Daily Brief United States: USD, MNTN, Ring Energy Inc, Idex Corp, Avnet Inc, Parker Hannifin, KKR & Co, Cardinal Health, Broadridge Financial Solutions, Inc and more

• Markets are still active, with major moves in rates and currency
• There are conflicting signals in the bond market, with concerns over inflation and the economy slowing down
• Steven Englander from Standard Chartered discusses the dynamics of JGB and UST yields

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• SLR reform is a high priority for US banking regulators, with potential changes to how Treasuries are calculated
• The timeline for SLR reform is still in the early stages, with regulatory processes and personnel confirmations needing to be completed first
• Potential scenarios for SLR reform include carving out reserves and dealer holdings of Treasuries from the SLR denominator to address liquidity and market functioning concerns

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• MNTN, Inc., a high-growth provider of CTV performance marketing platform, priced its IPO at $16.00 per share, high end of range.
• The offering was ~14x times oversubscribed, according to Mark Douglas, Founder & CEO of MNTN. The IPO opened at $21.00 and closed at $26.36 per share, up ~65%.
• I think the stock was attractively priced vs. peers, given 30%+ growth rates, FCF positive business and top-tier backers.

• After adding ~2,300 Boe/d of shallow-decline production in the Lime Rock acquisition, management altered its FY25 capital program to favor allocating free cash flow to debt reduction.
• 2Q25 capital spending guidance was lowered by more than 50% from prior expectations, yet production guidance was maintained at 20,500-22,500 Boe/d (13,700-14,700 Bo/d).
• Updated full-year guidance reflects a 36% capital spending reduction from management’s initial outlook and a 5% production reduction. 

• IDEX Corporation recently reported its first-quarter results for 2025, outlining both positive performances and areas of challenge.
• The company exceeded expectations across revenue, profitability, and adjusted earnings per share, thanks to incremental cost savings and strategic price adjustments.
• This highlights IDEX’s effective operational management, despite an environment marked by policy-driven uncertainties, such as newly introduced tariffs.

• Avnet, Inc. reported its financial results for the third quarter of fiscal year 2025, demonstrating a performance that exceeded some expectations despite challenging market conditions.
• The company achieved sales of $5.3 billion, reaching near the high end of its guidance, while adjusted earnings per share (EPS) of $0.84 surpassed expectations.
• Cash flow from operations amounted to $141 million for the quarter, driven largely by a better-than expected performance in Asia and positive developments from Farnell, although the company faced ongoing weaknesses in the Western markets, with Europe providing the most difficult environment.

• Parker Hannifin Corporation’s Q3 earnings report for fiscal year 2025 highlights a robust performance characterized by record-setting profitability metrics amid challenging macroeconomic conditions.
• The company reported a solid adjusted segment operating margin of 26.3% and an adjusted EBITDA margin of 27%, marking notable achievements as both figures reached record highs.
• Total cash flow from operations hit $2.3 billion year to-date, underscoring the strong cash generation capabilities of the business.

• KKR & Co. Inc. reported its first quarter 2025 results, showcasing a robust performance and strategic initiatives.
• The fee-related earnings per share increased to $0.92, marking a 22% rise year-over-year, while total operating earnings per share climbed 16% to $1.24.
• Adjusted net income per share noted a 19% uptick to $1.15.

• Cardinal Health, Incorporated reported robust third-quarter fiscal year 2025 results, demonstrating resilience and growth across its business segments.
• The company’s performance was particularly driven by strong utilization trends and execution in its Pharmaceutical and Specialty Solutions segment, as well as growth from three other businesses grouped under “Other.” The positive financial outcomes led Cardinal Health to raise its fiscal year 2025 EPS guidance.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Broadridge Financial Solutions Inc. reported strong third-quarter results for fiscal year 2025, reflecting robust performance across its various business segments, with total revenue increasing by 5% to $1.8 billion.
• The company achieved 8% growth in recurring revenues, constant currency, and a 9% increase in adjusted EPS, supported by solid execution of its growth strategy and a high level of visibility into its revenue streams driven by a 98% revenue retention rate and a significant recurring revenue backlog of $450 million.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.