Market Performance - European markets have shown strong momentum, with the Stoxx 600 gaining nearly 15% year to date and about 2.4% month to date, outperforming the S&P 500 which has remained largely flat [1] - European stocks rose for the second consecutive record close, driven by the end of the U.S. government shutdown, strong financial sector performance, and solid earnings results [2] Economic Growth - The eurozone economy grew at its fastest pace in over two years in October, supported by a rebound in service sector activity and stronger demand [5] - The S&P Global's HCOB Eurozone Composite Purchasing Managers' Index increased to 52.5 in October, up from 51.2 in September, marking a 29-month high and indicating continued growth [5] Sector Performance - The services sector strengthened in October, with new business volumes rising at the fastest rate in over two years, as indicated by the composite new orders index increasing to 52.1 from 50.6 [6] Investment Trends - Global equity funds saw strong inflows, with $2.41 billion invested in European funds during the week ending Nov. 5, driven by optimism around AI-driven corporate deals and renewed buying during market pullbacks [4] ETF Highlights - Vanguard FTSE Europe ETF has an asset base of $28.05 billion, with a dividend yield of 2.85%, and has gained 2.27% over the past month and 16.31% over the past year [8][9] - iShares MSCI Eurozone ETF has an asset base of $8.35 billion, with a dividend yield of 2.42%, and has gained 3.60% over the past month and 22.05% over the past year [10][11] - JPMorgan BetaBuilders Europe ETF has an asset base of $8.34 billion, with a dividend yield of 2.21%, and has gained 2.44% over the past month and 16.21% over the past year [12][13] - iShares Core MSCI Europe ETF has an asset base of $6.76 billion, with a dividend yield of 2.82%, and has gained 2.28% over the past month and 15.99% over the past year [14][15] - SPDR EURO STOXX 50 ETF has an asset base of $4.79 billion, with a dividend yield of 2.23%, and has gained 3.79% over the past month and 19.43% over the past year [16][17]

Amgen Inc. (NASDAQ:AMGN) is one of the stocks Jim Cramer recently put under a microscope. Cramer showed quite a bullish sentiment toward the company’s stock, as he remarked: “If you want to venture beyond what we call the CPG, consumer packaged goods, world, I think you’d do very well with owning J&J or Amgen… Amgen’s working on cholesterol with its Repatha injection, and it’s doing something very different with weight loss that could lead to terrific outcomes. They both have yields, more than 2.7%. How s ...

Core Viewpoint - Qorvo, Inc. (NASDAQ:QRVO) is in the spotlight following the announcement of its acquisition by Skyworks Solutions, which aims to create a combined entity valued at $22 billion [2]. Company Overview - Qorvo, Inc. is a semiconductor company specializing in radio frequency, power management, sensors, and other chip products [2]. - The acquisition deal includes a cash offer of $32.50 per share and 0.960 of Skyworks' shares, resulting in a final offer price of $105.31 per share for Qorvo [2]. Market Reaction - Following the announcement of the acquisition, Qorvo's shares increased by 5.7% [2]. Analyst Insights - Mizuho raised Qorvo's share price target from $75 to $93 while maintaining a Neutral rating, citing concerns over a Chinese market exit and declining iPhone sales [2]. - Jim Cramer expressed a positive outlook on the Skyworks deal, suggesting it is a good opportunity despite concerns about business performance with major customers [3].

