KATIE GREIFELD WILL CATCH UP WITH ELI LILLY'S CFO LATER TODAY. NETFLIX ON WARNER BROS. DISCOVERY DEFENDING THEIR MULTIMILLION DOLLAR MERGER. THINK THIS IS -- SO WE THINK THIS IS AN OPPORTUNITY TO BALANCE AND REBOUND AND MAKE MONEY. JONATHAN: ARE YOU STILL FOCUSED ON U.S. OR INTERNATIONAL. ERIC: WE HAVE BEEN DIPPING INTO THE INTERNATIONAL PEACE. THE DOLLAR WEAKNESS, WHICH IS THE BIGGER DRIVER, I THINK HE DID A GOOD JOB OF COVERING JAPAN EARLIER, IT HAS NOT NECESSARILY JUST BEEN CURRENCY BUT MORE CORPORATE GO ...

Core Insights - Celestica Inc. (CLS) is focusing on product diversification and enhancing its presence in high-value markets to mitigate operational risks [1] - The company has a strong foundation in research and development, enabling it to produce both high-volume electronic products and complex technology infrastructure products across various industries [1] Group 1: Product and Service Offerings - Celestica provides a comprehensive range of solutions including design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing, systems integration, logistics, product licensing, after-market repair, and IT asset management [2] - The diverse portfolio includes enterprise-level data communications and information processing infrastructure, such as routers, switches, data center interconnects, edge solutions, servers, and storage-related products, along with lifecycle solutions for mission-critical systems in aerospace/defense and medical device sectors [3] Group 2: Market Position and Performance - Celestica's diversified product and customer base enhances business resilience by reducing dependence on a single industry, thereby minimizing the adverse effects of economic downturns in specific sectors [3] - The company's stock has surged 180% over the past year, outperforming the industry growth of 92.7% [6] - Celestica trades at a forward price-to-sales ratio of 2.19, which is above the industry average of 0.98 [9] Group 3: Competitive Landscape - Jabil Inc. (JBL) emphasizes end-market and product diversification as a growth catalyst, aiming to ensure that no single product or product family exceeds 5% of operating income or cash flows in any fiscal year [4] - Sanmina Corporation (SANM) offers end-to-end solutions that streamline processes and lower costs through a vertically integrated manufacturing process, maintaining a strong presence across multiple end markets [5]

Core Insights - The global fresh produce market is dominated by a few key players, with Mission Produce Inc. (AVO) and Dole plc (DOLE) standing out for different reasons, particularly in terms of scale, geographic reach, and product focus [1][2] Group 1: Mission Produce (AVO) - AVO is the world's largest vertically integrated avocado company, selling a record 691 million pounds of avocados in fiscal 2025, reinforcing its leadership in North America and expanding in Europe and Asia [3] - With nearly 70% household penetration in the U.S., AVO is pivotal in driving avocado consumption through promotions and retailer collaborations, aligning with health-driven consumer trends [4] - AVO's competitive advantage lies in its integrated global platform, ensuring supply consistency and quality control through owned Peruvian orchards [5] - The company is diversifying its portfolio by expanding into blueberries and mangoes, targeting health-conscious consumers and investing in digital tools for market insights [6] - AVO's strong cash flow generation is highlighted by record adjusted EBITDA and over $180 million in operating cash flow, with leverage well below 1X EBITDA [7] Group 2: Dole plc (DOLE) - Dole is a diversified produce giant with quarterly revenues of $2.3 billion in Q3 2025, holding leadership positions across Europe, North America, and select global markets [8] - Although avocados are a small part of Dole's portfolio, the company is enhancing its avocado presence through investments in ripening facilities, particularly in Europe [9] - Dole's investment case is based on its multi-category portfolio and resilient business model, balancing staple products like bananas with innovative offerings [10] - The brand appeals to affordability-focused, health-conscious consumers, supported by operational investments in automation and logistics [11] - Key challenges for Dole include higher sourcing costs and weather-related supply disruptions, which have impacted margins in 2025 [12] Group 3: Financial Estimates and Valuation - The Zacks Consensus Estimate for AVO indicates declines of 10.2% in sales and 10.1% in EPS for fiscal 2025, with a projected increase in sales and earnings for fiscal 2026 [13] - For Dole, the 2025 sales estimate suggests a year-over-year growth of 7.6%, while EPS is expected to decline by 27.6%, with significant growth projected for 2026 [13] - AVO trades at a forward P/E multiple of 18.24X, below its 5-year median, while DOLE trades at a lower multiple of 9.81X, reflecting different growth prospects [22][24] - AVO's premium valuation indicates investor confidence in its growth potential, while Dole's lower multiple may attract value-focused investors [24][25] Group 4: Investment Appeal - Both companies are strong players in the fresh produce market, but their investment appeal differs, with Dole offering stability and valuation comfort for value-oriented investors [26] - AVO is favored for its strong EPS revision trend and growth outlook, particularly in the avocado category, making it a compelling choice for growth-focused investors [27]

