ALLSTATE CORP 4.750% DEP SHS REP 1/1000TH PRP PFD SR I(ALL-I.US)

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ATAT: Hotel fandom, retail cash-out — how long can the 'boutique-chic' darling keep winning?---

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VIPS 4Q25 First Take: A warmer winter and a late Lunar New Year weighed on winter apparel sales. Management had already lowered guidance, but the actual print came in worse. Details below.1) Operating metrics turned softer: active buyers declined YoY, down by approx. 0.4 mn. With lower purchase frequency per user, order volume fell 5% YoY.A higher AOV, likely driven by product mix upgrades and SVIP contribution, barely kept GMV in positive territory. In short, all three metrics missed expectations.2) With GMV lagging, revenue fell 2.3% YoY, worse than the market’s post-cut expectation of sub-+1% growth. The company is no stranger to managing through revenue declines.Amid weak topline, tight cost control helped: total opex fell 3.7% YoY, a larger drop than revenue, with all expense lines down. As a result, profit still grew +1.7% YoY.Operating profit reached RMB 2.9 bn, beating market expectations.3) In summary, the quarter was soft, but protecting profitability is commendable. The late Lunar New Year also suggests better sales in 1Q26.Management guided next quarter revenue mid-point to +2.6% YoY, back to growth and slightly above consensus. Hence, the weak 4Q print should not be overly penalized.On shareholder returns, buybacks totaled approx. $700 mn over the past year, plus ~$250 mn in dividends, exceeding $950 mn in aggregate. That equals about 11% of current market cap.This provides solid support for the stock. The company also announced it will pay an annual dividend next year of approx. $305 mn, up 22% YoY. $Vipshops(VIPS.US)

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PLTR 4Q25 First Take: Q4 was solid, with key metrics beating. Growth reaccelerated in Q4, easing concerns about the durability of the high-growth profile underpinning its rich multiple. 1) Headline results: Revenue surged 70%, with QoQ acceleration, driven by US customers across Gov. and commercial. Adj. OP was nearly $800 mn, and OPM expanded sharply to 57%, up 4ppts QoQ, helped by higher product GPM and workforce efficiency. GPM improved by 2ppts. Beyond mix shift, it also signals customer recognition of Palantir's product edge, supporting premium pricing. The opex ratio also improved by 2ppts. Notably, a deepening partner ecosystem leverages partners' mature sales networks, helping Palantir trim near-term sales costs. 2) By segment: Growth was largely US-led, with commercial up 82% and Gov. up 60%, both meaningful contributors. Non-US regions remained in single-digit growth, with revenue mix down to 24%. 3) Leading indicators: Ample near- and long-term growth fuel. RPO, customer adds, and NDR all look healthy, capturing new demand and retention. Notably, after a pullback last quarter, RPO accelerated in Q4. 4) Outlook: Guidance for Q1 and 2026 corroborates those signals. It points to healthy growth, well ahead of Street expectations. $Palantir Tech(PLTR.US)

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Trump 'Breaks Defense': Not Just TACO, Will There Be a Revaluation of Chinese Assets?

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