Core Viewpoint - Bread Financial Holdings, Inc. announced its fourth quarter and full year 2025 financial results, highlighting its position as a tech-forward financial services company providing flexible payment, lending, and saving solutions [1]. Group 1: Financial Performance - The company released its financial results for the fourth quarter and full year 2025, with all earnings-related materials available on its investor relations website [1]. - A conference call will be hosted by the President and CEO Ralph Andretta and CFO Perry Beberman to discuss the results [2]. Group 2: Company Overview - Bread Financial is recognized for offering personalized payment, lending, and saving solutions to millions of U.S. consumers, including general purpose credit cards and savings products [3]. - The company supports growth for well-known brands in various sectors such as travel & entertainment, health & beauty, jewelry, and specialty apparel through private label and co-brand credit cards [3]. - Bread Financial is celebrating 30 years of success in 2026, emphasizing its commitment to performance and sustainability [4].

Core Viewpoint - Bread Financial Holdings, Inc. has declared quarterly dividends for both its preferred and common stock for the first quarter of 2026, reflecting its ongoing commitment to returning value to shareholders [1]. Dividend Announcements - The Board declared a quarterly cash dividend of $26.35 per share on its 8.625% Non-Cumulative Perpetual Preferred Stock, Series A, payable on March 16, 2026, to stockholders of record as of February 27, 2026 [2]. - A quarterly cash dividend of $0.23 per share was declared on the common stock, also payable on March 16, 2026, to common stockholders of record at the close of business on February 27, 2026 [3]. Company Overview - Bread Financial is a tech-forward financial services company that offers simple, personalized payment, lending, and saving solutions to millions of U.S. consumers, enhancing customer experiences and supporting various brands in multiple sectors [4]. - The company is celebrating 30 years of success in 2026, indicating a long-standing presence and experience in the financial services industry [5].

Group 1 - Caleres, Inc. (CAL) is a footwear company with a Zacks Consensus Estimate for its current year earnings revised 66.7% downward over the last 60 days [1] - Equitable Holdings, Inc. (EQH) is a diversified financial services company with a Zacks Consensus Estimate for its current year earnings revised 1.2% downward over the last 60 days [1] - Dingdong (Cayman) Limited (DDL) is a Chinese online retail company with a Zacks Consensus Estimate for its current year earnings revised 34.8% downward over the last 60 days [2]

Group 1 - The article provides a market analysis of Rocket Companies Inc., highlighting its performance and strategic positioning in the mortgage industry [1] - It discusses the impact of rising interest rates on the housing market and how Rocket Companies is adapting to these changes [1] - The analysis includes financial metrics such as revenue growth and market share, indicating Rocket Companies' competitive stance [1] Group 2 - The article emphasizes the importance of technology and innovation in Rocket Companies' business model, which enhances customer experience and operational efficiency [1] - It notes the company's efforts in diversifying its services beyond traditional mortgage offerings to include real estate and insurance [1] - The analysis also touches on the broader economic factors affecting the mortgage industry, including consumer confidence and housing supply [1]

1月29日早间，现货黄金快速突破5500美元，最高逼近5600美元，再度刷新纪录。过去4个交易日，现货 金价已连破每盎司5000美元、5100美元、5200美元、5300美元、5400美元、5500美元这6道整百关口。 国际金价的上涨传导至国内市场，29日早间，国内部分主流金饰品牌报价刷新至1700元／克，创下历史 新高，单日上涨百元左右。 "本轮涨势的主要驱动力来自避险买盘，背后则是美国政策环境的不确定性和不可预测性上升，包括地 缘政治问题的不确定性、围绕美联储独立性的潜在压力，以及对美国财政前景、债务负担和政治极化加 剧的担忧。"程小勇说，多重风险叠加下，贵金属作为避险资产的配置需求明显增强。 程小勇进一步表示，贵金属的持续上涨意味着市场不仅在定价地缘政治风险，更在交易"货币贬值"预 期，投资者纷纷寻求避险资产，传统避险资产美债则因美国信用的削弱和其破坏国际秩序的举动而遭到 抛售。 华安基金指数与量化投资部基金经理助理、首席黄金研究员周泓灏在接受新华财经采访时表示，多重不 确定性交织，共同推升了黄金行情。一方面，在1月美联储议息会议上，美联储主席鲍威尔再次强调维 护美联储独立性，而新一任美联储主席人选仍悬 ...

If you don't get in the game of home ownership and you rent in your 20s and you rent in your 30s, you're going to turn around in your 40s and having not built any net worth. And in fact, homeowners in America are worth 40 times more than renters. And I'm talking about ordinary Americans.>> But that doesn't mean that buying a home made them rich, right. >> It actually does. And I'm going to go through that.>> But am I not better off renting and investing in the stock market. I want to bust this myth because ...

Market Overview - The market is experiencing a broadening trend, with the S&P equal-weighted index outperforming the cap-weighted benchmark and small caps showing a comeback [2] - Current sentiment in the market has shifted dramatically, with a notable change from a pessimistic outlook to a more optimistic one, particularly regarding stocks and crypto [10] Sector Analysis - Consumer staples are identified as a sector with significant potential, despite being out of consensus bullish, as it is currently pricing in a lot of bad news [4] - The current administration's focus on affordability and domestic issues may positively impact sectors that have struggled, such as consumer staples [3] Economic Indicators - The economy is showing signs of growth, with nominal GDP running at approximately 8% and real GDP at 5%, alongside accelerating earnings growth and inflation near 2% [12] - There is a concern regarding the impact of rising interest rates on mega-cap growth companies, as they may struggle to maintain capital expenditures in a competitive environment driven by AI advancements [14] Employment Trends - A significant pause in hiring for white-collar professional services is noted, particularly affecting college graduates, who are increasingly returning to graduate school and incurring more debt [7] - The demand for new skilled labor is experiencing a slowdown, attributed to advancements in AI technology [8]

