Market Performance - U.S. stocks showed positive movement with the Nasdaq Composite gaining approximately 0.2% on Friday, while the Dow increased by 0.17% to 47,933.71, and the S&P 500 rose by 0.15% to 6,867.40 [1] - Communication services sector saw a notable increase of 0.9%, while utilities stocks experienced a decline of 0.6% [1] Economic Indicators - The U.S. PCE price index rose by 0.3% month-over-month in September, consistent with the previous month and aligning with market expectations [2][11] - U.S. personal income increased by 0.4% month-over-month to $26.397 trillion in September [8] Commodity Prices - Oil prices increased by 0.7% to $60.08, while gold rose by 0.1% to $4,245.70. Silver saw a significant increase of 2.7% to $59.035, and copper rose by 1.2% to $5.4385 [5] Company News - Praxis Precision Medicines Inc shares surged by 31% to $248.00 following the completion of its pre-NDA meeting with the FDA [9] - DigitalBridge Group Inc shares increased by 32% to $12.86 amid reports of SoftBank's interest in acquiring the company [9] - Rubrik Inc shares rose by 23% to $86.80 after reporting better-than-expected third-quarter results and raising its FY26 guidance [9] - Parsons Corp shares dropped by 25% to $62.97 after losing a joint bid with IBM for a new air traffic control system [9] - Sportsman's Warehouse Holdings Inc shares fell by 30% to $1.70 following disappointing third-quarter results [9] - Domo Inc shares decreased by 23% to $8.87 after reporting third-quarter results and issuing lower-than-expected fourth-quarter sales guidance [9]

U.S. Stock Market Performance - U.S. stocks traded higher, with the Nasdaq Composite gaining around 0.2% on Friday [1] - The Dow increased by 0.17% to 47,933.71, while the NASDAQ rose 0.16% to 23,543.03, and the S&P 500 gained 0.15% to 6,867.40 [1] - Communication services shares jumped by 0.9%, while utilities stocks fell by 0.6% [1] Economic Indicators - The U.S. PCE price index increased by 0.3% month-over-month in September, consistent with the previous month and market estimates [2][11] - U.S. personal income rose by 0.4% month-over-month to $26.397 trillion in September [8] Commodity Market - Oil traded up 0.7% to $60.08, gold increased by 0.1% to $4,245.70, silver rose by 2.7% to $59.035, and copper gained 1.2% to $5.4385 [5] Company-Specific Movements - Praxis Precision Medicines Inc shares surged 31% to $248.00 after announcing completion of its pre-NDA meeting with the FDA [9] - DigitalBridge Group Inc shares increased by 32% to $12.86 following reports of SoftBank's interest in acquiring the company [9] - Rubrik Inc shares rose 23% to $86.80 after reporting better-than-expected third-quarter results and raising FY26 guidance [9] - Parsons Corp shares dropped 25% to $62.97 after losing a joint bid with IBM for a new air traffic control system [9] - Sportsman's Warehouse Holdings Inc shares fell 30% to $1.70 after reporting third-quarter results [9] - Domo Inc shares decreased by 23% to $8.87 after reporting third-quarter results and issuing lower-than-expected fourth-quarter sales guidance [9]

Upgrades - Rubrik (RBRK) upgraded to Outperform from Market Perform due to "stellar beat-and-raise results" and ongoing share gains in the cyber-resilience market [2] - Corpay (CPAY) upgraded to Outperform from Perform with a price target of $380, as shares offer "growth at a discount" [2] - Humana (HUM) upgraded to Buy from Hold with a price target increased to $313 from $253, following an analysis of the company's Stars diversification effort [2] - Unity (U) upgraded to Overweight from Equal Weight with a price target raised to $51 from $42, based on a positive outlook for the mobile game advertising industry in 2026 [3] - Dollar General (DG) upgraded to Buy from Accumulate with a price target of $140, noting strong traffic growth compared to Dollar Tree (DLTR) [3] Downgrades - Argan (AGX) downgraded to Hold from Buy with a price target raised to $325 from $260, citing a top-tier valuation despite strong execution and a $3B backlog [4] - AIG (AIG) downgraded to Equal Weight from Overweight with a price target reduced to $88 from $95, due to limited attractive growth opportunities in the current pricing environment [4] - Synchrony (SYF) downgraded to Neutral from Outperform with an unchanged price target of $82, as lower end consumer exposure makes shares less appealing after a recent rally [4] - Parsons (PSN) double downgraded to Market Perform from Strong Buy without a price target, following the FAA's decision to award a significant contract to Peraton [4] - Kosmos (KOS) double downgraded to Underperform from Buy with a price target lowered to $1 from $3.40, after cutting brent oil price forecasts for 2026 and 2027 to $60 and $62 per barrel respectively [4]

