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Zoetis Inc. Class A (ZTS $119.56)
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Cargojet Inc - Ordinary Shares and Variable Voting Shares (CJT.A $75.62)
We have CJT comments posted;
ZTS: With negative momentum and mixed results in Q3, the outlook is not great. Concerns over Zoetis' ability to meet 2026 expectations of 7% growth were amplified as pressures on the company's pain franchise failed to resolve and posted an 11% sales decline in 3Q vs. estimates for a 1% drop. Vet conversations suggest products pressured by post-approval adverse-event reports eventually return to growth, though market focus may shift to the company's next-generation pain treatments. Market shares of key franchises Simparica and dermatology also trailed consensus, as Elanco launches rivals Credelio Quattro and Zenrelia. Lowered 2025 guidance implies 5% 4Q growth, trailing prior expectations for 6% and consensus for pharma competitors. We think there could be more pressure on the stock going into year end, and we would be fine selling this.