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Actively Passive or Passively Active?
1750937390 from ADVSRPERSP
The maturity and prevalence of indexing on the equity markets have undeniably blurred the lines between active and passive management. Investors should be concerned because what appears to be a rules-based, transparent, low-cost strategy may involve hidden active choices that influence returns, risk and transaction costs.
Winnebago Slashes Guidance As RV Slump Deepens; Management Uses Cautious Tone
1750936800 from ZEROHEDGE
Winnebago Slashes Guidance As RV Slump Deepens; Management Uses Cautious Tone Shares of Winnebago Industries plunged nearly 10% on Wednesday after the recreational vehicle maker—best known for its travel campers—slashed its full-year outlook, citing persistent pressure on consumer demand from mounting macroeconomic headwinds and elevated borrowing costs. The RV industry downturn, now well entrenched, has been underway since the Federal Reserve began hiking interest rates in early 2022. "Growing macroeconomic uncertainty led to a notable downshift in RV activity from consumers and dealers as the third quarter progressed," Winnebago CEO Michael Happe told Wall Street analysts on a call yesterday. Happe told the analysts that "these challenges are likely to continue through the remainder of the calendar year as anticipated by the RV Industry Associations." He said that for 2025, "We are lowering our industry forecast for wholesale RV shipments to a range of 315k to 335k units, with a midpoint of 325k units." The previous forecast was 320k to 350k units, with a median of 335k units. The company now expects net revenue between $2.7 billion and $2.8 billion for the year, down from its previous guidance of $2.8 billion to $3 billion. This is compared with an estimate $2.76 billion (Bloomberg Consensus). The company also lowered its adjusted earnings guidance to a range of $1.20 to $1.70 per share, down from $2.75 to $3.75, compared to the estimate of $1.80. Winnebago is one of the major players in the recreational vehicle space, which was hit hard in a multi-year downturn, mainly due to soaring interest rates during Fed Chair Powell's hiking cycle. The takeaway for the third fiscal quarter, which ended in May, is that solid performance in the marine and motorhome segments helped offset weakness in the towables segment, although profitability and earnings declined sharply year-over-year. Winnebago Q3 FY2025 Summary (YoY % Change) Adjusted EPS: $0.81 (▼28% YoY) — missed estimate of $0.83 Adjusted EBITDA: $46.5M (▼20%) — beat estimate of $45.5M Operating Income: $30.2M (▼31%) — missed estimate of $31.8M Net Revenue: $775.1M (▼1.4%) — in line with estimate of $774.8M Segment Breakdown: Motorhome: $291.2M (▼2.6%) — beat est. $272.9M Towables: $371.7M (▼3.8%) — missed est. $401.4M Marine: $100.7M (▲15%) — beat est. $97.2M Shares are flat in pre-market trading, but Wednesday's session was a bloodbath—with the stock puking nearly 10% to its lowest level since April 2020. The chart below overlays Winnebago's share price with the Fed's rate-hiking cycle. Note the lagging effect, followed by a sharp selloff as demand collapses under the weight of rising interest rates; in other words, demand falls off a cliff. First takes by Wall Street analysts were mostly cautious (courtesy of Bloomberg): CFRA (hold) "Management's tone was understandably cautious in light of soft consumer discretionary spending and uncertainty surrounding interest rate cuts," analyst Garrett Nelson tells Bloomberg News in an email "The big question is whether or not US RV sales have bottomed, which will determine the timing of the company's earnings recovery," he adds Truist (buy, PT $40) Analyst Michael Swartz says Towable RV share gains headline an "otherwise difficult" 3Q for WGO "The cat was already out of the bag with regard to the FY3Q miss and incrementally more challenged view of the motorized business (namely, the Winnebago branded business)" Roth (neutral, PT $37) Analyst Scott Stember says WGO's adjusted 3Q25 EPS of $0.81 came in above his "tempered" expectations "WGO formally lowered '25 adjusted EPS guidance to new range of $1.20-$1.70, noting that the company did not update the year when pre-releasing Q3 last month" BMO Capital (outperform, PT $50) Analyst Tristan Thomas-Martin says WGO's 3Q EPS of $0.81 came in just ahead of BMO's $0.76 estimate, which was recently lowered following WGO's preliminary release, but within WGO's preliminary range of $0.75 to $0.85 "Management commentary around retail demand remains cautious, and FY2025 guidance was reduced with FY4Q25 implied guidance coming in below the Street but closer to where we believe investors were" It's a great time for anyone who didn't panic-buy an RV during the Covid boom—heavy discounting is seen at various RV retail chains as inventory builds across the market. As for bottom fishing, WGO... needs an interest rate-cutting cycle for earnings recover. Certainly a stock to add to the watch list. Tyler Durden Thu, 06/26/2025 - 07:20
US envoy in Hong Kong says little chance to meet local officials during term
1750936405 from SCMP
America’s outgoing top diplomat in Hong Kong has said he had little opportunity to meet local officials during his tenure, while also noting that the implementation of the national security law five years ago remains a source of friction. Speaking at an American Independence Day event on Thursday, United States Consul General Gregory May also confirmed an earlier report from the Post that he would soon depart Hong Kong to take on a senior role in the country’s embassy in Beijing. May, who was...
