All posts by PARKERYL

Written by the Market Insights Team

The ‘hard reset’ theory

Kevin Ford –FX & Macro Strategist

Over the past month and a half, discussing markets without touching on politics has been nearly impossible. While we strive for agnostic analysis, it’s worth exploring some of the more speculative market narratives making waves in financial media, especially during times when events unfold rapidly, yet remain unclear and confusing.

We’ve been sifting through the noise trying to uncover signals in a very confusing U.S. trade policy. Drawing from Trump 45’s history, we’ve speculated on the potential dynamics of a regional trade war under Trump 47. Tariffs have been viewed as bargaining tools, revenue generators for Trump’s tax-cut budget, and even tied to the 51st state annexation rhetoric. We’ve also reviewed Trump’s decades-long affinity for tariffs, dating back to the ’80s and how during Trump 45 he linked market performance to his presidency popularity. Yet, one angle—more speculative than analytical—remains unexplored.

The “hard reset” theory suggests that the new U.S. administration could be intentionally engineering a slowdown. By using tariffs, they aim to curb inflation, lower interest rates, and weaken the dollar—all to create a more stable economic landscape for Trump 47’s agenda. While this theory may seem far-fetched, markets are increasingly leaning into the possibility of a slowdown. Stocks have sold off, the dollar has weakened, and expectations for 2025 Fed rate cuts are rising. Skeptics question whether the 3-D chess strategy is too intricate for Trump’s economic cabinet, citing erratic moves on trade policy, while others point to social media hints of an economic reset agenda.

The tariff saga remains as puzzling and elusive as ever, while the Loonie continues to navigate the tides of ambiguous trade policies and the weakening U.S. dollar. Treasury Secretary Scott Bessent, in coordination with the White House, has confirmed that goods compliant with the CUSMA/USMCA trade agreement will be exempt from tariffs until April 2nd. This announcement has triggered notable intraday fluctuations in the Loonie, which traded in a range of 1.437 to 1.424 yesterday. Meanwhile, the DXY index has experienced its steepest weekly decline since November 2022.

Adding to an already volatile week, today’s U.S. and Canadian employment data are set to cap off a week packed with macro data. A weaker U.S. jobs report could amplify bearish sentiment against the USD. However, the recent downward movement appears overextended, and the DXY is likely to stabilize around the 104 level. As markets wrestle with persistent uncertainty, tariffs and evolving trade narratives remain key drivers of sentiment, regardless of how implausible they may appear.

Tariff pendulum continues to swing

George Vessey – Lead FX & Macro Strategist

Tariffs on, tariffs off, is the name of the game. US President Donald Trump has performed another reversal on tariffs, delaying duties on many goods from Canada and Mexico for a month. This is the second month-long delay Trump granted on his own tariffs and the uncertainty continues to take its toll on financial markets. The tech-heavy Nasdaq index, for example, has fallen 10% from its recent peak, defined as a market correction, whilst the US dollar is on track for its worst week in over two years.

The dollar’s status as a safe-haven asset and reserve currency won’t disappear overnight, but the global shift away from it this week has been eye-opening. The acceleration is mainly a result of Trump’s unpredictable policies undermining confidence in the dollar, but also due to US growth scares and dovish Fed repricing, keeping US yields relatively stagnant compared to G10 peers. On the macro front, the US trade deficit widened to a record high in January, driven by a 10% surge in imports ahead of anticipated tariffs. Additionally, job cuts soared to their highest level since 2020, fuelled by significant layoffs at DOGE. However, initial jobless claims came in below expectations, offering some reassurance.

Today, all eyes are on the US jobs report. The data published last month showed a mixed bag for investors. Hiring slowed but wage growth ticked higher and continued the theme of “heightened inflation anxiety” driven by the tariff war and rising inflation expectations. Headline payrolls came in at 143k, below the 175k consensus. However, upward revisions to the past two months added 100k jobs, and the unemployment rate held at 4.0%. As for today, 170,000 new jobs are expected to have been added in February whilst the unemployment rate is seen holding steady at 4%.

European outperformance rests on stimulus

Boris Kovacevic – Global Macro Strategist

European and Chinese equities have outperformed their US counterparts this week, signaling the emergence of a new macro narrative—one that favors assets in countries benefiting from both fiscal and monetary stimulus. Germany’s commitment to major defense and infrastructure spending, alongside yesterday’s ECB rate cut by 25 basis points to 2.5%, underscores this shift.

The German 10-year yield has surged a historic 42 basis points this week, while the euro’s 4% rally against the dollar marks one of its strongest gains on record. However, both assets retreated slightly after the ECB’s somewhat hawkish press conference, where policymakers debated the need for further easing. Markets now assign a 50% probability to another rate cut in April. The ECB remains data-dependent, but divisions persist over the neutral rate, with slowing disinflation and stronger growth potentially limiting further cuts. Equity outperformance rests on both the fiscal and monetary support continuing in Europe. The hawkish ECB statements explains why the STOXX 600 is on track to record its first loss in ten weeks.

The ongoing tariff saga adds another layer of uncertainty. The Trump administration’s latest delay on Canadian and Mexican tariffs leaves markets guessing about potential levies on European goods—an outcome that could push the ECB toward continued easing, while a tariff-free environment and fiscal expansion would make a pause more justifiable. EUR/USD has found its resistance at the $1.0850 mark and is now dependent on a weak US nonfarm payrolls report to reclimb its weekly high again.

Pound firm versus dollar, fragile versus euro

George Vessey – Lead FX & Macro Strategist

The pound remains buoyant versus the US dollar near $1.29, one cent higher than its 5-year average rate. However, due to the huge spending plans unveiled by Germany and the EU and surging European yields, sterling has wilted 2% against the euro this week so far – on track for potentially its biggest weekly loss in two years. GBP/EUR downside momentum might wane at its 50-week moving average, which has been a crucial support for over a year – currently located at €1.1878.

On the macro front this week, the final UK PMI figures confirmed the private sector economy grew modestly in February. The services PMI was revised lightly lower but still beat initial estimates of 50.8 and offsetting the decline in manufacturing. Late last month, we also saw a leading indicator for UK GDP growth hit its highest level since 2017. That said, the British Chambers of Commerce yesterday slashed its forecast for the UK economy due to the tax and trade “double whammy” afflicting UK businesses. But due to the the deteriorating US growth outlook as well, the growth rate differential is narrowing between the US and UK. It’s also led to a sharp increase in the UK-US rate differential as more Fed cuts are priced in. Both factors have contributed to the pound’s latest upswing versus the dollar.

Sterling has climbed into overbought territory versus the dollar, but the implied probability of GBP/USD touching $1.30 before the end of the month has jumped to over 60% from just 14% one week ago, according to FX options market pricing. Moreover, traders have the highest conviction in five years that more gains are in store for the pound over the coming weeks, though gains will be constrained from 1-month onwards due to elevated uncertainty in trade and foreign policy globally.

DXY finds support at 104 after its worst week in 2 years

Table: 7-day currency trends and trading ranges

Key global risk events

Calendar: March 03-07

All times are in ET

Have a question? [email protected]

*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.

Is the dollar the right answer for the region? 

During his campaign, Argentine President Javier Milei promised to close the country’s central bank and adopt the dollar as the country’s currency. Once elected, he changed his strategy. The natural dollarization approach involves restrictions on the supply of pesos, forcing Argentines to use their dollar reserves to pay for everyday expenses.

With the peso stabilized, inflation reached 117% in December 2024, down from 292% from the year’s high in April, and the use of the dollar is expected to increase, including for day-to-day transactions. “Argentina is now counting with two official currencies, and Milei is counting on people’s savings in dollars to increase the American currency in a local economy,” says José Leoni, managing director of corporate consultancy Moneyminds Partners.

