Core Insights - The second-quarter 2025 earnings season is expected to show resilience and an improving outlook for the banking sector and overall market [1] - Total S&P 500 earnings are projected to increase by 4.9% year-over-year, driven by a 3.9% rise in revenues [2] - Nine out of sixteen Zacks sectors are anticipated to report earnings growth, with Consumer Discretionary leading at 105.6% [3] Sector Performance - Consumer Discretionary sector is expected to see the highest earnings growth at 105.6%, followed by Aerospace at 15.1%, Technology at 11.8%, Finance at 7.8%, and Utilities at 7.7% [3] - The "Magnificent 7" companies are projected to have an 11.3% increase in earnings with an 11.2% rise in revenues compared to the same period last year [3] ETF Highlights - Consumer Discretionary Select Sector SPDR Fund (XLY) has an AUM of $22.5 billion and an expense ratio of 0.08% [5] - iShares U.S. Aerospace & Defense ETF (ITA) holds $8.4 billion in AUM with an expense ratio of 0.40% [6] - Vanguard Information Technology ETF (VGT) manages $95 billion in assets and has an expense ratio of 0.09% [7] - Financial Select Sector SPDR Fund (XLF) has an AUM of $51.3 billion and charges 0.08% in annual fees [8] - Utilities Select Sector SPDR (XLU) has an AUM of $19.1 billion and an expense ratio of 0.08% [9]

Core Insights - Nasdaq, Inc. (NDAQ) shares have increased by 45.8% over the past year, outperforming the Finance sector and the Zacks S&P 500 composite, which grew by 18.8% and 10.1% respectively [1] - NDAQ's market capitalization stands at $51.57 billion, with an average trading volume of 3.4 million shares over the last three months [2] - The company is trading above its 50-day and 200-day simple moving averages, indicating strong upward momentum [3] Financial Performance - NDAQ's growth in the past year is significantly higher than the industry average of 25% [6] - The Zacks Consensus Estimate for NDAQ's 2025 earnings per share indicates a year-over-year increase of 13.4%, with revenues projected at $5.05 billion, reflecting an 8.7% improvement [9] - The long-term earnings growth expectation for NDAQ is 12.1%, surpassing the industry average of 10% [10] Analyst Sentiment - Recent analyst activity shows two out of twelve analysts have raised their earnings estimates for 2025, leading to a 0.3% increase in the consensus estimate for 2025 earnings [7] Valuation Metrics - NDAQ is currently trading at a forward 12-month price-to-book ratio of 26.5X, which is above the industry average of 26.32X [8] Return on Capital - The return on equity for NDAQ in the trailing 12 months is 15.3%, exceeding the industry average of 14.1% [12] - The return on invested capital (ROIC) for NDAQ is 6.8%, also better than the industry average of 5.7% [13] Growth Strategy - Nasdaq's growth strategy focuses on increasing revenues from high-growth segments such as Market Technology and Investment Intelligence, along with expanding its Anti-Financial Crime clientele [14] - The company anticipates strong growth from its index and analytics businesses, with Capital Access Platforms expected to deliver revenue growth of 5% to 8% [15] Inorganic Growth - NDAQ's inorganic growth strategy includes expanding its technology offerings and enhancing market surveillance techniques, with a total addressable market in the anti-financial crime space estimated at $12.5 billion [16] Dividend Policy - Nasdaq has consistently increased its dividend each year and aims for a payout ratio of 35-38% by 2027 [17]

Core Viewpoint - ExxonMobil anticipates a profit decline of $1.5 billion in the second quarter due to weaker oil and gas prices, raising questions about its future investment potential [1][3] Financial Performance - Exxon expects a more than $1 billion hit from lower oil prices and nearly $1 billion from weaker gas prices, but higher refining margins may boost earnings by about $300 million [3] - Despite the expected decline, Exxon reported $6.8 billion in upstream earnings and $7.7 billion in total profit in the first quarter, leading all international oil companies [4] - Exxon also led in cash flow from operations at $13 billion and shareholder distributions at $9.1 billion, including $4.8 billion in share repurchases [4] Cost Management - Since 2019, Exxon has achieved $12.7 billion in cost savings, more than all other international oil companies combined, with $600 million cut in the first quarter alone [5] - The company focuses on investing in advantaged assets like the Permian and Guyana, which have low costs and high profit margins [5] Growth Strategy - Exxon anticipates a reacceleration in profits over the coming years, targeting $20 billion in earnings and $30 billion in cash flow by 2030, assuming crude oil averages around $65 per barrel [6][7] - The company plans to invest around $140 billion in major capital projects and its Permian Basin development program, expecting returns of over 30% [8] - Exxon aims to achieve a total of $18 billion in structural cost savings by 2030 through various strategies [9] Shareholder Value - The company's growth strategy should enable continued dividend increases and stock repurchases, having raised its payout for 42 consecutive years [10] - Despite quarterly earnings fluctuations, Exxon is positioned for significant long-term growth, making it an attractive stock for investors [11]

