Group 1: Tesla and Technology Stocks - Tesla's stock increased by 7%, making it one of the top performers in the S&P 500, following CEO Elon Musk's announcement about plans to build more AI chips than all others combined [2] - Major U.S. equities indexes rose, with the tech-heavy Nasdaq surging over 2%, driven by optimism regarding a potential rate cut by the Federal Reserve [1] Group 2: Other Notable Stock Movements - Shares of Google parent Alphabet jumped over 5% to an all-time high, fueled by excitement surrounding the launch of the Gemini 3 AI model [2] - Centene, Elevance Health, and Molina Healthcare shares rose after reports of President Trump's support for a healthcare proposal extending Affordable Care Act subsidies [3] - Carvana's shares surged nearly 7% following an upgrade to "outperform" from "neutral" by Wedbush analysts [3] - Novo Nordisk's shares declined after the company reported that its latest drug trial was ineffective in slowing Alzheimer's progression [3] Group 3: Market Trends - Performance Food Group shares dropped as it and rival US Foods agreed to call off merger talks, while US Foods' shares increased [4] - Gold prices increased slightly, while crude oil futures decreased [4] - The yield on the 10-year Treasury note edged lower to 4.05% [4]

Market Overview - The U.S. stock market opened on November 24, 2025, with a mixed but generally positive tone, driven by investor confidence in potential interest rate cuts by the Federal Reserve [1] - The Nasdaq Composite rose by 1.4%, while the S&P 500 gained 0.6%, contrasting with a slight dip of 0.1% in the Dow Jones Industrial Average [2] - The market sentiment is influenced by expectations of a quarter-percentage point interest rate cut at the upcoming December meeting of the Federal Reserve [2] Recent Market Performance - Last week, all three major indexes finished lower, with the Nasdaq down 2.7% and both the Dow and S&P 500 dropping 1.9% [3] - The opening performance on Monday suggests a renewed push higher as the week begins [3] Upcoming Economic Reports - Key economic reports are set to be released this week, including delayed September retail sales and Producer Price Index (PPI) reports on November 25 [5] - Additional reports include weekly jobless claims and durable goods orders for September on November 26, and the October Chicago Fed National Activity Index and November Dallas Fed Manufacturing Survey on November 24 [5] Corporate Earnings - Notable companies reporting earnings this week include Zoom Video Communications, Alibaba, and Deere & Company, which will provide insights into corporate health and consumer behavior [6] Major Stock News - US Foods Holdings shares surged by 5.5% after terminating merger talks with Performance Food Group, whose shares fell nearly 3% [7] - Ross Stores Inc. saw an 8.4% increase in shares after reporting adjusted earnings of $1.58 per share, surpassing estimates [8] - Intuit Inc. shares climbed 4% following adjusted earnings of $3.34 per share, also exceeding expectations [8] - UGI Corp. reported a narrower-than-expected loss, leading to a 7.1% gain in shares [8] - Copart Inc. shares fell 0.7% after missing revenue estimates [8] Sector-Specific Developments - Novo Nordisk shares dropped 10% after its Alzheimer's drug trial failed, potentially impacting the pharmaceutical sector [9] - Alibaba shares gained 4.7% in Hong Kong trading, driven by strong demand for its updated Qwen AI app ahead of its earnings report [9] - JPMorgan analysts identified 15 AI-exposed stocks as potential bargains, with declines of 10% to 40% from recent highs, indicating investment opportunities in the AI sector [10]

Core Viewpoint - Performance Food Group and US Foods Holdings have terminated merger discussions that aimed to create a food-distribution giant to compete with Sysco [1] Company Summary - Performance Food Group and US Foods Holdings were in talks to merge, which would have significantly increased their market presence in the food distribution sector [1] - The merger was intended to create a formidable competitor to Sysco, the leading player in the food distribution industry [1] Industry Summary - The food distribution industry is characterized by significant competition, with Sysco currently holding a dominant position [1] - The cancellation of the merger talks indicates potential challenges in consolidating companies within the food distribution sector [1]