Group 1 - U.S. stock futures were mostly higher, with Nasdaq futures gaining around 100 points [1] - Domo Inc reported quarterly earnings of 1 cent per share, beating the analyst consensus estimate of a loss of 5 cents per share [2] - Domo's quarterly sales were $79.400 million, exceeding the analyst consensus estimate of $78.967 million [2] Group 2 - Domo shares fell 14.2% to $9.93 in pre-market trading following the earnings report and weak fourth-quarter sales guidance [2] - Sportsman's Warehouse Holdings Inc tumbled 18.8% to $1.99 in pre-market trading after reporting third-quarter results [4] - Argan Inc fell 11.6% to $315.00 in pre-market trading due to worse-than-expected third-quarter sales results [4] - Hewlett Packard Enterprise Co shares dipped 9.2% to $20.80 after mixed fourth-quarter financial results and weak first-quarter sales guidance [4] - SentinelOne Inc declined 8% to $15.61 after narrowing its FY26 sales guidance below estimates [4] - SoFi Technologies Inc fell 7.5% to $27.39 as the company announced pricing of a public offering of common stock [4] - Oklo Inc fell 6.6% to $104.30 after entering into an equity distribution agreement to offer up to $1.5 billion of common stock [4] - Docusign Inc fell 5.5% to $67.21 following third-quarter results [4] - Parsons Corp fell 5.3% to $80.00 in pre-market trading [4] - Chatham Lodging Trust fell 4.3% to $6.24 in pre-market trading [4]

Core Insights - Parsons Corporation has been awarded the Cooperative Threat Reduction Integration Contract (CTRIC) IV by the Defense Threat Reduction Agency (DTRA), highlighting its leadership in global threat reduction and security [1][3] - The contract has a ceiling value of $3.5 billion and includes a five-year base period with one five-year option period [1][2] Contract Details - Under the CTRIC IV contract, Parsons will compete for task orders aimed at reducing threats from weapons of mass destruction (WMD), including chemical, biological, radiological, and nuclear threats [2] - The efforts will involve eliminating, securing, or consolidating WMD and related materials, as well as assisting partner nations in enhancing their operational capabilities to prevent and detect illicit trafficking of WMD-related materials and technology [2] Company Positioning - Parsons has a long-standing partnership with DTRA and is committed to leveraging its national security solutions experience to support initiatives that counter WMD and emerging threats globally [3] - The CTRIC IV contract positions Parsons to continue its critical work with DTRA, further supporting the Cooperative Threat Reduction Directorate in addressing WMD-related threats [3] Company Overview - Parsons is recognized as a leading disruptive technology provider in national security and global infrastructure markets, with capabilities spanning cyber and electronic warfare, space and missile defense, and critical infrastructure protection [5]

Question-and-Answer SessionIt's great to have you. Maybe just starting high level at the sort of industry end market level and the backdrop and environment. We've had DOGE and similar efforts. Then we had a government shutdown. Where are we now? Are things normal? Are they close to normal? Are they still completely abnormal? What are you seeing in the marketplace?Carey SmithPresident, CEO & Chairwoman Sure. So I would say with DOGE, I think that's pretty much behind us. I will say it affected a lot of the c ...

