Core Insights - AppLovin's stock experienced an 85% increase from early May 2025 to late January 2026, driven by rising revenue, improved margins, and a slight increase in the P/E ratio [2][3] Financial Performance - Revenue rose by 30%, while net margin increased by 37%, contributing significantly to the stock's performance [3] - The P/E multiple saw a slight uptick of 3.1%, indicating a positive market sentiment towards the stock [3] Strategic Actions - AppLovin completed a strategic divestiture by selling its Apps business to Tripledot Studios for $400 million in cash and equity on June 30, 2025 [8] - The company approved an increase in share repurchase authorization by $3.2 billion and executed buybacks in Q3 2025 [8] Market Reactions - Numerous analysts upgraded their ratings and raised price targets for AppLovin's stock towards the end of 2025 and January 2026, reflecting positive market sentiment [8] - A report in January 2026 accused AppLovin of money laundering, leading to a stock decline, which the company refuted [8]

Core Viewpoint - CN has announced a 3% increase in its 2026 dividend and a new share repurchase program, reflecting strong cash flow and a disciplined capital management approach [1][2]. Dividend Announcement - The Board of Directors approved a quarterly dividend of C$0.9150 per common share, to be paid on March 31, 2026, to shareholders of record by March 10, 2026 [6]. Share Repurchase Program - The new normal course issuer bid (Bid) allows CN to repurchase up to 24 million common shares, representing 3.9% of the total shares outstanding as of January 22, 2026 [2][4]. - The Bid will run from February 4, 2026, to February 3, 2027, and will include various methods of share acquisition, subject to regulatory approvals [3][4]. - The previous share repurchase program, which allowed for the purchase of up to 20 million shares, is set to expire on February 3, 2026, with 15,250,222 shares repurchased at an average price of C$134.44 [5].

Core Viewpoint - Nomura reported strong third-quarter operating results for the fiscal year ending March 2026, with a notable return on equity and solid performance across its main divisions, although losses in the "other" segment related to digital assets partially offset these results [4][7]. Financial Performance - Group-wide net revenue totaled JPY 551.8 billion, reflecting a 7% increase quarter-over-quarter [3][7]. - Pre-tax income for the four main divisions rose 8% to JPY 142.9 billion, the highest level in 18.5 years [2][7]. - Return on equity was reported at 10.3%, marking the seventh consecutive quarter above the target range of 8%–10% [3][7]. Segment Performance - **Wealth Management**: Net revenue increased 14% quarter-over-quarter to JPY 132.5 billion, with a pre-tax margin above 40% and record recurring revenue asset net inflows of JPY 503.9 billion [6][9]. - **Investment Management**: Achieved a record AUM of JPY 134.7 trillion, but pre-tax income fell 42% due to one-time acquisition costs and weaker gains [5][12]. - **Wholesale**: Net revenue increased 12% to JPY 313.9 billion, with significant contributions from both Global Markets and Investment Banking [16]. Shareholder Returns - Nomura announced a share repurchase program with an upper limit of 100 million shares and a total of JPY 60 billion, aimed at enhancing shareholder returns and capital efficiency [1][7]. Future Outlook - The company expects approximately $100 million in integration costs over the next two years following the Macquarie acquisition, while maintaining capital strength with Tier 1 capital at JPY 3.6 trillion and a CET1 ratio of 12.8% [5][21]. - Management indicated that Wealth Management net revenue is tracking evenly with third-quarter levels, while the Investment Banking pipeline remains solid despite a slower start [22].

Core Insights - Kirby Corporation reported record earnings for 2025, with strong operational and financial momentum despite seasonal challenges in the fourth quarter [4][3] - The company generated $406 million in free cash flow and returned capital to shareholders through share repurchases and debt reduction [7][3] - Kirby expects steady financial performance in 2026, with projected operating cash flow between $575 million and $675 million [19] Marine Transportation - Marine Transportation revenue for the fourth quarter was $482 million, with operating income of $100 million and operating margins in the low-20% range [1] - Inland marine market conditions improved towards the end of the quarter, with utilization nearing 90% and mixed pricing trends [7][6] - Coastal marine revenue increased by 22% year over year, supported by high utilization rates in the mid- to high-90% range [9][6] Distribution & Services - Distribution & Services revenue was $370 million in the fourth quarter, with operating income of $30 million and an operating margin of 8.1% [11] - Power generation revenue rose 47% year over year, contributing significantly to segment growth, while oil and gas revenues declined by 45% [12][13] - The segment is expected to see flat to slightly higher revenues in 2026, driven by strength in power generation [17] Financial Position - At the end of 2025, Kirby had $79 million in cash and approximately $920 million in total debt, with a debt-to-capital ratio of 21.4% [2] - The company reduced debt by roughly $130 million during the fourth quarter and had total available liquidity of about $542 million [2][7] - Capital expenditures for the fourth quarter were $47 million, with expectations of $220 million to $260 million in 2026 [19] 2026 Outlook - Kirby anticipates inland revenue growth in the low- to mid-single digits for 2026, with utilization expected to average in the low 90% range [15] - Coastal revenue growth is projected to be mid-single-digit, supported by gradual pricing improvements [16] - The company highlighted potential macro factors, such as Venezuelan oil flows and tariff developments, as sources of near-term uncertainty [14]

