Market Signal Briefing

Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) delivered another blockbuster quarter, with demand for its AI chips still running red-hot and its newest Blackwell products selling faster than the company can produce them.

Analysts at Bank of America and UBS said the results were so strong that Wall Street will likely need to raise its earnings forecasts for several years out.

Yet despite the stellar numbers, Nvidia shares fell more than 2% on Thursday, dragging the Nasdaq lower. The pullback had little to do with the company’s performance and everything to do with how much investors had already priced in...and what they’re worried about next.

One of Nvidia’s biggest challenges now is simply how widely owned it is. Bank of America notes that more than 75% of institutional investors already hold the stock, and its weight in the S&P 500 has grown so large that it’s difficult for portfolio managers to increase their exposure meaningfully.

When nearly everyone is already invested, there aren’t many incremental buyers left to push the stock higher, especially after a long run-up into earnings. That creates a situation where even terrific results can spark profit-taking rather than another surge.

At the same time, Nvidia’s growth story is so large that it’s starting to make some investors uneasy. Bank of America estimates the company could earn $20 per share by 2030, or even $40 if global AI spending climbs toward levels Nvidia itself has suggested. UBS thinks the company could generate $350 billion to $400 billion in revenue by 2026, far ahead of current analyst forecasts. But the bigger these projections get, the more some investors question whether AI spending can really keep accelerating at this pace, and whether customers such as OpenAI and Anthropic can finance the enormous GPU purchases they want to make. The concern isn’t about Nvidia’s execution; it’s about whether the AI boom can sustain its current trajectory without cooling off.

There are also more practical constraints for investors to consider. Even with demand “off the charts,” as Nvidia put it, real-world bottlenecks remain. Data centers are running into limits on power availability and construction capacity, and rising component costs could put pressure on profits, even though Nvidia expects to hold gross margins in the mid-70s.

Meanwhile, many AI customers are relying increasingly on debt to fund their expansion, another factor that adds uncertainty around how quickly Nvidia can turn its huge order book into revenue.

UBS pointed out that Nvidia’s forecast for next quarter—$65 billion in revenue and 75% gross margins—was very strong but largely in line with what bullish analysts already expected. When expectations are sky-high, merely meeting them isn’t always enough to fuel another rally. For traders who bought ahead of the earnings release, the results offered an opportunity to lock in gains rather than double down.

In the end, Thursday’s stock drop reflects market psychology more than any shift in Nvidia’s business outlook. The company is still growing at an extraordinary pace, analysts continue to lift their estimates, and demand for its AI chips shows no sign of slowing. But when a stock becomes as widely owned and heavily anticipated as Nvidia, it takes a truly surprising result to push it even higher.

The macroeconomic headwinds that have shifted consumer habits and profoundly affected results for major retailers have created a favorable buying environment for off-price retailers like The TJX Companies, enabling it to offer attractive values to still-resilient consumers.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Significant Losses In Nidec To Contact Him Directly To Discuss Their Options

If you suffered significant losses in Nidec stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

NEW YORK, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Nidec Corporation (“Nidec” or the “Company”) (OTC: NJDCY).

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

On September 3, 2025, Nidec disclosed it had established a third-party committee to investigate suspicions of improper accounting. The Company further revealed its "investigations found multiple documents suggesting that . . . the Company and its group companies could have engaged in improper accounting with the involvement or knowledge of its or their management[.]"

On this news, Nidec's stock price fell $0.81, or 16.5%, to close at $4.11 per share on September 4, 2025, thereby injuring investors.

Then, on September 26, 2025, Nidec disclosed further investigative findings of additional suspected inappropriate accounting practices, including "cases where the reported value for customs purposes was declared to be lower than the appropriate amount without legitimate reason." The Company also revealed that it "received an audit report containing a disclaimer of opinion" from its auditor due to the "ongoing investigations by the third-party committee, other internal investigations, and other action[s]."

On this news, Nidec's stock price fell $0.29, or 6.6%, to close at $4.09 per share on September 26, 2025.

Then, on October 23, 2025, Nidec published a press release announcing that it was withdrawing its year end forecast, and had decided not to pay a surplus dividend as "investigations by the Third Party Committee regarding suspected inappropriate accounting practices involving the Company and its group, as well as other internal investigations, are ongoing."

On this news, Nidec's stock price fell $1.17, or 25.4%, to close at $3.43 on October 23, 2025.

Finally, on October 27, 2025, the Tokyo Stock Exchange ("TSE") designated Nidec under a Special Security alert in part because "TSE deems that the improvement of the internal management system of said listed company is highly necessary." The alert noted that "[s]ince the initial issue was discovered, the scope of the investigation has continued to expand" and that "deficiencies have already been identified in the Company's company-wide internal control systems (particularly in areas related to information and communication), as well as in the internal controls related to its accounting and financial closing processes."

On this news, Nidec's stock price fell $0.80, or 20.3%, to close at $3.15 per share on October 27, 2025, thereby injuring investors further.

To learn more about the Nidec investigation, go to www.faruqilaw.com/NJDCY or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8efe611c-af3a-49a0-8555-328d07292024

Palo Alto Networks CEO Nikesh Arora discusses the company's continued acquisition streak as it announces plans to buy Chronosphere for $3.35 billion. He joins Caroline Hyde and Ed Ludlow on “Bloomberg Tech.

The artificial intelligence (AI) revolution has sparked such intense demand for advanced semiconductors that it is creating a global manufacturing bottleneck. However, this is not a story of failure, but rather one of overwhelming success.

Bids for the rights to own all or some of Warner Bros. Discovery were delivered at noon Thursday – with deal insiders predicting a winning offer that will fall far short of the $30 a share that CEO David Zaslav said he wanted for the media conglomerate, On The Money has learned.

As of Thursday, the bidding war for WBD, which contains some of the news and entertainment industry’s biggest properties, pits Paramount Skydance – the burgeoning media company run by independent movie producer David Ellison and backed by his father, billionaire Trump donor and Oracle founder Larry Ellison – against Brian Roberts’ media behemoth Comcast and streaming giant Netflix, which is run by Ted Sarandos, Greg Peters and founder Reed Hastings.

Other media and tech companies like Amazon have expressed interest, but it’s unclear if they’re as committed as the main contenders in duking it out in a process that’s expected to last until the end of the year, people close to the bidding war tell On The Money.

Paramount Skydance – the burgeoning media company run by independent movie producer David Ellison and backed by his father, billionaire Trump donor and Oracle founder Larry Ellison – is seeking to buy Warner Bros. Discovery. Getty Images
Warner Bros. Discovery, known as WBD and run by Zaslav since the 2022 merger of Warner Media and Discovery Inc., owns a top studio and the No. 3 streaming service, not to mention CNN and HBO. Zaslav is expected to hold two, maybe three rounds of bidding to push the price up above the $23.50 that Paramount Skydance has already offered for the entire company, according to people close to the matter.

They said Paramount Skydance is expected to enhance its bid to around $25 a share. But people inside the company, including both Ellisons, are being advised they don’t have to engage in a costly bidding war that takes the final price much above $27 a share, the sources added.

That’s because the other major potential bidders, Comcast and Netflix, face significant regulatory hurdles from the Trump administration and its Department of Justice’s antitrust division. Plus, in the case of Comcast, there are balance sheet hurdles in meeting Zaslav’s money demands, sources said. 

Netflix and Comcast are also offering to buy just chunks of WBD – the studio and streaming portions in particular – moves that could create so-called tax leakage, or costly tax consequences for WBD if those bids emerge victorious.

Warner Bros. Discovery owns a top studio and the No. 3 streaming service, not to mention CNN and HBO. REUTERS
On top of that, it’s harder to value their bid compared to Paramount’s, which places a price on WBD in its entirety.

Comcast’s Roberts, meanwhile, has been busy looking for partners to support his bid because of high levels of debt on his balance sheet. Netflix is looking to pay stock for WBD’s streaming business and studio. 

Paramount Skydance is “offering nearly all cash – 80% of its bid — no leakage and regulatory certainty,” said one person involved in the process. “They’re selling the WBD board that by going with them, they have a bird in hand and vast uncertainty with the others.”

A WBD rep had no comment. Reps for Comcast, Netflix and Paramount Skydance had no immediate comment.

Comcast CEO Brian Roberts has been busy looking for partners to support his bid because of high levels of debt on his balance sheet. Bloomberg via Getty Images
Another complicating factor – maybe the biggest – is politics. Netflix and Comcast are run by progressive types in Silicon Valley and the mainstream media. Comcast owns the notoriously anti-MAGA MSNBC, which Trump loathes. In contrast, the Ellisons have been seeking to instill more balanced news coverage at its reliably lefty news and entertainment subsidiary, CBS. 

“I can’t imagine Trump wants to approve any deal that makes Brian Roberts or Reed Hastings stronger,” said a person close to the deal.

As first reported by On The Money, Zaslav, a veteran media executive, is looking for a final price for WBD “with a three in it” – meaning at least $30 a share, a deal valued at $70 billion. Yet the Trump administration — which can sue to stop any merger — has already made it clear what firm it would prefer in the WBD bakeoff, and that would be Paramount Skydance, run by his “friends” Larry and David Ellison.

Another complicating factor – maybe the biggest – is politics. Netflix and Comcast are run by progressive types in Silicon Valley and the mainstream media. Getty Images
Given Trump’s love of all things Ellison, their antitrust review is likely to be quick and clean – six months tops before the deal gets the green light.

