D.A. Davidson Advises Stack's Bowers Galleries in its Sale to A-Mark Precious Metals
Stack's Bowers Galleries is a heritage brand founded in 1933 in New York and known as America's oldest rare coin auctioneer and dealership. The Company's Auction Services unit conducts in-person, internet and specialized auctions of consigned and owned items and has sold a wide range of the most important rarities and numismatic collections over its distinguished history. SBG's Dealership unit maintains a sizeable inventory of rare coins and paper money that it sells as both a wholesaler to other retailers and as a DTC retailer. 'I'm incredibly excited about SBG joining forces with A-Mark, which will allow us to offer enhanced services to our clients and accelerate our growth,' said Brian Kendrella, President of SBG. 'D.A. Davidson played a pivotal role in supporting SBG through this sale process and is the culmination of the long-term partnership between SBG and D.A. Davidson.'
Dan Friedman, Managing Director at D.A. Davidson, said, 'We are thrilled to announce this transformative transaction and are appreciative of the opportunity to work with Brian and the SBG team. We can't wait to see what they're able to accomplish as part of the broader A-Mark family.'
D.A. Davidson's Consumer Group has built a strong reputation working with numerous brands that serve the collector and hobbyist. Our team has a reputation for its depth of industry knowledge, breadth of capabilities, and tenacity of its senior professionals. Offering sector-specific expertise through a full-service platform, the team provides M&A, strategic advisory, and equity capital markets capabilities across several subsectors, including active & outdoor; infant & juvenile; consumer products & services; ecommerce & marketplaces; and food & beverage. Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the brand of D.A. Davidson MCF International.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions, and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 30 states.
Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company.
For more information, visit dadavidson.com.
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Yahoo
25 minutes ago
- Yahoo
Stock Index Futures Plunge on Trump's Tariffs, U.S. Jobs Report in Focus
September S&P 500 E-Mini futures (ESU25) are down -0.93%, and September Nasdaq 100 E-Mini futures (NQU25) are down -1.03% this morning as U.S. President Donald Trump's sweeping import tariffs fueled concerns about the outlook for economic growth. Late on Thursday, President Trump signed an executive order imposing tariffs between 10% and 41% on U.S. imports from foreign nations. Those hardest hit include Switzerland with a 39% tariff, Taiwan with a 20% tariff, and Canada, which is subject to a 35% levy on goods that do not comply with the U.S.-Mexico-Canada Agreement. Meanwhile, the U.S. president granted a one-week delay to trading partners that had received letters, with the exception of Canada. The average U.S. tariff would increase to 15.2% if the announced rates are implemented, according to Bloomberg Economics, up from 13.3% previously and well above the 2.3% level in 2024 before Trump took office. 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Also, Arm Holdings (ARM) plunged more than -13% and was the top percentage loser on the Nasdaq 100 after the chip designer provided soft FQ2 adjusted EPS guidance. In addition, pharmaceutical stocks slumped after President Trump demanded that drugmakers slash U.S. prices, with Bristol-Myers Squibb (BMY) sliding over -5% and Merck & Co. (MRK) falling more than -4%. On the bullish side, Meta Platforms (META) surged over +11% and was the top percentage gainer on the Nasdaq 100 after the maker of Facebook and Instagram posted upbeat Q2 results and issued strong Q3 revenue guidance. Data from the U.S. Department of Commerce released on Thursday showed that the core PCE price index, a key inflation gauge monitored by the Fed, came in at +0.3% m/m and +2.8% y/y in June, compared to expectations of +0.3% m/m and +2.7% y/y. Also, U.S. June personal spending rose +0.3% m/m, weaker than expectations of +0.4% m/m, and personal income rose +0.3% m/m, stronger than expectations of +0.2% m/m. In addition, the U.S. employment cost index rose +0.9% q/q in the second quarter, stronger than expectations of +0.8% q/q. Finally, the number of Americans filing for initial jobless claims in the past week rose +1K to 218K, compared with the 222K expected. 'Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting,' said Clark Bellin at Bellwether Wealth. 