Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
Wasatch Advisors reduced its position in Trex Company (NYSE:TREX) by 1,563,974 shares in the fourth quarter, an estimated $63.26 million trade based on quarterly average pricing, according to a February 12, 2026, SEC filing. According to a recent SEC filing dated February 12, 2026, Wasatch Advisors decreased its holding in Trex Company by 1,563,974 shares during the fourth quarter. The estimated v...
Wasatch Advisors reduced its position in Trex Company (NYSE:TREX) by 1,563,974 shares in the fourth quarter, an estimated $63.26 million trade based on quarterly average pricing, according to a February 12, 2026, SEC filing. According to a recent SEC filing dated February 12, 2026, Wasatch Advisors decreased its holding in Trex Company by 1,563,974 shares during the fourth quarter. The estimated value of shares sold was approximately $63.26 million, calculated using the quarter's average closing price. The quarter-end value of the fund's Trex position declined by $140.56 million, a figure that includes both trading activity and market price changes. Trex Company, Inc. is a leading manufacturer of wood-alternative decking and outdoor living products. The company leverages a vertically integrated model, combining proprietary manufacturing with a broad distribution network to maintain strong brand recognition and pricing power. Its focus on innovative, low-maintenance materials and diverse channel partnerships underpins its competitive position in the outdoor building materials market. Continue reading
Trevor Williams/DigitalVision via Getty Images Market review During the fourth quarter of 2025, technology stocks returned 3.4% (as reflected by the S&P North American Technology Sector Index) versus 2.7% for the S&P 500 Index. Tech stocks remained steady even though leadership broadened out and the debates around returns on artificial intelligence (AI) investments intensified. It was another stro...
Trevor Williams/DigitalVision via Getty Images Market review During the fourth quarter of 2025, technology stocks returned 3.4% (as reflected by the S&P North American Technology Sector Index) versus 2.7% for the S&P 500 Index. Tech stocks remained steady even though leadership broadened out and the debates around returns on artificial intelligence (AI) investments intensified. It was another strong year for technology, media, and telecommunications (TMT) stocks with the S&P North American Technology Index up more than 25% for the third year in a row, handily surpassing the broader S&P 500 Index. Below the headline number, semiconductors, semi cap equipment, and hardware outperformed. Investors have continued to reward companies directly supplying the AI build-out, especially names tied to memory and custom AI accelerators, including Broadcom Inc. and Advanced Micro Devices Inc., on the back of strong industry dynamics. With respect to memory chips, analysts are now calling for “a memory supercycle,” as demand and prices are rising simultaneously, providing a boost to profit margins and earnings. In contrast, the debate continues for software, an area the Fund remains underexposed. Elsewhere, the communication services sector was anchored by the strong performance of Alphabet Inc., while media and entertainment names were weak. Source: Bloomberg, unless otherwise noted. Within the Fund For 4Q25, Nomura Science and Technology Fund Institutional Class shares had a positive absolute return, but it underperformed the Fund's benchmark, the S&P North American Technology Sector Index, and was broadly in line with the S&P 500 Index. During the quarter, the underweight to software and services along with an overweight to hardware, semiconductor, and semi cap equipment contributed most. While underweight tech hardware, our stock selection within the space added value, with portfolio holdings Seagate Technology Holdings PLC ( STX ), Samsung Electronics Co. Ltd ( SSNLF ), and W...
The S&P 500 Index ($SPX ) (SPY ) today is up +0.17%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.64%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.47%. March E-mini S&P futures (ESH26 ) are up +0.20%, and March E-mini Nasdaq futures...
The S&P 500 Index ($SPX ) (SPY ) today is up +0.17%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.64%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +0.47%. March E-mini S&P futures (ESH26 ) are up +0.20%, and March E-mini Nasdaq futures...
Justin Sullivan/Getty Images News Nvidia ( NVDA ) is scheduled to announce Q4 earnings results on Wednesday, February 25th, after market close. The consensus EPS estimate is $1.54 (+73.0% Y/Y) and the consensus revenue estimate is $66.12B (+68.1% Y/Y). BNP Paribas expects a “classic beat/raise” for the quarter, but “not expecting to learn much incrementally to move the stock,” with the company res...
