Madison Investments, an investment advisor, released its fourth-quarter 2025 investor letter for the “Madison Large Cap Fund”. A copy of the letter can be downloaded here. In the fourth quarter, the S&P 500 returned 2.65%, resulting in a full-year return of 17.9% for 2025. Over the last three years, the Index has achieved annual growth of over 21%. Following the recent trends, market leadership was defined by High Beta and Momentum factors, with narrow participation. However, in the fourth quarter, the mark ...

In this article, we will take a look at the 13 Best NASDAQ Dividend Stocks to Buy Now.In recent years, technology markets, especially those tracked by the NASDAQ Composite Index, have drawn growing attention from investors around the world. Stock prices in this space have climbed sharply, reflecting stronger demand and rising confidence in technology-driven businesses.This trend became even more visible during the COVID-19 pandemic. Market prices rose at an unusually fast pace and reached record levels. The ...

All-new VNR U.S. Production Starts Photo Volvo Trucks North America began production of the all-new Volvo VNR in February 2026 at the company’s New River Valley Plant in Dublin, Virginia. All-new VNR U.S. Production Assembly Line Photo Volvo Trucks North America began production of the all-new Volvo VNR in February 2026 at the company’s New River Valley Plant in Dublin, Virginia. Greensboro, N.C., Feb. 17, 2026 (GLOBE NEWSWIRE) -- Volvo Trucks North America begins production of its new regional ha ...

Core Insights - Truck OEMs are facing challenges due to soft freight markets and uncertainties regarding tariffs and emissions regulations for 2025, with Paccar experiencing specific headwinds related to tariffs [3] - Paccar's tariff surcharges in Q3 ranged from $3,500 to $4,000 per truck, but the company anticipates that the implementation of Section 232 tariffs could create more favorable conditions in 2026 [3][4] - The company has eliminated tariff surcharges for 2026, which may provide a competitive pricing advantage [4] Market Position and Performance - Paccar's market share for Peterbilt and Kenworth in the U.S. and Canada was 30% last year, a slight decrease from 30.7% in 2024 [5] - The company reported U.S. and Canada sales of 233,000 Class 8 units in 2025, down 13% from 268,000 units sold in 2024 [7] - Margins increased from 12% in Q4 to a range of 12.5% to 13% in Q1, driven by strong order intake in December and January [7] Future Outlook - Paccar executives expect customer demand to rebound in 2026, supported by economic growth, recovering freight conditions, and clearer regulatory environments [6][7] - The company raised its 2026 guidance for Europe and South America while maintaining its outlook for the U.S. and Canada at 230,000 to 270,000 Class 8 units [6] - The upcoming Environmental Protection Agency's Nitrous Oxide (NOx) limit may act as a sales catalyst, although the timing and impact remain uncertain [5][6]

Core Insights - PACCAR has demonstrated significant profit growth, with adjusted net income increasing from $1.3 billion in 2020 to $2.6 billion in 2025, and from $2.4 billion in 2019 to $5 billion in 2023, attributed to new products and financial services growth [1][2] - The company is focusing on expanding its parts and financial services, which have grown from 43% to 71% of profit, helping to mitigate cyclicality [2][6] Financial Performance - Revenue increased from $19 billion in 2014 to over $28 billion in 2025, with adjusted income rising from $1.4 billion to $2.6 billion and return on revenue improving from 7.2% to 9.3% [2][6] - The five-year average net income per truck nearly doubled from just over $9,500 to $18,000 [1][6] Growth Strategies - PACCAR targets a 5-point share gain in a $70 billion retail parts market, aiming for a $3.5 billion dealer sales opportunity by 2030 [4][16] - The company has invested over $5 billion in the past five years, including $800 million to enhance manufacturing flexibility and reduce tariff exposure by more than 50% [5][8] Product Development - Recent product launches include the Kenworth T880S and Peterbilt Model 589, with a focus on electric vehicles like the Model 567 EV [11][12] - DAF's new XD and XF electric trucks have won the International Truck of the Year award, highlighting PACCAR's commitment to innovation [12] Manufacturing and Technology - PACCAR is implementing an advanced manufacturing strategy, deploying Industry 5.0 and AI tools to improve operational efficiency [7][10] - The company has shifted to a "build local-for-local" strategy to enhance its manufacturing footprint and reduce tariff impacts [8] Market Outlook - For 2026, PACCAR expects first-quarter deliveries of around 33,000 units, with capital expenditures projected between $725 million and $775 million and R&D spending between $450 million and $500 million [22] - The company anticipates industry market sizes of 230,000–270,000 units in the U.S. and Canada, and 280,000–320,000 units in Europe for 2026 [22] Financial Services - PACCAR Financial Services operates in 26 countries, providing financing that supports truck market share, with an average return on assets of 2.6% over the past five years [20] - The company is focusing on the second-owner market, which presents a larger growth opportunity compared to first owners [19]

