Well, the markets kicking off this shortened holiday week in rally mode. The tech trade popping as the odds of a Fed rate cut continue to climb. The December odds of a cut now back around 70% up from 33 on Friday.So, will the momentum carry into December. Joining us now is Truest Wealth Chief Investment Officer Keith Learner. Morgan Stanley Wealth Management Executive Director Dan Skellyy.Guys, happy Monday. Uh, Keith. >> Happy Monday.Is this market still priced for perfection or I guess enough of it becaus ...

Group Financial Performance and Strategy - Merck aims to drive sustainable value creation as a leading science & technology company[7] - The company is actively managing its portfolio, focusing on attractive markets and solid competitive positions, with >80% of businesses in each category[10, 11] - Merck confirms M&A guardrails and financial discipline, with ongoing scouting for further M&A to accelerate growth[18] - The company is committed to topline growth and margin expansion mid-term[72] - Merck is on track to meet its 2025 guidance and has a positive early indication for 2026, with an expected EBITDA pre margin of ~29% in 2025[69, 70] Key Growth Drivers - Key growth drivers explain up to 80% of future growth, focusing on secular growth markets[20] - Process Solutions market segment continues to grow at a 9% to 10% CAGR[37] - Semiconductor Solutions contribute over 80% to Electronics sales mid-term[50] - Healthcare mid-term growth ambition is raised, driven by Rare Diseases uptake, targeting LSD to MSD organic sales growth (CAGR in %)[46] Life Science Strategy - Life Science is centering the business on three distinct go-to-market approaches: Process Solutions (~€35 billion), Advanced Solutions (~€47 billion), and Discovery Solutions (~€29 billion)[32]

Industry Leadership & Innovation - US is considered the best country for innovation in life sciences [1] - The life science industry in the US is expected to remain the undisputed leader in healthcare innovation [3] - The US possesses key elements for innovation: universities, research institutions, talent, and capital markets [2] Optimism & Resilience - The speaker expresses optimism about the future of the life science industry [3] - The speaker believes things will come through fine despite ups and downs [3] - The speaker references Johnson & Johnson's 140-year history of navigating challenges [3] Addressing Concerns - Some researchers feel under attack from the government [2] - The speaker expresses confidence that these issues will be resolved [3]

Core Insights - Kilroy Realty Corporation has executed a lease for 24,000 square feet at Kilroy Oyster Point Phase 2, a life science development project in South San Francisco [1] Company Developments - The lease agreement with Color signifies the appeal of Kilroy Oyster Point Phase 2 to life science tenants, indicating strong demand in this sector [1] - Occupancy for the new lease is set to commence early next year, reflecting the company's ongoing commitment to expanding its life science portfolio [1]

Company Performance & Outlook - Danaher delivered a strong quarter with healthy revenue beat, steady organic growth, and better-than-expected margins, leading to a $0.16 earnings beat [6] - Management raised their full-year earnings forecast and gave healthy guidance for the current quarter [6] - Investors initially reacted negatively to the earnings report, but the stock rebounded and finished up 1% on Tuesday and continued to rise in the following days [7][10] - The core bioprocessing business is rebounding, supporting high single-digit core growth in the second half [15][16] Challenges & Concerns - China sales were down mid-single digits due to volume-based procurement and reimbursement changes implemented by Chinese authorities [12][13] - Volume-based procurement in China is a result of the national strategy to curb healthcare costs, impacting multiple companies [14] - CFO Matthew Mcgru will be retiring next year [8] Biotechnology Segment Analysis - The biotechnology segment reported better-than-expected results with 8% sales growth and 150 basis points of operating margin expansion [14] - The bioprocessing division, a $6 billion business, is showing positive order trends [15] - Monoclonal antibodies represented over 75% of the bioprocessing unit sales [16] Investment Strategy - The author expresses confidence in Danaher's turnaround and recommends buying the stock [19][21] - The author suggests waiting for United Health's report before making decisions on managed healthcare companies like Sigma [20]

Financial Performance & Guidance - DHC's Q1 2025 total revenues reached $386.9 million[12] - The company reported a net loss of $9 million, equivalent to $0.04 per share[12] - Normalized FFO stood at $14.3 million, or $0.06 per share[12] - DHC anticipates SHOP NOI to range between $120 million and $135 million for 2025[9] - Medical Office and Life Science NOI is projected to be between $104 million and $112 million[9] - Triple Net Leased (NNN) NOI is expected to be in the range of $29 million to $31 million[9] SHOP Initiatives & Performance - SHOP same property NOI increased by 42.1% year-over-year, driven by a 6.5% increase in same property revenue[12] - This revenue growth is attributed to a 110 bps increase in occupancy and a 4.5% increase in average monthly rate[12] - SHOP occupancy grew to between 82% and 83%[12] - SHOP margins are expected to improve by 200 bps to 400 bps[12] Capital Recycling & Dispositions - DHC estimates disposition proceeds of $680 million to $730 million[12] - As of May 16, 2025, $337 million in dispositions had been completed year-to-date[12] - An additional $330 million to $380 million in dispositions are in various stages of marketing, including $110.5 million under agreements or letters of intent[12,33]