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By Amara Omeokwe

 

Former Federal Reserve Governor Adriana Kugler, whose abrupt resignation allowed President Donald Trump to install an ally at the US central bank, violated Fed ethics rules and was subject to an internal probe when she stepped down in August, documents released Saturday showed.

 

In her final weeks at the Fed, Kugler sought to address a problem with her financial holdings, but Chair Jerome Powell denied her request for a necessary waiver ahead of the central bank’s July 29-30 policy meeting, according to a Fed official. She skipped the meeting and announced her resignation days later.

 
 

The Office of Government Ethics on Saturday released Kugler’s latest financial disclosures, which included previously undisclosed trading in multiple individual stocks in 2024 — some of which occurred during the Fed’s blackout period — in violation of the agency’s ethics rules. 

 

Fed ethics officials referred the matter to the agency’s inspector general earlier this year, the form showed. They also declined to certify the disclosures, which Kugler filed about a month after her resignation. An IG spokesman said Saturday that an investigation is ongoing.

 

Kugler’s resignation gave Trump an earlier-than-expected opportunity to fill a slot on the Fed’s board in the midst of his intense pressure campaign urging policymakers to drastically lower interest rates. The opening ultimately went to Trump adviser Stephen Miran, who took an unpaid leave of absence from his post as chair of the White House Council of Economic Advisers and has called repeatedly for rapid rate cuts.

 

Kugler, who was appointed to the Fed in September 2023 by President Joe Biden, declined to comment.

 

The former Fed governor announced on Aug. 1 that she would step down effective Aug. 8 — nearly six months before her term was set to end — without citing a reason and after she missed the central bank’s July meeting. At the time, the Fed said her absence was due to a “personal matter.”

 

Ahead of that meeting, Kugler sought permission to conduct transactions to address what the Fed official described as impermissible financial holdings. It wasn’t immediately clear which holdings were involved in that request.

 

According to the official, Kugler asked for a waiver to rules requiring top Fed officials to obtain clearance before conducting certain financial transactions and prohibiting them from trading during so-called blackout periods that straddle their policy meetings. Powell denied the request.

 

Prohibited trades 

It wasn’t the first time Kugler had run afoul of the Fed’s ethics rules. She acknowledged in disclosures last year that she violated prohibitions on trading when her husband executed several stock trades. 

 

Kugler said at the time that her spouse made the purchases without her knowledge. The shares were later divested and Kugler was deemed in compliance with applicable laws and regulations, according to the disclosures.

 

The newly released documents showed previously undisclosed trading in 2024 in individual stocks — which is prohibited for Fed officials and their immediate family members — including Materialise NV, Southwest Airlines, Cava Group, Apple Inc. and Caterpillar.

 

Some of the trades were also executed during blackout periods, when transactions are prohibited.

 

That included the purchase of Cava shares on March 13, 2024, days ahead of a March 19-20 meeting and the sale of Southwest shares on April 29, 2024, on the eve of the Fed’s April 30-May 1 gathering. The disclosure also lists several fund transactions that fell within blackout periods. 

 

A footnote connected to the Jan. 2, 2024, sale of Materialise NV shares read: “Consistent with her September 15, 2024, disclosure, certain trading activity was carried out by Dr. Kugler’s spouse, without Dr. Kugler’s knowledge and she affirms that her spouse did not intend to violate any rules or policies.”

 

Financial disclosure 

The disclosure covered calendar years 2024 and 2025 through her resignation. Top Fed officials are required to submit disclosures annually and after leaving the central bank, and to report periodic financial transactions. 

 

A spokesperson for the Fed’s Office of Inspector General on Saturday confirmed the office received a referral from the board’s ethics section related to Kugler’s filing.

 

“We have opened an investigation and, consistent with our practice, we are unable to comment further until our investigation is closed,” the person said.

 

Powell introduced tougher restrictions on investing and trading for policymakers and senior staff at the central bank in 2022. That followed revelations of unusual trading activity during 2020 by several senior officials.

 

Boston Fed President Eric Rosengren and Dallas Fed chief Robert Kaplan each announced their early retirement after the revelations, with Rosengren citing ill health. The Fed’s internal watchdog ultimately cleared the pair of legal wrongdoing, but chastised them for undermining public confidence in the central bank.

 

The new rules, which the Fed said at the time were aimed at supporting the public’s confidence in the impartiality and integrity of policymakers, boosted financial disclosure requirements, among other measures.