Justin Sullivan/Getty Images News Nvidia ( NVDA ) is scheduled to announce Q4 earnings results on Wednesday, February 25th, after market close. The consensus EPS estimate is $1.54 (+73.0% Y/Y) and the consensus revenue estimate is $66.12B (+68.1% Y/Y). BNP Paribas expects a “classic beat/raise” for the quarter, but “not expecting to learn much incrementally to move the stock,” with the company reserving any potential market-moving news for its GTC conference in March. “With no new product ramping in the quarter, we don't expect any change in [the gross margin] and EPS,” according to BNP analysts. Investors will be looking for signs of gross margin stability in the long run, given rising chip prices, and management commentary on the same, as well as production ramp-up plans for the next-generation Blackwell chips. The quarterly results and GTC event are likely to be “catalysts” for the stock, according to GF Securities. “We expect NVDA to launch [an] LPU (language processing unit) in the coming GTC event to strengthen its product portfolio in inferencing and also CPO for scale-out switches and scale-up (50/50 chance),” analyst Jeff Pu wrote in a note to clients. Oppenheimer reiterated its Outperform rating and $265 price target on the stock, saying the company could deliver a “typical” $2B–$3B revenue upside in Q4, driven by strong demand for GB300 Ultra systems and rising hyperscaler capex, which is projected to climb to about $650B in 2026 from over $400B in 2025. Nvidia’s ( NVDA ) growth rate is slowing compared to prior years, and market enthusiasm has tempered despite continued AI hardware leadership and profitability, according to SA contributor Jonathan Weber. On the other hand, a bearish analysis by Noah's Arc Capital Management sees private funding for data center GPU clusters potentially drying up, with major projects unable to secure financing or facing long power grid delays. Shares of the chipmaker giant have risen just over 48% in the past year. While W...
Weeks after shaking the markets with AI tools that raised fears about job losses, Anthropic is expanding again. The company is pushing its Claude AI into human resources, investment banking, and even design—partnering with firms like FactSet to automate high-level work. Bloomberg Tech co-host Ed Ludlow joined us with the latest. (Source: Bloomberg)
Weeks after shaking the markets with AI tools that raised fears about job losses, Anthropic is expanding again. The company is pushing its Claude AI into human resources, investment banking, and even design—partnering with firms like FactSet to automate high-level work. Bloomberg Tech co-host Ed Ludlow joined us with the latest. (Source: Bloomberg)
anutr tosirikul/iStock Editorial via Getty Images Considered little more than “an expensive hobby,” Lamborghini has scrapped plans for the all-electric Lanzador, opting instead to develop a plug-in hybrid model and maintain its focus on gas-powered supercars. In an interview with the UK’s Sunday Times, Lamborghini CEO Stephan Winkelmann said the “acceptance curve” for battery-powered cars in the c...
anutr tosirikul/iStock Editorial via Getty Images Considered little more than “an expensive hobby,” Lamborghini has scrapped plans for the all-electric Lanzador, opting instead to develop a plug-in hybrid model and maintain its focus on gas-powered supercars. In an interview with the UK’s Sunday Times, Lamborghini CEO Stephan Winkelmann said the “acceptance curve” for battery-powered cars in the company’s target market was flattening and “close to zero.” “EVs, in their current form, struggle to deliver this specific emotional connection,” Winkelmann said, referring to the distinctive sound and performance of a gas-powered Lamborghini. “Investing heavily in full-EV development when the market and customer base are not ready would be an expensive hobby and financially irresponsible towards shareholders, customers, and employees and their families,” Winkelmann added. While Lamborghini is abandoning the development of an all-electric vehicle, its Italian rival is moving forward with the development of an all-electric supercar, the Ferrari Luce, scheduled to be released in 2026. With a 1,000 horsepower permanent magnet engine, the Luce can go from 0 to 62 miles (99.78 km) in less than 3 seconds and reach a top speed of 193 mph (310.6 km/h). More importantly, Ferrari ( RACE ) claims the Luce will sound like a traditional supercar by using sensors that amplify the frequencies of the real mechanical sounds of the electric drivetrain rather than using pre-recorded, artificial ICE noises. With Lamborghini out of the EV race, shares of Ferrari ( RACE ) were as much as 5.5% higher on Tuesday, putting the stock back in the plus column for the year. More on Ferrari Ferrari N.V. (RACE) Q4 2025 Earnings Call Transcript Ferrari: Fourth Quarter Earnings Takes It Back To Square One Ferrari's Q4: From Overvalued To Investable Again (Upgrade) Ferrari's pricing power absorbs tariff turbulence Ferrari beats FY estimates
Earnings Call Insights: Douglas Dynamics (PLOW) Q4 2025 Management View Mark Van Genderen, President and CEO, opened the call by highlighting the company’s operational resilience, stating, "In 2025, we saw a significant increase in business activity across the company, and once again, it was the determination, strength and ingenuity of our people that allowed us to fully capitalize on these opport...