Summary of Tempus AI Conference Call Company Overview - **Company**: Tempus AI - **Industry**: Life Sciences and Diagnostics Key Points AI Integration in Diagnostics and Biopharma - Tempus AI leverages AI across its operations, focusing on enhancing patient care through data and technology [4][5][6] - The company has developed platforms like Hub and Lens to facilitate interaction with diagnostic tests and build patient cohorts, respectively [4][5] - A partnership with AstraZeneca and Pathos aims to create a foundation model to extract insights from large datasets [6] Financial Performance - The third quarter reported a **28% organic growth**, with specific segments showing: - **Genomics**: High 20s growth - **Ambry**: 33% growth - **Data Licensing**: 37% growth [10][12] - Adjusted EBITDA turned positive, marking a significant milestone for the company [13] Oncology and Hereditary Testing - Oncology volumes grew by **27%**, while Ambry benefited from market disruptions in hereditary screening [12][42] - The hereditary testing market is expected to moderate as share gains stabilize [12] Data Licensing and Contracts - Total remaining contract value exceeded **$1 billion**, with a net revenue retention rate of **140%** [48] - New contracts included a **$66 million deal** with a biotech customer and expansions with existing clients [48] - The company anticipates strong engagement from both big pharma and biotech sectors [48] Market Position and Competition - Tempus AI has established connections with over **5,000 institutions**, enhancing its data collection and diagnostic capabilities [19] - The company emphasizes ease of use and connectivity as key differentiators against competitors [20] Reimbursement Trends - Average Selling Prices (ASPs) have increased to approximately **$1,600**, with expectations for **40%** of xT volumes to transition to ADLT pricing by year-end [22][23] - The company aims for **85%** of xT volumes to shift to ADLT pricing by the end of 2026 [23] Clinical Trials and CRO Business - The CRO segment has faced headwinds, but the acquisition of a small CRO aims to enhance clinical trial matching capabilities [61] - The company does not prioritize aggressive growth in the CRO sector but sees potential stabilization as funding for CROs improves [61] Investment and Growth Strategy - Tempus AI plans to reinvest about **two-thirds** of incremental gross profit back into the business over the next three years to support growth [64] - The company aims for long-term growth rates of **25-30%**, focusing on sustainable growth rather than maximizing quarterly revenue [58][64] Gross Margins and Future Outlook - Genomics business margins are expected to stabilize around **low 60%**, while data operations may achieve **mid 70%** margins [66] - AI applications, though currently a small revenue source, are anticipated to positively impact margins as they scale [68] Upcoming Developments - Data from a new ultra-high sensitivity assay for MRD is expected in **2026**, with further developments in breast cancer and immuno-oncology to follow in **2027** [38][39] Additional Insights - The company is cautious about the competitive landscape in MRD testing, focusing on leveraging existing data connections and insights to gain market share [34][35] - Tempus AI's strategy emphasizes long-term relationships with clients to ensure sustained growth and value delivery [58][59]

Financial Data and Key Metrics Changes - Adjusted EPS for fiscal 2025 increased by 19% compared to fiscal 2024, achieving a 19% compound annual growth rate over the past three fiscal years [6][7] - The company expects double-digit adjusted EPS growth for fiscal 2026 [7] - Free cash flow is projected to continue growing, allowing for increased capital returns to shareholders, including a target of $7 billion in share repurchases for 2026, up from $3.5 billion in fiscal 2025 [8][25] Business Line Data and Key Metrics Changes - The streaming business reported a 39% increase in operating income in Q4, totaling $1.3 billion for the full year, significantly up from a $4 billion operating loss three years ago [11] - The film studio segment achieved a global box office of over $4 billion for the fourth consecutive year, with notable successes including "Lilo & Stitch" and "Predator: Badlands" [9][10] - Retail sales from the consumer products business surpassed $4 billion in fiscal 2025, driven by popular franchises [9] Market Data and Key Metrics Changes - ESPN's direct-to-consumer service has seen strong adoption, with a significant number of subscribers opting for bundled packages, leading to lower churn rates [20][31] - Viewership for live sports on ESPN networks increased by 25% year-over-year [13] Company Strategy and Development Direction - The company is focusing on integrating its streaming services into a unified app experience, enhancing user engagement and simplifying access to content [12][44] - Strategic investments are being made in international markets and original content to expand the direct-to-consumer business [12][76] - The company plans to continue expanding its cruise line and theme park offerings, with new ships and attractions set to launch [14][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the upcoming film slate and the overall direction of the studio business [37][38] - The company is optimistic about the future of ESPN and its ability to adapt to changing consumer preferences in sports consumption [22][23] - Management highlighted the importance of protecting intellectual property while exploring opportunities with emerging AI technologies [81][82] Other Important Information - The board declared a cash dividend of $1.50 per share, a 50% increase from the previous year [8] - The company is actively engaged in negotiations with YouTube regarding content distribution, emphasizing the importance of maintaining consumer access [84][85] Q&A Session Summary Question: Insights on ESPN's direct-to-consumer launch - Management noted strong initial success in attracting new users and engagement with the app's features, leading to positive advertiser interest [20][22] Question: Content growth outlook for the studio - Management expressed optimism about the upcoming film slate, including major releases like "Zootopia 2" and "Avatar: Fire and Ash" [37][38] Question: Future of Disney Plus as a super app - Management discussed ongoing enhancements to Disney Plus, aiming to create a comprehensive platform for all Disney offerings, including parks and merchandise [43][44] Question: M&A opportunities in the media landscape - Management indicated satisfaction with the current IP portfolio and does not foresee significant M&A activity, focusing instead on organic growth [53][54] Question: Demand trends for parks and cruises - Management reported strong demand for cruises and stable attendance at parks, with advanced bookings up 3% [60][72]