'The stock market doesn't need rate cuts in order to move higher and has already posted strong gains so far this year without any rate cuts.' Meanwhile, U.S. rate futures have priced in a 61.0% probability of no rate change and a 39.0% chance of a 25 basis point rate cut at the next FOMC meeting in September. Today, all eyes are focused on the U.S. monthly payroll report, which is set to be released in a couple of hours. Economists, on average, forecast that July Nonfarm Payrolls will come in at 106K, compared to the June figure of 147K. 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On the earnings front, notable companies like Exxon Mobil (XOM), Chevron (CVX), Enbridge (ENB), and Colgate-Palmolive (CL) are slated to release their quarterly results today. According to Bloomberg Intelligence, companies in the S&P 500 are expected to post an average +4.5% increase in quarterly earnings for Q2 compared to the previous year, exceeding the pre-season estimate of +2.8%. In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.384%, up +0.55%. The Euro Stoxx 50 Index is down -1.84% this morning as sentiment took a hit following U.S. President Donald Trump's announcement of steeper tariffs on dozens of countries. Healthcare stocks led the declines on Friday after Trump sent letters to 17 major pharmaceutical firms, including Novo Nordisk and Sanofi, urging them to reduce drug prices for U.S. consumers. The benchmark index is on track to post its biggest weekly drop since early April. Preliminary data from Eurostat released on Friday showed that the Eurozone's annual inflation rate held steady at the European Central Bank's target in July, reinforcing the argument for policymakers to keep their key interest rate unchanged next month. Separately, a survey showed that Eurozone manufacturing edged closer to stabilization in July, as factory activity shrank at the slowest rate in three years, despite a decline in new orders and a moderation in output growth. Meanwhile, Switzerland was among the countries most affected by the latest round of tariff announcements as it now faces a 39% tariff on its exports to the U.S. The country's federal council stated it remained committed to pursuing a negotiated solution with the U.S. In corporate news, Davide Campari-Milano NV ( climbed over +8% after reporting a higher Q2 operating profit. Eurozone's Manufacturing PMI, Eurozone's CPI (preliminary), and Eurozone's Core CPI (preliminary) data were released today. 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The reading, coupled with Thursday's official survey, signals weak growth momentum at the start of the third quarter, following solid growth in the first half of the year. Chinese leaders at the much-anticipated Politburo meeting signaled on Wednesday that they would hold off on introducing major stimulus for now, but vowed to more effectively implement existing pro-growth measures. Meanwhile, U.S. President Donald Trump announced higher tariffs on dozens of trading partners. ANZ economists said in a note on Friday that 'the U.S. deals with other economies will also affect China's trade outlook.' Investor focus is now on whether the U.S.-China tariff truce will be extended after U.S. and Chinese officials wrapped up their latest round of trade talks in Stockholm earlier this week, with U.S. President Donald Trump set to make the final decision. U.S. Treasury Secretary Scott Bessent said on Thursday that the U.S. sees the framework of a trade deal with China taking shape, but it is 'not 100% done.' In corporate news, Sinopec slumped over -5% after the nation's largest oil refiner projected a 40% to 44% drop in first-half profit. The Chinese July Caixin Manufacturing PMI came in at 49.5, weaker than expectations of 50.2. Japan's Nikkei 225 Stock Index closed lower today, dragged down by weakness in the technology sector. Chip stocks led the declines on Friday, with Tokyo Electron plunging over -18% after the chip equipment maker reported disappointing Q1 results and cut its full-year guidance. The benchmark index ended the week lower. Also, shortly before Asian markets opened, U.S. President Donald Trump announced new tariff rates on dozens of trading partners, further dampening sentiment. In addition, investors digested weak economic data. A private sector survey released on Friday showed that Japan's manufacturing activity contracted in July after stabilizing in the prior month, as subdued demand dragged production back into contraction. However, the majority of the survey data was gathered prior to last week's announcement of the U.S.