Core Insights - The Baron Asset Fund underperformed for the second consecutive quarter, declining 4.23% in Q3 2025, while the Index gained 2.78% [3] - The underperformance was primarily due to the Fund's underexposure to Momentum, Beta, and Residual Volatility factors, which led the market higher [3] - The Fund's overexposure to Earnings Quality negatively impacted performance as lower quality stocks rallied during the quarter [3] Sector Performance - Stock selection in IT and Communication Services accounted for about three-quarters of the underperformance, with significant declines from Gartner, Inc. and StubHub Holdings, Inc. [4] - Weakness in Consumer Discretionary was broad-based, with notable declines from Choice Hotels International, Inc. and On Holding AG [5] - Financials were hindered by FactSet Research Systems Inc. and Morningstar, Inc., affected by industry-wide concerns regarding AI and a shift in investor focus [7] - Health Care showed solid stock selection, driven by strong performance from IDEXX Laboratories, Inc. [8] Key Contributors - IDEXX Laboratories, Inc. contributed 1.13% to returns, benefiting from improved foot traffic and revenue growth in its Companion Animal segment [9] - Amphenol Corporation gained 1.01% as expectations for data center spending rose, bolstered by a significant acquisition [10] - SpaceX reported substantial growth in its Starlink service and continued advancements in rocket technology [11][12] Key Detractors - Gartner, Inc. detracted 2.31% from performance due to disappointing earnings and decelerating contract value growth [13] - StubHub Holdings, Inc. faced challenges post-IPO, with investments impacting near-term results [16] - Verisk Analytics, Inc. was affected by a conservative outlook and concerns about the property and casualty insurance market [17]

America’s increasingly polarized economy is leaving its mark on the lodging business, where luxury hotels are charging a record-high premium https://t.co/RjFnu2rMrq ...

Quadrum Global is working with advisers to explore a potential sale of Arlo Hotels, a boutique lodging chain with outposts in New York, Miami and Washington https://t.co/ePasPwrO0S ...

Core Insights - A recent Hilton survey reveals that over half of Americans make excuses to shorten their holiday visits with family, indicating a desire for more personal space during the holiday season [1][6] Survey Findings - The survey, conducted by Hilton in partnership with Morning Consult, involved 2,200 adults, with 15% planning to stay overnight with family during the holidays [2][11] - Key frustrations among travelers include the lack of dedicated beds, private bathrooms, and personal space [2] - 63% of holiday hosts report feeling exhausted, and 46% would prefer guests to stay elsewhere to enjoy the season more [2] Guest Experiences - 36% of holiday guests report sleeping in places other than a bed, such as couches or air mattresses [6] - 32% of guests indicate they sleep worse than usual when staying with relatives [6] - 38% express a need for alone time within 24 hours of arrival, while 25% eat breakfast options they dislike [6] Holiday Traditions - Frustrating holiday traditions include imposed bedtimes (44%), matching outfits (43%), and mandatory group activities (39%) [6] Hilton's Holiday Offerings - To address these challenges, Hilton is promoting "The Hilton Sale," offering up to 25% off stays at participating properties for bookings made by December 15, 2025, for stays between November 12, 2025, and April 6, 2026 [3][13] - Hilton resorts provide an alternative for travelers seeking relaxation, featuring properties like Zemi Miches Punta Cana and Waldorf Astoria Costa Rica, which offer luxurious amenities and unique experiences [4][5][7][8][9][10]