在粤港澳大湾区的棋局中，前海的每一次落子，总是最引人瞩目。 连续两年，前海选择在开年之初发布重磅文件——《前海建设深港深度融合发展引领区2026年行动方 案》（下称《行动方案》）。以21方面举措、56条具体任务，系统性推动规则衔接、产业协同、民生融 通三大关键领域突破，勾勒出的不只是一张制度清单，更是一条清晰的深港融合路径。 从硬联通到软兼容：一场关乎规则与信心的"系统升级" 打开《行动方案》，"规则衔接"毫无悬念地占据了首要位置，成为推动各领域协同发力的关键抓手。该 方案围绕金融、法律、航运物流、数据、深港标准、人才等领域系统布局：一方面深化深港私募通，试 点香港新工程合约模式等创新政策，另一方面，在项目层面加速落地，重点推进深港跨境低空物流试点 和国际数据中心建设，并同步完善技术转移人才中心及跨境数据验证平台等基础支撑，从而推动深港规 则衔接向纵深发展。 "以前谈融合，往往看到的是路通了、桥通了。但现在，前海要通的是数据、是标准、是法律的信 心。"港区全国人大代表、全国人大常委会香港基本法委员会委员、香港立法会议员梁美芬对此感触颇 深。她眼中的前海，正在成为法治与金融的"混血特区"。数据最能说明问题：截至 ...

Group 1 - The company announced the transfer of 379,262,372 A-shares, representing 3.00% of the total share capital, from its controlling shareholder, China National Petroleum Corporation, to State Grid Yingda International Holdings Group [2] - The transfer has received approval from the State-owned Assets Supervision and Administration Commission of the State Council [4] - The transfer will not result in a change of the company's controlling shareholder or actual controller [2] Group 2 - The company plans to acquire 100% equity of Yingda Futures Co., Ltd. for a price of RMB 1,129,286,232.00 [7] - This acquisition has also received approval from the State-owned Assets Supervision and Administration Commission of the State Council [8] - The qualification of the company's subsidiary as the controlling shareholder of Yingda Futures is still subject to approval from the China Securities Regulatory Commission, introducing uncertainty regarding the successful implementation of the transaction [9]

Financial Data and Key Metrics Changes - The company reported record net revenues of $3.7 billion for the fiscal first quarter, with net income available to common shareholders at $562 million and earnings per diluted share of $2.79 [12] - Adjusted net income available to common shareholders was $577 million, resulting in adjusted earnings per diluted share of $2.86, with a pre-tax margin of 19.5% and an adjusted pre-tax margin of 20% [13] - The annualized return on common equity was 18%, and the annualized adjusted return on tangible common equity was 21.4% [13] Business Line Data and Key Metrics Changes - The Private Client Group generated pre-tax income of $439 million on record quarterly net revenues of $2.77 billion, driven by higher assets under administration [14] - The Capital Markets segment generated quarterly net revenues of $380 million and a pre-tax income of $9 million, with revenues declining year-over-year and sequentially due to lower M&A and advisory revenues [14][15] - The asset management segment achieved record pre-tax income of $143 million on record net revenues of $326 million, attributed to higher financial assets under management and strong net inflows [15] - The bank segment generated net revenues of $487 million and record pre-tax income of $173 million, with net interest income growing 6% sequentially [15] Market Data and Key Metrics Changes - The company reported net new asset annualized growth of 8% this quarter, with $31 billion of net new assets, marking the second-best quarter ever [5][31] - Total client assets recruited over the past twelve months exceeded $69 billion across all platforms, reflecting strong recruiting momentum [6] Company Strategy and Development Direction - The company is focused on long-term capital deployment, including investments in technology, acquisitions, and share repurchases, with a commitment to maintaining a strong balance sheet [5][10] - Recent acquisitions, including Clark Capital Management and GreensLedge, are aimed at enhancing the platform and expanding capabilities [9][11] - The company emphasizes a culture that respects advisor independence and ownership, which is seen as a differentiator in attracting and retaining financial advisors [7][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth driven by a robust advisor recruiting pipeline and strong commitments from prospective advisors [7] - The company acknowledged headwinds from lower interest rates and seasonal impacts typical in the second fiscal quarter but remains focused on generating long-term sustainable growth [27][28] - Management highlighted the importance of personal relationships and a stable platform for advisors, which is expected to differentiate the company in a competitive environment [28][41] Other Important Information - The company repurchased $400 million of common stock at an average share price of $162 during the quarter, with a Tier 1 Leverage Ratio of 12.7% [11][24] - The effective tax rate for the quarter was 22.7%, with an expectation of approximately 24%-25% for fiscal 2026 [24] Q&A Session Summary Question: On net new assets and areas of strength - Management noted that $31 billion of net new assets in the quarter was broad-based, with strong retention of existing advisors and a robust recruiting activity [31][32] Question: On sustainability of net new assets growth - Management expressed confidence in sustaining growth based on strong pipelines and advisor satisfaction, despite competitive pressures [41][54] Question: On capital markets outlook and revenue growth - Management indicated a strong pipeline in capital markets, with expectations for revenue to improve above the current quarter's level [46][61] Question: On M&A results and advisory performance - Management acknowledged challenges in comparing results with peers but emphasized long-term growth trends and sector expertise [82][84] Question: On non-compensation expenses and technology investments - Management highlighted ongoing investments in technology as a key driver of non-compensation expenses, balancing growth with operational efficiency [88][89]