Core Viewpoint - Conagra Brands, Inc. is facing significant stock underperformance despite a strong market position and positive quarterly results, with ongoing challenges from inflation and tariffs impacting future earnings expectations [1][2][4]. Company Overview - Conagra Brands has a market capitalization of $8.2 billion and operates in the North American packaged foods sector with a diverse brand portfolio including Birds Eye, Healthy Choice, Slim Jim, Reddi-wip, and Marie Callender's [1]. - The company operates across four segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice, focusing on innovative food products that cater to changing consumer preferences [1]. Stock Performance - Over the past 52 weeks, Conagra's stock has decreased by 41.1%, significantly underperforming the S&P 500 Index, which has increased by 18.5% during the same period [2]. - Year-to-date, the stock is down 38.3%, while the S&P 500 has risen by 15.1% [2]. Recent Financial Results - On October 1, Conagra reported Q1 2026 revenue of $2.63 billion and adjusted EPS of $0.39, exceeding expectations [4]. - The company has maintained its annual forecasts despite facing inflation and tariff pressures, indicating confidence in its pricing actions and cost-saving initiatives to offset rising costs [4]. Earnings Expectations - For the fiscal year ending in May 2026, analysts project a 23.5% year-over-year decrease in adjusted EPS to $1.76 [5]. - Conagra's earnings surprise history is mixed, with two beats and two misses in the last four quarters [5]. Analyst Ratings - Among 17 analysts covering Conagra, the consensus rating is a "Hold," with two "Strong Buy," 13 "Holds," one "Moderate Sell," and one "Strong Sell" [5]. - Morgan Stanley has set a price target of $21, with a mean price target of $20.53 indicating a nearly 20% premium to current levels, while the highest target of $27 suggests a potential upside of 57.8% [6].

Core Insights - Axon Enterprise's stock dropped 17% after missing third-quarter profit expectations due to tariff constraints [1] - Adjusted earnings were $1.17 per share, below the forecast of $1.52 per share [1] - Adjusted gross margins decreased by 50 basis points year-over-year to 62.7%, attributed to tariff impacts [1] Financial Performance - The connected devices business, including TASER and counter-drone equipment, generated over $405 million in revenues, a 24% year-over-year increase [2] - Software and services revenues rose 41% year-over-year to $305 million [2] Management Commentary - The finance chief indicated that the tariff impacts are considered a one-time adjustment and are now reflected in gross margins [2] - There is an expectation that growth in the software business will eventually offset margin losses in the long term [2]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $667.9 million, a 6.9% increase compared to Q3 2024. Excluding Kurt Geiger, revenue decreased by 14.8% [9] - Net income attributable to Steve Madden Ltd. for the quarter was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in Q3 2024 [13] - Operating income for the quarter was $46.3 million, or 6.9% of revenue, down from $85.4 million, or 13.7% of revenue in the prior year [12] Business Line Data and Key Metrics Changes - Wholesale revenue was $442.7 million, down 10.7% compared to Q3 2024. Excluding Kurt Geiger, wholesale revenue decreased by 19% [9] - Direct-to-consumer (DTC) revenue increased by 76.6% to $221.5 million. Excluding Kurt Geiger, DTC revenue increased by 1.5% [9] - Wholesale footwear revenue was $266.5 million, a 10.9% decrease from the comparable period in 2024, or down 16.7% excluding Kurt Geiger [9] Market Data and Key Metrics Changes - Comp sales for the Kurt Geiger brand were up mid-teens in Q3 2025, indicating strong consumer response [6] - The company ended the quarter with 397 company-operated retail stores, including 99 outlets, and 7 e-commerce websites [10] Company Strategy and Development Direction - The company is focused on deepening consumer connections through compelling products and effective marketing, particularly for the Steve Madden brand [5] - The acquisition integration of Kurt Geiger is on track, with progress on revenue synergies and cost savings opportunities [7] - The company plans to open a handful of stores in the U.S. for Kurt Geiger next year and expects growth in both retail and wholesale channels [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by new tariffs but believes the worst is behind them, with order patterns from wholesale customers normalizing [4] - The company expects revenue to increase by 27%-30% in Q4 2025 compared to Q4 2024, with earnings per share projected in the range of $0.41-$0.46 [14] - Management expressed confidence in improved financial performance in Q4 and the long-term growth potential of their