compared to the Russell Midcap Growth Index’s -3.70% return. The underperformance was driven by negative stock selection in the Technology and Industrials sectors, while positive sector allocation effects partially eased underperformance. The Mid Cap Composite returned -4.73% ...

Core Viewpoint - Conestoga Capital Advisors reported underperformance in its Mid Cap Strategy for Q4 2025, primarily due to negative stock selection in the Technology and Industrials sectors, despite some positive sector allocation effects [1]. Group 1: Performance Overview - In Q4 2025, Conestoga Capital Advisors Mid Cap Strategy returned -5.75% net of fees, compared to the Russell Midcap Growth Index's -3.70% return [1]. - The Mid Cap Composite returned -4.73% net of fees for the full year 2025, trailing the benchmark return of 8.66% [1]. Group 2: CoStar Group, Inc. (NASDAQ:CSGP) Insights - CoStar Group, Inc. experienced significant share price pressure in Q4 2025, with a one-month return of -25.20% and a three-month loss of 36.10% [2][3]. - The company's market capitalization is reported at $20.797 billion [2]. - The primary challenge for CoStar Group was its aggressive investment in the Homes.com platform, which negatively impacted overall profitability [3]. - Bookings for Apartment.com fell short of investor expectations, contributing to the negative sentiment around the stock [3]. - Concerns about increased competition arose from media reports suggesting that Google may enter the for-sale home listings market, further pressuring CoStar's valuation [3]. Group 3: Hedge Fund Interest - CoStar Group, Inc. was held by 57 hedge fund portfolios at the end of Q3 2025, a slight decrease from 59 in the previous quarter [4]. - While the potential of CoStar Group as an investment is acknowledged, the company is not considered among the 30 most popular stocks among hedge funds, with certain AI stocks viewed as having greater upside potential and less downside risk [4].

Core Insights - Conestoga Capital Advisors reported solid returns in US equities for 2025, with double-digit gains across all major indices [1] - The Conestoga Micro Cap Composite returned -1.91% net of fees in Q4 2025 and 16.24% for the full year, underperforming the Russell Microcap Growth Index [1] Company Overview: Bowman Consulting Group Ltd. (NASDAQ:BWMN) - Bowman Consulting Group Ltd. provides multi-disciplinary engineering, planning, and consulting services to the built environment [3] - The company experienced a one-month return of -6.90% and a 52-week gain of 60.97%, with shares closing at $33.45 on February 19, 2026, and a market capitalization of $581.131 million [2] - Despite an earnings beat, the company reported third-quarter revenue that significantly missed consensus estimates, leading to negative sentiment and insider selling in December [3] Hedge Fund Interest - Bowman Consulting Group Ltd. was held by 14 hedge fund portfolios at the end of Q3 2025, an increase from 8 in the previous quarter [4] - While the company has potential as an investment, certain AI stocks are viewed as offering greater upside potential and less downside risk [4]

Core Viewpoint - The FLEXI chip, developed by Tsinghua University in collaboration with Peking University and Visionox, is the world's first flexible storage-computing chip, recently published in the journal Nature, marking a new era for flexible AI computing hardware [2][4]. Group 1: Technology and Innovation - The FLEXI chip features an integrated storage-computing architecture, providing ultra-thin, flexible, and high energy efficiency, which is crucial for the industrialization of flexible smart hardware [4]. - Utilizing CMOS low-temperature polycrystalline silicon (LTPS) technology, the chip can be manufactured directly on flexible substrates, offering low power consumption, low cost, and high integration advantages [6]. - The chip achieves a clock frequency exceeding 10 MHz, significantly enhancing computational speed and energy efficiency, enabling real-time operation of AI models on flexible hardware [6][9]. Group 2: Performance and Applications - The FLEXI chip has demonstrated stability after over 40,000 bends and zero errors in over 10 billion operations, maintaining performance under various voltage fluctuations and temperature changes [9]. - It has successfully performed tasks such as arrhythmia detection with an accuracy of 99.2% and human activity classification with an accuracy of 97.4%, showcasing its potential for local intelligent processing in low-power conditions [9]. - The technology fills a gap in AI-specific computing hardware for flexible electronics, with future enhancements expected through new semiconductor materials and power gating technology [9]. Group 3: Market and Industrialization Challenges - The mass production of flexible chips is anticipated to face challenges in the next two to three years, primarily due to technological and market limitations [12]. - There remains a generational gap in performance between flexible chips and mature silicon-based chips, necessitating improvements in circuit density and architectural design [12]. - The application scenarios for flexible chips are still in the exploratory phase, similar to the current state of AI large models, requiring time for market cultivation [12]. Group 4: Future Plans - Visionox plans to continue collaborating with academic institutions to enhance the performance of flexible chips and validate the integration of multifunctional modules into flexible SoCs [12]. - The company aims to follow a progressive industrialization path from laboratory to pilot production to mass production, leveraging experiences from its Micro LED sector [12].

