Core Viewpoint - A class action lawsuit has been filed against Fermi Inc. for allegedly misleading investors regarding tenant demand and funding commitments for its Project Matador campus, leading to significant financial losses for shareholders [4]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who purchased securities from September 28, 2025, to December 11, 2025, alleging that Fermi overstated tenant demand and the reliance on a single tenant's funding for Project Matador [4]. - The lawsuit claims there was a significant risk that the primary tenant would terminate its funding commitment, which ultimately occurred [4]. Group 2: Financial Impact - Fermi began trading on NASDAQ at $21.00 per share on October 1, 2025, but after the announcement of the termination of a $150 million funding agreement on December 12, 2025, the share price dropped by $5.16, or approximately 33.8%, closing at $10.09 [5].

Company Overview - Kirby Corporation (NYSE:KEX) is a prominent player in the marine transportation and diesel engine services sector, operating a large fleet of inland tank barges and towing vessels for bulk liquid product transportation [1] - The company also provides diesel engine services across various industries, including marine, power generation, and industrial, competing with firms like Ingram Barge Company and American Commercial Barge Line [1] Stock Performance and Analyst Ratings - On January 30, 2026, Wolfe Research set a price target of $136 for KEX, indicating a potential price increase of approximately 15.39% from its current price of $117.87 [2] - Despite a downgrade from BTIG Research, which reduced the price target from $140 to $135, the firm maintains a buy rating on KEX, reflecting confidence in the stock's long-term potential [3][6] - Citigroup raised its price target for Kirby from $131 to $145, also assigning a buy rating, while Wall Street Zen upgraded Kirby from a hold to a buy rating on November 1st [3][6] Current Market Data - The current stock price of KEX is $118.27, showing a decrease of 3.19% or $3.90, with trading between a low of $117.33 and a high of $121.42 on the day [4] - Over the past year, KEX has experienced significant volatility, with a high of $132.18 and a low of $79.52, and the company's market capitalization is approximately $6.6 billion [4] - The trading volume for KEX on the NYSE is 109,932 shares, indicating active investor interest in the stock [5]

Core Viewpoint - Kirby Corporation is a significant entity in the marine transportation and diesel engine services sector, operating a large fleet for bulk liquid transportation and providing diesel engine services across various industries [1] Group 1: Stock Ratings and Price Targets - Wolfe Research maintains an "Outperform" rating for Kirby, raising its price target from $134 to $136, indicating confidence in the company's future performance [2] - BTIG Research downgraded its price target for Kirby from $140 to $135, leading to a decline in the stock price, but still maintains a buy rating [3] - Citigroup raised its price target for Kirby from $131 to $145, reflecting optimism about the company's future prospects [4] - Wall Street Zen upgraded Kirby from a hold to a buy rating, while Evercore ISI increased its price objective from $109 to $122, giving the stock an outperform rating [4][6] Group 2: Stock Performance - Kirby's current stock price is $122.17, down approximately 4.65% from its previous close, with a market capitalization of about $6.82 billion [5] - The stock has traded between $115 and $123.50 on the day, and over the past year, it has seen a high of $132.18 and a low of $79.52, indicating significant volatility [5]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting with competent advisors before making any financial decisions, particularly in the context of investments in complex instruments like cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for investment actions [1]. - The accuracy and reliability of the information are not guaranteed, and users are cautioned against relying solely on the content provided [1]. Group 2 - The website discusses the high risks associated with cryptocurrencies and CFDs, highlighting that they are complex instruments with a significant potential for financial loss [1]. - It encourages users to conduct their own research and fully understand the workings and risks of any financial instruments before investing [1].

