Core Insights - Jim Cramer highlighted International Business Machines Corporation (IBM) as a key player in quantum computing, emphasizing its commercial quantum solutions that are performing well [1] - Cramer stated that IBM is one of the only two companies with viable quantum technology, alongside Google, and noted that many other quantum stocks are speculative and years away from realization [1] - IBM currently operates eight functional quantum machines, positioning itself as a cost-effective option in the quantum computing space [1] Company Overview - IBM provides a range of technology solutions, including hybrid cloud, AI, consulting, and infrastructure services [1] - The company is recognized for its advancements in quantum computing, which is expected to reduce power consumption significantly [1] Market Position - Cramer suggested that IBM's quantum computing solutions are expected to have a practical impact within the next one to two years, contrasting with other speculative quantum stocks [1] - While IBM is seen as a strong investment in quantum computing, there are AI stocks that may offer greater upside potential with less downside risk [1]

Wise Plc - Wise experienced strong growth in transfer volume, new customers, and deposits, with increases ranging from 18% to 37% [1] - Profit before tax and margins declined, while underlying profit increased by 13% with a low take rate of 0.52% [1] - The stock initially reacted strongly but later stabilized, indicating investor understanding of the strategy to gain market share through lower prices [2] Rightmove Plc - Rightmove is a highly profitable company but has seen little share price movement over the past five years [3] - Following a quarterly update, the stock dropped by 28% due to concerns over planned AI investments that may lower operating profit until 2028 [4] - Analysts express skepticism about the scale of AI spending, with expectations that any expenses should be offset by savings [5][6] Eurokai KgAA - Eurokai's 9M trading update indicates strong growth expected in 2025, particularly in the Eurogate segment [7] - The company announced a term sheet to sell 20% of the Eurogate Hamburg Terminal, potentially worth 100 million EUR, with 50% of that benefiting Eurokai [7][8] Bouvet ASA - Bouvet's third quarter was particularly weak, with EPS down approximately 10% year-over-year, attributed to personnel costs growing faster than sales [9] - The stock price reflects limited growth expectations, trading at 15-16x EPS, which is considered cheap [9] Bombardier - Bombardier's Q3 results showed operational improvements, with sales, EBITDA, and EBIT all increasing by over 10% [10] - Significant cash flow improvement in the quarter may enable share buybacks in the future, with the stock price surpassing 200 CAD per share [10]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores are designed to complement the Zacks Rank, providing additional stock ratings based on value, growth, and momentum [2] Zacks Style Scores Overview - Stocks are rated A, B, C, D, or F based on their value, growth, and momentum characteristics, with higher scores indicating better chances of outperforming the market [3] - The Value Score focuses on identifying undervalued stocks using financial ratios like P/E, PEG, and Price/Sales [4] - The Growth Score assesses stocks based on projected and historical earnings, sales, and cash flow to identify sustainable growth opportunities [5] - The Momentum Score evaluates stocks based on recent price changes and earnings estimate trends to identify favorable buying opportunities [6] - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors [6] Zacks Rank and Style Scores Interaction - The Zacks Rank utilizes earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks achieving an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [7] - There are over 800 top-rated stocks available, making it essential to use Style Scores to narrow down choices [8] - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [9] - Stocks with lower ranks, even with high Style Scores, may still face downward price trends due to negative earnings outlooks [10] Company Spotlight: Accenture (ACN) - Accenture has established itself as a leading consulting services provider, with a revenue increase of 1.2% in fiscal 2024 [11] - Currently rated 3 (Hold) by Zacks, Accenture has a VGM Score of B and a Value Style Score of B, supported by a forward P/E ratio of 17.62 [12] - Recent upward revisions in earnings estimates by six analysts have increased the Zacks Consensus Estimate to $13.78 per share, with an average earnings surprise of +3.2% [12]

Core Viewpoint - The stock of Leos has reached a record high following a strong earnings report, with both top and bottom line beats, and an increase in full-year guidance [1][4]. Company Performance - Leos reported earnings of $35 per share, a 7% increase compared to the estimated $2.68, and an increase from last year's earnings of $2.93 [4]. - Sales rose by 7.1% to $4.5 billion, up from $4.41 billion [4]. - The company raised its dividend from $0.40 to $0.43, indicating confidence in future progress [5]. Market Context - There is a notable influx of capital into the defense sector, particularly benefiting companies like Leos that focus on software and cybersecurity [1][2]. - Approximately 87% of Leos' sales are derived from the Department of Defense, NASA, and AFAA, highlighting its strong government ties [2]. Industry Dynamics - The defense sector is experiencing a divergence between hardware-based contractors and those focused on consulting services, with companies like Leos positioned uniquely due to their proprietary technology [8][9]. - The recovery of technologically innovative companies in the defense sector is evident, as they begin to catch up after earlier setbacks due to budget cutbacks [3][10]. Analyst Insights - Analysts note an improvement in cash flow for Leos and suggest that concerns regarding defense contractor cutbacks were overstated, indicating a resumption of positive trends for the company [11].

