Let's ask Tom Lee. He is Fund Strat's managing partner and head of research. Welcome back.>> Great to see you, Scott. >> So, what do you make of the price action today. This was a undoubtedly better than expected jobs report.Yields ticked up. Maybe expectations of cuts by the Fed ticked down. We're trying to just figure it all out today.Yes, I think that macro is a little confusing for investors at the moment because we not only have a new Fed chair that's announced and his policy stance isn't clear, but I ...

Core Insights - Corpay (CPAY) has outperformed the industry with a 6% gain over the past three months, while the industry saw a decline of 1.2% [1] - Earnings for CPAY are projected to increase by 10.6% year over year in Q4 2025, with further growth expected at 11.9% in 2025 and 16.7% in 2026. Revenues are anticipated to grow by 13.6% in 2025 and 15.6% in 2026 [1] Revenue Growth Drivers - CPAY's revenue growth is attributed to a multi-channel strategy that includes a comprehensive digital channel, direct sales forces, and partner relationships, enhancing its online capabilities for customer account management [3] Acquisitions and Investments - The company has been active in acquisitions, including the purchase of AvidXchange in October 2025, which will enhance its performance in accounts payable automation [4] - CPAY also acquired Alpha Group International plc, a European B2B cross-border FX solution firm, to expand its global customer reach and made a minority investment in Mastercard to leverage its financial institution network [5] Shareholder Value - CPAY has consistently repurchased shares, with buybacks totaling $849.9 million in 2020, $1.36 billion in 2021, $1.41 billion in 2022, $686.9 million in 2023, and $1.3 billion in 2024, which enhances shareholder value and confidence in the stock [6] Financial Health - As of the end of Q3 2025, CPAY's current ratio was 1.13, slightly below the industry average of 1.14, indicating the company's ability to meet short-term obligations [7] Market Position - CPAY currently holds a Zacks Rank of 3 (Hold), while competitors Genpact and Palantir Technologies have better rankings of 2 (Buy) [8]

分组1 - The market is currently experiencing profit-taking, which is reflected in the recent volatility and movements in precious metals, particularly silver [1][3][4] - The environment in 2026 is expected to be more challenging, characterized by fits and starts rather than a straightforward upward trend, indicating a shift towards a rental market rather than an ownership market [2][4] - There is anticipation of significant volatility in 2026, particularly surrounding the Supreme Court's decision on tariffs, which could create uncertainty and impact market stability [5][10][12] 分组2 - Earnings expectations for the S&P 500 are projected to grow by 15% year-over-year, but even a slight miss could lead to volatility given the market's current valuation [11][22] - The sectors expected to perform well in 2026 include financials, industrials, materials, energy, and healthcare, with a tactical preference for equal-weighted S&P 500 investments [12][13][29] - The market is currently showing strong performance in healthcare, while other sectors like technology may experience more volatility, necessitating careful positioning and risk management [25][26][28]

Let's ask Tony Pascarello. He is head of hedge fund client coverage at Goldman Sachs. He's back with us at Post 9.Good to see you. Welcome back. >> Thanks, Scott.>> Nice to catch up with you before we get out of here for 2025. You know, there's something to be said for seeing a durable trend, not making things too complicated and staying with the story for a considerable period of time. I just described you because your point of view and your perspective on this market from the notes that I have read consis ...

Labor Market & Economic Outlook - Morgan Stanley suggests the labor market may have already bottomed, with any economic slowdown being sector-specific [1] - The firm believes a rolling recession has been occurring, with each sector experiencing its own recession due to post-COVID distortions [2] - Data indicates the rate of change on payrolls and layoffs peaked/bottomed in April, coinciding with the market bottom [2] Federal Reserve Policy - A non-weak labor market could give the Federal Reserve more room to cut rates [4] - The Fed's data is lagged, and revisions show a significant labor recovery [5] - Rate cuts are needed for the financially leveraged parts of the economy, such as housing and consumer goods [8] - The risk of the Fed cutting rates into a good earnings cycle is asset inflation [8] Inflation & Wage Growth - Accelerating inflation is generally good for company earnings, especially for lagging companies, if the Fed isn't raising rates [8] - The current administration aims to address affordability through wage gains, with wage growth needing to outpace inflation [9][10] - Fiscal policy changes are intended to reduce consumption and increase investment, potentially leading to better productivity [11] - Reconfiguring the economy through fiscal policy should lead to better productivity [11] Market Performance & Strategy - Morgan Stanley anticipates 17% earnings growth for the S&P [14] - The firm projects the S&P 500 could reach 7,800, pricing it off of 2027 estimates [14] - A key risk to this strategy is inflation returning to a level that forces the Fed to react by raising rates [15]

Let's ask Chris Heisy, Maryland Bank of America private bank CIO. He's here. Got your 2026 outlook finished up, ready to go.So, what what's your plan of attack that you're talking to investors about. >> Well, right now the momentum, as you already stated, is this is an elf rally right now on a on the way to a Santa Claus type of rally. Uh so, we're just beginning this right now.We had a lot of >> So, they're working on it. Yeah. They got to finish it up, >> right.They're in the workshop right now and then u ...

Core Viewpoint - The market has faced numerous challenges throughout the year, leading to investor exhaustion, despite a positive earnings season in Q3 [1][2][3]. Market Performance - The year began with complexities surrounding the AI narrative and tariff influences, followed by concerns over the deficit, yet the market remains up in the low teens percentage-wise [2][3]. - Strong earnings reports, including from Nvidia, have not translated into significant stock price increases, indicating a potential market saturation [3][6]. Valuation and Earnings Growth - The current market is approximated to be at fair value around the 6,600 level, based on various metrics including earnings growth and valuation assumptions [5]. - Future earnings growth projections need to continue increasing for the market to rise materially, with recent data showing a nearly one percentage point increase in 5-year earnings growth expectations for the S&P since mid-year [6][7]. Federal Reserve Influence - The potential for a December Fed rate cut could enhance growth prospects and support a year-end rally, although much of the positive outlook may already be priced in [8][9]. - The market is currently navigating high implied growth expectations, which may lead to volatility during earnings reports, but a favorable Fed stance could facilitate a stronger market finish [8][9].

Joining me now is Drew Pettit, US equity strategist over at Croup. Drew, you heard the conversation right now from the macroeconomic perspective. How do you frame that against the market that is still kind of near record highs, but is showing sometimes some signs at least of potential short to medium-term weakness.>> Yeah, it's funny. We've been saying this for a few years now, Dom. The market is not the economy.So the right side of the brain, the creative portion here of the market is what's going on with ...

Let's bring in MJP Wells, Brian Vendig, who's here with me at Impact in Denver. It's good to see you. Uh, your thoughts on this market are what.>> I I think this market's still a buy, Scott. I know people are talking about valuations and concerns, but we just go right back to earnings and we look at earnings coming in better than expectations. Outlook for 2026, 13% EPS growth year-over-year.Um, don't make it all about growth. focus a little bit on value and cyclicals especially if government reopens some of ...

Core Insights - The Federal Reserve's policy and funding markets may pose challenges despite stronger-than-expected earnings growth [1] Group 1: Federal Reserve Policy - The current stance of the Federal Reserve is seen as a potential headwind for the market [1] - Interest rate policies may impact funding conditions, affecting overall market performance [1] Group 2: Earnings Growth - Earnings growth has exceeded expectations, indicating resilience in certain sectors [1] - Stronger earnings may not be sufficient to counterbalance the challenges posed by Fed policies [1]