Core Insights - The "Domestic Mass Spectrometry Instrument Innovation Development and Application Forum" successfully convened, gathering various stakeholders from industry, academia, and research to discuss cutting-edge mass spectrometry technology and its applications in the semiconductor industry [2][14]. Group 1: Forum Overview - The forum was organized by Suzhou Laboratory and co-hosted by several institutions, focusing on the macro planning and ecological construction of domestic scientific instruments and their applications in the semiconductor sector [2]. - Discussions included the "National Instrument High Quality" certification system aimed at enhancing the quality of domestic instruments, as well as the "Domestic Instrument Take-off Action" initiative presented by Beijing Xinlifang Technology Development Co., Ltd. [2]. Group 2: Technical Developments - Reports from various organizations highlighted advancements in whole machine development and key technology breakthroughs, including an analysis of the current state and development strategy of domestic mass spectrometers by Beijing Huairou Science City Mass Spectrometry Technology Research Institute [14]. - Key components and foundational technology autonomy were focal points, with presentations on the development of quadrupole mass spectrometer components and the progress of domestic molecular pump technology [14]. Group 3: Semiconductor Applications - Specific applications of domestic ICP-MS/MS in silicon wafer and wet electronic chemical detection were showcased, along with discussions on the practical challenges and applications of mass spectrometry technology in semiconductor testing and result traceability [15]. - The forum also addressed supporting technologies for gas pollutant detection and ultra-pure reagents, outlining a complete technical chain to ensure semiconductor yield [15]. Group 4: Industry Collaboration - The forum facilitated a high-density agenda that showcased the progress of domestic mass spectrometry technology across components, whole machines, and system applications, establishing an efficient platform for cross-domain collaboration [15]. - The successful hosting of the forum marks a significant step towards overcoming high-end scientific instrument challenges and enhancing the self-sufficiency of the semiconductor industry chain [15].

Core Insights - Agilent Technologies reported revenue of $1.86 billion for Q4 2025, exceeding revenue guidance and showing a growth of 9.4% reported and 7.2% core compared to Q4 2024 [1] - The company's GAAP net income for Q4 2025 was $434 million, or $1.53 per share, an increase from $351 million, or $1.22 per share, in Q4 2024 [1] - Non-GAAP net income for Q4 2025 was $452 million, or $1.59 per share [1]

Core Insights - Madison Mid Cap Fund's Class I returned 1.9% in Q3 2025, underperforming the Russell Midcap Index which increased by 5.3% [1] - The Information Technology sector led performance in both the quarter and year-to-date [1] Company Performance - MKS Instruments, Inc. (NASDAQ:MKSI) reported a one-month return of -3.11% but gained 20.51% over the last 52 weeks, closing at $138.49 per share with a market capitalization of $9.302 billion on November 20, 2025 [2] - MKS Instruments, Inc. achieved revenue of $988 million in Q3 2025, reflecting a 2% sequential increase and a 10% year-over-year growth [4] Investment Sentiment - MKS Instruments, Inc. was highlighted as a strong performer in the technology sector during Q3, benefiting from an improving semiconductor cycle and positive investor sentiment [3] - The number of hedge funds holding MKS Instruments, Inc. increased from 32 to 33 in the second quarter of 2025 [4]

Hosting Call at 4:15 pm ET on Monday, November 24th CALGARY, AB , Nov. 18, 2025 /PRNewswire/ - Nanalysis Scientific Corp. ("the Company", (TSXV: NSCI) (OTCQX: NSCIF) (FRA: 1N1), a leader in portable NMR instruments and imaging technology and services for industrial and research applications announces that on Monday, November 24th, 2025, the Company will put out a press release at the market close and Chief Executive Officer Sean Krakiwsky and Chief Financial Officer Randall McRae will host a conference ca ...

Core Viewpoint - The Nasdaq Composite index experienced its worst week since April, primarily due to hedge fund manager Michael Burry's bearish bets on AI stocks Nvidia and Palantir, leading to declines in major indexes [1][2]. Market Performance - The S&P 500 and Nasdaq Composite indexes fell by approximately 1.6% and 3% respectively, while the Dow decreased by over 1% [1]. - Nvidia shares dropped 7.1% this week, and Palantir shares fell 11.2%, with significant declines occurring after the news of Burry's bets [10]. Hedge Fund Activity - Michael Burry's Scion Asset Management filed an SEC Form 13F revealing bearish positions on Nvidia and Palantir, which began impacting the market shortly after the filing [2][3]. - Burry's reputation as a stock forecaster stems from his successful predictions prior to the 2007-2008 financial crisis, which has led investors to pay attention to his market moves [4]. Specifics of Burry's Bets - In Q3, Burry purchased 1 million put options on Nvidia, valued at $186.6 million, and 5 million put options on Palantir, valued at $912.1 million [6][7]. - Burry's fund also held six other stocks worth about $283 million at the end of Q3, including Pfizer and Halliburton [8]. Investor Sentiment - Following the initial drop, Nvidia and Palantir stocks stabilized on Friday, indicating that some investors may have already exited their positions due to uncertainty [11][12]. - The advice for investors is to maintain their existing positions on Nvidia and Palantir, regardless of Burry's actions, as the influence of hedge fund managers can sometimes lead to overreactions in the market [14][15].

