Core Viewpoint - Novo Nordisk A/S is initiating a share repurchase program for 2026, with a total amount of up to DKK 15 billion, starting on 4 February 2026, and a specific program of up to DKK 3.8 billion running from 4 February 2026 to 4 May 2026 [1]. Group 1: Share Repurchase Program - The share repurchase program aims to reduce the company's share capital and fulfill obligations from share-based incentive programs, allowing for the purchase of a maximum of 400,000,000 B shares of DKK 0.10 during the trading period [1]. - An authorization for the company to repurchase its own shares was granted at the Annual General Meeting on 27 March 2025, and continuation of the program beyond 26 March 2026 is contingent upon receiving further authorization at the Annual General Meeting in 2026 [2]. Group 2: Regulatory Compliance - The share repurchase program will be conducted in accordance with Article 5 of Regulation No 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, adhering to the "Safe Harbour Rules" [3]. Group 3: Company Overview - Novo Nordisk is a leading global healthcare company founded in 1923, headquartered in Denmark, and focuses on combating serious chronic diseases, particularly diabetes [4]. - The company employs approximately 68,800 people across 80 countries and markets its products in around 170 countries, with its B shares listed on Nasdaq Copenhagen and ADRs on the New York Stock Exchange [4].

Core Insights - ExxonMobil has demonstrated confidence in its operations by executing a $20 billion share repurchase program despite a significant drop in oil prices, indicating a strong financial position compared to its competitors [1] Financial Performance - Exxon reported adjusted earnings of $1.71 per share, surpassing Wall Street's estimate of $1.68, with revenue of $82.31 billion, exceeding the expected $81.43 billion [2] - Net income for the quarter was $6.5 billion, a decrease from $7.61 billion in the same quarter the previous year [2] Production Achievements - The company achieved a production milestone with fourth-quarter output reaching 4.98 million barrels per day, driven by strong performance in the Permian Basin and Guyana [4] - The Permian Basin set a new quarterly record with production of 1.8 million oil-equivalent barrels per day, showcasing growth in a challenging environment for many operators [4] - Guyana's production reached approximately 875,000 barrels per day in the fourth quarter, aided by the early launch of the Yellowtail project [5] Technological Innovations - Exxon is investing in technology to enhance production efficiency, with lightweight proppant used in 25% of wells last year, expected to increase to 50% by the end of 2026 [6] - The company has a growth trajectory that anticipates exceeding 2.5 million oil-equivalent barrels per day in the Permian beyond 2030, supported by over 40 innovations in its technology pipeline [8]

Core Viewpoint - Jyske Bank has successfully concluded a share repurchase programme, acquiring shares worth DKK 2.25 billion, which reflects the bank's commitment to enhancing shareholder value [1][2]. Group 1: Share Repurchase Programme Details - The share repurchase programme was initiated on 26 February 2025 and was set to conclude by 30 January 2026, with a total value of up to DKK 2.25 billion [1]. - The programme was conducted in compliance with the EU Market Abuse Regulation and the Safe Harbour Rules [1]. - A total of 3,309,528 shares were repurchased at an average price of DKK 679.85, amounting to DKK 2,249,990,700 [2]. Group 2: Transaction Summary - Prior to the final transactions, Jyske Bank had already repurchased 3,263,646 shares at an average price of DKK 676.38, totaling DKK 2,207,451,574 [2]. - The final transactions included purchases on 26 January 2026 to 30 January 2026, with the highest average purchase price recorded at DKK 931.45 for 8,848 shares [2]. - The total treasury shares now owned by Jyske Bank represent 5.38% of the share capital, excluding shares held for trading purposes [2].

Core Viewpoint - Verizon Communications experienced a significant stock increase of 11.83% following stronger-than-expected Q4 2025 results and 2026 guidance, highlighting a $25 billion buyback plan and renewed investor confidence in cash flow and shareholder returns [1][2][6]. Financial Performance - The company reported adjusted EPS of $1.09 on approximately $36.4 billion in revenue, with over 1 million net additions in subscribers [6]. - Management provided a 2026 adjusted EPS forecast range of $4.90 to $4.95 and projected at least $21.5 billion in free cash flow [7]. Strategic Initiatives - Verizon aims to add between 750,000 to 1 million retail postpaid phone subscribers while maintaining steady wireless service revenue and improving profitability through cost control [7]. - The newly approved $25 billion share repurchase program emphasizes the company's focus on capital returns [7]. Market Activity - Trading volume reached 113.1 million shares, significantly above the three-month average of 28.6 million shares, indicating heightened investor interest [3]. - Verizon's stock closed at $44.52, with a market cap of $168 billion and a dividend yield of 6.87% [2]. Industry Context - Competitors in the telecommunications sector, such as AT&T and T-Mobile US, also saw stock increases, reflecting a broader reassessment of wireless growth and pricing dynamics [5].