Time now for Options Corner. Joining us to take a deeper look at this chart is Rick Dukat, lead market technician here on Schwab Network. All right, Rick, what trends you notice when you look at the chart for AAT.>> Yes, you know, semiconductor sector has been such a prominent focus lately here. We can see that AAT though broadly in uh line with the the tech sector overall, the XLK ETF, both up about 26%. So underperforming the SMH uh semiconductor ETF here, which is up about 43.5%.When we look at the the s ...

Core Viewpoint - Western Digital (WDC) is gaining investor attention due to a price target increase by Loop Capital, reflecting a positive outlook on HDD demand and pricing [1][2]. Company Overview - Western Digital, founded in 1970, is a leading producer of hard disk drives (HDDs), SSDs, and NAND flash memory, focusing on consumer electronics, enterprises, and cloud platforms [4]. - The company has a market capitalization of $58 billion and aims to develop scalable storage technology for hyperscalers and cloud providers, with an emphasis on innovations for AI-driven data workloads [5]. Market Performance - WDC shares have experienced significant growth on Wall Street, driven by rising demand for HDDs due to the expansion of cloud computing and AI workloads [6]. - The stock climbed nearly 7% on November 10 after Loop Capital raised its price target from $190 to $250, indicating strong investor confidence [1]. Demand and Pricing Trends - Loop Capital's analysis suggests at least a 10% increase in HDD capacity demand compared to previous estimates for 2026, which is expected to benefit Western Digital [1]. - The firm anticipates higher average selling prices for larger-capacity drives, describing this trend as "materially accretive" to the company's financials [2].

Core Insights - Apple Hospitality REIT, Inc. (NYSE:APLE) has been downgraded by BofA from Buy to Neutral, with a new price target set at $11.50, down from $15, due to concerns over market softness and a K-shaped recovery affecting corporate demand [2] - The company's Q3 2025 performance showed a decline in key metrics, with occupancy at 76%, ADR at $163, and RevPAR at $124, all reflecting year-over-year decreases [3] - Revenue for Q3 2025 was reported at $373.88 million, a 1.3% decline from Q3 2024, but it exceeded analysts' estimates by $3 million [4] Company Performance - Comparable Hotels experienced a 1.2% decrease in occupancy and a 0.6% decrease in ADR compared to the previous year, with RevPAR down 1.8% [3] - The government shutdown is estimated to have contributed to a 3% year-over-year decline in Comparable Hotels RevPAR in October 2025 [3] - The company has engaged in asset management activities, selling three non-core assets for $37 million and acquiring a property for approximately $19 million [4] Shareholder Returns - Apple Hospitality REIT repurchased 3.8 million shares for about $48 million and distributed $202 million to shareholders [4] - Over $50 million was reinvested in portfolio improvements during the year [4]