Earnings Call Insights: Douglas Dynamics (PLOW) Q4 2025 Management View Mark Van Genderen, President and CEO, opened the call by highlighting the company’s operational resilience, stating, "In 2025, we saw a significant increase in business activity across the company, and once again, it was the determination, strength and ingenuity of our people that allowed us to fully capitalize on these opportunities." Van Genderen emphasized robust financial performance in both the Work Truck Attachments and Work Truck Solutions segments, attributing fourth quarter improvements to "excellent performance at Solutions and the early onset of winter boosting demand at attachments." He underscored that the company increased its guidance ranges twice in 2025 and finished at the high end of the range. The CEO discussed recent strategic progress, including a sharpened focus on three pillars: optimize, expand, and activate. He noted, "The creation of centers of excellence within the Attachments segment was a great example where production has moved from brand focused to a specific product-focused manufacturing approach at each facility." Van Genderen announced the acquisition of Venco Venturo, the company’s first M&A in nine years, describing it as "a meaningful first step as we look to diversify and balance our portfolio over the long term." Sarah Lauber, Executive VP and CFO, stated, "Overall, our financial results were excellent. We closed out the year strong I want to commend everyone at the company on their hard work this year that really paid off." Outlook The company projects 2026 net sales between $710 million and $760 million, adjusted EBITDA from $100 million to $120 million, and adjusted earnings per share in the range of $2.25 to $2.85. Lauber explained that this guidance assumes "relatively stable economic and supply chain conditions, and we are assuming above-average snowfall in the first quarter and average snowfall in the fourth quarter." Management noted that the midpoi...
Earnings Call Insights: Genworth Financial, Inc. (GNW) Q4 2025 Management View Thomas McInerney, President, CEO & Director, reported net income of $2 million and adjusted operating income of $8 million for the quarter, with performance "driven primarily by strong performance from Enact, which contributed $146 million to Genworth's adjusted operating income, partially offset by a loss of $114 milli...
Earnings Call Insights: Genworth Financial, Inc. (GNW) Q4 2025 Management View Thomas McInerney, President, CEO & Director, reported net income of $2 million and adjusted operating income of $8 million for the quarter, with performance "driven primarily by strong performance from Enact, which contributed $146 million to Genworth's adjusted operating income, partially offset by a loss of $114 million in our Closed Block, primarily from LTC." Genworth's liquidity position reached $234 million in cash and liquid assets. McInerney highlighted shareholder value creation through Enact, noting "our approximately 81% ownership stake in Enact remains a key source of cash to Genworth with $407 million received in 2025, fueling our share repurchases and investments in CareScout." He stated, "since May 2022, we have repurchased approximately $828 million of stock as of February 20, reducing shares outstanding by about 24%." The CEO described CareScout as "our long-term growth strategy and our vision for how aging care should work in the future," emphasizing expansion to 790 home care providers and over 1,000 locations, covering 97% of the U.S. population aged 65 and older. CareScout facilitated 3,255 matches for the year, surpassing the original target. In Q4, Genworth closed the acquisition of Seniorly, with integration "expanding our reach into the direct-to-consumer market." Care Assurance, CareScout's stand-alone LTC insurance product, launched in 40 states with 4 more pending approval, "reestablishes our presence in the long-term care insurance market." McInerney stated, "Genworth secured $100 million of gross incremental LTC premium approvals in the fourth quarter and $209 million for the full year in 2025, with average premium increases of 35.6% and 38%, respectively." On the AXA litigation, McInerney said, "If the ruling is upheld, we expect our total recoveries to be approximately $750 million, subject to exchange rates at the time." These recoveries are "not factored ...
