Core Viewpoint - Procter & Gamble (PG) is expected to report second-quarter fiscal 2026 results on January 22, with projected year-over-year sales growth of 1.6% to $22.23 billion, while earnings per share are anticipated to decline by 0.5% to $1.87 [1][2]. Financial Expectations - The Zacks Consensus Estimate for revenues is $22.23 billion, reflecting a 1.6% increase from the previous year [2]. - The earnings consensus is $1.87 per share, indicating a 0.5% decrease from the prior year [2]. - PG has a trailing four-quarter earnings surprise of 2.3% on average, with a 4.7% surprise in the first quarter of fiscal 2026 [3]. Earnings Prediction - The model indicates a negative Earnings ESP of -0.82% and a Zacks Rank of 4 (Sell), suggesting a lower likelihood of an earnings beat this quarter [4]. Operational Challenges - PG faces significant challenges, including elevated commodity costs, higher tariffs, and intense competition in developed markets, which are expected to pressure margins [6][10]. - The company anticipates a commodity cost headwind of $100 million after tax for fiscal 2026, impacting gross margins [8]. - Tariffs are projected to add $400 million in after-tax costs for fiscal 2026, further complicating earnings visibility [10][11]. Margin Outlook - A year-over-year core gross margin decline of 50 basis points is predicted, with core operating margins expected to fall by 80 basis points [9]. - The high-cost environment is likely to continue affecting gross margins in the upcoming quarter [8]. Sales Growth Projections - Organic sales growth is forecasted at 1% for the second quarter, with specific segments like Beauty and Health Care expected to grow by 2%, and Grooming by 4% [14]. - Fabric & Home Care and Baby, Feminine & Family Care segments are anticipated to remain flat year-over-year [14]. Strategic Initiatives - PG is focusing on restructuring, productivity initiatives, and innovation to navigate current challenges and improve agility [15][25]. - The company is rolling out major product upgrades and new formats to drive sustainable growth [13]. Stock Performance and Valuation - PG shares have declined by 6.7% over the past six months, underperforming the industry average decline of 8.4% [16][20]. - The stock is trading at a forward P/E multiple of 20.18X, above the industry average of 18.2X but below the S&P 500's average of 23.29X, indicating a premium valuation [21]. Investment Considerations - The investment appeal of PG lies in its strong brand portfolio and disciplined execution, despite near-term pressures from competitive intensity and input costs [24][25]. - Investors may prefer a cautious approach, monitoring execution on innovation and productivity initiatives, while existing shareholders might hold for stability [27].

Group 1: Market Reaction to Trade Conflicts - The Dow Jones Index futures experienced a pullback, dropping over 300 points and falling below the key support level of $49,000, marking a nearly 2% decline from its highest point this year [1][2] - The decline is attributed to a new tariff conflict between the United States and the European Union, initiated by President Trump, who announced a 10% tariff on certain European countries [2][3] - The European Union is considering imposing its own tariffs worth €93 billion in retaliation, which could escalate the trade conflict further [3][4] Group 2: World Economic Forum Impact - The World Economic Forum in Davos is another significant catalyst for the Dow Jones Index, where key government and corporate leaders will discuss major issues [5][6] - President Trump is set to be the keynote speaker, announcing policies aimed at housing affordability and credit card interest rates, which may influence market sentiment [6] Group 3: Corporate Earnings Season - The ongoing earnings season will see major companies, including Netflix, GE Aerospace, Johnson & Johnson, and Procter & Gamble, report their financial results, which will impact the Dow Jones Index [7][8] - Netflix's report is particularly noteworthy as it will provide insights into the management's perspective on the Warner Bros buyout [7] Group 4: Supreme Court Ruling on Tariffs - A significant event for the Dow Jones Index will be the Supreme Court's ruling on Trump's tariffs, expected to be released soon, with analysts divided on the outcome [9] - A favorable ruling could benefit American companies, although any positive effects may be temporary due to Trump's potential use of other tariff tools [9] Group 5: Upcoming Economic Data - The Dow Jones Index will also respond to upcoming macroeconomic data, including the US inflation report and flash manufacturing and services PMI numbers, which are critical for market analysis [10] Group 6: Technical Analysis - The Dow Jones Index has shown a rebound from a low of $36,700 in April last year to a high of $49,855 this year, remaining above the 50-day and 100-day Exponential Moving Averages [12] - An inverse head-and-shoulders pattern has formed, suggesting a potential rebound with a target of $50,000 later this year [12]

