Core Viewpoint - SSR Mining Inc. is expected to report a significant year-over-year improvement in earnings for the fourth quarter of 2025, with an estimated earnings per share of 66 cents, reflecting a 560% increase from 10 cents in the fourth quarter of 2024 [1][5]. Earnings Estimates - The Zacks Consensus Estimate for the current quarter (Q4 2025) is 66 cents per share, with a year-over-year growth estimate of 560% [2]. - For the current year (2025), the earnings estimate is $1.79 per share, and for the next year (2026), it is projected at $3.97 per share [2]. - The number of estimates for the current quarter is 1, while there are 2 estimates for both the current and next year [2]. Earnings Surprise History - SSR Mining has beaten the Zacks Consensus Estimates in three of the last four quarters, with an average surprise of 85% [3]. Production and Performance Factors - SSR Mining reported an 18% year-over-year increase in gold equivalent production for the first nine months of 2025, totaling 326,940 ounces, largely due to the acquisition of the Cripple Creek & Victor mine [7]. - The Marigold mine saw a 2% year-over-year increase in gold production during the same period, maintaining a production guidance of 160,000-190,000 ounces for 2025 [8]. - The Seabee mine experienced a 9.1% year-over-year decline in gold output due to a temporary suspension, with a projected output of 70,000-80,000 ounces for 2025 [9]. - Despite challenges at the Çöpler mine, SSR Mining anticipates gold production in the lower half of 410,000-480,000 gold equivalent ounces for 2025 [10]. Market Conditions - Gold prices remained near record highs in the October-December period, supported by central bank demand and uncertainty in U.S. trade policies, benefiting SSR Mining and other gold mining stocks [12]. - Higher production levels and gold prices are expected to positively impact the company's earnings, although costs related to the Çöpler mine may offset some gains [13]. Stock Performance and Valuation - SSR Mining shares have increased by 183.7% over the past year, outperforming the industry growth of 56.5% [14]. - The stock is currently trading at a forward price-to-earnings multiple of 6.63X, which is below the industry average of 16.43X [16]. - SSR Mining's valuation is more attractive compared to peers like Hudbay Minerals and Wheaton Precious Metals [18]. Investment Outlook - SSR Mining has a diversified portfolio with a strong production profile, particularly at the Marigold mine, which is expected to grow significantly by 2027 [18]. - The company is actively investing in projects like Hod Maden, with a focus on engineering and development to enhance its asset portfolio [19]. - Overall, SSR Mining is well-positioned for growth, driven by solid assets and rising gold prices, although mine closures warrant caution for new investors [21].

Core Viewpoint - Investors are fleeing from enterprise software stocks due to concerns about artificial intelligence disrupting traditional business models, making it difficult to assess future earnings potential [1][2]. Group 1: Market Sentiment and Valuation - The price-to-earnings (P/E) multiple is crucial for understanding stock valuations, reflecting how much investors are willing to pay for future profits [2]. - Current market conditions show a compression of P/E multiples across software stocks, indicating reduced investor confidence in future growth [2][3]. - ServiceNow exemplifies this trend, experiencing a significant drop in its stock price despite reporting better-than-expected earnings and a substantial buyback [3]. Group 2: ServiceNow's Performance - ServiceNow's stock has decreased approximately 49% over the past year, contrasting with the S&P 500's gain of about 15% during the same period [3]. - The company's P/E multiple has dramatically declined from the upper 60s in January 2025 to just under 28 times forward earnings after recent market reactions [4]. - Despite the market's harsh judgment, there is a belief that ServiceNow will continue to deliver earnings, although this does not currently influence its stock price [5].

Core Viewpoint - Principal Financial Group, Inc. (PFG) has shown a year-to-date (YTD) share price increase of 1.9%, outperforming the industry growth of 1.7% and the S&P 500 decline of 1.8%, but underperforming the Finance sector's return of 3.9% [1] Group 1: Financial Performance - PFG's market capitalization stands at $17.68 billion, with an average trading volume of 1.5 million shares over the last three months [4] - The Zacks Consensus Estimate for PFG's 2025 earnings per share indicates a year-over-year increase of 15.6%, with revenues projected at $16.19 billion, reflecting a 3.5% improvement [10] - The company expects earnings per share and revenues to grow by 11.8% and 4.3%, respectively, in 2026 compared to 2025 estimates [10] Group 2: Growth Drivers - PFG's revenue growth is anticipated to improve due to higher premiums, fees, and enhanced net investment income across its segments [11] - The company benefits from its leadership in retirement and long-term savings, group benefits, and global asset management, which contribute to solid operating earnings [12] - The Specialty Benefits Insurance business is expected to thrive from record sales, strong retention, and employment growth, positively impacting pre-tax operating earnings [13] Group 3: Capital Management - PFG has a strong capital position with sufficient cash generation capabilities, revising its RBC target to a range of 375% to 400% [15] - The company plans to deploy $1.4 billion to $1.7 billion in capital in 2025, allocating 35-45% of net income for share buybacks and about 10% for strategic M&A activities [18] - PFG raised its dividend for the seventh consecutive quarter, reflecting a 7% increase year-over-year and a solid dividend yield of 3.4%, higher than the industry average of 2% [16] Group 4: Valuation - PFG's shares are trading at a price-to-earnings multiple of 9.34, which is higher than the industry average of 8.74, indicating an expensive valuation [6][9] - Despite the premium valuation, the company is expected to benefit from strategic buyouts, strong retention, and effective capital deployment [19]