Sundry Photography Snowflake ( SNOW ) was in the spotlight on Thursday after Wells Fargo said a recent survey showed an uptick in consumption trends at the data warehousing company. “Our 4Q survey indicates an uptick in consumption trends among large customers vs. 3Q and improvement in future outlooks,” analyst Ryan MacWilliams wrote in a note to clients. “Views around AI skewed more positive, wit...
Sundry Photography Snowflake ( SNOW ) was in the spotlight on Thursday after Wells Fargo said a recent survey showed an uptick in consumption trends at the data warehousing company. “Our 4Q survey indicates an uptick in consumption trends among large customers vs. 3Q and improvement in future outlooks,” analyst Ryan MacWilliams wrote in a note to clients. “Views around AI skewed more positive, with qualitative commentary pointing to AI initiatives turning into greater SNOW spend.” MacWilliams has an Overweight rating and a $290 price target on Snowflake. Delving deeper, some of the highlights of the survey include an uptick in indications for Snowflake-related spending growth of between 10% and 25% next year, which MacWilliams said was “the most positive read in 5 quarters.” Other highlights include more indications of Snowflake being used for generative artificial intelligence strategies; and continued share gains, as customers who are also using competitor Databricks, intend to boost Snowflake-related spending over the next two years. “We believe SNOW continues to look positioned to capture greater consumption from new AI workloads and grow within existing customers,” MacWilliams added. Snowflake is set to report fourth-quarter results after the close of trading on Feb. 25. A consensus of analysts expects the firm to earn an adjusted $0.27 per share on $1.26B in revenue. More on Snowflake Snowflake: The AI Data Cloud Inflection Point (Q4 Earnings Preview) Snowflake Stands Apart From SaaSpocalypse Fears (Upgrade) Snowflake: Transition Story Priced As Growth, But Momentum Is Missing SA analyst upgrades/downgrades: MSFT, ABNB, SNOW, ENB Snowflake, MongoDB, Datadog, JFrog likely to rise after 'SaaSpocalypse' ends: BofA
Texas Attorney General Ken Paxton is suing TP-Link over claims that the router-maker is misleading customers about its ties to China. In a lawsuit filed this week , Paxton claims TP-Link is "masking its Chinese connections," while serving as "an open window for Chinese-sponsored threat actors and Chinese intelligence agencies." TP-Link was founded in China, but has attempted to distance itself fro...
Texas Attorney General Ken Paxton is suing TP-Link over claims that the router-maker is misleading customers about its ties to China. In a lawsuit filed this week , Paxton claims TP-Link is "masking its Chinese connections," while serving as "an open window for Chinese-sponsored threat actors and Chinese intelligence agencies." TP-Link was founded in China, but has attempted to distance itself from the country in recent years. In 2018, the company established a manufacturing facility in Vietnam, and then centralized its global headquarters in the US in 2024, forming TP-Link Systems. Though TP-Link markets its routers and other products as " … Read the full story at The Verge.
Optimist Fund declined 8.5% in the fourth quarter of 2025, underperforming the benchmark's 2.0% fall. The fund exited monday.com ( MNDY ) and Fiverr International ( FVRR ) during the quarter. Optimist Fund initiated a new position in Root ( ROOT ) and Affirm ( AFRM ), and increased its investment in DiscoverIE. Source: Fund Letter More on Affirm, Fiverr International Fiverr: The Bleeding Will Be T...
Optimist Fund declined 8.5% in the fourth quarter of 2025, underperforming the benchmark's 2.0% fall. The fund exited monday.com ( MNDY ) and Fiverr International ( FVRR ) during the quarter. Optimist Fund initiated a new position in Root ( ROOT ) and Affirm ( AFRM ), and increased its investment in DiscoverIE. Source: Fund Letter More on Affirm, Fiverr International Fiverr: The Bleeding Will Be Tough To Stop As Growth Slows (Rating Downgrade) Fiverr International Ltd. (FVRR) Q4 2025 Earnings Call Transcript Affirm: The Stock Keeps Dropping, Free Cash Flow Jumps Higher Fiverr outlines 2026 revenue range of $380M–$420M as company pivots to high-value, AI-driven work Fiverr International slides to a multi-year low as AI disruption takes its toll
Super Micro Computer (NASDAQ: SMCI) is seeing massive demand for AI infrastructure, yet margin pressure and trust issues continue to weigh on the stock. I break down what went wrong, what must improve, and what could unlock meaningful upside from here.