Earnings Season Overview - The 2025 Q4 earnings season is underway, with major banks initiating the reporting period, leading to a positive outlook supported by favorable earnings estimate revisions for the S&P 500 [1][8] - Upcoming reports from Netflix (NFLX), Intel (INTC), and Johnson & Johnson (JNJ) are anticipated to be significant for investors [1][13] Netflix (NFLX) - Netflix is set to report its quarterly results next Tuesday, but shares have struggled post-split, likely due to profit-taking after a significant price increase [2] - Earnings and revenue expectations for Netflix have remained flat, with estimates indicating a 27% EPS growth on 17% higher sales, alongside improved profitability and higher margins [3] Johnson & Johnson (JNJ) - Johnson & Johnson has experienced a substantial share price increase of over 53% in the past year and has consistently exceeded EPS and revenue estimates in six consecutive earnings releases [4] - Expectations for JNJ remain stable, with forecasts indicating a 22% EPS growth on 7% higher sales, marking a notable growth rate for the company given its established market position [5][9] Intel (INTC) - Intel shares have surged over 140% in the last year due to a turnaround in sentiment and favorable business developments [10] - EPS and revenue expectations for Intel have not changed significantly, with forecasts predicting a 30% decline in earnings on 6% lower sales, while the focus on AI PCs is expected to be a key topic in the upcoming release [10][12]

Core Viewpoint - Procter & Gamble (P&G) presents a buying opportunity for long-term income investors despite recent stock weakness, as the cyclical headwinds are nearing their end and the company's dividend remains secure [1][11]. Company Performance - P&G shares have declined 20% since November 2024 due to aggressive maneuvers in an inflationary environment, leading to revenue and profit shortfalls [2][12]. - The company reported a top line of $84.3 billion for the fiscal year ending in June, maintaining its position as the largest consumer staples company by revenue and market cap [4][12]. - Despite recent disappointing quarterly results, P&G has managed to widen its profit margins during this turbulent period [9][10]. Dividend Stability - P&G has a long history of consistent dividend payments, having paid dividends for 135 years and raised its annual payout for 69 consecutive years, with a growth rate of nearly 5% per year over the past decade [10][12]. - Only 63% of last fiscal year's per-share earnings of $6.51 were distributed as dividends, indicating a strong capacity to maintain and grow dividends [10]. Market Dynamics - The current market environment favors faster-growing AI stocks, which may have led to slower-growing value stocks like P&G falling out of favor [6][11]. - The Federal Reserve forecasts a decrease in the annualized inflation rate from around 3% last year to just above 2% for 2027, which could benefit P&G as economic growth improves [8][12]. Investment Opportunity - P&G's stock is currently trading at an above-average forward-looking yield of 3%, making it an attractive option for income-focused investors [11][12]. - The current stock price presents a temporary entry opportunity, as it is unusual for P&G to be down for such an extended period [12][13].