If Comcast does emerge as the top WBD bidder, Trump’s antitrust chief Gail Slater is expected to launch a probe focusing on the fact that Comcast would own two of the biggest studios. The  process could last two years if Brian Roberts decides to litigate a negative finding by antitrust in federal court, where it’s unclear whether he would even win.

WBD CEO David Zaslav is expected to hold two, maybe three rounds of bidding to push the price up above the $23.50 that Paramount Skydance has already offered for the entire company, sources say. AFP via Getty Images
Ditto for Netflix, which has stayed out of the government’s regulatory spotlight in building the No. 1 streamer – by combining with WBD, it would face a similar review.

The WBD board will have to weigh the cost of waiting for the government and the courts’ long processes of evaluating bids from Comcast and Netflix — compared to a relatively quick approval expected for Paramount Skydance’s bid, said people close to the matter. In the end, Zaslav and the board could walk away from all the bids and continue with their plan to break up WBD in the spring, the sources said.

Before the bidding war began in September, Zaslav was moving forward with separating WBD into a studio and streaming company, and one that holds the cable properties. He could revisit the sale next year and begin selling WBD piecemeal.

RADNOR, Pa., Nov. 20, 2025 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that securities class action lawsuits have been filed against DexCom, Inc. (“DexCom”) (NASDAQ: DXCM) on behalf of those who purchased or otherwise acquired DexCom securities between January 8, 2024, and September 17, 2025, inclusive (the “Class Period”). The lead plaintiff deadline is December 26, 2025.

CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP:
If you suffered DexCom losses, you may CLICK HERE or copy and paste the following link into your browser: https://www.ktmc.com/new-cases/dexcom-inc-1?utm_source=Globe&mktm=PR

You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at [email protected].

DEFENDANTS’ ALLEGED MISCONDUCT:
The complaints allege that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) DexCom had made material design changes to its G6 and G7 continuous glucose monitoring systems that were unauthorized by the FDA; (2) the foregoing design changes rendered the G6 and G7 less reliable than their prior iterations, presenting a material health risk to users relying on those devices for accurate glucose readings; (3) DexCom’s purported enhancements to the G7, as well as the device’s reliability, accuracy, and functionality, were overstated; (4) DexCom downplayed the true scope and severity of the issues and health risks posed by adulterated G7 devices; (5) all the foregoing subjected DexCom to an increased risk of heightened regulatory scrutiny and enforcement action, as well as significant legal, reputational, and financial harm; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

Please CLICK HERE to view our video or copy and paste this link into your browser: https://youtube.com/shorts/ToTm4-K0ODs?feature=share

THE LEAD PLAINTIFF PROCESS:
DexCom investors may, no later than December 26, 2025, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP encourages DexCom investors who have suffered significant losses to contact the firm directly to acquire more information.

CLICK HERE TO SIGN UP FOR THE CASE OR GO TO:
https://www.ktmc.com/new-cases/dexcom-inc-1?utm_source=Globe&mktm=PR

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.

SummaryiShares MSCI Europe Financials ETF remains a "Buy," but with a less compelling bull case than earlier in the year.EUFN’s valuation is less attractive, and seasonal trends suggest sideways price action in the coming months.Technical indicators show short-term weakness, though the long-term trend remains bullish, with support around $32.50.Liquidity is strong, and the ETF offers a high dividend yield, but growth-adjusted valuation has deteriorated since summer. Gary Yeowell/DigitalVision via Getty Images

European banks were a hot trade in the first half of the year. A macro wildcard turned on the space, though. The U.S. Dollar Index (DXY) nearly settled at a six-month high on the session before NVIDIA (

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Q2: 2025-11-19 Earnings SummaryEPS of $0.23 beats by $0.03

 |

Revenue of

$11.88M

(150.04% Y/Y)

beats by $762.80K

Ellington Credit Company (EARN) Q3 2025 Earnings Call November 20, 2025 11:00 AM EST

Company Participants

Alaael-Deen Shilleh - Associate General Counsel & Secretary
Laurence Penn - CEO, President & Trustee
Christopher Smernoff - Chief Financial Officer
Gregory Borenstein - Portfolio Manager

Conference Call Participants

Crispin Love - Piper Sandler & Co., Research Division
Douglas Harter - UBS Investment Bank, Research Division
Eric Hagen - BTIG, LLC, Research Division

Presentation

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Ellington Credit Company Second Fiscal Quarter ended September 30, 2025 Results Conference Call. Today's call is being recorded. [Operator Instructions]

It is now my pleasure to turn the floor over to Alaael-Deen Shilleh, Associate General Counsel. Sir, you may begin.

Alaael-Deen Shilleh
Associate General Counsel & Secretary

Thank you. Before we begin, I'd like to remind everyone that this conference call may include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical in nature and involve risks and uncertainties detailed in our registration statement on Form N-2. Actual results may differ materially from these statements, so they should not be considered to be predictions of future events. The company undertakes no obligation to update these forward-looking statements.

Joining me today are Larry Penn, Chief Executive Officer of Ellington Credit Company; Greg Borenstein, Portfolio Manager; and Chris Smernoff, Chief Financial Officer.

Our earnings call -- our earnings conference call presentation is available on our website, ellingtoncredit.com. Today's call will track that presentation and all statements and references to figures are qualified by the important notice and end notes at the back of the presentation.

With that, I'll turn it over to Larry.

Laurence Penn
CEO, President & Trustee

Thanks, Alaael-Deen, and good morning, everyone. We appreciate your time and

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November 20, 2025 1:26 PM EST | Source: IMPACT Silver Corp.
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2025) - IMPACT Silver Corp. (TSXV: IPT) (OTCQB: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") is pleased to announce further results from its underground drill program in the Juarez Zone at its Plomosas zinc (lead-silver) Mine in northern Mexico.

JUAREZ ZONE DRILLING

New drill intersections on the down dip extension of the Juarez Zone of the Plomosas Mine are as follows:

TABLE 1: JUAREZ ZONE DRILL RESULTS - PLOMOSAS MINEHole No.From
(metres)To
(metres)Interval
(metres)Estimated True Width (metres)Zinc (%)Lead
(%)Silver
(g/t)ZnEq*
(%)UGMJ-254672.0072.700.700.5517.950.659.9018.76UGMJ-254774.5179.004.493.0713.092.6314.1615.14Including76.8579.002.151.4722.083.2718.9524.69Including76.8578.001.150.7928.104.1422.3031.33UGMJ-254875.6085.459.856.401.574.549.584.41Including75.6078.152.551.663.639.9116.259.62Including77.1078.151.050.686.2619.2525.9017.62Including84.0885.451.370.893.9013.7519.8012.08UGMJ-254984.3087.202.901.650.606.735.994.43Including84.3085.701.400.790.0112.256.406.77UGMJ-255094.75100.055.302.982.539.6610.088.10Including94.7595.200.450.2520.109.6251.9027.61Including98.50100.051.550.872.7130.1017.5019.40UGMJ-255190.3592.352.000.910.018.414.684.66Including91.8592.350.500.230.0126.105.8014.04UGMJ-2552111.65111.970.320.169.094.2439.5013.18 
*Zinc Equivalent (ZnEq) is calculated using recent metal prices of US$1.47/lb Zn, US$0.92/lb Pb and US$50.44/oz Ag, and metal recoveries of 90.5% Zn, 76.5% Pb, and 85.0% Ag based on recent Plomosas production mill recoveries. Metal equivalence values allow for easier comparison of mineral zones with multiple metals reporting.

True width estimates are interpreted from current geological models. The Juarez Zone lies stratigraphically below the Mina Vieja (Tres Amigos Mine) horizon at the Plomosas Mine and has a separate access adit (see Figures 2 & 3). All these Juarez Zone drill intersections lie outside the JORC mineral resource blocks published by the previous operator (see IMPACT news release dated April 3, 2023 for details). Juarez Zone mineralization remains open for exploration.

CEO STATEMENT

President and CEO Frederick Davidson commented, "We are pleased with these new high-grade drill intersections on extensions of the Juarez Zone adding mineralization for ongoing mining. The location of these intersections on extensions of our underground mining infrastructure allows us to readily expand our mining operations into these areas. We now have two drills testing extensions of near mine targets and have begun to carry out exploration drilling on other targets along the under-explored six kilometre CRD trend."

PLOMOSAS MINE GEOLOGY AND MINERALIZATION

The Plomosas mine, a historic high-grade zinc producer in northern Mexico (Figure 1), was acquired in 2023 by the Company. Recent drill programs have been undertaken on extensions of active mine areas in the Tres Amigos Zone, the Juarez Zone and Santo Domingo Zone (see Figure 2). Mineralization at the Plomosas mine occurs as zinc-rich Carbonate Replacement zones in three bedrock units - the Mina Vieja marble (Tres Amigos Zone), the Juarez limestone (Juarez Zone) and in carbonate layers within the Cuesta Shale (Santo Domingo Zone) - where structural ground preparation along these units accommodated concentrations of zinc, lead, and silver (see Figure 3).

ABOUT IMPACT SILVER

IMPACT Silver Corp. (TSXV: IPT) is a successful producer-explorer with two mining projects in Mexico.

