Market Overview - The S&P 500 and Nasdaq Composite declined by 0.1% and 1.9% respectively, while the Dow Jones Industrial Average increased by 2.5% last week, indicating a mixed performance across major indexes [1] - The divergence in market performance was attributed to a rotation in investor preferences rather than overall market weakness, with rising Treasury yields making high-valuation growth stocks less appealing [1] Sector Performance - Optimism regarding economic resilience led to increased buying in cyclically sensitive and defensive sectors, with industrials benefiting from infrastructure and manufacturing strength, financials gaining from higher yields, and energy rising with firmer oil prices [2] - This shift underscores a focus on earnings stability and tangible cash flows among investors [2] Zacks Research Performance - Kennametal Inc. (KMT) shares surged by 44.8% since being upgraded to a Zacks Rank 1 (Strong Buy) on December 8, outperforming the S&P 500's 0.7% increase [3] - Inventiva S.A. (IVA) also saw a return of 42.4% since its upgrade to Zacks Rank 1 on the same date [4] - An equal-weight portfolio of Zacks Rank 1 stocks outperformed the equal-weight S&P 500 index by 7 percentage points, returning 17.81% compared to 10.85% for the index [4] Zacks Recommendations - Clearway Energy, Inc. (CWENA) and Pursuit Attractions and Hospitality, Inc. (PRSU) saw share increases of 16.7% and 5.4% respectively since their upgrades to Outperform on December 10 and December 11 [6] - The Zacks Recommendation system aims to predict stock performance over the next 6 to 12 months, based on trends in earnings estimate revisions [7] Focus List and Portfolios - Celanese Corporation (CE) gained 32.9% over the past 12 weeks since being added to the Zacks Focus List, while Intellia Therapeutics, Inc. (NTLA) returned 29% over the same period [9] - The Zacks Focus List portfolio returned 22.1% in 2025, outperforming the S&P 500 index's 17.9% gain [10] - The Earnings Certain Admiral Portfolio (ECAP) returned -1.67% for 2025, underperforming the S&P 500 index's 17.9% gain, but had a return of 16.26% in 2024 compared to the S&P 500's 24.89% [14] Dividend Portfolio Performance - Illinois Tool Works Inc. (ITW) and Fastenal Company (FAST) returned 19.6% and 16.8% respectively over the past 12 weeks, benefiting from investor interest in quality dividend stocks amid market volatility [16] - The Earnings Certain Dividend Portfolio (ECDP) returned -0.6% for 2025, underperforming the Dividend Aristocrat ETF's 6.8% gain [17] Top 10 Stocks Performance - Monolithic Power Systems (MPWR) increased by 31.4% since January 5, 2026, compared to the S&P 500 Index's 1.1% increase [20] - The Top 10 portfolio has produced a cumulative return of 2,472.7% since 2012, significantly outperforming the S&P 500 index's 561.6% return [21]

Core Insights - The Hershey Company reported stronger-than-expected quarterly results with net sales growth despite volume pressure due to consumer price sensitivity [1] - The company faced ongoing margin headwinds from elevated commodity and tariff costs, as well as higher operating expenses, even as shares rose in premarket trading [1] Financial Performance - Quarterly sales reached $3.09 billion, representing a 7% year-over-year increase, surpassing the analyst expectation of $2.98 billion [2] - Organic, constant-currency net sales increased by 5.7%, with acquisitions contributing 1.2 points and currency providing a 0.1-point benefit to sales [2] Segment Analysis - The North America Confectionery segment net sales were $2,478.5 million, up 5.3% year-over-year, while the North America Salty Snacks segment saw net sales of $357.0 million, a significant increase of 28.0% [3] - The International segment reported a slight increase of 0.4% year-over-year, totaling $255.6 million [4] Margin Analysis - Adjusted gross margin decreased by 650 basis points to 38.3%, impacted by higher commodity costs, tariff expenses, and lower volume [5] - Adjusted operating profit was $529.3 million, reflecting a 24.0% year-over-year decline, with an adjusted operating profit margin of 17.1%, down 700 basis points [6] Dividend Announcement - The company raised its quarterly dividend by 6% to $1.452 per share from $1.37, payable on March 16, 2026, to stockholders of record as of February 17, 2026 [7]

