Let's get a trader perspective on this. I'm very pleased to say I'm joined by Jay Woods on the floor here, chief global strategist at Freedom Capital Market. So, we've just had a beat on the top and bottom line for Constellation Brands.I mean, they're expecting slower beer sales to come. Not good news. I I know you and I are trying to pull our weight here.We try, but it's not as bad as expected. Um I I know we're obviously trying to sort of continue to pour over these numbers and some of the commentary we'l ...

Welcome back. Stocks on track for another record close. Here to share where he sees the market heading next is Chris Tumi, Morgan Stanley, managing director of private wealth management.It's good to see you back. Thanks for having me. You say good news is already priced in.Really. Like you think it's all in. No, I mean I look I think we've been positive on the market.So I think the variables that were driving performance for us were, you know, earnings breath which is continuing to look good, operating leve ...

M&A Activity in Financials - M&A activity for financials has seen virtually no conversation for 5 years due to regulatory uncertainty [7] - Increased enthusiasm and discussions are occurring behind the scenes regarding potential deals [8] - The firm completed 20 deals totaling approximately $15 billion, indicating a substantial increase of 30-40% in activity [9] - Technology, especially AI, is driving M&A as companies seek to stay competitive [9] - Stock deals are viewed as an opportunity to acquire companies at a discount, emphasizing the importance of finding undervalued targets [10] Golf Industry & PGA Tour - The speaker resigned from the PGA Tour, feeling superfluous, and suggests a deal should have been reached before the British Open in 2023 [12] - No progress has been made since the resignation, but the PGA Tour is currently in good shape [14] Other Engagements - The speaker is involved with Troun Golf, bringing a different perspective to the company [15] - The speaker serves on the AIG board and the Chime board (which went public) [15][16]

Prominent bank CEOs this week on CNBC warning that cracks are starting to show in the US economy. JP Morgan's Jamie Diamond and Morgan Stanley's Ted Pick yesterday. Wells Fargo CEO Charlie Sharf telling Squawkbox this morning that he quote sees more downside to the economy.But joining me now exclusively here at Goldman Sachs Communicopia and Technology Conference in San Francisco is David Solomon, Goldman Sachs chairman and CEO. And I do want to talk to you about that. But first, I think we have to talk abo ...

Partnerships & Asset Management - Goldman Sachs 与 T Rowe Price 合作，旨在获取退休资产 [1] - Citigroup 将 800 亿美元资产交给 BlackRock 管理 [1] Mergers & Acquisitions - 行业预计并购活动可能创下纪录 [1]

CECO Environmental FY Conference Summary Company Overview - **Company Name**: CECO Environmental - **Stock Symbol**: CECO - **Headquarters**: Dallas, Texas - **Market Capitalization**: Approximately $1.7 billion - **Stock Performance**: Trading in the mid-$47 range, up from $6 per share 40 years ago [1][4] Industry Focus - **Core Business**: Environmental industrial services focused on protecting people, the environment, and industrial equipment - **Key Verticals**: - **Energy Transition**: Addressing power needs driven by data centers, IoT, and electrification - **Industrial Water**: Water reuse in industrial facilities and oil and gas extraction - **Industrial Air**: Removing volatile air compounds from manufacturing facilities [3][5][18] Strategic Growth Components - **Market Strength**: Strong underlying markets in energy, water, and air sectors [4][16] - **M&A Activity**: Acquired 12 companies in the last three years, with ongoing plans for further acquisitions [6][30] - **Geographical Expansion**: Approximately 50% of bookings are now international, compared to being primarily U.S.-focused in 2021 [7][12] Financial Performance and Guidance - **Pipeline**: Current pipeline valued at $5.5 billion, indicating significant future sales opportunities [14][15] - **Order Growth**: Projected to book $900 million to $1 billion in orders for the year, a substantial increase from previous years [24][26] - **Revenue Guidance**: Raised revenue guidance to $750 million for 2025, reflecting a 35% growth [24][26] - **EBITDA**: Expected to maintain between $90 million and $100 million, representing a 50% increase [24][26] - **Cash Flow**: Anticipated to be significantly higher than the previous year, recovering from a slow start in Q1 [25][26] Market Dynamics - **Demand Environment**: Strong demand in energy and water infrastructure projects, particularly internationally [27][28] - **Order Milestones**: Achieved the largest order in company history at $75 million [29] Portfolio Transformation - **Acquisition Strategy**: Focused on managing debt while exploring new acquisition opportunities [30] - **Cost Synergies**: Recent acquisitions, such as Profire Energy, are performing well and contributing to cost efficiencies [31] Operational Insights - **Revenue Types**: - Long-cycle revenue (30% of total) involves highly engineered projects lasting 9-18 months - Short-cycle revenue involves quicker, more standard projects with higher margins [20][21] - **Margin Improvement**: EBITDA margins improved from mid to high single digits to double digits since 2022 [35][36] Risk Management - **Project Financing**: Utilizes down payments and letters of credit to manage cash flow for large projects [41][42] - **Price Locking**: Prices are locked with customers and fabricators to mitigate supply chain inflation risks [47][48] Conclusion - CECO Environmental is positioned for continued growth in its core verticals of energy, water, and air, with a strong pipeline and strategic focus on M&A and geographical expansion. The company has demonstrated consistent financial performance and is well-prepared to navigate market dynamics and operational challenges [32][33]