Royal Mines of Zacualpan Silver-Gold District: IMPACT owns 100% of the 211 km2 Zacualpan project in central Mexico where four producing underground silver mines and one open pit mine feed the central 500 tpd Guadalupe processing plant. To the south, the Capire Project includes a 200 tpd processing pilot plant adjacent to an open pit silver mine with an NI 43-101 inferred mineral resource of over 4.5 million oz silver, 48 million lbs zinc and 21 million lbs lead (see IMPACT news release dated January 18, 2016, for details and QP statement). Company engineers are reviewing Capire for a potential restart of operations to leverage improving commodity prices. Over the past 19 years, IMPACT has developed multiple exploration zones into commercial production and has produced over 13.5 million ounces of silver, generating revenue of more than $298 million, with no long-term debt.Plomosas Zinc-Lead-Silver District: Plomosas is a high-grade zinc producer in northern Mexico with exceptional exploration upside potential. In late 2023, the Company restarted mining operations and ramped up production toward design capacity levels. Exploration potential at Plomosas is exceptional along the 6 km-long structure. This is in addition to other exploration targets on the 3,019-hectare property including untested copper-gold targets with indications of high-grade material at surface. Regionally, Plomosas lies in the same belt as some of the largest carbonate replacement deposits in the world (see Figure 1).Quality Control/Quality Assurance

Drill core was NTW size (5.71 cm diameter). Half core samples were collected with a rock saw and tagged for identification. All samples were securely stored at the Plomosas Mine until shipment. A total of 5% certified assay standards and 5% blanks were inserted into every sample shipment as a quality control measure. All samples were shipped to the ALS preparation laboratory in Chihuahua, Mexico, where they were fine crushed (70% passing a 2 mm screen), pulverized (85% passing a 75 micron screen) and pulp split separated for assay. These pulps were shipped to the ALS laboratory in North Vancouver, Canada, where a 10 gram split was aqua regia digested and then analyzed for 36 elements including zinc, lead and silver by ICP-AES spectrometry (ALS code ME-ICP41). Assays for base metals >1% used an overlimit ICP-AES method (ALS code OG46). ALS is an independent, international ISO/IEC 17025 accredited laboratory.

Qualified Person and NI 43-101 Disclosure

Silvia Kohler, P.Geo., a Senior Geologist employed by IMPACT Silver Corp. and a "Qualified Person" within the meaning of NI-43101, has approved the technical information contained in this news release.

Additional information about IMPACT and its operations can be found on the Company website at www.IMPACTSilver.com. Follow us on X (formerly Twitter) @IMPACT_Silver and LinkedIn at https://www.linkedin.com/company/impactsilver

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking and Cautionary Statements

This IMPACT News Release may contain certain "forward-looking" statements and information relating to IMPACT that is based on the beliefs of IMPACT management, as well as assumptions made by and information currently available to IMPACT management. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements include, but are not limited to, statements regarding interpretation of drill results, activity at the projects and estimated timing thereof, the potential for defining and extending the known mineralization, exploration potential on the properties, and plans for drilling and future operations at the Company's projects or plans for financing.

Such forward-looking information involves known and unknown risks and assumptions, including with respect to, without limitation, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, extreme weather events, criminal activity, metal prices, political and economic factors, community relations, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, pandemics and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. IMPACT does not assume the obligation to update any forward-looking statement or beliefs, opinions, projections or other factors, except as required by law.

The Company's decision to place a mine into production, expand a mine, make other production related decisions or otherwise carry out mining and processing operations, is largely based on internal non-public Company data and reports based on exploration, development and mining work by the Company's geologists and engineers. The results of this work are evident in the discovery and building of multiple mines for the Company at Zacualpan and in the track record of mineral production and financial returns of the Company since 2006. Under NI 43-101, the Company is required to disclose that it has not based its production decisions on NI 43-101 mineral resources or reserve estimates, preliminary economic assessments or feasibility studies, and historically such projects have increased uncertainty and risk of failure.

303-543 Granville Street Telephone
604 664-7707
Vancouver, BC, Canada V6C 1X8
www.impactsilver.com
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Figure 3: Schematic cross section of the Juarez Mine geology and mineralization showing new intersections on the Juarez Zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4729/275349_452c155ca441e924_003full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275349

As more major retailers post earnings, one theme is clear — value players are winning both the wealthy and the cash-strapped.

Walmart and T.J. Maxx's parent company TJX stood apart from the pack this week by hiking their full-year forecasts and expressing optimism about the start of the holiday season. Both said sales have grown as they win shoppers across the income spectrum, on the same week other major U.S. retailers Home Depot, Lowe's and Target cut their profit outlooks and said they saw reluctance to make large purchases.

In an interview with CNBC, Walmart Chief Financial Officer John David Rainey said the big-box retailer has seen "value-seeking and choiceful" spending patterns by consumers for the past several quarters. He said "it stands to reason, if there's a little incremental strain on the consumer, they're only going to become more so, they're going to look for more value."

And TJX Ernie Herrman said the company, which includes Marshalls and Home Goods, has seen a "strong start" to the holiday quarter and is "convinced that consumers will continue to seek out value."

Shares of both Walmart and TJX rose on Thursday, even as the three major U.S. stock indexes turned negative.

The performance of the two retailers, which are both strongly associated with compelling deals, jumps out at a moment when investors, industry watchers and economists are trying to predict retail sales during the critical holiday season and the outlook of the U.S. economy for next year. Their performance could bode well for other off-price chains, such as Ross and Burlington, and value-focused players, including Dollar General, Dollar Tree, Five Below and Costco, which will report their most recent earnings in the coming weeks.

In recent months, a mix of factors have made it difficult to gauge how retailers and the broader economy will fare in the months ahead. Those include jitters about the job market following major layoffs at companies including Amazon, Verizon, UPS and Target and concerns that the stock market has been propped up by artificial intelligence companies, contributing to risk of a bubble. A prolonged government shutdown also muddied the waters by delaying the release of recent jobs and inflation data.

There have also been contradictions between what consumers say and do. Consumer sentiment has tumbled to nearly the lowest level ever, even as retail sales grew stronger in October, according to the CNBC/NRF Retail Monitor.

That's led to murky holiday expectations. For example, the National Retail Federation predicted that holiday sales will grow by 3.7% to 4.2% year over year and top $1 trillion for the first time, while consulting firm PwC said consumers plan to cut their holiday spending average by 5% compared to the year-ago holiday season.

watch now

Home Depot, Lowe's and Target put their thumbs on the scale this week. All three lowered their full-year profit forecasts and spoke of pressure on their businesses as customers hesitate to take on bigger projects or make pricier purchases.

For Home Depot and Lowe's, the lack of consumer confidence may prolong a period of conservative spending driven by lower housing turnover. For more than two years, they have seen customers take on smaller home improvement projects rather than splurges like remodels and renovations that cost more or require financing. That pattern has held, even though they cater to U.S. consumers who typically own a home and have benefitted from home equity gains.

Lowe's CEO Marvin Ellison said even homeowners are "not immune" to feeling shaken by news headlines about the government shutdown, higher tariffs and other policy changes that could hit their wallets — which could encourage price-sensitivity and procrastination on purchases. He said the home improvement retailer has focused on ways it can move the needle with its own strategies, such as expanding its merchandise assortment and attracting more home professionals as customers.

Target, which has faced some struggles of its own making, expects shoppers will watch prices and make tradeoffs during the holiday season, such as spending more on gifts and less in other areas like decor or food, Chief Commercial Officer Rick Gomez said on a call with reporters. It's cut prices on 3,000 food and home essentials and tried to attract shoppers with low opening price points, such as $1 Christmas tree ornaments.

At Walmart, Rainey told CNBC the company has "been gaining [market] share among all income cohorts, but as we noted for several quarters, they're more pronounced in the upper-income segment."

For TJX, Herrman said the company's focus on value is a competitive edge. He said on the company's earnings call that it's blend of "brand, fashion, quality and price sets us apart from many other retailers and has served us extremely well through many kinds of retail and economic environments over the course of our nearly 50-year history."

In a research note, retail analyst and Telsey Advisory Group CEO Dana Telsey said TJX's repeated earnings beats "highlight the strength of its value-focused proposition, which continues to resonate with consumers amid an increasingly price-sensitive environment."

Customers of all incomes are coming to TJX's stores and website, but lower-income shoppers drove sales growth in most of its geographies in its most recent quarter, CFO John Klinger said on an earnings call.

While Walmart and TJX have weathered cracks in the economy better than many other retailers, they're not immune to economic weakness.

Walmart's Rainey said despite its strong sales forecast for the year, the retailer has spotted "pockets of moderation" among low-income shoppers as they feel more pinched than other customers. On the company's earnings call on Thursday, he referred to the sharp disparity in wage growth between high- and low-income U.S. consumers.

He also told CNBC that the retailer noticed a pullback by customers who stopped receiving Supplemental Nutrition Assistance Program, or SNAP, benefits, during the government shutdown. But he said, "that's starting to rebound now that people are receiving those funds again."

"We're seeing the same things that that others are, and we're keeping a watchful eye on it," he said on the company's earnings call. "But again, I think Walmart is better insulated than just about anybody."

ATYR Investors with Losses Encouraged to Contact Hagens Berman
November 20, 2025 1:27 PM EST | Source: Hagens Berman Sobol Shapiro LLP
San Francisco, California--(Newsfile Corp. - November 20, 2025) - The financial and legal pressures on aTyr Pharma, Inc. (NASDAQ: ATYR) intensified earlier this month as the clinical-stage biotech company reported third-quarter results on Nov. 6 that missed Wall Street estimates, all while navigating high-stakes securities class action litigation.

