Key Takeaways December activity points to continued supply-demand imbalance: While industrial production YoY rose 40bps to 5.2% on export strength and quarter-end window dressing, retail sales YoY refreshed its post-Covid low, down a further 40bps to 0.9%Y, due to a high base and negative wealth effect from continued housing downturn. Reflecting the demand weakness, GDP deflator remained subdued at -0.7%Y in 4Q (vs. -1%y in 3Q), keeping nominal GDP subdued at 3.8%Y. January 19, 2026 05:14 AM GMT China Econo ...

Core Insights - The declining Federal Reserve interest rates and favorable public spending are positively impacting U.S. infrastructure companies, particularly Comfort Systems USA and Quanta Services, driven by trends in AI-related products and services [1][22]. Group 1: Federal Reserve and Market Environment - On December 10, 2025, the Federal Reserve reduced interest rates by 0.25 percentage points, establishing a benchmark between 3.5% and 3.75%, which is expected to stimulate project initiations and market trends [2]. Group 2: Company Profiles - Comfort Systems specializes in HVAC installation and contracting services, focusing on large-scale projects and inorganic growth initiatives [3]. - Quanta Services is involved in large-scale electrical and utility infrastructure projects, emphasizing margin improvement and a self-perform model [3]. Group 3: Financial Performance and Growth - Comfort Systems has seen a significant increase in demand from the Technology sector, contributing 42% of total revenues in 2025, up from 32% the previous year, with a record backlog of $9.38 billion, reflecting year-over-year increases of 65.1% [5][6]. - Quanta Services reported a record backlog of $39.2 billion as of Q3 2025, up from $33.96 billion a year ago, indicating strong demand visibility [10]. Group 4: Shareholder Returns and Capital Management - Comfort Systems repurchased 0.3 million shares for approximately $125.4 million in the first nine months of 2025 and increased its quarterly dividend by 20% to 60 cents per share [7]. - Quanta Services repurchased 538,559 shares for $134.6 million during the same period, with $365.1 million remaining under its buyback program, indicating disciplined capital management [12]. Group 5: Risk Factors - Comfort Systems faces risks related to its exposure to hyperscale data centers, including potential slowdowns in AI-driven capital expenditures and project delays [8]. - Quanta Services encounters execution risks due to the increasing complexity of infrastructure projects, which may lead to permitting delays and regulatory challenges [13]. Group 6: Valuation and Investment Comparison - Comfort Systems has been trading at a lower forward P/E ratio compared to Quanta over the past five years, indicating a potential growth opportunity at a discounted valuation [15]. - The Zacks Consensus Estimate for Comfort Systems' 2025 EPS indicates an 80.2% year-over-year growth, while Quanta's estimate implies an 18.1% improvement [18][19][20]. Group 7: Conclusion - Given the current market conditions, Comfort Systems is viewed as a better investment option due to its growth potential and superior profitability compared to Quanta Services, which offers stability at a premium valuation [24].

ProShares DJ Brookfield Global Infrastructure ETF (TOLZ US) – Portfolio Construction MethodologyThe underlying Dow Jones Brookfield Global Infrastructure Composite Index offers global developed-market exposure to owners/operators of pure-play infrastructure assets. Companies qualify only if ≥70% of cash flows are from eligible infrastructure lines (airports, toll roads, ports, communications, electricity T&D, oil & gas storage/transport, water); ongoing inclusion uses customary buffer tests, and listings mu ...

The latest 13F filing from Icahn Capital offers a textbook look at Carl Icahn’s continued approach to value extraction through control stakes, activism, and opportunistic accumulation in companies facing dislocation or undergoing strategic transition.Icahn’s portfolio remains highly concentrated and idiosyncratic — a reflection of his activist model, where influence is often more important than diversification. Core holdings tied to his own controlled entities continue to dominate exposure, while selective ...

