Market Overview & Strategy - The market demonstrates strength with rotation into reasonably priced stocks outside the AI space, indicating a broader base beyond data center spending [2][3][4] - A rotation into undervalued companies that could catch fire is happening, defying the bears [4] - Growth investing in non-tech style is making a comeback [22][26] Travel & Leisure Sector - Travel stocks, including airline stocks like United and Delta, and Expedia, are recovering as the government shutdown ends [5] - Cruise lines and hotels are expected to experience similar gains as travel stocks [5] - Analysts are anticipated to turn positive on travel stocks, including Marriott and Wynn Resorts, as the government reopens and China's economy strengthens [6][7] Restaurant Sector - Restaurants like Brinker (parent of Chili's), Texas Roadhouse, and Chipotle are showing signs of recovery [11] - Brinker reported a terrific quarter, while Texas Roadhouse was impacted by beef inflation [11][12] - Starbucks' last quarter was positive, and Darden (Olive Garden) is a buy due to consumer confidence [13][14] Retail Sector - Retail owners are encouraged to promote usual suspects, especially with the collapse of oil prices [14] - On Holdings reported a remarkable quarter with no planned holiday discounts [15] - Retailers like Urban Outfitters, Macy's, and Costco are highlighted as potentially undervalued [16][17] Financial Sector - Bank stocks are considered absurdly cheap compared to the rest of the market [18] - A surge in IPO filings is expected from Goldman Sachs, Bank of America, JP Morgan, and Wells Fargo [19] Healthcare Sector - Amgen announced a breakthrough in Repatha, an injection to prevent heart attacks [20] - Pfizer is suggested as a potential buy to enter the lucrative weight loss business [20] Company Specific - Celsius had a bad miss in the last quarter, and it's recommended to wait another quarter [23][24] - Deere is expected to benefit from farmers receiving checks [25] - Flood Entertainment is on the move after reporting good earnings [27] - AMG soared 9% on the heels of its Analyst Day [27]

Core Insights - The upcoming holiday season is expected to boost retail sales significantly, contributing to major retailers' revenues [1] - Retail sales during November and December are projected to increase by 3.7% to 4.2%, reaching approximately $1.01 trillion to $1.02 trillion, marking the first time U.S. holiday sales are expected to exceed $1 trillion [2] - Economic concerns, including a federal government shutdown, may dampen sales growth, affecting consumer demand [3] Retail Sales Projections - Total holiday spending is anticipated to reach between $1.01 trillion and $1.02 trillion, with a year-over-year increase of 3.7% to 4.2% [2] - Last year's holiday sales were $976.1 billion, reflecting a 4.3% increase from the previous year [2] Economic Impact - The federal government shutdown is identified as a key headwind, potentially leading to a loss of private-sector income and impacting consumer spending patterns [3] - While some economic impacts are expected to be temporary, they may still influence consumer behavior during the holiday season [3] Government Funding Bill - The Senate passed a bill to fund the federal government through January, ending the longest shutdown in U.S. history, with a vote of 60-40 [4] - The bill will proceed to the House of Representatives for consideration before reaching the President for signature [5] Consumer Behavior Trends - Consumers are showing caution but remain fundamentally strong, with lower-income consumers prioritizing essential goods over non-essentials [6] - This trend may negatively impact sectors related to services, such as recreation and dining, while benefiting retail and discretionary ETFs [6] Online Shopping Insights - U.S. online sales are projected to reach $253.4 billion this holiday season, reflecting a 5.3% year-over-year growth [7] - Cyber Week is expected to account for 17.2% of overall spending, totaling $43.7 billion, with a 6.3% increase from the previous year [8] Investment Opportunities - The online shopping trend is likely to benefit ETFs focused on online retail, such as ProShares Online Retail ETF (ONLN) [8] - The "Buy Now Pay Later" trend is expected to drive an additional $2 billion in online spending, favoring iShares FinTech Active ETF (BPAY) [8] - The use of generative AI for shopping is anticipated to create investment opportunities in Roundhill Generative AI & Technology ETF (CHAT) [9]

What our travel columnist learned from a cross-country journey during a deluge of flight cancellations and delays https://t.co/LYL3iOslzi ...