Global plaintiffs' rights firm Hagens Berman has been investigating the alleged claims. The firm urges investors in aTyr who suffered significant losses to submit your losses now.

Investors may also read more about the investigation here: The Stakes of Clinical Trials: Why Pharma Companies Must Be Accurate and How it Relates to the aTyr Investigation.

Expanded Class Period: Nov. 7, 2024 - Sep. 12, 2025
Lead Plaintiff Deadline: Dec. 8, 2025
Visit: www.hbsslaw.com/investor-fraud/atyr
Contact the Firm Now: [email protected]
844-916-0895

Financial Miss Adds to Pressure

aTyr posted a GAAP EPS loss of -$0.26 for the third quarter, reportedly missing analyst consensus estimates by $0.08, according to media outlets. Revenues came in at $190,000, highlighting the firm's reliance on its clinical pipeline rather than commercial sales.

In their post-earnings commentary, management attempted to project a path forward. The company confirmed that despite the disappointing topline results from the Phase 3 EFZO-FIT study, "we plan to meet with the U.S. Food and Drug Administration (FDA) in the first quarter of 2026 to review the results of the study and determine the path forward for efzofitimod in pulmonary sarcoidosis."

However, any regulatory strategy to salvage Efzofitimod is unfolding under the shadow of mounting legal issues.

aTyr Pharma, Inc. (AYTR) Securities Litigation

The financial and clinical challenges are now intertwined with securities class action litigation, which alleges that aTyr and its executives provided materially false and misleading information about Efzofitimod's efficacy to investors.

The litigation stems from the company's September 15, 2025 disclosures, when aTyr announced that the EFZO-FIT study did not meet its primary endpoint-the change from baseline in mean daily oral corticosteroid (OCS) dose. This news triggered a swift and brutal market reaction, with the stock plummeting over 83% in a single day, from $6.03 per share to $1.02.

Crucially, a new class action has significantly enlarged the alleged Class Period, now covering investors who acquired shares between November 7, 2024, and September 12, 2025, inclusive. The litigation alleges that the company's positive statements during this period concerning the drug's ability to help patients taper off steroids masked underlying deficiencies in the drug's performance or the trial's design.

Hagens Berman's Investigation

Prominent shareholder rights firm Hagens Berman is investigating whether aTyr may have misled investors about its data and trial design while emphasizing Efzofitimod's multi-billion-dollar market opportunity. "The suit alleges that aTyr was concealing material adverse facts concerning Efzofitimod's capability to allow a patient to completely taper their steroid usage, a key measure of efficacy, while making optimistic pronouncements about the drug," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

If you invested in aTyr and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to frequently asked questions about the aTyr case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding aTyr should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

# # #

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

Contact:
Reed Kathrein, 844-916-0895

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275348

INSP Investors with Losses Encouraged to Contact Hagens Berman
November 20, 2025 1:28 PM EST | Source: Hagens Berman Sobol Shapiro LLP
San Francisco, California--(Newsfile Corp. - November 20, 2025) - Inspire Medical Systems, Inc. (NYSE: INSP) is now grappling with a proposed class-action lawsuit alleging the company misled investors about the commercial readiness and demand for its critical "next generation" sleep apnea device, the Inspire V. The litigation zeroes in on the disparity between the company's confident assurances and the subsequent disastrous rollout that led to a dramatic stock crash.

Prominent investor rights law firm Hagens Berman is investigating the alleged claims. The firm urges investors in Inspire who suffered significant losses to submit your losses now.

Class Period: Aug. 6, 2024 - Aug. 4, 2025
Lead Plaintiff Deadline: Jan. 5, 2026
Visit: www.hbsslaw.com/investor-fraud/insp
Contact the Firm Now: [email protected]
844-916-0895

Inspire Medical Systems, Inc. (INSP) Securities Class Action:

The case, styled City of Pontiac Reestablished General Employees' Retirement System v. Inspire Medical Systems, Inc., et al., No. 0:25-cv-04247-PJS-ECW (D. Minn.), seeks to represent investors who purchased or otherwise acquired Inspire common stock between August 6, 2024 and August 4, 2025.

The complaint asserts that throughout the Class Period, Inspire repeatedly assured investors it had met all regulatory, technical, and commercial prerequisites for the Inspire V launch, while also touting high demand and a successful commercial proceeding.

However, the lawsuit claims the reality was starkly different and undisclosed to investors. The complaint alleges the Inspire V launch was, in fact, a disaster, crippled by minimal initial demand. This weak uptake, according to the suit, was due to the company's customers already being flush with inventory of older, unsold Inspire IV devices. Furthermore, the complaint suggests Inspire had allegedly neglected basic steps necessary to ensure the new device's swift adoption by clinicians and payors.

Investors allegedly learned the truth on August 4, 2025. That day, Inspire revealed that the Inspire V launch faced an "elongated timeframe" due to previously undisclosed headwinds.

Inspire explained that "many centers did not complete the training, contracting and onboarding criteria required prior to the purchase and implant of Inspire V."

The company also said that, although Inspire V's CPT code was approved for Medicare patients, "software updates for claims submissions and processing did not take effect until July 1." This meant that implanting centers could not bill for those procedures until July 1 and, as a result, many centers opted to continue treating patients with the older generation Inspire IV.

Inspire further explained that demand for Inspire V was plagued by customers' need to "burn down" Inspire IV inventory, a headwind that would continue to negatively impact demand for Inspire V.

Lastly, as a result the disastrous launch, Inspire slashed its 2025 earnings guidance by a whopping 80% to just $0.40 to $0.50 per share.

The news sent Inspire shares crashing $42.04 the next day, a decline of roughly 32%.

"We're focused on investors' losses and whether Inspire may have intentionally misled investors about headwinds adversely affecting the next generation launch and the dramatic negative effect on the company's earnings potential," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

If you invested in Inspire and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to frequently asked questions about the Inspire case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding Inspire should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

# # #

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

Contact:
Reed Kathrein, 844-916-0895

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275337

Cracker Barrel Old Country Store (NASDAQ:CBRL) shareholders have shown strong support for CEO Julie Felss Masino after a controversial logo redesign earlier this year sparked public outcry and calls for leadership changes.

Preliminary results from the company’s annual meeting held on Thursday indicated that investors elected nine of 10 board nominees, including Masino.

Independent director Gilbert Dávila, who had overseen marketing and diversity initiatives on the board, resigned, reducing the board’s size to nine. 

Shareholders also approved all other proposals, including amendments to the company’s bylaws, executive compensation plans, and the Omnibus Incentive Plan.

“We thank our shareholders for their strong show of support today, electing nine of ten of the company's recommended director nominees, including the CEO, Julie Masino, and voting for every other proposal we put forth,” the company said in a statement.

“We are more focused than ever on delivering high-quality food and experiences to our guests while staying true to the heritage that makes Cracker Barrel so special, ensuring we are here to welcome families around our table for generations to come.”

Masino, who became CEO in 2023, led a rebranding effort earlier this year that simplified the chain’s logo, removing its longtime mascot and the phrase “Old Country Store.”

The redesign, intended to modernize the brand, drew criticism for straying from Cracker Barrel’s rustic, Americana identity. In response to customer backlash, the company reverted to its original logo and paused its remodeling initiatives.

Shares of Cracker Barrel trade down 3.9% at $26 in the early afternoon on Thursday, down 50% in the year to date.

CNH announces pricing of its offering of €500,000,000 3.625% notes due January 2033

Basildon, November 20, 2025

CNH Industrial N.V. (NYSE: CNH) (“CNH”) today announces the successful pricing of its offering of €500,000,000 in principal amount of 3.625% notes due January 26, 2033 (the “Notes”) with an issue price of 98.984% of the principal amount.

The closing of the offering is currently expected on November 26, 2025. The notes will be issued by CNH under its Euro Medium Term Note Programme. CNH intends to use the net proceeds from the offering for its general corporate purposes including repayment of existing debt. Application will be made for the Notes to be admitted to trading on the Global Exchange Market of Euronext Dublin.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS

MiFID II and UK MiFIR professionals/ECPs-only / No PRIIPs KID – Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.

The notes will be offered and sold only outside the United States to institutional investors that are not “U.S. persons” (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) and have not been and will not be registered under the Securities Act or any other securities laws. The notes may not be offered or sold in the United States or to or for the account or benefit of “U.S. persons” absent registration under the Securities Act or an applicable exemption from the registration requirements thereof.

This press release shall not constitute an offer to sell or an offer of financial products or securities, nor shall there be any sale of these notes, in the United States or any state or jurisdiction in which such an offer or sale would be unlawful. No action has been or will be taken to permit a public offering of the notes in any jurisdiction.

The offering of the Notes has not been registered with the Commissione Nazionale per le Societá e la Borsa (CONSOB), pursuant to Italian securities legislation and, accordingly, no Notes may be offered, sold or delivered, nor may copies of the Base Listing Particulars or of any other document relating to the Notes be distributed in the Republic of Italy, except: (i) to qualified investors (investitori qualificati), as defined pursuant to Article 2 of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”) and any applicable provision of Italian laws and regulations; or (ii) in any other circumstances which are exempted from the rules on public offerings pursuant to Article 1 of the Prospectus Regulation, Article 34-ter of Regulation No. 11971 of 14 May 1999, as amended from time to time, and the applicable Italian laws.