Core Viewpoint - PACCAR Inc. (PCAR) is recommended as a buy due to a solid setup for 2026, with Q4 results indicating a reset in industry inventory and a strong demand tailwind [1] Group 1: Company Analysis - The investment approach focuses on long-term investments while incorporating short-term shorts to uncover alpha opportunities [1] - The analysis emphasizes bottom-up evaluation, assessing the fundamental strengths and weaknesses of individual companies [1] - The target investment duration is medium to long-term, aiming to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential [1]

Core Viewpoint - Volvo Group reported weaker fourth-quarter and full-year 2025 results due to tariffs and softer regional demand impacting performance [1][3] Financial Performance - Fourth-quarter net sales decreased by 11% to Skr123.8 billion ($14.07 billion), with revenue remaining flat year-on-year when excluding currency effects and the SDLG divestment [1] - Income for the fourth quarter was Skr9.61 billion, down from Skr10.81 billion in the same period last year [1] - For 2025, net sales declined to Skr479.2 billion, and annual income was reported at Skr34.70 billion, a decrease from Skr50.57 billion the previous year [3] Operating Income and Profitability - Currency shifts reduced operating income by Skr2.1 billion, while both adjusted and reported operating profit reached Skr12.8 billion, resulting in a margin of 10.3% [2] - Adjusted operating income fell to Skr51.2 billion, and reported profit decreased to Skr48.5 billion, with margins narrowing to just over 10% [3] - Earnings per share dropped to Skr4.73 for Q4 and Skr16.94 for the full year [2][3] Cash Flow and Dividends - Operating cash flow in industrial operations dropped to Skr19.3 billion for Q4 and halved to Skr21.8 billion for the full year [2][3] - The board proposed a total dividend of Skr13 per share, consisting of an ordinary dividend of Skr8.50 and an extra dividend of Skr4.50 [4][5] Regional Performance - Regional performance in Q4 was mixed, with Europe seeing a 1% increase, while North America, South America, and Asia experienced sharp declines [4] - Vehicle and service sales both declined, and truck orders and deliveries weakened year-on-year [4] Future Outlook - Volvo anticipates negative currency effects of about Skr2 billion on first-quarter 2026 operating income, alongside a full-year research and development impact that is net positive but weaker than in 2025 [5]

Core Insights - Traton and PlusAI are expanding their partnership to enhance the integration and deployment of autonomous trucks in the US and Europe, with Traton providing up to $25 million in non-dilutive R&D funding [1][2] - The partnership aims to integrate PlusAI's SuperDrive system into Traton's factory production lines, focusing on vehicles from Scania, MAN, and International [1][4] - Traton views autonomous trucking as a strategic pillar in its long-term technology roadmap, with confidence in PlusAI's capabilities [3] Group 1 - Traton plans to support PlusAI's public listing and will propose a candidate for its initial board of directors, pending regulatory approvals [2] - The partnership has evolved since its inception in 2024, with advancements towards Level 4 autonomous operations, including fleet trials in Texas [4] - Future plans include adapting manufacturing systems for the production of SuperDrive-equipped vehicles and collaborative route planning in the US and Europe [4] Group 2 - Traton may receive private warrants linked to early deployment revenue targets from PlusAI's commercial activities involving Traton-branded trucks [5] - The funding will facilitate closer technical integration, development of safety cases, and commercialization programs in both regions, with potential for further investment based on milestone achievements [5] - PlusAI's CEO emphasized the transition from lab development to real-world operations, highlighting the momentum gained through the expanded partnership [6]

Core Viewpoint - Volvo Group reported a smaller than expected decline in fourth-quarter operating profit and proposed a below-forecast total dividend of 13 Swedish crowns per share [1] Financial Performance - The decline in fourth-quarter operating profit was less than anticipated, indicating a potentially stronger performance than market expectations [1] Dividend Proposal - The proposed total dividend of 13 Swedish crowns per share is below market forecasts, which may affect investor sentiment [1]

Core Viewpoint - Paccar's Q4 earnings exceeded analyst expectations, but the overall performance was disappointing, leading to a decline in stock price despite the earnings beat [1][3]. Financial Performance - Paccar reported Q4 earnings of $1.06 per share on sales of $6.8 billion, surpassing analyst forecasts of $1.05 per share on $6.1 billion in sales [1]. - Year-over-year sales declined by 14% in Q4, and the profit of $1.06 per share was 36% lower than the previous year [3]. - For the full year 2025, sales fell 16% to $28.4 billion, while earnings dropped 43% to $4.51 per share [3]. - Free cash flow remained steady at $3.7 billion, significantly higher than the reported net income of $2.4 billion [4]. Market Valuation - Paccar's market capitalization stands at $62.8 billion, with shares trading at approximately 26 times trailing earnings and 21 times free cash flow [4]. Growth Outlook - The company is currently experiencing a decline, with no guidance provided for a turnaround, and analysts project only 5% long-term earnings growth [5].