 

Senator Elizabeth Warren, a Democrat from Massachusetts who has long called for stricter ethics rules at the central bank, released a statement Saturday calling for bipartisan legislation “to make the Fed more transparent and accountable.”

 

The latest scandal “makes clear that the Fed still doesn’t have the guardrails or culture of accountability the American people expect,” Senate Banking Committee Chair Tim Scott said in a statement.

 

“The next Fed Chair must restore integrity, strengthen transparency, and end the pattern of insiders playing by their own rules,” he added.

Henry Schein (HSIC) just lifted its 2025 sales growth guidance, signaling management’s confidence after reporting stronger sales and net income for the quarter compared to last year. This outlook could prompt a closer look from investors.

See our latest analysis for Henry Schein.

Following the upbeat sales and earnings update, Henry Schein’s share price has climbed 12.9% over the past month, signaling renewed momentum after a year of gradual gains. Despite this recent boost, the long-term total shareholder return remains just modestly positive, which hints there is still room for the valuation story to play out.

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Yet with Henry Schein’s shares now enjoying a solid rally and analyst targets still offering only a moderate premium, the key question remains: is there value left to unlock, or has the market already priced in future growth?

With Henry Schein’s most widely followed narrative setting fair value at $75.15, the current price of $71.43 suggests modest upside could remain. The stage is set by ongoing operational changes and improved momentum, fueling debate among market watchers.

The company is experiencing strong growth in high-margin businesses such as Specialty Products, Technology, and private-label offerings, and expects over 50% of non-GAAP operating income to come from these segments. This supports structurally higher gross margins and is likely to drive earnings expansion. Investments in digital workflow, AI solutions, and integrated cloud-based practice management platforms are accelerating recurring SaaS revenues and client retention. Henry Schein is positioned to benefit from the ongoing digital transformation of healthcare, which should support both revenue growth and improved margins.

Read the complete narrative.

Curious about the numbers driving this narrative? The forecast hinges on a blend of margin upgrades, aggressive digital investment, and surprising long-term financial assumptions. What bold moves tip the valuation scales? Dive in to uncover the real foundation behind the headline price target.

Result: Fair Value of $75.15 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, persistent pricing pressures and ongoing staffing shortages could easily cap both Henry Schein’s earnings trajectory as well as its ambitious long-term outlook.

Find out about the key risks to this Henry Schein narrative.

If this outlook does not match your own thinking, or you prefer to examine the numbers yourself, you can shape your own view of Henry Schein’s prospects in just a few minutes. Do it your way

A great starting point for your Henry Schein research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

Make your next move count by tapping into fresh, high-potential markets before the crowd. Don’t let the best ideas pass you by.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include HSIC.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

• In the past week, Arista Networks reported third-quarter results with revenue of US$2.31 billion and net income of US$853 million, as well as guided fourth-quarter revenue between US$2.3 billion and US$2.4 billion.

• While the company continues to see substantial demand for its AI networking solutions, management pointed to ongoing supply chain constraints and longer lead times as major growth hurdles in the near term.

• We’ll examine what the supply chain challenges highlighted by management could mean for Arista Networks’ long-term growth narrative.

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To believe in Arista Networks, you must have conviction in the company’s leadership in AI-driven networking and its ability to capture share as hyperscalers and enterprises upgrade their infrastructure. The latest quarterly results confirm customer demand remains robust, particularly for AI infrastructure, but supply chain delays and component shortages continue to be the single most important near-term headwind. For now, this challenge appears to be limiting growth but has not altered the core demand catalyst central to Arista’s story.

Among recent announcements, management’s updated revenue guidance for the fourth quarter, US$2.3 billion to US$2.4 billion, directly aligns with how supply constraints are tempering near-term growth, even as demand outpaces current delivery capabilities. This guidance makes clear that Arista’s strongest catalyst, the AI networking cycle, is being held back in the short term by execution risks surrounding supply chain and inventory management.

By contrast, some investors may be surprised at how even healthy backlog isn’t a guarantee of smoother profitability if…

Read the full narrative on Arista Networks (it’s free!)

Arista Networks’ outlook anticipates $13.6 billion in revenue and $5.4 billion in earnings by 2028. This scenario implies a 19.5% annual revenue growth rate and a $2.1 billion increase in earnings from the current $3.3 billion level.

Uncover how Arista Networks’ forecasts yield a $163.87 fair value, a 25% upside to its current price.

