Core Viewpoint - Five Below, Inc. is experiencing strong financial performance, leading to an optimistic outlook and a significant price target increase from Jefferies, reflecting confidence in the company's growth prospects [2][4]. Financial Performance - Five Below reported earnings of $0.68 per share for Q3 2026, exceeding the Zacks Consensus Estimate of $0.22 per share, resulting in a +209.09% earnings surprise [2][6]. - The company achieved revenues of $1.04 billion in Q3 2026, surpassing the Zacks Consensus Estimate by 7.05% and showing a substantial increase from $843.71 million in the same period last year [3][6]. - Five Below has raised its full-year revenue forecast for the second consecutive quarter, now expecting annual revenue between $4.62 billion and $4.65 billion [4]. Stock Performance - The current stock price of Five Below is $164.23, reflecting a slight increase of approximately 0.66% or $1.08, with fluctuations between a daily low of $160.16 and a high of $168.87 [5]. - Over the past year, the stock has reached a high of $168.98 and a low of $52.38, with a market capitalization of approximately $9.04 billion [5].

Core Insights - Disney and Netflix reported contrasting quarterly earnings, with Disney beating EPS estimates but missing revenue expectations, while Netflix met revenue expectations but missed EPS due to a tax dispute [2][7]. Financial Performance - Disney's EPS was $1.11, exceeding the expected $1.05, but revenue was $22.46 billion, below the anticipated $22.75 billion [2][7]. - Netflix's revenue reached $11.51 billion, meeting expectations, but EPS was $5.87, missing the expected $6.97 due to a $619 million tax issue in Brazil [2][4]. Revenue Growth - Disney's direct-to-consumer segment saw an 8% revenue increase driven by subscription growth in Disney+ and Hulu, but the overall revenue growth was -0.5% year-over-year [3][5]. - Netflix experienced a 17.2% year-over-year revenue growth, attributed to membership expansion, pricing adjustments, and strong ad sales [4][5]. Operating Margins - Disney's operating margin was 11.9%, significantly lower than Netflix's 28.2% [5][7]. - Disney's profit margin stood at 13.1%, nearly half of Netflix's 24% [7]. Strategic Focus - Disney's Parks & Experiences segment achieved a 13% growth in operating income, and the company plans to invest $24 billion in content by fiscal 2026 while increasing its share buyback target to $7 billion [6]. - Netflix is focusing on expanding its user interface and integrating advertising platforms, achieving its highest quarterly view share in the U.S. and U.K. [4][6].

Core Viewpoint - Advanced Energy Industries (AEIS) reported strong Q3 earnings, beating estimates and showing significant year-over-year revenue growth, despite some declines in specific segments [3][4][10]. Financial Performance - AEIS reported non-GAAP earnings of $1.74 per share, exceeding the Zacks Consensus Estimate by 18.37%, with a year-over-year increase of 77.6% and a sequential increase of 16% [3]. - Revenues reached $463.3 million, surpassing estimates by 5.14% and increasing 23.8% year over year, with a sequential growth of 5% [3]. Segment Performance - Semiconductor Equipment revenues, accounting for 42.4% of total revenues, decreased by 0.5% year over year to $196.6 million and fell 6.2% sequentially [4]. - Industrial & Medical revenues, making up 15.4% of total revenues, declined 7.4% year over year to $71.2 million but increased 3.8% sequentially [4]. - Data Center Computing revenues, representing 37% of total revenues, surged 113% year over year to $171.6 million, with a sequential jump of 21.2% [4]. - Telecom & Networking revenues, comprising 5.2% of total revenues, rose 24.5% year over year to $24 million and increased 9.6% sequentially [5]. Operating Results - The non-GAAP gross margin improved to 39.1%, up 280 basis points year over year and 100 basis points sequentially, aided by factors such as factory closures in China and lower tariff costs [6]. - Non-GAAP operating expenses were $103.4 million, up 6.8% year over year but down 0.2% sequentially, with the operating margin increasing to 20.8% compared to 9.6% in the previous year [7]. Balance Sheet & Cash Flow - As of September 30, 2025, cash and cash equivalents stood at $758.6 million, an increase from $713.5 million as of June 30 [8]. - Cash flow from operations was $79 million, up from $46.5 million in the previous quarter [8]. Guidance & Outlook - For Q4 2025, AEIS expects non-GAAP earnings of $1.75 per share, with anticipated revenues of $470 million, reflecting sequential growth [9][10]. - The company projects overall revenue growth of approximately 20% for 2025, with Data Center revenues expected to double [11]. - Estimates for the stock have been trending upward, with a consensus estimate shift of 19.05% in the past month, leading to a Zacks Rank of 1 (Strong Buy) [12][14].