Market Sentiment - The Santa Claus rally, historically linked to a rise in stock prices during the last five trading days of December and the first two in January, has seen the S&P 500 gain an average of 1.2% since 1969 [2] - Advisor sentiment regarding the US economy has declined for five consecutive months, with over 40% of advisors expecting a less healthy economy, the highest level of pessimism recorded this year [2][3] - The current advisor economic sentiment reading is 101, indicating a neutral outlook, but it has decreased by 5% in the last month and is down 16% compared to the same time last year [3] Economic Outlook - Advisors with a positive economic outlook peaked at 63% in April but have since dropped to their lowest levels in twelve months [5] - The percentage of advisors expecting a less healthy economy by the end of next year has doubled from 21% in June to 42% [5] - Concerns are primarily attributed to high valuations and market concentration in Big Tech, leading to fears of a significant market correction in the new year [3]

Core Insights - Coinbase has acquired The Clearing Company to enter the regulated prediction market sector, indicating a strategic move to not miss out on the upcoming election cycle [1] - The acquisition aims to create a compliant onshore alternative to Polymarket, which has seen significant trading volume but operates offshore and restricts U.S. users [3][4] Group 1: Market Dynamics - Polymarket generated over $3.7 billion in trading volume related to the U.S. presidential election in 2024, establishing itself as a key player in the prediction market space [2] - The Clearing Company focuses on building backend infrastructure for prediction markets within U.S. regulatory boundaries, which is crucial for capturing domestic demand [3] Group 2: Strategic Implications - The acquisition reflects Coinbase's urgency to establish a presence in the prediction market, as speed is essential for gaining market share [6][7] - By opting to acquire rather than build, Coinbase signals that it recognizes the rapid pace of market developments and the need for immediate action [7] Group 3: Regulatory Considerations - The move places pressure on the CFTC to clarify U.S. legal boundaries for prediction markets, as Coinbase aims to combine liquidity with compliant infrastructure [8] - The integration of The Clearing Company's technology into Coinbase's platform will require rigorous compliance reviews and UI updates, highlighting the complexities involved [6]

Economic Overview - Warning signs are evident across the economy, influenced by the Trump administration's tariff policies, persistent high inflation, and concerns regarding the affordability of daily life [1] Market Sentiment - The CBOE Volatility index (VIX) has risen above 20, indicating increased market fear, as it had spent most of the year in the teens [2] - CNN's Fear and Greed index currently stands at 14 on a scale of 1 to 100, reflecting "extreme fear" in the market [3] Investment Strategy - In light of potential economic corrections, international markets may present more attractive investment opportunities, especially when the dollar weakens, as international profits can increase when converted back to U.S. dollars [4] - The FTSE All-World ex-US ETF (NYSEMKT: VEU) is highlighted as a low-cost investment option to diversify away from U.S. companies and capitalize on international growth [5] ETF Details - The VEU ETF is highly diversified, holding over 3,800 stocks, with financial services making up 23.9% of its portfolio, alongside significant positions in industrials, technology, and consumer cyclical sectors [6] - The VEU ETF has outperformed the S&P 500 this year, offering a 2.7% dividend yield and a low expense ratio [7] - The fund tracks the FTSE All-World ex-US index, including mid-cap and large-cap stocks from both developed and emerging markets, with only one stock exceeding a 3% weighting [8] Top Holdings Performance - Key stocks in the VEU ETF include: - Taiwan Semiconductor: 3.33% weight, 49.8% return - Tencent Holdings: 1.43% weight, 57.6% return - ASML: 1.18% weight, 46.7% return - Alibaba Group: 1.08% weight, 84.3% return - Samsung Electronics: 1.00% weight, 60.6% return - Other notable stocks include SAP, AstraZeneca, HSBC Holdings, Nestle, and Novartis AG with varying returns [9]

RT Bloomberg New Economy (@BBGNewEconomy)"We have traditionally relied on the European and US market for so long because of AGOA...but all these trade schemes are getting to an end. So now we have to invest more in diversifying our market." @RwandaGov @P_Sebahizi #BloombergNewEconomy⏯️ https://t.co/Sqkf8dKmnN https://t.co/GR67JDdU1d ...

