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.

Market Overview & Strategy - Citi raised its year-end S&P 500 target to 6,600, but this implies limited further upside for now [1] - The S&P 500 is moving along two parallel paths: mega-cap tech growth stocks and a more balanced part of the index [2] - Roughly half of the S&P 500's market capitalization is attached to infrastructure spending, while the other half is more susceptible to traditional economic metrics, monetary policy, and geopolitics [3][4] - Consensus estimates around 9% earnings growth for the S&P 500 this year, with half of that coming from the Mag Seven [4] Earnings Growth & Broadening - Approximately a quarter of S&P 500 constituents are projected to have negative year-over-year earnings growth this year [6] - Earnings growth acceleration is expected next year, driven by companies with negative earnings growth this year switching to positive growth [6] - A structural bull setup requires a broadening dynamic to persist into next year, beyond the mega-cap growth [11] Key Risks & Influences - The market expects the Federal Reserve to lower interest rates in the back half of the year [14] - The market is more focused on the Federal Reserve's actions, specifically Jay Powell's speech, than the Russia-Ukraine situation [13] - Geopolitical risks, such as the resolution of policy-related issues and the Iran situation, can provide a risk-on dynamic to markets [14]

Earnings Season Overview - The busiest weekend of earning season features four of the Magnificent Seven stocks, promising significant market activity [1] - Analyst will release videos covering the MAG Seven stocks, hot charts from various reporting companies, and a special segment on gold miners [2][3] - Analyst will share charts and videos on X (formerly Twitter), Stock Twits, and Blue Sky throughout the earning season [4] Apple (AAPL) - Apple's earnings surprise track record is strong, but analysts have slightly reduced their bullishness [6][7] - Revenue growth is expected to be 53% this year and 8% next year, but the forward PE is high at 30 times [7][8] - Apple's lack of a significant presence in AI may be holding the stock back [8] Amazon (AMZN) - Amazon has regained a Zacks number one ranking after facing difficulties in 2022 [9][10] - Amazon has beaten earnings estimates for 10 consecutive quarters, with expected revenue growth of 136% this year and 159% in 2026 [11] - Amazon's PE ratio of 36 times is relatively low compared to its historical levels [11] - Amazon is heavily involved in AI and building data centers, becoming a one-stop shop for its data center needs [12] Meta Platforms (META) - Meta Platforms also has a Zacks number one ranking and has turned around its performance after 2022, beating earnings estimates for 10 consecutive quarters [13][14] - Revenue growth is projected at 78% this year and 101% in 2026, with a PE ratio of 27 times [15] - Meta is investing heavily in AI, and its success will determine future share performance [16] Microsoft (MSFT) - Microsoft has a Zacks number two ranking and a strong earnings chart, with only one miss in 2022 [17] - Revenue growth is expected to be 131% this year and 118% next year [18] - Despite an expensive PE ratio of 34 times, Microsoft offers double-digit revenue growth [19]

What to watch. What's priced in and what's at stake for both tech and the broader market. That brings us to our talk of the tape.As earnings season rolls on, what should investors be watching most closely. Joining us here at post nine this morning. This afternoon, Adam Parker, founder and CEO of Trivariate research, also a CNBC contributor.AP it's great to have you. >> Thanks for having me. Good to see you.>> Nice afternoon with plenty to talk about as we're approaching session highs here. I want to start w ...

Company Overview - Gorman-Rupp (GRC) is located in Mansfield and operates within the Industrial Products sector, experiencing a price change of -2.35% since the beginning of the year [3] - The company currently pays a dividend of $0.19 per share, resulting in a dividend yield of 2%, which is significantly higher than the Manufacturing - General Industrial industry's yield of 0.21% and the S&P 500's yield of 1.54% [3] Dividend Performance - Gorman-Rupp's annualized dividend of $0.74 has increased by 2.1% from the previous year, with a total of five dividend increases over the last five years, averaging an annual increase of 4.62% [4] - The current payout ratio stands at 39%, indicating that the company distributes 39% of its trailing 12-month earnings per share as dividends [4] Earnings Outlook - For the fiscal year 2025, the Zacks Consensus Estimate predicts earnings of $1.99 per share, reflecting a 13.71% increase compared to the previous year [5] - The company is viewed as a strong dividend investment opportunity, particularly in the context of rising interest rates, where high-yielding stocks may face challenges [6]

Nancy, great to see you. Um, kind of catch us up here on Nvidia's your thinking, this valuation now, uh, opportunities in China and all the rest of it. Good to see you, Kelly.You look great. Healthy. Thank you.Sleep deprived. I guess I'm what. Sleep deprived, but go ahead.Well, you had the same five and a half kids. Um, so I guess I would just say that uh the valuation is not as stretched as everyone would would argue. U I don't know that you buy it here.We were adding during the April tariff tantrum. We pi ...

What do you think about the effects of one big, beautiful bill now that we have it. And Steven was obviously a huge part of creating that legislation, now that we have that certainty and now that you can investors can calculate, put it in their models, is it a good thing. Well, I think the clarity, as you just referenced, is really the important thing for portfolio managers and for corporations, corporate executives thinking about capital spending decisions, dividend policies, things like that, all are enha ...