Super Micro Computer (NASDAQ: SMCI) is seeing massive demand for AI infrastructure, yet margin pressure and trust issues continue to weigh on the stock. I break down what went wrong, what must improve, and what could unlock meaningful upside from here.
If you have $1,000 to invest, it can be daunting to find the right stock to get started investing. Thankfully, I’m confident the market is handing investors an opportunity at the beginning of 2026 that could be the perfect stock to buy whether you have $1,000, $5,000, or $10,000 or more to invest. That stock ... The Best Stocks to Buy with $1,000 in February: Why NVIDIA Is a Steal
If you have $1,000 to invest, it can be daunting to find the right stock to get started investing. Thankfully, I’m confident the market is handing investors an opportunity at the beginning of 2026 that could be the perfect stock to buy whether you have $1,000, $5,000, or $10,000 or more to invest. That stock ... The Best Stocks to Buy with $1,000 in February: Why NVIDIA Is a Steal
(RTTNews) - HOCHTIEF Group (HOT.DE, 1HOT.MI, HOCFF) Thursday reported fiscal 2025 nominal net profit of 902.3 million euros, up 16.3% from 775.6 million euros last year. Nominal earnings per share were 11.99 euros, up from 10.31 euros last year.
(RTTNews) - HOCHTIEF Group (HOT.DE, 1HOT.MI, HOCFF) Thursday reported fiscal 2025 nominal net profit of 902.3 million euros, up 16.3% from 775.6 million euros last year. Nominal earnings per share were 11.99 euros, up from 10.31 euros last year.
The artificial-intelligence trade is upending the long-standing pecking order of Big Tech valuations as investors hunt for the next big winners and losers.
The artificial-intelligence trade is upending the long-standing pecking order of Big Tech valuations as investors hunt for the next big winners and losers.
Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Amazon.com Inc (Symbol: AMZN), where a total volume of 329,418 contracts has been traded thus far today, a contract volume which is representative of approximatel
Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Amazon.com Inc (Symbol: AMZN), where a total volume of 329,418 contracts has been traded thus far today, a contract volume which is representative of approximatel
Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Microsoft Corporation (Symbol: MSFT), where a total volume of 345,991 contracts has been traded thus far today, a contract volume which is representative of appro
Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Microsoft Corporation (Symbol: MSFT), where a total volume of 345,991 contracts has been traded thus far today, a contract volume which is representative of appro
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Micron Technology Inc. (Symbol: MU), where a total of 231,105 contracts have traded so far, representing approximately 23.1 million underlying shares. That amounts to abo
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Micron Technology Inc. (Symbol: MU), where a total of 231,105 contracts have traded so far, representing approximately 23.1 million underlying shares. That amounts to abo
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Coinbase Global Inc (Symbol: COIN), where a total of 72,441 contracts have traded so far, representing approximately 7.2 million underlying shares. That amounts to about
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Coinbase Global Inc (Symbol: COIN), where a total of 72,441 contracts have traded so far, representing approximately 7.2 million underlying shares. That amounts to about
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Carvana Co (Symbol: CVNA), where a total of 141,756 contracts have traded so far, representing approximately 14.2 million underlying shares. That amounts to about 296.7%
Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Carvana Co (Symbol: CVNA), where a total of 141,756 contracts have traded so far, representing approximately 14.2 million underlying shares. That amounts to about 296.7%
All the talk going into next week will be about the importance of Nvidia 's results and the impact that it could have on the market. That's no secret. I gave my thoughts to Morgan Brennan earlier in the week (literally early) on "Worldwide Exchange." The market recently hit some nice numerical milestones — S & P 7,000, Dow 50,000 — but those rallies were short lived and didn't push much higher. Th...