Core Insights - Ameriprise Financial (AMP) reported fourth-quarter 2025 adjusted operating earnings of $10.83 per share, exceeding the Zacks Consensus Estimate of $10.29, marking a 16% increase from the previous year [1] - The company's shares rose by 5.2% in pre-market trading following the announcement of better-than-expected results [1] Financial Performance - Adjusted operating total net revenues for the quarter were $4.92 billion, a 10% year-over-year increase, surpassing the Zacks Consensus Estimate of $4.71 billion [4] - Total GAAP net revenues also increased to $4.96 billion, reflecting a 10% rise year-over-year [4] - Quarterly adjusted operating expenses reached $3.58 billion, up 10% year-over-year [4] - For the full year 2025, adjusted operating earnings were $39.29 per share, exceeding the Zacks Consensus Estimate of $38.72, and reflecting a 14% increase from the previous year [3] Assets Under Management - As of December 31, 2025, total assets under management (AUM) and assets under administration (AUA) reached a record $1.69 trillion, up 11% year-over-year [4][8] - The increase in AUM and AUA contributed positively to the company's revenue growth [6] Share Repurchase Activity - Ameriprise repurchased 1.8 million shares for $897 million during the reported quarter [5] Competitive Positioning - The company is positioned for strong top-line growth due to its robust AUM balance and ongoing business restructuring initiatives, although rising expenses, particularly from technology upgrades, may impact profitability [6]

Core Insights - Altria Group Inc. reported fourth-quarter 2025 results with top-line revenue exceeding estimates but declining year over year, while bottom-line earnings missed expectations and remained flat compared to the previous year [1] Financial Performance - Adjusted earnings per share (EPS) for the fourth quarter were $1.30, flat year over year, and below the Zacks Consensus Estimate of $1.31, influenced by a lower adjusted tax rate and reduced share count, offset by lower adjusted operating companies' income (OCI) [2] - Net revenues totaled $5,846 million, a decline of 2.1% year over year, primarily due to decreased revenues in the smokeable products segment, although it surpassed the consensus estimate of $5,002 million [3] Segment Analysis - **Smokeable Products**: Net revenues fell 2.7% year over year to $5,119 million, driven by reduced shipment volume and increased promotional investments, partially offset by higher pricing. Revenues net of excise taxes decreased 1.1% [4] - Domestic cigarette shipment volumes dropped 7.9%, attributed to industry decline and trade inventory movements, while cigar shipment volumes increased by 4.2% [5] - Adjusted OCI in this segment decreased 2.4% to $2,643 million, impacted by reduced shipment volume and higher costs, with adjusted OCI margins falling 0.8 percentage points to 60.4% [6] - **Oral Tobacco Products**: Net revenues increased 2% to $706 million, driven by higher pricing, although shipment volumes declined by 6.3% due to retail share losses and trade inventory movements [7][8] - Adjusted OCI in this segment decreased 4.6%, influenced by elevated SG&A costs and a decline in shipment volumes, with adjusted OCI margins decreasing 5 percentage points to 64.5% [9] Capital Management - Altria ended the quarter with cash and cash equivalents of $4,474 million and long-term debt of $24,140 million, alongside a total stockholders' deficit of $3,502 million [10] - In Q4 2025, the company repurchased 4.8 million shares for $288 million, and for the full year, it repurchased 17.1 million shares totaling $1 billion, with $1 billion remaining under the share repurchase program [11] Future Outlook - For 2026, Altria expects adjusted EPS in the range of $5.56 to $5.72, indicating year-over-year growth of 2.5% to 5.5% from a base of $5.42 in 2025, with growth anticipated to be weighted towards the second half of the year [12] - The company projects an adjusted effective tax rate of 22.5% to 23.5%, capital expenditures of $300-$375 million, and depreciation and amortization expenses of approximately $225 million [13]

Core Viewpoint - Euronext has successfully completed a €250 million share repurchase program, repurchasing approximately 1.90% of its share capital at an average price of €127.03 per share [1][2]. Group 1: Share Repurchase Program Details - The share repurchase program was executed from November 18, 2025, to January 27, 2026, totaling 1,967,993 shares [1]. - The program was conducted in compliance with applicable regulations, including the Market Abuse Regulation and was authorized by the General Meeting of Shareholders on May 15, 2025 [2]. Group 2: Future Actions - During the 2026 Annual General Meeting scheduled for May 20, 2026, the Managing Board will seek authorization to confirm the cancellation of the repurchased shares [3]. Group 3: Company Overview - Euronext is a leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, and settlement [5]. - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a market capitalization of €6.5 trillion, handling 25% of European lit equity trading [6]. - In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange, further expanding its market presence [7].