Third Quarter 2025 Results November 4, 2025 Contents © 2025 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. or its affiliates. This presentation, including all supporting materials, is proprietary to Gartner, Inc. and/or its affiliates and is for the sole internal use of the intended recipients. Because this presentation may contain information that is confidential, proprietary or otherwise legally protected, it may not be further copied, distribu ...

Financial Data and Key Metrics Changes - Global enterprise revenues for Q3 2025 were $1.354 billion, down 8% year-over-year on both reported and adjusted bases [3][4] - Net income per share decreased to $0.43 from $0.64 in the same quarter last year [4] - Cash flow from operations was $77 million, with a cash dividend of $0.59 per share distributed, totaling $59 million [5] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 11% year-over-year, with U.S. revenues at $649 million and non-U.S. revenues at $207 million [6][8] - Protiviti's global revenues were $498 million, with U.S. revenues at $398 million (down 6%) and non-U.S. revenues at $100 million (up 8%) [8] - Contract Talent Solutions bill rates increased by 3.7% compared to the previous year [8] Market Data and Key Metrics Changes - The third quarter had 64.2 billing days compared to 64.1 in the same quarter last year, while the fourth quarter is expected to have 61.4 billing days [6] - Currency exchange rate movements positively impacted reported revenues by $9 million [7] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities in staffing and consulting services, leveraging its brand and technology [5][17] - Protiviti is expected to improve its growth rates in Q4, with a focus on returning to double-digit operating margins in the future [41][42] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of improvement in the macroeconomic environment, with increased client discussions about staffing and hiring [17][18] - The company remains committed to its dividend, with free cash flow covering it despite recent downturns in the staffing industry [26][66] Other Important Information - The company has $360 million in cash on its balance sheet, providing a cushion for dividend commitments [26] - The fourth quarter revenue guidance is set between $1.245 billion and $1.345 billion, reflecting a return to positive adjusted sequential growth [13][14] Q&A Session Summary Question: Regarding Protiviti's pipeline and project materialization - Management confirmed that the pipeline is growing and projects are materializing as expected, though there is a shift to smaller, less efficient projects [22][24] Question: Sustainability of the dividend - The company emphasized its commitment to the dividend, stating that free cash flow currently covers it and there is a significant cash reserve [25][26] Question: Fourth quarter revenue guidance description - Management described the fourth quarter guidance as conservative, with expectations for slight sequential growth [30] Question: Dynamics affecting Protiviti's margins - Management explained that gross margin compression is due to project mix and competitive pricing pressures, but they expect improvements in 2026 [41][42] Question: Long-term operating margin opportunities - The company is focused on improving skill levels and leveraging technology to enhance margins in the coming years [46][47] Question: Impact of government shutdown on revenue - The company reported minimal impact from the government shutdown, with government revenue comprising less than 5% of total revenue [48] Question: Trends between enterprise and SMB customers - Enterprise clients have shown better results compared to SMB clients, which is a consistent trend [78]

Core Insights - IBM reported third-quarter results that exceeded Wall Street estimates, driven by ongoing artificial intelligence tailwinds, but the stock dropped 5% in extended trading [1] - The company raised its revenue guidance, now expecting more than 5% revenue growth, and projected free cash flow for the year to reach $14 billion [2] Financial Performance - Revenue increased by 9% to approximately $16.33 billion compared to about $15 billion in the same period last year [1][5] - Net income was reported at $1.74 billion, or $1.84 per share, a significant recovery from a loss of $330 million, or 36 cents per share, a year earlier [1] - Earnings per share were adjusted to $2.65, surpassing the expected $2.45 [5] Business Segments - IBM's AI book of business has grown to over $9.5 billion, up from $7.5 billion in the previous quarter [3] - Software revenue rose by 10% to $7.21 billion, meeting market estimates, while consulting revenue totaled $5.3 billion, exceeding projections [3] - Infrastructure revenue, which includes mainframe computers, increased by 17% to $3.6 billion [4] Dividends - The board approved a quarterly dividend of $1.68 per share [4]

