Five interesting things that Hodges Capital research analysts discovered this week...
#1 THE NUTTY STATE: California leads the nation in tree nut production, with the majority of U.S. almonds, pistachios, and walnuts grown there. According to the USDA, pistachio acreage has increased nearly fivefold in the last two decades, surpassing walnuts in 2021 to rank second in California’s tree nut-bearing acres. In 2024, California’s almond-bearing acreage totaled 1.38 million, accounting for 62 percent of the state’s tree nut acreage, followed by pistachios (22 percent) and walnuts (16 percent). Additionally, the European Union, India, China, and Canada are major importers of California’s tree nuts.
#2 THE AMERICAN DREAM: Even as homeownership becomes increasingly out of reach for many Americans, its appeal continues to grow—82 percent say owning a home is part of the American Dream, according to Bankrate’s 2025 Home Affordability Survey, up from 78 percent in 2024. Among U.S. adults who want to buy a home but haven’t, 83 percent cite affordability-related reasons. The top two reasons across all generations are insufficient income and high home prices. Mortgage rates ranked fourth among concerns, following down payments.
#3 EV MARKET JOLT: “The EV market got a jolt in March—sales jumped, supply thinned, and pricing sent mixed signals. New EV prices edged up, used ones dipped, and sub-$25K deals drew in value-hunters. New EV sales increased 8.2% year-over-year to 107,594 cars in March, but their market share fell to 6.8%. New EVs now cost $12,229 more than gas cars on average—the widest gap in years,” according to The Car Dealership Guy.
#4 CHANGE OF PLANS: According to a survey conducted by Beach.com, Americans are concerned about a potential recession and rising travel costs impacting their vacation plans. Sixty-seven percent of Americans are considering alternative vacation options, with 72 percent opting for road trips and 61 percent planning staycations.
#5 YOUTUBE TURNS 20: Twenty years ago, Jawed Karim uploaded a grainy 19-second clip titled “Me at the Zoo” to his new platform, YouTube, ushering in a new era of online video. The video, which shows Karim visiting the San Diego Zoo, was the first ever uploaded to YouTube, the platform he co-founded with Steve Chen and Chad Hurley. According to CNBC, the trio sold the service to Google in 2006 for $1.65 billion. If it were a stand-alone business, YouTube would be worth between $475 billion and $550 billion, according to analysts at MoffettNathanson. YouTube is on track to become the biggest media company by revenue in 2025, surpassing Disney, Nathanson said.
HCM is an Investment Advisory Firm registered with the Securities and Exchange Commission (“SEC”), is a wholly owned subsidiary of Hodges Capital Holdings and serves as investment advisor to the Hodges Funds. HCM is affiliated with First Dallas Securities, Inc, a broker-dealer, and investment advisor registered with the SEC.
This discussion is not intended to be a forecast of future events and should not be considered a recommendation to buy or sell any security. Past performance is not indicative of future results. Investing involves risk. Principal loss is possible. Investing in smaller companies involves additional risks such as limited liquidity and greater volatility. No current or prospective client should assume that information referenced in this communication is a recommendation to buy or sell any security or is a substitute for personalized investment advice from your individual advisor. HCM does not provide tax or legal advice. Consult your tax or legal advisor for any related questions.
All information referenced herein is from sources believed to be reliable and is provided as general market commentary and does not constitute investment advice. This material was created for informational purposes only and the opinions expressed are solely those of HCM. HCM shall not in any way be liable for claims and makes no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information. The data and information are provided as of the date referenced and are subject to change without notice.