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The Home Depot Inc. (NYSE:HD) reported fourth-quarter fiscal 2025 results on Tuesday that exceeded analyst expectations for both revenue and adjusted earnings. Shares rose following the announcement.

Fourth Quarter Results

Fourth-quarter sales were $38.198 billion, a 3.8% year-over-year decrease, but above the $38.119 billion estimate. This quarter included 13 weeks, compared to 14 weeks in the prior year. Comparable sales increased 0.4%, with U.S. comparable sales up 0.3%.

GAAP diluted earnings per share were $2.58, down from $3.02 a year ago. Adjusted diluted earnings per share were $2.72, exceeding the $2.54 estimate but below last year’s $3.13.

Operating income was $3.849 billion, with an operating margin of 10.1%. Adjusted operating margin was 10.5%.

Comparable customer transactions declined 1.6% for the quarter, while the comparable average ticket increased 2.4%. Total customer transactions were 366.5 million, down 8.5%. The average ticket was $91.28, up 2.4%.

Full-Year Performance

For fiscal 2025, sales increased 3.2% to $164.7 billion. Comparable sales rose 0.3%, with U.S. comparable sales up 0.5%. GAAP diluted EPS was $14.23, down from $14.91 in fiscal 2024.

Adjusted diluted EPS was $14.69, compared to $15.24 a year earlier. Operating income was $20.890 billion, with an operating margin of 12.7%. Adjusted operating margin was 13.1%.

Fiscal-year customer transactions totaled 1,601.5 million, a 2.2% decrease. The average ticket increased 1.4% to $90.56.

Cash Flow And Balance Sheet

Operating cash flow for fiscal 2025 was $16.325 billion, down from $19.810 billion in fiscal 2024. Capital expenditures totaled $3.679 billion. Year-end cash and cash equivalents were $1.389 billion.

“Throughout fiscal 2025, our teams did an incredible job engaging with our customers and growing market share, and I would like to thank them for their hard work and dedication,” said Ted Decker, chair, president, and CEO.

“For the fourth quarter, our results were largely in line with our expectations, reflecting the lack of storm activity in the third quarter and ongoing consumer uncertainty and pressure in housing. Adjusting for storms, underlying demand was relatively stable throughout the year.”

The company raised its quarterly dividend by 1.3% to $2.33 per share, payable on March 26, 2026, to shareholders of record as of March 12, 2026.

Fiscal 2026 Outlook

For fiscal 2026, Home Depot expects total sales growth of 2.5% to 4.5% and comparable sales growth of flat to 2.0%. The company projects GAAP EPS of $14.23 to $14.80, compared to the $14.79 estimate, and adjusted EPS of $14.69 to $15.28, compared to the $15.07 estimate.

Expected sales are $168.800 billion to $172.093 billion, compared to the $171.255 billion estimate.

The company forecasts a gross margin of about 33.1%, an operating margin of 12.4% to 12.6%, and an adjusted operating margin of 12.8% to 13.0%.

It expects an effective tax rate of 24.3%, net interest expense of $2.3 billion, capital expenditures at 2.5% of total sales, and about 15 new stores.

HD Price Action: Home Depot shares were up 2.85% at $387.72 during premarket trading on Tuesday, according to Benzinga Pro data.

Image via Shutterstock

On Friday, Anglo American plc (OTCQX:AAUKF) posted a $3.7 billion loss after booking a $2.3 billion writedown on its De Beers diamonds business. The crisis of the global diamond industry arrived at a volatile period for the firm, as it restructured and negotiated a merger of equals with Teck Resources Ltd. (NYSE:TECK).

The latest impairment at De Beers brought total writedowns to $6.8 billion over the past year. Despite 2% higher earnings from operations, the non-cash charge pushed the group into the red and forced a reset of shareholder returns.