This press release is directed only (i) to persons who are outside the United Kingdom, (ii) to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”) or (iii) to high net worth entities falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Financial Promotion Order (all such persons together being referred to as "Relevant Persons"). This press release must not be acted on or relied on by persons who are not Relevant Persons. Any investment activity to which this press release relates is reserved for Relevant Persons only and may only be engaged in by Relevant Persons.

In the Netherlands, this press release is directed only to qualified investors within the meaning of the Dutch Financial Supervision Act (Wet op het financieel toezicht).

This press release is an advertisement and is not a prospectus. The base listing particulars dated 12 May 2025 as supplemented on 5 August 2025 and 18 November 2025 (together, the “Base Listing Particulars”) are, and the final Pricing Supplement, when published, will be, available for viewing at https://www.cnh.com/en-US. Potential investors must note that the Base Listing Particulars, as supplemented by the Pricing Supplement, does not constitute a prospectus for the purposes of the Prospectus Regulation or for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law in the UK by virtue of the European Union (Withdrawal) Act 2018 (as amended, the “UK Prospectus Regulation”). The Base Listing Particulars, as supplemented by the Pricing Supplement, has been prepared on the basis that the offer of Notes in any member state of the EEA will be made pursuant to an exemption under the Prospectus Regulation and, in the case of the UK, pursuant to an exemption under the UK Prospectus Regulation.

CNH Industrial (NYSE: CNH) is a world-class equipment, technology and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its global and regional Brands. Globally, Case IH and New Holland supply 360° agriculture applications from machines to implements and the digital technologies that enhance them; and CASE and New Holland Construction Equipment deliver a full lineup of construction products that make the industry more productive. The Company’s regionally focused Brands include: STEYR, for agricultural tractors; Raven, a leader in digital agriculture, precision technology and the development of autonomous systems; Hemisphere, a leading designer and manufacturer of high-precision satellite-based positioning, and heading technologies; Flexi-Coil, specializing in tillage and seeding systems; Miller, manufacturing application equipment; and Eurocomach, producing a wide range of mini and midi excavators for the construction sector, including electric solutions.

Across a history spanning over two centuries, CNH has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH’s 35,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.

For more information and the latest financial and sustainability reports visit: cnh.com

For news from CNH and its Brands visit: media.cnh.com

Contacts:

Media Relations
Email: [email protected]

Investor Relations
Email: [email protected]

20251120_PR_CNH_European_Bond

Debuting at the 2025 Los Angeles International Auto Show, November 21–30

, /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), maker of the world's most advanced electric vehicles, today announced the launch of the Lucid Gravity Touring, the newest addition to its groundbreaking Lucid Gravity SUV lineup. Starting at $79,900,1 Lucid Gravity Touring now offers Lucid's signature blend of space, performance, and efficiency to a broader audience.

Customer orders are now open, with select configurations available for immediate delivery at lucidmotors.com/available-vehicles.

Lucid Gravity Touring: The Luxury Electric SUV Designed Without Compromise, Now Starting at $79,900

Lucid Gravity Touring: The Luxury Electric SUV Designed Without Compromise, Now Starting at $79,900

"The Lucid Gravity Touring unlocks a new audience for the Lucid brand in the broad and critical SUV segment," said Marc Winterhoff, Interim CEO at Lucid. "There's not another SUV in its segment that can deliver the combination of range, interior space, and driving performance found in the Lucid Gravity Touring."

Expanding the Gravity Model Lineup
Lucid Gravity redefines the SUV category with a clean-sheet design enabled by Lucid's proprietary EV technology. Lucid Gravity Touring offers the practicality of a full-size SUV within the footprint of a mid-size, seating up to seven adults and delivering game-changing versatility.

Built on the same platform as the Lucid Gravity Grand Touring, Lucid Gravity Touring features Lucid's high-efficiency battery and powertrain architecture, advanced vehicle dynamics, and native NACS compatibility for ultra-fast charging. With an 89kWh battery pack, Lucid Gravity Touring achieves an EPA-estimated range of up to 337 miles.2

Charging is seamless with access to more than 25,000 Tesla Superchargers, thousands of Electrify America DC fast-charging connectors, and a multitude of additional DC fast-charging stations across North America. Lucid Gravity Touring can charge at speeds up to 300 kW at 1000V DC fast chargers to add 200 miles in 15 minutes. When connected to a Tesla Supercharger, Lucid Gravity Touring can charge at up to 220 kW thanks to Lucid's proprietary rear motor drive unit boost charging capability, which boosts the 500V station voltage to match the high voltage of the Lucid battery pack.

Performance Meets Lifestyle Capability

The dual-motor, all-wheel-drive Lucid Gravity Touring delivers up to 560 horsepower and accelerates from 0 to 60 mph in just 4.0 seconds. Standard air suspension and an optional Dynamic Handling Package delivers refined ride quality and agile handling.

Interior configurations include five- and seven-seat layouts with up to 120 cubic feet of adaptable cargo space in the five-seat configuration. Customers can choose from six exterior colors and wheel designs ranging from 20 to 23 inches. The standard Stealth Appearance features dark polished finishes, while the optional Platinum Appearance adds bright silver accents.

The Lucid Experience
The Lucid Gravity Touring inherits the bold design and human-centric technology of the Grand Touring, including:

Clearview Cockpit: A 34-inch curved 6K OLED display, for driver visibility.
Lucid UX 3.0 + Over-the-Air Updates: A software-defined experience that evolves over time.
DreamDrive 2 Pro (Optional): Lucid's most advanced driver-assistance system with 32 onboard sensors.
The Lucid Gravity Touring can be configured at lucidmotors.com/configure/gravity.

Los Angeles International Auto Show
Lucid Gravity Touring will make its public debut at the 2025 Los Angeles International Auto Show, November 21–30. Attendees can experience the Lucid Gravity Touring, Lucid Gravity Grand Touring, and Lucid Air Sapphire at Lucid's South Hall activation. Demo drives will be available on a first-come, first-served basis.

Learn more at https://lucidmotors.com/events.

About Lucid Group 
Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The award-winning Lucid Air and Lucid Gravity SUV deliver best-in-class performance, sophisticated design, expansive interior space and unrivaled energy efficiency. Lucid assembles both vehicles in its state-of-the-art, vertically integrated factories in Arizona and Saudi Arabia. Through its industry-leading technology and innovations, Lucid is advancing the state-of-the-art of EV technology for the benefit of all.

Investor Relations Contact
[email protected]

Media Contact 
[email protected]

Trademarks
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.

Forward-Looking Statements 

This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding plans and expectations with respect to Lucid Gravity Touring, including its order timing and starting price, features, capabilities, equipment, options, configurations, range, charging performance and compatibility, access to the Tesla Supercharger network and Electrify America stations, plans and expectations with respect to the timing of Lucid Gravity Touring's public debut and experiences at the 2025 Los Angeles International Auto Show, as well as the promise of Lucid's technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the cautionary language and the Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

1 For U.S. customers only. Excludes tax, title, license, options, destination and documentation fees.

2 When equipped with 20"F/21"R wheels and configured as a 2-row, 5-seat vehicle. Range and battery power vary with temperature, driving habits, charging and battery condition and actual results will vary.

SOURCE Lucid Motors

Key Takeaways Copa Holdings posted Q3 EPS of $4.20, beating estimates and improving 20% year over year.Q3 revenues rose 6.8% to $913.1M as passenger revenues (which contributed 94.3% to the top line) grew 5.2%.For 2025, CPA expects capacity to grow 8% year over year and operating margin to be in the range of 22-23%.
Copa Holdings, S.A. (CPA - Free Report) reported third-quarter 2025 earnings per share of $4.20, which surpassed the Zacks Consensus Estimate of $4.03 and improved 20% year over year. Revenues of $913.1 million missed the Zacks Consensus Estimate of $915 million and inched up 6.8% year over year.

Passenger revenues (which contributed 94.3% to the top line) grew 5.2% year over year to $861.33 million. The upside was owing to an 8% year-over-year increase in revenue passenger miles (RPMs), partially offset by a 2.6% decrease in yield.

Cargo and mail revenues of $29.68 million grew 21.4% year over year, owing to higher cargo volumes. Other operating revenues of $22.13 million improved 86.3% year over year, owing to increased ConnectMiles revenues from the renewal of a co-branded credit card agreement.

CPA’s Other Financial DetailsOn a consolidated basis, Copa Holdings’ traffic (measured in revenue passenger miles) grew 8% and capacity (measured in available seat miles) increased 5.8% from the year-ago quarter. Since traffic growth outpaced capacity expansion, the load factor (percentage of seats filled by passengers) increased 1.8 percentage points to 88% in the reported quarter.

Passenger revenue per available seat mile dipped 0.5% year over year to 10.5 cents. Revenue per available seat mile (RASM) grew 1% year over year to 11.1 cents. Cost per available seat mile dipped 2.7% year over year. Excluding fuel, the metric fell 0.8% year over year. The average fuel price per gallon decreased 6.1% year over year to $2.44.

Total operating expenses increased 2.9% year over year to $700.84 million, owing to capacity growth, partially offset by lower fuel and maintenance costs.