According to Leoni, dollarization should be a temporary solution, as the main economic problems are not solved by controlling only the currency emissions. The government accounts are in dollars, and insufficient savings exist to pay these debts. “It might not provide enough resources for the economy, and this measure doesn’t solve all the issues,” says Leoni.

According to Fábio Giambiagi, a researcher at the Brazilian Institute of Economics, a unit of the Getulio Vargas Foundation, there is no proper way to implement dollarization. “Argentina does not have the reserves to make this transition; and without dollars, there is no dollarization,” he adds. “Counting on personal savings for a government measure is not currency replacement.”

Eduardo Borensztein and Andrew Berg, the authors of “Full Dollarization: The Pros and Cons,” published in 2000 by the International Monetary Fund (IMF), examine potential advantages and disadvantages of full dollarization from the perspective of any hard-currency country. They reveal that dollarization may appear more radical than it is: the use of the US dollar or another major currency is pervasive to some degree in most developing countries, particularly in financial contracts.

“The main attraction of full dollarization is the elimination of the risk of a sudden, sharp devaluation of the country’s exchange rate,” the IMF writers point out. “This may allow the country to reduce the risk premium attached to its international borrowing. Dollarized economies could enjoy a higher level of confidence among international investors, lower interest rate spreads on their international borrowing, reduced fiscal costs, and more investment and growth.”

Latin American Experience

This is hardly new. Panama was the first country in Latin America to adopt the US dollar, in 1904, shortly after independence from Colombia. Almost a century later, Ecuador and El Salvador followed suit, with Ecuador switching in 2000 and El Salvador in 2001. But are they taking the proper steps to control their economies?

According to Brazilian economist Otaviano Canuto, a former vice president of the World Bank and senior fellow at the Policy Center for the New South, it makes sense for some of the smaller economies in Latin America, such as Panama, El Salvador, and Ecuador, to use dollars officially to keep the economy under control. “Panama’s economy does lots of transactions in dollars on its canal, with container ports and flagship registry,” he says, describing this as a natural path.

Dollarization can make imports cheaper and exports more expensive, depending on the price relationship with other currencies. Thus, the prices of imported goods tend to be more stable, but local goods and services may increase, especially if domestic demand rises.

Since Panama’s 1904 adoption of the US dollar, the country’s local currency, the balboa, has circulated side by side with the dollar. This was intended to maintain economic stability and open the economy to trade.

Ecuador experienced a significant reduction in inflation and volatility after dollarization in 2000. World Bank data indicates that inflation reached 96.1% in 2000, then decreased to an average of 2.6% from 2004-2007. However, the country still faces challenges related to its dependence on remittances and commodity exports. “The country controls its inflation and counts on foreign currency reserves, so inflation was controlled. Oil production also helped stability,” says Canuto.

However, there are pros and cons. The World Bank says the authors of its 2024 report, Ecuador: Growing Resilient for a Better Future, “found that key structural barriers to growth include widespread market intervention, a lack of competition, limited trade integration and rigid labor regulation. The country also may face sectoral constraints that prevent it from exploiting opportunities in sectors where it already has comparative advantages, such as sustainable mining, agriculture, and tourism.”

In El Salvador, employing two currencies—the colón and the dollar—makes sense since a large expatriate population lives in the US, and dollars circulate in the economy regularly. Inflation wasn’t high in 2001, about 3.75%, but personal remittances accounted for 15.7% of GDP. After dollarization, this rate increased to 21.8% by 2006 and was 24.1% in 2023, according to World Bank data. However, the country still faces economic challenges, such as low productivity and dependence on remittances, that can impact price dynamics.

Pros And Cons

Emilio Ocampo was an economic adviser to Milei during the 2023 presidential campaign and the designer of a dollarization blueprint for Argentina. Ocampo is also a professor of finance at Buenos Aires’ University of CEMA. He explains that the most important factor is which currency the people in that particular country prefer to use. “In the case of Argentina, the preference is clearly for the US dollar despite not having legal tender status,” he notes. “It is difficult to force people to accept a currency they don’t want to use, like in El Salvador [where the government] tried to impose bitcoin and it backfired.”

Dollarization is an economic reform with a strong political component. On the one hand, it limits the government’s maneuvering room by preventing it from printing banknotes to finance fiscal spending. On the other hand, dollarization makes the country’s government dependent on the decisions made by the US regarding monetary policy. In fact, by adopting the dollar, countries lose the ability to implement independent monetary policies.

Although inflation may be controlled, dollarized countries must effectively manage their fiscal policies. Inflationary pressures may arise if a healthy fiscal balance is not maintained.

​Everyone wants to invest in the top cryptos to buy before they moon. If you’re searching for these cryptos, March 2025 might be the moment for three coins—RCO Finance (RCOF), Solana (SOL), and Sui (SUI). These tokens have strong backers, growing use cases, and massive hype. Could they soar 1,000x? Let’s find out!

RCO Finance

Imagine a world where you no longer second-guess every crypto trade. Instead of relying on gut feelings, you have a system that watches the market closely and gives precise advice at the right time. This is what RCO Finance’s Robo Advisor offers—an intelligent tool designed to help investors make informed decisions.

Unlike platforms that give random tips, this AI-powered advisor works like a market guide. It tracks price movements in real-time and maps out strategies. 

Think back to Solana’s 2021 surge, when it jumped from $1.50 to nearly $260. Many traders either missed out, got in too late, or held on too long. If this tool had been available then, it could have helped them buy early and exit at the right time.

The Alpha platform is almost ready and will bring major upgrades to the Robo Advisor. This system doesn’t just follow trends—it understands them. By breaking down market patterns, it allows users to act with confidence instead of guessing. The goal is to make trading easier and more profitable for everyone.

Beyond AI-driven insights, RCO Finance opens the door to over 120,000 assets across 12,500 categories. This wide selection helps investors build strong, diverse portfolios rather than relying on a single bet. 

For those who value privacy, the SolidProof-audited platform also offers a KYC-free experience, letting users trade without long verification processes.

For investors looking to grow their holdings, RCOF token staking is another big advantage. By staking their tokens, users can earn rewards, making it a great option for long-term supporters. The Beta platform is already live, with AI tools that are constantly being updated for top security and performance.

Solana

Mert Mumtaz, a founding member of Helius Labs, believes Solana has the potential to reach a market value of over $1 trillion by the end of the decade. He predicts that the coin’s price could rise past $500, which would be a massive gain of more than 200% from its current levels. 

His confidence comes from the network’s strong performance, especially in on-chain activity and revenue growth. Also, SOL has been performing recently, as it has surged by 25.70% in the past week to trade at $178.50 according to data.

These numbers suggest that Solana is becoming a major force in the blockchain world. As its ecosystem expands, the case for long-term price growth becomes even stronger. Some analysts believe that if this trend continues, the $1 trillion goal may not be far-fetched. According to them, this makes SOL one of the top cryptos to buy.

Sui

Sui is a digital money system that runs on a proof-of-stake network. It allows people to build apps that are safe, fast, and work without a central authority.

This network uses a special way to agree on transactions. It also has a design that lets it handle a lot of activity quickly. This means people can send and receive digital money without long waits.

Meanwhile, it has started to regain momentum after the recent market dip. SUI is now trading at $3.20, a 13.07% rise in its price from the past week. Investors are now growing increasingly bullish on SUI as one of the top cryptos to buy.

Your Chance for 1000x Gains: RCO Finance is One of the Leading Cryptos to Buy!

Crypto investors are excited about RCO Finance because of its use of artificial intelligence. Many believe it offers better opportunities than well-known projects like Solana and Sui. The project’s approach has caught the attention of traders looking for the top cryptos to buy.

More than 10,000 new users have joined the RCO Finance community. The presale has already raised over $13.5 million, even though it’s only in the fifth round. This strong demand shows growing interest in the project.

Right now, an RCOF token costs $0.100. When the next presale stage begins, the price will increase to $0.130. Experts say the price will keep climbing until it reaches between $0.40 and $0.60 after listing.