Financial Data and Key Metrics Changes - Sales in Q3 2025 were $1.03 billion, reflecting a 6% increase in local currency and an 8% increase on a U.S. dollar reported basis [6][9] - Adjusted EPS for the quarter was $11.15, a 9% increase over the prior year, while reported EPS was $10.57 compared to $9.96 in the prior year [8][9] - Gross margin was 59.2%, a decrease of 80 basis points primarily due to tariff costs [7][8] - Adjusted operating profit amounted to $309.9 million, up 5% versus the prior year, with an adjusted operating margin of 30.1% [7][8] Business Line Data and Key Metrics Changes - Laboratory sales increased 4%, Industrial sales increased 9% (10% excluding acquisitions), and Product Inspection grew 7% [6][7] - Service revenue grew 8% in the quarter, including a 1% benefit from acquisitions [7] - Food Retail sales grew 5% against easy year-ago comparisons [7] Market Data and Key Metrics Changes - Local currency sales increased 10% in the Americas, 6% in Europe, and 1% in Asia [6] - Local currency sales in China increased 2% during the quarter, marking the first growth in the Industrial business in over two years [19][49] Company Strategy and Development Direction - The company is focused on capturing growth opportunities in automation, digitalization, and onshoring, while remaining agile amid global trade uncertainties [4][11] - Recent acquisitions aim to enhance North American distribution and service capabilities, contributing modestly to sales growth [10][15] - The company continues to invest in innovation and digital capabilities to improve customer productivity and insights [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market uncertainties and highlighted the importance of innovation and operational excellence [4][20] - The outlook for 2026 anticipates local currency sales growth of approximately 4%, with expectations of gradual improvement in market conditions [23][24] - Management noted that while short-term uncertainties persist, the company is well-positioned to gain market share through its innovative portfolio [24][60] Other Important Information - The company expects local currency sales growth of approximately 3% for Q4 2025, with adjusted EPS guidance in the range of $12.68-$12.88 [12][13] - Tariff costs are projected to have a gross headwind of approximately 7% on EPS for Q4 2025 [12][13] Q&A Session Summary Question: Can you provide a breakdown of the 2026 guidance by segment, particularly for industrial? - Management expects low to mid-single digit growth in the Laboratory business and similar growth in core Industrial and Product Inspection segments [27] Question: How is the consumer market affecting consumer-facing segments like PID? - Management noted that while the end market remains challenging, recent product innovations have been well received, particularly in the middle market [29][30] Question: What are the expectations for onshoring demand in 2026 versus 2027? - Management believes the company is well-positioned to benefit from onshoring activities, but expects a gradual impact over the coming years [44][45] Question: What are the growth expectations for China in the lab and industrial sectors? - Management anticipates low single-digit growth in both sectors, with optimism for medium to long-term opportunities in the lab sector [48][49] Question: Can you elaborate on the recent acquisitions and their impact? - The company completed several small acquisitions to enhance distribution and service capabilities, contributing less than 1% to sales growth [53][54]