Expenses on wages, salaries, benefits and other employee expenses rose 5.4% year over year. Sales and distribution costs increased 6.6% year over year. Passenger servicing costs grew 4.8% from the year-ago quarter. Airport facilities and handling charges grew 8.8% year over year. Other operating and administrative expenses increased 3.5% from the third quarter of 2024.

Copa Holdings exited the third quarter with cash and cash equivalents of $248.82 million compared with $236.17 million at the prior-quarter end.

During the third quarter of 2025, CPA took delivery of five Boeing 737 MAX 8 aircraft and added a second Boeing 737-800 freighter under an operating lease agreement. 

CPA’s OutlookCPA’s management expects consolidated capacity to grow 8% (prior view: up 7-8%) year over year, and the operating margin is expected to be in the range of 22-23% (prior view: 21-23%). The fuel cost is expected to be $2.47 per gallon (prior view: $2.45).

RASM is still expected to be 11.2 cents. The load factor for the current year is expected to be 87%. Non-fuel unit costs are anticipated to be 5.8 cents.

Preliminarily, for 2026, CPA currently anticipates its capacity to grow by almost 11-13% on a year-over-year basis, with unit costs excluding fuel (Ex-Fuel CASM) expected to be in the range of 5.7 to 5.8 cents.

Copa Holdings expects to end 2025 with 124 aircraft (prior view: 125 aircraft) and 2026 with 132 aircraft (prior view: 131 aircraft).

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

Q3 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report) reported third-quarter 2025 earnings (excluding 46 cents from non-recurring items) of $1.71 per share, which beat the Zacks Consensus Estimate of $1.52. Earnings increased 14% on a year-over-year basis due to low fuel costs.

Revenues in the September-end quarter were $16.67 billion, beating the Zacks Consensus Estimate of $15.79 billion and increasing 6.4% on a year-over-year basis. Due to improving air-travel demand, adjusted operating revenues (excluding third-party refinery sales) increased 4.1% year over year to $15.2 billion. 

J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported third-quarter 2025 earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.47 and improved 18.1% year over year.

Total operating revenues of $3.05 billion surpassed the Zacks Consensus Estimate of $3.02 billion and were down 0.5% year over year. JBHT’s third-quarter revenue performance was hurt by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS), and 8% fewer stops in Final Mile Services (FMS). These items were partially offset by a 3 % improvement in DCS productivity, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Total operating revenue, excluding fuel surcharge revenue, fell less than 1% year over year.

United Airlines Holdings, Inc. (UAL - Free Report) reported mixed third-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.

UAL's third-quarter 2025 adjusted earnings per share (EPS) (excluding 12 cents from non-recurring items) of $2.78 surpassed the Zacks Consensus Estimate of $2.64 but declined 16.5% on a year-over-year basis. The reported figure lies above the guided range of $2.25 and $2.75.

Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.3 billion but increased 2.6% year over year. Passenger revenues (which accounted for 90.7% of the top line) increased 1.9% year over year to $13.8 billion. UAL flights transported 48,382 passengers in the third quarter, up 6.2% year over year.

Warner Music Group Corp. (WMG) Q4 2025 Earnings Call November 20, 2025 8:30 AM EST

Company Participants

Kareem Chin - Senior VP & Head of Investor Relations
Robert Kyncl - President, CEO & Director
Armin Zerza - Executive VP & CFO

Conference Call Participants

Kutgun Maral - Evercore ISI Institutional Equities, Research Division
Benjamin Black - Deutsche Bank AG, Research Division
Peter Supino - Wolfe Research, LLC
Michael Morris - Guggenheim Securities, LLC, Research Division
Douglas Creutz - TD Cowen, Research Division
Cameron Mansson-Perrone - Morgan Stanley, Research Division
Ian Moore - Sanford C. Bernstein & Co., LLC., Research Division
Kannan Venkateshwar - Barclays Bank PLC, Research Division

Presentation

Operator

Welcome to Warner Music Group's Fourth Quarter Earnings Call for the Period and Fiscal Year Ended September 30, 2025. At the request of Warner Music Group, today's call is being recorded for replay purposes. And if you object, you may disconnect at any time.

Now I would like to turn today's call over to your host, Mr. Kareem Chin, Head of Investor Relations. You may begin.

Kareem Chin
Senior VP & Head of Investor Relations

Good morning, everyone, and welcome to Warner Music Group's Fiscal Fourth Quarter and Full Year Earnings Conference Call. Please note that our earnings press release, earnings snapshot and Form 10-K are available on our website.

On today's call, we have our CEO, Robert Kyncl; and our CFO, Armin Zerza, who will take you through our results, and then we'll answer your questions.

Before our prepared remarks, I would like to refer you to the second slide of the earnings snapshot to remind you that this communication includes forward-looking statements that reflect the current views of Warner Music Group about future events and financial performance. We plan to present certain non-GAAP results during this conference call and in our earnings snapshot slides and have provided

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Key Takeaways OVV delivers a 7.9% gain over the past month, outpacing both its sector and sub-industry performance.Ovintiv exceeds production guidance and expands its inventory through major acquisitions.OVV faces weaker realized prices, elevated leverage and paused buybacks, pressuring outlook.
Ovintiv Inc. (OVV - Free Report) , formerly known as Encana, is a leading independent energy producer that is focused on developing its multi-basin portfolio of high-quality assets with operations across the United States and Canada. The company relocated its headquarters from Calgary to Denver and expanded its footprint through the $6 billion acquisition of Newfield Exploration in 2019. Once primarily a natural gas producer, Ovintiv has strategically shifted its portfolio toward higher-margin crude oil, solidifying its position among the top North American E&P players. The company is committed to delivering quality returns on the capital it invests in its multi-basin portfolio, anchored by its positions in the two largest remaining undeveloped oil basins in North America, the Permian in Texas and the Montney in Western Canada.

As economic signals fluctuate and industry trends evolve, choosing the right stock can meaningfully influence an investor’s overall returns. Ovintiv’s shifting portfolio strategy, ongoing efforts to rebalance its commodity exposure and a series of notable operational tailwinds add layers of complexity to its outlook. The evolving dynamics make it increasingly important for investors to reassess the stock’s risk-reward profile. Before committing new capital, holding existing positions, or choosing to lock in profits, a deeper review of OVV’s strategic direction and earnings trajectory is essential.

Where Do Price Performance & Estimates Stand for OVV?Over the past month, Ovintiv has delivered a robust 7.9% gain in its share price, outperforming both its sector’s gain of 3.9% and its sub-industry’s rise of 3.5%. This outperformance signals strong relative strength and highlights the company’s favorable positioning.

Stock Price Change Over the Past Month
Image Source: Zacks Investment Research

Meanwhile, the Zacks Consensus Estimate for Ovintiv’s 2025 earnings is pegged at $4.49 per share, indicating a 23% year-over-year decline and the consensus mark for its revenues is pegged at $8.7 billion for 2025, also implying a 5% year-over-year decline, indicating an unfavorable outlook.

OVV’s Earnings Estimate
Image Source: Zacks Investment Research

What Is Working in Favor of Ovintiv?Strong Production Performance and Consistent Outperformance of Guidance: Ovintiv continues to demonstrate strong operational execution, with third-quarter 2025 total production reaching 630,400 barrels of oil equivalent per day (BOE/d), exceeding the company’s own guidance. Oil and condensate volumes also surpassed expectations at 211.8 Mbbls/d, reinforcing operational reliability and well performance. The company’s ability to consistently meet or beat production targets indicates disciplined field execution and effective capital deployment, helping support stable cash flows even in a volatile price environment.

Strategic Growth Through Accretive Acquisitions: Ovintiv is expanding its premium inventory through highly strategic acquisitions. The 2025 Montney Acquisition added 109,000 net acres, while the newly announced $2.7 billion NuVista transaction further contributes 930 well locations, 140,000 net acres, and 100 MBOE/d of expected 2026 volumes. These acquisitions are adjacent to Ovintiv’s core operations, offering synergy potential, operational continuity and meaningfully expanding long-term resource depth.

High Liquidity and Strengthened Balance Sheet: With $3.3 billion in total liquidity, no outstanding revolving credit borrowings and declining long-term debt (down to $4.4 billion from $4.8 billion), Ovintiv maintains strong financial flexibility. A debt-to-capitalization of just 30% underscores prudent balance-sheet management. This financial strength gives the company the ability to pursue acquisitions, withstand commodity downturns and maintain shareholder returns through dividends and buybacks when appropriate.

Disciplined Capital Program Enhancing Efficiency: Ovintiv’s 2025 capital investment plan remains on track, with $544 million invested in the third quarter, consistent with guidance. The company continues to deploy advanced development models (cube development, multi-well pads, advanced completions) to improve resource recovery and reduce per-unit costs. This disciplined approach allows capital to be redirected toward high-return areas even as market conditions shift, supporting resilient free cash flow generation.

What’s Causing the Pressure on OVV Stock?Lower Realized Commodity Prices Impacting Margins: Despite strong production, realized prices remain under pressure, particularly oil, which decreased to $66.51 per barrel from $73.23 in the prior-year quarter and other NGLs at $17.22/bbl. These weaker prices weigh on revenue and margin expansion, increasing sensitivity to market conditions. The company’s profitability remains tightly coupled to commodity cycles, limiting earnings visibility.