Some analysts predict the token’s value could increase 1000 times. That means a $100 investment today might turn into more than $100,000 by early 2026. This kind of growth potential makes RCO Finance one of the top cryptos to buy.

With so much interest and strong predictions, many investors are joining the presale. Looking for high returns? This as an opportunity they don’t want to miss.

For more information about the RCO Finance Presale:

Visit RCO Finance Presale

Join The RCO Finance Community ​

Disclaimer: The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets. Past returns do not always guarantee future profits.

Updated on March 6th, 2025 by Bob Ciura

“KISS” stands for Keep It Simple Stupid.

The “Stupid” part isn’t meant to be an insult. It’s a reminder that smart people can make “stupid” mistakes when things are over-complicated.

“Simplicity is the ultimate sophistication”​
– Attributed to Leonardo Da Vinci

Retirement investing should be kept simple in order to minimize mistakes. At its core, retirement investing is all about creating passive income.

At Sure Dividend, we focus on dividend-paying stocks to build a growing passive income stream.

One way for investors to find great dividend stocks is to focus on those with the longest histories of raising dividends.

With this in mind, we created a downloadable list of over 130 Dividend Champions, which have increased their dividends for over 25 consecutive years.

You can download your free copy of the Dividend Champions list, along with relevant financial metrics like price-to-earnings ratios, dividend yields, and payout ratios, by clicking on the link below:

 

Investors are likely familiar with the Dividend Aristocrats, a group of 69 stocks in the S&P 500 Index with 25+ consecutive years of dividend increases.

Meanwhile, investors should also familiarize themselves with the Dividend Champions, which have also raised their dividends for at least 25 years in a row.

While their length of dividend increases is the same, leading to some overlap, there are also some important differences between the Dividend Aristocrats and Dividend Champions.

As a result, the Dividend Champions list is much more expansive. There are many high-quality Dividend Champions that are not included on the Dividend Aristocrats list.

This article will discuss 10 Dividend Champions that are ideal candidates for investors looking to keep investing simple with high-quality dividend stocks.

Table of Contents

The 10 stocks below have all increased their dividends for over 25 years, with Dividend Risk Scores of ‘C’ or higher. In addition, they have dividend payout ratios below 70% which indicates dividend sustainability.

Lastly, the 10 stocks have dividend growth rates above 5%.

You can instantly jump to any specific section of the article by clicking on the links below:

The 10 KISS stocks have been ranked by expected total annual return over the next five years, from lowest to highest.

KISS Stock #10: Tennant Co. (TNC)

• 5-year expected returns: 12.3%

Tennant Company is a machinery company that produces cleaning products and that offers cleaning solutions to its customers.

In the US, the company holds the market leadership position in its industry, but the company also sells its products in more than 100 additional countries around the globe.

Source: Investor Presentation

Tennant Company reported its fourth quarter earnings results on February 19. Revenues of $328 million during the quarter, which was 6% more than the top line number from the previous year’s quarter.

This was slightly better than the recent trend, as revenue had grown less on a year-over-year basis during the previous quarter.

Tennant Company generated adjusted earnings-per-share of $1.52 during the fourth quarter, which was less than what the analyst community had forecast, and which was down compared to the previous year.

Management is forecasting that adjusted earnings-per-share will fall into a range of $5.70 to $6.20 in 2025.

Click here to download our most recent Sure Analysis report on TNC (preview of page 1 of 3 shown below):

KISS Stock #9: Sysco Corp. (SYY)

• 5-year expected returns: 13.5%

Sysco Corporation is the largest wholesale food distributor in the United States. The company serves 600,000 locations with food delivery, including restaurants, hospitals, schools, hotels, and other facilities.

Source: Investor Presentation

On January 28th, 2025, Sysco reported second-quarter results for Fiscal Year (FY)2025. The company reported a 4.5% increase in sales for the second quarter of fiscal year 2025, reaching $20.2 billion.

U.S. Foodservice volume grew by 1.4%, while gross profit rose 3.9% to $3.7 billion. Operating income increased 1.7% to $712 million, with adjusted operating income growing 5.1% to $783 million. Earnings per share (EPS) remained at $0.82, while adjusted EPS grew 4.5% to $0.93.

The company reaffirmed its full-year guidance, projecting sales growth of 4%-5% and adjusted EPS growth of 6%-7%.

Click here to download our most recent Sure Analysis report on SYY (preview of page 1 of 3 shown below):

KISS Stock #8: Target Corp. (TGT)

• 5-year expected returns: 13.5%

Target was founded in 1902 and now operates about 1,850 big box stores, which offer general merchandise and food, as well as serving as distribution points for the company’s e-commerce business.

Target posted third quarter earnings on November 20th, 2024. Third quarter revenue was $25.67 billion, up 1.1% year-over-year, but missing estimates by $230 million. Adjusted earnings-per-share came to $1.85, which missed estimates by a staggering 45 cents, or 20%.

For Q3, comparable sales were up just 0.3%, missing estimates of 1.5%. Guest traffic was up 2.4% in the quarter while digital comparable sales rose 10.8%. Gains there were led by Target Circle 360 and Drive Up.

Operating margin was 4.6% of revenue, down from 5.2% a year ago. Gross margins were off 20 basis points to 27.2% of revenue, reflecting higher digital fulfillment and supply chain costs.

Click here to download our most recent Sure Analysis report on TGT (preview of page 1 of 3 shown below):

KISS Stock #7: Bank OZK (OZK)

• 5-year expected returns: 13.8%

Bank OZK is a regional bank that offers services such as checking, business banking, commercial loans and mortgages to its customers in Arkansas, Florida, North Carolina, Texas, Alabama, South Carolina, New York and California.

On January 2nd, 2025, Bank OZK announced a $0.42 quarterly dividend, representing a 2.4% raise over the last quarter’s payment and a 10.5% raise year-over-year. This marked the company’s 58th consecutive quarter of raising its dividend.

In mid-January, Bank OZK reported (1/16/25) results for the fourth quarter of 2024. Total loans and deposits grew 13% each over the prior year’s quarter. Net interest income grew 2% over the prior year’s quarter, despite higher deposit costs.

Earnings-per-share grew 4%, from $1.50 to a new all-time high of $1.56, and exceeded the analysts’ consensus by $0.11. Bank OZK has exceeded the analysts’ consensus in 17 of the last 19 quarters and has posted record earnings-per-share for 9 consecutive quarters.

Management expects a recovery of net interest margin from mid-2025 thanks to lower interest rates and deposit costs.

Click here to download our most recent Sure Analysis report on OZK (preview of page 1 of 3 shown below):

KISS Stock #6: Becton Dickinson & Co. (BDX)

• 5-year expected returns: 13.8%

Becton, Dickinson & Co. is a global leader in the medical supply industry. The company was founded in 1897 and has 75,000 employees across 190 countries.

The company generates about $20 billion in annual revenue, with approximately 43% of revenues coming from outside of the U.S.

On February 5th, 2025, BD released results for the first quarter of fiscal year 2025, which ended December 31st, 2024. For the quarter, revenue increased 9.8% to $5.17 billion, which was $60 million more than expected.

Source: Investor Presentation

On a currency neutral basis, revenue improved 9.6%. Adjusted earnings-per-share of $3.43 compared favorably to $2.68 in the prior year and was $0.44 ahead of estimates.

For the quarter, U.S. grew 12% while international was up 6.7% on a reported basis. Excluding currency, international was higher by 6.3%. Organic growth was up 3.9% for the period.

The Medical segment grew 17.1% organically to $2.62 billion, mostly due to gains in Mediation Management Solutions and Medication Delivery Solutions. Life Science was up 0.5% to $1.3 billion.