Core Points - Marcus Corporation will participate in the Wells Fargo 9 Annual TMT Summit on November 18, 2025, with CEO Gregory S. Marcus and CFO Chad M. Paris attending [1][2] - The conference will include one-on-one meetings, company presentations, and discussions focused on technology, media, and telecommunications sectors [2] Company Overview - Marcus Corporation, headquartered in Milwaukee, is a leader in the lodging and entertainment industries, owning significant real estate assets [3] - The theatre division, Marcus Theatres, is the fourth largest in the U.S., operating 985 screens across 78 locations in 17 states under various brands [3] - The lodging division, Marcus Hotels & Resorts, manages 16 hotels and resorts in eight states [3] Recent Developments - Marcus Corporation celebrated its 90th anniversary on November 1, 2025, with a proclamation from Wisconsin's Governor Tony Evers recognizing "Marcus Corporation Day" [5] - The company declared a quarterly cash dividend of $0.08 per share, payable on December 15, 2025, to shareholders of record on November 25, 2025 [6] - David J. Marcus has been elected to the Board of Directors, bringing experience from his role as CEO of Marcus Investments LLC [7]

Group 1: Targa Resources - Targa Resources reported a solid third-quarter performance driven by volume growth in the gathering and processing segment, and plans to meet the high end of the previous fiscal 2025 adjusted EBITDA guidance [3] - The company bought back approximately $156 million of stock during the quarter and announced a 25% dividend increase for 2026, which is expected to be viewed positively by investors [3] Group 2: Bio-Techne - Bio-Techne reported first-quarter 2026 revenue of $286.6 million, down 1% year over year, and flat adjusted earnings of $0.42 compared to the same quarter in 2025 [5] - The company faced headwinds in its GMP proteins business and funding delays for emerging biotech customers, leading to results below expectations [5] - A Buy rating is maintained with a price target of $75, reflecting the long-term potential of the company's diversified life science product portfolio [6] Group 3: McDonald's - McDonald's reported U.S. comparable sales growth of 2.4%, slightly below expectations, with earnings falling short due to heavy marketing investments [7] - The company anticipates U.S. comps to accelerate in the fourth quarter, driven by easier comparisons from last year's food safety incident and promotions [8] - A price target of $315 is set, but the company remains cautious due to challenges in consumer transactions and a bifurcated consumer base [8] Group 4: Docebo - Docebo is initiated with an Outperform rating and a price target of $35, as it has outpaced the broader LMS market by displacing legacy vendors and moving upmarket [9] - The company is expected to benefit from its push into the public sector after achieving FedRAMP status in April 2025 [10] Group 5: Marriott International - Marriott International's third-quarter results were a surprise positive, while the fourth-quarter guidance is considered neutral/slightly positive, reflecting macro uncertainty [11] - The preliminary outlook for 2026 indicates similar growth compared to 2025, suggesting an attractive growth path for the lodging sector [11] - A Neutral rating is maintained with a price target of $297, indicating a balanced risk/reward scenario [11] Group 6: Snowflake - Snowflake's annual developer and product conference highlighted its evolution from a "Data Cloud" to an "Enterprise Intelligence Cloud," focusing on helping customers build and reason with their data [12] - Key product announcements included the launch of Snowflake Intelligence and expanded AI capabilities, which are expected to drive future growth [13][14] - A price target of $280 is set, reflecting the company's strategic direction and product enhancements [15]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - Wynn Las Vegas reported EBITDA growth of 3% to $211 million on a hold-adjusted basis, with casino revenues up 10% [4][12] - Adjusted property EBITDA for Wynn Las Vegas was $203.4 million on $621 million of operating revenue, resulting in an EBITDA margin of 32.8% [12] - The company generated $58 million in EBITDA from Encore Boston Harbor, with slot revenues growing over 5% year-on-year [7][12] - Macau operations delivered adjusted property EBITDA of $308.3 million on $1 billion of operating revenue, resulting in an EBITDA margin of 30.8% [13] Business Line Data and Key Metrics Changes - Casino revenues at Wynn Las Vegas increased by 10%, while hotel revenue remained flat at $187 million [4][12] - Slot revenues in Boston set a new record, growing by 5% year-on-year [12] - Macau's mass volumes were strong, up 15% year-on-year, despite weather disruptions [8] Market Data and Key Metrics Changes - The company noted strong demand in both Las Vegas and Boston, with healthy drop and handle metrics above last year [5][7] - Macau experienced sustained double-digit market-wide growth in gross gaming revenue (GGR) [8] Company Strategy and Development Direction - The company is focused on completing renovations and expansions, including the Fairway Villas and the Chairman's Club gaming area [5][9] - Wynn Al Marjan Island is positioned as a unique integrated resort opportunity in the UAE, with no competing operations announced [10][11] - The company is optimistic about the future of Macau, driven by premium segment growth and ongoing demand [8][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Las Vegas market despite macroeconomic uncertainties, highlighting strong group and convention business heading into 2026 [6][7] - The company remains bullish on Macau's long-term prospects, noting evolving consumer preferences and a dynamic market [66][68] Other Important Information - The company maintained a strong liquidity position with $4.6 billion in global cash and revolver availability as of September 30 [15] - A quarterly cash dividend of $0.25 per share was approved, reflecting the company's commitment to returning capital to shareholders [16] Q&A Session Summary Question: Las Vegas market conditions and growth expectations for 2026 - Management noted improvements in the Las Vegas business environment and strong group pacing for 2026, with a focus on rate rather than occupancy [20][21] Question: UAE market scenarios and competition - Management discussed various scenarios for the UAE market, emphasizing the importance of GGR and market share, with no near-term competition expected [25][49] Question: Pricing pushback and customer perceptions - Management indicated no significant pushback on pricing, attributing this to the perceived value offered to high-end customers [30][32] Question: Impact of visitation recovery on business - Management acknowledged that increased visitation would benefit mass gaming and ADR, while high-end gaming remains less correlated to overall visitation [37] Question: Competitive dynamics in Macau - Management described the Macau market as competitive but noted no significant uptick in promotional activity, focusing on revenue-driven margin management [45][66] Question: Future capital allocation and free cash flow uses - Management highlighted a combination of capital returns and potential incremental CapEx in the UAE as key considerations for future cash flow [95][96]