Financial Data and Key Metrics Changes - In Q4 2025, home closing revenue was $1.4 billion, a 12% decrease year-over-year due to a 7% lower home closing volume and a 5% decrease in average selling price (ASP) to $375,000 per home [23][30] - Adjusted diluted EPS decreased by 30% year-over-year to $1.67 from $2.39 in Q4 2024 [30] - The company completed $150 million in share buybacks, returning nearly $180 million in total capital to shareholders this quarter [9][33] Business Line Data and Key Metrics Changes - Q4 2025 sales orders totaled 3,224, with an average absorption pace of 3.2 net sales per month, reflecting a pullback in buyer urgency [8] - The cancellation rate increased to 14%, slightly below the historical average [15] - The average community count grew by 15% year-over-year to 336 communities, with 35 new communities brought online in Q4 [15][16] Market Data and Key Metrics Changes - Demand patterns were localized, with stronger absorption in markets like Dallas and Houston, while facing lower demand in Austin and parts of Florida [17][18] - The ASP on orders decreased by 6% year-over-year, influenced by increased incentives and geographic mix [17] - The company anticipates continued challenges from elevated mortgage rates and job security concerns, but long-term housing demand remains supported by favorable demographics [10] Company Strategy and Development Direction - The company is focused on a balanced approach to capital allocation, terminating certain land deals to redeploy capital towards share repurchases and acquiring new land [11][12] - A multi-year technology initiative aims to improve back-office productivity and operational efficiency [13] - The company plans to redeploy $400 million towards share buybacks in 2026, indicating a belief that the stock is undervalued [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions are expected to remain challenging in the near term but expressed optimism for improved demand in the spring selling season [10][68] - The company is cautious about the current economic environment but believes it is well-positioned to capture market share as conditions improve [16][38] - Management highlighted the importance of consumer confidence as a key factor influencing demand [61] Other Important Information - The company ended Q4 2025 with approximately 7,000 specs and backlog units, down from about 8,600 units a year prior [20] - The balance sheet remained healthy with cash of $775 million and no debt drawn on the credit facility [32] - The company plans to maintain a net debt to cap ceiling in the mid-20% range [32][91] Q&A Session Summary Question: 2026 outlook and absorption pace - Management indicated that while they aim for an average of 4 net sales per month, they are willing to operate below that temporarily due to current market conditions [41][43] Question: Specs per community - Management stated that they are close to their target of 17 specs per community but would like to adjust the ratio of finished specs to improve efficiency [46][48] Question: Community count guidance - The company clarified that the 5%-10% growth in community count is based on the year-end count, not an average [53] Question: Margin guidance and seasonality - Management acknowledged typical seasonal margin pressure and indicated that Q1 guidance reflects this [55][56] Question: Demand trends in January - Management expressed optimism for improved demand in January compared to Q4, citing better realtor feedback and reduced discounting [68][69] Question: Share repurchase strategy - Management emphasized the importance of balancing share repurchases with operational growth and returning capital to shareholders [73][74] Question: Delivery outlook and community conversions - Management noted that while community count growth has been strong, conversions in new communities have been modest compared to historical trends [83][85]