Click here to download our most recent Sure Analysis report on BDX (preview of page 1 of 3 shown below):

KISS Stock #5: SEI Investments Co. (SEIC)

• 5-year expected returns: 13.9%

SEI Investments was founded in 1968 and over the last 50+ years has grown into a global provider of investment processing, investment management, and investment operations solutions for financial institutions and advisors.

SEI has about $1.6 trillion combined in assets under administration and management. The company should produce about $2.3 billion in revenue this year.

SEI posted fourth quarter and full-year earnings on January 29th, 2025, and results were mixed. Revenue soared 15% year-on-year to $557 million, beating estimates narrowly.

Adjusted earnings-per-share came to $1.19, missing estimates by a penny. Earnings were up 31% from the year before.

Management noted reduced earnings in Q4 from higher incentive compensation, the timing of stock-based compensation, and forex translation. Despite this, earnings in Q4 were very near a record for SEIC.

Consolidated operating income soared 43% year-over-year on strong revenue and expense management, with each segment seeing higher profits.

Click here to download our most recent Sure Analysis report on SEIC (preview of page 1 of 3 shown below):

KISS Stock #4: Nordson Corp. (NDSN)

• 5-year expected returns: 14.1%

Nordson was founded in 1954 in Amherst, Ohio by brothers Eric and Evan Nord, but the company can trace its roots back to 1909 with the U.S. Automatic Company.

Today the company has operations in over 35 countries and engineers, manufactures, and markets products used for dispensing adhesives, coatings, sealants, biomaterials, plastics, and other materials, with applications ranging from diapers and straws to cell phones and aerospace.

Source: Investor Presentation

On December 11th, 2024, Nordson reported fourth quarter results for the period ending October 31st, 2024. For the quarter, the company reported sales of $744 million, 4% higher compared to $719 million in Q4 2023, which was driven by a positive acquisition impact, and offset by organic decrease of 3%.

Industrial Precision saw sales decrease by 3%, while the Medical and Fluid Solutions and Advanced Technology Solutions segments had sales increases of 19% and 5%, respectively.

The company generated adjusted earnings per share of $2.78, a 3% increase compared to the same prior year period.

Click here to download our most recent Sure Analysis report on NDSN (preview of page 1 of 3 shown below):

KISS Stock #3: PPG Industries (PPG)

• 5-year expected returns: 14.8%

PPG Industries is the world’s largest paints and coatings company. Its only competitors of similar size are Sherwin-Williams and Dutch paint company Akzo Nobel.

PPG Industries was founded in 1883 as a manufacturer and distributor of glass (its name stands for Pittsburgh Plate Glass) and today has approximately 3,500 technical employees located in more than 70 countries at 100 locations.

On January 31st, 2025, PPG Industries announced fourth quarter and full year results for the period ending December 31st, 2024. For the quarter, revenue declined 4.6% to $3.73 billion and missed estimates by $241 million.

Adjusted net income of $375 million, or $1.61 per share, compared favorably to adjusted net income of $372 million, or $1.56 per share, in the prior year. Adjusted earnings-per-share was $0.02 below expectations.

Source: Investor Presentation

For the year, revenue from continuing operations decreased 2% to $15.8 billion while adjusted earnings-per-share totaled $7.87.

PPG Industries repurchased ~$750 million worth of shares during 2024 and has $2.8 billion, or ~10.3% of its current market capitalization, remaining on its share repurchase authorization. The company expects to repurchase ~$400 million worth of shares in Q1 2025.

For 2025, the company expects adjusted earnings-per-share in a range of $7.75 to $8.05.

Click here to download our most recent Sure Analysis report on PPG (preview of page 1 of 3 shown below):

KISS Stock #2: SJW Group (SJW)

• 5-year expected returns: 17.8%

SJW Group is a water utility company that produces, purchases, stores, purifies and distributes water to consumers and businesses in the Silicon Valley area of California, the area north of San Antonio, Texas, Connecticut, and Maine.

SJW Group has a small real estate division that owns and develops properties for residential and warehouse customers in California and Tennessee. The company generates about $750 million in annual revenues.

Source: Investor Presentation

On February 27th, 2025, SJW Group announced fourth quarter and full year results for the period ending December 31st, 2024. For the quarter, revenue improved 15.5% to $197.8 million, which topped expectations by $10.3 million.

Earnings-per-share of $0.74 compared favorably to earnings-per-share of $0.59 in the prior year and was $0.19 ahead of estimates. For the year, revenue grew 12% to $748.4 million while earnings-per-share of $2.87 compared to $2.68 in 2023.

Click here to download our most recent Sure Analysis report on SJW (preview of page 1 of 3 shown below):

KISS Stock #1: Stepan Co. (SCL)

• 5-year expected returns: 19.9%

Stepan manufactures basic and intermediate chemicals, including surfactants, specialty products, germicidal and fabric softening quaternaries, phthalic anhydride, polyurethane polyols and special ingredients for the food, supplement, and pharmaceutical markets.

It is organized into three distinct business lines: surfactants, polymers, and specialty products. These businesses serve a wide variety of end markets, meaning that Stepan is not beholden to just a handful of industries.

Source: Investor presentation

The surfactants business is Stepan’s largest by revenue, accounting for ~68% of total sales in the most recent quarter. A surfactant is an organic compound that contains both water-soluble and water-insoluble components.

Stepan posted fourth quarter and full-year earnings on February 19th, 2025, and results were mixed once again. Revenue was down 1.2% year-on-year to $526 million, but did beat estimates by almost $5 million. Adjusted earnings-per-share came to 12 cents, which missed estimates by 21 cents.

Global sales volume was off 1% year-over-year as double-digit growth in surfactants was offset and then some by demand weakness in polymers. Surfactants were up 3% year-over-year in Q4 to $379 million. Polymer net sales fell 12% to $130 million.

The company managed to generate about $13 million in pre-tax cost savings during the quarter, and about $48 million for the full year.

Click here to download our most recent Sure Analysis report on SCL (preview of page 1 of 3 shown below):

Final Thoughts

In order for a company to raise its dividend for at least 25 years, it must have durable competitive advantages, highly profitable businesses, and leadership positions in their respective industries.

This is why the Dividend Champions are attractive for long-term investors.

Plus, quality dividend growth stocks allow investors to simply their investing process, with a buy-and-hold approach that can create wealth over the long-run.

Additional Reading

The Dividend Champions list is not the only way to quickly screen for stocks that regularly pay rising dividends.

• The Dividend Kings List is even more exclusive than the Dividend Aristocrats. It is comprised of 54 stocks with 50+ years of consecutive dividend increases.
• The High Dividend Stocks List: stocks that appeal to investors interested in the highest yields of 5% or more.
• The Monthly Dividend Stocks List: stocks that pay dividends every month, for 12 dividend payments per year.

The creative destruction of technology … tech’s role in snowballing wealth concentration … Louis Navellier’s starting gun for AI profits … a key event to watch two weeks from today

In December 2019, Democratic presidential candidate Joe Biden was rallying a crowd in Derry, New Hampshire, a big coal mining town.

Derry was struggling economically as the long-shrinking coal industry continued to shed jobs.

Against this backdrop, Biden provided some eyebrow-raising career advice…and let’s just say it didn’t go over well.

According to Dave Weigel of the Washington Post, Biden told the crowd:

Anybody who can go down 3,000 feet in a mine can sure as hell learn to program as well…

Anybody who can throw coal into a furnace can learn how to program, for God’s sake!

According to Weigel, the response was stunned silence.

Now, most people believe that environmental concerns have been behind the shift away from coal. And while that’s partially true, there’s been a key economic driver as well.

Technological advancements have enabled shale gas extraction to become cheaper than mining coal.

It’s just one of many examples of technology reshaping the economy, and the American workforce.

Now, let’s take it one step farther…

Let’s say one of these miners followed Biden’s advice and became a coder.

Unfortunately, that person could soon be out of a job yet again as technology continues reshaping the American economy and workforce.