KalVista Pharmaceuticals Enters into Licensing Agreement with Pendopharm to Commercialize Sebetralstat for HAE in Canada
1750936007 from FPOST
-Sebetralstat has potential to become first oral on-demand treatment for HAE in Canada- -Pendopharm brings proven track record in commercializing innovative therapies across multiple therapeutic areas with capabilities to launch sebetralstat in Canadian market- CAMBRIDGE, Mass. & SALISBURY, England — KalVista Pharmaceuticals, Inc. (Nasdaq: KALV) today announced that its wholly-owned subsidiary, KalVista Pharmaceuticals, Ltd., has […]
Germany’s Humanoid Robots Fail to Show Up for Their Debut
1750935698 from BLOOMBERG
Welcome to Tech In Depth, our daily newsletter about the business of tech from Bloomberg’s journalists around the world. Today, Verena Sepp and Mark Bergen send a dispatch from a botched robotics demonstration in Munich.
AIIB to expand global footprint with 20-member office in Hong Kong
1750935617 from SCMP
The Beijing-headquartered Asian Infrastructure Investment Bank will open an office in Hong Kong to enhance the multilateral development lender’s fundraising power and expand its global presence, the Post has learned from sources familiar with the matter. The new office would come as a publicity victory for Hong Kong as the city redoubles its efforts to consolidate its status as an international financial centre. Negotiations with the Hong Kong government are ongoing and the final decision is...
How Earle Dickson Healed Wound Care With The Band-Aid
1750935611 from investors
When Earle Dickson (1892-1961) invented the Band-Aid, treatments for minor cuts and scrapes were dicey. The post How Earle Dickson Healed Wound Care With The Band-Aid appeared first on Investor's Business Daily.
Xiaomi enters ‘smart glasses war’ with first AI-powered eyewear
1750935610 from SCMP
Xiaomi is set to debut its first artificial intelligence (AI)-powered smart glasses on Thursday, marking the Chinese smartphone and electric vehicle (EV) maker’s entry into a rapidly expanding but crowded domestic market. The Beijing-based company is positioning its new eyewear as a “next-generation personal smart gadget”, according to an image posted on its official Weibo account on Wednesday. Co-founder and CEO Lei Jun said the glasses can capture first-person video and respond to voice...
Jes Staley Loses Bid to Overturn Ban Over Epstein Friendship
1750934475 from BLOOMBERG
Former Barclays Plc boss Jes Staley lost a legal battle to overturn his ban from UK finance over his relationship with Jeffrey Epstein, all but ending his attempt to rehabilitate himself in the British financial services industry.
Shell Addresses BP Merger Speculation
1750934302 from OILPRICE
Shell said on Thursday it hasn’t actively considered an offer for BP and has no intention of making such a bid, after a media report earlier this week rekindled speculation about a giant energy tie-up of the two UK-based rivals. On Wednesday, BP shares jumped by nearly 7% before paring the bulk of those gains after The Wall Street Journal reported that Shell is in early-stage discussions to acquire its British rival. Shell on Wednesday dismissed the Journal’s report as “market…
MOVE rallies over 35% as Movement Network Foundation ramps up token buyback
1750934272 from CryptoNWS
MOVE rallied for the second straight day, supported by continued token buybacks by the Movement Network Foundation. According to data from crypto.news Movement (MOVE), the native token of the modular Layer-2 blockchain ecosystem, surged over 35% on June 26 to…
China warned to watch for threats as Israeli spies in Iran open ‘Pandora’s box’
1750932026 from SCMP
Israel’s unprecedented success in infiltrating Iranian intelligence has opened up a “Pandora’s box” of global security threats, Chinese observers have warned, while urging China to tighten all national security measures against any vulnerabilities. According to Chinese military analyst and former air force member Fu Qianshao, one striking feature of the Middle East conflict is the critical role played by Israeli intelligence agents embedded in Iran. Israel’s Mossad intelligence agency reportedly...
White House stablecoin push collides with efforts to tie crypto bills
1750932000 from HILL
The White House is pushing the House to quickly get stablecoin legislation across the finish line with limited changes, frustrating efforts to tie the bill to a larger crypto framework and limiting the lower chamber’s ability to puts its stamp on the measure. After the Senate passed the GENIUS Act last week, President Trump called...
Legalized same-sex marriage turns 10 after landmark Supreme Court decision reshaped American law and culture
1750931912 from FOX
Ten years after Obergefell legalized same-sex marriage, public support reaches a new high while some conservative opponents seek to challenge the Supreme Court's decision.
Citi Says Volatility Could Rise as Tariff Deadline Nears
1750930314 from BLOOMBERG
Citigroup Inc. strategist Beata Manthey comments on the outlook for European stocks and the potential for heightened volatility amid geopolitical risks and as US President Donald Trump’s tariff deadline nears. She speaks on Bloomberg Television. (Source: Bloomberg)