While consensus views highlight current supply chain hurdles, the most optimistic analysts were projecting US$15.4 billion in revenue by 2028 before the recent news. If you focus on rapidly growing recurring software revenue and believe these high targets are realistic, your outlook may be much more upbeat than others’. As recent announcements evolve, it’s important to remember your perspective can shift as narratives and numbers change.

Explore 18 other fair value estimates on Arista Networks – why the stock might be worth 14% less than the current price!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

Our daily scans reveal stocks with breakout potential. Don’t miss this chance:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ANET.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

It’s easy to match the overall market return by buying an index fund. When you buy individual stocks, you can make higher profits, but you also face the risk of under-performance. Investors in Y.S.P. Southeast Asia Holding Berhad (KLSE:YSPSAH) have tasted that bitter downside in the last year, as the share price dropped 14%. That’s disappointing when you consider the market returned 4.1%. At least the damage isn’t so bad if you look at the last three years, since the stock is down 8.2% in that time.

Since shareholders are down over the longer term, lets look at the underlying fundamentals over the that time and see if they’ve been consistent with returns.

We’ve found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it’s a weighing machine. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Unfortunately Y.S.P. Southeast Asia Holding Berhad reported an EPS drop of 31% for the last year. This fall in the EPS is significantly worse than the 14% the share price fall. So the market may not be too worried about the EPS figure, at the moment — or it may have expected earnings to drop faster.

The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).

We’re pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It’s always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. This free interactive report on Y.S.P. Southeast Asia Holding Berhad’s earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.

As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It’s fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Y.S.P. Southeast Asia Holding Berhad the TSR over the last 1 year was -9.5%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the total shareholder return.

While the broader market gained around 4.1% in the last year, Y.S.P. Southeast Asia Holding Berhad shareholders lost 9.5% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn’t be so upset, since they would have made 1.4%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Even so, be aware that Y.S.P. Southeast Asia Holding Berhad is showing 2 warning signs in our investment analysis , you should know about…

We will like Y.S.P. Southeast Asia Holding Berhad better if we see some big insider buys. While we wait, check out this free list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Malaysian exchanges.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Société Générale Société anonyme (ENXTPA:GLE) shares have seen movement this week, catching the attention of investors who are curious about the drivers behind the price shifts. Many are weighing recent performance in comparison to longer-term trends.

See our latest analysis for Société Générale Société anonyme.

This week’s price moves for Société Générale Société anonyme have come on the back of a stellar run, with the share price up over 114% year-to-date and a 1-year total shareholder return of nearly 130%. Short-term momentum has been mixed; however, the bigger picture suggests investors are recalibrating their outlook as risk appetite shifts and growth potential gets reassessed.

If you’re curious where else opportunity may be building, now’s an ideal moment to broaden your perspective and discover fast growing stocks with high insider ownership

With the stock trading below analyst price targets and still showing a sizable intrinsic discount, is Société Générale Société anonyme currently undervalued, or has the market already priced in all the expected growth?

With Société Générale Société anonyme’s fair value estimate coming in above the current share price, analysts see potential upside driven by strategic growth initiatives. This sets the stage for a deeper dive into what is fueling that higher valuation outlook.

Accelerating digital transformation, exemplified by Boursorama/BoursoBank surpassing client targets six quarters ahead of schedule and being recognized as the best digital bank in France, positions Société Générale to capture fee and commission income growth, drive operating leverage, and lower cost-to-income ratios. This supports future revenue and net margin expansion.

Read the complete narrative.

Why are analysts giving Société Générale Société anonyme the benefit of the doubt? Their positive outlook hinges on ambitious profit growth targets, bolder margin assumptions, and a future earnings multiple that could shift industry expectations. Can these optimistic projections hold up? Uncover the pivotal forecasts and find out what is really moving the fair value needle.

Result: Fair Value of €64.58 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, challenges remain if interest rates remain low or if cost controls stall. Both of these factors could pressure margins and mute earnings growth moving forward.

Find out about the key risks to this Société Générale Société anonyme narrative.

Readers who want to dig deeper or see things differently can explore the numbers for themselves and craft a personal narrative in just minutes, so why not Do it your way?

A great starting point for your Société Générale Société anonyme research is our analysis highlighting 3 key rewards and 4 important warning signs that could impact your investment decision.

Why limit your strategy to one stock? Make the most of Simply Wall Street’s powerful screener and discover unique opportunities across different sectors before everyone else.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include GLE.PA.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com