Group 1 - The core viewpoint of the article is that Hershey's 2025 financial performance shows a mixed result with revenue growth but a significant decline in net profit [1] Group 2 - In 2025, Hershey achieved a revenue of $11.69 billion, representing a year-on-year increase of 4.38% [1] - The net profit for 2025 was reported at $883 million, which reflects a substantial year-on-year decrease of 60.2% [1] - For the fourth quarter of 2025, Hershey's revenue reached $3.09 billion, marking a 7.0% increase compared to the same quarter the previous year [1] - The net profit for the fourth quarter was $320 million, showing a decline of 59.9% year-on-year [1]

Core Viewpoint - Recent insider buying at major snack food companies indicates confidence in the U.S. snack food market despite concerns over appetite-suppressing GLP-1 drugs [2][3] Group 1: Insider Buying Activity - Insiders purchased nearly $5 million worth of shares across Utz Brands, Coca-Cola, Hershey, and Molson Coors, suggesting strong belief in the sector's resilience [3] - At Utz Brands, insiders bought $2.6 million worth of stock between $9.86 and $10.58 per share from early November to the end of December [3] - A director at Coca-Cola bought $998,000 worth of stock at $69.87 to $70.31 per share, marking the first insider purchase since June 2022 [4] - Two directors at Molson Coors collectively bought $450,000 worth of shares between $44.70 to $46.79 in early November [4] - At Hershey, the CEO and two directors bought $445,000 worth of stock at around $186, with the CEO contributing $371,000, marking the first insider buys since 2019 [5] Group 2: Market Trends and Consumer Behavior - Research from Circana indicates that 48.8% of consumers snacked three or more times a day last year, an increase of 2.7 percentage points from 2024 [6] - While some snack food companies are experiencing soft sales, the overall market remains appealing to insiders [6] - Snack food companies are responding to market challenges by introducing "healthier" products, such as Utz Brands' Boulder Canyon line made with avocado or olive oil [6]

Tanner described the U.S. snacking environment as steady in the fourth quarter, with consumers “spend[ing] selectively” on items that deliver emotional or functional value. He said U.S. confectionery category retail takeaway accelerated in 2025, and confection was the third-fastest-growing U.S. snacking category for the year behind nutritional bars and meat snacks.CFO Steve Voskuil said consolidated 2025 net sales were approximately $11.7 billion, up 4.4% year over year, with organic constant currency growt ...

Core Viewpoint - Hershey Company demonstrates strong financial performance with a notable increase in stock price following its quarterly earnings announcement, reflecting investor confidence and growth potential in the confectionery industry [2][3][4]. Financial Performance - Hershey's stock rose from a closing price of $205.79 to a last traded price of $220.93 after the earnings announcement, with a trading volume exceeding 1.5 million shares [3]. - The company reported quarterly revenue of $3.09 billion, surpassing the anticipated $2.97 billion, marking a 7% increase compared to the same period last year [4]. - Earnings per share (EPS) were reported at $1.71, exceeding analysts' expectations by $0.31 [3][6]. - Hershey achieved a net margin of 11.84% and a return on equity of 32.08%, indicating strong financial health [4][6]. Future Guidance - For fiscal year 2026, Hershey has set an EPS guidance range of 8.20 to 8.52 [5]. - The company announced an increase in its quarterly dividend, which is scheduled to be paid on March 16th [5]. Market Position - Morgan Stanley has set a new price target for Hershey at $238, indicating a potential increase of about 3.42% from the current stock price of $230.12 [2][6]. - Hershey competes with major players in the confectionery industry, including Mars, Nestlé, and Mondelez International [1].

Group 1: Bitcoin Market Dynamics - Bitcoin has experienced a significant decline, down 13% this week and 27% over the past month, with its value dropping from a peak of over $126,000 to below $63,000 [4][5] - The selling pressure was exacerbated by leveraged positions being forced to liquidate, indicating Bitcoin's status as a risk asset rather than a stable currency [6] - The volatility in Bitcoin reflects broader market concerns about overvaluation and risk allocation in investment portfolios [3][6] Group 2: Software Stocks and AI Impact - Software stocks have seen substantial declines, with major players like Microsoft down 7%, Adobe down 10%, and Oracle down 16%, driven by fears that AI advancements may render many companies obsolete [10][15] - New AI tools announced by companies like Anthropic and Google have contributed to market anxiety, leading to a sell-off in related stocks [7][10] - The market is grappling with the dual concerns of high capital expenditures on AI that may not yield expected returns and the potential for AI to disrupt entire industries [16][18] Group 3: Earnings Reports and Market Reactions - Alphabet reported an 18% revenue increase and a 48% growth in cloud revenue, but its stock fell due to high capital expenditure predictions for 2026, which could consume a significant portion of its profits [12][13] - Amazon's projected capital expenditures for 2026 are also high, at $200 billion, representing 28% of its revenue and 256% of its net income, raising concerns about sustainability [14][15] - Hershey's stock rose 9% after beating earnings expectations and raising guidance, reflecting a shift towards more resilient consumer staples amid economic uncertainty [27][28] Group 4: Economic Indicators and Job Market Concerns - Recent job market data indicates rising initial jobless claims and the lowest job openings since September 2020, suggesting a weakening labor market [31][32] - Layoffs announced by major companies like Amazon and UPS contribute to a pessimistic outlook for upcoming job reports [32][33] - The defensive rotation in the market is evident as investors seek stability in traditional sectors like consumer staples and healthcare, moving away from riskier tech assets [26][31]