Summary of Parsons (NYSE: PSN) 2025 Conference Call Company Overview - **Company**: Parsons Corporation (NYSE: PSN) - **Industry**: Aerospace and Defense Key Points Industry and Market Environment - The impact of DOGE and government shutdowns is receding, with the market slowly returning to normal conditions [2][4] - Parsons was minimally affected by DOGE, with no contract terminations, and 50% of its business is not federal government-related, mitigating impacts from the shutdown [4][5] Financial Performance and Growth Projections - Parsons anticipates mid-teens growth in its federal segment for Q4, despite some delays in contract actions due to the shutdown [9][11] - The company expects a contribution of approximately $350 million from confidential contracts in 2025, with $285 million in the first half [11][12] - For 2026, Parsons projects mid-single digit growth for its core business, with strong tailwinds from federal funding initiatives [12][13] Major Funding Initiatives - The reconciliation bill includes significant funding allocations: $160 billion for border security, $25 billion for Golden Dome, $21 billion for the Pacific Deterrence Initiative, and $12.5 billion for Federal Aviation Modernization [5][6] - Parsons is well-positioned to benefit from these funding initiatives due to its aligned portfolio [6] FAA Project Insights - The FAA project is expected to be awarded imminently, with a total budget of $12.5 billion over three years, focusing on modernization and safety improvements [14][15] - Parsons has partnered with IBM and other leading firms to enhance its proposal for the FAA project [16][22] Golden Dome Initiative - The Golden Dome initiative has bipartisan support and is crucial for national defense, with $25 billion allocated for its development [26][27] - Parsons aims to leverage its existing $2.26 billion contract to participate in the integration efforts for Golden Dome [27][28] Infrastructure Business Growth - Parsons' infrastructure business has shown consistent growth, with over 10% margins and a strong book-to-bill ratio [47][48] - The company is involved in major projects in both North America and the Middle East, including significant contracts in Saudi Arabia and the U.S. [48][49] Capital Deployment and Acquisitions - Parsons has acquired 16 companies since 2017, with three acquisitions in the current year, focusing on enhancing capabilities in critical areas like water resiliency and cyber warfare [56][57] - The company maintains a disciplined approach to acquisitions, targeting firms with at least 10% organic revenue growth and a 10% EBITDA margin [59] Water and PFAS Market Potential - Water and environmental services constitute 15% of Parsons' total revenue, with water being the fastest-growing segment [65] - The PFAS market is estimated at $220 billion, with $40 billion addressable for Parsons, driven by innovative remediation technologies [66] Margin Outlook - Federal solutions margins are expected to stabilize in the high eights to low nines, with potential for improvement through product opportunities and acquisitions [32][35] Additional Insights - Parsons emphasizes its unique position in system integration and program management, which differentiates it from competitors in high-stakes projects [25][22] - The company is focused on maintaining strong relationships with acquired firms to enhance operational capabilities and mission impact [60][61] This summary encapsulates the key insights and projections discussed during the Parsons conference call, highlighting the company's strategic positioning and growth opportunities within the aerospace and defense sector.

Core Points - Parsons Corporation will participate in a fireside chat at the Goldman Sachs Industrials and Materials Conference on December 3, 2025 [1] - The session will feature Carey Smith, chair, president, and CEO, and Matt Ofilos, CFO [1] - The presentation will be available live via webcast and can be accessed on the investor relations section of Parsons' website [2] Company Overview - Parsons Corporation is a leading provider of disruptive technology in national security and global infrastructure markets [3] - The company has capabilities in various sectors including cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection [3]

Core Insights - Q3 2025 saw strong market gains, providing opportunities for active managers to excel by leveraging the market's rally and effectively navigating Federal Reserve policy changes [2][3] - The PSN Top Guns list highlights top-performing separate accounts, managed accounts, and managed ETF strategies, showcasing the value of active management in separately managed accounts (SMAs) [1][2] Market Performance - Strong equity performance was driven by demand for artificial intelligence and technology, anticipated interest rate cuts, and solid corporate earnings [3] - Investors showed resilience amid policy uncertainties, trade tensions, persistent inflation, and elevated valuations [3] PSN Top Guns List - The PSN Top Guns list for Q3 2025 includes notable strategies such as: - White Pine Capital, LLC.: Small Cap (+25.7% for the quarter) - RBC Global Asset Management: RBC China Equity (+31.9% for the quarter) - Fisher Investments: China A-Share Equity (+27.6% for the quarter) [6] PSN Database and Features - The PSN SMA database comprises over 2,800 firms, 285 universes, and more than 21,000 products, providing detailed asset breakdowns and compliance information [2][8] - PSN's historical database offers over 40 years of data, including net and gross-of-fee returns, enhancing its value for asset managers [2][8] New Initiatives - Zephyr launched the "Inside SMAs" podcast to discuss SMA strategies, market trends, and industry insights, aiming to engage thought leaders in the field [5][10] - The PSN Manager Advantage program was introduced to enhance visibility and branding for PSN contributors through digital coverage and market intelligence [4]

Core Insights - Parsons Corporation has been awarded a position on the $15 billion Pacific Deterrence Initiative Multiple Award Construction Contract (PDI MACC) by the Naval Facilities Engineering Systems Command (NAVFAC) [1][2] - The contract includes a 5-year base period with three one-year option periods and aims to enhance deterrence capabilities and regional security in the Indo-Pacific region [1][3] - Parsons will compete for task orders to provide design and engineering services for projects exceeding $100 million, including various critical infrastructure developments [2][3] Company Performance - Parsons has been recognized as the number one Program Management Firm by Engineering News-Record and has secured over $400 million in INDOPACOM-related contracts since 2019 [4] - The company leverages its expertise in program and construction management, engineering, and national security solutions to deliver integrated solutions across the national security and critical infrastructure sectors [4][5] Strategic Importance - The PDI MACC will facilitate faster execution of critical infrastructure projects in strategic locations such as Australia and the Philippines, enhancing regional resilience and support for U.S. forces [3][4] - The contract underscores Parsons' integrated portfolio and its capability to provide comprehensive solutions in national security and critical infrastructure protection [5]