Financial Data and Key Metrics Changes - The company reported net income of $108.8 million or $1.08 per diluted share in Q4 2025, compared to $71.4 million or $0.69 per diluted share in Q3 2025 [15] - Net interest income decreased by $0.4 million or 0.2% to $206.4 million compared to the prior quarter, and decreased by $7.9 million or 3.7% compared to Q4 2024 [15][16] - Non-interest income was $106.6 million, an increase of $62.9 million from the prior quarter, driven by a gain on sale of $62.7 million associated with divestitures [17] - Non-interest expense was $166.7 million for Q4 2025, an increase of $8.8 million from the prior quarter [17] Business Line Data and Key Metrics Changes - Loans decreased by $632.8 million in Q4 2025, including $62.8 million from the indirect portfolio and $72.5 million in loans moving to held for sale due to branch sales [19] - Total deposits decreased by $516.7 million to $22.1 billion as of December 31, 2025, primarily driven by the sale of $641.6 million of deposits in the Arizona and Kansas transaction [19] Market Data and Key Metrics Changes - The ratio of loans held for investment to deposits was 68.8% at the end of Q4 2025, down from 70.1% at the end of Q3 2025 [20] - The company maintained a proactive approach to credit, with criticized loans decreasing by $112.3 million or 9.6% in Q4 2025 [9] Company Strategy and Development Direction - The company is refocusing capital investment and optimizing its balance sheet by exiting markets with lower growth potential and enhancing its presence in high-potential areas [6][10] - A new, flatter organizational structure is being implemented to improve decision-making and support organic growth [12] - The company plans to continue share repurchases as a priority for capital allocation, with an increased authorization of $300 million [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for organic growth in 2026, driven by a redesigned banking organization and improved credit culture [32][54] - The company anticipates a slight decline in total loans for 2026, with expectations for modest growth in the latter half of the year [24][25] - Management highlighted the importance of maintaining disciplined credit practices to enhance long-term shareholder value [56] Other Important Information - The company declared a dividend of $0.47 per common share, equating to a 5.7% annualized yield based on the average closing price during Q4 2025 [22] - The Common Equity Tier 1 capital ratio ended Q4 2025 at 14.38%, an increase of 48 basis points from the prior quarter [22] Q&A Session Summary Question: Loan balances and production outlook - Management noted that a significant portion of the decline in loan balances was due to payoffs of criticized loans, which is viewed positively [31] - There is confidence in improved loan production due to a reorganization of the banking structure and increased focus on organic growth [32] Question: Margin expectations - Management expects net interest margin to improve sequentially, with a target of north of 3.5% by the end of 2026 [34] Question: Credit quality and criticized loans - Management indicated that criticized loans have stabilized and are expected to continue trending down, although variability is inherent in credit [41][52] Question: Expense guidance - Management anticipates flat to slightly lower expenses in 2026, with a focus on maintaining discipline across controllable expenses [26][45] Question: Market expansion and hiring - The company is confident in its current footprint and plans to continue hiring in growth markets like Colorado [61][62]

Financial Data and Key Metrics Changes - The company reported a net income of $22.7 million or $0.79 per share for Q4 2025, a 21.5% increase compared to Q4 2024, resulting in a record earnings per share of $3.13 for the year [3] - Loan outstandings grew by $129.3 million during Q4 2025, with a 7.6% annualized growth rate [5] - Non-accrual loans to total loans declined by 20 basis points to 0.2%, and non-performing assets to total assets declined by 16 basis points to 0.45% [4] Business Line Data and Key Metrics Changes - Loans grew by $88.2 million, or 1.3%, for the full year of 2025 [6] - Non-interest expense increased by $2.1 million, or 4.1%, compared to Q4 2024, with total non-interest expense for 2025 at $203 million [7] Market Data and Key Metrics Changes - Deposits decreased by $130.8 million in Q4 2025, primarily due to a $198.8 million decrease in public funds, partially offset by an $84 million increase in consumer balances [6] - Total deposits grew by $328.1 million, or 4.9%, for the full year of 2025 [6] Company Strategy and Development Direction - The company plans to repurchase approximately $10 million-$12 million of shares per quarter in 2026, with 2.3 million shares available for repurchase under the current plan [8] - The company is targeting loan growth of approximately 2%-3% and modest net interest margin (NIM) expansion for 2026, expecting net interest income growth of approximately 4%-6% [9] Management's Comments on Operating Environment and Future Outlook - Management expects $100 million-$150 million in public funds to flow out in Q1 and Q2 2026, with a significant portion of excess liquidity expected to be deployed during this period [15] - The company anticipates a relatively stable environment with modest Fed actions not expected to materially impact net interest income [9] Other Important Information - The provision for credit losses for 2026 is expected to be in the range of $11 million-$13 million, reflecting changes in economic forecasts and credit performance [9] - The effective tax rate is expected to be in the range of 20%-21% based on current statutory rates [10] Q&A Session Summary Question: What is the seasonality for deposits in Q1? - The company expects $100 million-$150 million in public funds to flow out in Q1 and Q2, with significant deployment of excess liquidity [15] Question: How should we think about the NIM trajectory over the course of the year? - The company expects NIM to be relatively in line to slightly up compared to Q4 2025, with overall expansion anticipated for 2026 [16] Question: What are you seeing in terms of deposit competition? - Competition remains, with slight increases noted, but the company has been successful in retaining CDs and is working to acquire more operating accounts [19][20] Question: Can you review your ag farmland portfolio? - The ag portfolio consists of smaller family farms with a conservative underwriting approach, and the company has a diversified business underlying these loans [22] Question: What are you seeing regarding spread compression? - The company has seen some compression on the commercial side, with new loan rates down by 40-50 basis points, but has not experienced true spread compression [28] Question: Can you discuss the deposit pipeline and initiatives? - The company is making progress with commercial lending and small business initiatives, aiming to capture more deposits and improve the mix of operating accounts [42][44]