Consumer health and hygiene giant Reckitt Benckiser’s (RKT) Q4 like-for-like sales beat expectations as the Durex seller benefited from strong emerging markets growth. The Slough-based group also provided a confident outlook, guiding for FY26 ‘Core Reckitt’ like-for-like revenue growth within its 4% to 5% medium-term range. So why did the shares slide 4% to £58.23 in early dealings? Well, the Dettol, Lysol and Nurofen maker warned conditions in Europe are likely to remain ‘challenging’. In addition, Reckitt flagged a Q1 impact on its over-the-counter (OTC) business from a weaker cold and flu season. Forecast beat Group like-for-like revenue grew 5.4%…

A sell-off for companies feared to be at risk from AI disruption has been one of 2026’s big stock market trends. The incumbent data and software providers have been in the eye of the storm. On the other side of the trade, firms perceived to be immune to disruption by chatbots and the rapid advances in large language models (LLMs) have caught a bid from investors. Wealth management CEO and respected CNBC financial pundit Josh Brown coined the acronym ‘HALO’ to describe this trade. HALO stands for Heavy Assets, Low Obsolescence. As Brown wrote recently in his blog: ‘We spent…

Shares in Adidas (ADS) dropped 7.5% to €136 after the German sportswear giant’s FY26 guidance disappointed investors. While the company’s turnaround under CEO Bjorn Gulden is gaining traction, this year’s profit outlook implies an operating margin of 8.5% to 8.8%. That is lower than Adidas’ 10% medium-term target. Share price: €136PE: 13.9xMarket cap: €26bnYield: 2.9% The Gazelle and Samba sneaker maker also warned US tariffs and the weak dollar would have a €400 million impact on this year’s results. On the right track Adidas said it expects operating profits to increase to ‘around €2.3 billion’ this year, despite a rough…

Inchcape (INCH) shares skidded 10% lower to 784p after the automotive distributor downgraded its current year growth forecast. Share price: 784pPE: 9.8xMarket cap: £3.1bnYield: 4.1% The cautious outlook overshadowed robust FY25 results and the launch of a new £175 million buyback. Inchcape is now guiding for FY26 organic volume growth towards the lower end of its 3% to 5% target range. The FTSE 250 firm also warned performance will be second-half weighted, often a red flag for investors. APAC problems The downgrade reflects continuing challenges in the company’s Asia Pacific (APAC) operations. ‘For FY26, it is expected that Australia remains stable…

Shares in Greggs (GRG) softened 1% to £15.58 after the food-to-go retailer posted a drop in FY25 profits. The Newcastle-based baker also reported a sales growth slowdown for the early weeks of 2026. Share price: £15.58PE: 12.6xMarket cap: £1.59bnYield: 4.4% And the damage might have been worse had the sausage roll seller not reiterated guidance for stable FY26 profits. Slow start to 2026 Greggs is the British brand beloved by cash-strapped consumers for its cut-price coffees, sweet treats and goujons. Like-for-like sales in company-managed shops grew 1.6% in the first nine weeks of 2026. That represented a slowdown on the…

In his first annual letter to shareholders, new Berkshire Hathaway (BRK.B) CEO Greg Abel stressed he will maintain the conglomerate’s ‘fortress-like’ balance sheet. He also pledged to uphold the values of his predecessor Warren Buffett. Share price: $505HQ: Omaha, NebraskaMarket cap: $1.09trnYield: n/a Shares in Berkshire Hathaway have underperformed the S&P500 since Buffett announced he was stepping down last May. Signalling it will be business as usual at Berkshire Hathaway, Abel’s comments reassured investors in the Omaha-based colossus. Dry powder Abel insisted he won’t rush to deploy Berkshire’s near-record $373.3 billion cash pile, which gives the company plenty of ‘dry…

Small cap trust BlackRock Throgmorton (THRG) underperformed its benchmark in the year to November 2025. Strong operational performances from many holdings were often not reflected in share prices as the small and mid cap sector suffered outflows. Share price: 643pNAV per share: 720.5pMarket cap: £482.5mDiscount to NAV: 10.8% These were Throgmorton’s last results as a standalone trust ahead of a merger with BlackRock Smaller Companies (BRSC). Backed by Saba Capital, the deal will consolidate BlackRock Smaller Companies’ position as the largest growth-focused UK Smaller Companies trust. Trailing the benchmark Over the year to November 2025, Throgmorton’s net asset value (NAV)…

Embattled Impax Environmental Markets (IEM) is set to fold after its battle with US activist Saba took a troubling turn for the investment trust sector. Boaz Weinstein-led Saba threw the £840 million trust’s future into question by refusing to sell its 21% stake in a continuation tender offer. Share price: 448p (+1.6%)Total assets: £985mMarket cap: £755mNAV: 470.9p Since no tender election was received from Saba, IEM will now terminate the continuation tender offer. Complaining that Saba has ‘refused to engage constructively’, the board sees no choice but to proceed with an exit tender offer. Taking no action ‘risks prolonged instability,…

Shares in JM Smucker (SJM) jumped 7.5% to $115 on Wall Street after the US consumer staple delivered forecast-beating Q3 results. The company, which makes food for people and pets alike, also issued a confident outlook statement. Share price: $115 (+7.5%)PE: n/aMarket cap: $11.4bnYield: 4.1% This provided investors in the challenged packaged food category with a glimmer of hope. Best known for its fruit jams and spreads, JM Smucker’s product range spans everything from peanut butter and coffee to cat food and dog snacks. Its brands include Uncrustables sandwiches, Café Bustelo coffee and the Hostess sweet baked snacks portfolio. Caffeine boost…

Ingredients innovator Tate & Lyle (TATE) has reiterated that year-to-March 2026 sales and underlying earnings are still expected to decline. Share price: 383p (-4%)PE: 14.5xMarket cap: £1.8bnYield: 5.1% Struggling to deliver top-line revenue growth, the food producer said its Q3 sales performance was crimped by the persistence of ‘muted market demand’. Shares in the FTSE 250 food producer tumbled 4% to 383p on the downbeat news. Organic growth challenged Tate & Lyle develops ingredients and solutions which reduce sugar, calories and fat, add fibre and protein, and provide texture to food and drink. Its products are found in beverages, bakery…