Core Insights - The end of the earnings season provides an opportunity to evaluate how companies are navigating the current business landscape, particularly in the online retail sector [1] Group 1: E-commerce Trends - Consumer demand for convenience, selection, and speed continues to drive e-commerce adoption, with a significant acceleration during the Covid pandemic [2] - E-commerce penetration in retail grew by 5% in 2020, reaching 25%, compared to a historical growth of 1-2% annually prior to the pandemic [2] - Online retailers have expanded their logistics infrastructures to accommodate the shift in consumer shopping habits towards online platforms [2] Group 2: Q3 Performance of Online Retail Stocks - The five online retail stocks tracked reported a collective revenue that exceeded analysts' consensus estimates by 3.5%, although next quarter's revenue guidance was slightly below by 0.8% [3] - Share prices of these companies have remained relatively stable since the latest earnings results [3] Group 3: Wayfair (NYSE:W) - Wayfair reported Q3 revenues of $3.12 billion, reflecting an 8.1% year-on-year increase, surpassing analysts' expectations by 3.4% [4] - The company experienced a strong quarter with notable beats in both EBITDA and revenue estimates [4] - Following the earnings report, Wayfair's stock increased by 14.7%, currently trading at $99.20 [5] Group 4: Carvana (NYSE:CVNA) - Carvana achieved Q3 revenues of $5.65 billion, a remarkable 54.5% year-on-year growth, exceeding analysts' expectations by 11.1% [6] - The company sold 155,941 units, marking a 43.5% increase year-on-year, showcasing impressive growth [7] - Despite strong performance metrics, Carvana's stock declined by 17.6% since the earnings report, currently trading at $291.88 [7]

Core Insights - The end of the earnings season provides an opportunity to evaluate the performance of online retail stocks in Q3 [1] Industry Overview - Consumer demand for convenience, selection, and speed continues to drive e-commerce adoption, with a significant acceleration during the COVID-19 pandemic, leading to a 5% increase in e-commerce penetration in 2020, reaching 25% [2] - Online retailers have been expanding their logistics infrastructures to accommodate the shift in consumer shopping habits towards online platforms [2] Company Performance - The five online retail stocks tracked reported strong Q3 results, with revenues collectively exceeding analysts' consensus estimates by 3.5%, although next quarter's revenue guidance was slightly below by 0.8% [3] - Amazon (NASDAQ:AMZN) reported revenues of $180.2 billion, a year-on-year increase of 13.4%, surpassing analysts' expectations by 1.2% [4] - Amazon Web Services and North America segments contributed positively to the overall strong quarter for Amazon [4] - Carvana (NYSE:CVNA) achieved revenues of $5.65 billion, a remarkable year-on-year growth of 54.5%, outperforming analysts' expectations by 11.1% [7] - Carvana sold 155,941 units, reflecting a 43.5% increase year-on-year, although its stock price declined by 17.6% post-reporting [8]

Core Insights - E.l.f. Beauty Inc's stock has experienced a significant decline, dropping 29% on Wednesday and an additional 36% on Thursday, impacting related consumer and retail ETFs [1][2][3] - The company's recent earnings report revealed an 84% drop in net income due to increased costs from tariffs, leading to a decline in gross margin and necessitating a price hike across its products [4][5] - Valuations for E.l.f. remain high at around 70 times forward earnings, raising concerns among analysts about the sustainability of its growth amidst margin pressures [6][7] ETF Impact - The iShares U.S. Consumer Goods ETF (IYK), which includes major companies like Procter & Gamble and Estee Lauder, has seen a slight decline as E.l.f.'s tariff issues raise concerns about margins across the sector [2][5] - The VanEck Retail ETF (RTH) and SPDR S&P Retail ETF (XRT) are also affected, with RTH down 1.2% and XRT down 3% as inflation and tariffs threaten consumer spending [3][5] - The situation highlights the vulnerability of ETFs with exposure to consumer goods and retail sectors, as many brands rely on global supply chains that could be impacted by ongoing tariff issues [5][6] Market Sentiment - Analysts from TD Cowen, UBS, and Piper Sandler have revised price targets and ratings for E.l.f., indicating a slowdown in core business growth despite the success of its Hailey Bieber-backed brand [6][7] - The episode serves as a cautionary tale for ETF managers, emphasizing that high-growth narratives can quickly turn into liabilities for portfolios [7]

