Discover which companies are pacing ahead in their earnings and which are struggling to keep up. This episode takes a comprehensive look at recent corporate earnings, with a close examination of tech giants like Google and financial reviews from Visa and PayPal. Explore how these outcomes affect the current investment strategies and what consumers and investors might expect as they steer through these turbulent financial times.
SPEAKER 01 :
He’s been seen on CNBC, the Fox News Channel, and the Fox Business Channel. His articles can be found on MarketWatch, Seeking Alpha, TheStreet.com, and many other places. He’s the author of the weekly Best Stocks Now newsletter and the inventor of the Best Stocks Now app. He’s president of Gundersen Capital Management. Here is professional money manager Bill Gundersen.
SPEAKER 04 :
Good morning and welcome to the Wednesday, October 30th edition of the Best Docs Now show. I am Barry Kite, planner and analyst here at Gunderson Capital Management, taking care of show duties for Bill this morning and giving him a well-deserved break from the microphone. But it looks like at the moment we’ve got pretty much all green on my screen here. We’ve got the Dow up 143 points, up 0.34%. We’ve also got the S&P 500 up eight points to 0.14% gain there. NASDAQ, which closed at an all-time high yesterday. We’ll get to that in a moment. Up 37 points, that’s 0.2%, sitting at 18,746. Crude oil also getting a bump today, up 1.5%. Still under that $70 a barrel mark, though. Gold continuing to climb, up $2,777 today. And Bitcoin also up today 0.25%, still over the 72,000 mark. So welcome to today’s Best Docs Now show. It’s the October 30th edition. Again, I’m your host, Barry Kite, Planner Analyst here at Gundersen Capital Management. Sitting in for Bill today and also happy to have Jeff Webster joining me on the show today. He’s our vice president and also advisor here at Gundersen Capital Management. Good morning, Jeff. How are you?
SPEAKER 05 :
I’m doing well, Barry. Great to be with everyone today.
SPEAKER 04 :
Yeah, still kind of like we left yesterday. Still some green on the screen this morning. Can’t complain there. Of course, when you look at the markets, I guess we closed at an all-time high yesterday in the NASDAQ. I guess from an election, I guess the markets don’t know there’s an election on Tuesday, it seems. But we’ve got, you know, kind of putting the show together. We’re thinking, you know, just kind of thinking of all the moving parts or, you know, cross currents or variables, whatever term you want to reference it as, really market forces. And it just seems like, you know, there’s always things that, you know, affect the market. But I think when you kind of mash everything together, Jeff, there’s – Currently, I can rattle off a handful of things that are news we’re getting today that will kind of affect the markets going forward.
SPEAKER 05 :
Yeah, I mean, there’s some surprising results out there for the good and for the bad. So look forward to diving into it today.
SPEAKER 04 :
Yeah. I mean, I was kind of listing them off in my head just in terms of things looming over the market or things that are cross-currents that are going to have an effect on the market. Some of that information today, certainly. We’ve got, obviously, the election less than a week away. When you’re looking at the markets and the quote-unquote Trump trade, we’ve talked about it on the show for the last couple of weeks. We kind of continue to see strength in terms of the market somewhat predicting a potential Trump victory in the election coming up. Of course, who knows how that’s all going to play out still only six days away. Of course, we’ve got geopolitical risks that are always there. Of course, sometimes they poke their head up and have more in effect than others. Obviously, the most recent one being Iran and Israel. And that’s had an effect on the price of oil getting back under $70 with Israel and not targeting that, at least in that recent round of strikes, in terms of not attacking some of the oil production abilities for Iran. And then, of course, we’ve got 50% of companies reporting earnings this week. We’ll get into some of those names here in a bit. We had Google Report after the bell. I think we get Meta and Microsoft after the bell today. So we’ll dive into some of those and, most importantly, really get some read-through to… The rest of the AI story, particularly on the infrastructure side where we’ve seen, you know, you’ve seen NVIDIA and chip names just, you know, rocket over the last, you know, year and a half or so. You know, power companies rocketing to the moon. Saw where a utility index this year was up over 25%, Jeff, in terms of where the growth has been in the S&P 500. Yeah. When you’ve got utilities up 25% in a year, there’s an underlying story in looking through the spend at CapEx spend at places like Google and Meta. A lot of the Microsoft, a lot of those other tech names, those CapEx dollars are finding data center, right? Finding potential power investments from what we’ve been seeing. Yeah. And so, yeah, plethora of earnings. I mean, we’ve got a ton of economics reports that kind of started creeping out today. We’ll look into some GDP numbers, both here and in Europe. Also some job numbers. That, of course, is affecting primarily can affect interest rates. And, of course, rising interest rates and rising global debt has really kind of been on the, Seems to have been on the forefront here over the last week and a half as 10-year treasury rates have gone from 3.7 range up to the last time I looked at it was at 4.22 on the 10-year, which is a massive move in a short period of time. So did we miss anything, Jeff, in terms of all the cross-currents floating around out there?