Core Insights - PulteGroup reported strong operating and financial performance in 2025, achieving significant revenue and margins despite variable demand throughout the year [4][7] - The company emphasized its investment strategy, spending $5.2 billion on land acquisition and development in 2025, contributing to a total of $24 billion over the past five years [2] - PulteGroup's diversified buyer mix and broad market presence were highlighted as key factors in its performance, with a notable increase in active adult segment signups [8][9] Financial Performance - In 2025, PulteGroup closed over 29,500 homes, generating home sale revenue of $16.7 billion, with a gross margin of 26.3% and an operating margin of 16.9% [3][7] - The company reported a net income of $2.2 billion for the full year, translating to $11.12 per share, while fourth-quarter net income was $502 million, or $2.56 per share [15] - Cash flow from operations for the year was $1.9 billion, and the company ended with a net debt-to-capital ratio of negative 3% [3][7] Shareholder Returns - PulteGroup repurchased 10.6 million shares for $1.2 billion in 2025, with $983 million remaining under its share repurchase authorization at year-end [1] - The average repurchase price was $112.76 per share, including $300 million in repurchases during the fourth quarter [1] 2026 Guidance - For 2026, PulteGroup guided to 28,500–29,000 closings and an average sales price of $550,000–$560,000, with expected gross margins of 24.5%–25.0% [5][16][17] - The company plans to spend approximately $5.4 billion on land acquisition and development in 2026, anticipating around $1 billion in cash flow [18] - Management expects elevated incentives and a focus on the spring selling season to drive results [17] Market Trends - The company noted improvements in affordability due to lower mortgage rates and increased wages, with stronger demand observed in certain regions like the Northeast and Southeast [19] - The active adult segment, particularly through the Del Webb brand, was identified as a significant driver of demand and profitability [9]

The launch of assigned seating and an extra legroom offering, requiring retrofit work across more than 800 aircraft$2.6 billion of share repurchases in 2025 (about 14% of shares outstanding), while maintaining an investment-grade ratingSix new airline partners, launch of Getaways by Southwest , and the addition of red-eye flyingJordan outlined a wide range of initiatives implemented during 2025, describing the pace and breadth of changes as unusual for the industry. The efforts spanned revenue, product, loy ...

Core Insights - The company reported strong financial results, with Marina Bay Sands achieving an EBITDA of $806 million, marking a record quarter for casino hotels, and a projected EBITDA of $2.9 billion for the year [4][21] - In Macao, EBITDA was $608 million, with a focus on revenue and cash flow growth across the portfolio, despite a decline in EBITDA margin due to a shift in segment mix and increased operating expenses [2][10][11] - The company is actively repurchasing shares, having bought back $500 million of LVS stock in the quarter, and continues to pay a quarterly dividend of $0.25 per share [1][5] Financial Performance - Marina Bay Sands achieved an EBITDA margin of 50.3%, while Macao's EBITDA margin was 28.9%, down 390 basis points from the previous quarter [2][4] - Mass gaming revenue at Marina Bay Sands exceeded $951 million, up 118% compared to Q4 2019 and 27% from Q4 last year [4] - The company anticipates growth in EBITDA as revenue increases, leveraging scale and product advantages [2][10] Market Dynamics - The Macao market is currently driven by the premium segment, with mass market revenue exceeding 25% share, up 23.6% in Q1 2025 [3][10] - The promotional environment in Macao remains intense, particularly in the premium segments, but the company is stabilizing its promotional strategies [16][32] - The company is seeing a rising interest in side wagers in Macao, although participation levels are not yet as high as in Singapore [14][15] Strategic Initiatives - The company is focused on improving service models and investing in renovations to enhance customer experience in Singapore [8][9] - There is a commitment to grow in every segment in Macao, with a significant increase in rolling volumes up 60% year-over-year [24][25] - The company is exploring new development opportunities, including potential investments in Japan, while prioritizing existing properties [29][30] Future Outlook - The company aims to achieve better results in 2026, with expectations of improved EBITDA and market positioning despite current challenges [3][13] - The trajectory for revenue growth is positive, with a focus on converting revenue into EBITDA over time [32][47] - The company acknowledges the competitive dynamics in the market and is prepared to adapt its strategies accordingly [16][44]

