|
|
Recent Articles
-
ASML Cannot Confirm Growth in 2026 at This Stage
Jul 16, 2025
-
Image: ASML's shares fell under pressure following uncertainty regarding expected 2026 performance.
ASML’s second quarter results were solid, and we liked its sequential bookings growth in the quarter. The company’s revenue and gross margin guidance for the third quarter was also good, but margins look to face some pressure on a sequential basis. During the quarter, ASML repurchased around €1.4 billion worth of shares. Though we thought performance by the firm was great in the quarter, management’s commentary that it could not confirm growth in 2026 at this stage left something to be desired. We continue to be positive on ASML’s shares, nonetheless.
-
Key Comments from the Banks This Earnings Season
Jul 16, 2025
-
Image: The big banks have done well recently.
Let's read through key comments from banking executives this earnings season.
-
Fastenal’s Second Quarter Results a Positive Read Through for the Broader Economy
Jul 16, 2025
-
Image Source: TradingView.
Fastenal’s “manufacturing end markets outperformed primarily due to the relative strength (it is) experiencing with key account customers with significant managed spend where (its) service model and technology are particularly impactful. This disproportionately benefits manufacturing customers. The non-residential construction end market experienced growth for the first time in ten consecutive quarters. Other end market sales were favorably impacted by growth with warehousing and storage, and data center customers, which were partially offset by declining sales with resellers.” We liked Fastenal’s results, and the report is a positive read through to the broader U.S. economy.
-
Delta Air Lines Restores Financial Guidance
Jul 12, 2025
-
Image Source: TradingView.
Delta’s restoration of its financial guidance is positive as it relates to financial visibility, particularly with respect to the impact tariffs may have on consumer spending for travel. As noted in its commentary, fiscal 2025 earnings per share is targeted in the range of $5.25-$6.25, with free cash flow of $3-$4 billion and gross leverage less than 2.5x. Management noted that “demand trends stabilized at levels that are flat to last year” through the quarter and that it “continued to see resilience in (its) diverse, high-margin revenue streams.” For the September quarter, Delta expects total revenue to be flat to up 4% compared to the prior year. Non-fuel unit costs are expected to be the best performance of the year in the September quarter. Delta also upped its quarterly dividend 25% beginning in the September quarter. We like Delta’s enhanced visibility in restoring its guidance, though we think there are better opportunities on the market than airlines. Shares yield 1.3% at the time of this writing.
|