All the talk going into next week will be about the importance of Nvidia 's results and the impact that it could have on the market. That's no secret. I gave my thoughts to Morgan Brennan earlier in the week (literally early) on "Worldwide Exchange." The market recently hit some nice numerical milestones — S & P 7,000, Dow 50,000 — but those rallies were short lived and didn't push much higher. The S & P 500 only reached the 7,000 milestone intraday and has struggled to close above that level, receding each time it has neared it. The market breadth has been strong, but the leadership is wrong. That's the bigger story. Let's simplify it. What's going on? Let's look at historical cycles to see the normal ebbs and flows of market rotation. This is from the CMT curriculum and shared by my friends at StockCharts. What are the three leading sectors for 2026? If you guessed energy, materials and staples, you would be correct. They have fantastic gains of 22.5%, 16.9% and 13.3%, respectively so far for 2026. These sectors tend to lead near market tops, hence not ideal leadership. Will this be the top? I don't think so, but a changing of the guard and a pause seems to be in order. Past precedent One of the things we discussed coming into the year was the importance of the presidential cycle. We are in year two — a midterm election year — and that tends to be the most challenging time for markets. When looking back at Trump 1.0 in 2018, we see similar characteristics. What were three of the leading sectors that year? Health care, utilities and real estate. Guess what sectors just lifted their heads over the past few weeks? Yep… Health care, utilities and real estate. Last week utilities rallied over 8% and are sitting on the cusp of a major breakout. Real estate jumped as well. Just two weeks ago, it was 20% below its all-time high and now it's coming back to life. The sector is up 7.4% for 2026 and looks to continue its climb. Then there is health care. The next to move? In ...
Netflix co-CEO Ted Sarandos says the company’s bid to acquire Warner Bros. Discovery offer great value to Warner Bros. shareholders and great long-term value to Netflix. He speaks with Ed Ludlow and Lucas Shaw on Bloomberg Television. (Source: Bloomberg)
Netflix co-CEO Ted Sarandos says the company’s bid to acquire Warner Bros. Discovery offer great value to Warner Bros. shareholders and great long-term value to Netflix. He speaks with Ed Ludlow and Lucas Shaw on Bloomberg Television. (Source: Bloomberg)
Tara Moore Credit card trusts saw delinquency rates rise modestly in January for each of the seven banks tracked by Seeking Alpha in its monthly roundup, while net charge-off rates were a mixed lot. Taking a long view, though, the delinquency and charge-off numbers still appear stronger than the metrics from January 2020, before the pandemic roiled the economy. Either consumers paid down some debt...
Tara Moore Credit card trusts saw delinquency rates rise modestly in January for each of the seven banks tracked by Seeking Alpha in its monthly roundup, while net charge-off rates were a mixed lot. Taking a long view, though, the delinquency and charge-off numbers still appear stronger than the metrics from January 2020, before the pandemic roiled the economy. Either consumers paid down some debt or credit card lenders pulled back on lending last month. Total loans from the seven trusts were $521.4B, down 2.3% from December's total. The average delinquency rate in January increased to 2.81% from 2.75% in December and from 2.58% a year ago. The average net charge-off rate of 3.53% rose from 3.27% in the prior month and dropped from 4.11% in January 2025. Bread Holdings ( BFH ), though, can skew the average because its net charge-off rate is significantly higher than the others. Excluding Bread, the average net charge-off rate was 2.94%, down from 3.13% in December and 3.50% in January 2025. American Express ( AXP ), Synchrony Financial ( SYF ), Citigroup ( C ), and Bread Financial ( BFH ) saw their net charge-off rates decline month-over-month, while Capital One ( COF ), JPMorgan Chase ( JPM ), and Bank of America ( BAC ) saw net charge-off rates rise. Total delinquencies for J.P. Morgan's Trust Tracker Index rose by 5 basis points M/M to 1.28%, in line with J.P. Morgan analyst Richard Shane's expectations. Net charge-offs for the index improved by 11 bps M/M to 1.84%, "modestly outperforming JPMe of 1.92%," the analyst noted. 2026 2025 bps change, Jan. 20 to Jan. '26 Company Ticker Type Jan. Dec. Nov. 3-month average Jan. 2025 Jan. 2020 Capital One* COF delinquency 4.04% 3.99% 4.01% 4.01% 4.61% 4.10% -6 charge-off 5.04% 5.01% 5.02% 5.02% 6.12% 4.31% 73 American Express AXP delinquency 1.4% 1.3% 1.4% 1.37% 1.4% 1.6% -20 charge-off 1.9% 2.1% 2.1% 2.03% 2.3% 2.3% -40 JPMorgan JPM delinquency 0.88% 0.84% 0.86% 0.86% 0.88% 1.14% -26 charge-off 1.69% 1.59% 1.76% 1.68% 1....
