Core Insights - Over the last decade, global defense priorities have shifted towards digital warfare, integrated networks, and AI-powered intelligence systems, leading to increased investor interest in defense technology stocks like Leidos Holdings (LDOS) and RTX Corp. (RTX) [1][3] Company Overview - Leidos operates as a leading government IT and engineering services provider, specializing in cybersecurity, surveillance, logistics, and data analytics, while RTX is a defense manufacturing powerhouse delivering advanced physical systems such as missile defense, hypersonics, radar, and avionics [2] - RTX's BBN division is known for its work in networking, cybersecurity, and artificial intelligence, with a history of innovation including contributions to the development of the first email [2] Financial Stability & Growth Drivers - As of Q1 2025, Leidos Holdings had cash and cash equivalents of $0.84 billion and current debt of $0.12 billion, indicating a strong solvency position that allows for continued investment in AI-powered cybersecurity solutions and strategic acquisitions [4][5] - RTX's cash and cash equivalents totaled $5.16 billion with current debt of $3.06 billion, reflecting a solid solvency position that supports investment in innovative technologies within the aerospace-defense industry [6] - The proposed 13% increase in the U.S. defense budget for fiscal 2026 is a major catalyst for both companies, particularly for the development of the Golden Dome missile defense shield [7][8] - Leidos' aviation solutions support 60% of global air traffic, while RTX's Pratt & Whitney unit is a leading jet engine manufacturer [9][11] Stock Performance & Valuation - Over the past three months, LDOS has outperformed RTX with a 13.5% increase compared to RTX's 6%, but RTX has surged 40.5% over the past year, while LDOS has only risen 4.6% [19] - LDOS trades at a forward earnings multiple of 13.95X, which is lower than RTX's 22.32X, indicating a more attractive valuation for LDOS [21] - Leidos has a higher Return on Equity (ROE) than RTX, suggesting more efficient capital utilization [22] Final Assessment - Both Leidos and RTX present distinct yet overlapping investment opportunities in the evolving defense landscape, with Leidos focusing on AI-powered cybersecurity and diversified end-markets, while RTX excels in missile defense and advanced digital capabilities [23][26] - Despite stronger top-line growth estimates for RTX in 2025, Leidos shows higher profitability metrics and a more attractive valuation, making it a potentially smarter investment choice in the current security landscape [27]

美国财政部下调（近期的/下一轮）四周期、八周期国债供应，增加17周期国债拍卖规模。 7月份料将发行至多2500亿美元商业抵押贷款支持证券（CMBS）。 ...

美国财政部月中票面利率拍卖结算将净筹集约750亿美元，这是自3月22日以来此类拍卖的最大净增幅。 此外，还有一笔数额巨大的季度企业所得税缴纳即将到期，但具体数额尚难估算。近年来，购债规模从 390亿-500亿美元不等。这意味着财政部的金库中至少还有1000亿美元的额外资金，尤其是在其为了保 持在债务上限以下而不断消耗现金的情况下。截至6月11日，财政部的现金余额从3094亿美元降至2770 亿美元，为2023年6月以来的最低水平。 ...

Group 1: Job Market Overview - U.S. employers added 139,000 jobs in May, exceeding economists' expectations of 125,000-130,000, while the unemployment rate remained steady at 4.2% [1] - Job growth was strongest in the healthcare and leisure/hospitality sectors, which added 62,000 and 48,000 jobs, respectively [9] Group 2: Wage Growth and Inflation - Average hourly earnings rose 3.9% year over year, outpacing April's inflation rate of 2.3% [2] Group 3: Investment Opportunities - Paylocity (PCTY) has consistently surpassed earnings expectations, beating EPS estimates for its fiscal third quarter by 16% in May, with an average EPS surprise of 15.4% over the last four quarters [4] - Maximus (MMS) is experiencing rising EPS revisions and trades at a forward earnings multiple of 10.8X, with fiscal 2025 and FY26 EPS estimates rising nearly 7% and 4% in the last 30 days [5][7] - Other payroll stocks to consider include Dayforce (DAY) and Paychex (PAYX), along with Barrett Business Services (BBSI), all holding a Zacks Rank 3 (Hold) [8]

