Core Insights - On Holding AG's shares increased over 20% in intra-day trading after the company raised its full-year outlook due to stronger-than-expected third-quarter earnings [1] - The company reported quarterly earnings per share of CHF 0.36, exceeding analyst forecasts of CHF 0.27, with revenue reaching CHF 794.4 million, surpassing the consensus estimate of CHF 763.8 million [1] Financial Performance - Net sales rose by 24.9% year over year, or 34.5% at constant currency, driven by robust demand in both Direct-to-Consumer (DTC) and Wholesale channels [2] - DTC revenue increased by 27.6% to CHF 314.7 million, or 37.5% on a constant-currency basis, while Wholesale sales grew by 23.3% to CHF 479.6 million, or 32.5% when adjusted for currency fluctuations [2] Profitability Metrics - Adjusted EBITDA surged by 49.8% to CHF 179.9 million from CHF 120.1 million a year earlier, with the margin improving to 22.6% from 18.9% [3] - Gross profit margin enhanced to 62.5% from 60.1% [3] Future Outlook - For the full year, On Holding projected constant-currency sales growth of 34%, an increase from the previous guidance of at least 31%, translating to approximately CHF 2.98 billion in revenue, up from CHF 2.91 billion [3] - The company raised its adjusted EBITDA margin target to above 18%, compared to the previous range of 17%–17.5%, and now expects a gross margin around 62.5%, higher than the earlier outlook of 60.5%–61.0% [4]

Core Viewpoint - FedEx Corp expresses optimism for the upcoming holiday peak shipping season despite ongoing industry challenges, projecting improved profits for the fiscal second quarter [3][4]. Financial Performance - FedEx anticipates adjusted earnings per share to exceed last year's benchmark of $4.05, surpassing analyst expectations of $4.02 per share [3]. - The update led to a 5.3% increase in FedEx shares during early trading on the New York Stock Exchange [4]. Operational Insights - FedEx has reported an increase in operating income for the first time despite declining revenues, although it faces a $1 billion headwind from the end of the de minimis tariff exemption [4]. - The company experienced a $150 million adjusted operating income impact for Q1 and expects a similar impact at the midpoint of its guidance range [5]. - U.S. outbound air freight has increased by 22%, contributing approximately $40 million to revenue [5]. Strategic Initiatives - FedEx is adapting to changing demand by shifting from trans-Pacific to intra-Asia routes and plans to spin off its FedEx Freight segment into a separate company [5]. - The company is optimistic about its future capabilities due to its existing networks, cost structure, and logistics intelligence [6]. Challenges and Mitigation - Both FedEx and UPS may face disruptions and increased expenses due to the grounding of MD-11 aircraft following a recent fatal crash [7]. - FedEx is collaborating with Boeing and the FAA to ensure safe inspections and return of aircraft to service, while managing capacity through spare aircraft and adjustments to maintenance schedules [8].

Core Viewpoint - The market is expected to shift focus towards earnings growth in 2026, particularly in the small and midcap sectors, which are projected to experience a recovery from previous earnings recessions [2][3][5]. Small and Midcap Sector - Small and midcap companies are anticipated to see earnings growth improve from low single-digit this year to low double-digit next year, driven by a recovery from two years of declining earnings [3][5]. - Companies in the small and midcap space that have raised their Q4 and 2026 guidance during the Q3 reporting period have outperformed the S&P 500 [3]. - The economic sensitivity of small and midcap stocks is expected to provide a favorable setup as macroeconomic conditions stabilize and potential Fed rate cuts occur [6]. AI Sector Dynamics - The AI sector is characterized by persistent spending dynamics, with capital expenditure improvements expected through the end of the decade [7][8]. - Ongoing volatility is anticipated as companies navigate the pace and justification of their AI-related spending [8]. - There is a focus on stock selection within the AI space, with an emphasis on semiconductors and software, while communication services have been adjusted to a market weight [10]. Broader Market Implications - Companies not directly associated with AI are beginning to implement AI processes, which could lead to higher productivity, improved margins, and reduced earnings volatility in the long term [11].

Well, joining me now, Scott Croniner, US equity strategist at City. Scott, it's always great to speak with you. Uh, and let's start right there, especially on a day where the market seems to be pulling back from session lows here to to do an about face.You like the small and midcaps. Why. >> Well, Morgan, I think there's a couple of things at work here.What we're arguing is that as we go into the end of this year, the market is increasingly paying for 26 earnings growth expectations. We certainly going to g ...

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. However, it isn't easy to find a great growth stock.That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.However, it's pretty easy to find cutting-edge growth stocks with the help of the Z ...

Shares of Seneca Foods Corporation (SENEA) have gained 4.6% since the company reported results for the quarter ended Sept. 27, 2025, even as the S&P 500 Index slipped 0.6% over the same span. In the past month, Seneca shares lost 5.6%, against a 1.6% rise in the S&P 500.SENEA’s Earnings SnapshotSeneca turned in a much stronger quarter than a year ago on both the top and bottom lines. Net sales for the second quarter of fiscal 2026 rose 8.1% to $460 million from $425.5 million, driven primarily by higher vol ...

Joining us right now to talk markets is Barbara Reinhardt. She is chief investment officer of multiasset strategies and solutions at Voya Investment Management. And >> Barbara, are we um new week and the correction's over.>> Look, I think that uh there was it did feel like things were getting a little bit frothy. Our uh lead indicator kind of of where we are in the market cycle rolled over from optimistic into neutral. it may indeed kind of come back with this, but I don't see big signs of like speculation, ...

