Market Signal Briefing

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ABTC shares plunged by more than 50% in early trading as the broader crypto market downturn triggered a sharp repricing of mining and treasury stocks.

Shares of American Bitcoin Corp (ABTC), the Bitcoin-mining and treasury company headed by Eric Trump, plunged on Tuesday as difficult market conditions continued to pressure crypto-linked equities.

ABTC, which debuted on the Nasdaq in early September following a reverse merger with Gryphon Digital Mining, lost more than half its value in early trading. The stock reached an intraday low of $1.75, representing a 51% decline on the day, according to data from Yahoo Finance.

ABTC stock faced a steep decline on Tuesday. Source: Yahoo FinanceThe shares are now down roughly 78% from their post-listing high of $9.31 on Sept. 9, underscoring the broad unwinding across the digital-asset sector and its spillover into related equities.

While no single catalyst appeared to drive Tuesday’s steep sell-off, crypto-linked stocks have faced renewed volatility in recent weeks amid a broad retreat in digital assets and profit-taking across technology shares.

American Bitcoin’s business is closely tied to the price of Bitcoin (BTC), which has experienced one of its sharpest pullbacks in history since mid-October, falling from a peak near $126,000 to a November low of below $80,000.

The repricing of crypto-linked equitiesThe crypto market downturn has triggered a widespread repricing of crypto-exposed equities, particularly among miners and companies that hold large Bitcoin treasuries.

That reassessment has unfolded despite American Bitcoin Corp reporting a swing to profitability in the third quarter, when net income reached $3.47 million and revenue climbed to $64.2 million. 

The company also added 3,000 Bitcoin to its reserves in the third quarter, lifting total holdings to more than 4,000 BTC.

American Bitcoin’s BTC accumulation. Source: BitcoinTreasuries.NETAmerican Bitcoin is far from alone in facing pricing pressure as Bitcoin slides. Shares of Strategy (MSTR), led by Michael Saylor, have plunged more than 50%, pushing the company’s market capitalization below the value of its Bitcoin holdings.

Eric Trump said last month that he is unfazed by the recent volatility, describing it as the “friend” of investors who value the ability to accumulate at more favorable prices.

Magazine: Crypto carnage — Is Bitcoin’s 4-year cycle over? Trade Secrets

Tom Farley, Bullish CEO and former NYSE president, joins CNBC's 'Squawk on the Street' to discuss Bitcoin's volatility, crypto's security and more.

On December 1, 2025, Bitcoin's value plummeted below $84,000, leading to a swift and dramatic market reaction. This unexpected downturn resulted in the liquidation of billions of dollars in leveraged positions, marking one of Bitcoin's largest single-day price distortions.

Solana’s memecoin trading registered $13.9 billion in monthly volume last month, the lowest print since February 2024, when the mania hadn’t yet caught fire.

At the same time, Polymarket clocked $3.7 billion in volume, its best month since launch, while Kalshi posted $4.25 billion in volume, its second-best performance. Together, the two largest prediction platforms moved nearly $8 billion, equal to 57% of Solana’s memecoin churn.

That ratio sat below 10% as recently as August. By October, it had crossed 45%. Now it’s breached the majority territory.

The question isn’t solely whether liquidity has rotated, but whether prediction markets represent a structural upgrade in where crypto capital hunts edge, or whether they’re just the next trench in an endless cycle of hot money chasing narrative.

Memecoin fadeSolana memecoin volume peaked in January at $169.5 billion, propelled by hyper-liquid coin flips and influencer-driven token launches.

The velocity was absurd: traders cycled through dozens of new tickers daily, riding momentum that evaporated as soon as the next launch dropped.

Since then, the numbers have gradually started decreasing. In July, memecoin activity on Solana moved $34.4 billion.

August pulled back to $29.2 billion. September fell to $19.7 billion. October landed at $16.5 billion. November’s $13.9 billion represents a 60% collapse from July.

The shape of the decline matters. This wasn’t a single capitulation event, no rug pull or exploit that scared participants out of the market overnight. Instead, volume eroded steadily, suggesting that traders actively chose to redeploy capital rather than flee risk entirely.

The memecoin trade didn’t blow up, but rather exhausted itself.

At the same time, prediction markets accelerated. Kalshi and Polymarket combined for $1.8 billion in July, $1.9 billion in August, $4.1 billion in September, and $7.4 billion in October before hitting $8 billion in November.

The trajectory inverted that of Solana memecoins, which leaked liquidity month after month, while prediction markets doubled, then doubled again.

Prediction markets’ volume as a percentage of Solana memecoin volume surged from under 10% in early 2025 to 57% in November.Information as infrastructureVitalik Buterin framed prediction markets as “info finance,” an infrastructure designed to extract signal from crowd behavior rather than pure speculation on reflexive price action.

The distinction feels subtle but carries weight. Memecoins produce no information, as they are driven by hype and often reflect insider positioning.

Prediction markets, at least in theory, aggregate dispersed knowledge into probabilistic forecasts that markets, institutions, and even governments can use.

Buterin argued that artificial intelligence would “turbocharge” prediction markets over the next decade, plugging machine learning models into event contracts and decentralized autonomous organizations that govern market design.

That creates a feedback loop: better models produce tighter spreads, tighter spreads attract more liquidity, and more liquidity refines the signal. Memecoins have no equivalent path to utility. They either maintain momentum or they die.

Thomas Peterffy, founder of Interactive Brokers, went further. He told Finance Magnates that prediction markets would eventually surpass equities in size, estimating a 15-year horizon.

Coming from the chair of a listed brokerage, that’s not hype, but a bet on structural adoption.

If prediction markets scale to the level of equity-market liquidity, the $8 billion they moved in November represents a rounding error compared to what’s coming.

Edge migrationThe mechanics of the rotation explain why it happened so fast. Memecoin trading rewarded timing and social positioning: who knew about the launch, who had the best bot setup, who could front-run the crowd.

Prediction markets reward information asymmetry of a different kind: understanding voter turnout models better than the average participant, reading geopolitical risk faster than cable news, or interpreting Federal Reserve signals before they move bond markets.

Haseeb Qureshi of Dragonfly Capital pointed out that Polymarket called the US presidential election before major networks, assigning President Donald Trump a 97% probability by midnight Eastern while TV anchors hedged on swing states.

