行业概览与增长前景 - 无人机行业预计将以每年8%至10%的速度增长，到2030年市场规模将达到600亿美元 [7] - 行业增长动力来自军事应用和商业应用的双重驱动，商业应用包括配送服务、监控服务和各行业的检查服务 [1] - 行业被类比为“更强、更快的鸟”，其可实现的高效率支撑了整个投资主题 [11] 投资工具与策略 - REX Drone ETF（代码：DRNZ）为投资者提供一站式投资渠道，其投资组合的80%配置于主营业务为无人机及相关技术的公司 [1] - 该ETF采取广泛布局策略，以捕捉无人机主题内不同细分领域的增长机会 [9] - ETF最新价格为18.62美元，当日上涨0.18美元，涨幅0.96% [1] 主要市场参与者 - 基金最大持仓公司Ondas Holdings（代码：ONDS）为空中情报和下一代连接提供技术，以实现隐秘安全 [3] 该公司股价为6.74美元，当日上涨0.47美元，涨幅7.42% [6] - 第二大持仓公司AeroVironment（代码：AVAV）以其“弹簧刀”精确游荡弹药闻名，并已扩展这些经过战斗验证的系统 [5] 该公司股价为272.54美元，当日下跌1.44美元，跌幅0.53% [6] - 持仓较小的Palantir Technologies（代码：PLTR）因其承诺仅支持美国军方而获得高度评价，其软件利用人工智能帮助解读数据 [6] 该公司股价为154.85美元，当日下跌0.90美元，跌幅0.57% [6] 军事应用领域 - 军事应用是无人机主题令人兴奋的原因之一，乌克兰和中东地区的冲突已验证其效用 [1] - 国防预算正从传统武器转向更多支出于无人机 [1] - 无人机在军事领域已成为游戏规则的改变者 [3] 商业应用领域 - 商业应用被认为是更令人兴奋的增长点，目前正在多个行业加速发展 [1] - 具体应用场景包括监测农作物、检查管道以及亚马逊、沃尔玛和UPS等公司在偏远地区的配送服务 [9] - 商业应用的巨大潜力仍有待发掘 [11]

公司季度业绩表现 - 第三财季调整后每股收益为0.35美元，低于市场预期的0.40美元，较去年同期的0.49美元下降 [4] - 第三财季净销售额为15.94亿美元，同比下降1%，低于市场预期的16.27亿美元 [4] - 美国及加拿大门店净销售额微增0.2%至12.2亿美元，低于市场预期的12.6亿美元；直销渠道净销售额下降7%至2.99亿美元，低于预期的3.09亿美元；国际业务净销售额增长6.1%至7300万美元，符合预期 [5] - 第三财季毛利润下降6.4%至6.58亿美元，毛利率下降220个基点至41.3%，商品利润率下降260个基点，其中关税影响约3500万美元或200个基点 [6] - 第三财季运营收入下降26.1%至1.61亿美元，运营利润率下降340个基点至10.1%；净利润下降27.4%至7700万美元 [7] 公司财务与运营状况 - 季度末现金及等价物为2.36亿美元，长期债务为38.9亿美元，长期运营租赁负债为8.97亿美元，总库存同比增加6.2% [10] - 第三财季经营活动提供净现金2.25亿美元，通过股息向股东返还4100万美元，并以均价29.25美元回购300万股股票，耗资8700万美元 [11] - 本财年迄今已通过股息向股东返还1.26亿美元，并回购1150万股普通股，耗资3.43亿美元 [11] - 季度末总门店数为1934家，其中美国1821家，加拿大113家；季度内在北美新开40家店（主要位于非商场位置），永久关闭10家店（主要位于商场），其投资组合中59%的门店位于非商场位置 [8] - 国际合作伙伴季度内新开10家店，关闭3家店，期末国际门店总数为544家，2025财年国际扩张计划仍在进行中，预计净新增至少30家门店 [9] 公司未来展望与战略 - 管理层下调2025财年业绩指引，目前预计净销售额将较2024财年的73.07亿美元出现低个位数下降，此前预期为增长1.5%-2.7% [15] - 预计2025财年每股收益至少为2.83美元（2024财年为3.61美元），调整后每股收益至少为2.87美元（2024财年为3.29美元） [16] - 预计2025财年毛利率约为43.3%，关税将对其造成100个基点的负面影响；调整后SG&A费率预计约为28.3% [15] - 预计2025财年将产生约6.5亿美元的自由现金流，资本支出计划为2.4亿美元，低于此前指导的2.5-2.7亿美元 [16][18] - 公司公布全面的转型战略，专注于投资四大关键增长驱动力：提供颠覆性创新产品、重燃品牌活力、加强市场地位、提升速度和运营效率，旨在吸引新一代年轻消费者 [3] - 第四财季预计净销售额将较2024财年同期的27.88亿美元下降高个位数，每股收益预计至少为1.70美元（去年同期为2.09美元） [12] - 第四财季预计毛利率为44.5%，关税净影响为100个基点；SG&A费用占销售额比例预计为24%；利息及其他费用预计为6000万美元，税率预计为25% [14]