From Forbes in January:

In a recent interview with Joe Rogan, Meta CEO Mark Zuckerberg said that AI will replace mid-level engineers by 2025.

He believes AI can take over coding tasks, allowing human engineers to focus on higher-level problem-solving and creativity.

The author of the article adds his take – AI will not replace all mid-level software developers, but many will disappear. He concludes:

As AI continues to mature – over the next few years – many of the software applications written will be done on command and without the need of these humans.

The trend is only broadening and gaining steam.

Now, there are silver linings. In fact, investing legend Louis Navellier is positioning his subscribers to profit from this shift thanks to a catalyst happening exactly two weeks from today.

But before we get to those details…

Older Digest readers will remember a prophetic ad from IBM in the early 1980s…

In it, two men watched a mechanical shovel digging a hole.

“If it wasn’t for that machine, 12 men with shovels could be doing that job,” gripes one of the men.

The other replies, “If it wasn’t for your 12 shovels, 200 men with teaspoons could be doing that job.”

At its core, technology accomplishes more with less. Of course, from a wealth-building perspective, this means that “the less” will accumulate “far more.”

For decades now, we’ve been seeing this wealth shift occurring on a country, company, and personal level.

At the country level, here’s the International Monetary Fund:

Inequality…has risen over the past two decades in most regions…

What is contributing to the widening of the income gap within countries? …

The main factor driving the recent increase in inequality across countries has been technological progress.

At the company level, here’s the Chicago Booth Review:

Since the 1930s, the share of the US economy dominated by the top 1 percent of companies (when sorted by assets) has increased to 90 percent, up from 70 percent.

Meanwhile, the asset share of the top 0.1 percent of companies has risen to 88 percent, up from 47 percent…

The study finds that technology-driven economies of scale better track the broad trend of rising concentration.

And on the personal level, here’s the Massachusetts Institute of Technology:

A newly published study co-authored by [MIT economist Daron Acemoglu] quantifies the extent to which automation has contributed to income inequality in the U.S., simply by replacing workers with technology — whether self-checkout machines, call-center systems, assembly-line technology, or other devices.

Over the last four decades, the income gap between more- and less-educated workers has grown significantly; the study finds that automation accounts for more than half of that increase.

“This single one variable … explains 50 to 70 percent of the changes or variation between group inequality from 1980 to about 2016,” Acemoglu says.

Those are just three examples of technology reshaping the American/global workforce and widening the wealth gap.

Well, get ready for this trend to explode now that AI is here – especially given one particular aspect of AI…

The coming winners and losers of this AI wealth redistribution

Louis has been tracking the tech-based wealth shift in recent years:

Throughout recent history there’s been two kinds of people: The folks who leverage cutting edge technology to get rich… and the folks who bury their heads in the sand and ignore new tech until it has already hit mass adoption.

Kodak, Blockbuster, and JCPenney are three of the most well-known examples of companies (and investors) that stuck their proverbial heads in the sand and suffered the financial fallout.

Kodak failed to adapt to digital photography (despite inventing it). Netflix’s superior streaming service destroyed Blockbuster. And JCPenney couldn’t keep pace with the consumer shift to online shopping, ultimately dominated by Amazon.

As we look ahead today, there’s one aspect of the AI revolution that Louis believes will accelerate this “prosper” or “suffer” wealth binary…

Quantum computing.

To make sure we’re all on the same page, quantum computing is a gargantuan technological step forward where we leverage the principles of quantum mechanics to process information exponentially faster than classical computers. Quantum computers will be millions of times faster than the most advanced, cutting-edge supercomputers that our top scientists use today.

Here’s Louis with what this means:

The implications are staggering:

• Biopharma companies could discover breakthrough drugs faster than ever before.

• Automakers could develop driverless car systems that really work.

• Chemical companies will develop materials we can’t even imagine.

And that’s just the tip of the iceberg, folks.

With quantum computing, we’re going to start solving problems we don’t even know we have.

Shifting to the investment implications, all these breakthroughs will redirect the flow of trillions of dollars in the global economy.

As technological advancements have done for decades, a handful of companies (and their investors) will leverage these breakthroughs to put themselves on the receiving end of this tsunami of global capital…while the companies (and employees) that don’t leverage this technology will fund that wealth transfer.

But there’s a difference today…

Because the breakthrough technology is AI/quantum computing, the wealth redistribution has the potential to occur on a scale we’ve never seen before.

And Louis believes that what’s happening just two weeks from today could serve as the starting gun…

We’re just days away from “Q Day”

Here’s Louis:

On March 20, NVIDIA will hold the first ever “Quantum Day” at their annual AI conference… or what I’m calling “Q Day.”

According to the company, it will bring together experts to consider what we should expect from quantum computing in the coming decades.

I believe this will be when NVIDIA makes its biggest announcement of the year…

And that announcement won’t just be great for NVIDIA. It’ll also be great for select “pure play” quantum computing companies that are partnering with NVIDIA.

Remember: The biggest gains will likely come from smaller “pure play” quantum computing companies.

To explain everything in greater detail, Louis is hosting a special summit on Thursday, March 13, at 1 p.m. ET – exactly one week from today, which is one week before Nvidia’s announcement.

He’s going to tell you the story of a tiny, small-cap company that’s positioned to be crucial to Nvidia’s anticipated “Q Day” reveal. It boasts quantum technology that’s protected by 102 patents.

If you’re a newer Digest reader, I should clarify something…

Louis is no stranger to making predictions about technological advancements and their impact on specific companies.

He made a similar tech prediction about Nvidia itself back in 2016. Had an investor bought Nvidia based on Louis’ analysis – and held on – they’d have 50X’d their money by now.

Louis believes 50X gains are on the table again today.

Here he is with related details:

My prediction is that NVIDIA will figure out a way to marry AI with quantum computing in a way no one has ever done before. We’re talking about the possibility of a new technological breakthrough that could affect industries worth a combined $46 trillion.

That means NVIDIA is still a solid “Buy” for long-term investors. That’s my Profit Idea No. 1.

But if you really want to make big gains, you have to start looking at the “pure play” quantum companies that NVIDIA and other Big Tech companies are partnering with. That’s my Profit Idea No. 2.

To learn more about that strategy, you need to be prepared. So, that’s why I want to join me on Thursday, March 13, at 1 p.m. Eastern.

That’s when I’m hosting my exclusive briefing: The Next 50X NVIDIA Call.

My goal for this briefing is to get you AHEAD of the crowd… AHEAD of the news outlets…

We’ll bring you more over the next few days, but to go ahead and reserve your seat for Louis’ research briefing, click here.

Whether you can make Louis’ presentation or not, recognize what’s coming

Elon Musk just referred to it on Joe Rogan’s podcast last week.

He believes A.I. will be smarter than any individual human within the next year or so. He then predicted that A.I. will be smarter than all of humanity – combined – by 2029 or 2030.

Consider the implications…

How will such a concentration of intelligence impact the global concentration of wealth?

If we follow the trajectory of tech-based wealth redistribution from recent decades, we know the general outcome…

“The less” will accumulate “far more.”

For Louis’ take on how to be on the right side of this wealth binary, join him one week from today.

And I’ll make you one promise about the event…

Louis won’t recommend you learn how to code.

Have a good evening,

Jeff Remsburg

Written by Steven Dooley, Head of Market Insights, and Shier Lee Lim, Lead FX and Macro Strategist

US non-farm employment seen as critical this month

Major US markets continued to weaken overnight with further losses in US equities while the US dollar fell to the lowest level since last year’s US presidential election.

The S&P 500 fell 1.8% while the Nasdaq dropped 2.6% overnight.

The US dollar dopped to the lowest level since 5 November before recovering later in the session.

The AUD/USD, initially higher, turned lower near the major technical resistance at 0.6400 – the three-month highs. The Aussie ended flat on the day.