Q3 2025 Performance Highlights - Local currency sales increased by 6%[7] - Adjusted operating margin was 30.1%, down 100 basis points[7] - Adjusted EPS increased by 9% to $11.15[7] Sales Performance by Geography (Q3 2025) - Americas sales increased to $432 thousand, a 10% increase in local currency[12] - Europe sales increased to $293 thousand, a 1% increase in local currency[12] - Asia/ROW sales increased to $305 thousand, a 4% increase in local currency[12] - Total sales reached $1,030 thousand, a 6% increase in local currency[12] Sales Performance by Product (Q3 2025) - Laboratory product sales increased to $565 thousand, a 5% increase in local currency[18] - Industrial product sales increased to $406 thousand, a 9% increase in local currency[18] - Food Retail product sales increased to $59 thousand, a 5% increase in local currency[18] - Total sales reached $1,030 thousand, a 6% increase in local currency[18] Financial Summary (Q3 2025) - Net sales increased by 8% to $1,029,699 thousand[24] - Gross profit increased by 6% to $609,456 thousand, with a gross profit margin of 59.2%[24] - Research and Development expenses increased by 9% to $51,143 thousand, representing 5.0% of sales[24] - Selling, General and Administrative expenses increased by 9% to $248,391 thousand, representing 24.1% of sales[24] - Adjusted operating profit increased by 5% to $309,922 thousand, with an adjusted margin of 30.1%[24] - Adjusted EPS increased by 9% to $11.15[24] Financial Summary (YTD 2025) - Net sales increased by 2% to $2,896,664 thousand[25] - Gross profit increased by 2% to $1,715,211 thousand, with a gross profit margin of 59.2%[25] - Research and Development expenses increased by 5% to $146,774 thousand, representing 5.1% of sales[25] - Selling, General and Administrative expenses increased by 6% to $738,488 thousand, representing 25.5% of sales[25] - Adjusted operating profit decreased by 2% to $829,949 thousand, with an adjusted margin of 28.7%[25] - Adjusted EPS increased by 2% to $29.41[25]

Core Insights - Stocks priced between $10 and $50 are seen as a balance of affordability and stability, but investors should be cautious as some may have weak business models [1] Group 1: Byrna (BYRN) - Byrna provides non-lethal weapons for civilians, trading at $17.55 per share with a forward EV-to-EBITDA of 20.3x [3][5] - Concerns about Byrna's business model warrant careful consideration before investment [4] Group 2: Bruker (BRKR) - Bruker specializes in high-performance scientific instruments, with a share price of $39.04 and a forward P/E of 19.6x [6][8] - The company is viewed as less attractive compared to other investment opportunities [7] Group 3: Berkshire Hills Bancorp (BHLB) - Berkshire Hills Bancorp, a regional bank, has a share price of $26.13 and offers various banking services [9] - Concerns include a suboptimal cost structure, cash burn issues, and limited cash reserves that may lead to unfavorable financing [10][11] - The company has shown no organic revenue growth in two years, a shrinking free cash flow margin, and diminishing returns on capital [12] - Annual net interest income growth of 2.3% is below sector standards, with a net interest margin decline of 21 basis points and a 37.8% drop in earnings per share over the last two years [13]

Core Insights - The London Company reported a 6.3% return (6.2% net) for its Large Cap Strategy in Q3 2025, underperforming the Russell 1000 Index which gained 8.0% during the same period [1] - The overall economic momentum remained strong despite mixed economic data in Q3 2025, driven by a Fed rate cut, solid corporate earnings, and enthusiasm around AI [1] Company-Specific Insights - Bruker Corporation (NASDAQ:BRKR) was highlighted in the investor letter, with a one-month return of 6.17% but a significant 34.78% decline over the past 52 weeks, closing at $38.71 per share with a market capitalization of $5.873 billion on November 3, 2025 [2] - The London Company decided to exit its position in Bruker Corporation due to significant underperformance since purchase in 2024, citing weak pharma spending, potential cuts to NIH and academic funding, and tariff concerns as headwinds [3] - Bruker Corporation is not among the 30 most popular stocks among hedge funds, with 42 hedge fund portfolios holding the stock at the end of Q2 2025, an increase from 40 in the previous quarter [4]

Core Insights - Baron Health Care Fund reported a 5.39% gain in Q3 2025, slightly outperforming the Russell 3000 Health Care Index which gained 5.05% [1] - The fund's performance was impacted by poor stock selection in life sciences tools & services and pharmaceuticals, particularly due to Waters Corporation's underperformance [3] Fund Performance - The Baron Health Care Fund's Institutional Shares rose 5.39% in Q3 2025, compared to an 8.18% gain for the Russell 3000 Index [1] - Solid stock selection was offset by negative impacts from active sub-industry allocations and cash holdings during a rising market [1] Waters Corporation Analysis - Waters Corporation (NYSE:WAT) had a one-month return of 8.56% but saw a 10.74% decline over the past 52 weeks, closing at $345.59 with a market cap of $20.571 billion [2] - The fund exited its position in Waters Corporation due to concerns that its acquisition of Becton, Dickinson's biosciences and diagnostics assets would dilute growth and margins, fundamentally changing the investment thesis [3] Hedge Fund Interest - Waters Corporation was held by 37 hedge fund portfolios at the end of Q2 2025, an increase from 33 in the previous quarter [4] - Despite its potential, the company is not considered among the top investment choices compared to certain AI stocks that are perceived to offer greater upside potential [4]