Core Insights - February same-store sales increased by 4% year-over-year, showing a durable trend in retail sales growth [5][7] - The average price for the top 500 items rose by 2.7% year-over-year, marking a significant increase from the previous month's 1.2% [6][8] Sales Performance - Same-store sales increased by 4.4% compared to January 2026, following a decrease of 6.6% in January compared to December 2025 [6] - For the three months ending February 28, 2026, same-store sales rose by 4.3% compared to the same period last year [6][10] Units Sold and Transactions - Units sold decreased by 0.2% year-over-year, contrasting with a 2.9% increase in January 2026 [6] - The number of baskets (transactions) per store decreased by 0.8% year-over-year, although there was a 3.7% increase compared to January 2026 [6] Regional Performance - Sales growth was particularly strong in Midwestern cities like Chicago and Detroit, while growth slowed along the East Coast, indicating the influence of regional factors such as weather [8] Transaction Data - The NRS retail network included approximately 38,700 active terminals across 33,600 stores as of February 28, 2026 [2] - In February 2026, NRS' POS terminals processed $1.9 billion in sales, reflecting a 14% year-over-year increase across 122 million transactions [11]

Core Viewpoint - Chevron is positioned advantageously amid geopolitical shifts, outperforming the market with a 24.6% year-to-date increase in shares [1] Group 1: Chevron - Chevron has significantly benefited from rising oil prices due to geopolitical tensions, with Brent crude surpassing $100 per barrel [5][7] - The company has a strong dividend history, increasing its dividend for 38 consecutive years, currently yielding 3.7% with an annual payout of $7.12 per share [8] - Institutional demand for Chevron remains robust, with nearly $50 billion in inflows over the past year compared to $13 billion in outflows [8] - Chevron is viewed as a defensive energy play, combining strong sector momentum with favorable macroeconomic conditions [9] Group 2: Clorox - Clorox is recognized as a defensive stock in the consumer staples sector, providing stability during market turbulence [10] - The company has a diverse product portfolio, including household cleaning products and food items, which supports consistent demand [11] - Clorox has increased its dividend for 47 consecutive years, currently offering a yield of approximately 4.5% [12][13] Group 3: Energy Transfer - Energy Transfer operates as a midstream energy provider, focusing on the transportation and storage of hydrocarbons, which results in stable cash flows [15][16] - The stock currently offers a dividend yield of 7.2%, significantly above the S&P 500 average, and has a forward P/E ratio around 11 [16] - Analysts have a Moderate Buy rating on Energy Transfer, with a price target suggesting about 13% upside potential [17] Group 4: Global Net Lease - Global Net Lease operates as a REIT focused on single-tenant commercial properties, providing predictable rental income through long-term leases [18] - The stock yields 8.2%, making it one of the highest-yielding options, and has shown positive momentum with a breakout earlier this year [19][20] - Analyst sentiment is bullish, with a Buy consensus rating and a price target implying 8% upside potential [20] Group 5: Altria - Altria is a defensive income play in the tobacco sector, with demand for its products remaining stable regardless of economic conditions [21] - The stock has risen nearly 15% year-to-date and trades at an attractive valuation with a P/E ratio of 16 [22] - Altria offers a dividend yield of 6.4% and has a strong dividend increase track record of 56 years [23] Group 6: Income as a Volatility Buffer - High-yield dividend stocks can provide stability and income during uncertain market conditions, helping to cushion drawdowns [24] - Companies like Chevron, Clorox, Energy Transfer, Global Net Lease, and Altria combine income generation with resilient business models [25]

Westin: This is a story about the many faces of a single vice. For more than a century, tobacco has been one of the most regulated industries in the global economy. And with every new regulation, it's come back in a different form.Now, tobacco firms are adapting again sidelining cigarettes in favor of smoke-free products. They call it "harm reduction." And are finding some business success. But critics say the long-term health effects are still unknown.Our colleague, Michael McKee, takes us to Switzerland. ...

Core Insights - Broyhill Asset Management's fourth-quarter 2025 investor letter emphasizes extreme market concentration and a strong focus on artificial intelligence, which has left many sectors behind [1] - The portfolio has been significantly reshaped and now trades at a substantial discount compared to the broader market, with the firm believing it will benefit as market fundamentals improve [1] - The portfolio declined by 1.4% for the year, underperforming the MSCI ACWI's 22.9% return, indicating a market dominated by momentum rather than fundamentals [1] Company Highlights - Philip Morris International Inc. (NYSE:PM) is highlighted as one of the largest contributors to Broyhill's portfolio, benefiting from the explosive growth of its product Zyn [2][3] - As of February 25, 2026, Philip Morris stock closed at $189.80 per share, with a one-month return of 6.70% and a 52-week gain of 23.23% [2] - The market capitalization of Philip Morris International Inc. is reported at $295.458 billion [2] Investment Perspective - Broyhill Asset Management identifies Philip Morris as a durable business with identifiable catalysts that the market has mispriced, validating the thesis that the transition away from combustible cigarettes will drive a re-rating for the company [3] - Despite acknowledging the potential of Philip Morris as an investment, the firm suggests that certain AI stocks may offer greater upside potential and carry less downside risk [4]