SPEAKER 05 :
No, no. I mean, I’ve got a long list of everyone that reported yesterday, people that have already reported today, and those that will be reporting, you know, with the ticker of, you know, who beat, who missed. You know, stocks, even though they miss, stocks are up. Even though they beat, stocks are down. So it’s very, very interesting.
SPEAKER 04 :
Yeah, well, good. I’ve got that list of dominoes, and we’ll nail some of those here in a minute. And, of course, like I said, we had a new record close for the NASDAQ yesterday. Obviously, the NASDAQ’s up another 0.25% as we talk, but finished at a record 18,712, so good. We haven’t said that before, and so the number of new highs hit in 2024 continues to move forward. I will say some earnings in terms of some earnings that were released yesterday, kind of around the time we did the show yesterday, was D.R. Horton. You know, from home builders have been, you know, pretty resilient place. And they were down over, I think, 7 percent yesterday, at least at one point with, you know, guidance essentially failed to to to woo investors there in terms of their report. Obviously, I think, you know, I think guidance wise, they probably would have thought that, you know, 30 year mortgage rate would be, say, lower at the end of 2024 than 2020. you know, like we previously expected. And that’s, you know, weighing on future growth, right, in the home building sector, even though I think I did see where home prices were still up over 5% for the year.
SPEAKER 05 :
Yeah, I saw that, that they were down yesterday. I mean, today they’re up about 2.5%. Perhaps there are some people that, using Warren Buffett’s analogy, they really like them and they see something that they like on sale, so they’re going to go out there and buy some more.
SPEAKER 04 :
Yeah, if you’re looking for an opportunity to get into D.R. Horton, you’ll like it even more, I guess, after… uh after yesterday’s drop also paypal i saw you know we were down four percent on some of their uh you know top line uh earnings uh you know missed some of their their top line uh top line estimates so uh you know interesting to see you know kind of a name that used to talk about a lot and uh you know just kind of uh one of those things that’s kind of worked its way into the regular fabric of our lives, right? In terms of PayPal and paying for things and, you know, not quite the, uh, you know, still an innovator, but not quite the growth engine that it, that it used to be. Uh, well, it’s interesting.
SPEAKER 05 :
The other company, when I think of PayPal, you know, I saw Visa reported yesterday after, right after closed and, and they actually beat, uh, experts, uh, expectations despite, uh, uh, customer sentiment that had spending down. And when I checked a few minutes ago, they were actually up. Let’s see where they’re at right now. Yeah, they’re up about three and a third percent right now. And Visa is over 291.
SPEAKER 04 :
Yeah, and people don’t think of Visa as a credit card company. In reality, they’re much more of a tech name and have been more of a tech name in recent years over the last decade than they had been in the past. We’re just getting started here on the first segment of Best Docs Now show. We’ll be right back. And welcome back here to the Wednesday, October 30th edition of the Best Docs Now show. I’m Barry Kite, planner analyst here at Gunderson Capital, taking the wheel for Bill today. And we also have Jeff Webster on the show, vice president and advisor here at Gunderson Capital. And still maintaining some green on the screen here. Looks like things are about where we started the show. Got the Dow up 158 points. That’s 0.37%. S&P up just over 10 points. That’s 0.18%. NASDAQ up $56 to up 0.3% to 18,769. Coming off the high of yesterday. And rocking it up a little more this morning. And we’ve got crude oil up a little over a dollar, still under $70 at $68.29. Gold is right where we started the show at $2,777. So lots of green. I think we’ve got the 10-year Treasury down about three basis points to four, still above 4.2, sitting at 4.22 today. Well, let’s dive in. Right before we came on the show earlier this morning, we’ve got some economic numbers to hit, and then we’ll dive into some individual stock earnings. Jeff, we continue to get solid news on the economic front in terms of GDP report today. We also got some job numbers and You know, I think the theme is, you know, things aren’t, you know, kind of the economy is not chugging along like it was, but, you know, still continues to remain, you know, that kind of steady upward trajectory. And when you look at it in terms of other economies of the world, you know, it’s kind of not much of a better place in terms of treating capital at the moment.