Financial Data and Key Metrics Changes - The company delivered 3,435 residential units in Q4 2025, exceeding guidance, with a total of 10,792 units delivered for the full year [4] - Net income for Q4 was $36 million, or $1.21 per diluted share, with adjusted net income at $47 million, or $1.59 per diluted share [19] - Home sales revenues for Q4 reached $1.1 billion, up 16% sequentially, while average sales price decreased by 5% to $367,000 [19] Business Line Data and Key Metrics Changes - The Century Living segment contributed to revenues with the sale of a 300-unit multifamily community for $97 million [20] - The company repurchased over 7% of its shares outstanding at the beginning of the year, totaling 2.3 million shares for $178 million [5][25] Market Data and Key Metrics Changes - The average community count increased by 13% to 318 communities in 2025, with expectations for low- to mid-single-digit percentage growth in 2026 [12][14] - The mortgage capture rate was 84% for both Q4 2025 and the full year, representing records for the company [23] Company Strategy and Development Direction - The company plans to maintain a disciplined approach to growth, focusing on existing lot counts and not expanding for the sake of growth alone [7] - The land acquisition and development expense is expected to remain flat in 2026, with the ability to adjust based on market conditions [15][16] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the spring selling season, noting improved order activity and potential consumer interest [29][31] - The company anticipates that any interest rate relief or governmental support for homebuyers could unlock buyer demand [7] Other Important Information - The company maintained a quarterly cash dividend of $0.29 per share and ended the year with $2.6 billion in stockholders' equity [24] - The company achieved a record book value per share of $89 at the end of Q4 2025 [5][25] Q&A Session Summary Question: Insights on the spring selling season - Management noted that while January sales pace has been slower compared to the previous year, order activity has improved sequentially, and they are hopeful for a better spring selling season [29][30] Question: Expectations for gross margin - Management indicated that gross margins may see a slight pullback due to incentives but expect to revert to a more balanced approach in the future [41][42] Question: Community count growth - Management expects community count to grow steadily throughout the year, particularly in the middle and back half of the year [33] Question: Stock repurchase authorization - Approximately 1.5 million shares remain under the stock repurchase program [45] Question: SG&A as a percentage of sales - SG&A is expected to be 14.5% in Q1 2026, higher than previous levels due to typical seasonal trends [51][52]

Financial Data and Key Metrics Changes - The company delivered 3,435 residential units in Q4 2025, bringing the full-year total to 10,792 units, which reflects a strong performance despite market challenges [4] - Pre-tax income for Q4 was $47 million, with net income of $36 million or $1.21 per diluted share, while adjusted net income was $47 million or $1.59 per diluted share [19] - Home sales revenues for Q4 reached $1.1 billion, up 16% sequentially, while average sales price decreased by 5% to $367,000 due to increased incentives [19][20] - The company repurchased over 7% of its shares outstanding at the beginning of the year, returning a record $178 million to shareholders through dividends and share repurchases [5][24] Business Line Data and Key Metrics Changes - The Century Living segment contributed to revenues with the sale of a 300-unit multifamily community for $97 million in Q4 [20] - The company achieved a record net new contracts of 2,702 homes in Q4, representing a 10% increase year-over-year and a 13% increase sequentially [10] - The average community count increased by 13% to 318 communities for the full year, with expectations for low- to mid-single-digit percentage growth in 2026 [13][14] Market Data and Key Metrics Changes - The company noted improved absorption rates, averaging 2.9 homes per community in Q4, which is a 12% year-over-year increase [10] - Adjustable rate mortgages accounted for approximately 25% of originated mortgages in Q4, up from nearly 20% in Q3 [12] - The company expects home deliveries for 2026 to range from 10,000 to 11,000 homes, reflecting a stable market outlook [24][25] Company Strategy and Development Direction - The company plans to maintain a disciplined approach to growth, focusing on existing lot counts and not expanding for the sake of growth alone [7] - The land acquisition and development expense is expected to remain flat in 2026, with the ability to adjust based on market conditions [14][15] - The company aims to deepen its market share in existing areas to drive improved margins and returns [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about potential interest rate relief and improved consumer confidence unlocking buyer demand [8] - The company is hopeful for a stronger spring selling season compared to the previous year, despite a slower sales pace in early 2026 [28] - Management acknowledged the need to monitor market conditions closely and adjust strategies accordingly [53] Other Important Information - The company maintained a quarterly cash dividend of $0.29 per share and ended the quarter with $2.6 billion in stockholders' equity and $1.1 billion of liquidity [23] - The tax rate for Q4 was 23.5%, with expectations for a full-year tax rate of 25%-26% in 2026 [22] Q&A Session Summary Question: Insights on the spring selling season and consumer behavior - Management noted that while January sales pace has been slower compared to the previous year, order activity has improved sequentially, and there is hope for better performance in the spring selling season [28][30] Question: Community count growth expectations - Management indicated that the average community count is expected to grow steadily throughout the year, particularly in the middle and back half of 2026 [32] Question: Gross margin outlook - Management anticipates a slight pullback in gross margins due to increased incentives but expects to revert to a more balanced approach as the year progresses [40] Question: Geographic performance trends - Management did not identify specific regions outperforming others but noted increased traffic driven by mortgage rate trends [42] Question: Stock repurchase authorization status - Management confirmed that approximately 1.5 million shares remain under the stock repurchase program [44] Question: SG&A as a percentage of sales in Q1 2026 - Management confirmed an expected SG&A percentage of 14.5% in Q1 2026, which is higher due to typically lower closing volumes in that quarter [49][50] Question: Confidence in dialing back incentives - Management expressed cautious optimism about reducing incentives as market conditions improve, but emphasized the need to monitor the situation closely [53]

"CPKC's strong free cash flow generation, robust growth pipeline, and proven operational execution underpin our confidence in launching this new share repurchase program," said CPKC President and CEO Keith Creel. "We remain firmly committed to creating long-term shareholder value through disciplined and opportunistic capital allocation." CPKC has terminated its existing normal course issuer bid which commenced on March 3, 2025 and had an expiry date of March 2, 2026 (the "2025 NCIB"). CPKC repurchased and c ...