The kiwi also reversed at three-month highs and ended the session up 0.1%.

In Aisa, the USD/SGD rebounded from four-month lows at 1.3300, reflecting the overnight bounce in the USD. USD/CNH also recovered from four-month lows.

Looking forward, all eyes are on tonight’s US jobs report. Financial markets are looking for 160k new jobs to be added in February with the unemployment rate forecast steady at 4.0%. The report is due at 12.30am AEDT.

Slowing US credit growth may add to USD weakness

Away from US jobs, the US consumer credit report will also be closely watched. 

After rising sharply to $40.9 billion in December, consumer credit growth probably slowed to $16.0 billion in January.

January’s weak vehicle sales also suggest that the rise of auto loans has slowed.

The USD experienced significant depreciation, with the DXY Index falling by circa 2% Week-To-Date to its lowest level since November 2024.

The next key support level for the dollar index will be its 200-day EMA of 102.57 of the weekly chart.

CNH faces headwinds amid persistent deflation

Tomorrow, the China CPI will be released.

The Chinese New Year calendar mismatch between 2024 and 2025, which artificially produced a high base for February, is mostly to blame for our expectation that CPI inflation would decline to -0.4% y-o-y in February from 0.5% in January.

Due in significant part to a sequential comeback, we anticipate sequential PPI deflation of -2.0% y-o-y in February, up from -2.3% in January, and sequential CPI inflation to slow to 0.1% m-o-m in February from 0.7% in January.

We continue to have a pessimistic view of the CNH due to the possibility of future tariff hikes and the continued corporate propensity to hoard the USD.

As US tariffs increase, we continue to base our forecast on some CNH weakening, with the authorities maintaining the line at 7.50.

USD buyers may look to take advantage near 50-day EMA of 7.2422.

Greenback recovers from four-month lows

Table: seven-day rolling currency trends and trading ranges  

Key global risk events

Calendar: 3 – 7 March  

All times AEDT

Have a question? [email protected]

*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.

With its exit from Central America and Colombia, Scotiabank follows the trend of international banks retreating amid rising compliance costs and risks. 

Scotiabank has officially exited retail banking in Panama, Costa Rica, and Colombia, marking the latest move by a major international lender to scale back in the region. The deal, which gives Scotiabank a 20% stake in Banco Davivienda in exchange for its retail operations, highlights a broader trend as mounting compliance costs, de-risking pressures, and shifting profit priorities drive global banks to rethink their presence in Latin America and the Caribbean.

Scotiabank’s exit also fulfills a promise CEO Scott Thomson made in 2023 to refocus on more profitable North American markets. The decision marks the end of a more than decade-long expansion that initially defied the de-risking trend. In 2012, Scotiabank made a bold play for Colombia’s growing financial sector, acquiring a majority stake in Banco Colpatria for $1 billion. It continued its push into the region in 2016, purchasing Citibank’s retail operations in Costa Rica and Panama for $360 million.

But while Scotiabank was expanding, many global banks were already reassessing their footprint in high-risk markets.

“As large international banks that provide payment services to the region face tougher compliance measures, many have made a cost-benefit decision that the material compliance costs from doing business in the region far outweigh the benefits,” says Adrian Stokes, CEO of Quantas Capital in Jamaica. “Therefore, it makes good business sense to stop offering correspondent banking services to regional banks.”

The shift has accelerated in recent years as exiting banks cite a combination of rising compliance costs and concerns over anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. The US Treasury, the European Union, and the intergovernmental Financial Action Task Force (FATF) have deemed certain markets high risk, making operations more costly. Heightened capital requirements, introduced after the 2008 financial crisis to prevent taxpayer-funded bailouts, have further contributed to the de-risking trend.

Latin America and the Caribbean have been hit hardest, with the former losing an average of 30% of its correspondent banks, according to a 2020 report by the Bank for International Settlements. The Bahamas, Belize, Dominica, Jamaica, and St. Vincent and the Grenadines all lost at least 40% of their correspondent banks between 2011 and 2020, with Trinidad and Tobago landing just below that threshold.

Economic Consequences

The banking pullback has limited access to international finance and credit in regions heavily reliant on remittances, worth 20% to 27% of GDP in Central America, and tourism, which accounts for up to 90% of GDP in some Caribbean nations. In 2022, tourism provided 1.8 million direct jobs and generated an estimated $62 billion for the Caribbean: close to half of the $136 billion in GDP the International Monetary Fund estimates for the region for 2024.

A dearth of correspondent banks reduces access to international finance and credit, increases the transaction cost of cross-border payments, and delays innovation, such as hotels’ attempts to go cashless. For clients, the effects can range from reduced access to trade finance, issues with clearing checks and foreign money transactions, and heightened dollar supply concerns in some countries.

Over the decade since HSBC was fined $1.9 billion for laundering cartel money in Mexico, other banks are still being investigated, including Wachovia and TD Bank, which were fined a record $3 billion last October by the US Treasury Department’s Financial Crimes Enforcement Network.

“The same issues in Central and Latin American markets are magnified in the Caribbean,” says Christopher Mejia, emerging markets sovereign analyst at T. Rowe Price. “Operating costs have to include natural disasters in a more difficult environment than in Central America, and [with] much smaller profits to be had. Banks now take into account reputational risks from privacy laws and rules, especially after the Panama Papers [scandal].”

De-risking has also impacted money transfer organizations (MTOs) such as MoneyGram, PayPal, UAE Exchange, and Western Union. Many have made similar decisions to de-risk from the region.

While Scotiabank will retain its commercial banking operation in Colombia, it serves primarily as a relationship management hub for large private companies looking for international banking advice.

“This is a meaningful shift in how we allocate capital,” Thomson told a media roundtable in December 2023, referring to Scotiabank’s plan to focus on more profitable North American markets. “The return profile of the international bank has not been commensurate with the risk, and it’s been a drag on overall returns.”

Filling The Gap

For customers in the Caribbean and Latin America, the shift amounts to a localization or domestication as the international banks’ operations are picked up by local banks or by large conglomerates in the region.

Bancolombia and Grupo Aval, which together own Banco de Bogotá and the BAC group in Central America, were one and two in their local market until the Scotiabank and Banco Davivienda deal. They have grown substantially in Central America, having acquired Banco Reformador (Grupo Financiero Reformador) in Guatemala for $411 million in 2013. The same year, Bancolombia acquired 40% of Banco Agromercantil, also in Guatemala, for $217 million.

Solutions to de-risking that would keep global payers in the region are not obvious, however. For global banks pinning their hopes on technology as the solution to operational cost and regulatory issues, blockchain and fintech still face the same issues as traditional banks. Neobanks have made a strong push into Mexico, especially Brazil’s Nubank, as have non-traditional financial institutions like Argentina’s Mercado Libre and Ualá. The latter are among roughly 50 firms awaiting verification by the National Banking and Securities Commission (CNBV); the process can take at least 12 months, and is notorious for delays.

The Caribbean is finding its own potential solution in central-bank stable coins, such as the Eastern Caribbean digital currency DCash. But laws are still being put in place across the region’s assortment of jurisdictions and defensive countermeasures to cyberattacks are still insufficient. Cyberattacks are still nascent in the region, so users have not faced the volume that other parts of the world have. A second concern is a brain drain from the region, an International Information System Security Certification Consortium survey in 2021 suggested Latin America needed 530,000 more cybersecurity professionals. “There is no silver bullet to the compliance challenges the region faces,” Stokes argues. “The only sustainable way to solve this issue is for the region to work in unison to improve controls around AML/CFT issues.”

Some governments in the region blame the de-risking trend on inconsistency and shifts in rulemaking by the US Treasury, FATF, and the EU. Added to these issues is the time lag between countries passing laws—that banks then comply with—and the delay in removal from watch lists for months afterward. Some Latin American and Caribbean countries say this amounts to bullying by more developed countries.

