#investorrelations

Update following 3Q earnings (1year returns) and an updated investor presentation:

Delek 142%
VLO 32%
MPC 30%
PBF 25%
PSX 13%

The management team documented headcount reductions at Investor Day and the materials are on investor.bankofamerica.com - read it for yourself.

https://d1io3yog0oux5.cloudfront.net/_921b404bf18d5836995d3afa5c212c04/bankofamerica/db/968/10447/file_upload/BofAInvestorDay_FullPresentation_Final.pdf

Page 61 (stamped 39) shows a clear and significant push reduction in headcount. The slide is titled “Continue to Drive Growth and EFFICIENCY thru strategic investments…”. Watch any interview with Brian (Maria Bartoromo for example) and he avoids the question on headcount reductions from our investments in AI. The presentation signals to investors headcount cuts are coming and of course just how wonderful the management team is doing. We lag peers on EVERY meaningful metric so investors said same tired BS and dumped the stock on a market up day. Investors laugh at “responsible growth” so now we have to rename it “Try to catch up to every peer we lag growth”.

Search for the word “efficiency” in the deck and it comes up 51 times with the last one on page 298 (stamped 22). Management is targeting an efficiency ratio of 55-59% and publishing that to investors. Management cannot control revenue. Management can only control expense. These targets only require a 10-20% headcount cut and it’s so super easy to do. The question is does Brian want reductions in the Q4 earnings release or Q1 2026.

Considering most of us are stuck, when do you think the stock will recover ?.

Even insiders are not buying at these prices, that's the concerning part.

The defense contractor L3Harris Technologies finds itself at a critical juncture, presenting investors with a complex puzzle. While the company secures a multi-billion dollar international defense agreement, significant stock sales by its top executives and a legal scandal involving a former manager are creating headwinds.

Recent regulatory filings reveal a notable trend among L3Harris leadership. Chief Executive Officer Christopher Kubasik substantially reduced his equity position by selling 83,000 shares, representing a decrease of more than 36 percent in his holdings. This transaction forms part of a broader pattern where company insiders have disposed of securities valued at over $53 million during the past quarter.

These substantial disposals by key management figures emerge alongside troubling legal developments. Federal prosecutors have brought charges against a former L3Harris manager, alleging the individual transferred eight confidential business secrets to a Russian buyer. Although the company is no longer associated with the accused, the case potentially impacts market confidence in the organization's governance and security protocols.

Counterbalancing these concerns, L3Harris announced a landmark $2.26 billion contract with the South Korean air force. The agreement involves supplying four cutting-edge airborne early warning and surveillance aircraft based on modified Bombardier Global 6500 jets. Deliveries for this strategic asset are scheduled between 2030 and 2032, enhancing the allied nation's military capabilities in the crucial Indo-Pacific theater.

Christopher Kubasik emphasized the transaction's significance, stating the company "will deliver an advanced fleet that will strengthen the operational capacity of a key American ally." This substantial order reinforces L3Harris's competitive standing in surveillance and command systems—technologies experiencing growing global demand amid current geopolitical tensions.

Investors now face conflicting signals as they assess the defense contractor's prospects. The substantial South Korean order demonstrates compelling operational strength and international demand for the company's products. Conversely, the scale of insider selling activity introduces uncertainty about management's outlook.

Market attention now turns to the upcoming quarterly earnings report scheduled for Thursday. These financial results may either alleviate concerns sparked by the executive stock sales or validate market apprehensions. The share price has recently demonstrated resilience, trading comfortably above its key moving averages, but the coming days will determine whether L3Harris can translate these contrasting developments into sustained growth momentum.

Robin and his toadies are telling the finance media a lot of fanciful stories on AI growth acceleration:

BNY now has 117 AI solutions in production, a 75% increase versus the prior quarter, including digital agents for payment validation and code repair. The company sees AI as a key enabler of efficiency and service innovation, with further benefits expected as adoption broadens

What in the world are these? They certainly aren’t applications. They are likely edits and mysource data content generators. But 117? Why is it that we the indentured ‘serfs’ working on Robin’s plantation never see or hear what these are? I go to all the town halls and product launch meetings ad nauseum and I never hear of this. Why do we find this out by reading Wall street journal and Bloomberg and not internally???

Not to mention they ‘imply’ or try to lead you to believe that AI is helping drive client growth:

Client activity and market trends: Higher client balances, robust trading, and increased ETF and private market flows

That’s just Jim Dandy, but it has more to do with the Government making market conditions way more favorable. BNY is just getting the benefit in spite of itself. And…. If you really take this apart, there is no increase in AUM! We are not winning major new business.

That’s the story and it’s why the market community is not responding with cheers. Investors are catching on to what this company and its shell game board of directors are really doing…. And what BNY is outright lying about!

Pretty well every employer is a shareholder. Speak out to the board and investor relations. If everyone floods them with messages showing disapproval as shareholders, the long term impact to the business they can’t ignore it.

Even with exxon owning 69.6% of the shares it starts to open so legal questions if they have opposition from other shareholders.

Your silence is acceptance.

If long term this hurts imperial there may be grounds for a shareholder class action.

Here’s your investor relations meeting:.

Q: Does Intel use its own manufacturing?
A; Nope we cant rely on it but It’ll be ready in a few years.

Thank you for the lunch. Don’t call us, we’ll call you.

If you know,

you know that what’s happening right now is far from real concrete business plans supported by rationale market forces

I can’t believe Intel is a carcass that corporate raiders and government power brokers now salivate with impunity

Our investor relations team must be the same people that put on the Fyre Festival

Buffalos are bold and strategic and would charge bravely with focus and determination into the approaching Elliott Management storm even though they probably won't survive it ! Be proactive like the Buffalo and face the challenge head on !

I hate stock buybacks. I think they are a sign that management has no idea what to do with their hard earned cash flow. In Chevron's case, cash flow created by prior leadership. I get the argument that if you can get a higher return from stock appreciation than the investment options, they make sense. However, when you have been buying back millions - may billions of dollars worth of stock and the stock price is middling, at best, what gives? Legacy projects create legacy cash flow - some, not all. Stock buybacks, by my read, have destroyed value because they have kept us from investing in, and worse, pursuing, legacy opportunities. What say you?

Recent Corporate Officers and Board Members did not define AEP. Our attractiveness as a take over target is that we lend credibility to these charlatans. We are the value and they are the flimflam confidence men looking for a beard to attract investors. They are not the men, who create a successful business. They are the parasites that siphon off the value they never served or sacrificed to create. Do not empower freeloaders to profit from your exertions.

https://seekingalpha.com/article/4814798-chevron-q2-berkshire-hathaway-added-more-so-did-i

"It's not clear what an activist might be looking to do with PepsiCo (PEP), though they may want the company to split up or maybe the board may need an overhaul, Bilson speculated."

This is what lots of bad management gets you...I think it's pretty obvious to everyone what needs to be done with PEP...

https://seekingalpha.com/news/4486225-pepsico-under-spotlight-as-activist-target-after-13f-filings