Core Insights - Post Holdings, Inc. reported fourth-quarter fiscal 2025 results with net sales in line with estimates and adjusted earnings exceeding expectations, both metrics showing year-over-year growth [1][2] Financial Performance - Adjusted earnings per share were $2.09, surpassing the Zacks Consensus Estimate of $1.92, and increased from $1.53 in the same quarter last year [2] - Net sales reached $2,247 million, an 11.8% increase year over year, including $249.4 million from acquisitions; excluding acquisitions, growth was offset by declines in Post Consumer Brands [3] - Gross profit was $602.1 million, a 4.6% year-over-year increase, while gross margin contracted to 26.8% from 28.6% [3] - SG&A expenses rose 2.5% to $350.1 million, representing 15.6% of net sales compared to 17% in the prior year; included $14.4 million in integration costs related to acquisitions [4] - Operating profit decreased 11.8% to $168.4 million, while adjusted EBITDA increased 22% to $425.4 million from $348.7 million in the previous year [4] Segment Performance - **Post Consumer Brands**: Net sales of $1,158.8 million, up 10.6% year over year, but missed estimates; volumes declined 11.5% excluding contributions from 8th Avenue [5] - **Weetabix**: Net sales of $145 million, up 3.6% year over year, exceeding estimates; volumes decreased 2.9% [6] - **Foodservice**: Net sales grew 20.4% to $718 million, beating estimates; segment profit surged 63.7% to $128.2 million [7] - **Refrigerated Retail**: Net sales of $228.2 million, up 0.8% year over year, but below estimates; segment profit rose 82.8% to $23.4 million [8] Future Outlook - For fiscal year 2026, Post Holdings expects adjusted EBITDA in the range of $1,500-$1,540 million, including contributions from 8th Avenue's pasta business; capital expenditures projected between $350 million and $390 million [9][12] - The company plans continued investment in cage-free egg facility expansion and completion of a precooked egg facility expansion in Norwalk, Iowa, totaling $80-$90 million [12] Share Repurchase Activity - In Q4, Post Holdings repurchased 2.5 million shares for $273.8 million; total repurchases for fiscal 2025 amounted to 6.4 million shares for $708.5 million [11]

As filed with the U.S. Securities and Exchange Commission on November 20, 2025 Registration No. 333-290351 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (I.R.S. Employer Identification No.) Units 714 & 715, 7F, Hong Kong Plaza 188 Connaught Road West Hong Kong Tel: +852 3615 8567 (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices) Top Wealth Group Holding Limited (Exact name of registrant as specified in its charter) ...

Core Insights - Sysco Corporation is partnering with the MICHELIN Guide to celebrate the Northeast Cities recipients of Michelin stars at a ceremony in Philadelphia on November 18, 2025 [1][2] - The MICHELIN Guide is recognized globally for its prestigious ratings and reviews of restaurants, covering major cities including New York City, Washington, D.C., Chicago, Boston, and Philadelphia [2] - Sysco aims to support culinary excellence and emerging talent through this partnership, highlighting its commitment to the foodservice community [3][6] Company Overview - Sysco is the global leader in selling, marketing, and distributing food and related products to various customers, including restaurants and healthcare facilities, operating 339 distribution centers across 10 countries [7][8] - The company generated over $81 billion in sales for the fiscal year 2025, ending June 28, 2025 [7] - Sysco provides a wide range of products and innovative solutions to help customers optimize their operations and enhance menu offerings [8]

Core Viewpoint - The Chefs' Warehouse, Inc. will participate in a fireside chat at the Morgan Stanley Global Consumer & Retail Conference on December 2, 2025, at 8:45 a.m. ET [1]. Company Overview - The Chefs' Warehouse, Inc. is a leading distributor of specialty food products in the United States, the Middle East, and Canada, catering to chefs operating independent restaurants, fine dining establishments, and various culinary businesses [3]. - The company distributes over 88,000 products to more than 50,000 customer locations across its operational regions [3]. Investor Information - Investors and interested parties can access a webcast of the fireside chat through the company's investor relations website [2]. Contact Information - Investor relations contact is Jim Leddy, CFO, reachable at (718) 684-8415 [4].

Market Performance - Major U.S. indexes showed mixed performance last week, with the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average declining by 2.7%, 1.4%, and 0.5% respectively [1] - Investors are shifting focus from high-valuation technology and AI stocks to more defensive sectors due to market volatility [1] Federal Reserve and Economic Data - The end of a 43-day government standoff has reduced political risks, but delays in key economic data releases have created uncertainty for the Federal Reserve and investors [2] - The Fed is balancing economic growth and inflation, with inflation remaining above the 2% target and a resilient labor market casting doubt on December rate cut expectations [2] Zacks Research Performance - Zacks Research has provided guidance that led to significant stock performance, with Macy's shares increasing by 14.9% since its upgrade to Zacks Rank 1 on September 18, outperforming the S&P 500's 2.2% increase [3][4] - Fresnillo plc also saw a 7.2% return since its upgrade to Zacks Rank 1 on September 19, compared to the S&P 500's 1.8% increase [4] Zacks Model Portfolio Returns - A hypothetical portfolio of Zacks Rank 1 stocks returned +8.64% in 2025 through September 1, outperforming the S&P 500's +7.60% [4] - The Zacks Model Portfolio has outperformed the S&P 500 index by over 12 percentage points since 1988, with an annualized average return of +23.8% compared to +11.3% for the S&P 500 [5] Specific Stock Performances - United Natural Foods, Inc. (UNFI) shares increased by 32.4% after its Zacks Recommendation was upgraded to Outperform [7] - Caterpillar Inc. (CAT) gained 35.9% over the past 12 weeks, while CACI International Inc. (CACI) returned 20.1% during the same period [10] Earnings Certain Admiral Portfolio (ECAP) - The ECAP returned -1.30% in Q3 2025, underperforming the S&P 500's +8.1% gain, and +2.72% year-to-date compared to the S&P 500's +14.84% [15] - The portfolio aims to minimize capital loss by holding shares of companies with a proven track record of earnings stability [16] Earnings Certain Dividend Portfolio (ECDP) - Johnson & Johnson (JNJ) returned 10.9% over the past 12 weeks, while UnitedHealth Group (UNH) increased by 5.9% [18] - The ECDP returned -0.01% in Q3 2025, underperforming the S&P 500's +8.1% gain [20] Top 10 Stock Portfolio - MasTec, Inc. (MTZ) has jumped 41.2% year-to-date, outperforming the S&P 500's 14.7% increase [22] - The Top 10 portfolio has produced a cumulative return of +2,553.1% since 2012, significantly outperforming the S&P 500's +545.2% [24]