Core Insights - Kinder Morgan is experiencing a growth phase despite a recent decline in share price, presenting a potential buying opportunity for long-term investors [1][8] Financial Performance - Kinder Morgan reported a 16% increase in earnings per share for the third quarter, driven by rising gas demand and a recent acquisition from Outrigger Energy, leading to expectations of exceeding financial targets for the year [2] - The company has a market capitalization of $59 billion and a current share price of $26.55, with a dividend yield of 4.5%, significantly higher than the S&P 500's yield of 1.1% [5][6] Growth Projects - Kinder Morgan added $500 million in new growth capital projects during the third quarter, resulting in a backlog of $9.3 billion, up from $3 billion at the end of 2023, with projects expected to enter commercial service by the second quarter of 2030 [3] - The company is pursuing over $10 billion in potential projects, primarily focused on expanding natural gas infrastructure, driven by demand from power generation and LNG export capacity [5] Future Outlook - Significant earnings growth acceleration is anticipated between 2027 and 2029 as three large-scale gas pipeline projects are expected to be completed [7] - The combination of income from dividends and growth from expansion projects positions Kinder Morgan for robust total returns in the coming years, especially given its current lower valuation [8]

Financial Data and Key Metrics Changes - The company narrowed its 2025 ongoing earnings guidance range to $3.17-$3.23 per share, trending towards the upper half of this range [7][16] - The ongoing earnings for Q3 were reported at $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [13] - The 2026 earnings guidance is set at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [7][16] - The annual common stock dividend target for 2026 is $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 megawatts and advanced gas path projects to enhance efficiency [6] - The projected peak demand growth by 2030 has increased to 50% due to new agreements with data centers, including a significant contract with Google [5][9] Market Data and Key Metrics Changes - The company is focusing on plug-and-ready sites to minimize transmission investments and accelerate customer service [5] - The Iowa retail construct stabilizes electric-based rates for customers through the end of the decade, benefiting existing customers [10] Company Strategy and Development Direction - The company is committed to customer-focused investments and maintaining affordability while driving growth [4][12] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025 to 2029 [8][17] - The strategy includes proactive community engagement and a focus on renewable energy and energy storage projects [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth objectives and highlighted the importance of regulatory support for future projects [11][12] - The company anticipates continued earnings growth driven by data center expansions and load growth plans [9][12] Other Important Information - The company has updated its financing plans through 2029, with a focus on maintaining a balanced capital structure [19][20] - Regulatory initiatives are in progress, including requests for investments in renewable energy and natural gas facilities [22][23] Q&A Session Summary Question: Can you provide color on the ramp in demand and its impact on earnings trajectory? - Management indicated that the 7-8% growth is conservative and that timing is crucial for realizing load growth [27][28] Question: What are the assumptions regarding earned returns in Iowa? - The company confirmed that it expects to earn its authorized return, with potential upside for exceeding it [30] Question: Can you elaborate on the 2-4 gigawatts of additional load negotiations? - Management stated that these negotiations involve both expansions of existing facilities and new customers, with updates expected in the next 12 months [32][56] Question: What is the expected FFO to debt ratio by the end of 2025? - The company aims for a cushion of 50-100 basis points in its FFO to debt metrics to support growth [36] Question: How will the load growth impact the 2026 guidance? - The starting point for 2026 is modest, with data centers expected to ramp up load in the second half of 2026 [38] Question: What is the probability of conversion for the remaining gigawatts in the pipeline? - Management expressed high confidence in the pipeline, emphasizing the strategic advantages of their locations in Iowa and Wisconsin [42][44]

Core Insights - The company achieved a record loan production of $739 million in Q3, representing a 32% net increase year over year after accounting for prepayments [1][4][7] - Net income increased by 60% year over year, with core diluted EPS at $0.69 per share [2] - The nonperforming loan (NPL) rate decreased to 9.8%, down from 10.6% in the previous quarter, indicating stable asset quality [1][11] Production and Financial Performance - Loan production for Q3 was $739 million, surpassing the previous quarter's record of $725 million, with a total of 1,778 loans originated [7] - New applications exceeded $1.4 billion for the quarter, reflecting strong demand for the company's products [4] - The weighted average coupon on new held-for-investment originations was 10%, consistent with the last five-quarter average of 10.6% [7][8] Portfolio and Asset Management - The total loan portfolio reached just under $6.3 billion in unpaid principal balance (UPB), marking a 7.1% increase from Q2 and a 32% increase year over year [8] - The weighted average loan-to-value ratio remained low at 65.5%, indicating disciplined credit practices [4][10] - Nonperforming asset resolution gains totaled $2.8 million, averaging 3.8% quarterly over the last five quarters [11] Capital and Liquidity - The company maintained a strong portfolio net interest margin (NIM) at 3.65%, consistent with the last five-quarter average [10] - Total liquidity as of September 30 was just under $144 million, with over $600 million in available warehouse capacity [13][14] - The company is focused on compounding earnings by reinvesting profits back into the platform and portfolio [5][6] Strategic Initiatives - The company closed its first-ever single counterparty securitization with a top-tier money manager, which is expected to reduce transaction costs and diversify funding options [3] - The management expressed optimism about future earnings growth, citing healthy market conditions and robust capital markets, particularly in fixed income [15]