Anglo declared a dividend of 23 cents per share, roughly $200 million, down 64% from 64 cents per share, or about $800 million, a year earlier. The cut reflects both weaker diamond prices and management’s desire to preserve balance sheet strength as it reshapes the portfolio. Net debt fell to $8.6 billion, but the dividend reduction highlights how severely De Beers has weighed on group performance.

Losing Luster

Anglo has struggled with the diamond business ever since it accelerated a strategic overhaul after fending off a $49 billion takeover bid from BHP Group Ltd. (NYSE:BHP) nearly two years ago. The miner sought to simplify its structure and focus on copper and iron ore, announcing plans to exit diamonds, coal, and platinum.

As part of that pivot, Anglo agreed to a transformative merger with Teck to create one of the world’s largest copper producers. Shareholders have approved the deal, and regulatory clearances are being sought, with completion targeted once final approvals are secured.

The proposed Anglo-Teck combination would cement the group’s shift toward future-facing commodities. Headquartered in Vancouver, the enlarged company would bring together major copper assets, including Teck’s Quebrada Blanca operation in Chile and Anglo’s portfolio.

Regional Ownership

The former portfolio crown jewel, De Beers, remains on the books but under intense pressure. Production has fallen for three consecutive years, and the company has cut its 2026 output forecast.

“There is at the moment a plentiful supply of rough diamonds in the market,” chief executive Duncan Wanblad said, according to Reuters. He noted the market was swamped by inventory and weakened by slowing luxury demand and the rapid rise of lab-grown stones.

Anglo has put De Beers up for sale and says the process is at an advanced stage, with final binding bids expected this year. Botswana, which owns 15% of De Beers and supplies about 70% of its rough diamonds, has signaled it wants to increase its stake. Angola is also seeking a significant position.

“Taking the majority stake within luxury commodities is very dangerous because it depends on the market,” Paulo Tanganha, Angola’s national director of mineral resources, told Reuters. “So to de-risk that, we have to have a portion that is sustainable for our economy. And that range (is) between 20% and 30%, we are happy about that.”

He added that Angola and neighboring producers were holding closed-door talks to find a common position.

Photo by EgolenaHK via Shutterstock

Block, Inc. (NYSE:XYZ) shares are up during Friday’s premarket session as the company expands its partner ecosystem, enhancing its offerings for sellers.

On Thursday, Block announced a significant expansion of its partner ecosystem, which now includes nearly 1,000 industry-leading partners such as Amazon.com, Inc. (NASDAQ:AMZN), Intuit Inc.’s (NASDAQ:INTU) Intuit QuickBooks, and Uber Technologies, Inc.’s (NYSE:UBER) Uber Eats.

This initiative aims to empower sellers by providing them with integrated tools and insights, allowing them to manage their operations more efficiently and engage with customers effectively.

As part of this initiative, Block is enabling sellers to accept payments seamlessly across various platforms, further solidifying its position in the market.

The broader market experienced gains on the previous trading day, with the Technology sector rising 0.56%. Block’s upward movement aligns with the overall sector strength, indicating that the stock is moving in tandem with broader market trends.

Technical Analysis

The stock is currently trading 8.3% below its 20-day simple moving average (SMA) and 20.4% below its 100-day SMA, indicating that it is struggling to maintain upward momentum. Over the past 12 months, shares have decreased by 36.31%, and they are currently positioned closer to their 52-week lows than highs.

The RSI is at 38.24, which is considered neutral territory, suggesting that the stock is neither overbought nor oversold at this time. Meanwhile, the MACD shows a value of -3.5196, below its signal line at -3.1165, indicating bearish pressure on the stock.

The combination of neutral RSI and bearish MACD suggests mixed momentum.

• Key Resistance: $58.50
• Key Support: $46.50

Sector Performance

Block is currently underperforming its sector, which is ranked 1 out of 11 sectors. The Technology sector’s recent performance has been mixed, with a 30-day decline of 2.50% and a slight gain of 0.25% over the past 90 days, indicating some volatility in the sector.