Summary of Key Points from the Conference Call Industry Overview - The report covers various sectors in the Indian market, including Consumer Goods, Healthcare, Industrials, Internet, Natural Resources & Clean Tech, and Mobility. Company-Specific Insights Titan Co. (TITN.BO) - **Rating**: Buy - **Market Cap**: $38.06 billion - **Target Price**: $4,500, representing an 18% upside - **Growth**: Expected consolidated jewellery sales CAGR of ~18% and EBIT CAGR of ~23% from FY25-28, driven by market share gains from unorganized jewellers and strong growth in Caratlane and international business [9][9][9] Godrej Consumer Products Ltd. (GOCP.BO) - **Rating**: Buy - **Market Cap**: $12.99 billion - **Target Price**: $1,425, representing a 26% upside - **Earnings Growth**: Anticipated EBITDA CAGR of 13% from FY26E-28E, driven by market share gains in home insecticides and recovery in India margins due to price increases [13][13][13] Neuland Labs (NEUL.BO) - **Rating**: Buy - **Market Cap**: $2.62 billion - **Target Price**: $19,700, representing a 9% upside - **Market Potential**: Addressable market size of $100 billion in 2024, with expected growth at ~15% CAGR over the next five years [18][18][18] Piramal Pharma (PIRM.BO) - **Rating**: Buy - **Market Cap**: $2.91 billion - **Target Price**: $250, representing a 28% upside - **Profitability**: Expected to improve through operating and financial leverage, with a focus on CDMO recovery post-FY26 [21][23][23] Havells India (HVEL.BO) - **Rating**: Buy - **Market Cap**: $10.26 billion - **Target Price**: $1,740, representing a 19% upside - **Growth Drivers**: New capacity in cables and wires, consistent new product introductions, and management focus on solar products [29][29][29] InterGlobe Aviation Ltd. (INGL.BO) - **Rating**: Buy - **Market Cap**: $24.22 billion - **Target Price**: $6,000, representing a 7% upside - **Market Share**: Indigo's market share increased from 48% in Feb-20 to ~64.5% in Aug-25, with expectations of sustainable growth [34][34][34] PTC Industries (PCIN.BO) - **Rating**: Buy - **Market Cap**: $2.82 billion - **Target Price**: $24,725, representing a 43% upside - **Earnings Growth**: Expected revenue growth of >70% CAGR through FY30E, driven by aerospace-grade processed materials [40][42][42] Solar Industries (SLIN.BO) - **Rating**: Buy - **Market Cap**: $13.68 billion - **Target Price**: $18,215, representing a 36% upside - **Defense Business**: Expected rapid growth in defense business with significant order backlog [47][47][47] MakeMyTrip Ltd. (MMYT) - **Rating**: Buy - **Market Cap**: $7.3 billion - **Target Price**: $123, representing a 60.4% upside - **Growth Forecast**: Anticipated 19% revenue CAGR from FY25-30E, driven by online penetration and operating leverage [50][52][52] Eternal Ltd. (ETEA.BO) - **Rating**: Buy - **Market Cap**: $32.8 billion - **Target Price**: $390, representing a 29.4% upside - **Growth Profile**: Expected 90+% FY25-FY27E NOV CAGR, with strong margins in food delivery and quick commerce [57][57][57] Reliance Industries (RELI.BO) - **Rating**: Buy - **Market Cap**: $227.29 billion - **Target Price**: $1,795, representing a 21% upside - **Earnings Growth**: Expected EBITDA growth of 15% in FY26E, driven by strong refining margins and retail growth [60][62][62] NTPC Ltd. (NTPC.BO) - **Rating**: Buy - **Market Cap**: $35.6 billion - **Target Price**: $450, representing a 38.1% upside - **Market Position**: Anticipated rise in peak power deficit to positively impact valuation [65][65][65] Additional Insights - The report emphasizes the potential for significant growth across various sectors in India, driven by market share gains, new product introductions, and favorable macroeconomic conditions. - The focus on operating leverage and financial improvements across companies indicates a positive outlook for profitability in the medium term.

Consumer confidence in the economy and household finances has weakened as the government shutdown weighs on consumers and SNAP benefits are impacted. Consumers' near term spending plans have weakened modestly. Concern over the political environment is growing. November 10, 2025 05:00 AM GMT Thematic Alpha | North America US Consumer Pulse Survey: Consumer Showing Signs of Weakening M Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should ...

The government shutdown is likely to continue to strain the travel industry even after it ends. Joining us right now is Sarah Nelson, international president of the Association of Flight Attendants. Good morning to you.It's great to see you um under not so great circumstances. Speak to this issue of what happens afterwards. So, we may have a deal this week, but it sounds like things are going to be tough going or tough sledding for some time and obviously we still have Thanksgiving coming up.Andrew, thanks ...

The Senate may have started the process to reopen the government, but the travel industry could take weeks to bounce back. Thousands of flights were cancelled and delayed over the weekend, and that is continuing this morning as well. Joining us right now is the points guy, Brian Kelly, um to maybe give us a little advice on what to do if you are planning or hoping to travel. How bad out there is it, Brian? >> It's pretty bad right now. More than 50% of flights were delayed or cancelled yesterday of the majo ...