【大河财立方消息】为进一步加强地方政府专项债券管理，更好发挥专项债券扩大有效投资的积极作 用，近日，福建省财政厅会同省发改委制定印发《福建省专项债券使用调整指引》，聚焦专项债券调整 的全流程环节，从前提条件、审批程序到后续管理进行全面规范。 后续管理环节，《指引》要求调整后的专项债券必须严格遵循既定投向，严禁用于《地方政府专项债券 禁止类项目清单》内的项目，同时要加快资金支出进度，确保在6个月内使用完成。对于调整规模大、 频次高，且调整后资金仍未能及时有效支出的地区或部门，省财政厅在后续安排新增专项债务限额时将 酌情扣减。 责编:刘安琪 | 审核:李震 | 监审:古筝 《指引》对申请专项债券调整的情形进行了明确界定，共涉及五个方面，包括：项目实施过程中因政策 变化、规划调整等原因造成重大变化，确无专项债券资金需求或需求少于预期的；项目竣工后专项债券 资金产生结余，以及其他原因导致债券资金沉淀12个月以上的；专项债券下达3个月后项目未开工或发 行6个月后专项债券资金支出进度低于50%的；各级发改、财政、审计部门通过监测、监督、检查等方 式，以及巡视巡察发现专项债券使用中存在截留挤占挪用、虚报项目骗取专项债券资金 ...

Financial Data and Key Metrics Changes - The company reported revenue of $1,877 million for Q1 FY 2026, representing growth of approximately 2% year-over-year due to the ramp-up of new and existing programs [11] - Adjusted EBITDA for the quarter was $157 million, resulting in an adjusted EBITDA margin of 8.4% [11] - Adjusted diluted earnings per share were flat year-over-year at $1.92, impacted by a higher tax rate and lower adjusted EBITDA [12] - Free cash flow was negative $44 million, affected by the timing of receivables on two programs [12] Business Line Data and Key Metrics Changes - The company secured net bookings of $2,400 million for a book-to-bill ratio of 1.3, including key recompete contracts [10] - The backlog of pending awards remained steady at approximately $20,000 million, providing visibility into future bookings [10] - The company expects to achieve a trailing twelve-month book-to-bill ratio of 1.2 in the coming quarters [11] Market Data and Key Metrics Changes - The Department of Defense (DoD) is expected to see stronger budget support, particularly for the Navy, Air Force, and Space Force, while the Army may face challenges [6][7] - The company noted over $1 billion in additional budget for the Department of Transportation and over $40 billion for the Department of Homeland Security [9] Company Strategy and Development Direction - The company is pivoting its portfolio towards mission and enterprise IT, aligning with the new administration's strategic priorities [8] - The strategy includes leveraging proven expertise in mission integration and digital engineering to drive program success [8] - The company aims for sustained profitable growth and is focused on executing its strategy in the coming quarters [13] Management's Comments on Operating Environment and Future Outlook - The operating environment has stabilized, but there are still procurement delays and higher turnover rates among customers [5] - The company is cautiously optimistic about future growth, expecting to achieve revenue guidance of $7.6 billion to $7.75 billion for FY 2026 [15] - Management highlighted the importance of adapting to the evolving budget environment and maintaining a focus on contract growth [55][56] Other Important Information - The company repurchased approximately $125 million of shares in Q1 and targets annual repurchases of $350 million to $400 million [17][18] - The company is not seeing significant risks from recent DoD communications regarding contracting practices [75] Q&A Session Summary Question: Update on operating environment and budget priorities - Management noted that the operating environment has stabilized, with significant turnover in acquisition personnel affecting procurement processes [22] Question: Competitiveness in procurement environment - Management acknowledged increased competitiveness but expressed confidence in their submission pipeline and win rates [25][26] Question: Known headwinds from recompetes - The only significant known recompete headwind is the NASA program loss, which will conclude in Q3 [30][32] Question: Nature of cost overruns in space program - Management explained that cost overruns were due to challenges in the tech development phase, but they expect to recover as the program transitions to the sustainment phase [34][35] Question: Overview of end markets and opportunities - Management provided insights into the civilian and defense sectors, highlighting growth opportunities in various agencies and programs [44][46] Question: Impact of continuing resolutions on awards - Management indicated that while there are some delays, the solicitation of proposals remains robust, and they are optimistic about future awards [53][54] Question: Margin trajectory and expectations - Management expects civil margins to improve and defense margins to remain stable, with a focus on executing at higher bid thresholds [86]

