Market Signal Briefing

A month has gone by since the last earnings report for Prologis (PLD - Free Report) . Shares have added about 2.3% in that time frame, outperforming the S&P 500.

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

Prologis Q3 FFO Beats Estimates, Rental Revenues Rise Y/YPrologis reported third-quarter 2025 core FFO per share of $1.49, beating the Zacks Consensus Estimate of $1.44. This compares favorably with the year-ago quarter’s figure of $1.43.

Results reflected a rise in rental revenues and healthy leasing activity. However, high interest expenses are an undermining factor.

Prologis generated rental revenues of $2.05 billion, missing the Zacks Consensus Estimate of $2.10 billion. However, the figure increased from the $1.90 billion reported in the year-ago period. Total revenues were $2.21 billion, up from the year-ago quarter’s $2.04 billion.

Per Hamid R. Moghadam, co-founder and CEO of Prologis, "With a solid pipeline, improving customer sentiment and limited new supply, the logistics market is setting up for the next inflection in rent and occupancy growth — one of the most compelling setups I've seen in 40 years."

Quarter in DetailIn the quarter, 65.6 million square feet of leases commenced in the company’s owned and managed portfolio. The retention level was 77.2% in the quarter.

The average occupancy level in Prologis’ owned and managed portfolio was 94.8% in the third quarter, down from the prior quarter’s 94.9% and the year-ago period’s 95.9%.

Prologis’ share of net effective rent change was 49.4% in the July-September quarter. In the reported quarter, the cash rent change was 29.4%. Cash same-store net operating income (NOI) grew 5.2% compared to 4.9% in the previous quarter.

The company’s share of building acquisitions amounted to $48 million, with a weighted average stabilized cap rate (excluding other real estate) of 6.2% in the third quarter. Development stabilization aggregated $604 million, with 23.4% being built to suit, while development starts totaled $446 million, with 63.9% being built to suit. Prologis’ total dispositions and contributions were $71 million, with a weighted average stabilized cap rate (excluding land and other real estate) of 5.4%.

However, during the reported quarter, interest expenses jumped 12.2% on a year-over-year basis to $258.3 million.

LiquidityPrologis exited the third quarter of 2025 with cash and cash equivalents of $1.19 billion, up from $1.07 billion at the end of the second quarter of 2025. Total liquidity amounted to $7.5 billion at the end of the quarter.

Debt, as a percentage of the total market capitalization, was 26.5% as of Sept. 30, 2025. The company's weighted average interest rate on its share of the total debt was 3.2%, with a weighted average term of 8.3 years.

Prologis and its co-investment ventures issued an aggregate of $2.3 billion of debt in the reported quarter at a weighted average interest rate of 4.2% and a weighted average term of 5.7 years.

2025 GuidancePrologis increased its 2025 core FFO per share guidance to the range of $5.78-$5.81 from the $5.75-$5.80 range guided earlier.

The company’s average occupancy remains unchanged in the band of 94.75% and 95.25%. Meanwhile, cash same-store NOI (Prologis share) was revised within the range of 4.75% to 5.25% from the previous guidance of 4.25% to 4.75%.

The company has increased its outlook for capital deployment (Prologis share) on development starts to $2.75-$3.25 billion, from the prior range of $2.25-$2.75 billion. Dispositions are estimated at $750-$1000 million, up from the previous range of $500-$750 million. Spending on acquisitions is revised to $1.25-$1.50 billion from the previous range of $1-$1.25 billion.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.

VGM ScoresAt this time, Prologis has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock has a score 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 F. 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, Prologis 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 Citizens Financial Group (CFG - Free Report) . Shares have added about 6.9% in that time frame, outperforming the S&P 500.

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

Citizens Financial Beats Q3 Estimates on Solid NII, Fee Income GrowthCitizens Financial reported third-quarter 2025 adjusted earnings per share (EPS) of $1.05, which surpassed the Zacks Consensus Estimate of $1.02 per share. The metric rose 32.9% from the year-ago quarter.

Results benefited from a rise in non-interest income and net interest income. The increase in loan and deposit balances was also encouraging. However, a rise in expenses was a major headwind. 

Net income (GAAP basis) was $494 million, which rose 29% from the prior-year quarter.