Despite the sector’s overall strength, Block’s performance today reflects a lag, suggesting that company-specific factors may be influencing its stock price. Traders should keep an eye on how the stock reacts to broader sector trends in the coming days.

Block’s recent initiatives to expand its partner ecosystem are crucial as they enhance its competitive edge in the payment services market. This expansion allows Block to better serve its customers and adapt to the evolving needs of businesses in a digital-first world.

Earnings & Analyst Outlook

The countdown is on: Block is set to report earnings on February 26, 2026.

• EPS Estimate: 49 cents (Down from 71 cents)
• Revenue Estimate: $6.32 billion (Up from $6.03 billion)
• Valuation: P/E of 10.6x (Indicates value opportunity)

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $83.50. Recent analyst moves include:

• Cantor Fitzgerald: Overweight (Lowers Target to $70.00) (Feb. 17)
• Macquarie: Neutral (Lowers Target to $65.00) (Feb. 11)
• Citigroup: Buy (Lowers Target to $85.00) (Feb. 5)

Benzinga Edge Rankings

Below is the Benzinga Edge scorecard for Block, highlighting its strengths and weaknesses compared to the broader market:

• Value Rank: 82.68 — Indicates strong value relative to peers.
• Growth Rank: 89.04 — Reflects solid growth potential.
• Quality Rank: 19.01 — Suggests some concerns regarding quality metrics.
• Momentum Rank: 6.84 — Indicates weak momentum compared to the market.

The Verdict: Block’s Benzinga Edge signal reveals a mixed outlook. While the strong Value and Growth scores suggest potential, the weak Quality and Momentum rankings indicate caution for investors.

XYZ Price Action: Block shares were up 0.34% at $53.07 during premarket trading on Friday, according to Benzinga Pro data.

Photo: Piotr Swat via Shutterstock

Texas Roadhouse, Inc. (NASDAQ:TXRH) will release earnings for its fourth quarter after the closing bell on Thursday, Feb. 19.

Analysts expect the company to report quarterly earnings of $1.5 per share. That’s down from $1.73 per share in the year-ago period. The consensus estimate for Texas Roadhouse’s quarterly revenue is $1.5 billion (it reported $1.44 billion last year), according to Benzinga Pro.

Ahead of quarterly earnings, Mizuho analyst Nick Setyan, on Feb. 12, maintained Texas Roadhouse with an Outperform rating and raised the price target from $190 to $200.

With the recent buzz around Texas Roadhouse, some investors may be eyeing potential gains from the company’s dividends too. As of now, the company has an annual dividend yield of 1.46%. That’s a quarterly dividend amount of 68 cents per share ($2.72 a year).  

So, how can investors exploit its dividend yield to pocket a regular $500 monthly?

To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $412,235 or around 2,206 shares. For a more modest $100 per month or $1,200 per year, you would need $82,410 or around 441 shares.

To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($2.72 in this case). So, $6,000 / $2.72 = 2,206 ($500 per month), and $1,200 / $2.72 = 441 shares ($100 per month).

Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.

How that works: The dividend yield is computed by dividing the annual dividend payment by the stock’s current price.

For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).

Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.

TXRH Price Action: Shares of Texas Roadhouse fell slightly to close at $186.87 on Wednesday.

Image: Shutterstock

Disc Medicine Inc. (NASDAQ:IRON) shares closed around 22% lower on Friday as the company navigates a regulatory hiccup with a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding its drug bitopertin. On Tuesday, the stock is trading higher.

Bitopertin has been under review for accelerated approval and as part of the Commissioner’s National Priority Voucher (CNPV) pilot program.

In January, FDA reviewers postponed their decision on bitopertin by about two weeks to February 10.

Regulators questioned whether “pain-free time in the sun,” a secondary endpoint in trials, was a statistically reliable measure of effectiveness or whether biomarker data could instead support approval.

