Group 1 - Leidos Holdings, Inc. (NYSE:LDOS) is recognized as one of the best cybersecurity stocks to buy in 2026, but analysts have recently lowered their price targets, with TD Cowen reducing it from $210 to $190 and UBS from $216 to $204 while maintaining a Hold rating [1][2] - The demand for Leidos' Veterans Benefits Administration medical exam business remains strong; however, increased competition from a fourth provider poses a threat to the company's market position, especially with major contracts up for rebid in 2027 [2][3] - UBS anticipates headwinds for Leidos in 2026, projecting that margins will remain below consensus but above the long-term historical average, indicating potential challenges ahead for the company [3] Group 2 - The Veterans Benefits Administration is a significant contributor to Leidos' profits, meaning any negative impact from increased competition could substantially affect earnings [2] - The company specializes in digital modernization, cybersecurity, logistics, and defense and mission systems for federal agencies, military, and intelligence clients, positioning it within a critical sector of government contracting [3]

Core Insights - Walmart has returned a total of $132 billion to its investors over the past ten years through dividends and buybacks, ranking it as the 13th highest in shareholder returns in history [2][3] - The company has achieved this while expanding revenue, investing in e-commerce, automation, and logistics, and maintaining a conservative balance sheet [3] - Dividends and share repurchases indicate management's confidence in financial stability and sustainable cash flows [4] Financial Metrics - Walmart's revenue growth stands at 4.3% for the last twelve months (LTM) and an average of 5.4% over the past three years [8] - The company has a free cash flow margin of approximately 2.2% and an operating margin of 4.1% LTM [8] - Walmart's stock trades at a price-to-earnings (P/E) ratio of 41.7 [8] Market Position - The total capital returned to shareholders as a percentage of market cap appears inversely related to growth potential for reinvestments, with companies like Meta and Microsoft showing faster growth but returning a smaller portion to shareholders [5] - High capital returns raise questions about potential compromises in growth and fundamentals [6]

Core Viewpoint - Mullen Group Ltd. anticipates 2026 will be a record year, driven by a comprehensive analysis of supply and demand fundamentals across its business segments and a focus on cost management and technology investment [2][3]. 2025 Update - The year 2025 was challenging due to trade disputes and tariff issues, leading to a soft private sector capital investment environment and minimal growth in the Canadian economy. Mullen Group's consolidated revenues for 2025 are expected to be around $2.1 billion, with an adjusted OIBDA of approximately $323 million, lower than planned due to various market pressures [3][6]. 2026 Business Plan - Mullen Group aims to achieve consolidated revenues between $2.3 billion and $2.4 billion in 2026, with an adjusted OIBDA target of $365 million, representing 15.7% of consolidated revenues. The business plan includes capital expenditures of $85 million [7][8]. Segment Highlights - The business segments are projected to perform as follows: - Less-Than-Truckload: Revenue of $800 million, adjusted OIBDA of $140 million, operating margin of 17.5%, and capital expenditures of $30 million - Logistics & Warehousing: Revenue of $840 million, adjusted OIBDA of $145 million, operating margin of 17.3%, and capital expenditures of $20 million - Specialized & Industrial Services: Revenue of $450 million, adjusted OIBDA of $85 million, operating margin of 18.9%, and capital expenditures of $20 million - U.S. & International Logistics: Revenue of $230 million, adjusted OIBDA of $15 million, operating margin of 6.5%, with no capital expenditures planned [8]. Balance Sheet and Liquidity Highlights - Mullen Group ended 2025 with $144.6 million in cash and $525 million in undrawn bank lines, positioning the company well for future growth. The 2026 plan includes generating cash in excess of operating needs, with expected cash commitments totaling approximately $235 million [12][13]. Strategic Priorities - The company has established key priorities for 2026, including: 1. Prioritizing margin over market share 2. Pursuing acquisitions to enhance growth 3. Investing in technology to improve operational efficiency [9][11].