That wasn’t luck, but a reflection of aggregated participant knowledge outpacing institutional media. Google’s decision to integrate Polymarket odds into search results legitimized the platform overnight, flipping perception from “sketchy offshore casino” to “clearest source of truth,” as Qureshi noted.

For traders who left Solana memecoins, prediction markets offer a narrative they couldn’t find in dog-themed tokens: the possibility that their bets yield valuable signals.

They’re still gambling, but the gamble pretends to generate knowledge, and that psychological shift matters. A trader who loses money on a memecoin admits they got dumped on.

A trader who loses money on a prediction market can claim they misjudged probabilities but participated in price discovery.

What stays unresolvedLiquidity depth, while growing, doesn’t yet support institutional-scale positioning without slippage. And the markets themselves remain vulnerable to manipulation: a sufficiently motivated actor with enough capital can distort probabilities, especially on low-volume contracts.

Additionally, the market’s subject can influence its results. Brian Armstrong recently said words that were the subject of a prediction market during a Coinbase earnings call. The episode sparked debate over concerns about manipulation.

Memecoins, meanwhile, haven’t disappeared. The $13.9 billion in monthly volume still dwarfs most DeFi protocols and rivals the trading activity of mid-cap centralized exchanges.

The participants who remain likely represent a harder core, traders who prefer pure price action over probabilistic modeling, or who simply don’t care about the intellectual cover that prediction markets provide.

The rotation doesn’t prove that prediction markets will absorb all speculative crypto capital. It demonstrates that when participants decide they want the edge rather than momentum, they’ll move.

Whether that edge proves real or imagined will determine whether prediction markets grow into the equity-scale venue Peterffy envisions, or become the next exhausted trade. For now, the liquidity speaks: the trenches moved, and $8 billion followed.

Mentioned in this article

3 mins mins

Key Insights:

GLNK gives investors direct LINK exposure via a familiar ETF wrapper on NYSE Arca.
Chainlink’s expanding role in DeFi and tokenization drives demand for regulated access.
Grayscale waives GLNK fees for 3 months or up to $1B in managed assets.

Grayscale’s Chainlink ETF Debuts on NYSE With 0% Fees
Grayscale Investments has launched its Chainlink ETF, trading under the ticker GLNK, on the NYSE Arca. This is the first exchange-traded product in the U.S. linked to Chainlink (LINK), offering exposure to the token through traditional brokerage platforms.

GLNK provides spot exposure to LINK, the token powering Chainlink’s decentralized oracle network. The fund is structured as an exchange-traded product, not a traditional 1940 Act ETF. Coinbase will serve as the custodian for the underlying LINK held in the fund. Grayscale has set a 0% management fee for the first three months or until the fund reaches $1 billion in assets.

GLNK Offers Direct LINK Exposure in ETF Format
The ETF holds LINK directly and is designed to reflect the token’s market value through a subscription and redemption model. This structure allows GLNK to track net asset value more closely than its earlier over-the-counter version.

Inkoo Kang, Senior Vice President of ETFs at Grayscale, said, “With GLNK, investors can gain exposure to this foundational infrastructure in the familiar ETP wrapper.” The product is aimed at both institutional and retail participants who want access to LINK through a regulated vehicle.

Chainlink’s Role in Blockchain Use Cases
Chainlink provides decentralized data feeds for smart contracts across blockchain networks. It is used in areas such as decentralized finance (DeFi), insurance, gaming, and asset tokenization. The network also connects legacy systems to public and private chains, supporting cross-chain communication.

Grayscale noted that Chainlink’s expanding role in blockchain infrastructure was a key reason for launching the fund. The company said Chainlink’s services are expected to support the next phase of growth in tokenized markets.

Fund Structure and Investor Considerations
GLNK was first launched as a private placement in 2021 and later began trading on OTC Markets. The move to NYSE Arca brings it into a broader investment market with increased visibility.

Grayscale confirmed that the product is not registered under the Investment Company Act of 1940. The firm stated, “An investment in GLNK is not suitable for all investors,” and warned of possible full capital loss. GLNK gives exposure to LINK, but it is not a direct token purchase.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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While Bitcoin's December descent triggered an 80% collapse in Strategy Inc.'s (previously known as Microstrategy) leveraged ETFs, erasing $1.5 billion in retail savings from MSTX and MSTU. Yet MSTR stock surged 6.05% on Tuesday, highlighting a stark divergence fueled by the unforgiving math of leverage and compounding decay.

BTC is on track for its biggest daily gain in months.

The enhanced volatility in the cryptocurrency markets has returned in full force at the start of December, but in the right direction now.

After yesterday’s crash to under $84,000, the market leader went on a tear and surged past $91,000 minutes ago. The analysts from the Kobeissi Letter said the asset is on its way to paint its biggest daily increase since May this year.

They doubled down on their belief that these price swings are mechanical and have nothing to do with the industry’s fundamentals, which remain solid.

BREAKING: Bitcoin is on track for its biggest daily gain since May 2025, nearing $91,000, as levered short liquidations surge.

In the last 60 minutes alone, ~$140 million of shorts have been liquidated compared to just ~$3 million of longs.

Recent swings in crypto are ENTIRELY… https://t.co/cIDnDkvV6B pic.twitter.com/ElxAw4BUiw

— The Kobeissi Letter (@KobeissiLetter) December 2, 2025

Given the fact that the entire market plunged hard this time yesterday, the 24-hour charts are quite impressive now. Aside from BTC’s 7% surge, ETH has posted a 9% pump that has pushed it to $3,000. XRP has added over 7% of value, while SOL has skyrocketed by 12%. ADA is the top performer from the larger-cap alts, having surged by 15% to $0.43.

Naturally, these fluctuations have harmed over-leveraged traders. The total value of wrecked positions has risen to nearly $380 million, according to CoinGlass. This time, though, shorts are responsible for the lion’s share with more than $300 million.

Bitcoin shorts equal over half of the entire amount, followed by $91 million from ETH shorts. The single-largest liquidated position took place on Bybit and was worth $13 million.

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Liquidation Data on CoinGlass
Analysts remain bullish on BTC as long as it stays above key support zones, including $83,000, which was tested yesterday. Moreover, bitcoin’s rally could resume if the asset overcomes the next critical resistance at $91,800, which is just inches above.

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The token outpaced broader crypto markets as volume spiked 34% above weekly averages. Dec 2, 2025, 4:58 p.m.

DOT$2.2620 rallied 13% to $2.26 over the last 24 hours as volume surged.