brands and business model [8] Other Important Information - Consolidated gross margin was 43.4%, up from 41.6% in the comparable period of 2023, primarily due to the higher mix of DTC from Kurt Geiger [10] - The company approved a quarterly cash dividend of $0.21 per share, payable on December 26, 2025 [14] Q&A Session Summary Question: How is the fashion developing this fall and inventory levels in the wholesale channel? - Management noted strong performance in the core Steve Madden women's shoe business, particularly in boots, and expressed confidence in spring prospects [17][18] Question: What is the expected revenue contribution from Kurt Geiger in Q4? - Management expects Kurt Geiger's revenue contribution to be between $182 million and $187 million, with over 70% coming from DTC [20][21] Question: How is the margin structure expected to recover? - Management believes all margin erosion is recoverable over time, with tariffs expected to be reflected in retail prices [64][65] Question: What is the outlook for the wholesale business by type? - Management indicated the strongest performance is in regular price channels, while value price channels have faced more pressure [85] Question: How is Kurt Geiger performing by region? - Kurt Geiger is growing in all core regions, including the U.K., U.S., and Europe [42] Question: What are the expectations for international brand growth? - Management anticipates high single-digit revenue growth for Steve Madden internationally in 2025 and strong double-digit growth for Kurt Geiger [73]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $667.9 million, a 6.9% increase compared to Q3 2024. Excluding Kurt Geiger, revenue decreased by 14.8% [9] - Wholesale revenue was $442.7 million, down 10.7% compared to Q3 2024, with a 19% decrease when excluding Kurt Geiger [9] - Direct-to-consumer revenue increased by 76.6% to $221.5 million, with a 1.5% increase when excluding Kurt Geiger [9] - Net income attributable to Steve Madden Ltd. was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in Q3 2024 [13] Business Line Data and Key Metrics Changes - Wholesale footwear revenue was $266.5 million, a 10.9% decrease from Q3 2024, or down 16.7% excluding Kurt Geiger [9] - Wholesale accessories and apparel revenue was $176.2 million, down 10.3% compared to the prior year, or down 22.5% excluding Kurt Geiger [9] - Direct-to-consumer gross margin was 61.9%, down from 64% in the comparable period in 2024 due to tariff pressures and the addition of Kurt Geiger [11] Market Data and Key Metrics Changes - Comp sales for Kurt Geiger London were up mid-teens in Q3 2025, indicating strong consumer response [6] - The company operated 397 retail stores, including 99 outlets, and 7 e-commerce websites as of the end of the quarter [10] Company Strategy and Development Direction - The company is focused on deepening consumer connections through compelling products and effective marketing, particularly for the Steve Madden brand [5] - Strategic pricing actions and sourcing initiatives are being implemented to mitigate gross margin pressure [5] - The integration of Kurt Geiger is on track, with progress on revenue synergies and cost savings opportunities [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by new tariffs but expressed confidence that the worst is behind them [4] - There is optimism for improved financial performance in Q4 2025, with expectations of revenue growth of 27%-30% compared to Q4 2024 [14] - Management believes they have the brands and strategy to drive sustainable revenue and earnings growth over the long term [8] Other Important Information - The company declared a quarterly cash dividend of $0.21 per share, payable on December 26, 2025 [14] - Inventory at the end of the quarter was $476 million, compared to $268.7 million in Q3 2024 [13] Q&A Session Summary Question: How is the fashion developing this fall and what are the inventory levels in the wholesale channel? - Management noted strong performance in the core Steve Madden women's shoe business, particularly in boots, and expressed confidence in spring prospects [17][18] Question: What is the expected revenue contribution from Kurt Geiger in Q4? - Management expects Kurt Geiger's revenue contribution to be between $182 million and $187 million, with over 70% coming from DTC [20][21] Question: How is the margin structure expected to recover? - Management believes all margin erosion is recoverable over time, with expectations to return to pre-tariff margins eventually [64][65] Question: What is the performance outlook for wholesale channels? - Strongest performance is seen in regular price channels, while value price channels have faced more pressure [85] Question: How is the international growth outlook for Steve Madden and Kurt Geiger? - Steve Madden is expected to see