Core Insights - Peyto Exploration & Development Corp reported strong operating and financial results for Q3 2025, with production averaging 129.8 Mboe/d, an 8% increase year over year, despite a 1.5% decline from Q2 2025 due to wet weather and low natural gas prices [3][4][21] - The company plans a preliminary capital budget of $450 to $500 million for 2026, aiming to add 43,000 to 48,000 Boe/d of new production to offset a base production decline of 26-28% [4][23][25] Production and Financial Performance - Production volumes for Q3 2025 averaged 129,762 boe/d, with natural gas at 684.9 MMcf/d and NGLs at 15,611 bbls/d, reflecting an 8% increase year over year [4][5] - Funds from operations (FFO) reached $198.9 million, or $0.98 per diluted share, with free funds flow of $69.1 million for the quarter [4][5] - The realized natural gas price after hedging was $3.57/Mcf, significantly higher than the AECO 7A index, which averaged $0.94/GJ [4][10] Capital Expenditures and Drilling Activity - Total capital expenditures for Q3 2025 were $126.3 million, with 20 wells drilled and 18 brought on production [4][6][7] - The company has contracted a fifth rig to enhance drilling activity, focusing on prolific zones in the Notikewin, Falher, and Bluesky formations [6][7] Hedging and Market Diversification - Peyto's hedging strategy secured over $715 million in revenue for 2026, with a hedge position protecting approximately 450 MMcf/d of natural gas production at over $4/Mcf [4][10][15] - The company has diversified its market exposure, which contributed to a realized natural gas price significantly above the AECO benchmark [10][17] Financial Health and Debt Management - Net debt was reduced by $20.5 million in Q3 2025, totaling $1.22 billion at the end of the quarter, down from $1.36 billion a year earlier [4][5][46] - The company amended and extended its credit facilities, increasing the revolving credit facility to $1.05 billion and extending the maturity date to October 2029 [21][22] Future Outlook - Peyto remains optimistic about the natural gas market, anticipating increased demand driven by electrification and LNG exports [27][28] - The company plans to maintain a disciplined approach to capital expenditures and hedging to support shareholder returns and balance sheet strength [28][32]

Core Insights - Vivakor, Inc. has successfully initiated its first major transaction in the Liquified Petroleum Gas (LPG) market, valued at approximately $23 million, utilizing a $40 million Intermediation Credit Facility [1][2][5] Group 1: Company Overview - Vivakor, Inc. is an integrated provider of energy transportation, storage, reuse, and remediation services, focusing on developing and operating assets in the energy sector [6] - The company aims to broaden its market presence beyond crude oil by diversifying into petroleum commodities [2][5] Group 2: Transaction Details - The inaugural LPG trade marks Vivakor Supply & Trading's (VST) expansion into petroleum commodities, demonstrating the company's strategic intent to leverage its logistics and midstream capabilities [2][5] - VST will manage transportation, logistics, and gathering operations for the LPG, utilizing Vivakor's midstream infrastructure to enhance operational efficiency [3] Group 3: Revenue Model - VST will recognize a small percentage of the total contract value as revenue, reflecting its role as an intermediary in the physical commodity supply chain, with actual revenue varying based on market conditions [4]

Core Insights - Kelso Technologies Inc. reported its third consecutive profitable quarter with a net income of $182,851 for Q3-2025, and gross revenue increased by 11.3% year-over-year to $2.81 million [5][12][15] - The company has successfully reduced total expenses by 20% year-to-date, amounting to $766,486, demonstrating a commitment to cost management and operational efficiency [5][13] - Kelso is diversifying its operations beyond rail markets into sectors such as Water & Wastewater, Oil & Gas, Chemicals, Paper & Pulp, and Irrigation, leveraging existing assets for minimal capital investment [5][13][14] Financial Performance Summary - For Q3-2025, revenues were $2,808,144 compared to $2,523,282 in Q3-2024, with a gross profit of $1,166,259 and a gross profit margin of 42% [6] - Year-to-date revenues for 2025 reached $8,609,426, up from $8,067,477 in 2024, with a gross profit of $3,651,459 [6] - The company reported a profit from continuing operations of $762,806 for the nine months ended September 30, 2025, compared to a loss of $414,402 in the same period of 2024 [6] Liquidity and Capital Resources - As of September 30, 2025, the company had cash of $835,098 and working capital of $2,893,240, an increase from $2,125,386 at the end of 2024 [9][10] - The total assets were $6,516,637, slightly down from $6,570,345 at the end of 2024, while net equity increased to $4,896,343 [10] - The company increased its line of credit from $500,000 to $1,000,000, enhancing its financial flexibility [11] Outlook - Kelso anticipates sales growth of 0% to 5% for FY2025 compared to 2024, with new tank car production expected to decline in 2026 but recover in 2027 [14] - The company is focused on securing AAR approvals for its Angle Valve and Bottom Outlet Valve, which are in service trials, to unlock new revenue streams [14] - Kelso's proactive measures, including market diversification and strengthening liquidity, position it well for long-term success despite modest near-term growth expectations [15]