Revenues & Expenses RiseTotal revenues in the third quarter were $2.12 billion, which topped the Zacks Consensus Estimate by 0.9%. The top line rose 11% year over year.

Citizens Financial’s NII rose 9% year over year to $1.49 billion, driven by higher net interest margin. 

The net interest margin (NIM) expanded 23 basis points year over year to 3%, driven by time-based benefits of non-core runoff and terminated swap impacts, as well as fixed-rate asset repricing benefits. Non-interest income increased 18% year over year to $630 million, led by higher capital markets fees and wealth fees. 

Non-interest expenses increased 6% year over year to $1.33 billion. The rise was primarily due to higher salaries and employee benefits, an increase in other operating expenses, and investment in technology. Underlying non-interest expenses increased 7% from the prior-year quarter.

The efficiency ratio of 63% in the third quarter decreased from 66.2% in the year-ago quarter. A fall in the efficiency ratio reflects increased profitability.

Loan Balance & Deposits Up SequentiallyAs of Sept. 30, 2025, period-end total loans and leases were $140.9 billion, up 1% from the prior quarter. Total deposits rose 3% to $180 billion.

Credit Quality ImprovesAs of Sept. 30, 2025, Citizens Financial’s provision for credit losses was $154 million, which declined 10% from the year-ago quarter.

The allowance for credit losses decreased 4% year over year to $2.2 billion.

Net charge-offs decreased 16% on a year-over-year basis to $162 million. 

Non-accrual loans and leases declined 10% from the year-ago quarter to $1.52 billion.

Capital Position: Mixed BagAs of Sept. 30, 2025, the tier 1 leverage ratio was 9.4%, unchanged from the prior-year quarter.

The common equity tier 1 capital ratio was 10.7%, up from 10.6% in the prior-year quarter. The total capital ratio was 13.9%, unchanged from the prior-year quarter.

OutlookQ4 2025 (Underlying Basis)

Management expects NII of 2.5-3%, whereas it reported $1.5 million in the third quarter of 2025.

Non-interest income is anticipated to be unchanged from the $630 million reported in the third quarter of 2025.

Adjusted non-interest expenses are projected to be stable to up slightly from the third-quarter 2025 level of $1.34 billion.

The net charge-off ratio is targeted to be in the low 40s.

The CET1 ratio is envisioned to be stable in the fourth quarter of 2025 compared with the 10.7% reported in the previous quarter.

The company expects to repurchase $125 million worth of shares in the fourth quarter.

The tax rate is expected to be 22.5%.

2025 Outlook (Underlying Basis)

Management expects NII to be up 3-5% from $5.6 billion in 2024.

NIM is expected to be 3%, up from 2.85% recorded in 2024.

Average loans are projected to be down 2-3% from $139.2 billion in 2024.

Average earnings assets are forecasted to be down 1% from $198.1 billion in 2024.

Non-interest income is anticipated to be up 8-10% from $2.6 billion reported in 2024.

Adjusted non-interest expenses are projected to be up 4% from $5.1 billion in 2024.

Net charge-offs are suggested to be in the high 40 bps.

The CET1 ratio is envisioned to be around 10.5-10.75%.

The tax rate is expected to be around 21%.

Medium-Term Target

Management expects the CET1 ratio to converge to the 10.0-10.5% range.

The company now targets NIM in the range of 3.25–3.50%, up from its previous expectations of 3.25–3.40%

The efficiency ratio is projected to be around the mid-50’s.

The company is expected to reach a dividend payout ratio of approximately 35-40%.

Management expects a return on average tangible common shareholders’ equity to be around 16-18%. The execution of the target will be supported by the company’s strategic initiatives as well as the NII tailwinds expected from 2025 to 2027.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

VGM ScoresCurrently, Citizens Financial Group has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. However, the stock was allocated 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 D. 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, Citizens Financial Group 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 First Horizon National (FHN - Free Report) . Shares have added about 7.4% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is First Horizon 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 most recent earnings report in order to get a better handle on the important catalysts.

First Horizon Q3 Earnings Top Estimates on Y/Y NII & Fee Income GrowthFirst Horizon's third-quarter 2025 adjusted earnings per share (excluding notable items) of 51 cents surpassed the Zacks Consensus Estimate of 45 cents. This compares favorably with 42 cents in the year-ago quarter.