M&A Activity & Market Outlook - M&A activity experienced a slow start in the first half of 2025, but a strong July suggests a potential increase in momentum for the second half of the year [1][2] - Confidence in capital markets is growing, contributing to the elevated M&A activity [4] - The bid-ask gap has narrowed from approximately two points to about a half a point, making deals more affordable and aligning buyer and seller expectations [5] Interest Rates & Economic Factors - A lower cost of capital is desired to sustain deal-making activity, although current rates haven't stopped deals entirely [6] - The market anticipates two interest rate cuts (two turns down) this year, fueling optimism [7][12] - The base case economic backdrop anticipates flat or declining inflation and a slight increase in GDP [12] Sector Focus - Technology is expected to remain a key sector for M&A activity for the next 5 years, driven by the race to acquire sophisticated AI technology [8][9] - Oil and gas, life sciences (due to strong cash reserves and the need to build R&D pipelines), and media and entertainment are also expected to see continued M&A activity [10] Regulatory Environment - Deregulation is considered a potential tailwind for companies seeking to consolidate [3] - The current administration's approach to regulation may be facilitating certain deals with fewer compromises [4]

M&A Activity & Market Outlook - M&A activity experienced a slow start in the first half of 2025, but July showed strength, suggesting a potential increase in the second half of the year [1][2] - Confidence in capital markets is growing, and the bid-ask gap has narrowed from approximately two points to about half a point, making deals more affordable and aligning buyer and seller expectations [4][5] - The industry anticipates two interest rate cuts (turns down) this year, fueling optimism in the market [7][12] Regulatory & Economic Factors - Deregulation, potentially influenced by the Trump administration, may be a tailwind for companies seeking consolidation [3] - The market is gaining confidence that interest rates will not return to levels seen three years prior, though a lower cost of capital is still desired [6] - The economic backdrop considered by EY includes expectations for inflation to remain flat or decrease and for GDP to increase slightly [12] Sector Focus - Technology is expected to remain a key sector for M&A activity for the next 5 years, driven by the race to acquire sophisticated AI technology for business modernization [8][9] - Oil and gas is experiencing a strong year and is expected to continue to see M&A activity [10] - Life sciences companies, with substantial cash reserves, are looking to build up their R&D pipelines through acquisitions [10] - There has been a surprising surge in media and entertainment deals this year [10]