SPEAKER 05 :
Right. I mean, talk to me about the… The payrolls report, I mean, it surged by 233,000 in October. Is that a legit number? Is that a number that’s buoyed up to potentially support someone’s election campaign? What can you say on that?
SPEAKER 04 :
Yeah, I think if you’re going to have one that’s a little less biased, right, it’s going to certainly be the ADP report in terms of private payrolls. Of course, whether it’s estimations or quote-unquote guesstimations sometimes on the U.S. non-farm payroll report that we’ll get on Friday, there can certainly be some some, let’s call it discretion, right, in terms of those numbers. But when you look at the ADP report, I mean, number one, there’s going to be a lot of noise in this data for a month or two given the two massive hurricanes that the U.S. felt, particularly in the southeast. But payrolls jumped 233,000 in October. Street was expecting 115, so a pretty sizable beat there. Also, September’s numbers got revised up from 143,000 to 159,000. So when you look at it, you know, hiring payroll is still relatively strong. I will say, you know, yesterday we got job openings numbers, and the job openings were, you know, came in at 7.4 million, which was, you know, 0.4 million less than expected. So, you know, you kind of have this mixed bag where, you know, things aren’t, There’s not massive layoffs, which would be kind of indicative of potentially a recession or could mean that we’re in a recession, even if we didn’t know it. But when you look at payrolls, it kind of continues to be slow and steady, if you put it that way. So from that perspective, I think economically ties into the U.S. GDP number. So we got the first read on the GDP figures today. The U.S. GDP cooled down a bit. I mean, it was up 2.8% in Q3. It’s, I think, a tenth or maybe 0.2% lower than expected. The number was expected to be 3%. It came in at 2.8%. Interesting enough, where growth continues to move is consumer spending in goods and services. And also an increase in exports, even though we did have a big import deficit or trade deficit that was announced yesterday. But also, this last one is funny, like this federal government spending. So a U.S. consumer and the federal government are helping push that 2.8% GDP growth figure. And the most important thing is we’ve been hearing a lot about how is the consumer doing, right? And real consumer spending actually rose 3.7% from 2.8% in the second quarter. So regardless, the U.S. consumer, at least currently, continues to do their part for these figures. I will say, from an inflation standpoint, there’s a price index reading when you get the GDP report here. And PCE price index was up 1.5%. And actually, I believe it was the lowest number. I think it’s the lowest number we’ve had in a pretty significant period of time. I’ll have to figure out how long it has been since we’ve seen that number. But I mean, you know, 1.5 versus 2.5% in the second quarter. So speaking of treasury borrowing, we did get some numbers on borrowing. And, of course, we had Elon Musk talking about it. trimming $2 trillion off of government spending. Well, the U.S. Department of Treasury actually expects to borrow a little less than they were thinking in the first quarter of the year. They’re only going to borrow $546 billion, Jeff. So that was $19 billion down from the estimate. So in other words, there’s going to be some treasury issuance in the first quarter that the market’s going to have to digest. But from a spending standpoint, I guess the consumer and the federal government, we can count on us and them to continue spending money on it.
SPEAKER 05 :
Oh, it looks like it is. Oh, yeah, go ahead. I just saw this. It just broke at the top of the hour. But Supermicro’s auditor, Ernst & Young, resigned today. Yes. And their stock is tanking almost more than 25% right now. I guess they’re in a disagreement with how they want to publicly announce some things. And they’ve resigned. Of course, Supermicro is the company that makes the server blades for these data centers. But a lot of these, you know, running the AI applications and stuff like that. So that’s an interesting piece of news.
SPEAKER 04 :
Yeah, and one thing you never want associated with your stock is accounting irregularities. So we’ll see how that story develops. It usually doesn’t end well. At least it usually has an ending much before it’s time to buy something. We’ll be done with the first half of the show. We’ll be right back with the Best Docs Now.