2026.02.06 本文字数：839，阅读时长大约1分钟 好时的主营业务为巧克力，而巧克力的主要原料是可可。中华人民共和国商务部商品价格网显示，可可 （纽约）的价格自2024年第二季度以来有所上升，2024年末至2025年初一直维持在高点。整体来看， 2025年的价格高于2024年，因此，这也是拉低毛利率和净利润的因素之一。不过，进入2026年以来，可 可价格已有所下滑。 好时对2026年的业绩有着较正面的展望，预计营业收入增长4%-5%，每股收益增长79%至89%。 1907年，被誉为美国巧克力工业标志的好时KISSES巧克力诞生，于1995年进入中国市场。 目前，全球零食市场渐渐呈现出"大鱼吃小鱼"的竞争格局。好时于2013年收购上海金丝猴食品股份有限 公司80%的股份。2016年，亿滋曾经发起对好时的收购，被好时信托（好时的控股股东）阻止。2024 年，亿滋再次向好时发出收购要约，但最终因为价格没谈拢而告吹。 微信编辑| 苏小 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将 ...

Core Viewpoint - The article discusses the financial performance of Hershey (HSY.US) for the year ending December 31, 2025, highlighting a revenue increase but a significant decline in net profit due to rising costs and lower sales [2]. Financial Performance Summary - For the year 2025, Hershey reported a revenue of $11.69 billion (approximately 81.13 billion RMB), representing a year-on-year growth of 4.38%. However, the net profit attributable to shareholders was $883 million (6.13 billion RMB), a decrease of 60.2% compared to the previous year [2]. - In Q4 2025, Hershey's revenue reached $3.09 billion (21.44 billion RMB), showing a year-on-year increase of 7.0%. The net profit for this quarter was $320 million (2.22 billion RMB), down 59.9% year-on-year [2]. - The gross margin for 2025 was 33.5%, down from 47.3% in the previous year. In Q4 2025, the gross margin fell by 17 percentage points to 37.0% [2]. Cost Factors - The decline in gross margin and net profit was attributed to higher commodity costs, increased tariff expenses, and lower sales volumes during the reporting period. Cocoa prices, a key ingredient for chocolate, have been on the rise since Q2 2024, contributing to the reduced profitability [2]. Future Outlook - Hershey has a positive outlook for 2026, projecting a revenue growth of 4% to 5% and an increase in earnings per share by 79% to 89% [3]. Industry Context - Hershey, a significant player in the global snack market, has faced competitive pressures characterized by a "big fish eats small fish" dynamic. The company acquired an 80% stake in Shanghai Jin Si Hou Food Co., Ltd. in 2013. Previous acquisition attempts by Mondelez were thwarted due to disagreements on pricing [4].

巧克力制造商好时发布的2025年度业绩显示，截至2025年12月31日的12个月内，公司实现营业收入 116.9亿美元，约合811.3亿元人民币，同比增长4.38%；归母净利润8.83亿美元，约合61.3亿元人民币， 同比减少60.2%。 单看2025年第四季度，好时营业收入达30.9亿美元，约合214.4亿元人民币，同比增长7.0%；归母净利 润为3.2亿美元，约合22.2亿元人民币，同比下降59.9%。 好时2025年全年毛利率为33.5%，上年同期为47.3%；2025年第四季度毛利率下滑17个百分点至37.0%。 公司在财报中表示，毛利率下滑源于报告期内商品成本、关税费用较往年更高，叠加销量下滑的影响。 公开资料显示，1907年好时标志性产品KISSES巧克力诞生，1995年进入中国市场。好时于2013年收购 上海金丝猴食品股份有限公司80%的股份。2016年，亿滋曾经发起对好时的收购，被好时信托（好时的 控股股东）阻止。2024年，亿滋再次向好时发出收购要约，但最终因为价格没谈拢而告吹。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者： ...