The token opened at $1.99 and carved a steady uptrend throughout the 24-hour period, establishing clear technical dominance over broader cryptocurrency markets, according to CoinDesk Research's technical analysis model.

STORY CONTINUES BELOW

Volume patterns confirmed genuine institutional interest rather than retail speculation, the model said. DOT's 24-hour trading activity exceeded weekly averages by 34%.

The broader market index, the CoinDesk 20 index, rose 9% in the same time period. DOT's outperformance suggests asset-specific drivers dominated price action.

Recent price action shows sustained bullish momentum, according to the model. DOT extended gains from $2.141 to $2.245 in the latest hour, posting a 4.9% advance beyond initial breakout levels.

The rally carved higher lows at $2.186 and $2.193 before accelerating through the $2.220 resistance on exceptional volume, exceeding 200K, in a concentrated three-minute window.

Technical Analysis:

Primary support holds at $2.05 with former $2.15 resistance now acting as support; next target at $2.30 psychological levelBreakout volume of 6.43M exceeded 24-hour SMA by 195%, confirming institutional backing for the advanceAscending trend with higher highs and lows; successful breakout from $2.00-$2.15 consolidation rangeImmediate target at $2.30; stop below $2.05 support maintains favorable 3:1 reward-to-risk profileDisclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Crypto pundit Rob Cunningham has outlined a scenario where Ripple could achieve a $7 trillion valuation based on the XRP price. The crypto firm is notably the largest XRP holder, which is why a significant surge in the altcoin’s price could increase the company’s valuation. 

Ripple Could Hit A $7 Trillion Valuation With An XRP Price Of $250
In an X post, Cunningham predicted that Ripple could hit a $7 trillion valuation if the XRP price were to rally to $250.  Specifically, the pundit outlined a scenario where the company’s XRP position could account for $4.25 trillion of its valuation. He claimed that Ripple owned 17 billion XRP, which would amount to $4.25 trillion at $250 per XRP, the projected price. 

Cunningham noted that this trillion-dollar valuation for Ripple, based on an XRP price surge to $250, would make the company 6.6x times more valuable than Visa and 8.6x times more valuable than Mastercard. $4.25 trillion also represents 3.6% of the world’s GDP, which stands at $117 trillion. 

Based on an XRP price of $250, the pundit noted that the total XRP market value would be $15 trillion. Ripple’s 17 billion XRP holdings represent 28% of the circulating supply. Meanwhile, Cunningham listed other factors that could drive the firm to a $7 trillion valuation, including the passage of the CLARITY Act. 

Other Factors That Would Contribute To A $7 Trillion Valuation
In addition to the XRP price surge to $250 and the CLARITY Act, Cunningham listed the Treasury’s approval of Ripple’s business as another factor. The pundit explained that the Treasury approval would mean that XRP and XRP Ledger (XRPL) would get global regulatory clarity as a core infrastructure layer for the new monetary system. 

He also outlined a scenario where RLUSD and XRP become the default U.S. dollar rails globally, which would also contribute to Ripple’s projected $7 trillion valuation. The pundit noted that RLUSD already has a $1 billion market cap with $95 billion in payment volume and is growing. Cunningham also indicated that the XRP price could easily rally to $250, as this scenario positions XRP for a global settlement role rather than just another crypto asset. 

The pundit also gave a “conservative” equity value of $1.3 trillion to $2.7 trillion for the payment firm. He noted that markets could apply a 60% to 80% discount to the $4.25 valuation, given an XRP price surge to $250 due to the high concentration in a single asset. 

Cunningham also alluded to the political risk, as if Ripple’s payment system becomes the default settlement rail, governments may want a say in their operations. He also outlined possible capital controls, windfall taxes, or forced restructurings as other factors that could reduce Ripple’s projected $7 trillion valuation.

XRP trading at $1.99 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Freepik, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

In a crypto market gripped by bearish sentiment, where major networks like Ethereum and Bitcoin report stagnant or declining activity, XDC Network is bucking the trend with explosive growth.

Zora crypto price returns to a key accumulation zone within its higher timeframe range, raising the possibility of a 2x rally if support holds and momentum rotates back toward the range high.

Summary

Price revisits higher-timeframe range support, signalling early accumulation.
Value area low aligns with support, strengthening the bullish rotation setup.
Successful defense could trigger a move toward the range high, roughly a 2x rally.

Zora (ZORA) crypto price is showing early signs of entering a structured accumulation phase as it returns to a higher-timeframe support zone. After a full-range rotation from support to resistance and back again, the asset now sits at a critical level that has historically triggered powerful bullish reactions. 

This development follows a recent 30 percent breakout after Zora secured a spot listing on Robinhood, though the listing has not altered the broader accumulation structure. If this support holds, the technical setup suggests that a substantial upward move toward the range high, measured at nearly 200 percent above current price levels, may be possible.

Zora crypto price key technical points

Zora returns to the range low of a higher timeframe trading range.
The price shows signs of accumulation, similar to previous-cycle behavior.
A successful defense of support could generate a rotation worth up to 200 percent.

ZORAUSDT (1D) Chart, Source: TradingView
From a broader structural perspective, Zora’s price action continues to respect a clearly defined higher timeframe trading range. The lower boundary of this range has acted as a foundational support level, while the upper boundary has repeatedly served as a strong resistance zone. Historically, interactions with these levels have produced sharp rotations in both directions.

When Zora previously held this range support, the market rallied strongly to the range high. When the price was later rejected at that range high, it began a sustained bearish rotation that has now pushed the asset back toward the very support area that initiated the prior upside move.

This recurring behavior is a common characteristic of early accumulation phases. The consistent oscillation between support and resistance indicates that supply and demand remain relatively balanced within the range, with neither buyers nor sellers exerting complete dominance. The current return to range support suggests that Zora may be preparing for another potential rotation, particularly if buyers begin to step in and defend this level with increased conviction.

At present, Zora is trading near the bottom of this range, where a reversal could establish a new swing low. Such a development would create the structural foundation needed for a rotation toward the range high. This upside target represents a move of approximately 200 percent from current prices, effectively positioning Zora for a possible 2x rally if the broader market environment remains favorable.

A key factor supporting this potential is the alignment of the value area low with the current support zone. The value area low represents a region where trading activity historically clusters, and it often indicates levels where accumulation can occur. This confluence between structural support and volume-related metrics adds further validity to the notion that Zora may be forming a base for a larger move.