Here are three stocks with buy rank and strong value characteristics for investors to consider today, June 2nd:  PVH (PVH) : This company which specializes in designing and marketing branded dress shirts, neckwear, sportswear, jeanswear, intimate apparel, swim products, footwear, handbags and related products, carries a Zacks Rank #1 (Strong Buy), and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.3% over the last 60 days.PVH has a price-to-earnings ratio (P/E) of 6.66 ...

OECD Public Governance Reviews OECD Public Governance Scan of Kazakhstan Toward a More Agile, Responsive and Effective Public Administration OECD Public Governance Scan of Kazakhstan Toward a More Agile, Responsive and Effective Public Administration OECD Public Governance Reviews OECD Public Governance Reviews OECD Public Governance Scan of Kazakhstan TOWARD A MORE AGILE, RESPONSIVE AND EFFECTIVE PUBLIC ADMINISTRATION This document, as well as any data and map included herein, are without prejudice to the ...

Financial Data and Key Metrics Changes - For fiscal year 2025, the company achieved over 12% revenue growth, nearly all organic, and adjusted EBITDA increased 12% to $1,315 million, yielding an adjusted EBITDA margin of 11% [29][30] - Adjusted diluted earnings per share grew over 15%, driven by increased profitability and a lower share count, with diluted earnings per share at $1.52, a 55% increase year over year [38][39] - Free cash flow for the quarter was $194 million, resulting from $218 million of cash from operations, less $24 million of CapEx [39] Business Line Data and Key Metrics Changes - The defense and intelligence businesses saw revenue growth of 145% year over year, while the civil business experienced flat revenue in the fourth quarter [32][35] - The company anticipates a low double-digit revenue decline in the civil business for fiscal year 2026 due to a slowdown in procurement and spending [35][42] - The AI business grew over 30% year over year to approximately $800 million, indicating strong demand and increasing integration into government operations [19][30] Market Data and Key Metrics Changes - The company ended the fiscal year with a record backlog of $37 billion, up 15% year over year, and a qualified pipeline for fiscal year 2026 of $53.4 billion [35][36] - The book-to-bill ratio for the quarter was 0.71 times, in line with historical averages, while the trailing twelve-month book-to-bill ratio was 1.39 times, above the trailing five-year average of 1.28 times [35][36] Company Strategy and Development Direction - The company is focusing on restructuring its civil business to return to growth rapidly after an adjustment period, while also positioning itself to lead in outcome-based opportunities [23][42] - The Vault strategy, which emphasizes velocity, leadership, and technology, aligns with government changes and aims to enhance mission acceleration and efficiency [18][26] - The company is committed to investing in advanced technologies, particularly AI, and strengthening partnerships with technology firms to drive innovation [20][24] Management's Comments on Operating Environment and Future Outlook - Management noted that the federal government is rethinking agency missions and looking for ways to reduce spending and increase efficiency, which has led to a slowdown in civil procurement [10][11] - The defense and national security portfolio is expected to continue growing, driven by the injection of AI and commercial technology into missions [11][12] - Management expressed optimism about future opportunities, particularly in AI and advanced technology, despite the challenges in the civil business [26][45] Other Important Information - The company plans to deploy $700 million to $800 million in free cash flow for fiscal year 2026, with expectations of a meaningful reacceleration in the second half of the year [44][45] - The board of directors approved a quarterly dividend of 55 cents per share, payable on June 27 [41] Q&A Session Summary Question: How does the company manage the impact of unpredictable descoping and cancellations? - Management highlighted the strength in defense and intelligence sectors, while acknowledging a reset in the civil business, which is expected to be a one-time adjustment [50][51] Question: What are the expectations for the multiyear growth environment? - Management indicated that the civil business has undergone most reviews positively, while defense spending is expected to increase, particularly in Indo-Pacific and homeland defense [58][59] Question: How does the company plan to invest in commercial terms in defense? - Management emphasized the importance of partnerships with commercial technology firms and the ability to co-create solutions that meet mission needs [85][86] Question: What is the company's strategy regarding share repurchases and capital deployment? - Management confirmed a commitment to share repurchases and strategic investments, particularly in venture capital to support technology advancements [64][66] Question: How does the company view its branding and public perception? - Management acknowledged the challenges of being a market leader in media coverage but emphasized efforts to improve communication and clarify the company's positioning as an advanced technology firm [90][92]