SPEAKER 03 :
This is Bill Gunderson. Thank you for tuning in to today’s Best Stocks Now, Best Inverse Funds Now show. I put several hours of research in during the wee hours of the morning each day to bring you the very best cutting edge stories that I can. To get two free weeks of my newsletter, go to GundersonCapital.com. To talk to us about our fee-based only money management services, call us at 855-611-BEST. Now, back to the second half of the show.
SPEAKER 04 :
And welcome back here to the second half of the Wednesday, October 30th edition of the Best Docs Now show. I am Barry Kite, planner and analyst here at Gunderson Capital, serving as relief captain for Bill this morning. And also joined with… Joined on the show by Jeff Webster, Vice President and Advisor here at Gundersen Capital. Well, it looks like we got the easy assignment today, at least at the moment. We’re still all green on the screen. So NASDAQ up 0.34% building off of yesterday. Yesterday’s record closing high, Dow’s up 0.4%, S&P’s up 0.2%. So from an equity standpoint, it looks like overall the market’s digesting some of these earnings pretty well. And if you’d like to stay up to date with, you know, Bill’s thoughts on the market, you’re certainly welcome to sign up for the newsletter at GundersenCapital.com. Or if you have a question, you know, have some portfolio allocation or financial planning question, you know, feel free to give us a ring at 855-611-BEST. That’s 855-611-2378. We’d love to chat with you. Well, in terms of debt, it’s really that debt-to-GDP ratio that’s the most important. And as we kind of rattled off the 2.8% GDP growth rate in the U.S., I do think it’s important just real quick to kind of put that in context. If you look at your euro area, GDP released today expanded at 0.4%. So they continue to have very slow growth. In the EU, a lot of that has been kind of tied to the weakness in China and them having issues in terms of getting their economy kind of off the ground, coming sluggishly out of COVID-19. And so when you look at their 0.4% for the euro area growth, I mean, the best performing country so far, I think, is Ireland there at 2% in terms of GDP. I know at least seven countries were positive and positive. At least six were negative in terms of GDP. Germany, their GDP actually contracted by 0.2% in the third quarter, Jeff. So 2.8 or minus 0.2, which one do you want?
SPEAKER 05 :
I think some of the German automakers have struggled a little bit. It probably is having a bit of an impact there. Certainly.
SPEAKER 04 :
Yeah, and we’ve heard from, what, Volkswagen, I think, yesterday, if I’m not mistaken, in terms of some of their weakness there. Spain, which has been kind of one of the bright spots for the Eurozone. They were up 0.8% in terms of their… GDP expansion, the problem is you look at it there, of course, their inflation rate in Spain was 1.8%, but their growth is only 0.8%. So where our inflation has been a bit more sticky, certainly around that 3% range, in terms of the bang we’re getting for our buck from a growth rate standpoint, is much more palatable. I think some of their inflation has been a demand issue, right, in terms of folks aren’t buying things. Well, then that’s going to naturally bring some of those prices for those goods down. France GDP up 1.3% in the third quarter. So I think the main focus there is in terms of leader, economic leader at the moment remains low. you know, kind of steadily in the U.S. economy. If you look at the three big, you know, economies of the world, the U.S., the Eurozone, plus you can throw in the U.K. there, and then obviously China and the Pacific Rim. And, you know, kind of tied to that, you know, Diving into some of these earnings, Caterpillar, I don’t know if you’ve got that one in front of you, Jeff, but Caterpillar reported a disappointing Q3 result. I can remember for the longest time Caterpillar was used as kind of one of those bellwethers in terms of potentially being kind of a leading economic indicator as pullback happens and construction or you know caterpillars demand forecast would decrease right that usually would correlate with a potential decrease uh at your you know economic activity level uh in cat you know they mentioned uh you know they’re they’re and i’ll see caterpillar uh kat is the symbol and Caterpillar is down 1.6% today, was down as much as 3% yesterday in the pre-market, but essentially kind of warned about future results on weakness in the U.S. construction industry. Obviously, if they see weakness there, that’s going to have a flow-through effect to many different parts of the economy. So it’s interesting to kind of see some of their reports. They came in at $5.17 a share. I think earnings estimate was $5.35 a share. So missed by 18 cents, so a pretty significant miss, and I believe they missed revenue by $100 million on the revenue side of things. So not a great report from Caterpillar there. Another not-so-great report is a name we own, Lilly, and those shares are under a good bit of pressure today. Actually, down 8.5% now. At one point today, I saw them down 10% to 13%. Did you have a chance to go through some of that report, Jeff, in terms of the Lilly numbers? Not much.