Core Viewpoint - SoftBank's recent sale of its entire stake in Nvidia, valued at over $5.8 billion, is not indicative of a loss of confidence in Nvidia but rather a strategic move to fund other AI investments, suggesting optimism about the AI market's future [5][6][8]. Nvidia's Market Position - Nvidia has experienced a remarkable stock performance, with a rise of approximately 1,000% over the past three years, driven by its critical role in the AI market, which is projected to reach trillions of dollars [1][2]. - The company has achieved significant revenue growth, with annual revenue increasing by more than 300% over two years, as demand for its GPUs from AI customers surges [2]. SoftBank's Strategic Move - SoftBank's decision to divest from Nvidia was not due to any perceived weakness in Nvidia's business but was aimed at reallocating resources to support other AI projects [6][8]. - This move reflects SoftBank's strategy to enhance its investment across various promising AI opportunities, indicating a positive outlook for the technology sector [7]. Nvidia's Future Outlook - Nvidia's GPUs are essential for data centers and will play a crucial role as AI technology is applied to real-world challenges, positioning the company favorably for future growth [5][8]. - Despite Nvidia's current valuation at 42 times forward earnings estimates, the company's strengths in the high-growth AI market suggest that it remains a viable investment opportunity for long-term holders [10][11].

Group 1: Transformation of EPC Relationships - The relationship between utilities and EPC firms is evolving from traditional fixed-price contracts to integrated, risk-transparent partnerships driven by real-time data and collaborative planning [1][2] - Power projects in the 2020s require simultaneous optimization across design, procurement, construction, and operations due to supply chain disruptions and increasing demand, particularly from data centers [1][2] - EPC leadership is acknowledging a shift away from fixed-price delivery towards collaborative cost-sharing models, as traditional risk allocation is becoming less viable in the current market [1][2] Group 2: Early Engagement and Demand Certainty - Utilities are increasingly engaging EPC partners early in the project cycle, with binding customer agreements shaping project economics, as seen with American Electric Power's (AEP) 28 GW incremental load growth [2][3] - Entergy's "Superpower Mississippi" initiative demonstrates how early agreements with large customers can lower customer rates and provide financial stability for utilities [2][3] - Dominion's staged contracting approach ensures cost recovery and predictable resource mobilization, with 47 GW of data center demand in various stages of contracting [3] Group 3: Speed and Flexibility in EPC Landscape - The competitive landscape for EPCs is shifting, with smaller and specialized firms gaining market share due to the demand for rapid mobilization and flexibility [4][5] - Companies like Fagen Inc. and USP&E Global are focusing on quick deployment solutions for gas turbine power plants, catering to immediate data center needs [5][6] - Modular natural gas units and on-site battery systems are being deployed to support data center growth, highlighting the trend towards fast-track energy solutions [7][8] Group 4: Digital Tools and Real-Time Analytics - The integration of digital platforms and AI into project delivery is enhancing procurement and scheduling visibility, allowing for proactive risk management [8][9] - Companies like Kiewit are developing AI tools to automate design processes, significantly reducing project timelines and improving competitiveness [9][10] - The use of augmented reality and collaborative robotics in construction is optimizing workflows and enhancing productivity, leading to better cost control and fewer surprises [9][10] Group 5: Data-Driven Collaboration - The shift towards transparent, collaborative contracting is enabling EPCs to share risks and costs more effectively, moving away from adversarial fixed-price models [10] - Close partnerships between clients and EPCs are essential for meeting accelerated project timelines, as demonstrated by a project that transitioned from an open-book contract to a firm-lump-sum agreement [10]