FDA Block

The FDA issued a CRL for Disc Medicine’s New Drug Application for bitopertin, which is aimed at treating erythropoietic protoporphyria (EPP), a rare disease that causes extreme sensitivity to sunlight.

The agency concluded that while the clinical trials provided evidence of the drug’s efficacy in lowering whole blood metal-free PPIX, they did not demonstrate a clear association with clinical benefits, which has delayed the approval process.

The company on Friday said that accelerated approval relies on whether there is evidence of an effect on the proposed surrogate endpoint (% change in whole blood metal-free PPIX) and whether the proposed surrogate endpoint, including the magnitude of change, is reasonably likely to predict a clinical benefit.

On the first point, the FDA agreed that AURORA and BEACON provided sufficient evidence that bitopertin significantly lowers whole blood metal-free PPIX.

On the second, based on review of AURORA and BEACON results, the FDA concluded that the trials did not show evidence of association between percent change in PPIX and sunlight exposure-based endpoints, despite the strong mechanistic and biological plausibility supporting the use of the PPIX biomarker in protoporphyria.

The FDA indicated that the results of the APOLLO study could serve as evidence to support traditional approval.

In response to the CRL, Disc Medicine expressed confidence in its ongoing APOLLO trial, which is expected to yield topline data in the fourth quarter of 2026.

The company plans to request a Type A meeting with the FDA to discuss the next steps. Disc maintains a cash position of approximately $791 million as of December 31, 2025, and guidance of providing runway into 2029.

Technical Analysis

Currently, the stock is trading 4.4% above its 20-day simple moving average (SMA) and 2.2% below its 100-day SMA, indicating some short-term strength but potential resistance at longer-term averages. Over the past 12 months, shares have increased by 2.42%, and they are currently positioned closer to their 52-week highs than lows, suggesting a relatively strong performance.

The RSI is at a neutral level, indicating that the stock is neither overbought nor oversold at this time. Meanwhile, MACD is below its signal line, suggesting bearish pressure on the stock.

The combination of neutral RSI and bearish MACD indicates mixed momentum for Disc Medicine at this time.

• Key Resistance: $60.00
• Key Support: $55.00

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $102.00. Recent analyst moves include:

• Wells Fargo: Overweight (Raises Target to $109)
• Truist Securities: Buy (Raises Target to $114)
• Stifel: Buy (Target $125)

IRON Price Action: Disc Medicine shares were up 4.40% at $58.41 during premarket trading on Tuesday, according to Benzinga Pro data.

Photo by Tada Images via Shutterstock

The market’s AI trade just flipped from euphoria to fear, and four major industries are suddenly in the bargain bin.

In a note shared Thursday, veteran investor Ed Yardeni said investors have moved from “AI-phoria to AI-phobia,” hammering Software, Brokers, Insurers and Asset Managers in just weeks.

Instead of bidding up anything with an AI angle, markets are now punishing companies seen as vulnerable to it.

1. Software: Disruption Or Discount?

Software stocks have taken the hardest hit.

The iShares Tech-Expanded Software Sector ETF (NYSE:IGV) is down nearly 20% year-to-date, making it the worst-performing industry group.

The catalyst? Fears that AI-native tools — like Anthropic’s Claude — could disintermediate traditional enterprise software providers in areas like legal services, finance and sales.

Data providers were not spared.

Thomson Reuters Corp. (NASDAQ:TRI) shares have fallen 31.1% year to date and 57.6% from their high last summer. RELX plc (NYSE:RELX), the parent of LexisNexis, is down 30% this year and 47.4% from their May peak.

FactSet Research Systems Inc. (NYSE:FDX) has slid 30% year to date and 57.3% from its Dec. 2, 2024 high. S&P Global Inc. (NYSE:SPGI) is off 25% in 2026 and 30% from last August’s peak.

Investors quickly extrapolated: if generative AI can perform specialized workflows, do companies still need high-priced application software?

“For those who lived through the advent of the Internet, this feels like déjà vu all over again,” Yardeni said.