SPEAKER 05 :
I’m still licking my chops, if you will.
SPEAKER 04 :
Yeah, I mean, it’s one that obviously pops up on our radar.
SPEAKER 05 :
If you look at… So there’s two things that have jumped out at me today. One is the pharma medical device space. And so you look at Ecolab. They beat EPS. You’ve got… Biogen, they beat, but they were down compared to last year. We talked about Lilly. You know, GE Healthcare beat. Glasgow Smith Klein beat.
SPEAKER 04 :
Yeah, they’re down.
SPEAKER 05 :
But they weren’t on lower vaccine sales.
SPEAKER 04 :
Yep.
SPEAKER 05 :
Humana beat. You know, one of the top, top companies out there from a stock 80% is OmniCell, which makes business intelligence systems to help Healthcare facilities manage their distribution of, you know, drugs to patients and things like that. You know, Stryker and Zimmer are both up today. Stryker beating. Zimmer had a slight miss, but they’re up. I’m not an owner of Stryker’s, but I am a customer. I’ve got a little bit of their hardware in my knee.
SPEAKER 04 :
You had a vested interest in that one.
SPEAKER 05 :
That’s right. That’s right. Ten years of officiating competitive soccer took my knee down to the rim, and Stryker came in and helped me with some replacement parts there. So certainly there’s a lot of activity there with the pharma and the – medical device space. Also seeing a lot of, uh, earnings results with some of the, uh, restaurant companies, uh, you know, both the sit down places as well as, uh, fast casual. We talked about McDonald’s.
SPEAKER 04 :
Yeah. We had Chipotle report. Yeah.
SPEAKER 05 :
Yeah. Cheesecake factory had, uh, they beat. And, uh, last I checked, they were up by 14%, you know, so they’re in an all time high.
SPEAKER 04 :
Yeah.
SPEAKER 05 :
Yep. Wingstop, big miss, and they’re getting hammered. They’re down 18% right now. Brinker International, they beat Shake Shack. Their expectations were in line with Wall Street, and they’re up right now. So you’ve got to look at these things and use – You know, tools like the Best Stocks Now app to be able to analyze, you know, as Bill says, stock prices will follow earnings. And we have to kind of set aside the hype and focus on, you know, how these companies are truly performing, you know, what the growth potential is. And those are fundamentals that will help us make good decisions.
SPEAKER 04 :
Yeah, agreed. And any time, especially around earnings, you’re going to have a lot of noise, potential noise in the stock price. And you get like a lily, right? I mean, it was down 13% at one point, now down 7.5%. And I went through the report, and it didn’t look terrible. We’ll highlight a couple of the metrics here, and we’ll get the Google report as well when we come back. For the last segment of the Best Stocks Now show, we’ll be right back.
SPEAKER 06 :
Go where you want to go, do what you want to do, and win whoever you want.
