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]

Joining me now at Post 9, Ben Snder, Goldman Sachs's senior US portfolio strategist. Nice to have you. Uh we're in a pretty good position heading into this week, aren't we.>> Yeah, it looks pretty good. Uh I think it's really important to notice amid all the talk of AI and all of the talk of macroeconomic volatility, how strong earnings have been this year. We've had 12% earnings growth in the first half of the year, the S&P 500 is out now up about 16 or 17%.So most of that has been driven by earnings. And ...

Tesla stands out in the stock market — but for all the wrong reasons. Chief among them is the company's stunning lack of earnings growth while its stock price continues to soar. https://t.co/GiDuE9w9hA ...

Market Performance & Valuation - Russell 2000 outperformed the S&P 500 by 41% versus 35% in 6 months since "Liberation Day" [2] - Small caps have underperformed the S&P 500 for the last 10 years, leading to historically cheap valuations [3] Earnings & Growth - Small caps experienced an earnings recession since 2022 [4] - Forward estimates for small caps saw significant cuts, potentially setting up a positive environment [4] - Earnings are pivoting positive, which is expected to drive stock prices up [5] IPO & Takeouts - September saw one of the biggest IPO markets on record [5] - Federated Kaufman Small Cap Fund has had nine takeouts this year [6] Interest Rate & Economic Outlook - Federated anticipates the market reaching 8,700 by 2027 [7] - The expectation is that the Fed will cut interest rates due to lower inflation and wage growth [7] - A low inflation, Goldilocks growth environment, supported by technology, is expected to benefit longer duration assets like small caps [8] Stock Highlight - Centuri (CTRI) is highlighted as a small cap company benefiting from increased electricity demand due to AI and data centers [8][9]

Joining us now with more on the market, Stephen Parker, JP Morgan uh private bank, co-head of global uh investment strategy. I I'll I guess I'll start with in a similar vein to with with Katie Stockton. She's um obviously looks at at technicals.You're more fundamentals. There's probably no one that that doesn't or hasn't heard that the market is fully valued. I think even uh Jay Powell intimated as much the other day also said that that doesn't necessarily mean that the market's ready to go down either beca ...

Market Overview - The current market is being compared to the late 1990s, raising questions about its sustainability and the remaining time in the current cycle [1][2] - There is a strong excitement surrounding the AI revolution, suggesting that this sector may still have significant growth potential [2][3] Investment Trends - A basket of unprofitable tech companies has surged by 21% since the end of July, contrasting with a 2.1% increase for profitable tech and nearly 6% for the NASDAQ 100, indicating a shift in investor risk appetite [4][5] - The market is experiencing froth, particularly in popular sectors like tech, communications, and consumer discretionary stocks, which are likely to remain favored by investors [6][7] Valuation Concerns - Current stock valuations are high, with the S&P 500 in the 95th percentile and the Buffett indicator at all-time highs, suggesting a potential overvaluation [9][10] - The focus should be on earnings growth rather than multiple expansion, as strong earnings can mitigate the impact of high valuations [10][11]

Stocks retreating from record highs as a weaker thanex expected jobs report renewed concerns about the economy. But the data also strengthened the case for a September rate cut. Something my next guest believes is positive for stocks and is uh keeping him bullish on tech.Joining us now is David Lewitz, head of US equities at UBS Global Wealth Management. David, it's it's good to see you. So uh look, the market's having this modest rethink, I guess, of the perfect scenario of getting rate cuts into a strong ...

Summary of Nongfu Spring Co Ltd Conference Call Company Overview - **Company**: Nongfu Spring Co Ltd - **Industry**: Asia Pacific Consumer Sector Key Points from the Conference Call Financial Performance and Guidance - **Sales Growth**: The company maintained its full-year sales guidance of mid-teens growth, expecting steady growth across all segments in 2025 [3] - **Margin Expectations**: Nongfu Spring anticipates higher Gross Profit Margin (GPM) and Net Profit Margin (NPM) in 2025 compared to 2024 [3] - **1H25 Review**: GPM expanded by 1.5 percentage points in 1H25, primarily due to raw material cost savings. The selling expense ratio decreased by 2.8 percentage points, attributed to lower logistics costs and savings in advertisement and promotional expenses [4] Earnings Projections - **Earnings Growth**: Projected earnings growth of 25% in 2025 and 15% in 2026, with sales growth of 18% in 2025 and 15% in 2026, assuming margins remain at high levels [5] - **Valuation Concerns**: Current valuation implies a Price/Earnings to Growth (PEG) ratio of 1.6x on the 2024-26 earnings CAGR, indicating limited upside in the near term [5] Market Reaction - **Stock Performance**: Nongfu Spring's stock rose by 7% on August 27, 2025, following the results, contrasting with a 1% decline in the Hang Seng Index [10] - **Valuation Metrics**: The stock is currently trading at a P/E of 33x for 2025 and 29x for 2026, with a projected 20% earnings CAGR from 2024 to 2026 [10] Strategic Focus - **Product Segments**: The company will balance growth among all categories, with a near-term focus on drinking water and tea beverage segments. Emphasis on quality and differentiation is crucial [10] Key Watch Factors for 2H25 - **Market Share Recovery**: The pace of recovery in the water business market share and growth momentum in tea products are critical [10] - **Competitive Dynamics**: Monitoring industry competitive dynamics will be essential for future performance [10] Risks and Opportunities - **Upside Risks**: Increased market confidence or liquidity could drive valuations higher, along with better-than-expected growth and margin management [13] - **Downside Risks**: Increased competition in the beverage market, ESG issues, and adverse weather impacts pose potential risks [13] Additional Important Information - **Market Capitalization**: Current market cap is approximately US$72.396 billion [7] - **Revenue Projections**: Expected revenue for 2025 is Rmb 50,645 million, with a projected increase to Rmb 58,208 million in 2026 [7] - **Earnings Per Share (EPS)**: Projected EPS for 2025 is Rmb 1.34, increasing to Rmb 1.54 in 2026 [7] This summary encapsulates the essential insights from the conference call, highlighting the company's performance, strategic focus, and market outlook.