Forward price-to-earnings ratios have compressed sharply.

Application Software now trades at 23.7 times forward earnings, down from 35.3 at its recent high. Systems Software trades at 23.3, down from 35.5.

Cheap for a reason — or simply cheap?

2. Brokers: If AI Can Advise, What Happens To The Advisor?

Investment banks and brokerage firms also saw pressure after fintech firm Altruist rolled out AI tools capable of recommending personalized tax strategies.

The fear: if AI can optimize taxes today, could it handle broader financial advice tomorrow?

The S&P 500 Investment Banking & Brokerage index – as tracked by the iShares U.S. Brokers-Dealers & Securities Exchanges ETF (NYSE:IAI) – is only modestly positive year-to-date — but some individual names have fallen 7% to 10% from recent highs.

Shares of Raymond James Financial Inc. (NYSE:RJF) sunk by 9% on Tuesday – the company’s worst session since March 2020. Charles Schwab Corp. (NYSE:SCHW) also dropped 8% on the same day.

The industry’s forward P/E has dropped from 24.7x to 15.9x. Yet, this is less about current earnings and more about long-term margin pressure.

If AI reduces friction in financial advice, traditional advisory models could face structural competition.

3. Insurance Brokers: Automation Anxiety

Insurance brokers were also hit after reports that AI-driven tools are being integrated directly into conversational platforms to generate personalized insurance quotes.

“OpenAI approved an insurance application for ChatGPT developed by the Spanish digital insurer Tuio,” Yardeni highlighted as key news disrupting the sector.

If underwriting, comparison and quoting become seamless within AI interfaces, where does the broker fit?

The S&P Insurance Brokers industry index – as closely tracked by the State Street SPDR S&P Insurance ETF (NYSE:KIE) – has fallen 4% year-to-date. Shares of major players have dropped sharply from their peaks.

Yet insurance remains relationship-driven and compliance-heavy — areas where incumbents maintain advantages.

Again, the core issue is earnings durability. Will AI meaningfully erode commissions? Or will brokers incorporate AI into their own distribution channels?

4. Asset Managers: Collateral Damage

Alternative asset managers may be the most indirect casualties of the AI selloff, according to Yardeni.

Investors worry they have significant exposure to private software companies — both through equity stakes and private credit.

As public software valuations decline, exit opportunities shrink and concerns rise about marks on private portfolios.

Several large alternative managers are down double digits year-to-date — and significantly more from their late-2024 highs.

Shares of KKR Inc. (NYSE:KKR) and Apollo Global Management Inc. (NYSE:APO) have fallen by 16% and 11% year-to-date, respectively.

“Before worries about their exposure to software weighed on the stocks, they’d been facing investors’ fears that credit losses in a wide variety of industries lurk in their private loan portfolios,” Yardeni said.

Meanwhile, Blue Owl Capital Inc. (NYSE:OWL) has already fallen more than 50% from its record highs.

Are These Industries Cheap Enough Now?

“These industries’ forward P/Es have plummeted to ridiculously low levels relative to current earnings projections,” Yardeni said.

According to Wall Street consensus estimates for 2026, earnings growth projections remain intact:

• Financial Exchanges & Data: 7.6% growth, 22.5x forward P/E
• Insurance Brokers: 12.2% growth, 15.9x
• Investment Banking & Brokerage: 14.4% growth, 16.9x
• Asset Management & Custody Banks: 15.4% growth, 15.5x
• Application Software: 17.3% growth, 23.7x
• Systems Software: 19.8% growth, 23.3x

Those multiples are dramatically lower than recent peaks. In several cases, they’ve fallen from the mid-30s to the low-20s — or from the mid-20s to the mid-teens.

On paper, that looks like a reset.

But the market isn’t debating valuation in isolation — it’s debating durability.

“Will AI competition trigger downward earnings revisions as contracts are renewed? That’s the risk,” Yardeni said.

