to discuss the company's $165 million five-year contract with the US Army which sent the stock up double digits during intraday trading Monday.That's the closing bell on Wall Street and now it is market domination overtime sponsored by TC trade.
Do you think they're gonna generally just confirm this idea that yes, Jay Powell has stuck the soft landing.It's not great, but it's not bad either. I'm probably somewhere in the uh low double digit uh camp, but it's still a solid backdrop for for for earnings growth and how how you know, get that guy backdrop drink has valuation looked to you here still looks expensive but not screamingly expensive across the board, right?
Um, and we think can play a little bit of catch up well, and it's interesting when you talk about valuation because this is something um one of your peers over at Piper Sandler Michael Kantrowitz pointed out in a recent chart, he looked at the sort of gap between where we are in pe and where he thinks fair value is, which is below that level.It, it usually has not necessarily been an obstacle to stocks moving higher.
Um, but, uh, at least the current, at the current state, we still expect 50 basis points for the year 25 in November, 25 in December and 4, uh, 25 basis point rate reductions over the course of next year.Markets have already pretty much reflected that.Um And I think there's a outside risk that they probably respond a little bit more Dovish maybe deliver five cuts over the course of next year because they are going a little bit more concerned around the labor market.
He's now tasked with getting the sneaker and apparel giant back on track and he'll have his work cut out for him. And essentially he took a company that had enormous underlying assets and decided to, instead of, to use it to build a great franchise to monetize them in the short term.They, the black and white sneakers that they brought out their old sneakers that they brought out from the archives that became enormous sellers.But then they put out model after model iteration after iteration and culture, of course, prizes, novelty.
And you saw a Nike that just stopped investing in R and D and stopped bringing out new products to the extent that we just, I mean, we just had an Olympics.Um as somebody who studies management, a new leader who comes in, who at the, on the one hand, yes, they want to recapture what the company has done.So recapture what the company has done doesn't mean do what the company used to do that is that is like that is the path of failure.
The intent here being that we can make decisions with greater confidence and we can ensure that the army is properly manned, equipped, trained and resourced mandy.I mean, who's in the bake off and what, what is your competitive advantage there? A and Manny, you referred to the Big the Big Boys, meaning, you know, the sort of legacy defense contractors.
It was a big milestone because as you, you know, as you think about disrupting the space, when we look forward into the adoption of artificial intelligence, the proliferation of pushing that type of technology to the edge. You know, we, I think we saw and have continued to see great adoption in that space of the use of artificial intelligence.
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