-Japan trade deal. As the trade agreement with Washington takes effect, 'it will be important to see if this will translate into greater client confidence and improved sales in the months ahead,' said Annabel Fiddes, economics associate director at S&P Global Market Intelligence. Meanwhile, Japan's top trade negotiator Ryosei Akazawa said on Friday that the country will continue to push the U.S. to implement the agreed reduction in automobile and auto parts tariffs to 15% from 25%. In other news, the Kyodo news agency reported on Friday that a Japanese labor ministry panel plans to propose a roughly 6% increase in the national average minimum wage for this fiscal year, marking the largest such rise since at least 2002. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed up +3.74% to 23.29. The Japanese July au Jibun Bank Manufacturing PMI stood at 48.9, stronger than expectations of 48.8. The Japanese June Unemployment Rate was 2.5%, in line with expectations. Pre-Market U.S. Stock Movers (AMZN) slumped over -7% in pre-market trading after the tech and online retailing giant projected weaker-than-expected Q3 operating income. Apple (AAPL) rose more than +1% in pre-market trading after the iPhone maker posted its fastest quarterly revenue growth in more than three years, easily beating analysts' estimates. Reddit (RDDT) surged over +16% in pre-market trading after the social media company posted upbeat Q2 results and issued above-consensus Q3 revenue guidance. You can see more pre-market stock movers here Today's U.S. Earnings Spotlight: Friday - August 1st Exxon Mobil (XOM), Chevron (CVX), Enbridge (ENB), Colgate-Palmolive (CL), Ares Management (ARES), Mitsui & Company (MITSY), Regeneron Pharma (REGN), WW Grainger (GWW), Dominion Energy (D), Imperial Oil (IMO), Kimberly-Clark (KMB), Cboe Global (CBOE), TELUS (TU), Fortis Inc (FTS), Church&Dwight (CHD), T Rowe (TROW), LyondellBasell Industries (LYB), Brookfield Renewable (BEP), nVent Electric (NVT), Franklin Resources (BEN), RBC Bearings (RBC), Magna Intl (MGA), EchoStar (SATS), Avantor (AVTR), Fluor (FLR), Ingredion (INGR), Oshkosh (OSK), IES Holdings (IESC), Piper Sandler (PIPR), Brookfield Business (BBU), Brightspring Health Services (BTSG), TransAlta Corp (TAC), Cinemark (CNK), Avient Corp (AVNT), Newell Brands (NWL), Arbor (ABR), Insperity (NSP), Patria Investments (PAX), WisdomTree (WT), Perella Weinberg Partners (PWP), Xenia Hotels & Resorts Inc (XHR), Dorian LPG Ltd (LPG), Interface (TILE), TELUS International (TIXT), Iradimed Co (IRMD), AdvanSix (ASIX), Fulgent Genetics (FLGT), Marcus (MCS), Butterfly Network (BFLY), Airsculpt Technologies (AIRS), Johnson Outdoors (JOUT), Ocugen (OCGN), AG Mortgage Investment (MITT), Escalade (ESCA). On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
25 minutes ago
- Yahoo
My wife and I have always split everything evenly for 30 years — but after inheriting $55K, she wants it all for herself
For 28 years, Mark and Lisa lived by a simple rule: split everything down the middle. They have prided themselves on financial equality, including during the years Lisa stayed home to raise their children while Mark worked full time. Now that they're retired, they both have modest personal accounts with 'mad money' to spend freely without explanation. When Lisa inherited $9,000 from her mother last year, she kept the inheritance in her name. Mark transferred an equal amount from their joint account to his. But when Lisa's father recently passed away and she received a $55,000 inheritance, things changed. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Lisa told Mark that she again wanted to keep it in her own name, but this time said 'no' to Mark transferring the equal amount to himself from their joint account, saying it was 'too much' money. Mark didn't argue. Instead, he stepped away and took time to process the conversation. But, he couldn't ignore the unease it left him with. What's mine is yours? Is it unfair? Emotionally, yes — especially in a marriage built on 50/50. Is it wrong? Not necessarily. In many jurisdictions, inheritances are considered separate property unless they're combined with joint assets. Lisa is legally within her rights. But relationally, this shift touches something deeper than bank balances. In long-term relationships, financial expectations often take root early and run deep. When those expectations suddenly change, especially without clear communication, it can feel like the ground is shifting beneath you. Mark isn't questioning Lisa's right to the money, but he is questioning what it means for their shared values. After a lifetime of pooling every dollar, why the change now? Read more: Nervous about the stock market in 2025? Find out how you can How to have hard conversations