Leverage Remains Elevated vs. Long-Term Target: While leverage has improved, total debt remains high at $5.2 billion, with management targeting a long-term level of $4 billion. Debt-to-EBITDA has risen to 1.8x, up from 1.3x a year ago, reflecting weaker earnings and price headwinds. Elevated leverage limits flexibility during commodity downturns, increases interest burden and may constrain capital allocation or delay further shareholder returns.

Heavy Capital Requirements Across Key Basins: To sustain production, Ovintiv plans $2.1-$2.2 billion in full-year capital. The Permian alone requires $1.2-$1.3 billion, while Montney and Anadarko require an additional $865-$935 million. Such high reinvestment intensity leaves the company exposed to cost inflation, rig price changes and service bottlenecks. A slowdown in drilling or cost overruns could quickly affect production momentum and free cash flow generation.

Temporary Halt in Buybacks Undermines Capital-Return Strategy: Ovintiv’s decision to pause its share buyback program for two quarters in order to help fund the NuVista acquisition raises concerns about the consistency of its capital-return strategy. Management has repeatedly signaled that the stock is undervalued and that buybacks offer a compelling return on capital, yet the suspension removes a meaningful source of near-term share-price support. This disconnect between stated beliefs and execution may frustrate investors who prefer disciplined, opportunistic repurchases — especially at a time when management itself argues the equity is attractively priced.

Final Verdict on OVV StockOVV has demonstrated a strong stock performance in the past month, supported by strong operational execution, consistent production outperformance and strategic acquisitions that deepen its high-quality inventory. Its solid liquidity and ongoing debt reduction further strengthen financial stability.

However, weaker realized commodity prices continue to pressure margins, while leverage remains above long-term targets, limiting flexibility. High capital requirements across key basins add reinvestment risk, and the temporary suspension of buybacks creates uncertainty around capital returns.

Taken together, Ovintiv offers durable fundamentals but carries enough risk to warrant a hold stance rather than aggressive accumulation or exit, making it suitable for investors seeking stability and long-term value retention.

OVV’s Zacks Rank & Key PicksCurrently, OVV has a Zacks Rank #3 (Hold).

Investors interested in the energy sector may consider some top-ranked stocks like Canadian Natural Resources Limited (CNQ - Free Report) , Oceaneering International, Inc. (OII - Free Report) and USA Compression Partners, LP (USAC - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Calgary-based Canadian Natural is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The Zacks Consensus Estimate for CNQ’s 2025 revenues indicates 5.7% year-over-year growth.

Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII’s 2025 earnings indicates 76.3% year-over-year growth.

USA Compression is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. The Zacks Consensus Estimate for USAC’s 2025 earnings indicates 29.8% year-over-year growth.

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It has been about a month since the last earnings report for RTX (RTX - Free Report) . Shares have lost about 2.4% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is RTX due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for RTX Corporation before we dive into how investors and analysts have reacted as of late.

RTX Beats on Q3 Earnings & Revenues, Raises '25 EPS View

RTX Corporation’s third-quarter 2025 adjusted earnings per share (EPS) of $1.70 beat the Zacks Consensus Estimate of $1.42 by 19.7%. The bottom line also improved 17.2% from the year-ago quarter’s level of $1.45.

Including one-time items, the company reported GAAP earnings of $1.41 per share, marking an improvement from $1.09 in the prior-year quarter.

RTX’s Total RevenuesRTX’s third-quarter sales totaled $22.48 billion, which surpassed the Zacks Consensus Estimate of $21.48 billion by 4.6%. The top line also surged a solid 11.9% from $20.09 billion recorded for the third quarter of 2024.

RTX’s Operational PerformanceTotal costs and expenses increased nearly 10% year over year to $20.02 billion in the quarter. The company generated an adjusted operating profit of $2.97 billion compared with $2.48 billion in the prior-year quarter.

RTX posted an interest expense of $449 million compared with $496 million in the prior-year period.

RTX’s Segmental PerformanceCollins Aerospace: Sales in this segment totaled $7.62 billion, up 8% year over year.  This improvement can be primarily attributed to a 16% increase in commercial OE, a 13% increase in commercial aftermarket and a 6% increase in defense.

Pratt & Whitney: This segment’s sales totaled $8.42 billion, reflecting an improvement of 16% from the year-ago quarter’s reported number. Sales growth was fueled by a 5% rise in commercial OE, a 23% increase in commercial aftermarket, and a 15% gain in military sales. Commercial OE benefited from higher volumes in large engines and a favorable Pratt Canada mix, while aftermarket growth was supported by increased volumes across both segments. Military sales rose mainly due to higher F135 program volumes tied to the Lot 18 contract award.

Raytheon: This segment recorded sales of $7.05 billion, up 10% year over year. This was driven by higher volume on land and air defense systems, including international Patriot as well as higher volume on naval programs, including multiple classified programs, SM-6, and Evolved SeaSparrow Missile,

RTX’s Financial UpdateRTX had cash and cash equivalents of $5.97 billion as of Sept. 30, 2025, compared with $5.58 billion as of Dec. 31, 2024.

The long-term debt totaled $38.26 billion as of Sept. 30, 2025, compared with $38.73 billion as of Dec. 31, 2024.

Net cash flow from operating activities in the first nine months of 2025 was $6.4 billion compared with $5.6 billion a year ago.

Free cash flow totaled $4.03 billion compared with $1.97 billion in the year-ago quarter.

RTX’s GuidanceThe company now expects adjusted EPS to be in the band of $6.10-$6.20, up from the previous projection of $5.80-$5.95. The Zacks Consensus Estimate for 2025 EPS is pegged at $5.94, which is not in the raised guided range.

RTX raised its 2025 sales projection to the range of $86.5-$87 billion from the prior guidance of $84.75-$85.5 billion.

RTX still expects to generate free cash flow of $7.0-$7.5 billion for 2025.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.

VGM ScoresCurrently, RTX has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, RTX has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

It has been about a month since the last earnings report for Pegasystems (PEGA - Free Report) . Shares have lost about 17.6% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Pegasystems due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

PEGA Q3 Earnings Surpass Estimates, Revenues Increase Y/YPegasystems' third-quarter 2025 non-GAAP earnings of 30 cents per share, which beat the Zacks Consensus Estimate by 66.67% and increased 58% year over year.

Revenues of $381.35 million beat the Zacks Consensus Estimate by 7.42% and increased 17% year over year.

Pegasystems’ strong third-quarter 2025 performance is driven by its unique AI strategy, led by the Pega Blueprint platform. Growth was fueled by AI-integrated workflows, rising cloud subscriptions, and disciplined execution, resulting in higher ACV, backlog, and margin gains.

PEGA’s Quarterly PerformanceSubscription services revenues, comprising Pega Cloud and Maintenance, generated $264.2 million (contributing 69% to total revenues), up 18% on a year-over-year basis.

Subscription license revenues (16% of total revenues) were $60.6 million, representing a 33% year-over-year growth.

Total Subscription revenues, consisting of both subscription services and subscription licenses, rose 20% year over year to $324.8 million (contributing 85% to total revenues).

Consulting revenues (15% of the total revenues) were $56.4 million. The reported figure is up 4% year over year.

Perpetual license revenues (41.4% of the total revenues) were $158 million, declining 65% year over year. This segment remains a negligible contributor compared to others.

Pega Cloud's Annual Contract Value (ACV) increased 27% year over year to 815 million.

Maintenance and Subscription licenses, collectively referred to as Client Cloud ACV, rose 3% year over year to $742 million.

The company reported that Total ACV increased 14% year over year on a reported and constant-currency basis, reaching $1.557 billion.

The company's backlog grew 19% year over year on a reported basis and 18% on a constant currency basis, underscoring the sustained demand for its services and products and future revenue visibility.

Pegasystems’ Q3 Operating ResultsIn the third quarter of 2025, the gross margin expanded 190 basis points (bps) year over year to 72.3%.

Total operating expenses increased 8.7% year over year to $261 million. As a percentage of revenues, operating expenses decreased 550 bps.

The company reported an operating income of $14.5 million, down 224.1% year over year. 

The operating margin expanded 740 bps from the year-ago quarter to 3.8%.

PEGA’s Balance Sheet & Cash FlowAs of Sept. 30, 2025, cash and cash equivalents and marketable securities were $351.3 million compared with $411.6 million as of June 30, 2025.

Operating cash flow rose more than 38% year over year to $347 million, while free cash flow grew 38% to approximately $338 million.

PEGA repurchased 8.7M shares for $393 million in the year-to-date period.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.

VGM ScoresAt this time, Pegasystems has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, Pegasystems has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

A month has gone by since the last earnings report for Omnicom (OMC - Free Report) . Shares have lost about 11.4% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Omnicom due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Omnicom Group Inc. before we dive into how investors and analysts have reacted as of late.

Omnicom Q3 Earnings and Revenues Beat EstimatesOmnicom reported impressive third-quarter 2025 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.

Earnings of $2.24 per share beat the consensus estimate by 4.2% and increased 10.3% year over year. Total revenues of $4.04 billion surpassed the consensus estimate by 0.4% and rose 4% year over year. The increase in the top line was led by a jump of 2.6% in revenues from organic growth.

OMC’s Organic Growth Across Disciplines and RegionsAcross fundamental disciplines, revenues from Advertising & Media increased 9.1% organically compared with our estimated growth of 8.7%. Precision marketing revenues jumped 0.8% compared with our estimate of 6.7% growth. Experiential revenues gained 17.7% compared with our expectation of 12.2% growth.