Summary of the Conference Call on the China Leisure Sector Industry Overview - The report focuses on the **China Leisure Sector**, particularly the travel industry, which accounts for **10% of Chinese consumption** and is the strongest growth category in a subdued consumer spending environment [3][12]. Key Insights and Forecasts - **Domestic Travel Growth**: - Forecasted to grow at **4.8% CAGR** from 2025 to 2040, reaching **US$1,822 billion** by 2040, which is **2.3 times** the 2019 level [4][52]. - Expected to record a **7% CAGR** in domestic travel volume from 2025 to 2027 [4][45]. - Anticipated increase in domestic travel frequency to **7.9 times per year** by 2040, compared to **4.3 times** in 2019 [52][54]. - **Outbound Travel Growth**: - Projected to reach **US$628 billion** by 2040, with a **9% CAGR** from 2025 to 2040 [5][46]. - Chinese outbound travelers expected to increase to **368 million** by 2040, with a penetration rate rising from **11% in 2019 to 26%** [79][80]. - The EU and US are expected to account for over **40% of China's outbound travel spend** by 2040, up from **20% currently** [3][13]. - **Consumer Behavior Shifts**: - Travel spending is expected to shift towards **experiences** rather than physical goods, with a decline in shopping expenditure by approximately **15 percentage points** by 2040 [5][76]. - The average per-capita spending for outbound trips is projected to reach **US$1,709**, which is **104% of the 2019 level** [83]. Beneficiaries of Growth - Major beneficiaries identified include: - **Online Travel Agencies (OTAs)** - **Limited Service Hotels** - **Macau Gaming** - **Chinese Airlines** - **Japanese Retail** [6][14]. Market Dynamics and Challenges - The travel sector is correlated with the macroeconomy, suggesting potential headwinds from consumer downtrading and pricing pressures in the near term [4][51]. - Despite these challenges, lower travel costs are expected to drive domestic travel volume growth [51]. Long-term Implications - As Chinese tourists become the largest global travel cohort, their impact on global travel and consumer sectors, particularly luxury goods, hotels, airlines, and shopping malls, is expected to increase significantly [6][14]. - The report emphasizes the importance of demographic shifts, supply expansion, and increased leisure time as key drivers for the anticipated growth in both domestic and outbound travel [61][62]. Conclusion - The China Leisure Sector is poised for significant growth, driven by increasing domestic travel frequency and a robust outbound travel market. The evolving consumer preferences towards experiences and the anticipated demographic shifts will reshape the travel landscape, presenting both opportunities and challenges for stakeholders in the industry [3][5][14].

Core Insights - Travelzoo® (NASDAQ: TZOO) has announced new Club Offers for its members in Canada, the U.S., and the UK, emphasizing rigorously vetted and negotiated deals for travel enthusiasts [1][2][4] Group 1: Club Offers - The Canadian Club Offers include a $899 Paris 4-night getaway with flights, a $138 lakeside resort near Muskoka with breakfast at 48% off, a $999 Ireland 3-city trip with flights and rental car saving 60%, a $478 Italy 2-night stay in Valpolicella with dinner, and a Bali beach and jungle retreat package for under $1200 for two people [3] - Offers are designed to provide significant savings, with discounts ranging from 48% to 60% off regular prices [3] Group 2: Company Overview - Travelzoo® serves 30 million travelers and provides Club Members with offers personally reviewed by deal experts globally [1] - The company maintains long-standing relationships with thousands of top travel suppliers, enabling access to exclusive deals [1]

Market Overview - The trading day ended with mixed results, with the S&P 500 and Dow showing slight gains of 0.2% and 0.1% respectively, while the NASDAQ fell by 0.2% due to pressure from big tech stocks [6][8] - Airline stocks experienced volatility, initially down by 2.6% but later rebounding to a gain of 3.8%, reflecting hopes of a resolution to the ongoing government shutdown [2][3] Earnings and Company Performance - Upcoming earnings reports to watch include major companies such as Walt Disney, Paramount, and Warner Brothers Discovery, which could impact market sentiment [4] - Expedia emerged as the top gainer in the S&P 500, rising by 17.5% and projecting a 6.5% increase in revenue for the year, driven by strong travel trends [12] - Monster Beverage also performed well, gaining 5.2% after exceeding expectations in its third-quarter results, with analysts optimistic about its gross margins [14] - Callaway Golf, which owns Topgolf, saw a 14.3% increase in stock price after raising its annual revenue guidance to $3.92 billion, up from a previous estimate of $3.86 billion [15][16] Decliners - JBS, a meat processing company, fell by 3.64% following a presidential announcement regarding an investigation into price manipulation in the meatpacking industry [17][18] - Block, formerly known as Square, saw a decline of 7.7% despite raising its full-year profit forecast, as its third-quarter revenues fell short of expectations [20] - Sweetgreen shares hit a record low, down 7.5%, after cutting its revenue guidance and missing analyst estimates [22] Economic Indicators - A significant drop in U.S. corrugated box shipments, the lowest since 2015, raises concerns about a weak holiday retail shopping season, indicating potential economic uncertainty [27][28]