VALU — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-09-14

• The U.S. economy turned in a mixed performance during the first half of calendar 2026. After a solid start to the year, with the gross domestic product (GDP) expanding by an estimated annualized rate of 2.1% during the March quarter, output slowed to 1.5% in the June period. In general, resilient co…

• The inflation situation remains a concern for the Federal Reserve. The reacceleration in the pace of price growth this year was evident in the July inflation data, with the Consumer and Producer Price Indexes (on a 12-month basis) increasing 3.4% and 4.7%, respectively. Likewise, the Personal Consum…

• The labor market appears to be less of a worry for the Federal Reserve. The estimated August job creation figure of 162,000 came in nearly triple the consensus forecast, and the prior two-month total included an upward revision of 55,000 jobs. Meanwhile, weekly unemployment claims still remain low a…

• Meanwhile, Corporate America continues to excel. Profit growth for the S&P 500 companies averaged more than 50% in the second quarter (+30% when excluding the impact of the hefty non-operating gains from Amazon and Alphabet), and indications are that the growth rate remained in the high-20% range in…

• In conclusion: The business environment remains in good shape, despite the continued geopolitical and global trade uncertainty. Spending on AI is providing a major catalyst and should power earnings growth through the end of this year. The strong profit gains are supporting equity valuations, despit…

Text removed 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