Another component to watch is the value area high, which is close to the point of control. During prior attempts to reclaim this level, Zora produced strong wicks but failed to secure decisive closes above it.

What to expect in the coming price action
If Zora successfully defends the current range low, a rotation toward the range high resistance becomes likely, carrying the potential for a 200 percent rally. Failure to hold this support would invalidate the accumulation setup and reopen downside risk.

Ethereum's upcoming Fusaka upgrade is emerging as a pivotal development that could reshape how value flows from Layer-2 networks back to ETH.

About Jamie Ashcroft
Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development.
As one of the early external hires at Proactive in 2009, Jamie contributed... Read more

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The Zacks Diversified Communication Services industry appears mired in shrinking profit margins due to high capital expenditures for 5G infrastructure upgrades, unpredictable raw material prices, supply-chain disruptions amid geopolitical tensions, latent tariff-war threats, intense market volatility and high customer inventory levels. However, the industry is likely to benefit in the long run from an accelerated 5G rollout and increased fiber densification.

Amid such uncertain market conditions, Telefónica, S.A. (TEF - Free Report) , Rogers Communications Inc. (RCI - Free Report) and Lumen Technologies, Inc. (LUMN - Free Report) should benefit from higher demand for scalable infrastructure for seamless connectivity amid the wide proliferation of IoT and transition to cloud network.

Industry Description
The Zacks Diversified Communication Services industry comprises firms that provide a wide array of communication services, including wireless, wireline and Internet, to business enterprises and consumers. These companies offer mobile and wireline telephone services, high-speed Internet, direct-to-home satellite television and other value-added services. In addition to providing integrated information and communications technology services to businesses and governments, some of these companies operate as local exchange carriers or full-service providers of data center colocation and related managed services in state-of-the-art data center facilities. Some industry participants also provide IP networks, private lines, network management and hosting services, along with sales, installation and maintenance of major branded IT and telephony equipment.

What's Shaping the Future of the Diversified Communication Services Industry?
Soaring Raw Material Prices: Although the supply chain woes have declined progressively, the industry continues to face a dearth of chips, which are the building blocks for various equipment used by telecom carriers. Moreover, high raw material prices due to inflation and economic sanctions against the Putin regime have affected the operation schedules of several firms. High tariffs for imported goods by the Trump administration and reciprocal tariffs by countries across the globe have further increased production costs. Extended lead times for basic components are also likely to hurt the delivery schedule and escalate production costs. The demand-supply imbalance has crippled operations and largely affected profitability due to inflated equipment prices.

Short-Term Margins Compromised: Video and other bandwidth-intensive applications have witnessed exponential growth owing to the wide proliferation of smartphones and increased deployment of 5G technology. This has forced the industry participants to invest considerably in LTE, broadband and fiber to provide additional capacity and ramp up the Internet and wireless networks. These companies are rapidly transforming themselves from legacy copper-based telecommunications firms to technology powerhouses with capabilities to meet the growing demand for flexible data, video, voice and IP solutions. Although these investments are likely to be beneficial in the long run, short-term profitability has largely been compromised.

Demand Erosion: Efforts to offset substantial capital expenditure for upgrading network infrastructure by raising fees have reduced demand, as customers tend to switch to lower-priced alternatives. Moreover, local-line access for traditional telephony services continues to decline among large customers due to higher wireless substitution and migration to IP-based services. This is reflected in the persistent erosion of overall network access services year over year, hurting revenues of local and long-distance operations. In addition, a shift toward wireless services and the aggressive rollout of VoIP and long-distance services by Tier-1 competitors have resulted in access line erosion. These adverse impacts have become more pronounced with the prolonged Russia-Ukraine war and Middle East tensions.

Customized Services to Mitigate Risks: To improve profitability, the companies are increasingly focusing on providing support services to various small and mid-sized businesses (SMBs) with an integrated portfolio of voice, data and technology services. The firms are tailoring their services to suit individual business needs and are facilitating SMBs to better adapt themselves to necessary technology advancements. At the same time, the industry is battling hard-to-mitigate operating risks stemming from volatility in demand, an unpredictable business environment and challenging geopolitical scenarios by offering free services to low-income families and seamless wireless connectivity to the masses.

Zacks Industry Rank Indicates Bearish Prospects
The Zacks Diversified Communication Services industry is housed within the broader Zacks Utilities sector. It carries a Zacks Industry Rank #163, which places it in the bottom 33% of more than 250 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Before we present a few diversified communication stocks that are well-positioned to outperform the market based on a relatively modest earnings outlook, let’s take a look at the industry’s recent stock market performance and valuation picture.

Industry Lags S&P 500, Sector
The Zacks Diversified Communication Services industry has lagged the S&P 500 composite and the broader Zacks Utilities sector over the past year due to macroeconomic headwinds.

The industry has jumped 5.8% over this period compared with the S&P 500’s and the sector’s growth of 16.1% and 16.8%, respectively.

One-Year Price Performance

Industry's Current Valuation
On the basis of the trailing 12-month enterprise value-to-EBITDA (EV/EBITDA), which is the most appropriate multiple for valuing telecom stocks, the industry is currently trading at 13.37X compared with the S&P 500’s 18.65X. It is also trading below the sector’s trailing 12-month EV/EBITDA of 15.91X.

Over the past five years, the industry has traded as high as 18.38X, as low as 8.93X and at the median of 12.15X, as the chart below shows.

Trailing 12-Month enterprise value-to EBITDA (EV/EBITDA) Ratio

3 Diversified Communication Services Stocks to Bet on
Telefonica: Based in Madrid, Spain, Telefonica provides mobile and fixed communication services in Europe and Latin America. The company has launched 5G+ (5G SA) in Spain, Brazil, Germany and the U.K. In March 2025, Telefonica’s accelerated 5G rollout achieved a significant milestone, with coverage expansion across all four key markets - Spain (94%), Germany (98%), Brazil (66%) and the U.K. (80%). The 5G SA core is now fully deployed across all major markets, and the 5G SA network is live in 500 U.K. locations, making it the country’s largest with more than 70% population coverage. Telefonica’s network upgrades have been designed to improve capacity, speed, coverage and security. The Zacks Consensus Estimate for current-year and next-year earnings has been revised upward by 42.4% and 64.5%, respectively, to 47 cents and 51 cents per share since December 2024. It has a VGM Score of B. Telefonica carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Price and Consensus: TEF

Rogers: Toronto, Canada-based Rogers provides cable television, high-speed Internet access and video retailing through its wholly-owned subsidiary, Rogers Cable and Telecom. The company also offers wireless voice, data, and messaging services through its wholly-owned subsidiary, Rogers Wireless. Rogers’ new satellite-to-mobile service marks a major leap in expanding its national connectivity footprint, delivering coverage up to three times wider than its competitors. This breakthrough initiative extends reliable mobile access to remote and underserved regions across Canada, addressing a long-standing market gap. The stock has gained 8.7% in the past year. Rogers carries a Zacks Rank #3 (Hold).