Core Insights - Kirby Corporation reported record earnings for 2025, with strong operational and financial momentum despite seasonal challenges in the fourth quarter [4][3] - The company generated $406 million in free cash flow and returned capital to shareholders through share repurchases and debt reduction [7][3] - Kirby expects steady financial performance in 2026, with projected operating cash flow between $575 million and $675 million [19] Marine Transportation - Marine Transportation revenue for the fourth quarter was $482 million, with operating income of $100 million and operating margins in the low-20% range [1] - Inland marine market conditions improved towards the end of the quarter, with utilization nearing 90% and mixed pricing trends [7][6] - Coastal marine revenue increased by 22% year over year, supported by high utilization rates in the mid- to high-90% range [9][6] Distribution & Services - Distribution & Services revenue was $370 million in the fourth quarter, with operating income of $30 million and an operating margin of 8.1% [11] - Power generation revenue rose 47% year over year, contributing significantly to segment growth, while oil and gas revenues declined by 45% [12][13] - The segment is expected to see flat to slightly higher revenues in 2026, driven by strength in power generation [17] Financial Position - At the end of 2025, Kirby had $79 million in cash and approximately $920 million in total debt, with a debt-to-capital ratio of 21.4% [2] - The company reduced debt by roughly $130 million during the fourth quarter and had total available liquidity of about $542 million [2][7] - Capital expenditures for the fourth quarter were $47 million, with expectations of $220 million to $260 million in 2026 [19] 2026 Outlook - Kirby anticipates inland revenue growth in the low- to mid-single digits for 2026, with utilization expected to average in the low 90% range [15] - Coastal revenue growth is projected to be mid-single-digit, supported by gradual pricing improvements [16] - The company highlighted potential macro factors, such as Venezuelan oil flows and tariff developments, as sources of near-term uncertainty [14]

Group 1 - The law firm Kirby McInerney LLP is investigating potential claims against Carvana Co. regarding possible violations of federal securities laws and unlawful business practices by the company and its senior management [1] - A report by Gotham City Research alleges that Carvana's reported profitability is based on undisclosed related-party transactions with DriveTime and Bridgecrest, claiming that DriveTime incurred over $1 billion in cash losses while leveraging 20x to 40x EBITDA to support Carvana's earnings [1] - Following the allegations, Carvana's share price dropped by $67.68, approximately 14.2%, from $477.72 on January 27, 2026, to $410.04 on January 28, 2026 [1] Group 2 - No lawsuit has been filed yet, and the investigation is ongoing to assess whether claims can be made under federal securities laws [2] - Individuals who purchased or acquired Carvana securities and have information related to the investigation are encouraged to contact Kirby McInerney LLP for further discussion [2]

Core Viewpoint - A class action lawsuit has been filed against Beyond Meat, Inc. on behalf of investors who acquired its securities during the specified class period from February 27, 2025, to November 11, 2025 [1] Summary by Relevant Sections - The lawsuit is initiated by the law firm Kirby McInerney LLP, indicating potential legal challenges for Beyond Meat [1] - Investors who suffered losses on their Beyond Meat investments are given a deadline of March 24, 2026, to request lead plaintiff appointment [1]