Financial Data and Key Metrics Changes - The company reported record-setting results with second quarter revenues of $407 million, up 13% year-over-year, and adjusted pre-tax income of $80 million, up 22% [5][8] - For the first half of the year, revenues increased by 6%, adjusted pre-tax income rose by 13%, and adjusted EPS increased by 19% compared to the previous year [6][12] - The adjusted pre-tax margin for the second quarter was 19.7%, compared to 18.2% for the same period last year [11] Business Line Data and Key Metrics Changes - Strategic Advisory revenues increased significantly for both the second quarter and first half, contributing to overall revenue growth [9][16] - Restructuring revenues rose modestly in the second quarter and were slightly up for the first half, while PJT Park Hill revenues decreased year-over-year for both periods [9][15] - The company expects full-year restructuring results to at least match last year's record levels, while Strategic Advisory is anticipated to be up strongly from 2024's record levels [18] Market Data and Key Metrics Changes - The market backdrop has improved, with equity valuations rising and market volatility decreasing, leading to increased business confidence and capital availability [6][14] - Global M&A activity remains near record lows when measured against total equity market capitalization or GDP, despite a 20% increase in annualized global announced M&A volumes [17] Company Strategy and Development Direction - The company remains committed to long-term investments and aims to build the best advisory firm based on excellence, integrity, and client service [7][14] - The firm is focusing on expanding its Strategic Advisory and restructuring capabilities, particularly in international markets such as Europe and the Gulf Region [78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a more favorable environment for strategic ambitions as economic and regulatory uncertainties diminish [18] - There is a belief that M&A activity will gradually improve, driven by competitive responses and a more conducive regulatory environment [55][56] Other Important Information - The company ended the quarter with $318 million in cash and equivalents, and $461 million in net working capital, with no funded debt outstanding [13] - A quarterly dividend of $0.25 per share was approved by the Board [13] Q&A Session Summary Question: Update on sponsor M&A activity - Management noted an increase in sponsor activity, with more confidence in the IPO market and credit markets becoming more accommodative, leading to a gradual return of capital [20][22] Question: Update on Park Hill and financial sponsors - Management indicated that they are still in the early stages of leveraging Park Hill relationships for middle market deals, with ongoing efforts to create holistic relationships with clients [33][36] Question: Regulatory outlook for large cap M&A - Management acknowledged a more conducive regulatory environment under the current administration, but noted that certain industries still face scrutiny, complicating large transactions [46][51] Question: Trajectory of M&A recovery - Management expects a gradual improvement in M&A activity as uncertainties lift, with potential for competitive responses driving additional transactions [55][56] Question: Fundraising backdrop for Park Hill - Management highlighted that while fundraising remains challenging, there is a growing number of transactions in flight, with expectations for improved performance in the second half of the year [60][62]

Financial Data and Key Metrics Changes - The company reported a GAAP net income of $20.8 million for Q2 2025, which included a $3.36 million gain from the sale of a branch and various acquisition-related expenses [10][19] - The core net income, excluding non-core items, was $19.5 million, translating to an EPS of $0.66 [10][19] - The return on average assets (ROAA) was maintained at 1% [5] Business Line Data and Key Metrics Changes - Total loans held for investment increased by 4.5% annualized, amounting to an increase of $66.7 million from Q1 [12] - New loan production was $432 million, with significant growth in commercial and industrial (C&I) loans and commercial real estate (CRE) loans, which increased by $98.8 million and $61.6 million respectively [12] - Total deposits decreased by $38.5 million, primarily due to a net decrease in interest-bearing deposits [13] Market Data and Key Metrics Changes - The weighted average cost of deposits decreased to 2.62%, down six basis points from the previous quarter [17] - Non-interest bearing deposits increased by $102 million or 7.8% on a linked quarter basis [14] Company Strategy and Development Direction - The company is focused on maintaining a diversified loan portfolio while reducing concentration risk, particularly in construction loans [43] - A partnership with Progressive Bank, a $750 million community bank, was announced, which is expected to enhance earnings accretion [7][8] - The company is committed to improving operational efficiency through a core processing system upgrade, which is anticipated to facilitate future growth [6][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate through current credit challenges, with a focus on resolving non-performing loans [21][30] - The sentiment in the market is improving, with increased loan demand and a more optimistic outlook for the remainder of the year [70] Other Important Information - The company achieved a tangible book value growth of almost 15% annualized [5] - The net charge-offs remained low at 0.01%, indicating strong asset quality management [8] Q&A Session Summary Question: Excess liquidity related to core conversion - Management indicated that excess liquidity will be maintained until the core conversion with Oakwood is completed [26][27] Question: Credit migration and reserves - Management confirmed that the increase in non-performing loans (NPLs) was due to migration from substandard to non-accrual, with adequate reserves in place [28][29] Question: Expense outlook - The company expects a modest increase in core expenses in Q3, with a run rate in the low $50 million range [36] Question: Loan growth outlook - Management anticipates mid-single-digit loan growth for the remainder of the year, with a focus on maintaining discipline in lending practices [41][43] Question: Fee income growth - The company is optimistic about growth in fee income from SBA loan services and derivatives, with expectations for continued momentum [72][75]