about money When money gets emotional, it's easy for couples to drift into defensiveness or silence. But proactive, values-based conversations are key. Here's how to begin: Start with transparency. Lead with your feelings, not your frustration. Tell your partner, 'This isn't about the money — it's about how we've always made decisions together. I'd love to talk about how we see this now.' Revisit the definition of fair. Financial fairness doesn't always mean a strict 50/50 split. Maybe Lisa needs to keep some of the inheritance for security or autonomy. Maybe Mark needs reassurance that big financial decisions will still be mutual. Fairness can live in that middle space. Create a framework together. Couples can honor both separate property and a shared life by creating intentional financial agreements. For example, they might agree to allocate a percentage of any windfalls, such as inheritances or bonuses, to joint goals. Focus on values, not just dollars. What does money mean in your relationship? Security? Freedom? Love? Revisiting those core values can help guide financial choices and avoid turning disagreements into deep divides. How to how to handle separate property in a 50/50 marriage In this situation, we know Mark's point of view and feelings on the matter, but not Lisa's. For example, though they split all costs 50/50 in the marriage, Lisa may have been lower paid than Mark, and the equal split may have felt like more of a burden. Today, women stand to earn just $0.83 on the dollar compared to men. Thirty years ago, the gap was around $0.72 for every dollar earned. Lisa may also feel that she's entitled to keep this money to herself if the distribution of labor in the marriage was unequal. Numerous studies have found that the distribution of labor in the average marriage was unequal, including a Pew Research Center survey that showed women tend to do 80% of the cooking and grocery shopping in the average U.S. home. Mark may be feeling that his marriage was perfectly equitable, but Lisa's refusal to share this 'fun' money may have a deeper meaning for how she views their 50/50 arrangement. In order to have this conversation in a constructive way, Mark must be willing to examine his own behavior and make space for any hurt feelings or resentment that Lisa has been harboring over the course of their nearly three decades together. Mark suspects he may one day inherit more than $60,000 from his aging father, though he's quick to note that those funds may be needed for care and likely won't materialize. Still, he wants to get on the same page now about what they will do together when that happens. Money isn't just about numbers. It's about trust, partnership and navigating change together — even when it comes wrapped in grief and a bank transfer. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Solve the daily Crossword
Forbes
25 minutes ago
- Forbes
AMD Stock To $330?
Could AMD stock (NASDAQ:AMD) reach $330 in the next two years? There's a good chance of this happening. How? Consider this, just about four months ago, at the end of April 2025, AMD stock was trading at around $80 levels and has seen a massive rally to close to $180 per share currently. Looking at the valuations, AMD stock trades at about 55x trailing earnings and just about 45x projected 2025 earnings. Is this pricey? No. Especially if you consider AMD's steadily expanding earnings, growing share of the CPU market, and most importantly, the long-growth runway for the artificial intelligence market. In the scenario below, we use AMD's revenues, profitability, and valuation multiples to demonstrate a potential path to a $ 300-plus stock price in the near future. AMD's GPUs Can Drive Revenue AMD's revenues have risen considerably from $6.7 billion in 2019 to about $26 billion in 2024, an annual growth of over 31%, and the momentum can hold up. Consensus projects a close to 25% growth for 2025. However, there is a real opportunity for AMD to grow its sales at an average annual rate of close to 35% for the next two years, led by growth in accelerated computing space and its new GPUs. Its revenues could move from an estimated $32 billion in FY'25 to around $58.3 billion by FY'27, or an over 80% increase. Several trends could drive this continued growth. Separately, if you are looking for potential gains with reduced volatility compared to individual stocks, the Trefis High Quality portfolio offers an alternative—having surpassed the performance of the S&P 500 and produced returns of over 91% since its inception. More capable AI chips from AMD: AMD is likely to see strong tailwinds from the generative AI trend, as graphics