羊城晚报讯 记者刘星彤报道：春节假期过半，"先回家团圆，再出发度假"的过年新模式持续升温，掀 起节中出游热潮。同程旅行数据显示，今年"分段式过年"现象较往年更为火爆，2月18日至19日（大年 初二至初三）迎来出行高峰，民航出行热度较去年春节同期提升38%，整个假期民航2次以上出行旅客 同比涨幅预计超五成。 随着假期进入中后段，旅游产品价格逐步"阶梯式回落"，利用假期尾巴"拼假游"或节后错峰出游迎来预 订小高潮。广东凭借宜人气候、浓郁年味和多元文旅体验，成为春节中后段炙手可热的出游目的地之 一。 海景房温泉房受热捧 春节假期下半程，全家老小集体出游、入住多居室民宿成为出行潮流。途家民宿数据显示，截至2月20 日（大年初四），云南与广东凭借得天独厚的自然条件和深厚的人文底蕴，民宿预订量在全国范围内实 现"断层领先"，稳稳占据春节最受欢迎出游目的地前两位。 随着春节黄金周进入中后段，各类旅游产品价格陆续进入"回落通道"。记者从广之旅获悉，跨省高铁游 自2月21日（大年初五）起率先降价，跨省飞机团同步启动第一波降价，2月24日（大年初八）起价格全 面回归平日水平；粤港澳周边游及港澳团队游价格预计从2月23日（大年初七 ...

Group 1: ClearBridge Investments Q4 2025 Investor Letter - ClearBridge Mid Cap Strategy underperformed against the Russell Midcap Index, which returned 0.16% during the quarter due to narrow market leadership and sentiment-driven trading [1] - Weakness in information technology and real estate holdings negatively impacted returns, while gains in select consumer discretionary stocks provided partial support [1] - The portfolio management team expressed cautious optimism for the future, citing improving clarity around policy, interest rates, and business investment as potential positive factors for active stock selection [1] Group 2: Expedia Group Inc. Overview - Expedia Group Inc. operates a leading global online travel platform, offering lodging, air travel, and travel services through consumer and business-to-business channels [2] - The one-month return for Expedia Group Inc. was -5.85%, with shares trading between $130.01 to $303.80 over the last 52 weeks, and a market capitalization of approximately $33 billion as of January 27, 2026 [2] - ClearBridge Investments highlighted Expedia as a bright spot in its portfolio, noting improved execution in its consumer business and continued strength in its business-to-business segment [3]

Core Insights - United Parcel Service, Inc. (UPS) reported strong fourth-quarter 2025 results, with earnings and revenues exceeding the Zacks Consensus Estimate [1][10] - Quarterly earnings per share (EPS) of $2.38 surpassed the estimate of $2.22 but represented a 13.5% decline year over year [1][10] - Revenues reached $24.4 billion, exceeding the estimate of $24 billion, but decreased by 3.3% year over year [1][10] Q4 Earnings Summary - U.S. Domestic Package revenues were $16.8 billion, down 3.2% year over year, attributed to a decline in volume, while revenue per piece increased by 8.3% [3] - The segment's adjusted operating profit fell 2.7% year over year to $1.71 billion, with an adjusted operating margin of 10.2% [3] - International Package revenues totaled $5.05 billion, up 2.5% year over year, driven by a 7.1% increase in revenue per piece, although adjusted operating profit decreased by 14.5% to $908 million [4] - Supply Chain Solutions revenues were $2.67 billion, down 12.7% year over year, with an adjusted operating profit of $276 million, reflecting a 2.8% decline [5] 2026 Outlook - Management provided optimistic guidance for full-year 2026, projecting revenues of approximately $89.7 billion, surpassing the Zacks Consensus Estimate of $87.9 billion and the 2025 figure of $88.7 billion [2][6] - Estimated capital expenditures for 2026 are around $3 billion, with expected dividend payments of approximately $5.4 billion, pending board approval [6]