Public Relations revenues decreased 7.5% compared with our estimation of 1.3% growth. Healthcare revenues dropped 1.9% year over year organically compared with our estimated decline of 34.1%. Branding & Retail Commerce revenues were down 16.9% compared with our estimated decline of 10.3%. Execution and support increased 2% versus our estimated growth of 2.5%.

Across regional markets, year-over-year organic revenue growth was 4.6% in the United States and 27.3% in Latin America. Revenues gained 5.9% in the Middle East & Africa and 3.7% in the U.K.

Revenues decreased 2.4% in Other North America, 2.5% in the U.K., 3.1% in Euro Markets & Other Europe, and 3.7% in Asia Pacific.

OMC’s Margin PerformanceAdjusted EBITA in the quarter came in at $651 million, up 4.6% year over year. The adjusted EBITA margin was 16.1%, compared with 16% in the year-ago quarter. The operating profit of $530.1 million decreased 11.7% year over year, with the operating margin declining 240 bps to 13.1%.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended upward during the past month.

VGM ScoresAt this time, Omnicom has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. However, the stock has a grade of A on the value side, putting it in the top quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Omnicom has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

It has been about a month since the last earnings report for Matador Resources (MTDR - Free Report) . Shares have added about 3.4% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Matador due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.

Matador Q3 Earnings & Revenues Beat on Higher Production Volumes

Matador Resources reported third-quarter 2025 adjusted earnings of $1.36 per share, which beat the Zacks Consensus Estimate of $1.22. However, the bottom line declined from the year-ago quarter’s level of $1.89.

Total revenues of $939 million topped the Zacks Consensus Estimate of $883 million. The top line also increased from the year-ago quarter’s $899.8 million.

Better-than-expected quarterly results were driven by an increase in total production volumes. The positives were partially offset by lower oil price realizations and higher total operating expenses.

Upstream Business in Q3

Matador Resources is primarily involved in oil and gas exploration and production activities in the United States. The company’s overall financial performance is heavily dependent on the oil and gas pricing environment. Most of MTDR’s production comprises oil (57% of total third-quarter production), making this commodity’s price a major factor in determining the company’s earnings.

The average daily oil production was 119,556 barrels, reflecting a 2% increase from the anticipated figure. The company’s production volumes exceeded the guidance range, primarily due to the sustained outperformance of Matador’s producing wells and those brought into production in the third quarter of 2025. Additionally, MTDR’s Avalon wells in Lea County, New Mexico, contributed to the higher output.

Let us take a look at the average commodity sales price, along with production.

Average Sales Price of Commodities

The average sales price for oil (without realized derivatives) was $64.91 per barrel, down from $75.67 a year ago. The commodity price was also lower than our projection of $65.18 per barrel. The price of natural gas was $1.95 per thousand cubic feet (Mcf), up from $1.83 in the year-ago quarter. However, the figure came in lower than our estimate of $2.81 per Mcf.

Upstream Production

Matador reported oil production of 119,556 barrels per day (Bbl/D), up from 100,315 Bbl/D in the prior-year quarter. The figure also beat our estimate of 117,879.6 Bbl/D. Natural gas production was recorded at 537.8 million cubic feet per day (MMcf/D), up from 427 MMcf/D recorded a year ago. The reported figure came in higher than our estimate of 494.7 MMcf/D.

The rise in total average production can be attributed to the sustained outperformance of the company’s existing wells and the new wells brought into production in the third quarter. Notably, Matador’s non-operated wells in the Haynesville shale, where the company mainly owns mineral interest, contributed to the production increase.

Total oil equivalent production in the third quarter was 209,184 BOE/D, reflecting a 22% increase from the year-ago quarter’s 171,480 BOE/D. The figure also exceeded our projection of 200,323.6 BOE/D.

Dividend Hike

Matador Resources announced a 20% increase to its quarterly cash dividend, raising it from $0.3125 per share to $0.375 per share for the third quarter of 2025 (annualized dividend of $1.50). The dividend is payable on Dec. 5, 2025, to shareholders of record as of Nov. 10, 2025.

Operating Expenses

MTDR’s plant and other midstream services’ operating expenses decreased to $2.63 per BOE from the year-earlier level of $2.77. Our estimate for the same was pinned at $2.87.

Lease operating costs increased to $5.58 per BOE from $5.50 a year ago. Our projection for the metric was pinned at $5.52 per BOE. Production taxes, transportation and processing costs declined to $4.32 per BOE from $4.61 in the year-ago quarter. Our projection for the metric was pinned at $5.70 per BOE.

Overall, total operating expenses per BOE were $30.31, higher than the prior-year figure of $30.09 and also below our estimate of $31.64 per BOE.

Balance Sheet & Capital Spending

As of Sep. 30, 2025, MTDR had cash and restricted cash of $96.4 million and a long-term debt of $3,219.6 million. In the third quarter, the company spent $347.5 million on well drilling, completion and equipment.

Outlook

Matador Resources updated its full-year 2025 average daily oil equivalent production guidance to 205,500-206,500 BOE/d from 200,000-205,000 BOE/d. The company also expects average daily total production for the fourth quarter of 2025 to be 205,000-208,000 BOE/d. It has also increased its total 2025 capital expenditure forecast to $1.625-$1.725 billion. For 2026, the company has forecasted an organic increase in daily production to approximately 210,000 BOE. Matador expects oil production to grow 2-5% from 2025 to 2026.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -15.03% due to these changes.

VGM ScoresCurrently, Matador has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of A on the value side, putting it in the top quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Matador has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

A month has gone by since the last earnings report for Lockheed Martin (LMT - Free Report) . Shares have lost about 3.5% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Lockheed due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

Lockheed's Q3 Earnings Surpass Estimates, Sales Increase Year Over Year

Lockheed Martin Corporation reported third-quarter 2025 adjusted earnings of $6.95 per share, which beat the Zacks Consensus Estimate of $6.33 by 9.8%. The bottom line increased 2.2% from the year-ago quarter's reported figure of $6.80.

The year-over-year improvement in earnings was primarily driven by higher revenues and operating profit generated in the third quarter of 2025 compared with the prior-year quarter.

Operational Highlights of LockheedNet sales were $18.61 billion, which beat the Zacks Consensus Estimate of $18.56 billion by 0.3%. The top line also inched up 8.8% from $17.10 billion reported in the year-ago quarter.

The year-over-year improvement was driven by higher sales growth registered by LMT’s business segments.

LMT’s BacklogLMT’s backlog as of Sept. 28, 2025, was $179.07 billion compared with $176.04 billion as of Dec. 31, 2024.

The Aeronautics segment accounted for $47.51 billion of the total backlog amount, while the Missiles and Fire Control segment contributed $45.91 billion. The Rotary and Mission Systems segment contributed $47.27 billion, while the Space unit accounted for $38.39 billion.

Lockheed’s Segmental PerformanceAeronautics: Sales increased 11.9% year over year to $7.26 billion. This rise was driven by higher sales volume from the F-35 program.

The segment reported an operating profit of $682 million compared with an operating profit of $659 million in the year-ago quarter. The operating margin, however, contracted 80 basis points (bps) to 9.4%.

Missiles and Fire Control: Quarterly sales improved a solid 14.1% year over year to $3.62 billion. This was on account of higher sales from tactical and strike missile programs.

The segment’s operating profit increased 11.8% year over year to $510 million. The operating margin, however, contracted 30 basis points to 14.1%.

Space: The top line improved 9.1% year over year to $3.36 billion, driven by higher sales from strategic and missile defense programs.

The segment’s operating profit increased 21.7% to $331 million. The operating margin also expanded 110 bps to 9.9%.

Rotary and Mission Systems: Quarterly revenues increased 0.1% to $4.37 billion on a year-over-year basis, driven by higher sales from Sikorsky helicopter programs.

The segment reported an operating profit of $506 million compared with an operating profit of $483 million in the third quarter of 2024. The operating margin also expanded 50 bps to 11.6%.

Financial Condition of LMTLockheed’s cash and cash equivalents totaled $3.47 billion as of Sept. 28, 2025, compared with $2.48 billion at the end of 2024.

Cash from operating activities amounted to $5.34 billion as of Sept. 28, 2025, compared with $5.95 billion a year ago.

Long-term debt as of Sept. 28, 2025, totaled $20.52 billion, down from $19.63 billion as of Dec. 31, 2024.

Lockheed’s 2025 GuidanceLockheed now expects to generate sales in the range of $74.25-$74.75 billion in 2025, narrower than its earlier estimate of $73.75-$74.75 billion. The Zacks Consensus Estimate is pegged at $74.20 billion, which lies below the midpoint of the company’s sales guidance.

LMT has raised its adjusted earnings per share (EPS) guidance. The company now expects to generate adjusted EPS in the range of $22.15-$22.35 compared with the earlier guidance of $21.70-$22.00. The consensus estimate is currently pegged at $21.86 per share, which lies lower than the company’s newly guided range.

Lockheed expects to generate cash from operations of approximately $8.50 billion.

It continues to expect capital expenditure of approximately $1.90 billion.

Lockheed expects to generate a free cash flow of approximately $6.60 billion.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.

VGM ScoresAt this time, Lockheed has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Lockheed has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.