Financial & Business News

Cresud's complex consolidated financials obscure true performance; standalone operations continue to post losses for a third consecutive year. Operational results show declining revenues and persistent losses in Argentinian crop operations, with only modest improvements in cattle margins. Net asset value analysis reveals Cresud trades at twice its shareholding NAV, with farming assets generating significant annual losses.

StandardAero, Inc. (NYSE:SARO ) Morgan Stanley's 13th Annual Laguna Conference September 10, 2025 7:05 PM EDT Company Participants Daniel Satterfield - CFO & Treasurer Russell Ford - Chairman & CEO Conference Call Participants Kristine Liwag - Morgan Stanley, Research Division Unknown Attendee Presentation Kristine Liwag Executive Director, Head of Aerospace & Defense Equity Research and Equity Analyst Good afternoon, everyone. It's me again, your friendly aerospace defense analyst here at Morgan Stanley.

Aviat Networks, Inc. (NASDAQ:AVNW ) Q4 2025 Earnings Call September 10, 2025 4:15 PM EDT Company Participants Andrew Fredrickson - Director of Corporate Development & Investor Relations Peter Smith - President, CEO & Director Michael Connaway - CFO & Senior VP Conference Call Participants Theodore O'Neill - Litchfield Hills Research, LLC Timothy Savageaux - Northland Capital Markets, Research Division Scott Searle - ROTH Capital Partners, LLC, Research Division Presentation Operator Hello, everyone, and welcome to Aviat Networks' Fourth Quarter Fiscal Year 2025 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.

FCT offers a high 11.6% yield and monthly distributions, appealing to income investors, but with notable sustainability concerns in a falling rate environment. The fund's discount to NAV is near decade lows, limiting valuation upside even if interest rates decline as anticipated. FCT relies heavily on below-investment-grade loans and leverage, increasing the risk of defaults and NAV deterioration during market downturns.

EAST AURORA, N.Y.--(BUSINESS WIRE)--Astronics Corporation (Nasdaq: ATRO) Announces Pricing of 0% Convertible Senior Notes Offering.

Werner Enterprises, Inc. (NASDAQ:WERN ) Morgan Stanley's 13th Annual Laguna Conference September 10, 2025 7:50 PM EDT Company Participants Christopher Wikoff - Executive VP, Treasurer & CFO Nathan Meisgeier - President & Chief Legal Officer Chris Neil - Senior Vice President of Pricing & Strategic Initiatives Conference Call Participants Ravi Shanker - Morgan Stanley, Research Division Presentation Ravi Shanker MD & Lead Analyst Great. So to round out the transports track on day 1, we have Werner, and we're very happy to welcome back to Laguna, Chris Wikoff, EVP and CFO and Treasurer; Nate Meisgeier, President; and Chris Neil, SVP of Pricing and Strategic Planning.

Global Payments remains a Strong Buy, with or without the Worldpay deal, thanks to robust fundamentals, topped with significant capital return plans. The Worldpay acquisition and Issuer Solutions divestiture are progressing, expecting good synergies, and a major boost in free cash flow. Aggressive buybacks and capital returns, totaling over $7.5 billion through 2027, offer a compelling yield and potential for stock price appreciation.

Urban Outfitters delivered record Q2 results, with strong revenue and EPS growth, and Nuuly subscription revenue surging 53%. Despite a doubling stock price, Urban Outfitters trades at lower valuation multiples than sector peers, suggesting modest undervaluation. Nuuly is a standout growth driver, already surpassing $500M in annualized revenue and poised for further expansion with automation upgrades.

Stablecoin issuer Figure Technology, along with some of its existing investors, raised $787.5 million in a U.S. initial public offering on Wednesday, becoming the latest crypto firm to tap public markets as digital assets gain mainstream acceptance.

Leidos continues to deliver strong growth and profitability, driven by government contracts in high-demand sectors like cybersecurity, AI, and defense modernization. Despite a 20% stock rally, shares remain undervalued versus peers, trading at a 25-30% discount on key multiples, with further upside to fair value. Management raised 2025 guidance for revenue, margins, and EPS, reflecting operational improvements, record backlog, and robust capital return policies.