Core Insights - THOR Industries, Inc. reported earnings of 41 cents per share for Q1 fiscal 2026, exceeding the Zacks Consensus Estimate of a loss of 11 cents and up from 26 cents per share in the same quarter of fiscal 2025 [1] - The company achieved revenues of $2.39 billion for the fiscal first quarter, surpassing the Zacks Consensus Estimate of $2.12 billion, representing an 11.5% year-over-year increase [1] Segmental Results - North American Towable RVs segment revenues remained flat at $897.1 million, exceeding the estimate of $810.6 million [2] - North American Motorized RVs segment revenues totaled $661.1 million, a 30.9% year-over-year increase, surpassing the estimate of $520.3 million [4] - European RVs segment revenues reached $655.5 million, an 8.4% increase from the previous year, also beating the estimate of $617.1 million [5] Profitability Metrics - Gross profit for the company totaled $119 million, a 5.8% year-over-year increase, attributed to reduced warranty and promotional expenses [3] - The North American Motorized RVs segment gross profit was $71.6 million, up 67.6% year-over-year due to volume leverage and lower warranty costs [4] - The European RVs segment gross profit fell to $77.8 million, a 16% decline year-over-year, with a pretax loss of $26.6 million compared to a pretax income of $1.18 million in the previous year [6] Financial Position - As of October 31, 2025, THOR had cash and cash equivalents of $509.9 million and long-term debt of $913.1 million [7] - The company reported an operating cash outflow of $44.9 million, contrasting with an operating cash inflow of $30.7 million in the same quarter of 2025 [7] Guidance - THOR expects fiscal 2026 consolidated net sales to be in the range of $9-$9.5 billion, down from $9.6 billion in fiscal 2025, with EPS projected between $3.75-$4.25 compared to $4.84 in fiscal 2025 [8]

Core Viewpoint - Build-A-Bear Workshop, Inc. (BBW) reaffirmed its revenue growth guidance for fiscal 2025, expecting mid-to-high-single-digit percentage growth and pre-tax income between $62 million and $70 million [1][2]. Financial Performance - For fiscal 2025, the company anticipates revenue growth in the range of 7.29 percent, with an expected total revenue of $532.57 million [1]. Guidance Considerations - The company's guidance takes into account various factors such as tariffs, medical and labor costs, changes in freight expenses, and ongoing inflationary challenges [2]. Strategic Focus - The company aims to advance its long-term strategic initiatives, particularly the global expansion of its partner-operated model, while navigating a dynamic economic environment [2].

Investment Thesis - The committee recently bought Twilio, revisiting a name actively discussed from 2018 to 2021 [1] - Twilio experienced significant revenue growth (50-70%) previously, followed by a decline, necessitating diversification beyond messaging into voice and email [2] - The company's diversification into multi-channel communication is currently unfolding [2] Market Analysis - A breakout point exists at $151, with potential for the stock to move towards $200 by 2026 if this level is surpassed [3] - A one-year chart shows $151 as a significant potential breakout point [3] Financial Performance & Valuation - The company demonstrates profitability and free cash flow generation [4] - The forward PE ratio of approximately 26-27 represents a reasonable valuation [4]

Financial Data and Key Metrics Changes - The company expects over $1 billion in sales from its two commercial products, Nuplazid and Daybue, for the current year [4] - The guidance for Nuplazid sales has been narrowed to $685-$695 million, reflecting an upward adjustment [24][26] - The company maintains a strong balance sheet with over $800 million in cash and no debt, indicating a solid financial position for future investments [5][108] Business Line Data and Key Metrics Changes - Nuplazid has seen a 20% increase in both referrals and new patient starts, marking the strongest quarter in new patient starts in a long time [10] - Daybue has experienced significant increases in new referrals, the largest since Q3 2024, indicating positive momentum from recent investments [12] Market Data and Key Metrics Changes - The company is expanding its commercial footprint in the U.S. and plans to enter the European market with expected approval next year [12][59] - The market for Alzheimer's disease psychosis (ADP) is significantly larger than that for Parkinson's disease psychosis (PDP), presenting a substantial growth opportunity [73] Company Strategy and Development Direction - The company is focused on expanding its sales force and enhancing marketing efforts for both Nuplazid and Daybue to drive growth [11][45] - The strategy includes leveraging existing data and insights to optimize targeting and positioning of the sales force for Nuplazid [16] - The company plans to market Daybue independently in Europe, building a team to support this initiative [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued meaningful growth for both franchises, with plans to provide guidance for Nuplazid next year [31] - The company is mindful of potential impacts from legislative changes but does not anticipate significant disruptions to profitability [36][37] - Management highlighted the importance of ongoing investments in R&D and commercial operations to support long-term growth [110] Other Important Information - The company has a robust pipeline, with ACP-204 being a key focus for upcoming trials in Alzheimer's disease psychosis and Lewy body dementia psychosis [5][66] - Management emphasized the importance of patient retention and the ongoing benefits of Daybue for patients who remain on therapy [48] Q&A Session Summary Question: Can you summarize the commercial performance for Nuplazid and Daybue? - Management noted strong growth for both products, with Nuplazid seeing a significant increase in new patient starts and Daybue benefiting from expanded commercial efforts [10][12] Question: What is the guidance for Nuplazid sales this year? - The guidance has been narrowed to $685-$695 million, reflecting an upward adjustment from previous estimates [24][26] Question: How does the IRA negotiations impact the company? - Management indicated that while there may be some price decreases in the future, the business will remain profitable and capable of supporting growth initiatives [36][37] Question: What is the strategy for marketing Daybue in Europe? - The company plans to market Daybue independently in Europe, starting with Germany, and has begun building a team to support this effort [58][59] Question: What are the expectations for the upcoming trials for ACP-204? - Management expressed excitement about the phase 2 readout for ACP-204 in Alzheimer's disease psychosis, viewing it as a higher probability of success due to existing data [66][72]