Alluvial Gold Research offers in-depth research on my favorite miners ranked in order to aid in positioning in the most undervalued miners with upcoming catalysts to drive portfolio outperformance. Subscribers also get access to my current portfolio and real-time buy/sell alerts as well as the following:Taylor Dart is an individual investor with over 16 years of trading experience, with his primary focus being precious metals developers, producers and royalty/streaming companies. Taylor leads the investing ...

Investors are glued to Eli Lilly (LLY) shares this morning as the pharmaceutical behemoth became the world’s first trillion-dollar healthcare company. LLY has soared this year on the back of explosive demand for its obesity (Zepbound) and diabetes (Mounjaro) treatments, which together brought in over $10 billion in the company’s latest reported quarter. More News from Barchart At the time of writing, Eli Lilly stock is up a whopping 70% versus its low in early August. www.barchart.com How High Can Eli ...

Alluvial Gold Research offers in-depth research on my favorite miners ranked in order to aid in positioning in the most undervalued miners with upcoming catalysts to drive portfolio outperformance. Subscribers also get access to my current portfolio and real-time buy/sell alerts as well as the following:Taylor Dart is an individual investor with over 16 years of trading experience, with his primary focus being precious metals developers, producers and royalty/streaming companies. Taylor leads the investing ...

The largest meat supplier in the U.S. has lost more than $425 million on beef this year, despite near record-high prices. ...

This post originally appeared in the First Trade newsletter. You can sign up for Business Insider's daily markets newsletter here. It may not feel like it, but 2025 has been a record year for retail traders. It's been even busier than 2021, when GameStop mania was at its peak. Compared to last year, retail activity is up 50%. That's likely indicative of more volatility in 2025, especially the nearly 20% drawdown from February to early April. Those shifting sands gave rise to investment strategies th ...

FEAR AND DOUBT, IS THAT IS WHAT IS RIPPING TO THE MARKETS. ERIC: YESTERDAY WAS EYE-OPENING, WITH THE ACTIONS IN THE MARKETS. IT SHOWS INVESTORS ARE NERVOUS.WE HAVE SEEN A PRETTY MUCH THIS WHOLE MONTH, AND THEN YESTERDAY REALLY WAS CLEAR THAT THIS SELLOFF HAS MORE LEGS. IN BIG PARTS OF THE MARKET ARE UNDER CORRECTION. NVIDIA IS NOW DOWN 17% FROM ITS HIGH.YOU WERE TALKING EARLIER ABOUT ORACLE. THAT IS DOWN 40%. YOU ARE SEEING INVESTORS ARE GETTING MORE DEFENSIVE. YOU ARE SEEING SECTORS LIKE UTILITIES, PHARMAC ...

Key Points It was mentioned positively in a new analyst note on the biotech sector. The researchers feel a recent rally in such titles somewhat unfairly left it behind. 10 stocks we like better than Dyne Therapeutics › One of the healthier stocks over the past several days has been biotech Dyne Therapeutics (NASDAQ: DYN). The company received a positive mention in a broader analyst note on its sector, and investors took this to heart. They traded up the stock to the point where it was 11% higher we ...

"AI is in a rational bubble,†says Mohamed El-Erian. "It makes sense to overinvest in it, to overspend on it, because the payoff is enormous. ...