Core Viewpoint - G. Willi-Food International Ltd. reported improved gross and operating profit margins for the third quarter of 2025, maintaining sales levels despite fewer working days, and anticipates further growth driven by operational excellence and strategic investments [3][4][6]. Financial Performance Summary - Sales for Q3 2025 were NIS 152.8 million (US$ 46.2 million), unchanged from Q3 2024 [6][10]. - Gross profit increased by 2.6% year-over-year to NIS 43.1 million (US$ 13.0 million), representing 28.2% of revenues compared to 27.5% in Q3 2024 [7][10]. - Operating profit rose by 4.1% year-over-year to NIS 18.3 million (US$ 5.5 million) [9][10]. - Net profit for Q3 2025 was NIS 19.2 million (US$ 5.8 million), or NIS 1.4 (US$ 0.4) per share, down from NIS 20.8 million (US$ 6.3 million) in Q3 2024 [12][10]. Nine-Month Performance Summary - Sales for the nine-month period ending September 30, 2025, increased by 5.2% to NIS 458.2 million (US$ 138.6 million) compared to NIS 435.5 million (US$ 131.7 million) in the same period of 2024 [15][21]. - Gross profit for the first nine months rose by 7.5% to NIS 131.7 million (US$ 39.8 million), or 28.7% of revenues [16][21]. - Operating profit before other expenses increased by 16.7% to NIS 58.8 million (US$ 17.8 million) [19][21]. - Net profit for the first nine months surged by 52.9% to NIS 70.6 million (US$ 21.3 million), or NIS 5.1 (US$ 1.5) per share [24][21]. Operational Insights - The company maintained sales levels despite having approximately three fewer working days in Q3 2025, indicating operational resilience [4][6]. - The decline in exchange rates post-war in Gaza has allowed the company to improve import prices, enhancing its competitive position [5]. - A new refrigerated logistics center is under construction, expected to open by the end of Q1 2026, which will enhance logistical capabilities and support entry into new food categories [5][3]. Cash and Securities Position - As of September 30, 2025, the company had a cash and securities balance of NIS 225.4 million (US$ 68.2 million) [10][13].

Core Insights - Innovative Food Holdings, Inc. reported a revenue increase of 3.5% year-over-year for Q3 2025, reaching $16.4 million, primarily due to acquisitions [2][4] - The company is undergoing a strategic realignment to address challenges in certain business areas, particularly in the Digital Channels segment, which saw a decline of 4.5% for the quarter [2][3] - The company has taken decisive actions to correct operational inefficiencies, including exiting non-core activities and relocating operations to enhance efficiency [3][5] Financial Performance - Revenue for Q3 2025 was $16.4 million, up 3.5% from $15.87 million in Q3 2024 [4][21] - GAAP net income from continuing operations was $651 thousand, down from $861 thousand in Q3 2024, with diluted earnings per share decreasing from $0.017 to $0.012 [4][16] - Non-GAAP adjusted EBITDA for Q3 2025 was $321 thousand, a decline from $1 million in Q3 2024 [4][21] Operational Developments - The Digital Channels segment experienced a year-to-date revenue decline of 5.4%, attributed to challenges with the largest digital partner, although new partnerships are showing promise [2][3] - Local Distribution revenue increased significantly by 33% in Q3 and 54.7% year-to-date, driven by acquisitions, but excluding these, there was a decline of 21.5% for the quarter [2][3] - The company is focused on improving reliability and price competitiveness in digital foodservice distribution to enhance customer satisfaction [3][5] Strategic Initiatives - The company has clarified leadership roles and consolidated teams to improve operational efficiency and accountability [3][5] - A Letter of Intent for the sale of a former facility in Pennsylvania has been entered, indicating a focus on divesting non-core assets [3][5] - The company aims to build a sustainable operational foundation to support long-term growth and profitability [5]