Results benefited from a rise in net interest income and non-interest income, along with provision benefits. However, a decline in loan and deposit balances acted as a headwind.

Net income available to its common shareholders (GAAP basis) was $254 million, up 19.2% year over year.

Revenues & Expenses RiseTotal quarterly revenues were $889 million, which rose 7.4% year over year. Also, the top line surpassed the Zacks Consensus Estimate by 5.1%.

NII increased nearly 7.5% year over year to $674 million. Additionally, the net interest margin increased 24 basis points from the prior-year quarter to 3.55%.

Non-interest income was $215 million, up 7.5% from the year-ago level.

Non-interest expenses increased 7.8% year over year to $551 million. The increase was due to a rise in almost all cost components, except for amortization of intangible assets.

The efficiency ratio was 61.92%, up from the year-ago period’s 61.89%. An increase in the efficiency ratio indicates a deterioration in profitability.

Loans & Deposits Balances DecreaseTotal period-end loans and leases, net of unearned income, were $63.05 billion, which decreased slightly from the end of the previous quarter. Total period-end deposits of $65.52 billion also declined moderately.

Credit Quality: Mixed BagNon-performing loans and leases of $605 million increased 4.7% from the prior-year period.

As of Sept. 30, 2025, the ratio of total allowance for loans and lease losses to loans and leases was 1.23%, down from 1.32% in the prior-year quarter. The allowance for loan and lease losses of $777 million fell 5.6% from the year-ago period.

First Horizon witnessed net charge-offs of $26 million, which increased 8.3% on a year-over-year basis. Moreover, the company recorded provision benefits of $5 million in the third quarter, against a provision for credit losses of $35 million in the prior-year quarter.

Capital Ratios DeteriorateAs of Sept. 30, 2025, the Common Equity Tier 1 ratio was 11%, down from 11.2% reported at the end of the year-ago quarter.

The total capital ratio was 13.8%, down from the year-ago quarter’s 14.2%. The tier 1 leverage ratio was 10.5%, also down from 10.6% in the year-ago quarter.

2025 Outlook Adjusted revenues are expected to be flat to rise 4% from the $3.28 billion reported in 2024.

Adjusted non-interest expenses are expected to remain flat or rise 2% from the $1.98 billion reported in 2024, due to strong expense management in the first quarter and lower commissions in countercyclical fee businesses.

The net charge-off ratio is anticipated to be 0.15-0.25% bps compared with the 2024 reported figure of 0.18%, reflecting continued credit normalization and the benefit of declining rates.

The CET 1 ratio is envisioned to be 10.5-11%, reflecting expectations for modest loan growth in addition to opportunistic deployment of excess capital.

The effective tax rate is forecast to be 21-23%.

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

VGM ScoresAt this time, First Horizon has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for value investors.

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

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise First Horizon has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

It has been about a month since the last earnings report for Bank of America (BAC - Free Report) . Shares have added about 4.8% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Bank of America 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 most recent earnings report in order to get a better handle on the important catalysts.

Bank of America Q3 Earnings Beat on Solid Trading & IB PerformanceBank of America’s third-quarter 2025 earnings of $1.06 per share handily surpassed the Zacks Consensus Estimate of 94 cents. The bottom line compared favorably with earnings of 81 cents in the prior-year quarter.

Behind Headline NumbersBank of America recorded an improvement in trading numbers for the 14th straight quarter. Sales and trading revenues, excluding net DVA, grew 8.3% year over year to $5.35 billion. Fixed-income trading fees increased 4.6%, while equity trading income rose 13.7%. We had projected sales and trading revenues (excluding net DVA) of $5.06 billion.

Unlike the previous quarter, the IB performance was robust this time. IB fees (in the Global Banking division) of $1.16 billion increased 47.5% year over year. Equity and debt underwriting income increased 47% and 42.2%, respectively. Advisory revenues grew 52.7%.

Improvement in trading and IB fees, along with higher net interest income, drove Bank of America’s total revenues. NII grew on a year-over-year basis on higher interest income related to Global Markets activity, fixed-rate asset repricing and higher deposit and loan balances, partially offset by the impact of lower interest rates.