Price and Consensus: RCI

Lumen: Based in Monroe, LA, Lumen is an international facilities-based technology and communications company that operates one of the most interconnected networks globally. The company’s terrestrial and subsea fiber optic long-haul network throughout North America, Europe, Latin America and the Asia Pacific region connects to metropolitan fiber networks that it operates. Lumen remains focused on “cloudifying” telecom and driving the adoption of its network-as-a-service or NaaS solutions like Lumen Ethernet On-Demand and Lumen IP-VPN On-Demand. Lumen’s strong network capabilities, integrated hosting and network solutions are likely to promote growth in the cloud business. Its managed and cloud services are key differentiators from other players in the market. The Zacks Consensus Estimate for current-year earnings has been revised upward by 39.4% since December 2024. This Zacks Rank #2 stock has gained 18.6% in the past year. It has a VGM Score of A.

Price and Consensus: LUMN

Caterpillar' record Q3 revenues and rising backlog contrast with ongoing earnings pressure and steep valuation, keeping investors on alert.

LOS ANGELES, Dec. 02, 2025 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against StubHub Holdings, Inc. (“StubHub” or “the Company”) (NYSE: STUB) for violations of the federal securities laws.

Investors who purchased the Company's securities pursuant and/or traceable to its initial public offering (“IPO”) conducted on September 17, 2025, are encouraged to contact the firm before January 23, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. StubHub’s free cash flow suffered due to changed in the timing of vendor payments. These changes caused the Company’s free cash flow reports to be materially misleading. Based on these facts, the Company’s public statements were false and materially misleading throughout the IPO period. When the market learned the truth about StubHub, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE:

 The Schall Law Firm

LBRT faces significant financial and execution risks from margin declines, capital outlays and reliance on volatile power contracts amid macroeconomic pressures.

Key Takeaways JNJ secured EU approval for Imaavy as an add-on therapy for generalized myasthenia gravis.Phase III and II/III studies showed Imaavy plus standard care delivered sustained disease control.Imaavy was approved in the United States in April 2025 for treating generalized myasthenia gravis.
Johnson & Johnson (JNJ - Free Report) announced that the European Commission has approved Imaavy (nipocalimab) as an add-on therapy for the treatment of generalized myasthenia gravis (gMG) in adults and adolescents.

The targeted population for this approval includes patients aged 12 years and above who are anti-acetylcholine receptor or anti-muscle-specific kinase antibody-positive.

Following the latest nod, Imaavy became the first FcRn blocker available for both adult and adolescent patients with gMG in the EU.

Imaavy, a fully human FcRn blocker, was approved in the United States in April for treating gMG, a chronic, incurable autoimmune condition marked by debilitating symptoms such as muscle weakness and difficulty with chewing, swallowing and speaking.

JNJ's Price PerformanceYear to date, shares of J&J have rallied 42.2% compared with the industry’s rise of 17.8%.

Image Source: Zacks Investment Research

More on the EU Nod for JNJ's ImaavyThe latest EU nod for Imaavy was based on data from the pivotal phase III Vivacity-MG3 study as well as data from the phase II/III Vibrance-MG study.

Data from the Vivacity-MG3 study showed that treatment with Imaavy plus standard of care (SOC) led to superior disease control versus those who received placebo plus SOC throughout 24 weeks. Also, patients treated with Imaavy experienced sustained disease control and symptom relief for up to 20 months in Vivacity-MG3 and its open-label extension.

The safety and tolerability profile was consistent with that observed in other studies on Imaavy.

Meanwhile, data from the phase II/III Vibrance-MG study showed that treatment with Imaavy plus SOC led to sustained disease control as measured by the primary endpoint of IgG reduction from baseline over 24 weeks versus placebo plus SOC.

The EU approval for Imaavy is likely to serve an area of high unmet medical need and offer long-term disease management for the estimated 56,000 to 123,000 people who live with gMG across Europe.

The approval in the EU was expected, as in September, the European Medicines Agency’s Committee for Medicinal Products for Human Use had recommended the approval of Imaavy for gMG.

J&J is also evaluating nipocalimab in late-stage studies for various immune-mediated conditions like warm autoimmune hemolytic anemia, hemolytic disease of the fetus and newborn, and Sjogren’s disease. It is also in mid-stage studies for idiopathic inflammatory myopathy and systemic lupus erythematosus. In fact, the company believes that nipocalimab has a pipeline-in-a-product potential.

JNJ's Zacks Rank & Stocks to ConsiderJ&J currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are CorMedix (CRMD - Free Report) , Arcutis Biotherapeutics (ARQT - Free Report) and ADMA Biologics (ADMA - Free Report) . While CRMD currently sports a Zacks Rank #1 (Strong Buy), ARQT and ADMA carry a Zacks Rank #2 (Buy) each, at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, estimates for CorMedix’s 2025 earnings per share (EPS) have increased from $1.83 to $2.87. EPS estimates for 2026 have moved up from $2.48 to $2.88 during the same period. CRMD stock has surged 20.8% year to date.

CorMedix’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 27.04%.

In the past 60 days, estimates for Arcutis Biotherapeutics’ loss per share have narrowed from 44 cents to 24 cents for 2025. During the same time, EPS estimates for 2026 have increased from 9 cents to 41 cents. Year to date, shares of ARQT have rallied 118%.

Arcutis Biotherapeutics’ earnings beat estimates in each of the trailing four quarters, the average surprise being 64.80%.

In the past 60 days, estimates for ADMA Biologics’ EPS have increased from 57 cents to 58 cents for 2025. During the same time, EPS estimates for 2026 have improved from 88 cents to 90 cents. Year to date, shares of ADMA have gained 13%.

ADMA Biologics’ earnings beat estimates in one of the trailing four quarters, matched once and missed the same on the remaining two occasions, with the average negative surprise being 3.01%.