Last fall, President José Raúl Mulino of Panama and others warned that companies from countries that did not update their tax haven lists would not be considered for state contracts. Given that the $6 billion-$8 billion, high-speed Panama-David railway project is up for bid, this is not an empty threat.

​The cryptocurrency market is experiencing a significant evolution with the emergence of projects that combine cutting-edge technology and real-world use cases. Coldware (COLD), an IoT (Internet of Things) chain, has taken a bold step in this direction, driving HBAR holdings and attracting the attention of investors and major players in the Web3 revolution. Alongside this, Hedera (HBAR) continues to be a strong contender in the market, and together with Coldware (COLD) they are transforming the landscape of decentralized finance and blockchain solutions.​

Coldware (COLD) and Hedera (HBAR): A Powerful Partnership in Web3

Coldware (COLD) is quickly establishing itself as a leading player in the IoT blockchain space. By integrating IoT solutions with decentralized finance (DeFi) capabilities, Coldware is addressing a significant gap in the market. It offers high scalability, security, and the ability to handle large-scale transaction volumes—making it an attractive alternative to more traditional blockchain systems.

Meanwhile, Hedera (HBAR), with its enterprise-grade governance and focus on scalable solutions for IoT and business use cases, has been gaining significant traction. The partnership between Coldware (COLD) and Hedera (HBAR) is a perfect example of how IoT chains and blockchain networks are aligning to create solutions that are not just about speculation, but real-world applications.

Driving HBAR Holdings

As Coldware (COLD) continues to grow, it is driving more HBAR holdings into the Web3 ecosystem. Hedera’s unique consensus mechanism and enterprise-focused governance make it a perfect partner for Coldware (COLD). With the addition of Coldware’s IoT capabilities, HBAR can provide further scalability and efficiency, positioning both projects as the future of blockchain technology in the Web3 ecosystem.

Hedera’s partnership with Swift and its collaborations with industry giants like Google and IBM underscore its ability to handle high-value transactions and large-scale applications. As more businesses adopt blockchain solutions like Hedera (HBAR) and Coldware (COLD), the demand for IoT-powered blockchain networks will continue to rise.

Coldware’s (COLD) Competitive Edge

Coldware (COLD) stands out in the competitive world of Web3 altcoins by offering real-world utility. As the world transitions towards Web3, platforms like Coldware (COLD) that combine DeFi with IoT technology are poised for massive growth. The ongoing development of the Coldware network and its integration with IoT devices is making it a significant asset for investors looking to participate in the next wave of blockchain innovation.

Coldware (COLD)’s approach to DePIN (Decentralized Physical Infrastructure Networks) allows the platform to provide scalable, secure, and efficient solutions for enterprises looking to adopt blockchain technology for IoT applications. This model, combined with Hedera’s strong governance and enterprise partnerships, positions Coldware (COLD) and Hedera (HBAR) to redefine the landscape of Web3.

Conclusion: Coldware and Hedera Set to Drive the Web3 Revolution

The partnership between Coldware (COLD) and Hedera (HBAR) is a perfect example of how IoT chains and Web3 technologies are coming together to solve real-world problems. With Hedera’s scalability and Coldware’s IoT integration, these two projects are set to lead the next phase of blockchain evolution. Investors looking to gain exposure to Web3 technologies and the IoT space should pay close attention to the growing demand for Coldware (COLD) and Hedera (HBAR) as these projects continue to dominate the market.

For more information on the Coldware (COLD) Presale: 

Visit Coldware (COLD)

Join and become a community member: 

https://t.me/coldwarenetwork

https://x.com/ColdwareNetwork ​

Disclaimer: The views and opinions presented in this article do not necessarily reflect the views of CoinCheckup. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets. Past returns do not always guarantee future profits.

Updated on March 5th, 2025 by Felix Martinez

There are just 69 stocks on the list of Dividend Aristocrats, members of the S&P 500 Index that have raised their dividends for 25+ consecutive years.

We view the Dividend Aristocrats as among the best dividend stocks to buy and hold.

You can download a free list of all 69 Dividend Aristocrats, along with important metrics like dividend yields and price-to-earnings ratios, by clicking on the link below:

 

Disclaimer: Sure Dividend is not affiliated with S&P Global in any way. S&P Global owns and maintains The Dividend Aristocrats Index. The information in this article and downloadable spreadsheet is based on Sure Dividend’s own review, summary, and analysis of the S&P 500 Dividend Aristocrats ETF (NOBL) and other sources, and is meant to help individual investors better understand this ETF and the index upon which it is based. None of the information in this article or spreadsheet is official data from S&P Global. Consult S&P Global for official information.

Ecolab (ECL) is an example of a company that possesses all of these qualities. Ecolab has a long history of growth, and has increased its dividend for over 33 years.

This article will examine the various factors behind Ecolab’s rise to prominence and our current rating of Ecolab stock.

Business Overview

Ecolab was created in 1923 when its founder Merritt J. Osborn invented a new cleaning product called “Absorbit”. This product cleaned carpets without the need for businesses to shut down operations to conduct carpet cleaning. Osborn created a company revolving around the product, called Economics Laboratory, or Ecolab.

Today, Ecolab is the industry leader, generating roughly $16 billion in annual sales.

Ecolab operates three major business segments: Global Industrial, Global Institutional, and Global Energy, each roughly equal in size. The business is diversified in terms of operating segments and geography. About 55% of the company’s sales take place outside North America.

In mid-February, Ecolab reported (2/11/25) financial results for the fourth quarter of fiscal 2024. Ecolab delivered a strong fourth quarter and record 2024 performance, with reported diluted EPS up 18% to $1.66 and adjusted EPS rising 17% to $1.81. Sales grew 2% to $4.0 billion, with organic sales up 4%, led by Industrial and Healthcare & Life Sciences. Operating income margins improved, with organic margin reaching 17.4% due to higher sales and strategic investments.

Source: Investor Presentation

Growth Prospects

Ecolab grew its earnings per share by 10.9% per year from 2011 to 2019. However, it declined in 2020 due to the pandemic and in 2022 due to high inflation. We view these headwinds as temporary and expect 10% average annual growth of earnings per share over the next five years.

Source: Investor Presentation

One of the company’s most important growth catalysts is acquisitions. In late 2021, Ecolab acquired Purolite for $3.7 billion in cash. Purolite sells high-end ion exchange resins for the separation of solutions in over 30 countries. It generates annual sales of approximately $400 million.

Ecolab has proven successful at integrating other acquisitions, so we remain positive about the company’s ability to do so in the future. Acquisitions such as these and organic investment have fueled steady earnings growth for decades.

We feel that the company is well-positioned to continue growing. Over the next five years, we expect ECL to grow earnings per share by 10% per year.

Competitive Advantages & Recession Performance

Ecolab’s many competitive advantages include scale, a strong reputation among its customers, and innovation. Ecolab serves more than 1 million customer locations spread across more than 170 countries. The company is not afraid to spend significant resources on research and development of new products and services.

Management refers to R&D spending as its “innovation pipeline.” Ecolab often spends more than $1 billion on this pipeline. Due in large part to this R&D spending, the company has more than 9,000 patents.

Ecolab’s R&D investments and intellectual property help the company stay ahead of the competition. These investments have created an incredibly strong business that can hold up very well even during economic downturns.

For clear evidence of Ecolab’s competitive advantages, look no further than its performance during the Great Recession:

• 2006 earnings-per-share of $1.43
• 2007 earnings-per-share of $1.66 (16% increase)
• 2008 earnings-per-share of $1.86 (12% increase)
• 2009 earnings-per-share of $1.99 (7% increase)
• 2010 earnings-per-share of $2.23 (12% increase)

Ecolab’s growth during the Great Recession was truly remarkable. Not only did the company generate positive earnings growth in each year of the recession, but it achieved double-digit earnings growth in three of those years.