While provisions declined in the quarter on a year-over-year basis, non-interest expenses increased, which hurt the results to some extent.

The company’s net income applicable to common shareholders grew 26% from the prior-year quarter to $8.04 billion. Our estimate for the metric was $6.85 billion.

Revenues Improve, Expenses RiseNet revenues were $28.09 billion, which surpassed the Zacks Consensus Estimate of $27.28 billion. Also, the top line increased 10.8% from the prior-year quarter.

NII (fully taxable-equivalent basis) grew 9% year over year to $15.39 billion. Our estimate for NII was $15.29 billion. Net interest yield expanded 9 basis points to 2.01%. We expected the metric to be 1.99%.

Non-interest income increased 13% from the prior-year quarter to $12.86 billion. This was driven by higher total fees and commissions. We had projected non-interest income of $11.66 billion.

Non-interest expenses were $17.34 billion, up 5.2% year over year. The rise was due to an increase in almost all cost components, except for professional fees. Our estimate for non-interest expenses was $17.29 billion.

The efficiency ratio was 61.39%, down from 64.64% in the year-ago quarter. A fall in the efficiency ratio indicates an improvement in profitability.

Credit Quality ImprovesProvision for credit losses was $1.30 billion, down 16% from the prior-year quarter. We estimated the metric to be $1.58 billion.

Net charge-offs declined 10.9% year over year to $1.37 billion. As of Sept. 30, 2025, non-performing loans and leases as a percentage of total loans were 0.46%, down from 0.53% in the prior-year period.

Capital Position StrongBook value per share as of Sept. 30, 2025, was $37.95 compared with $35.37 a year ago. Tangible book value per share was $28.39, up from $26.25 a year ago.

At the end of September 2025, the common equity tier 1 capital ratio (advanced approach) was 13.1% compared with 13.5% as of Sept. 30, 2024.

Share Repurchase UpdateIn the reported quarter, the company repurchased shares worth $5.3 billion.

GuidanceManagement expects NII (FTE basis) to be $15.6-$15.7 billion in fourth-quarter 2025, suggesting 8% year-over-year growth.

In 2026, the year-over-year rise in NII is expected to be 5-7%.

In the fourth quarter of this year, expenses are expected to be roughly in line with that reported in the third quarter.

In the near term, total net charge-offs are not expected to change much, given the steady consumer delinquency trends, stability of C&I and reductions in CRE exposures.

Over time, the efficiency ratio is expected in the low-60% range.

Investor Day Medium-Term TargetsBank of America’s chairman and CEO, Brian Moynihan, provided various medium-term targets at the company’s investor day.

NII (FTE) is expected to grow seeing a CAGR of 5-7%, with loans growing 5% or more and deposits rising 4%. An operating leverage of 200-300 bps is expected. The efficiency ratio is anticipated to be 55-59%. With expected EPS growth of 12% in the medium term, the ROTCE is projected to be 16-18%.

The company also provided medium-term targets for its various business divisions.

In the Consumer Banking unit, Bank of America targets 75 million clients, $20 billion in annual net income, 40% efficiency ratio and 40% return on average allocated capital. It expects card loans to see a CAGR of 5%.

In the Global Wealth & Investment Management division, revenues are expected to grow almost twice as fast as expenses, generating positive operating leverage and margin expansion. The average allocated capital is expected to improve to 30%.

In Merrill Wealth Management, 4-5% of annual organic growth is expected. Annual fee-based client flows are targeted at $135-$150 billion, and the pre-tax margin is expected to increase 4-6 percentage points.

For the Private Bank, $1 trillion in client balances, $5.5 billion in annual revenues and a 500-bps improvement in the pre-tax margin are expected for the medium term.

Within the Global Banking division, a 30% local client share is expected in Business Banking, along with a loan and deposit CAGR of 5-6%.

In Global Commercial Banking, the medium-term targets include growth of 3 percentage points in market share, 50% new economy revenue rally to $1.7 billion, international revenue improvement of 80% to $2.2 billion, investment banking boosting fee share by 2-4 percentage points to 15-17% and a 2-percentage-point workplace benefits client penetration to 14%.

Global Corporate Banking and Global Investment Banking revenues are anticipated to witness mid-single-digit CAGR.