Core Viewpoint - Mullen Group Ltd. anticipates 2026 will be a record year, driven by improved economic conditions and strategic investments in technology and acquisitions [2][5]. 2025 Update - 2025 was challenging due to trade disputes and tariff issues, leading to a stagnant Canadian economy with no growth [3]. - Mullen Group's preliminary consolidated revenues for 2025 are expected to be around $2.1 billion, with an adjusted operating income (OIBDA) of approximately $323 million, lower than planned due to various market pressures [3]. 2026 Business Plan - The company aims to achieve consolidated revenues between $2.3 billion and $2.4 billion and generate an adjusted OIBDA of $365 million, representing 15.7% of consolidated revenues [6][7]. - The trucking industry is expected to experience a tightening cycle, improving freight demand and pricing due to changes in supply and demand fundamentals [5][22]. - Mullen Group is well-positioned to benefit from government infrastructure projects once they transition from planning to execution [5][22]. Segment Highlights - The 42 business units within Mullen Group's portfolio are expected to outperform last year's results, particularly after accounting for acquisitions made in 2025 [5]. - Specific revenue and adjusted OIBDA targets for various segments include: - Less-Than-Truckload: $800 million revenue, $140 million OIBDA - Logistics & Warehousing: $840 million revenue, $145 million OIBDA - Specialized & Industrial: $450 million revenue, $85 million OIBDA - U.S. & International Logistics: $230 million revenue, $15 million OIBDA [7]. Financial Priorities - The company plans to prioritize margin over market share, focusing on generating cash in excess of operating needs [8][10]. - Expected cash commitments for 2026 include approximately $50 million for interest payments, $50 million for cash taxes, $55 million for lease payments, $85 million for capital expenditures, and $80 million for dividends [10][22]. Investment Strategy - Mullen Group intends to invest $85 million in new operating assets and pursue strategic acquisitions to enhance profitability and expand its network [11][12]. - The focus will be on integrating robotics and improving data management tools to drive productivity [12].

Distribution Announcement - Granite Real Estate Investment Trust has declared a distribution of CDN $0.2958 per unit for January 2026, payable on February 13, 2026, to unitholders of record as of January 30, 2026 [1] Tax Information - Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes, with a qualified notice to be issued to the Depository Trust & Clearing Corporation after the record date [2] Company Overview - Granite is a Canadian-based REIT focused on the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties in North America and Europe, owning 147 investment properties with approximately 62.6 million square feet of leasable area [3]

Core Viewpoint - Mullen Group Ltd. is set to release its 2025 Year-End and Fourth Quarter earnings results on February 12, 2026, at 6:00 a.m. ET, followed by a conference call at 10:00 a.m. ET [1] Group 1: Company Overview - Mullen Group is a public company with a significant history of acquiring firms in the transportation and logistics sectors [2] - The company boasts one of the largest portfolios of logistics companies in North America, offering a variety of services including less-than-truckload, customs brokerage, truckload, warehousing, logistics, transload, oversized, third-party logistics, and specialized hauling transportation [2] - Mullen Group also provides specialized services related to energy, mining, forestry, and construction industries in western Canada, such as water management, fluid hauling, and environmental reclamation [2] Group 2: Stock Information - Mullen Group is listed on the Toronto Stock Exchange under the symbol "MTL" [3] - Additional information can be accessed on the company's website or its issuer profile on SEDAR+ [3] Group 3: Contact Information - Key executives include Mr. Murray K. Mullen (Chair, Senior Executive Officer and President), Mr. Richard J. Maloney (Senior Operating Officer), Mr. Carson P. Urlacher (Senior Financial Officer), and Ms. Joanna K. Scott (Senior Corporate Officer) [4] - The corporate office is located at 121A – 31 Southridge Drive, Okotoks, Alberta, Canada T1S 2N3, with a contact telephone number of 403-995-5200 [4]