Photo: Shutterstock

On Friday, AutoNation, Inc. (NYSE:AN) reported fourth-quarter adjusted earnings per share of $5.08 (+2% year over year), beating the analyst consensus estimate of $4.85.

Sales of $6.929 billion missed the consensus estimate of $7.200 billion. Revenues declined 4% year over year (Y/Y) owing to lower unit sales of both new and used vehicles.

Quarterly gross profit fell 2% Y/Y to $1.214 billion, and same-store gross profit declined 4% Y/Y to $1.188 billion owing to lower vehicle unit sales and profit per unit.

Adjusted operating income dipped 7% Y/Y to $335.1 million in the quarter.

AutoNation exited the quarter with cash and equivalents worth $58.6 million. Inventory at the end of the quarter was $3.405 billion.

In the quarter, the company bought back 1.7 million shares of common stock for $350 million or $209 per share.

The company repurchased $785 million of its shares in 2025, resulting in a 10% reduction in shares outstanding.

Segment Performance

AutoNation reported a same-store unit sales decline of 10% Y/Y for New Vehicle Retail and 5% Y/Y for Used Vehicle Retail.

Unit volumes for new vehicles faced tough Y/Y comparison and were impacted by higher sales earlier in 2025 related to tariffs and the expiration of government incentives for battery electric vehicles.

After-sales delivered same-store top-line growth and record gross profit growth of 4% Y/Y each. Same-store gross profit fell due to lower vehicle unit sales and profit per unit.

Customer Financial Services posted total unit profitability growth of 8% in the quarter.

Management Commentary

“We are pleased to report another quarter of strong performance with record gross profit in After-Sales and unit profitability in Customer Financial Services. For the full year, we grew unit volume for both new and used vehicles, increased revenues across all our business lines and grew gross profit for After-Sales, Customer Financial Services and Used vehicles,” said Mike Manley, CEO of AutoNation. 

“AutoNation Finance continued to scale, growing the portfolio to $2.2 billion while improving profitability and funded status. AutoNation’s multiple revenue streams, flexible cost structure, cash flow generation, and investment grade balance sheet position us to continue delivering strong results and deploying capital to generate attractive shareholder returns.”

AN Price Action: AutoNation shares were up 2.96% at $210.06 during premarket trading on Friday, according to Benzinga Pro data.

Photo by Piotr Swat via Shutterstock

Gold’s sharp pullback last week rattled markets and fueled speculation that the precious metal’s historic rally had finally run its course.

Yet, veteran economist Ed Yardeni says the selloff doesn’t change the bigger picture — and his $6,000 gold target by the end of 2026 remains intact.

In his latest morning briefing, Yardeni challenged the prevailing narrative that the selloff was sparked by President Donald Trump‘s nomination of Kevin Warsh as the next Federal Reserve chair. In his view, the timing simply doesn’t line up.

“I’m still sticking with my 6,000 by the end of the year,” Yardeni said.

“At the end of the decade… I think 10,000 is reasonable,” he added.

Gold Was Already Falling Before The Fed News

Yardeni highlighted that gold prices – as tracked by the SPDR Gold Shares (NYSE:GLD) – were already falling Thursday night — well before Warsh’s name was formally announced on Friday.

“I was watching it the night before,” Yardeni said, noting that gold had already declined by hundreds of dollars at one point.

That sequence, he argued, suggests markets were reacting to diminishing uncertainty rather than suddenly reassessing monetary policy.

Several geopolitical risks that had been supporting precious metals appeared to be moderating at the same time, including reports that Iran was open to negotiations and signs that the administration was attempting to cool other global flashpoints.

Margin Calls Were The Real Trigger

While headlines focused on Warsh’s perceived hawkishness, Yardeni indicated a far more tangible catalyst: leverage.

On Friday afternoon, CME Group raised margin requirements on gold, silver, and other metals futures due to extreme volatility. That move forced traders to either post additional capital or unwind positions.