Financial Data and Key Metrics Changes - For fiscal year 2025, the company achieved over 12% revenue growth, nearly all organic, with adjusted EBITDA increasing 12% to $1,315 million, yielding an adjusted EBITDA margin of 11% [30][31] - Adjusted diluted earnings per share grew over 15%, driven by increased profitability and a lower share count, with diluted earnings per share at $1.52, a 55% increase year over year [38][39] - Free cash flow for the quarter was $194 million, resulting from $218 million of cash from operations, less $24 million of CapEx [39] Business Line Data and Key Metrics Changes - The defense and intelligence businesses saw significant growth, with revenue up 145% year over year, while the civil business experienced flat revenue in Q4 and is expected to decline in the low double digits in FY 2026 [33][35] - The AI business grew over 30% year over year to approximately $800 million, indicating strong demand and increasing integration into government operations [18][19] Market Data and Key Metrics Changes - The company ended the fiscal year with a record year-end backlog of $37 billion, up 15% year over year, and a qualified pipeline for FY 2026 of $53.4 billion [35][36] - The book-to-bill ratio for the quarter was 0.71 times, in line with historical averages, while the trailing twelve-month book-to-bill ratio was 1.39 times, above the trailing five-year average of 1.28 times [35] Company Strategy and Development Direction - The company is restructuring its civil business to return to growth rapidly after a reset period, while focusing on capturing major outcome-based opportunities [22][23] - The Vault strategy, emphasizing velocity, leadership, and technology, aligns with government changes, particularly in AI and advanced technology [17][24] Management's Comments on Operating Environment and Future Outlook - Management noted a near-term disruption in the civil business due to government spending reductions and procurement slowdowns, but expressed optimism about growth opportunities in defense and intelligence sectors [10][29] - The outlook for FY 2026 anticipates revenue between $12 billion and $12.5 billion, with adjusted EBITDA in the range of $1,315 million to $1,370 million, maintaining an adjusted EBITDA margin of about 11% [42] Other Important Information - The company plans to make targeted cost and headcount reductions to match anticipated demand, with an expected 7% reduction in staff concentrated in the civil business [12][37] - The board of directors approved a quarterly dividend of 55¢ per share, payable on June 27, reflecting a strong balance sheet and commitment to shareholder value [41] Q&A Session Summary Question: How does the company manage the impact of unpredictable descoping and cancellations? - Management highlighted the dual dynamics of a reset in the civil business and continued strength in defense and intelligence, indicating a proactive restructuring to position for growth [47][48] Question: What are the expectations for the multiyear growth environment, particularly in defense and civil? - The company noted a significant increase in defense spending and a focus on technology integration, while the civil business is undergoing a reset with positive reviews of their technology [55][56] Question: How does the company plan to address the low double-digit decline in the civil business? - Management indicated that the civil business has undergone most reviews positively, and they expect growth to resume as new opportunities arise in the second half of the fiscal year [68][73] Question: How does the company view its branding and perception in the market? - Management acknowledged being a market leader attracts attention, and they are working to improve communication about their advanced technology capabilities [88][90] Question: What is the outlook for the AI business and its future programs? - The company remains optimistic about its AI business, emphasizing its integration into various missions and the potential for significant growth in the sector [99][100]