Financial Performance - Fourth quarter net earnings attributable to Kirby were $91.8 million or $1.68 per share, a significant increase from $42.8 million or $0.74 per share in the same quarter of 2024[2] - Full year net earnings attributable to Kirby reached $354.6 million or $6.33 per share, compared to $286.7 million or $4.91 per share in 2024[3] - Adjusted EBITDA for the fourth quarter was $203.1 million, compared to $172.3 million in the fourth quarter of 2024[15] - Operating income for Q4 2025 was $129,673,000, significantly higher than $50,146,000 in Q4 2024, marking a 158.5% increase[26] - Net earnings attributable to Kirby for Q4 2025 were $91,810,000, compared to $42,817,000 in Q4 2024, reflecting a 114.1% increase[28] - Adjusted EBITDA for Q4 2025 was $203,059,000, up from $172,332,000 in Q4 2024, indicating a 17.8% growth[28] - Free cash flow for Q4 2025 was $265,200,000, compared to $150,700,000 in Q4 2024, representing a 76.0% increase[39] Revenue Growth - Consolidated revenues for the fourth quarter of 2025 were $851.8 million, up from $802.3 million in the fourth quarter of 2024[2] - Total revenues for Q4 2025 reached $851,775,000, a 6.2% increase from $802,315,000 in Q4 2024[26] - Marine transportation revenues increased to $481,653,000 in Q4 2025 from $466,776,000 in Q4 2024, representing a 3.8% growth[31] - Distribution and services revenues rose to $370,122,000 in Q4 2025, up 10.3% from $335,539,000 in Q4 2024[33] Operational Metrics - Inland marine barge utilization averaged in the mid to high-80% range during the fourth quarter, with expectations for improvement into the low 90% range in the first quarter of 2026[5] - Power generation revenue increased 10% sequentially and 47% year-over-year, driven by strong order activity and large project wins[5] - Operating margin for Marine transportation improved to 20.8% in Q4 2025 from 18.4% in Q4 2024[31] - Inland marine transportation revenues for Q4 2025 were $379.2 million, resulting in a revenue per ton mile of 10.9 cents[5] Debt and Capital Expenditures - Total debt as of December 31, 2025, was $919.3 million, with a debt-to-capitalization ratio of 21.4%[15] - The debt to capitalization ratio increased to 21.4% in 2025 from 20.7% in 2024[29] - Capital expenditures for Q4 2025 were $47,033,000, down from $96,670,000 in Q4 2024[28] Future Outlook - For 2026, Kirby expects earnings per share to be flat to up 12% year-over-year, supported by stable operations and improving market fundamentals[5] - Total distribution and services revenues are projected to be flat to slightly higher year-over-year, with strength in power generation offsetting lower oil and gas activity[18] Performance Measurement - Kirby evaluates its operating performance using Adjusted EBITDA, which is defined as net earnings before interest, taxes, depreciation, and amortization[1] - Adjusted EBITDA is a key performance measure used in Kirby's incentive bonus plan and is widely accepted by analysts and investors[1] - Kirby uses non-GAAP financial measures to assess performance excluding one-time items, which helps in understanding operating performance over different periods[2] - Free cash flow is defined as net cash from operating activities less capital expenditures, providing insights into the company's liquidity[2] Operational Efficiency - Ton miles measure fleet productivity, indicating the distance a loaded tank barge is moved, with an example of generating 330,000 ton miles[4] - The average number of towboats operated includes both owned and chartered vessels during the reporting period[6] - Delay days measure the lost time incurred by a tow during transit, accounting for various navigational delays[7] Share Repurchase - Kirby repurchased 1,030,729 shares at an average price of $98.53 for a total of $101.6 million in the fourth quarter[5]

Financial Data and Key Metrics Changes - Kirby Corporation reported a record year in 2025, with over $400 million in free cash flow and a strong balance sheet, having paid down $130 million in debt [4][21] - The company generated cash flow from operations of $670 million for the year, driven by higher revenues and earnings [21] - Total revenues for the Marine Transportation segment were $482 million in Q4 2025, with an operating income of $100 million, reflecting a 3% increase in revenues year-over-year [10][11] Business Line Data and Key Metrics Changes - In the Inland Marine segment, revenues decreased by 1% compared to Q4 2024, primarily due to lower utilization, but increased by 3% compared to Q3 2025 due to improved market conditions [11][12] - Coastal Marine revenues increased by 22% year-over-year, supported by steady demand and higher contract prices, with operating margins around 20% [13][14] - The Distribution and Services segment saw revenues of $370 million in Q4 2025, a 10% increase year-over-year, driven by the power generation business, which represented 52% of total segment revenues [15][16] Market Data and Key Metrics Changes - Barge utilization in Inland Marine averaged in the mid- to high-80% range, improving towards the end of the quarter, while Coastal Marine utilization remained strong in the mid- to high-90% range [6][7] - Spot prices in the inland market showed early signs of recovery in January 2026, following a decline in Q4 2025 [6][32] - The power generation business experienced a 47% year-over-year revenue increase, driven by strong order flow and project wins [16][17] Company Strategy and Development Direction - Kirby Corporation aims for steady growth and solid performance in 2026, with a focus on capital allocation to return value to shareholders and pursue long-term investments [4][23] - The company is optimistic about the power generation segment, which is expected to continue driving growth despite mixed demand across other product lines [24][27] - Management highlighted the importance of maintaining operational excellence and cost control amid rising medical costs and inflationary pressures [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial momentum exiting 2025, with expectations for improving market conditions in 2026 [4][24] - The company noted potential upside from macro factors such as Venezuelan oil flows and ongoing tariff developments, which could enhance demand [24][29] - Management acknowledged the challenges posed by supply constraints and inflation but remains optimistic about the overall financial performance for 2026 [21][29] Other Important Information - Kirby Corporation's total capital expenditures for 2025 were $264 million, with expectations for 2026 to fall in the $220 million-$260 million range [22] - The company maintained a balanced capital allocation approach, with a focus on returning capital to shareholders while exploring acquisition opportunities [23][29] Q&A Session Summary Question: Insights on Q4 term contract pricing and demand outlook for 2026 - Management indicated that the slight decline in term contract pricing was due to short-term demand pressures, but early signs of recovery in spot prices are encouraging for 2026 [31][32] Question: Impact of coastal shipyard activity on revenue and costs - Management confirmed that increased shipyard activity would impact margins due to associated costs, but pricing remains strong in the coastal market [39][40] Question: Clarification on EPS guidance range and factors influencing it - The broad EPS guidance range reflects uncertainties in power generation deliveries and pricing improvements in the inland market, with management remaining cautiously optimistic [47][48] Question: Update on CapEx guidance and new build pricing trends - Management noted that new build pricing remains consistent, with ongoing labor challenges at shipyards, and emphasized a pragmatic approach to potential acquisitions [84][87]