According to Yardeni, the sharp acceleration lower came after a more mechanical trigger.

“That meant a lot of the leverage that we get in the precious metals futures markets had to consider whether it wanted to remain leveraged and make margin calls or cash in the chips,” Yardeni said.

“So there’s a lot of cashing in of the chips going on.”

Silver’s collapse was especially severe, which Yardeni attributed to thinner liquidity and greater leverage compared to gold — conditions that amplify forced selling once margin calls hit.

Warsh Isn’t A One-Note Hawk

Yardeni acknowledged that Warsh built a reputation as a hawk during the financial crisis, opposing zero interest rates and later rounds of quantitative easing. But he cautioned against freezing that view in time.

When examining Warsh’s more recent comments, Yardeni said the picture looks very different. Warsh has increasingly emphasized supply-side growth, productivity gains, and the deflationary potential of technological advances — especially artificial intelligence.

“He sounds much more like a supply-sider today,” Yardeni said. “That’s a very different framework than the one people remember from 2009.”

Importantly, Yardeni also reminded investors that Fed chairs are consensus builders. Even strong personalities tend to moderate their views once they sit at the head of the Federal Open Market Committee.

“We’ve never really had a Fed chair who was a lone dissenter,” he said. “They lead by persuasion, not by force.”

Why $6,000 Still Makes Sense

Yardeni’s gold outlook isn’t driven by a single macro fear. He readily admits he doesn’t have a traditional valuation model for gold — just as he doesn’t for Bitcoin (CRYPTO: BTC).

Instead, he frames gold as a portfolio stabilizer.

By plotting gold and the S&P 500 on the same chart using the same scale, Yardeni observes that the two tend to move inversely on a cyclical basis, even if their long-term trends align.

“That corroborates that gold is a good diversifier for a portfolio if you want to take some of the volatility out of the portfolio,” he said.

As equity markets rise, Yardeni believes diversification demand alone can support higher gold prices.

“As the stock market goes higher and higher, people feel a little bit less comfortable with it,” he said. “They don’t want to give it back.”

If the S&P 500 continues climbing toward 10,000 later this decade, Yardeni believes that diversification alone could push gold toward $10,000 as well — even without a recession or inflation shock.

The Bottom Line

In Yardeni’s view, last week’s precious-metals crash was a classic leverage unwind — not a verdict on monetary policy, Warsh, or the long-term gold story.

Volatility, he said, comes with meltups.

But for now, his message is clear: gold’s bull case is bruised, not broken — and $6,000 is still very much on the table.

Photo: Shutterstock

Nvidia Corp’s (NASDAQ:NVDA) stock slipped in on Monday after a Friday report said the chipmaker’s plans to invest up to $100 billion in OpenAI have stalled.

OpenAI Investment Plans Face Uncertainty

The Wall Street Journal on Friday reported, citing people familiar with the matter, that uncertainty remains around a potential deal between Nvidia and OpenAI.

Nvidia previously announced an agreement with OpenAI in September to help build at least 10 gigawatts of computing power for the AI company and to consider an investment of up to $100 billion.

According to the report, CEO Jensen Huang later told industry associates that the investment was non-binding and not finalized, while also raising concerns about OpenAI’s business discipline and competition from rivals such as Google and Anthropic.

Howver, over the weekend, Huang pushed back on claims that he was unhappy with OpenAI, calling such reports “nonsense,” but reiterated that the investment would not exceed $100 billion, CNBC reported on Monday.

Nvidia stock has gained 62% in the last 12 months, becoming the first company to top the $4.5 trillion market cap last October.

Analysts Stay Bullish On Nvidia After CES

Analysts remained bullish on Nvidia after CEO Jensen Huang used his CES 2026 keynote to highlight the company’s next-generation AI products and its long-term scaling roadmap.

Bank of America Securities analyst Vivek Arya said Nvidia’s announcements showed AI scaling remains on track, including the Vera Rubin platform, which will feature six new chips and is expected to launch in the second half of 2026.