Core Insights - Alaska Air Group (ALK) reported fourth-quarter 2025 earnings of 43 cents per share, exceeding the Zacks Consensus Estimate of 11 cents but down 55.7% year over year due to high operating costs [1][10] - Operating revenues reached $3.63 billion, slightly below the Zacks Consensus Estimate of $3.65 billion, with total revenues increasing 2.8% year over year [2][10] Revenue Breakdown - Passenger revenues constituted 89.4% of total revenues, rising 2% to $3.25 billion, although it fell short of the estimate of $3.35 billion [2] - Cargo and other revenues increased 11% to $146 million, surpassing the estimate of $138 million, while loyalty program revenues grew 6% to $238 million, exceeding the estimate of $197 million [3] - Corporate travel saw a 9% increase, and premium revenues grew by 7% [3] Operational Metrics - Revenue per available seat mile (RASM) increased by 0.6% to 15.63 cents, while yield rose by 2.9% to 17.15 cents [4] - Consolidated traffic decreased by 0.7% to 18.94 billion revenue passenger miles, while capacity increased by 2.2% to 23.23 billion available seat miles [5] - Load factor fell to 81.5% from 83.8% in the prior year, indicating a decline in efficiency [5] Cost and Liquidity - Total operating expenses rose by 3% to $3.56 billion, with economic fuel prices increasing by 1.2% to $2.57 per gallon [5][6] - As of December 31, 2025, Alaska Air had $627 million in cash and cash equivalents, down from $778 million in the previous quarter, and long-term debt increased to $4.83 billion [7] Future Outlook - For the first quarter of 2026, ALK anticipates an adjusted loss per share between 50 cents and $1.50, with a capacity increase projected at 1% to 2% [8] - For the full year 2026, adjusted earnings per share are expected to range from $3.5 to $6.5, with a capacity increase of 2% to 3% and capital expenditures estimated between $1.4 billion and $1.5 billion [9]

Market Overview - Futures have reversed modest overnight gains, with S&P futures down 0.1% and Nasdaq futures down 0.3% as small caps outperform for a record 12th day in a row [1] - The market mood remains shaky, with a significant drop in liquidity as top of book collapsed 60% overnight [4] - Gold continues to hit new highs, approaching $4,900 per ounce, while bond yields are 1-2 basis points lower [1][8] Corporate News - Biohaven (BHVN) rises 3% after an upgrade to outperform by RBC due to supportive data [5] - Halliburton (HAL) climbs 2% after reporting fourth-quarter adjusted earnings per share that beat analyst estimates [5] - Kraft Heinz (KHC) declines 5% as Berkshire Hathaway may sell some or all of its stake in the company [5] - Nathan's Famous (NATH) rises 8% after Smithfield Foods agreed to buy the company for $102 per share [5] - Netflix (NFLX) falls 7% after forecasting first-quarter earnings below analyst estimates and pausing share buybacks [5] Economic Indicators - The US economic calendar includes October construction spending and December pending home sales, with expectations of a 0.1% increase and a 0.25% decrease respectively [18][38] - Inflation in the UK rose to 3.4% in December, slightly above expectations, driven by higher tobacco prices and airfares [27] Geopolitical Developments - President Trump's speech at the World Economic Forum is anticipated to address various topics, including trade and tariffs, amid ongoing tensions regarding Greenland [6][30] - The Supreme Court is set to hear arguments regarding Trump's ability to fire Federal Reserve Governor Lisa Cook, coinciding with a criminal investigation into Fed Chair Jerome Powell [11][25] Sector Performance - European stocks drifted lower, with the Stoxx 600 down 0.6%, weighed down by financials and tech, while materials and luxury names outperformed [13][26] - The Russell 2000 is outperforming the Magnificent Seven by more than 10% year-to-date, indicating a rotation in market leadership [9]

Carvana - Carvana is experiencing a rally due to its addition to the S&P 500, which has brought significant attention to the stock [1] - The company has shown resilience despite previous financial flaws, as consumer appreciation for its car-selling model has helped it overcome challenges [2] - Carvana was highlighted as a potential best stock in May when it was down 27% from its 2021 high, indicating a notable trend reversal [3] - The stock's performance has improved since its S&P 500 inclusion, demonstrating the unpredictable nature of stock spotlighting [4] - Effective risk management is emphasized as crucial for investors, allowing them to minimize losses while capitalizing on significant gains [5][6] - Carvana's market share has increased due to higher interest rates pushing consumers towards the used car market, leading to profitability from a low of $3.50 in December 2022 [7] Airline Industry - Delta Airlines has been added to the best stock list, with a focus on its potential to break through a significant resistance level at $70 [8] - Despite media speculation about consumer spending slowing down, evidence suggests that consumer travel demand remains strong, with record passenger screenings reported [10][11] - The hotel and cruise industries are also confirming robust consumer activity, with hotel revenue per available room (RevPAR) remaining above 85% nationwide [11] - Expedia is viewed as a viable investment opportunity, with a favorable chart pattern indicating potential breakout [12][13] - Delta is recognized as a leading airline brand in North America, with strong operational performance [14]