processing units have become the de facto chips for running AI-related workloads. To be sure, Nvidia makes the best AI chips in the market and has a hardware and software ecosystem that is well entrenched with big cloud providers. However, there remains a considerable opportunity for AMD. At its AI Day earlier this year, AMD unveiled its latest MI350 lineup, which it says will deliver 4x the AI compute performance of its predecessor. Beyond hardware, AMD is building out its AI software and systems stack. These moves could also strengthen AMD's ROCm software stack, which takes an open-source, standards-based approach, a contrast to Nvidia's proprietary CUDA ecosystem. AMD appears confident about its AI products. Earlier this week, there were reports that the company would bump up pricing on its Instinct MI350 AI GPUs from $15,000 to $25,000 - a 70% hike (related: See how artificial general intelligence can 2x Nvidia stock). Inference Can Drive AI Market Share: As a larger mix of AI workloads will shift to inference - essentially using the built models in real-world applications - where efficiency and cost matter more than brute force computing power, AMD could see gains. Costs are also becoming a concern for end-customers of AI chips, as Nvidia's strong pricing power has pushed its net margins above 50% in recent quarters. This could benefit AMD, as customers look for more affordable alternatives to build out data centers quickly. This trend is already playing out. For example, Oracle chose AMD's accelerated computing chips to power its latest super cluster for high-intensity AI workloads, after testing showed AMD's GPUs delivered low latency and strong performance at a competitive price. Even after the reported price hike, AMD's MI350 would still undercut Nvidia's entry-level Blackwell B200, while offering superior specs (related: AMD Stock's Big AI Opportunity Is Taking Shape). Overall, there is plenty of room for growth. AMD estimates that the market for AI accelerator chips will reach approximately $400 billion in 2027. HSBC projects that AMD could see AI-related sales exceed $15 billion by 2026, compared to over $5 billion in 2024. The large market size and continued momentum should make a 35%+ growth in total revenues over the next two years a real possibility. Higher-End Products Can Drive Margins Combine this robust revenue growth with the fact that AMD's adjusted net margins (net income, or profits after all expenses and taxes, calculated as a percent of revenues) are on an improving trajectory - they grew from levels of about 11% in FY'19 to over 21% in FY'24 as the company sees better economies of scale and a more favorable product mix skewed toward complex data center products. Margins could potentially trend still higher to levels of about 25%, as AMD sees higher GPU sales with higher economies of scale, improving its fixed cost absorption. Now, combining 25% adjusted net margins, with about $58 billion in revenue, would translate into earnings of about $14.5 billion. That's a roughly 2.7x increase from levels seen in 2024. Strong Results Mean A Smaller Contraction In Earnings Multiples Now, if earnings grow 2.7x, the price-to-earnings multiple will shrink by 2.7x to levels of about 21x, assuming the stock price stays the same. But that's exactly what AMD investors are betting will not happen. If earnings expand 2.7x over the next few years, instead of the P/E shrinking from a figure around 55x now to about 21x, a scenario where the PE metric stays at about 40x looks quite likely, as stronger growth and expanding margins give investors more confidence about AMD's future. This would make the growth of AMD stock to levels of close to $330 within the next few years a real possibility. So what about the time horizon for this high-return scenario? While our above example illustrates a roughly two-year time frame, in practice, it won't make much difference whether it takes two years or three, as long as AMD is on this revenue expansion trajectory, with margins holding up, the stock price could respond similarly. While AMD stock may have considerable potential, investing in individual stocks can be risky. As an alternative, the Trefis Reinforced Value (RV) Portfolio has outperformed its all-cap stocks benchmark (combination of the S&P 500, S&P mid-cap, and Russell 2000 benchmark indices) to produce strong returns for investors. Why is that? The quarterly rebalanced mix of large-, mid- and small-cap RV Portfolio stocks provided a responsive way to make the most of upbeat market conditions while limiting losses when markets head south, as detailed in RV Portfolio performance metrics.