Core Viewpoint - Philip Morris International Inc. is a leading multinational tobacco and nicotine products company with a market cap of $253.1 billion, operating in over 180 markets worldwide [1] Financial Performance - Analysts expect Philip Morris to report an adjusted EPS of $1.67 for fiscal Q4 2025, reflecting a 7.7% increase from $1.55 in the same quarter last year [2] - For fiscal 2025, the expected adjusted EPS is $7.50, which is a 14.2% increase from $6.57 in fiscal 2024, with projections of an 11.3% annual rise to $8.35 in FY2026 [3] Stock Performance - Over the past 52 weeks, shares of Philip Morris have surged by 33.4%, outperforming the S&P 500 Index's 17.7% rise and the Consumer Staples Select Sector SPDR Fund's 2% increase [4] Dividend Announcement - On December 12, the Board of Directors declared a quarterly dividend of $1.47 per common share, scheduled for payment on January 14, 2026, reinforcing investor confidence in the company's cash generation and dividend sustainability [5] Analyst Ratings - The consensus view among analysts is highly optimistic, with a "Strong Buy" rating overall; nine out of 14 analysts recommend "Strong Buy," two suggest "Moderate Buy," and three advise "Hold" [6] - The average analyst price target of $186.92 indicates a potential upside of 14.9% from current market prices [6]

Core Insights - The article emphasizes the importance of intentional spending to build wealth and financial security by avoiding certain purchases that do not contribute to financial goals [1] Group 1: Unnecessary Purchases - Alcohol, recreational drugs, and cigarettes are highlighted as expenses that do not add value to life, with average monthly costs of over $80 for alcohol and around $200 for smoking [2][3] - Car financing is identified as a significant financial burden, with over 80% of new car buyers and 37% of used car buyers using loans, resulting in average monthly payments of $748 for new cars and $532 for used cars [4][5] - The newest iPhone is pointed out as a common unnecessary purchase, where consumers often overlook the total cost due to financing options, leading to interest payments on a depreciating asset [6][7]

Core Insights - The study suggests that grocery receipts could potentially help build credit files for "credit invisible" borrowers, who currently lack credit records [1][2] - Researchers have found a correlation between grocery shopping behavior and bill payment reliability, indicating that shopping habits may serve as alternative data for credit scoring [3][4] Group 1: Research Findings - The research utilized data from Peruvian consumers, combining loyalty transactions, credit card repayment data, and administrative records to analyze the predictive power of grocery shopping behavior on payment reliability [3] - Consumers who purchased healthier foods were more likely to pay their bills on time, while those who bought less healthy items showed a higher likelihood of missed payments [4] - Consistent shopping patterns, such as shopping on the same day each week and spending similar amounts, were linked to timely bill payments [5] Group 2: Implications for Credit Scoring - The simulation conducted by researchers indicated that incorporating shopping data could increase credit approval rates for borrowers without credit files from 16% to between 31% and 48% [6] - For consumers with established credit histories, adding shopping data had minimal impact on approval outcomes, suggesting its primary use may be in identifying safe candidates for new credit lines [6]

Core Viewpoint - Altria Group, Inc. (NYSE:MO) is recognized for its strong long-term performance in the stock market, despite the analyst's personal aversion to tobacco stocks [1][2]. Company Overview - Altria Group, Inc. produces and sells a variety of tobacco and nicotine products, including cigarettes, cigars, smokeless tobacco, nicotine pouches, and e-vapor products [2]. Investment Perspective - The stock has shown superior returns compared to many others, as noted during the analysis for "How to Make Money in Any Market" [1][2]. - Despite acknowledging Altria's investment potential, the analyst expresses a preference for other stocks, particularly in the AI sector, which are believed to offer greater upside potential and less downside risk [2].

Group 1 - Altria is recognized as a top stock for investors seeking high yield while protecting capital, particularly due to its focus on the U.S. market since its 2008 spinoff from Philip Morris International [1] - The company is transitioning from traditional cigarettes to smoke-free products, including vapes and nicotine pouches, indicating a strategic pivot in its product offerings [1] - Altria's stock has shown improved price performance, earning upgrades in its Relative Strength Rating, reflecting positive market sentiment [3] Group 2 - Altria's stock offers a dividend yield of 7.1%, positioning it as a competitive option among high-yield stocks [3] - The company has successfully mitigated tariff risks associated with its products, enhancing its market stability [3] - Altria has joined an elite group of stocks with Relative Strength Ratings over 90, showcasing its strong market performance [3]

Company Overview - Altria is a consumer staples company primarily focused on cigarette production, which is distinct from other consumer staples companies that produce essential goods like food and toiletries [1][2] - The company has a high dividend yield of 7.4%, attracting dividend-focused investors [1] Market Dynamics - Cigarettes are not considered a necessity, but their addictive nature leads to consistent demand, even during economic downturns [2] - Historical data shows that during the pandemic in 2020, cigarette volumes only declined by 0.4%, but subsequent years have seen significant volume declines [3][5] Volume Decline - Altria's cigarette volumes have experienced a troubling trend: a 7.5% decline in 2021, 9.7% in 2022, 9.9% in 2023, and a projected 10.2% drop in 2024 [5] - The ongoing decline in cigarette volume poses a significant risk to the company's financial health and dividend sustainability [6] Pricing Strategy - The company has been offsetting volume declines through price increases, which has allowed it to maintain and increase its dividend [6] - However, there are concerns that continued price hikes may exacerbate volume declines in the long run [6] Strategic Challenges - Altria has attempted to diversify its business beyond cigarettes, investing in vaping and marijuana, but these efforts have not yielded successful outcomes [7] - The company's latest investment in NJOY is facing legal challenges, further complicating its growth strategy [7] Investment Considerations - Altria is struggling with its core cigarette business and has not effectively transitioned to new growth platforms, making it a risky investment for dividend-focused investors [8]