Chautauqua Capital Management, a division of Baird Asset Management, is a boutique investment firm that released its third-quarter 2026 investor letter for the “Baird Chautauqua International and Global Growth Fund”. The letter can be downloaded here. The broad equity markets posted modest gains in the third quarter, despite significant volatility and rotation beneath the surface.

Market players energetically bought into Valero Energy (NYSE:VLO) on the second trading day of the week. A key reason for this was a very substantial price target raise on the stock by an analyst at a high-profile American bank. Buoyed by that positive development, Valero’s stock closed the day nearly 5% higher. Fueling a rally

SpaceX (SPCX) shares are giving up most of the gains the stock has accumulated since early October while an AI-related trade has been unraveling this week. The South Korean stock market tumbled on Tuesday, with memory chipmakers Samsung (005930.KS) and SK Hynix (SKHY) bearing the brunt, down 7.4% and 10.1%, respectively.  The sell-off comes after

Johnson & Johnson (JNJ) stock is tumbling even after the healthcare giant raised its forecast again for full-year earnings and revenue.  Investors are focused on the company’s medtech unit, which posted disappointing sales growth of 2.5%. Johnson & Johnson stock was up more than 27% this year before Tuesday’s pullback. That trails only Merck (MRK)

Quick Read AMAT turned a $1,000 investment into nearly $19,000 over 10 years, a 1,792% return driven by AI chip demand pushing fiscal Q3 revenue to a record $9.1B. AMAT crushed the S&P 500 at every time horizon, but a 2021 buyer waited four years before AI demand delivered most gains in a single year.

Quick Read Ray Dalio warns of an AI bubble while Bridgewater holds NVDA as its largest individual stock; revenue surged 106% to $96 billion last quarter. AMD’s 224x P/E and 11% operating margin can’t compete with NVDA’s 60%; Broadcom’s 86% growth still trails NVDA while carrying significant debt risks. Vera Rubin’s $40 billion per gigawatt

Many market strategists have expressed concern about tech and artificial intelligence (AI) stocks, believing many of them are either overvalued or overearning amid an AI supercycle that may not be sustainable. But investors who have owned large tech and AI stocks have likely done well in recent years. The Invesco QQQ Trust, which tracks the

One of the biggest trends that stock market investors are watching right now is something that might seem unrelated to stocks: bond prices and bond yields. The bond market is going through interesting times. Maybe not in a “good” way. In the past few months, global bond yields have surged. The widely watched yield on

Quick Read Wells Fargo kept its $300 Overweight target on TTWO but trimmed near-term estimates on weak basketball unit assumptions, sending shares down 5%. Roblox and GameStop barely moved midday, confirming the TTWO selloff is company-specific rather than a broader gaming sector reaction. GTA VI pre-orders are live with a November 19 launch, making weakness