In the Global Markets unit, $27 billion in segment revenues, $8 billion in net income, 15% return on assets and a 40% pre-tax margin are expected.

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

VGM ScoresAt this time, Bank of America has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. However, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of F. 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, Bank of America has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerBank of America is part of the Zacks Financial - Investment Bank industry. Over the past month, Goldman Sachs (GS - Free Report) , a stock from the same industry, has gained 6.3%. The company reported its results for the quarter ended September 2025 more than a month ago.

Goldman reported revenues of $15.18 billion in the last reported quarter, representing a year-over-year change of +19.6%. EPS of $12.25 for the same period compares with $8.40 a year ago.

Goldman is expected to post earnings of $11.65 per share for the current quarter, representing a year-over-year change of -2.5%. Over the last 30 days, the Zacks Consensus Estimate has changed +3.9%.

Goldman has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.

It has been about a month since the last earnings report for Abbott (ABT - Free Report) . Shares have added about 1.3% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Abbott due for a pullback? 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.

Abbott Reports Q3 Earnings Meet and Sales MissAbbott reported third-quarter 2025 adjusted earnings per share of $1.30, which came in line with the Zacks Consensus Estimate. The figure improved 7.4% from the prior-year quarter’s level.

GAAP earnings per share was 94 cents, the same as last year’s comparable figure.

Q3 RevenuesWorldwide sales of $11.37 billion were up 6.9% year over year on a reported basis. The top line missed the Zacks Consensus Estimate by 0.24%.

Organically, sales improved 5.5% year over year. Organic sales, ex-COVID, rose 7.5% year over year.

Following the earnings announcement, ABT stock rose 1.4% in pre-market trading today.

Segmental Results in DetailAbbott operates through four segments — Established Pharmaceuticals, Medical Devices, Nutrition and Diagnostics.

Established Pharmaceuticals’ product sales increased 7.5% on a reported basis (7.1% on an organic basis) to $1.51 billion.

Organic sales in key emerging markets improved 11.1% year over year. This was led by double-digit growth in several countries, including Asia, Latin America and the Middle East.

In the third quarter, the Medical Devices segment’s sales rose 14.8% year over year on a reported basis (12.5% organically) to $5.45 billion.

Sales growth was led by double-digit growth in Diabetes Care, Electrophysiology, Rhythm Management, Heart Failure and Structural Heart.

The Diabetes Care division reported organic sales growth of 16.2% year over year, led by sales of continuous glucose monitors, which accounted for $2.0 billion of total sales.

Structural Heart sales rose 11.3%, and Heart Failure sales improved 12.1% year over year organically.

The Vascular division recorded organic sales growth of 4.7%. The Electrophysiology, Rhythm Management and Neuromodulation divisions recorded organic growth of 13.7%, 13% and 6.8%, respectively, in the quarter under review.

For the third quarter, Nutrition sales rose 4.2% year over year on a reported basis (up 4% organically) to $2.15 billion.

Pediatric Nutrition sales were up 2.4%, and Adult Nutrition sales improved 5.4% organically. According to the company, Adult Nutrition sales benefited from the strong global growth of its market-leading brands, Ensure and Glucerna.

For the third quarter, Diagnostics sales declined 6.6% year over year on a reported basis (down 7.8% organically) to $2.25 billion. Organic sales, ex-COVID, rose 0.4%.

Core Laboratory Diagnostics sales were up 2.2% organically. Molecular Diagnostics sales increased 0.8% on an organic basis. Rapid Diagnostics sales were down 27.7%. Point of Care Diagnostics sales increased 7.8%.

Margin DetailsIn the third quarter, the gross profit rose 6% year over year to $6.29 billion despite an 8% increase in the cost of products sold (excluding amortization expense). However, the gross margin contracted 46 basis points (bps) to 55.4%.

Selling, general and administration expenses rose 5.4% year over year to $3.05 billion. Research and development expenses rose 7.4% year over year to $766 million. The company reported an adjusted operating profit of $2.48 billion, up 6.4% year over year. The adjusted operating margin contracted 11 bps to 21.8%.