high single-digit revenue growth internationally, while Kurt Geiger is anticipated to achieve strong double-digit growth [73]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $667.9 million, a 6.9% increase compared to Q3 2024. Excluding the newly acquired Kurt Geiger, consolidated revenue decreased by 14.8% [9] - Net income attributable to Steve Madden Ltd. for the quarter was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in Q3 2024 [12] - Operating income for the quarter was $46.3 million, or 6.9% of revenue, compared to $85.4 million, or 13.7% of revenue in the comparable period in the prior year [11] Business Line Data and Key Metrics Changes - Wholesale revenue was $442.7 million, down 10.7% compared to Q3 2024. Excluding Kurt Geiger, wholesale revenue decreased by 19% [9] - Direct-to-consumer (DTC) revenue increased by 76.6% to $221.5 million. Excluding Kurt Geiger, DTC revenue increased by 1.5% [9] - Wholesale footwear revenue was $266.5 million, a 10.9% decrease from the comparable period in 2024, or down 16.7% excluding Kurt Geiger [9] Market Data and Key Metrics Changes - Comp sales for the new brand, Kurt Geiger London, were up mid-teens in Q3 2025, indicating strong consumer response [6] - The company ended the quarter with 397 company-operated retail stores, including 99 outlets, and 7 e-commerce websites [10] Company Strategy and Development Direction - The company is focused on deepening consumer connections through compelling products and effective marketing, particularly for the Steve Madden brand [5] - The acquisition integration of Kurt Geiger is on track, with progress on revenue synergies and cost savings opportunities [7] - The company plans to open a handful of stores in the U.S. for Kurt Geiger next year and is working on expanding its international presence [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in Q3 due to new tariffs on imports but expressed confidence that the worst is behind them [4] - The company expects revenue to increase by 27%-30% in Q4 2025 compared to Q4 2024, with earnings per share projected to be in the range of $0.41-$0.46 [13][14] - Management believes that the underlying consumer demand for their brands remains strong despite tariff-related challenges [5] Other Important Information - The company declared a quarterly cash dividend of $0.21 per share, payable on December 26, 2025 [13] - Inventory at the end of the quarter was $476 million, compared to $268.7 million in Q3 2024 [12] Q&A Session Summary Question: How is the fashion developing this fall and what are the inventory levels in the wholesale channel? - Management noted strong performance in the core Steve Madden women's shoe business, particularly in boots, and expressed confidence in spring prospects [16][18] Question: What is the expected revenue contribution from Kurt Geiger in Q4? - Management expects Kurt Geiger's revenue contribution to be between $182 million and $187 million, with over 70% coming from DTC [19][20] Question: How is the handbag business performing and what are the expectations for apparel? - The handbag business is expected to stabilize as demand improves, while apparel has been a growth story with good sell-throughs in key accounts [46][47] Question: What is the outlook for wholesale performance by channel? - Strongest performance is seen in regular price channels, while value price channels like off-price and mass have faced more pressure [82] Question: How is the company addressing margin recovery? - Management believes that all margin erosion is recoverable over time, with expectations to return to pre-tariff margins in the core business [64]

Core Insights - Alpha Pro Tech, Ltd. reported a 3.7% increase in overall sales for the third quarter of 2025, reaching $14.8 million compared to $14.3 million in the same quarter of 2024 [6][7] - The company experienced growth in its Building Supply segment, while the Disposable Protective Apparel segment faced challenges due to declining sales of face masks and face shields [9][11] Financial Performance - Consolidated sales for Q3 2025 were $14.8 million, an increase of $534,000 or 3.7% from Q3 2024 [6][7] - The Building Supply segment saw an increase of $476,000 or 5.4%, totaling $9.3 million, driven by a 12.7% increase in housewrap sales [8] - The Disposable Protective Apparel segment sales remained flat at $5.5 million, with a 10.4% increase in disposable protective garments offset by a significant decline in face mask and face shield sales [9][11] - Net income for Q3 2025 was $976,000, up 13.2% from $862,000 in Q3 2024, with earnings per diluted share increasing from $0.08 to $0.09 [11][20] Market Conditions - The housing market showed weakness with single-family housing starts down 2.6% compared to Q3 2024, impacting overall market conditions [2] - Management noted ongoing