Group 1: Fund Performance - The Aristotle Small Cap Equity Fund delivered a return of 3.16% in Q3 2025, underperforming the Russell 2000 Index, which had a total return of 12.39% [1] - The Russell 2000 Index reached its first all-time high since November 2021, driven by a favorable macroeconomic backdrop [1] Group 2: Company Highlight - Knight-Swift Transportation Holdings Inc. - Knight-Swift Transportation Holdings Inc. (NYSE:KNX) is a freight transportation services provider with a one-month return of 19.09% and a 52-week gain of 1.25% [2] - As of December 18, 2025, Knight-Swift's stock closed at $52.60 per share, with a market capitalization of $8.539 billion [2] - The company is expected to benefit from increased freight transportation demand and a subdued supply of transportation providers, leading to potential revenue and earnings growth [3] Group 3: Hedge Fund Interest - Knight-Swift Transportation Holdings Inc. was held by 44 hedge fund portfolios at the end of Q3 2025, an increase from 43 in the previous quarter [4] - Despite its potential, some analysts believe that certain AI stocks may offer greater upside potential and carry less downside risk compared to Knight-Swift [4]

Distribution Announcement - Granite Real Estate Investment Trust has declared a distribution of CDN $0.2958 per unit for December 2025, payable on January 15, 2026, to unitholders of record as of December 31, 2025 [1] Tax Information - The company confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes, with a qualified notice to be issued to the Depository Trust & Clearing Corporation after the record date [2] Company Overview - Granite is a Canadian-based Real Estate Investment Trust (REIT) focused on the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties in North America and Europe, owning 140 investment properties with approximately 60.9 million square feet of leasable area [3]

Core Viewpoint - Granite Real Estate Investment Trust intends to voluntarily delist its trust units from the New York Stock Exchange (NYSE) and deregister from its reporting obligations under the United States Securities Exchange Act of 1934, while maintaining its listing on the Toronto Stock Exchange (TSX) [1][2][3]. Group 1 - The decision to delist from the NYSE is driven by consistently low trading volumes, with the NYSE accounting for less than 1% of Granite's global average daily trading volume [2][3]. - The company aims to reduce operating costs, achieve administrative efficiencies, and simplify its structure by maintaining only the TSX listing [2][3]. - Granite plans to file a Form 25 with the SEC on or about December 22, 2025, with the delisting expected to be effective around January 1, 2026 [3]. Group 2 - Following the delisting, Granite will continue to meet its SEC reporting obligations until it can terminate the registration of its units under SEC rules [3]. - The company has applied for its units to be quoted on the OTCQX platform, with trading expected to begin on or about December 23, 2025 [4]. - Unitholders will not need to exchange their unit certificates or take any action regarding the OTC Markets quotation [4]. Group 3 - Granite is a Canadian-based Real Estate Investment Trust (REIT) focused on the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties in North America and Europe, owning 140 investment properties with approximately 60.9 million square feet of leasable area [6].

Core Viewpoint - Mullen Group Ltd. has successfully completed the redemption of its 5.75% convertible unsecured subordinated debentures, which were due on November 30, 2026, on December 1, 2025, marking a significant financial maneuver for the company [1][3]. Redemption Details - On October 21, 2025, Mullen Group issued a notice to redeem the outstanding debentures at their principal amount plus accrued interest, with a conversion option available until November 21, 2025 [2]. - A total of $117,899,000 of the debentures were converted into common shares prior to the redemption [2]. - On the redemption date, holders who did not convert received $1,000 per debenture, which included their principal and accrued interest, with Mullen Group redeeming a total of $7,101,000 in principal amount [3]. Company Overview - Mullen Group is a public company with a strong history in acquiring transportation and logistics companies, boasting one of the largest logistics portfolios in North America [4]. - The company offers a diverse range of services including less-than-truckload, customs brokerage, truckload, warehousing, logistics, and specialized hauling, particularly in sectors like energy, mining, forestry, and construction [4].