Core Viewpoint - Host Hotels & Resorts, Inc. has released an updated investor presentation for its third quarter 2025 results, highlighting its position as the largest lodging real estate investment trust in the United States [1]. Company Overview - Host Hotels & Resorts, Inc. is an S&P 500 company and the largest lodging real estate investment trust, owning 74 properties in the United States and five properties internationally, totaling approximately 42,500 rooms [2]. - The company also holds non-controlling interests in seven domestic joint ventures [2].

Core Insights - DiamondRock Hospitality Company reported third quarter results that exceeded expectations, driven by a rebound in group and business transient demand, leading to stronger room revenues and increased out-of-room spending [3][4] - The company has successfully navigated the political and economic environment, outperforming industry RevPAR trends due to a strategically curated portfolio of hotels [4] - The company has repurchased 4.8 million common shares year-to-date, reflecting confidence in its share value and financial position [5][7] Operating Results - For the three months ended September 30, 2025, the company reported: - Comparable ADR of $281.05, a decrease of 0.4% from the previous year - Occupancy rate remained stable at 76.2% - Comparable RevPAR of $214.21, a decrease of 0.3% - Comparable Total RevPAR increased by 1.5% to $323.29, driven by a 5.1% increase in out-of-room revenues [6][7] - Hotel Adjusted EBITDA was $83.2 million, an increase of 1.5% compared to the same quarter in 2024, with a margin of 29.14% [7][6] Financial Position - The company refinanced and expanded its senior unsecured credit facility to $1.5 billion, extending maturities to 2028 and eliminating all secured debt [5][11] - As of September 30, 2025, total debt outstanding was $1.1 billion, with a weighted average interest rate of 5.3% [12] - The company declared a quarterly cash dividend of $0.08 per share, paid on October 14, 2025 [14] Capital Expenditures - The company invested approximately $60.9 million in capital improvements during the nine months ended September 30, 2025, and expects to invest $85.0 to $90.0 million in total capital improvements for the year [10] Guidance - The company raised its midpoint guidance for 2025 Adjusted EBITDA to a range of $287 million to $295 million, and Adjusted FFO to $213 million to $221 million [15]