IJzendoorn/iStock via Getty Images About 18 months ago, I rated Avis Budget Group, Inc. ( CAR ) as a Hold. Since then, the stock has been up a little over 10% vs. the 28% in the S&P 500 ( SP500 ). Back then, I was disappointed by the lack of insider buying activity, coupled with high operating expenses, vehicle depreciation, and interest expenses. Today, the story is not materially different. Q4 2...
IJzendoorn/iStock via Getty Images About 18 months ago, I rated Avis Budget Group, Inc. ( CAR ) as a Hold. Since then, the stock has been up a little over 10% vs. the 28% in the S&P 500 ( SP500 ). Back then, I was disappointed by the lack of insider buying activity, coupled with high operating expenses, vehicle depreciation, and interest expenses. Today, the story is not materially different. Q4 2025 was a broad miss , with Q4 and FY 2025 revenue missing the Street's consensus. However, the big shock was related to adjusted EBITDA, after the company missed management’s original FY25 target of “at least $1B” (which was later cut to $900M–$1.0B in Q2 2025). CEO Brian Choi didn’t dress this underperformance up during the earnings call , stating: “We fell significantly short of guidance… That’s unacceptable.” As for the rationale, management points to the 43-day government shutdown and the cascading hit from FAA disruptions and TSA delays. On top of that, the company was hit with a $518M impairment in Q4 tied to the accelerating rotation of certain U.S. EV rental vehicles. On the positive side, the International segment returned to profitability, and the $518M EV impairment could reduce depreciation pressure later this year. Is this enough to turn around the sentiment? I argue the answer is no, as the pessimism has returned to this stock after the short-lived rally last year. Overall, I prefer to stay on the sidelines and reaffirm my hold rating on Avis. Q4 2025: A Broad Miss On Results and Guidance Q4 revenue came in at $2.66B, below the Street's $2.75B estimate. On a full-year basis, revenue was $11.65B, missing the consensus for the third consecutive year. Seeking Alpha Revenue wasn't the metric that spooked investors. That award goes to adjusted EBITDA, with the company reporting $748M for the full year vs. management's guidance in Q1 2025 of at least $1B for the year (which was downgraded to $900M–$1.0B in Q2). Since the downgrade in Q2, the stock dropped by 50% af...
Earnings Call Insights: Evergy (EVRG) Q4 2025 Management View CEO David Campbell stated the company is "raising our long-term adjusted EPS growth target to 6% to 8% plus through 2030 off of our 2026 guidance midpoint of $4.24 per share." Campbell highlighted that EPS growth is expected to "exceed 8% annually beginning in 2028 and through 2030." He noted the outlook is supported by "the recent exec...
Earnings Call Insights: Evergy (EVRG) Q4 2025 Management View CEO David Campbell stated the company is "raising our long-term adjusted EPS growth target to 6% to 8% plus through 2030 off of our 2026 guidance midpoint of $4.24 per share." Campbell highlighted that EPS growth is expected to "exceed 8% annually beginning in 2028 and through 2030." He noted the outlook is supported by "the recent execution of electric service agreements for 4 data center projects." Campbell reported $2.8 billion invested in infrastructure in 2025 to modernize the grid and replace aging equipment, while acknowledging "our financial results in 2025 were negatively impacted by weather and weak industrial demand throughout the year." He announced the approval of large load power service (LLPS) tariffs in both Kansas and Missouri, establishing "a framework under which new large customers will pay a premium demand rate to locate in our service territories." The company received regulatory approvals for three new natural gas facilities and three solar farms totaling nearly 2,200 megawatts. Campbell revealed new electric service agreements for "4 major data center projects," representing "1.9 gigawatts of steady-state peak demand" and nearly 20% increase in total peak system demand. He added, "We’ve included 1,300 megawatts in our retail load growth forecast in 2030, with the remainder ramping up after that year." The CEO emphasized customer and shareholder protections in LLPS tariffs, requiring "minimum monthly bills regardless of usage shortfalls that cover no less than 80% of their contracted capacity at a premium demand rate," as well as termination fees and collateral requirements. Campbell highlighted a 4% dividend increase to an annualized $2.78, with the payout ratio expected to decline over time to 50% to 60%. CFO Bryan Buckler stated, “For the full year 2025, Evergy delivered adjusted earnings of $894 million or $3.83 per share compared to $878 million or $3.81 per share for the same ...