Arya told Nvidia remains a “top AI pick,” citing leadership in AI compute, networking, and systems, as well as its broader ecosystem and strong demand for its AI products.

Rosenblatt analyst Kevin Cassidy said Nvidia’s CES updates reinforced that AI development remains in its early stages.

He said that the demand for greater computing power continues to rise across the industry as developers seek more capacity and better performance. He added that ongoing improvements in AI efficiency should help earnings growth keep pace with higher stock prices.

NVDA Price Action: Nvidia shares were down 1.36% at $188.53 at the time of publication on Monday, according to Benzinga Pro data.

Photo via via Imagn Images

Air Products & Chemicals Inc (NYSE:APD) reported first-quarter fiscal 2026 results on Friday, delivering an earnings and revenue beat that pushed the stock higher in early trading.

The industrial gases company posted revenue of $3.103 billion, up 6% from $2.932 billion a year earlier and above the $3.051 billion analyst estimate.

Adjusted EPS was $3.16, up 10% year over year and exceeding the top end of company guidance. The result beat the $3.04 analyst estimate.

Sales growth reflected higher energy cost pass-through, favorable currency, and pricing. Volumes were flat as higher on-site volumes were offset by lower helium demand and a significant, non-recurring helium sale in the Americas segment in the prior year.

GAAP operating income rose 14% to $735 million. GAAP operating margin increased 170 basis points to 23.7%, despite an approximate 50-basis-point headwind from higher energy cost pass-through in the Americas segment. GAAP EPS was $3.04, up from $2.77.

On a non-GAAP basis, adjusted operating income increased 12% to $757 million. Adjusted operating margin rose 140 basis points to 24.4%.

Chief Executive Officer Eduardo Menezes said, “We had strong results from the base business, with a 10% increase in adjusted EPS compared to the prior year period, and also posted a 12% improvement in adjusted operating income despite helium headwinds in the quarter. This is a solid start as the Air Products team continues to focus on unlocking earnings growth, optimizing large projects, and maintaining capital discipline.”

Segment Performance

Americas sales of $1.3 billion were up 4% from the prior year, as 6% higher energy cost pass-through and 2% higher pricing were partially offset by 4% lower volumes. Operating income rose 4% to $404 million, while operating margin was flat at 30.1%.

Asia sales rose 2% to $832 million. Operating income increased 7% to $232 million, and operating margin improved by 140 basis points to 27.9%, driven by productivity improvements and reduced depreciation on gasification assets classified as held for sale.

Europe sales climbed 12% to $782 million. Operating income rose 20% to $224 million, and operating margin expanded 190 basis points to 28.6%.

Middle East and India equity affiliates’ income was $85 million, flat year over year. Corporate and other sales increased 21% to $117 million, and operating loss narrowed to $109 million.

Cash Flow and Balance Sheet

Cash provided by operating activities totaled $900.7 million. Cash and cash items ended the quarter at $1.026 billion.

Long-term debt stood at $17.115 billion, with $169.8 million in the current portion of long-term debt and $66.7 million in short-term borrowings.

The company recorded business and asset actions charges of $28.3 million, or $24.6 million after tax, or $0.11 per share, related to project exits announced in fiscal 2025.

Outlook

Air Products affirmed full-year fiscal 2026 adjusted EPS guidance of $12.85 to $13.15, compared with the $12.96 analyst estimate. The company continues to expect fiscal 2026 capital expenditures of approximately $4.0 billion.

Second-quarter adjusted EPS is expected to range from $2.95 to $3.10, versus the $3.02 estimate.

Recent developments include advanced negotiations with Yara International for low-emission ammonia projects, a quarterly dividend increase to $1.81 per share, and NASA supply contracts totaling more than $140 million.

APD Price Action: Air Products shares were up 0.67% at $257.74 during premarket trading on Friday, according to Benzinga Pro data.

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