Core Viewpoint - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Horse, with major indices falling, while domestic AI models and robotics stocks surged significantly [1][2]. Market Performance - As of February 20, the Hang Seng Index closed at 26,413.35 points, down 1.1%; the Hang Seng Tech Index closed at 5,211.5 points, down 2.91%; and the Hang Seng China Enterprises Index closed at 8,959.56 points, down 1.22% [2][3]. - The AI model sector saw strong performance, with Zhizhu and MiniMax both surpassing a market capitalization of 300 billion HKD. Zhizhu surged by 42.72% to 725 HKD per share, marking a cumulative increase of 206% in February [3][5]. Robotics Sector - The robotics sector also experienced a collective rise, with companies like Yujian up 21.4% to 48.44 HKD per share, and Suton Ju Chuang rising 9.24% to 37.58 HKD per share [5]. Oil Sector - Oil-related stocks also saw gains, with Yanchang Petroleum International up 3.75%, China Petroleum International up 3.70%, and CNOOC Services up 3.20% [6]. Sector Outlook - Huatai Securities suggests focusing on three key areas in the Hong Kong market: semiconductor hardware represented by storage, improving specialty consumption, and electrical equipment [6]. - Galaxy Securities recommends attention to precious metals and energy sectors due to geopolitical uncertainties, as well as the technology sector as a long-term investment focus, particularly in the context of accelerating AI applications [6].

Fourth Quarter and Full Year 2025 Financial Results February 20, 2026 Western Union 2 Tom Hadley Vice President of Investor Relations Western Union Forward-Looking Statements This presentation contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. Actual outcomes and results may differ mate ...

Core Insights - The company's performance was driven by strong execution in core Rimini Support subscription billings, despite the planned wind-down of Oracle PeopleSoft services [1] - Management is positioning the company as a bridge between legacy ERP infrastructure and modern AI innovation, asserting that traditional ERP software has peaked in technical value [1] - The 'Rimini Smart Path' strategy emphasizes a funded innovation model, encouraging clients to reinvest savings from third-party support into high-ROI AI projects [1] Operational Momentum - Operational momentum is bolstered by a strengthening ecosystem of global partners, particularly highlighting the strategic alliance with ServiceNow for Agentic AI solutions [1] - The company reported a significant increase in sales close rates, achieving over 30% of the pipeline in the fourth quarter [1] - Management attributes improved cycle times and higher win rates to the resolution of long-standing litigation, which has simplified customer due diligence processes [1] Revenue Growth and Market Stability - Retention challenges in 2025 impacted revenue growth, but management believes the North American market is now stabilizing under a new 'Hunter-Farmer' sales model [1]

Group 1 - The global financial markets experienced significant volatility during the Chinese New Year holiday, which may impact the A-share market upon its reopening on February 24 [3][13] - U.S. stock index futures showed initial optimism with gains over 0.5%, but later faced a sell-off, leading to a mixed performance in major indices, with the Nasdaq down by 0.27% [3][4] - The last trading day before the holiday saw a divergence in U.S. market sectors, with technology and consumer service stocks declining, while sectors like renewable energy and high-end manufacturing gained traction [4][13] Group 2 - The precious metals market, particularly gold and silver, faced significant declines, with gold prices dropping below $5000 per ounce, attributed to a stronger U.S. dollar and profit-taking by investors [8][9] - The Hong Kong stock market demonstrated resilience with a "V-shaped" recovery, particularly in technology and resource sectors, which may provide a positive signal for the A-share market [8][9] - European markets mirrored the U.S. trends, with major indices experiencing declines, indicating a cautious sentiment among investors leading to profit-taking [9][11] Group 3 - A-share market had already undergone a significant adjustment before the holiday, with major indices experiencing declines, but the overall trend for the year remains upward [11][13] - The resilience shown by the Hong Kong market and the underlying support from domestic economic fundamentals suggest that A-shares may develop an independent trend post-holiday [13][14] - Focus areas for the A-share market post-holiday are likely to shift towards domestic industrial trends and sector rotations, particularly in renewable energy, high-end manufacturing, and technological innovation [13][14]