Market Overview - The stock market is experiencing a temporary setback after reaching all-time highs, with various catalysts influencing market sentiment [2][3] - Concerns are rising regarding a record-setting government shutdown and potential Supreme Court decisions affecting trade and tariffs [2][3] Trade and Tariffs - The Supreme Court's potential ruling against the administration's use of emergency powers for tariffs could create significant market confusion [4][6] - The government has collected substantial trade revenues that may need to be refunded, adding to the uncertainty surrounding trade policies [7][11] Earnings Season Insights - The recent earnings reporting season has shown that many companies, despite beating expectations, did not see positive stock reactions [3][19] - Six out of eleven S&P 500 sectors reported higher earnings growth than the technology sector, indicating broader market participation [18] Valuation Analysis - Current market valuations are higher than historical averages, primarily due to the performance of top technology stocks, which have gross margins exceeding 50% [13][14] - The S&P 500 has faced resistance at a forward multiple of 23, suggesting a ceiling for market growth [15] Investment Strategy - Companies should consider balanced exposure to artificial intelligence and sectors that benefit from deregulation, such as industrials and financials [20][22] - The consumer discretionary sector, particularly restaurants, is under pressure due to economic disparities affecting younger consumers [26][28]

We start off with the tough NASDAQ selloff, right. And that quickly bled over to the larger averages almost instantly. I'm not kidding.Within 15 minutes of the opening, we heard that the bull last legs. That's right. And here comes the big unwind as large cap tech starts rolling over.We are then told, of course, that the multi-month rally was bogus all along. Just a short squeeze because the Fed's going to crush us again the next time it tightens. We were told the market was about to get its comeuppins.Yet ...

Core Insights - Walmart Inc. is recognized as America's largest retailer but has been rated poorly in customer satisfaction and company reputation according to two significant surveys [6]. Customer Satisfaction - In the ACSI Retail and Consumer Shipping Study 2025, Walmart ranked next to last in the Supermarket category with a score of 75, while the top company, Publix, scored 84, and the industry average was 79 [3][4]. - In the Online Multimarket segment, Walmart also ranked last with a score of 75, compared to Amazon's first-place score of 83 [3]. - Among General Merchandise retailers in the Hypermarket segment, Walmart again ranked last with a score of 73, while Target led with a score of 80 [4]. Company Reputation - According to the 2025 Axios Harris Poll 100, Walmart ranked 81st among 100 companies with a score of 68.3, dropping two places from the previous year [7]. - Walmart's reputation score placed it behind several competitors, including Target (68th), Macy's (67th), Dollar Tree (78th), Walgreens (65th), CVS (57th), Kroger (35th), and Costco (5th) [7]. - The Axios study involved a survey of 6,231 Americans to gauge public awareness of companies, followed by a second survey of 16,585 Americans to analyze the most-visible brands [8].