uncertainty in housing starts and economic volatility, alongside a stronger hurricane season affecting the building sector [3] - Tariffs have introduced pricing and supply volatility, leading to reduced inventory positions among primary customers [3] Strategic Outlook - The company aims to leverage national builder partnerships for growth despite the downturn in the building sector [4] - Anticipated new product introductions in 2026 are expected to expand the self-adhered roofing and flashing categories [4] - Management remains optimistic about potential tariff reductions, which could stabilize pricing in the market [4] Balance Sheet Highlights - As of September 30, 2025, the company had cash of $17.7 million and working capital of $48.1 million, with no debt [12] - The current ratio was 14:1, indicating strong liquidity [12] - The company has repurchased a total of 21.8 million shares at a cost of approximately $57.4 million through its stock repurchase program [13]

Elections & Political Landscape - Democrats secured wins in key races, potentially indicating momentum for the upcoming midterms [1] - Zoron Manni, a 34-year-old Democratic socialist, won the New York City mayoral election, signaling a shift towards progressive politics [1] - Mikey Sherah won the New Jersey gubernatorial race with 56% of the vote against Jack Citerelli's 43%, seen as a significant victory for Democrats [6] - Abigail Spanberger is projected to become the first woman to ever leave the Commonwealth, winning the Virginia gubernatorial race by 15+ percentage points [1][8] - California voters overwhelmingly approved Proposition 50, a Democratic-drawn congressional map, potentially leading to a shift in congressional representation [1][21] Policy & Economic Implications - Mdani's platform includes raising taxes on millionaires in New York, proposing a 2% tax increase and matching New Jersey's corporate tax rate [1] - President Trump is calling for changes to the election system, including voter reform, voter ID, and no mail-in ballots [1][25] - The Supreme Court is hearing a case on the legality of President Trump's tariffs, ranging from 10% to 50% on imports [39] - The government shutdown reached 36 days, the longest on record, with potential disruptions at airports and uncertainty for federal food assistance programs [51][56][58] Social Issues - The White House is criticizing Mayor Elect Mani, alleging he is a "self-professed Jew hater" [29] - The Trump administration alleges that US forces carried out the 16th strike on a vessel in the Eastern Pacific, killing two people [35]

[Music] Hello and welcome to Morning Brief Market Sunrise. I'm Raman Carmali live from Yahoo Finance Studios in London. It's Wednesday, 5th November.Coming up on the show, global stocks continue to slide after Wall Street's tech selloff. The current government shutdown is now the longest on record. And New York has a new mayor.>> This is not only how we stop Trump, it's how we stop the next one. So, Donald Trump, since I know you're watching, I have four words for you. Turn the volume up.[Music] Well, the f ...

Shares of Steven Madden Ltd. fell in pre-market trading after the company posted third quarter results that reflected a miss on Wall Street’s revenue estimate. The shares were down 1.31 percent to $32.41. More from WWD “As anticipated, the third quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States,” Madden’s chairman and CEO Edward Rosenfeld said in a statement. He noted that consumers responded favorably to the firm’s fall assortments, particular ...

Core Insights - Shopify's stock surged 17% in October due to improved market sentiment regarding tariffs and a strong third-quarter earnings report, although the market reaction was muted [1][4][7] Company Overview - Shopify is evolving from a provider of e-commerce websites for small businesses to a comprehensive commerce platform, offering a wide range of financial and operational management services for retailers [3] - The company is increasingly focusing on serving large enterprise customers, with notable additions like e.l.f. Beauty and Estee Lauder in its client roster [6] Financial Performance - In the third quarter, Shopify reported a 32% year-over-year increase in revenue, a 20% rise in free cash flow with an 18% margin, and a 21% increase in operating income with a 12% margin [5] - Despite strong revenue growth, the gross margin slightly declined year-over-year, attributed to a higher mix of lower-margin merchant solutions revenue [5][8] Market Sentiment - The stabilization of tariff situations has led to a more optimistic market outlook for Shopify and similar companies [4] - However, the market was disappointed with Shopify's earnings due to expectations for better margins, leading to a decline in stock price post-earnings report [7][8]