VALU — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-03-17

• The U.S. economy entered calendar 2026 at a slowly growing pace. After a slow start in 2025, with a tariff-driven spike in imports resulting in a 0.6% annualized contraction in the first quarter, the gross domestic product (GDP) expanded 3.8%, 4.4%, and 0.7%, respectively, over the final three quart…

• Meanwhile, there are concerns that a reacceleration in inflation is possible this year. Attacks by Iran on multiple states in the Middle East followed the launch by the United States and Israel of a substantial assault on Iran that killed that nation’s Supreme Leader Ayatollah Ali Khamenei as well a…

• Wall Street now expects the Federal Reserve, which will have a leadership change later this year, to take a more-cautious approach with regard to interest-rate policy. Inflation worries, along with data showing that the labor market is holding up fairly well in an environment of few layoffs but rest…

• In all, the business environment is in solid shape, highlighted by double-digit corporate profit growth. The strong earnings performance has provided some support for equities, but volatility in the U.S. stock market has picked up. Investors clearly do not like uncertainty and they are getting a lot…

• Results of Operations for the Three and Nine Months Ended January 31, 2026 and 2025

Text removed vs the prior filing · source: 10-Q · 2025-12-15

• The U.S. economy delivered an uneven performance during the first nine months of 2025. The nation’s gross domestic product (GDP) contracted by an annualized rate of 0.6% in the first quarter, with a surge in imports ahead of the announcement of tariffs on April 2nd accounting for a large portion of …

• Meanwhile, the inflation situation remains unsettled. After easing during the first few months of calendar 2025, the pace of price growth reaccelerated over the summer months and into the fall. Both the September Consumer and Producer Price Index reports showed that inflation was still running above…

• The Federal Reserve is walking a tightrope with regard to the near-term direction of monetary policy. It is trying to balance the risks to both price stability and the labor market. Recent commentary from Federal Reserve officials, including Chairman Jerome Powell, suggest that more of the risk has …

• Corporate America effectively managed the global trade uncertainty and the negative impact of increased tariffs on its cost structure during the second and third quarters of calendar 2025. The major companies were able to absorb a good deal of the higher input prices, but the question remains as to …

• In all, the business environment held up well in 2025, highlighted by double-digit profit growth for the S&P 500 companies during the first three quarters. The strong earnings performance provided support for stocks, amid the Federal Reserve uncertainty and increasing worries about an artificial int…