Valuation & Expected Returns

Based on the current trading price of $269 and expected earnings-per-share of $7.55, Ecolab has a price-to-earnings ratio of 35.6. The stock has a ten-year average price-to-earnings ratio of 20. We have a target price-to-earnings ratio of 20. If shares of Ecolab were to return to our target valuation by 2030, this would reduce total returns by 10.7% per year.

The stock is in danger of experiencing a contraction of the valuation multiple, which would negatively impact total returns. Ecolab’s dividend will not likely represent a large portion of total returns. This is because the current dividend yield is just 0.9%. This is lower than the average dividend yield of the S&P 500 Index.

Ecolab’s dividend growth streak now totals 33 consecutive years.

A breakdown of potential five-year returns is as follows:

• 10.0% earnings growth
• 0.9% dividend yield
• 10.7% valuation reversion

We expect Ecolab to offer a total annual return of 0.2% through 2030. Valuation headwinds are likely to wear down most of the company’s potential returns from its earnings and dividend growth prospects.

While Ecolab is an attractive dividend growth stock due to its high rate of dividend increases, it is not as appealing for income investors or value investors.

Final Thoughts

Ecolab is not likely to be an attractive stock for investors interested solely in high levels of income. It is a very strong stock for investors interested in a recession-resistant business and dividend growth.

Ecolab has an excellent record of profitability and growth and is one of the few companies with a dividend growth streak of at least 25 years. That said, today might not be an ideal time to acquire shares in the company due to the lack of meaningful projected returns over the medium term. Therefore, we rate Ecolab’s shares as a Sell.

If you are interested in finding high-quality dividend growth stocks suitable for long-term investment, the following Sure Dividend databases will be useful:

The major domestic stock market indices are another solid resource for finding investment ideas. Sure Dividend compiles the following stock market databases and updates them monthly:

Tom Yeung here with today’s Smart Money.

Do you remember what happened on March 1, 2018?

James Hackett probably does.

On that day, the then-CEO of Ford Motor Co. (F) saw President Donald Trump announce a sweeping round of tariffs targeting steel (25% duties) and aluminum (10%) – two of the most essential raw materials for automakers.

Over the following year, Hackett saw his company lose a fifth of its stock value – driven by a $750 million loss from tariffs and another $1.1 billion from broadly higher commodity prices. Many other importers saw even steeper declines.

But to most investors, March 1, 2018, was relatively unremarkable. The broader S&P 500 would rise 5% over the next 12 months, and high-quality tech stocks like Salesforce Inc. (CRM) and Intuit Inc. (INTU) and Advanced Micro Devices (AMD) would rise 20% … 50%… even 100%.

That’s because top companies can perform well despite interference from the top.

These innovative firms make products that are so essential that no amount of trade wars or late-night presidential tweets can seem to derail them.

Fast forward to today, and we’re watching history rhyme.

Trump has returned to the White House, and tariffs are back on the table – this time in even bigger and broader forms. On Tuesday, tariffs on Chinese goods rose another 10%, while certain non-exempt goods from Canada and Mexico saw a 25% hike. (Yes, things have shifted since then, and they probably will again tomorrow.)

Predictably, the headlines are full of doom and gloom. But for investors, there’s little reason to lose sleep over tariffs – just like in 2018.

That’s because the most successful stock market stories of the next decade will have very little to do with Chinese imports, steel prices, or even the cost of eggs.

Instead, they’ll be about companies that are reimagining the very foundations of our economy, and the ones that have discovered products so desirable that customers will put aside their economic fears to savor those products.

So, in today’s Smart Money, I’ll share more about the industries and companies driving the next decade of wealth creation.

And, most importantly, where you can find them.

Desirable Industries and Desirable Products

Consider artificial intelligence. It’s no secret that this industry has already changed the market landscape… and will continue to change that of our economy.

Over the next five years, global spending on AI will surge to $800 billion, growing at 30% annually.

Companies pioneering the infrastructure of AI – from Nvidia Corp. (NVDA) with its specialized GPUs to OpenAI and DeepSeek with their groundbreaking language models – will drive productivity gains that dwarf the cost increases that tariffs cause.

That’s not just a theoretical argument. It’s already happening.

Over the past year, U.S. companies added over 160,000 AI-related job postings, even as they slashed positions in older sectors like retail and legacy manufacturing. It’s becoming harder to get through the day without encountering AI. At this point, it’s safe to say that most of us have encountered an AI-powered customer service chatbot.

And the story goes beyond AI.

In 2018, Salesforce, Intuit, and AMD thrived not because they were immune to tariffs, but because their core products – software solutions, financial technology, and advanced semiconductors – were too valuable for businesses and consumers to ignore.

That pattern will only accelerate in 2025 and beyond. Many companies around the world will panic over the next four years as they worry about what Donald Trump will do next.

But firms that make irresistibly desirable products will steam right ahead.

One of our favorite picks in this category is Dutch Bros Inc. (BROS), a drive-through coffee shop chain with a cultlike fanbase. Customers often drive for miles to get to a Dutch Bros location… and some rabid fans have even tattooed the company’s name and logo on themselves.

That’s dedication.

In fact, this Oregon-based company has proved so popular that it’s having no trouble spreading across America. In 2024, the firm opened 151 new stores in 18 states, helping drive a 35% surge in revenues. And they’re planning to open another 160 stores this year.

Eric added the company to the Fry’s Investment Report portfolio last August, and since then shares of this firm have risen 90%.

Incredibly, one-third of that growth has happened within the past two months… after President Trump first floated tariffs.

At Fry’s Investment Report, Eric remains focused on the megatrends that will outlive the tariff noise, and the companies set to prosper within them.

Here’s why this approach is so important…

Ignore the Noise, Focus on the Megatrends

If history teaches us anything, it’s that politics makes headlines – but great products make fortunes.

Investors who panicked over the 2018 tariffs and pulled money out of the market missed out on a golden era for tech stocks. Those who instead focused on transformative trends – cloud computing, mobile software, e-commerce – saw their portfolios surge.

The same principle applies today.

The 2025 Trump tariffs will make noise, but they won’t change the fundamental trajectory of industries driving the next decade of wealth creation.

Semiconductors, AI,  next-generation energy, and advanced healthcare – those sectors will generate trillions in new economic value, completely independent of tariff rates. In addition, some select firms in traditional sectors are also going to succeed, even as rivals stumble.

Of course, there will be pain ahead for those on the wrong side of the trade war. To refer back to Ford, shares of the automaker are down 6% since Trump took office in January, and more losses could be on the horizon.

But let’s not forget the big picture: Many innovative firms are still doing incredibly well, and that’s always what matters in the end.

To learn more about the companies that will continue to weather the tariff storm, click here to become a member of Fry’s Investment Report today.

Getting Prepped for Nvidia’s “Q Day”

My colleague, the Wall Street legend Louis Navellier, certainly isn’t letting the tariff headwinds distract him from the AI boom.

As the AI megatrend quickly evolves, Louis will tell anyone who’ll listen, Nvidia has maintained its king status. And now he is telling us that on March 20, during the company’s first ever “Q Day,” Nvidia may announce a new breakthrough technology that is poised to ignite the next phase of the AI supercycle… and affect nearly every aspect of our lives.

But according to Louis, the media is missing out on the most important part of the story: One tiny small-cap company is positioned to be crucial to Nvidia’s AI reveal, thanks to its technology protected 102 patents.

So, on Thursday, March 13, at 1 p.m. Eastern, he’s holding a special time-sensitive briefing to get you ahead of the news (reserve your spot for this free broadcast by going here). Instead of buying Nvidia now, Louis will reveal six alternative stocks set to benefit from this AI breakthrough – including the one small-cap company that could deliver 10X to 50X gains.

Click here to sign up for the free event.

Regards,

Tom Yeung

Markets Analyst, InvestorPlace