SPEAKER 04 :
And welcome back here to the Wednesday, October 30th edition of the Best Docs Now show. We’re in the fourth and final segment of the show, kind of putting a bow on today’s soiree. And Barry Kite, planter analyst here at Gunderson Capital, sitting in for Bill, and we’ve got um jeff webster on the line as well uh and jeff we’re getting you know kind of looking at that eli lily report it’s interesting of course um you know we look at you know earnings on individual companies and then uh you know guidance are they are they lowering or raising guidance right and all that eventually uh feeds into uh bill’s market outlook in the newsletter in terms of As you’ve heard countless times on here, we’re firm believers that stocks follow earnings. And these earnings that come in, future earnings guidance, that’s going to feed into those future outlook numbers. And so Bill will be crunching those this weekend, of course, with what I think almost just under, I think, 50% of the S&P reporting this week. So he’ll have some Solid figures on kind of his take on how successful earnings season has been up to this point and then, of course, how those future estimates feed into his future S&P market outlook. But you can always go to the website, GundersonCapital.com, sign up for two free weeks of the newsletter, or you’re welcome to give us a call, give Edie a call at 855-611-BEST. That’s 855-611-BEST. 2378. Well, those EOI lily earnings and our biggest position here at the firm, it was interesting because it’s one of these things where… Was it a bad report? It didn’t seem to be a bad report. I think some of the revenues missed by $680 million, which sounds like a lot, but they’re doing $11.4 billion in sales. And so those continue to get some… serious growth from uh the the glp-1 drugs they added i think 3.1 is uh manjaro added 3.1 billion to the top line by the way from 1.4 billion the year prior So just that one drug went from a $1.4 billion revenue to $3.1 billion revenue in a year, which is pretty amazing. Zepbound, the other version of Manjaro, they had $1.3 billion in sales there. So I think that’s a 17% growth rate. In their other drugs, not including GLP-1s, they still had 17% growth in revenue. I think them using one of these cash cow kind of profits and reinvesting that back into the business, I’m sure it will lead to other potential growth engines down the road in terms of R&D. I’d like to see them…
SPEAKER 05 :
figure out how to make the product, you know, as it relates to Zepbound and the GLP-1s, how can we make it more affordable? That will open the market up for them and will make itself available to more people. I mean, there’s still a lot of insurance providers are not, so people are going out of pocket to purchase, and that’s one of the reasons why a lot of folks go to the compounders.
SPEAKER 04 :
Right?
SPEAKER 05 :
Because it’s more affordable. You know, it’s like, okay, I can pay $1,200 to get the name brand, or I can go to my compounder and get it for $300 or $400 a month. And I think that an opportunity for Lilly is to figure out how to drive that price down as a name brand product and get it more widely in use with folks that are everyday folks that You know, a $1,200 expense could be a lot for them.
SPEAKER 04 :
Yeah, and bringing down the price and then, of course, it doesn’t mean it’s going to be a drop in earnings, right, if you increase your market share, right? So if you bring it to more potential, you know, more of the addressable market, if you will. Yeah. Just pretty interesting info there. Of course, we got Google after the bell yesterday. They had just a great report from Google. I think the cloud business was up, I want to say it was over 32% or so. That’s on the data center side. So our biggest hang-up with Google, one of the reasons we don’t own Google, is because of the potential disruption on the search engine side. Of course, most AI applications, at least initially, involve some form of search engine. And so their big hold in market share on search is certainly under fire as AI technologies continue to grow. But if you could strip off that piece of the business, right, then what if you didn’t have the search piece and you could just do YouTube ads and Google Cloud, right?
SPEAKER 05 :
Barry, that’s what’s appealing to a lot of people about Google is that it’s diversified. You know, it’s not just about search and ad revenue. They’ve got a cloud business. They have business applications. You know, they have their, a variety of different, so they’re well diversified, you know, and I know a lot of people will compare them to Meta. And if you look at Meta, Right now, the vast majority, I think it’s like 90% of the revenue is tied to ads. Right. And Google has done a little bit better job of diversifying. And I think you’re going to start seeing meta come up with diversified offerings that does not pigeonhole them so much into that ad revenue space.
SPEAKER 04 :
Yeah, and if you look at the most important things we’re looking at on these tech earnings, a lot is in the CapEx space, capital spending, because that’s them building out networks, buying NVIDIA’s Blackwell chips, and they expect that spend. I think two interesting takeaways is I think it was $11. you know, $11 to $13 billion in capex, you know, a quarter. And then their headcount, they’re actually kind of, you know, reducing and or expect their headcount to stay the same over the next, you know, 12 months or so. So that’s a pretty interesting piece because AI is helping, you know, helping coders. You know, I think they said it’s doing about 20% of coding at this point, so. ai features so that’s where the you know kind of rubber meets the road in terms of ai helping companies and potentially helping margins on a go-forward basis but well uh you know to stay up to date with bill’s thoughts uh you know go and get the newsletter go to gundersoncapital.com if you’ve got any portfolio questions or financial planning issues that you come across feel free to give us a ring 855-611-BEST That’s 855-611-2378. And have a great day, everybody. Thank you.
SPEAKER 02 :
This show is not a solicitation to buy or sell any securities. Bill Gunderson or clients of Gunderson Capital Management may have long or short positions in stocks mentioned during the show. Past performance is not indicative of future performance. Gunderson Capital Management is a fee-based registered investment advisory firm. All accounts are held at Charles Schwab. Schwab is a member of SIPC and FINRA.