Core Perspective - Gartner (IT) stock is expanding, generating cash, and is currently undervalued compared to its historical highs [1] Financial Performance - Gartner has a free cash flow yield of 7.6%, indicating strong cash generation capabilities [5] - The company experienced a revenue growth of 5.9% over the last 12 months, suggesting an increase in cash reserves [5] - The stock is trading at a significant valuation discount, currently 34% lower than its 3-month high, 52% below its 1-year high, and 52% below its 2-year high [5] Investment Strategy - The average forward returns for Gartner's stock are projected at 25.7% for 6 months and 57.9% for 12 months, with a win rate of over 70% for both periods [6]

Core Insights - Marsh & McLennan Companies, Inc. (MMC) is expected to report third-quarter 2025 results on October 16, with earnings estimated at $1.80 per share and revenues at $6.3 billion [1] - The earnings estimate has slightly decreased by one cent over the past 60 days, indicating a year-over-year increase of 10.4%, while revenues are projected to grow by 11.1% year-over-year [2] Financial Performance - For the current year, the revenue estimate for MMC stands at $27 billion, reflecting a year-over-year rise of 10.4%, and the EPS consensus is $9.57, suggesting an 8.8% increase year-over-year [3] - MMC has consistently beaten earnings estimates in the last four quarters, with an average surprise of 2.9% [3] Earnings Prediction - The current model does not predict an earnings beat for MMC, as it has an Earnings ESP of -0.74% and a Zacks Rank of 4 (Sell) [4] - The combination of a positive Earnings ESP and a higher Zacks Rank typically increases the likelihood of an earnings beat, which is not applicable in this case [4] Revenue Growth Drivers - Revenue growth in Q3 is anticipated to be driven by strong performances in the Risk and Insurance services and Consulting segments, with significant contributions from Marsh and Guy Carpenter subdivisions [5] - The Risk and Insurance Services segment is expected to see a revenue increase of 14.9% year-over-year, while Marsh's revenues are projected to grow by 17.8% from $2.9 billion a year ago [6] Segment Performance - The Consulting segment's revenues are estimated to grow by 4.9% year-over-year, with adjusted operating income expected to reach $498.2 million, indicating a 4.2% increase from the previous year [8] - Organic revenue growth for the Risk and Insurance Services unit is projected at 5%, while Guy Carpenter's revenues are expected to grow by 5.2% [7] Expense Considerations - Increased operating expenses are anticipated, with a projected rise of 9.5% due to higher compensation, benefits, and other operating costs, alongside a significant increase in interest expenses by 55.9% year-over-year [9]

Summary of Birchtech Conference Call Company Overview - Birchtech is a clean coal and clean water technologies company focused on affordable contaminant removal [1] - The company develops activated carbon technologies and provides consulting services to coal-fired plants [1] Core Business and Financials - Established clean air technologies support over 40% of the U.S. coal-fired fleet since 2011, generating over $268 million in commercial business [2] - Strong IP portfolio with 35 patents and over $35 million secured in settlements with utilities [2] - Recent legal success includes a $57 million jury award in Delaware, with expectations for a final judgment of approximately $160 million [3] Growth Opportunities - Three primary growth opportunities identified: 1. Ongoing supply business projected to generate at least $18 million this year [4] 2. Potential value from IP prosecutions, estimated at $160 million [4] 3. Significant upside in the clean water business, driven by new regulations targeting PFOA and PFOS contaminants [4][5] Market Potential - The clean water market is anticipated to be a multi-billion dollar opportunity annually due to new regulations [5] - The company expects to ramp up revenues to $40 million by the end of 2026, depending on settlements and technology adoption [6] Infrastructure and Capabilities - Two new lab centers in North Dakota and Pennsylvania for analytical work and custom GAC material design [7] - Facilities are equipped to help utilities meet new EPA regulations for PFOA and PFOS removal [8] Technology and Innovation - Granular activated carbon (GAC) is highlighted as the best solution for addressing PFOS and PFOA challenges [9] - The company has developed a reactivation facility to restore spent carbons, offering cost-effective solutions for utilities [10] Strategic Approach - A three-part approach to growth includes strong supply business, successful IP claims, and expansion into the water market [11][12] - The company plans to uplist onto the New York Stock Exchange in the fall [11] Revenue Projections and Contracts - Average annual supply contracts range from $2 million to $3 million, with potential for significant growth as new licensing deals are secured [16] - The water business is expected to surpass the air side by 2027, with commercial deals anticipated this year [16] Competitive Advantage - Birchtech aims to disrupt the market by providing utilities with cost-effective options to meet new regulations, potentially reducing costs by 50% compared to traditional methods [25][27] Legal Proceedings - Ongoing legal cases are being handled by Judge Burke in Delaware, with expectations for a detailed judgment that will withstand appeals [29] This summary encapsulates the key points discussed during the Birchtech conference call, highlighting the company's strategic direction, market opportunities, and financial outlook.