Earnings Call Insights: Jackson Financial Inc. (JXN) Q4 2025 Management View CEO Laura Prieskorn opened by highlighting that 2025 was an exceptional year with record sales and distribution, stating "We delivered another year of over $1 billion in free capital generation and grew free cash flow while providing initial funding for our new captive reinsurer, Hickory Re." She detailed the closure of t...
Earnings Call Insights: Jackson Financial Inc. (JXN) Q4 2025 Management View CEO Laura Prieskorn opened by highlighting that 2025 was an exceptional year with record sales and distribution, stating "We delivered another year of over $1 billion in free capital generation and grew free cash flow while providing initial funding for our new captive reinsurer, Hickory Re." She detailed the closure of the strategic partnership agreement with TPG, emphasizing, "This long-term partnership will support accelerated growth of our spread-based business and future flexibility." Prieskorn noted, "We achieved the highest quarterly and annual retail annuity sales since going public in the fourth quarter and full year 2025... For the full year, retail annuity sales of nearly $20 billion are at their highest level since 2019, and net flows improved for the quarter and full year." She underscored product innovation, particularly the launch of Jackson's Market Link Pro III and Market Link Pro Advisory III (RILA 3.0), and said, "In the fourth quarter, RILA sales set a record at nearly $2.3 billion and for the 2025 full year, RILA sales rose 22%. RILA account value at 2025 year-end was $20 billion, a 14% increase from third quarter 2025 and a 74% increase from 2024." Prieskorn announced a new 2026 financial target: "We believe free capital generation will reach or exceed $1.2 billion given our healthy book of business and outlook for profitable growth." She also revealed, "We are also raising our capital return targets for the fifth time, setting a 2026 target of $900 million to $1.1 billion, a 16% increase from our 2025 actual capital return of $862 million." She highlighted a dividend increase: "Our Board approved our fifth increase in our quarterly dividend to $0.90 per share, a nearly 13% increase over our prior quarterly dividend." CFO Don Cummings reported, "We delivered adjusted operating earnings of $455 million, driven by continued strength across our spread-based products." He ...
Earnings Call Insights: Farmland Partners Inc. (FPI) Q4 2025 Management View Luca Fabbri, President & CEO, introduced the call by emphasizing the importance of providing strategic insights to investors in a more interactive format than formal filings. Paul Pittman, Executive Chairman, highlighted "super strong AFFO, very strong asset sale program," along with a significant reduction in debt and le...
Earnings Call Insights: Farmland Partners Inc. (FPI) Q4 2025 Management View Luca Fabbri, President & CEO, introduced the call by emphasizing the importance of providing strategic insights to investors in a more interactive format than formal filings. Paul Pittman, Executive Chairman, highlighted "super strong AFFO, very strong asset sale program," along with a significant reduction in debt and leverage following the repayment of preferred equity. Pittman noted, "Senior claims to common shareholders have been reduced substantially. And now we have increased the dividend by 50%." The company streamlined its business by selling Murray Wise Associates (MWA) and maintained access to its market intelligence. Fabbri reported a "very, very strong Q4 in the context of a very strong year," explaining this was expected due to seasonality, particularly with revenue recognition in the fourth quarter. He detailed the repayment of Series A equity as a cash transaction, avoiding dilution, and preserving shareholder value. Fabbri stated, "We felt very comfortable in raising our current dividend by 50% to $0.09 per share per quarter." Susan Landi, Chief Financial Officer, reported, "Net income was $32.2 million for 2025 and $21.8 million for the quarter or $0.65 and $0.49 per share available to common stockholders, respectively, which is lower than the same periods for 2024. AFFO was $17.9 million for 2025 and $11.4 million for the quarter or $0.39 and $0.26 per weighted average share, respectively, which was higher than the same periods for 2024." She attributed these results to asset dispositions, increased variable rents, higher interest income, and lower overall operating expenses. Landi also pointed out the increase in impairment of assets by $17 million related to certain West Coast properties, as well as a $9.2 million reduction in interest expense following debt reduction. Regarding capital structure, Landi said, "We had undrawn capacity on the lines of credit of approximate...