tariff turmoil and whether it's still going to hit the economy in the stock market or not. Let's ask Tom Lee. He's Fund Strat's chief investment officer and head of research.He's here with us at Post 9. I mean, the market, Good to see you, by the way. Great to see you.The market clearly doesn't think that tariff turmoil is going to going to hit the economy and uh and stocks. Is that the right way to think about it. Well, I think the economy we've had enough data to know that the tariffs aren't necessarily h ...

officer at Wealth Management. Alan, good morning. Good to see you, Frank.>> Always a pleasure to be here with you. >> So we were just kind of showing what we like to call the wall of worry using some air quotes there. Is there one of those in particular that you see as the biggest worry specifically for the markets.>> I think the biggest worry right now is around uncertainty, which breeds volatility and complexity. And when you look across the landscape, whether it be the situation in Washington, which you ...

2019 Earnings Overview - The company reported 2019 earnings of $272.3 million, compared to $335.5 million in 2018[17] - 2019 EPS was $1.39, compared to $1.69 in 2018[17] - The Electric & Natural Gas Utility reported record earnings of $94.3 million in 2019, a 11.3% increase from $84.7 million in 2018[20, 21] - The Construction Services group reported record earnings of $93.0 million in 2019, a 44.6% increase from $64.3 million in 2018, with record revenue of $1.85 billion compared to $1.37 billion in 2018[27, 28] - The Construction Materials group reported earnings of $120.4 million in 2019, a 29.9% increase from $92.6 million in 2018, with record revenue of $2.19 billion compared to $1.93 billion in 2018[30, 31] - The Pipeline & Midstream group reported earnings of $29.6 million in 2019, a 3.9% increase from $28.5 million in 2018[23, 25] 2020 Guidance and Outlook - The company initiated 2020 EPS guidance of $1.65 - $1.85[48] - The Construction Services group expects 2020 revenue in the range of $1.85 billion to $2.05 billion[44] - The Construction Materials group expects 2020 revenue in the range of $2.2 billion to $2.4 billion[47] - The Electric & Natural Gas Utility expects to grow rate base by 5% compounded annually over the next five years and customer base to continue growing by 1-2% annually[37]

June 27, 2025 06:17 PM GMT US Credit Strategy: 1Q25 Fundamentals Modest Deterioration, but Interest Coverage a Bright Spot M O R G A N S T A N L E Y R E S E A R C H North America Morgan Stanley & Co. LLC Vishwas Patkar Strategist Vishwas.Patkar@morganstanley.com +1 212.761.8041 Joyce Jiang Strategist Joyce.Jiang@morganstanley.com +1 212.761.0165 Karen Chen Strategist Karen.Chen@morganstanley.com +1 212.761.1199 Christina Sigler Strategist Christina.Sigler@morganstanley.com +1 212.761.4116 Source: Bloomberg, ...

Let's begin with a market. Let's and what a strong quarter it's been on Wall Street. The Dow is up 4%.The S&P 500 soaring to 10%. The Nasdaq is higher by 17% tracking for its best quarterly gain in 5 years. So technology, communication services, industrials, discretionary are among the top performing sectors on the S&P 500 quarter to date.And joining us now with key things to watch in the second half is Richard Bernstein, advisor CEO. uh Richard Bernstein and City US equity strategist Scott Croner. I mean, ...

Market Trends - India's stock market is cooling due to concerns over slowing earnings growth and high valuations [1] - In April, India's stock market was a haven during global market turmoil [1]

Wall Street sees S&P 500 earnings growing at the slowest pace in two years. Can stocks keep powering higher in the face of that? https://t.co/e19qd8xT05 ...