England captain Harry Brook reaches his first century in T20 internationals off 50 balls and becomes the second England player to score a hundred in a T20 World Cup chase, following Alex Hales' 116 v Sri Lanka in 2014.
England captain Harry Brook reaches his first century in T20 internationals off 50 balls and becomes the second England player to score a hundred in a T20 World Cup chase, following Alex Hales' 116 v Sri Lanka in 2014.
Shares of daytime diner First Watch Restaurant Group (NASDAQ: FWRG) are down 13% as of 11 a.m. ET on Tuesday after the company reported fourth-quarter earnings. While the market's reaction to First Watch's Q4 earnings and guidance was adverse, I think it may be an overreaction. The company's 20% sales growth matched Wall Street's expectations, and its earnings per share of $0.24 tripled analysts' ...
Shares of daytime diner First Watch Restaurant Group (NASDAQ: FWRG) are down 13% as of 11 a.m. ET on Tuesday after the company reported fourth-quarter earnings. While the market's reaction to First Watch's Q4 earnings and guidance was adverse, I think it may be an overreaction. The company's 20% sales growth matched Wall Street's expectations, and its earnings per share of $0.24 tripled analysts' expectations. For the full year, First Watch grew its store count by 11% and delivered same-store sales (SSS) growth of 3.6%. Despite these exceptional figures, the company's conservative guidance worried the market. Management guided for 2026 revenue growth of 12% to 14%, while SSS would increase only 1% to 3% -- both declines from 2025. Similarly, the company guided for its store count to grow 9%, compared with historical double-digit growth. Noting this soft guidance, Chief Executive Officer Chris Tomasso explained, "I do think that the entire category has reason to be cautious here in February about what's gonna ensue for the balance of the year." While consumer spending remains weak, First Watch has held up well in this pressured environment. Black Box Intelligence estimated that same-store traffic declined 1.9% in 2025, but First Watch delivered 0.5% same-store traffic growth, continuing its long-term outperformance on this metric. Image source: Getty Images. Continue reading
Meta will deploy data center gear based on processors from AMD in a deal worth “double-digit billions” of dollars per gigawatt. Bloomberg’s Ian King and Riley Griffin join “Bloomberg Tech” to discuss what the deal means for each of the companies. (Source: Bloomberg)
Meta will deploy data center gear based on processors from AMD in a deal worth “double-digit billions” of dollars per gigawatt. Bloomberg’s Ian King and Riley Griffin join “Bloomberg Tech” to discuss what the deal means for each of the companies. (Source: Bloomberg)
Look at the two air taxi designs above. Look similar? The company that designed the one on the left sure thinks so, which is why its accusing the firm that designed the one of the right of patent infringement. On Monday, Archer Aviation filed a complaint in the US District Court Eastern District of Texas accusing rival Vertical Aerospace of copying its "Midnight" aircraft design for its own "Valo"...
Look at the two air taxi designs above. Look similar? The company that designed the one on the left sure thinks so, which is why its accusing the firm that designed the one of the right of patent infringement. On Monday, Archer Aviation filed a complaint in the US District Court Eastern District of Texas accusing rival Vertical Aerospace of copying its "Midnight" aircraft design for its own "Valo" vehicle. Archer wants to block Vertical from using the allegedly copied designs, as well as several other patents the company claims have been infringed upon. "Vertical has knowingly, willfully, and in reckless disregard leveraged and exploited … Read the full story at The Verge.