不断提升成渝地区双城经济圈发展能级，必须深化一体协作，推动川渝相互赋能相向发展。在建 设现代化产业方面，深化电子信息、智能网联新能源汽车等领域协作，推动产业链供应链深度融 合；在构建基础设施体系方面，加快成渝中线高铁、成达万高铁等重大项目建设，完善世界级机 场群功能，打造陆海互济的综合交通枢纽；在推动高水平对外开放方面，持续用力畅通西部陆海 新通道，高水平建设川渝自贸试验区协同开放示范区，共同拓展向西向南开放新空间；在强化生 态环境保护方面，不断筑牢长江上游生态屏障，加强污染跨界协同治理，探索绿色转型发展新路 径；在推动公共服务共建共享方面，拓展"一卡（码）通"应用场景，推动教育、医疗、社保等资 源跨区域共享，让两地群众切实感受到协同发展带来的便利。 同饮一江水，川渝一家亲。面向未来，更深层次的一体协作正当其时，川渝两地在产业、基建、 科创、开放、生态、民生等领域共同实施一批重大事项，必将不断提升成渝地区双城经济圈发展 能级，为全国区域协调发展作出更大贡献，持续增强服务支撑中国式现代化的能力和贡献度。 一路砥砺奋进，成渝地区双城经济圈建设已历时六年。从2020年习近平总书记亲自谋划部署拉开 序幕，到如今"北有 ...

Company Overview - Argan is a diversified engineering and construction firm focusing on power generation, renewable energy, and infrastructure markets, leveraging technical capabilities and project management expertise to deliver complex projects for utility and industrial clients nationwide [6][9] - As of the latest market close, Argan's stock price is $325.96, with a market capitalization of $4.52 billion, revenue of $915.03 million, and net income of $119.93 million for the trailing twelve months (TTM) [4] Recent Developments - Alpine Investment Management initiated a new position in Argan, acquiring 60,000 shares valued at approximately $16.20 million as of September 30, which now accounts for 13.62% of Alpine's reportable U.S. equity assets [2][3] - Argan's stock has increased by 127% over the past year, significantly outperforming the S&P 500's 17% gain during the same period [3] Financial Performance - In the third quarter, Argan reported a net income of $30.7 million, or $2.17 per share, with EBITDA climbing to $40.3 million and margins expanding to 16% [10] - For the first nine months of the fiscal year, net income increased by over 60% year over year, and the company ended the quarter with over $726 million in cash and investments, with no debt [10] Project Backlog - Argan reported a record project backlog of approximately $3.0 billion, more than double the amount at the start of the fiscal year, primarily driven by new gas-fired power projects in Texas [7] - This backlog indicates years of revenue already secured, rather than mere projections [7] Market Position - The company's focus on hard assets and cash generation aligns with current investment trends, suggesting that Argan's stock has potential for further growth based on its backlog, margins, and liquidity [11]

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Solmate (Brera Holdings PLC, NASDAQ: SLMT), the Solana infrastructure company with a strategic focus on Abu Dhabi, today announced that Erez Simha has joined the company's Board of Directors as an independent director and chair of the Audit Committee, effective December 31, 2025. He succeeds Alberto Libanori, who remains Solmate's Head of Operations. Mr. Simha brings over 20 years of experience and a proven track record of scaling high-tech disr. ...

Take a look at the futures right now. Dow off about 30 points. NASDAQ off about 13 points. The S&P 500 off just about four points.Joining us right now is uh Kevin M uh president and chief investment officer of uh Hennian and Walsh Asset Management. Good morning to you, sir. >> Good morning, Andrew.>> Okay, so here we are on Christmas Eve. What What do we think 2026 could possibly look like. >> Yeah, what a year this has been, right.41 record closes for the S&P 500, a total return of just over 18%. And we re ...