Asia Pacific Equity Research 25 November 2025 PDD HOLDINGS INC Neutral PDD, PDD US Price (24 Nov 25): $113.49 revenue growth in China and headwinds for Temu ▲ Price Target (Dec-26): $130.00 Prior (Jun-26): $125.00 China Style Exposure | Quant | Current | | Hist %Rank (1=Top) | | | | --- | --- | --- | --- | --- | --- | | Factors | %Rank | 6M | 1Y | 3Y | 5Y | | Value | 12 | 8 | 14 | 24 | 51 | | Growth | 22 | 15 | 4 | 19 | 91 | | Momentum | 30 | 85 | 44 | 3 | 20 | | Quality | 5 | 9 | 7 | 72 | ਰੇਰੇ | | Low Vol ...

Core Viewpoint - Viavi Solutions reported strong first-quarter fiscal 2026 results, with both revenue and earnings exceeding expectations, driven by growth in key segments despite macroeconomic challenges [3][6][12]. Financial Performance - Viavi recorded a net loss of $21.4 million or 10 cents per share on a GAAP basis, compared to a net loss of $1.8 million or 1 cent per share in the same quarter last year, indicating a significant deterioration in net income [4]. - Non-GAAP net income rose to $33.1 million or 15 cents per share, up from $12.4 million or 6 cents per share year-over-year, surpassing the Zacks Consensus Estimate by 2 cents [5]. - Quarterly revenues reached $299.1 million, reflecting a 25.6% year-over-year increase, and exceeded the consensus estimate of $294 million [6]. Segment Performance - The Network and Service Enablement (NSE) segment generated net sales of $216 million, a 35.5% increase from $159.4 million in the prior year, driven by strong demand for fiber lab and production products [7]. - Optical Security and Performance Products (OSP) revenues increased to $83.1 million from $78.8 million, primarily due to demand for anti-counterfeiting products [7]. - Revenue contributions from different regions included $128.8 million from the Americas, $92.1 million from Asia-Pacific, and $78.2 million from EMEA, showing growth across all regions [8]. Margins and Cash Flow - Non-GAAP gross margin improved to 60%, up 90 basis points year-over-year, with the NSE segment achieving a gross margin of 63% [9]. - Total non-GAAP operating margin increased by 570 basis points to 15.7%, while the NSE segment's operating margin rose significantly [10]. - Viavi generated $31 million in cash from operating activities, with a free cash flow of $22.5 million, and held $543.8 million in cash and cash equivalents as of September 27, 2025 [11]. Future Outlook - For the second quarter of fiscal 2026, management anticipates revenues between $360 million and $370 million, with non-GAAP earnings per share expected to be between 18 cents and 20 cents [12]. - The NSE segment is projected to generate revenues between $283 million and $293 million, while the OSP segment is expected to contribute approximately $77 million [12]. - Estimates for the stock have been trending upward, with a consensus estimate shift of 51.85%, indicating positive investor sentiment [13][15].

Core Viewpoint - Disney shares have experienced an approximate 8.5% decline in November, primarily due to a mixed earnings report, leading to varied analyst opinions on whether to buy, sell, or hold the stock as 2026 approaches [1][2]. Group 1: Reasons to Buy or Hold Disney Stock - A Morningstar analysis suggests a fair market price of $120 for Disney stock, significantly higher than its current valuation of around $104 as of November 24 [3]. - The recent fiscal fourth-quarter report indicated a 0.5% year-over-year decline in revenue, mainly from linear entertainment networks and theatrical films, while parks, experiences, streaming, and sports showed positive results [4]. - A consensus among 16 analysts covering Disney stock indicates a strong "Buy" rating, with 14 recommending to buy, 2 suggesting to hold, and none advocating for a sell [4]. Group 2: Reasons to Consider Selling Disney Stock - Guggenheim analyst Michael Morris maintains a price target of $140 but notes that most profit potential for the next year is expected in the latter half [5]. - The growth in segment operating income for fiscal year 2026 is anticipated to be back-half weighted, influenced by cruise expenses, film release schedules, and sports rights payments, alongside concerns about consumer demand and the decline of linear networks [6]. - Despite potential challenges, several blockbuster intellectual properties are set to release in 2026, which could drive Disney's stock price to approximately $129.14, reflecting a 13-14% year-over-year gain [7].