Core Insights - Canadian Pacific Kansas City (CP) reported disappointing third-quarter 2025 results, with both earnings and revenues falling short of the Zacks Consensus Estimate [1][9] Financial Performance - The quarterly earnings, excluding 7 cents from non-recurring items, were 80 cents per share, missing the Zacks Consensus Estimate by a penny, but improved 9.5% year-over-year [2] - Operating revenues totaled $2.65 billion, lagging behind the Zacks Consensus Estimate of $2.67 billion, yet showing a 2.2% year-over-year increase [2] - Total Freight revenues per revenue ton miles decreased by 1% year-over-year, while total Freight revenues per carload also saw a marginal decline [3] - Operating income increased by 11%, and total operating expenses fell by 1% year-over-year, resulting in an operating ratio improvement of 260 basis points to 63.5% [3] Segment Performance - Freight revenues, which constituted 98% of total revenues, increased by 4% year-over-year, with notable growth in Potash (up 15%), Fertilizers and Sulphur (up 11%), and Coal (up 3%) [4] - Other revenues decreased by 18% year-over-year in the third quarter of 2025 [4] Liquidity Position - At the end of the third quarter, CP had cash and cash equivalents of C$411 million, down from C$799 million in the previous quarter, while long-term debt rose to C$21.59 billion from C$21.22 billion [5] Future Outlook - CP anticipates core adjusted earnings per share to grow in the range of 10%-14% from 2024 actuals to C$4.25 per share in 2025 [6] - The company expects mid-single-digit growth in revenue ton miles (RTMs) for 2025 compared to 2024 [6] - Capital expenditures are projected to be C$2.9 billion for the full year, with an expected effective tax rate of 24.5% for 2025 [6]

Core Insights - Werner Enterprises, Inc. (WERN) reported a third-quarter 2025 loss per share of 3 cents, missing the Zacks Consensus Estimate of earnings of 15 cents per share, compared to earnings of 15 cents per share in the same quarter last year [1][10] Financial Performance - Total revenues for the quarter were $771.5 million, exceeding the Zacks Consensus Estimate of $768.1 million, and reflecting a year-over-year increase of 3.5% driven by a $25.8 million (12%) rise in Logistics revenues, partially offset by a $3.0 million (1%) decline in Truckload Transportation Services (TTS) revenues, with a portion of the TTS decline attributed to a $3.3 million decrease in fuel surcharge revenues [2][10] - Adjusted operating income was reported at $10.91 million, a decrease of 50% year over year, with an adjusted operating margin of 1.4%, down 150 basis points from the previous year [3] - In the TTS segment, revenues fell 1% year over year to $519.78 million, with adjusted operating income dropping 63% to $8.95 million and an adjusted operating margin declining 300 basis points to 1.7%. Conversely, Logistics revenues increased 12% year over year to $232.58 million, with adjusted operating income rising over 100% to $4.16 million and an adjusted operating margin increasing 140 basis points to 1.8% [4][10] Liquidity and Capital Expenditure - As of September 30, 2025, Werner had cash and cash equivalents of $50.98 million, slightly down from $51.42 million at the end of the previous quarter. Long-term debt remained stable at $725 million. The company generated $44.1 million in cash from operations during the third quarter, with net capital expenditure amounting to $35.2 million [5] - No share repurchases were made in the third quarter, with 5.0 million shares remaining under the new share repurchase authorization as of September 30, 2025 [6] Outlook - For 2025, Werner anticipates TTS truck growth to decline from breakeven to 2%, down from a prior estimate of 1-4%. Net capital expenditure is now projected to be between $155 million and $175 million, revised from $145 million to $185 million. The company expects dedicated revenues per truck per week to rise from breakeven to 1.5%, up from a previous estimate of 0-3%. The full-year 2025 tax rate is now expected to be in the range of 26%-27%, revised from 25%-26% [7]

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Market Overview - Jim Cramer discussed various market events, focusing on corporate earnings, interest rates, and market expectations [1] - The recent rally in the market has been largely driven by expectations of further interest rate cuts, but comments from Federal Open Market Committee member Austan Goolsbee indicated that the current economic strength may not justify such cuts [2][3] Corporate Earnings - Levi Strauss & Co. is highlighted as a stock to watch, with Cramer optimistic about its upcoming earnings, noting its reliability despite tariffs and a recent 52-week high [7] - The company reported a 9% organic sales growth in its last quarter, exceeding estimates, and management raised their full-year forecast [7] - Delta Air Lines is considered a tough stock to own, with a recent guidance cut due to reduced consumer and corporate confidence, impacting its revenue growth forecast from 8% to 4% [8][10][11] Hedge Fund Sentiment - A list of 7 stocks discussed by Cramer includes insights into hedge fund sentiment, indicating that these stocks are of interest to institutional investors [5][6]