Core Viewpoint - KKR & Co. Inc. advises investors to explore opportunities beyond the crowded U.S. large-cap market, focusing on Asian corporate reforms, biotechnology, and critical infrastructure for growth in 2026 [1] Asian Reform Trade - KKR identifies a structural shift in Asia as a key opportunity for 2026, emphasizing corporate governance reforms over mere economic growth [2] - Japan and South Korea are highlighted as prime markets where companies are transitioning from "capital heavy to capital light" models to enhance shareholder value [2] - Despite a 50% gain in 2025, 70% of the Korean market trades below book value, compared to 40% in Japan and less than 7% in the U.S., indicating mispricing relative to reform potential [3] Market Performance - Asian benchmark indices have shown significant performance in 2025: - Kospi Index: 71.20% YTD, 68.28% One-Year - Hang Seng Index: 31.57% YTD, 28.46% One-Year - Nikkei 225 Index: 28.10% YTD, 28.99% One-Year - CSI 300 Index: 21.19% YTD, 16.22% One-Year - S&P 500 Index: 17.74% YTD, 14.40% One-Year - Nasdaq Composite Index: 22.20% YTD, 22.20% One-Year - Dow Jones Index: 14.27% YTD, 11.88% One-Year [4] Biotechnology Sector - KKR views biotechnology as a compelling investment opportunity, driven by aging demographics and the integration of AI in drug development [5] - The sector is seen as a "secular growth story," offering innovation-led growth at more attractive valuations compared to traditional tech sectors [5] Biotech ETFs Performance - Notable biotech ETFs and their performance: - State Street SPDR S&P Biotech ETF: 36.45% YTD, 35.78% One-Year - iShares Biotechnology ETF: 29.49% YTD, 28.48% One-Year - ARK Genomic Revolution ETF: 23.22% YTD, 24.65% One-Year [6] Infrastructure Investment - KKR is optimistic about infrastructure investments, particularly in HVAC and cooling systems essential for the digital economy, driven by increased cooling needs for AI training clusters [8] - The firm also identifies U.S. Liquefied Natural Gas (LNG) as a long-term structural winner due to energy security demands from Europe and Asia [8] Infrastructure ETFs Performance - Key infrastructure ETFs and their performance: - Global X US Infrastructure Development ETF: 22.11% YTD, 18.81% One-Year - iShares Global Infrastructure ETF: 17.24% YTD, 17.80% One-Year - iShares US Infrastructure ETF: 15.27% YTD, 14.92% One-Year [10]

Core Viewpoint - Investing in dividend-paying stocks is highlighted as a beneficial strategy for generating a growing income stream by 2026, with specific recommendations for top dividend investments [1]. Realty Income - Realty Income aims to provide reliable monthly dividend income that increases over time, having raised its dividend 133 times since its public listing in 1994, including 113 consecutive quarters [3]. - The current monthly dividend yield is 5.7%, significantly higher than the S&P 500 average of around 1.2%, translating to approximately $4.75 monthly income for every $1,000 invested, or $57 annually [4]. - Realty Income maintains a diversified real estate portfolio, generating stable rental income through long-term net leases, and pays out about 75% of its cash flow in dividends, retaining the rest for further investments [6]. Brookfield Infrastructure - Brookfield Infrastructure is a global leader in infrastructure, owning utility, energy midstream, transportation, and data assets, which provide stable cash flow supported by long-term contracts [7]. - The company has consistently increased its dividend since 2008, with a current yield of 3.8% and a target growth rate of 5% to 9% annually [9]. - Brookfield has $7.8 billion in organic expansion projects planned over the next two to three years, alongside $1.5 billion in new investments, positioning it for over 10% annual growth in funds from operations per share [10]. Schwab U.S. Dividend Equity ETF - The Schwab U.S. Dividend Equity ETF is recognized as a top dividend ETF, holding 100 high-yielding dividend stocks selected based on quality characteristics [11]. - The ETF currently offers a dividend yield of 3.7%, with its holdings having increased dividends by an average of over 8% annually over the past five years [12]. - Notable holdings include Bristol Myers Squibb, which has a 1.6% recent dividend increase, extending its growth streak to 17 years, and has paid dividends for 94 consecutive years [13].