Core Insights - Bilt and Rakuten have launched a partnership allowing over 5 million Bilt Members to convert Rakuten Cash Back into Bilt Points, enhancing the rewards experience during the holiday shopping season [1][4][5] Partnership Details - The partnership enables Bilt Members to earn rewards on purchases made at over 3,500 retailers through Rakuten, with the integration available in the Bilt app and Rakuten's platforms [2][4] - Members can redeem Rakuten Cash Back for Bilt Points at an introductory rate of 1:1 for the first six months, meaning $10 in Cash Back equals 1,000 Bilt Points [5][7] Benefits for Users - Bilt Members can earn points on everyday purchases, which can be used for various rewards such as travel, rent credits, and fitness classes [3][9] - A welcome bonus of 2,500 Bilt Points is available for new Rakuten sign-ups through the Bilt app after a qualifying purchase of $25 or more [5][8] Strategic Timing - The launch coincides with the holiday shopping season, particularly Black Friday, making it an opportune time for consumers to maximize their rewards [1][4] Company Background - Bilt is a loyalty program designed for renters, allowing them to earn rewards on rent and HOA payments, while Rakuten is a leading Cash Back shopping platform with over $4.6 billion in Cash Back earned by its members since 1999 [9][10]

Core Insights - Canada Goose reported a 1.8% increase in total revenue to CAD 272.6 million for the second quarter of fiscal 2026, with direct-to-consumer (DTC) revenue growing by 21.8% to CAD 126.6 million, driven by a 10.2% increase in DTC comparable sales [3][9] - The company experienced an operating loss of CAD 17.6 million, compared to an operating income of CAD 1.6 million in the prior year, primarily due to increased selling, general, and administrative (SG&A) expenses [3][9] - Net loss attributable to shareholders was CAD 15.2 million, or CAD 0.16 per share, compared to a net income of CAD 5.4 million, or CAD 0.06 per share, in the same quarter last year [9][20] Business Highlights - The launch of the Fall/Winter 2025 collection emphasized modern urban storytelling and bold designs, enhancing brand engagement through partnerships, including a collaboration with NBA MVP Shai Gilgeous-Alexander [2][3] - The company relocated its Paris store to Champs-Élysées, enhancing the consumer experience with a new design and curated selections from its art collection [3] - Canada Goose opened one new store during the quarter, bringing the total permanent store count to 77 [3] Financial Performance - DTC revenue growth was attributed to improved execution, a stronger mix of in-season products, and consistent marketing efforts [3] - Wholesale revenue decreased by 1.0% to CAD 135.9 million, aligning with revenue from the comparative quarter [3] - Other revenue saw a significant decline of 62.0% to CAD 10.1 million, primarily due to fewer Friends & Family events and employee sales [3] Balance Sheet and Debt Management - Inventory decreased by 3% year-over-year to CAD 460.7 million, reflecting higher demand and proactive inventory management [4] - The company ended the quarter with net debt of CAD 707.1 million, down from CAD 826.4 million a year earlier, due to disciplined working capital management and cash generated from operations [5] Corporate Governance - Stephen Gunn retired from the Board of Directors, and Belinda Wong was appointed as an audit committee financial expert [6] Shareholder Returns - Canada Goose announced an early renewal of its normal course issuer bid (NCIB), allowing for the purchase of up to 4,578,677 subordinate voting shares over the next twelve months [7][8]

Group 1 - Verkkokauppa.com Oyj acquired 15,576 shares on 5 November 2025 at an average price of EUR 3.9798 per share, totaling EUR 61,989.36 [1] - After the acquisition, Verkkokauppa.com Oyj holds a total of 152,551 treasury shares [1] Group 2 - Verkkokauppa.com is an e-commerce pioneer in Finland, known for its fast deliveries and customer-centric approach, serving over 1.7 million customers [2] - The company reported a revenue of EUR 468 million in 2024 and employs around 600 people [3] - Verkkokauppa.com has been operational online since its founding in 1992 and is listed on the Nasdaq Helsinki stock exchange [3]

Core Insights - Coupang (CPNG) was initially covered due to its high growth potential and low valuations compared to peers like Mercado Libre (MELI) [1] Group 1: Company Analysis - Coupang is positioned in a competitive landscape with significant growth opportunities in the e-commerce sector [1] - The analyst has extensive experience across various industries, which aids in understanding the dynamics of companies like Coupang [1] Group 2: Market Context - The analysis reflects a broader understanding of macroeconomic factors and historical crises that influence market conditions [1]