Key Takeaways USAC will acquire J-W Power for about $860M, expanding its fleet to roughly 4.4M active horsepower.The deal adds over 0.8M horsepower across major regions, widening USAC's geographic reach.USAC gains new service lines, including aftermarket support and specialized manufacturing.
USA Compression Partners, LP (USAC - Free Report) , Dallas, TX, an oil and gas equipment and services provider, recently announced a definitive agreement to acquire J-W Power Company, a major privately-held player in the compression services sector, for a total value of approximately $860 million. This acquisition marks a key step in USAC’s strategic growth, significantly expanding its operational footprint and fleet capabilities in the natural gas compression market.

Expanding Scale and Fleet CapacityThe acquisition of J-W Power strengthens USAC’s market position by combining its fleets to total approximately 4.4 million active horsepower. This enhanced scale ensures that USAC is better positioned to meet the growing demand for natural gas compression, an essential service in the energy industry. By adding J-W Power’s equipment to its portfolio, USAC now commands a larger, more diverse fleet, able to cater to a wider range of customer needs across multiple regions.

Geographic Diversification and Market ReachOne of the key benefits of this acquisition is the expanded geographic footprint that USAC gains by integrating J-W Power’s assets. The deal adds more than 0.8 million active horsepower across critical regions, including the Northeast, Mid-Con, Rockies, Gulf Coast, Bakken and the Permian Basin. These regions represent some of the most vital and active areas for natural gas production in the United States, and USAC’s increased presence in these basins ensures its continued growth in the face of evolving market demands.

This geographic diversification helps USAC to reduce risks associated with regional downturns or regulatory changes, ensuring a more stable and resilient operational base. The acquisition enhances the company’s ability to service customers in both established and emerging markets, driving long-term value and supporting growth initiatives.

Broader Business Model and Service OfferingsThe addition of J-W Power brings more than just horsepower to USAC. The acquisition introduces new business lines, including aftermarket services and parts distribution, which are critical for maintaining the longevity and efficiency of compression equipment. Additionally, USAC gains greater flexibility through specialized manufacturing services that will allow it to offer more customized solutions to meet diverse customer requirements.

These expanded capabilities align with USAC’s long-term strategy of becoming a comprehensive service provider across the natural gas compression industry. The company now has the tools and resources to address an even wider array of client needs, from initial equipment supply to ongoing maintenance and support, further solidifying its role as a leading player in the sector.

Stronger Customer Base With Long-Term RelationshipsUSAC’s customer base is set to grow substantially with the acquisition of J-W Power. The deal adds a highly diversified portfolio of customers, many of whom have established long-term relationships with J-W Power. These relationships are invaluable as they represent a steady, recurring revenue stream for USAC, providing a solid foundation for growth.

The combination of two strong customer bases creates additional opportunities for cross-selling and deepening client relationships. By integrating both companies' customer service operations, USAC is poised to deliver even higher levels of support and innovation, ensuring continued satisfaction and loyalty among existing and new customers.

Enhanced Market Leadership in Mid-to-Large Horsepower CompressionUSAC’s acquisition of J-W Power not only expands fleet but also solidifies its leadership in the mid-to-large horsepower compression market. The integration of J-W Power’s high-quality fleet allows USAC to increase its market share in this critical segment, where demand is rapidly growing due to increased natural gas production across the United States.

The acquisition further strengthens USAC’s position as a key player in compression services, enabling it to cater to larger-scale projects with higher horsepower needs. This expanded capacity ensures that USAC can continue to deliver cutting-edge solutions to its customers, maintaining a competitive edge in a fast-evolving market.

Financially Attractive and Deleveraging TransactionThe acquisition is expected to be accretive to its distributable cash flow on a near-term basis, providing an immediate financial boost to USAC. The transaction is also financially attractive, with a valuation of approximately 5.8x, the estimated adjusted EBITDA for 2026, before considering expected synergies. This favorable multiple positions USAC for growth and profitability.

Additionally, the deal is structured in a way that accelerates USAC’s path to a sub-4.0x leverage ratio. It plans to fund the acquisition with a combination of $430 million in cash and approximately 18.3 million new USAC common units, which will be issued to J-W Power’s seller. This transaction structure is designed to enhance USAC’s financial flexibility and de-leverage the balance sheet, positioning it for even greater operational efficiency and shareholder value.

Looking Ahead: A Bright Future for USACThis acquisition represents a major milestone for USA Compression Partners, reinforcing its status as a dominant force in the natural gas compression sector. With a stronger fleet, an expanded customer base and a diversified set of services, USAC is well-positioned to meet the evolving needs of its clients while capitalizing on new growth opportunities in key regions across the United States.

As USAC looks ahead to the first quarter of 2026, when the transaction is expected to close, it is poised to continue the upward trajectory, delivering long-term value to unitholders and further cementing the leadership role in the compression services industry.

ConclusionThe acquisition of J-W Power by USA Compression Partners is a significant step in strengthening its position as a market leader in natural gas compression services. By enhancing its fleet, expanding geographic reach and diversifying service offerings, USAC is set to meet the growing demand for compression services while ensuring long-term stability and growth in the years to come. With strong operational synergies, a diversified customer base and a robust financial structure, USAC is poised to boom in the evolving energy landscape.

USAC's Zacks Rank & Other Key Picks

Currently, USAC sports a Zacks Rank #1 (Strong Buy).

Investors interested in the energy sector might look at other-ranked stocks like  Par Pacific (PARR - Free Report) , Oceaneering International (OII - Free Report) and Canadian Natural Resources Limited (CNQ - Free Report) , which sport a Zacks Rank #1 each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Par Pacific is valued at $2.30 billion. It is a vertically integrated energy company that operates in refining, marketing and logistics, with a significant presence in the U.S. mainland and Hawaii. With a focus on operational efficiency and sustainability, Par Pacific leverages its portfolio of refineries, retail networks and transportation infrastructure to deliver value while meeting the evolving demands of the energy industry.

Oceaneering International is valued at $2.43 billion. The company is a global provider of engineered services and products to the offshore energy, aerospace and defense industries. Oceaneering International specializes in underwater robotics, remotely operated vehicles and subsea engineering solutions for offshore oil and gas exploration and production.

Canadian Natural Resources is valued at $70.35 billion. The company is one of Canada's largest independent oil and gas exploration and production companies. With a diverse portfolio of assets spanning oil sands, conventional oil, and natural gas, Canadian Natural Resources is focused on sustainable energy development and long-term growth.