Financial Data and Key Metrics Changes - IT services revenue for Q3 2026 was $2.64 billion, reflecting a sequential growth of 1.4% in constant currency and 0.2% year-on-year in reported currency [3][10] - Operating margins improved to 17.6%, an increase of 40 basis points from Q2 and 10 basis points year-on-year, marking one of the best margin performances in recent years [10][11] - Adjusted net income for the quarter was INR 33.6 billion, with adjusted EPS at INR 3.21, representing a 3.5% sequential increase and flat year-on-year [11] Business Line Data and Key Metrics Changes - BFSI sector grew 2.6% sequentially and 0.4% year-on-year, while healthcare grew 4.2% sequentially and 1% year-on-year [12] - Consumer sector saw a sequential growth of 0.7% but a decline of 5.7% year-on-year, indicating mixed performance [12] - Technology and communication sectors grew 4.2% sequentially and 3.5% year-on-year, while EMR declined 4.9% sequentially and 5.8% year-on-year [12] Market Data and Key Metrics Changes - Americas 1 market unit grew 1.8% sequentially and 2.8% year-on-year, while Americas 2 declined 0.8% sequentially and 5.2% year-on-year [11] - Europe experienced a sequential growth of 3.3% but a year-on-year decline of 4.6% [11] - APMEA region grew 1.7% sequentially and 6.6% year-on-year, driven by strong performance in India, the Middle East, and Southeast Asia [12] Company Strategy and Development Direction - The company is positioning itself for an AI-first world, focusing on AI-led transformation across industries [2][3] - Strategic pillars include industry platforms and solutions, delivery platforms for AI adoption, and the Wipro Innovation Network to foster partnerships and innovation [5][6] - The company aims to maintain operational rigor and margin performance while integrating the Harman DTS acquisition to enhance engineering and AI capabilities [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted a strong pipeline of opportunities, with AI becoming central to client strategies for modernization and efficiency [19][20] - The guidance for Q4 projects IT services revenue growth of 0-2% in constant currency, factoring in the Harman DTS acquisition and fewer working days [9][15] - Management expressed confidence in maintaining margins despite challenges from large deal ramp-ups and pricing pressures [40][41] Other Important Information - The board declared an interim dividend of INR 6 per share, with total cash distributed to shareholders exceeding $1.3 billion for the financial year [15] - The company recorded two one-off charges impacting net income: INR 302 crores for graduate expenses and INR 263 crores for restructuring [13] Q&A Session Summary Question: Insights on client spending and AI revenue - Management indicated a strong pipeline and secular growth across sectors, with AI becoming a focal point for client projects [17][19] Question: Reasons for TCV decline and outlook - Management clarified that TCV bookings were strong year-to-date, with a healthy pipeline despite quarterly fluctuations [25][26] Question: Impact of geopolitical uncertainties on client decisions - Management noted that while geopolitical uncertainties exist, they do not significantly impact client decision-making at this time [31] Question: Recruitment plans and AI skills - The company is focusing on building AI skills through partnerships with universities and plans to ramp up campus recruitment [32][34] Question: Discretionary spending outlook - Management is closely monitoring discretionary spending as clients finalize budgets, with a strong pipeline expected to drive future growth [23][24]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Perrigo Company plc securities during the specified class period of the upcoming lead plaintiff deadline for a class action lawsuit [1]. Group 1: Class Action Details - Investors who bought Perrigo securities between February 27, 2023, and November 4, 2025, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by January 16, 2026 [3]. - Investors can join the class action by visiting the provided link or contacting the law firm directly for more information [6]. Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions, highlighting its own achievements in this area [4]. - The firm has secured significant settlements for investors, including over $438 million in 2019, and has been consistently ranked among the top firms for securities class action settlements [4]. Group 3: Case Allegations - The lawsuit alleges that Perrigo made materially false and misleading statements regarding its infant formula business, including issues related to underinvestment, necessary capital expenditures, and manufacturing deficiencies [5]. - As a result of these misstatements, Perrigo's financial results were overstated, leading to investor damages when the true information became public [5].

Core Insights - Oakmark International Fund's fourth-quarter 2025 investor letter highlights a focus on long-term capital appreciation through investments in non-U.S. mid and large-cap companies, with a reported return of 4.83% for the fund, slightly underperforming the MSCI World ex USA Index's gain of 5.20% [1] Fund Performance - The fund's top performance contributors were in the healthcare and financial sectors, while consumer staples were the only detractor [1] - The fund's top five holdings can be reviewed for insights into its best investment picks for 2025 [1] Company Focus: Unilever PLC - Unilever PLC is identified as a key stock in the fund's portfolio, operating in various segments including Beauty & Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream [2] - As of January 14, 2026, Unilever's stock closed at $65.33, with a one-month return of -0.20% and a 10.00% gain over the last 52 weeks, alongside a market capitalization of $142.546 billion [2] - The fund appreciates Unilever's refreshed management team and their strategic initiatives aimed at improving execution and driving consistent growth, particularly in higher-margin categories [3] - Despite a strong outlook, Unilever trades at a discount compared to peers due to historical underperformance, presenting an investment opportunity in a company with strong brands and improved management [3] Market Sentiment - Morgan Stanley has resumed coverage of Unilever with an overweight view, noting that it is not among the 30 most popular stocks among hedge funds, with 27 hedge fund portfolios holding the stock at the end of the third quarter [4] - While acknowledging Unilever's potential, there is a belief that certain AI stocks may offer greater upside potential and lower downside risk [4]