Financial Data and Key Metrics Changes - Kirby Corporation reported a record year in 2025, with over $400 million in free cash flow and a strong balance sheet, having paid down $130 million in debt [4][20] - The company generated cash flow from operations of $670 million for the year, driven by higher revenues and earnings [21] - Total available liquidity at the end of the fourth quarter was approximately $542 million [21] Business Line Data and Key Metrics Changes - Marine transportation segment revenues were $482 million in Q4 2025, with an operating income of $100 million and an operating margin in the low 20% range [10] - Inland marine revenues decreased 1% compared to Q4 2024, primarily due to lower utilization, while coastal revenues increased 22% year-over-year [11][13] - Distribution and services segment revenues were $370 million, with operating income of $30 million and an operating margin of 8.1% [15] Market Data and Key Metrics Changes - Inland barge utilization averaged in the mid- to high-80% range, improving towards the end of the quarter, while coastal barge utilization remained strong in the mid- to high-90% range [6][14] - Power generation revenues grew 47% year-over-year, driven by strong order flow and project wins [7][16] - The oil and gas market continued to face softness, with revenues down 45% year-over-year [18] Company Strategy and Development Direction - Kirby Corporation aims for steady growth and solid performance in 2026, with expectations of improving market conditions and operational momentum [4][9] - The company is focused on a balanced capital allocation approach, returning capital to shareholders while pursuing long-term investment opportunities [22][23] - Power generation is identified as a core growth area, with an expanding backlog and strong customer demand [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining industry and potential demand from Venezuelan crude, which could positively impact operations [24][37] - The company anticipates stable refinery activity and improving inland utilization, with spot rates showing early signs of an upward trend [8][25] - Despite expected seasonal challenges in Q1, management expects operating performance to strengthen throughout the year [26][28] Other Important Information - The company experienced an increase in medical costs, which is expected to continue in 2026, impacting operating margins [18][19] - Capital expenditures for 2025 totaled $264 million, with expectations for 2026 to fall within the $220 million-$260 million range [22] Q&A Session Summary Question: Inquiry on Q4 term contract pricing and demand outlook - Management noted that the slight decline in term pricing was due to weak demand in Q4, but they have seen spot prices rebound in January, indicating a more positive outlook for 2026 [31][32][36] Question: Clarification on coastal revenue expectations and shipyard impacts - Management confirmed that increased shipyard activity would impact margins, but revenue growth would primarily come from price increases rather than volume [39][40] Question: Discussion on EPS guidance range and underlying factors - Management explained that the broad EPS guidance range is influenced by power generation delivery timing and the potential for improved inland pricing throughout the year [48][49] Question: Update on CapEx guidance and new build pricing - Management indicated that new build pricing remains consistent, with labor costs still high, and they do not anticipate significant acquisitions impacting CapEx guidance [84][87]