The Procter & Gamble Company (PG) Presents at Morgan Stanley Global Consumer & Retail Conference 2025 Transcript

Grosse Pointe, Michigan, Dec. 02, 2025 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty company (NYSE: HGTY) is delighted to announce two exciting private collections as early highlights for the company’s flagship Amelia Auction, set for March 6-7 at the Ritz-Carlton, Amelia Island in Florida. Celebrating its fourth year as the official auction house of the renowned Amelia Concours in 2026, Broad Arrow’s Amelia Auction will once again present approximately 150 exceptional collector cars across a two-day sale, offering everything from pre-war coachbuilt classics to motorsport icons, supercars, modern classics, and more.

A pair of well-respected private collections lead early highlights for the Amelia Auction; The Bill Spurling Collection and The Wellington Morton Collection. Each group of cars is offered entirely without reserve and from the care of true enthusiasts.

The Bill Spurling Collection

The Bill Spurling Collection comprises 14 exceptional pre- and post-war American classics offered without reserve. Bill Spurling was a longtime collector and successful entrepreneur from Evansville, Indiana. He loved American classics of all kinds, with a particular affinity for Cadillacs and LaSalles, as illustrated by the many fantastic examples on offer within the collection. The 14-car group is led by American pre-war power and styling at its finest; a 1935 Duesenberg Supercharged Model J LaGrande Dual-Cowl Phaeton (Estimate: $1,300,000 - $1,600,000, Offered Without Reserve). Mr. Spurling passionately pursued a supercharged Duesenberg Model J over his lifetime and acquired J-562 in his later years. This particular example was originally the company car of Duesenberg President Lucius B. Manning and later saw long-term ownership by noted collectors Hubert Fischer and Gerry Shaw. It is presented as originally built with new, award-winning LaGrande “Swept Panel” Dual-Cowl Phaeton coachwork in striking cobalt blue and khaki over a biscuit leather interior.

“I had the pleasure of helping Bill Spurling acquire quite a few cars over the last 25 years,” says Donnie Gould, Senior Car Specialist, Broad Arrow Auctions. “Bill always bought the best example available of any car he was looking for, and if he couldn’t, he’d purchase a highly original example and have it restored to be the very best of its kind. Not only was Bill a gentleman through and through, but the pedigree and quality of his cars truly speak for themselves. We’re honored to help his family pass Bill’s passion on to new enthusiastic caretakers at Amelia.”

Additional highlights from The Bill Spurling Collection include:

1931 Cadillac Series 452A V-16 Fleetwood Convertible Coupe (Estimate: $425,000 - $525,000, Offered Without Reserve) – This V-16 is one of a mere 94 Convertible Coupes completed in 1931 by Fleetwood’s original works in Pennsylvania, and one of just seven known to survive. It has been cherished and preserved by a documented chain of devoted Cadillac enthusiasts from new and is superbly presented, retaining its matching-numbers 452 cubic-inch V-16 engine. Restored in 2-19 by early Cadillac authority, Jim Pearson, the car was awarded Cadillac & LaSalle Club Senior status in 2022 and took Third in Class at the 2023 Pebble Beach Concours d’Elegance.1931 Cadillac Series 370A V-12 Fleetwood Five-Passenger Phaeton (Estimate: $200,000 - $250,000, Offered Without Reserve) – One of just 128 examples bodied in attractive Five-Passenger Phaeton coachwork by Fleetwood, this beautifully restored, AACA and CCCA National First Prize award-winning car was formerly part of the renowned Dr. Barbara Atwood Collection.1934 LaSalle Series 50 Convertible Coupe (Estimate: $120,000 - $160,000, Offered Without Reserve) – Chassis number 21-5104 is a fantastic example of the car chosen as the official pace car for the 1934 Indianapolis 500. The Series 50 Convertible Coupe on offer retains its numbers-matching chassis, body, and engine today. The car was a Class Award laureate at the 2023 Amelia Island Concours d’Elegance under Mr. Spurling’s ownership. View all 14 cars offered from The Bill Spurling Collection at the Amelia Auction, entirely without reserve, at broadarrowauctions.com.

The Wellington Morton Collection 

Broad Arrow is also proud to offer another distinguished private collection at the Amelia Auction.  The Wellington Morton Collection features a diverse group of 14 European, British, and American collector cars offered entirely without reserve. Wellington Morton was a successful entrepreneur and a passionate, lifelong collector car enthusiast. Many of the vehicles on offer have spent decades in his care, and Broad Arrow is honored to help pass them along to their next caretaker in March. The collection is headlined by a 1954 Mercedes-Benz 300 SL Gullwing Coupe (Estimate: $1,400,000 - $1,800,000, Offered Without Reserve). This early production example of the iconic Gullwing retains its original, matching-numbers chassis, body, and engine and is presented in period-correct Silver over a striking Red leather interior, a beautiful example ready to be enjoyed in the world’s most acclaimed motoring events.

“Wellington Morton was a true steward of collector cars,” adds Gould. “He loved cars of all kinds, as reflected by the eclectic selection on offer, and he enjoyed both driving his cars and sharing them with fellow enthusiasts at hobby events including The Amelia, every year. Interested bidders can be sure the diverse cars set for the Amelia Auction are coming from a very good home.”

Additional highlights from The Wellington Morton Collection include:

1959 Ferrari 250 GT Pinin Farina Coupe Series I (Estimate: $350,000 - $450,000, Offered Without Reserve) – A desirable and beautifully presented Series I example with charming early styling details. Cherished by the Morton Collection since 2004, the 250 GT is offered fresh from service by Rosso Corsa in Jupiter, Florida.2005 Ford GT (Estimate: $350,000 - $450,000, Offered Without Reserve) - A stunning, single-owner example of the iconic supercar, finished in Centennial White with Sonic Blue racing stripes over an Ebony Block interior.1967 BSA Lightning (Estimate: $15,000 - $25,000, Offered Without Reserve) – An exceptionally preserved and well-documented example, purchased new by Wellington Morton as he embarked on his business career and his collecting passion. View all 14 cars offered from The Wellington Morton Collection at the Amelia Auction, entirely without reserve, at broadarrowauctions.com.

Consignments for the Amelia Auction are invited through mid-January 2026. Interested consignors are invited to connect with a Broad Arrow car specialist at broadarrowauctions.com or by contacting [email protected].

Editor’s Notes 

Photo Caption/Credit – All images by Ryan Merrill/Courtesy of Broad Arrow Auctions.