Financial Data and Key Metrics Changes - For Q3 2025, net sales were $472.6 million, an increase of 3.5% year-over-year [20] - Year-to-date consolidated net sales reached $1.4 billion, an increase of 8.6% over the prior year, or 6.1% excluding the impact of Lugano [21] - Year-to-date subsidiary-adjusted EBITDA was $257 million, an increase of 5.8% over 2024 [23] - The consolidated net loss year-to-date was $215 million, which includes a $155 million loss at Lugano [24] Business Line Data and Key Metrics Changes - In the consumer vertical, sales were up 3.1%, driven by strong growth at The Honeypot, while BOA experienced a slight decline due to exiting a lower-value business in China [22] - The industrial vertical saw sales growth of 10.5%, primarily driven by Altor's acquisition of Lifoam [22] - The Honeypot achieved strong double-digit EBITDA growth, while Sterno also delivered double-digit EBITDA growth [24] Market Data and Key Metrics Changes - The rare earth magnetics market faced disruptions due to geopolitical factors, creating long-term opportunities for Arnold [16] - Demand for a more secure rare earth supply chain is increasing, with Arnold positioned to benefit from this trend [16][102] Company Strategy and Development Direction - The company is focused on reducing leverage to mitigate risk and ensure long-term financial flexibility while also aiming to return capital to shareholders [19] - The management emphasized a commitment to generating sustained long-term shareholder value through capital allocation priorities [34] - The company is open to divesting any business if it maximizes shareholder value, maintaining a disciplined approach to valuation [44][46] Management's Comments on Operating Environment and Future Outlook - The management noted that 2025 was marked by uncertainty due to geopolitical risks and a fluid tariff environment, impacting performance [11] - Despite challenges, the company expects to achieve organic growth and free cash flow in 2026, with a focus on deleveraging [62] - Management expressed confidence in the long-term growth potential of Arnold, particularly in light of supply chain shifts [102] Other Important Information - The company has restored compliance with SEC filings and credit facility requirements, returning to a normal operating cadence [6] - The management team has undergone changes, with Zach Sawtelle stepping in as COO following Pat Maciariello's retirement [8] Q&A Session Summary Question: Performance of The Honeypot - The Honeypot has significantly outperformed expectations, gaining more shelf space and achieving faster inventory turns due to successful brand extension into new categories [38][41] Question: Asset Divestiture Strategy - The company maintains that all assets are for sale if the valuation is attractive, with a focus on maximizing shareholder value [43][44] Question: Economic Outlook - The management acknowledged a slowdown in growth but expects to return to a growth trajectory in 2026, driven by strong free cash flow and portfolio growth [62] Question: Management Fees and Financial Outlook - The normalized management fee is expected to be around $55 million for the next year, with a significant reduction in cash payments due to overpaid management fees [67][70] Question: Supply Chain Disruption at Arnold - The supply chain disruptions are expected to normalize, with a backlog providing a tailwind for growth in 2026 [100][102]

分组1 - Brett Ashcroft Green is a CERTIFIED FINANCIAL PLANNER™ with expertise in private credit and commercial real estate mezzanine financing [1] - He has worked with high-net-worth and ultra-high-net-worth individuals globally, indicating a strong focus on affluent clientele [1] - His professional experience includes collaboration with leading commercial real estate developers such as The Witkoff Group and Fortress Investment Group [1] 分组2 - The article does not provide any financial, investment, tax, or legal advice, emphasizing the need for readers to consult qualified professionals [3] - It highlights that past performance is not indicative of future results, which is a common disclaimer in investment discussions [4]

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