News
News
Chevron After Hess: Production Is Up, and the Multiple Is Too
Chevron's second quarter earned $6.11 a share, one quarter worth 59% of the trailing year. With the stock near $210 and …
News
Why I Check Return on Invested Capital Before Return on Equity
Two companies with the same business can show ROE of 12% and 21%. ROIC stays put at 8%. Below is the arithmetic, then a …
SCHW
Schwab (SCHW): $119.8 Billion of New Assets in One Quarter
Schwab pulled in $119.8 billion of core net new assets in the second quarter, and June alone was $62.7 billion. Here is …
NEM
Newmont (NEM) at 15.6 Times Earnings: The Gold Price Does the Work
Newmont sells gold near $4,414 an ounce and spends about $1,621 to mine it. At 15.6 times earnings the stock looks cheap…
News
American Express at 18.9 Times Earnings: Premium or Fair Price?
American Express grew revenue 10% in 2025 but net income only 7%. With the stock at 18.9 times earnings, equal to its fi…
FCX
Freeport-McMoRan (FCX) at 35 Times Earnings: Copper Priced In?
Freeport-McMoRan has doubled off its 52-week low and trades at 35.1 times trailing earnings. Forward estimates imply 67%…
News
Citigroup (C) at 1.2 Times Book Value: Is It Still Cheap?
Citigroup's price-to-book has gone from a 0.7 five-year average to 1.2, and the stock sits 10.5% under its high. Is a 12…
News
Gross Margin Over Three Years: What a One-Point Slide Costs
A one-point gross margin slide can cut operating profit by about 7%. Here is how I read three years of margins across te…
MS
Morgan Stanley (MS) at 16.4x Earnings After a Record Quarter
Morgan Stanley posted $148 billion of net new wealth assets, but over half was IPO-linked. With the stock near $203 and …
NUE
Nucor (NUE) at 19.8 Times Earnings: What a Steelmaker Price Asks
Nucor is 91% above its 52-week low and still trades at 19.8 times trailing earnings against a 12.2 average. I work out w…
GS
Goldman Sachs (GS) at 14.5 Times Earnings After a $20.3B Quarter
Goldman's latest quarter brought $20.3 billion of revenue, 39% above a year ago, yet analysts pencil in only 5% more EPS…
MDLZ
Mondelez (MDLZ): What Cocoa Does to Margins and the 3.3% Yield
Mondelez makes Cadbury, Milka and Oreo, and cocoa costs swing its profit. With the stock near $61 and a 3.3% yield, here…
News
Merck’s Keytruda Cliff Is Real. The Panic Might Be Overdone
Keytruda was about $31.7 billion of Merck's $65.0 billion in 2025 sales, and its US patents start to expire in 2028. Her…
News
A 50% Loss Needs a 100% Gain: How to Write a Stock Sell Rule
A stock that falls 50% has to double to break even, and at 70% down it must gain 233%. Here is the recovery arithmetic a…
PFE
Pfizer (PFE): 9.5x Adjusted Earnings and a 6.2% Yield
Pfizer guides to $2.80 to $3.00 of adjusted EPS and pays $1.72 a share, so the stock costs about 9.5 times guidance. Is …