About Broad Arrow Auctions
Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is a leading global collector car auction house. Founded in 2021 by highly experienced industry veterans, Broad Arrow offers exceptional quality cars to collectors and enthusiasts around the world. As the fastest growing auction house in its segment, Broad Arrow’s flagship annual events include The Monterey Jet Center Auction, in conjunction with Motorlux in California, The Amelia Auction, as the official auction of The Amelia (Concours d’Elegance) in Florida, and The Porsche Auction, in conjunction with Air | Water by Luftgekühlt in California. Broad Arrow expanded its global footprint in 2023, with renowned car specialists joining the team in the UK and Europe. Broad Arrow launched its first auction in Europe in May 2025 as the new official auction house of the Concorso d’Eleganza Villa d’Este in Italy in partnership with BMW AG. Broad Arrow expanded its global auction footprint with three new auctions in 2025 held in collaboration with Zoute Grand Prix, Concours at Wynn Las Vegas, and Auto Zürich. Learn more at broadarrowauctions.com and follow us on Instagram, Facebook, LinkedIn, and Twitter. 

About Hagerty, Inc. (NYSE: HGTY)
Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 875,000 who can’t get enough of cars. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, X and LinkedIn. 

Forward-Looking Statements - This press release contains statements that constitute “forward-looking statements” within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those regarding Hagerty’s future operating results and financial position, Hagerty’s business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and Hagerty’s objectives for future operations. The words “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “ongoing,” “contemplate,” and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements. 

Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These factors include, among other things, Hagerty’s ability to: (i) compete effectively within our industry and attract and retain our insurance policyholders and paid Hagerty Drivers Club (“HDC”) subscribers; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership and marketplace products and services, as well as any new insurance programs and products we offer; (vi) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (vii) address unexpected increases in the frequency or severity of claims, and (viii) comply with the numerous laws and regulations applicable to our business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet, and accounting matters.

The forward-looking statements herein represent the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in Hagerty’s other press releases, reports and other filings with the Securities and Exchange Commission. Understanding the information contained in these filings is important in order to fully understand Hagerty’s reported financial results and its business outlook for future periods.

1935 Duesenberg Supercharged Model J LaGrande Dual-Cowl Phaeton

1954 Mercedes-Benz 300 SL Gullwing Coupe

1935 Duesenberg Supercharged Model J LaGrande Dual-Cowl Phaeton
Credit - Ryan Merrill / Courtesy of Broad Arrow Auctions

1954 Mercedes-Benz 300 SL Gullwing Coupe
Credit - Ryan Merrill / Courtesy of Broad Arrow Auctions

November was only the third month this year in which Tesla reported sales growth in this major EV market.

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At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +23.93% per year. These returns cover a period from January 1, 1988 through October 6, 2025. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. Zacks may license the Zacks Mutual Fund rating provided herein to third parties, including but not limited to the issuer.

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Key Takeaways Altria grew adjusted EPS 3.6% to $1.45 even as revenues slipped 1.7% to $5.25 billion.Pricing and margin expansion in smokeable and oral tobacco units offset lower shipment volumes.MO repurchased 1.9 million shares in the quarter and retired 12.3 million shares over nine months.
Altria Group, Inc.’s ((MO - Free Report) ) ability to deliver 3.6% growth in adjusted earnings per share (EPS) to $1.45 in the third quarter of 2025 contrasts with a 1.7% year-over-year decline in revenues net of excise taxes to $5.25 billion. This divergence highlights how earnings held up despite ongoing revenue pressure. The improvement was driven primarily by higher adjusted operating companies income and a reduced share count.

On the operating side, profitability gains were largely margin-driven. In the smokeable segment, adjusted operating companies income rose 0.7%, supported by pricing gains and lower per-unit settlement charges, even as domestic cigarette shipment volumes declined more than 8%. Adjusted operating margins in smokeables expanded 130 basis points to 64.4%, helping offset the drag from lower volumes. The oral tobacco segment reflected a similar pattern, with adjusted margins improving 240 basis points to 69.2% despite a 4.3% decline in segment revenues.

The second major contributor to EPS growth was share repurchases. During the quarter, the company bought back 1.9 million shares, and through the first nine months had retired 12.3 million shares. Management cited fewer shares outstanding as a key factor behind the higher per-share earnings.

Taken together, pricing actions, margin expansion and share reduction supported EPS growth even as revenues declined, illustrating how earnings performance this quarter was largely shaped by profitability and capital return dynamics rather than top-line expansion.

Peers vs. MO: A Look at EPS Growth Backed by Revenue MomentumPhilip Morris International Inc. ((PM - Free Report) ) delivered 17.3% year-over-year growth in adjusted EPS in the third quarter of 2025, supported by a 9.4% increase in net revenues. Philip Morris benefited from strong pricing and rising volumes in smoke-free products, allowing it to expand both earnings and the top line simultaneously. Margin expansion also contributed meaningfully to Philip Morris’ earnings growth profile.

Turning Point Brands, Inc. ((TPB - Free Report) ) recorded 31.2% growth in consolidated net sales to $119 million and an 18.3% surge in net income to $19.6 million. Turning Point Brands adjusted EPS of $1.05, up from 91 cents a year earlier. Turning Point Brands achieved this growth through strong momentum in modern oral products and operating leverage, reflecting continued earnings expansion.

Altria’s Price Performance, Valuation & EstimatesShares of Altria have gained 4.4% in the past month compared with the industry’s growth of 8.6%.

Image Source: Zacks Investment Research

From a valuation standpoint, MO trades at a forward price-to-earnings ratio of 10.65X, down from the industry’s average of 14.52X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for MO’s 2025 earnings per share has inched up 1 cent in the past 30 days to $5.44, while the same for 2026 has slipped 1 cent to $5.56.

Image Source: Zacks Investment Research

Altria currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Investors in Arcutis Biotherapeutics, Inc. (ARQT - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Jan 16, 2026 $5 Put had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Arcutis Biotherapeutics shares, but what is the fundamental picture for the company? Currently, Arcutis Biotherapeutics is a Zacks Rank #2 (Buy) in the Medical - Biomedical and Genetics industry that ranks in the Top 34% of our Zacks Industry Rank. Over the last 60 days, the Zacks Consensus Estimate for the current quarter has moved from a loss of 5 cents per share to earnings of 2 cents.

Given the way analysts feel about Arcutis Biotherapeutics right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

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