Earnings Call Insights: Tenaris S.A. (TS) Q4 2025 Management View CEO Paolo Rocca emphasized the company's resilience during 2025, highlighting "the resilience of its operation in the face of a disruptive geopolitical environment and lower activity in key markets." Rocca noted that Tenaris achieved "an EBITDA of $2.9 billion and a net income of $2 billion on net sales of $12 billion." He cited the...
Earnings Call Insights: Tenaris S.A. (TS) Q4 2025 Management View CEO Paolo Rocca emphasized the company's resilience during 2025, highlighting "the resilience of its operation in the face of a disruptive geopolitical environment and lower activity in key markets." Rocca noted that Tenaris achieved "an EBITDA of $2.9 billion and a net income of $2 billion on net sales of $12 billion." He cited the company's ability to rapidly respond to market situations, maintain stable results, and distribute $2 billion in free cash flow to shareholders through dividends and share buybacks. Rocca described significant operational achievements in the U.S. and Canada, stating, "Tenaris raised the performance of its U.S. production and supply chain system... to achieve a record level of production and supply, 90% of our U.S.A." He also noted an extended market position and service differentiation under the Rig Direct model. Rocca highlighted Tenaris's role in global offshore projects, referencing delivery of casing for Shell's Sparta 20K project, services for ExxonMobil in Guyana, and preparations for TotalEnergies in Suriname. He reported ongoing investments in Argentina's fracking and coiled tubing services and expansion into Venezuela following U.S. government intervention. Rocca pointed to a long-term agreement for supply in Qatar and record deliveries to ADNOC in the Emirates, expansion in Saudi Arabia, and enhanced efficiency and digital integration across operations. CFO Carlos Gomez Alzaga stated, "For the 2026, we expect to be quite neutral in working capital, but we will have some swings over the year. Especially in the first quarter, we're expecting an increase in working capital, mainly driven by our accounts receivable." Outlook Rocca indicated, "we feel comfortable in forecasting the first quarter in which the level of margin and in general, the results we can get are more or less in line with the 4Q. But it's difficult to have a more long-term forecast considering the ...
A long-awaited Supreme Court decision on presidential tariff authority could come as soon as Friday with implications for the world's biggest consumer-facing companies. Before the high court is the issue of whether tariffs imposed by President Donald Trump under the International Emergency Economic Powers Act, or IEEPA for short, are legal. Friday is the earliest possible day for the justices to i...
A long-awaited Supreme Court decision on presidential tariff authority could come as soon as Friday with implications for the world's biggest consumer-facing companies. Before the high court is the issue of whether tariffs imposed by President Donald Trump under the International Emergency Economic Powers Act, or IEEPA for short, are legal. Friday is the earliest possible day for the justices to issue an opinion after their January decision window came and went with no action taken. During arguments back in November, liberal — and even some conservative — justices expressed skepticism about the legality of the levies. The ruling matters because IEEPA-based tariffs directly affect pricing, margin, and inventory strategies — core drivers for consumer staples companies such as Costco and Procter & Gamble , and consumer discretionary companies like Amazon and TJX Companies . All four names are part of the CNBC Investing Club's portfolio. Under the current tariff regimen, management teams have been faced with higher costs on imports that they have tried not pass along as higher prices to consumers. Ahead of the Supreme Court decision, Morgan Stanley ran an analysis on possible outcomes. A rollback or limitation of IEEPA-based tariffs, according to the analysts, could translate into a mid-single digit uplift to EBITDA (earnings before interest, taxes, depreciation and amortization) for impacted retailers. That could be a notable margin tailwind at a time when many companies are balancing economic pressures and a cautious consumer. If presidential authority under IEEPA were struck down entirely, Morgan Stanley believes the effective tariff rate could be lowered by "mid-high-single digits for several consumer good categories." That would support retailer margins and ease pressures that come with trying to absorb tariff costs such as hiring. Even in the event of a retail-friendly outcome, all tariffs are not expected to go away. IEEPA-based levies are large part of the tarif...