2025 Financial GuidanceFor the full year, Abbott expects adjusted diluted earnings per share to be in the range of $5.12 -$5.18 (earlier $5.10-$5.20). The Zacks Consensus Estimate for the metric is pegged at $5.15.

Full-year organic sales growth, excluding COVID-19 testing-related sales, is expected to be in the range of 7.5-8.0% (same as earlier). When including COVID-19 testing-related sales, organic sales growth is forecasted to be 6-7% (unchanged). The Zacks Consensus Estimate for Abbott’s sales is currently pegged at $44.66 billion.

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

VGM ScoresAt this time, Abbott has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for value investors.

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

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

Performance of an Industry PlayerAbbott belongs to the Zacks Medical - Products industry. Another stock from the same industry, Neogen (NEOG - Free Report) , has gained 7.4% over the past month. More than a month has passed since the company reported results for the quarter ended August 2025.

Neogen reported revenues of $209.19 million in the last reported quarter, representing a year-over-year change of -3.6%. EPS of $0.04 for the same period compares with $0.07 a year ago.

For the current quarter, Neogen is expected to post earnings of $0.08 per share, indicating a change of -27.3% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Neogen. Also, the stock has a VGM Score of C.

South Bow Corporation (SOBO:CA) Q3 2025 Earnings Call November 14, 2025 10:00 AM EST

Company Participants

Martha Wilmot
Bevin Wirzba - President, CEO & Director
Richard Prior - Senior VP & COO
P. Van Dafoe - Senior VP & CFO

Conference Call Participants

George Burwell - Jefferies LLC, Research Division
Maurice Choy - RBC Capital Markets, Research Division
Praneeth Satish - Wells Fargo Securities, LLC, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the South Bow Third Quarter 2025 Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Martha Wilmot, Director of Investor Relations. Please go ahead.

Martha Wilmot

Thank you, Marvin, and welcome, everyone, to South Bow's Third Quarter 2025 Earnings Call. With me today are Bevin Wirzba, President and Chief Executive Officer; Van Dafoe, Senior Vice President and Chief Financial Officer; and Richard Prior, Senior Vice President and Chief Operating Officer.

Before I turn it over to Bevin, I'd like to remind listeners that today's remarks will include forward-looking information and statements, which are subject to the risks and uncertainties addressed in our public disclosure documents, available under South Bow's SEDAR+ profile and in South Bow's filings with the SEC. Today's discussion will also include non-GAAP financial measures and ratios, which may not be comparable to measures presented by other entities. With that, I'll turn it over to Bevin.

Bevin Wirzba
President, CEO & Director

Thanks, Martha, and good morning, everyone. We appreciate you joining us today. South Bow's third quarter financial results once again demonstrated the resilience of our business with our stable earnings profile, allowing us to meaningfully deliver on our capital allocation priorities in our first year as an independent company. We have paid a sustainable dividend to

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Vocational school, community colleges receiving grants

, /PRNewswire/ -- To inspire the next generation of electric industry professionals, the FirstEnergy Foundation is donating $55,000 to New Jersey educational programs focused on electrical trades and science, technology, engineering and mathematics (STEM) programming. The grants are part of more than $5.5 million in community support distributed across FirstEnergy's service area to date in 2025.

JCP&L employees share their experiences with students in OCVTS's electrical trades program.

Five vocational school and community college programs, located in communities served by FirstEnergy (NYSE: FE) electric company Jersey Central Power & Light (JCP&L), are directly benefiting from the donations.

Filling A Future Need
The FirstEnergy Foundation grants will support a variety of electrical education and STEM programs that benefit students at all levels, from elementary school through college.

Doug Mokoid, FirstEnergy's President of New Jersey: "We live in an increasingly connected, high-tech society. We need to prepare the next generation to meet those demands, whether they are working on electrical systems, flying drones or engineering the next great device. STEM is a vital part of the future. New Jersey has been at the center of innovation since the invention of the light bulb, and we're proud to help continue that great tradition in the communities we serve."

Funding The Future
Programs receiving grants include:

Brookdale Community College Foundation Trust, Monmouth County ($20,000): Funding will enhance seven electrical engineering lab stations used by more than 230 students for courses such as electronics, digital logic, industrial automation and embedded systems, circuit design and analysis, signal generation and measurement, safe power delivery and adjustable voltage testing.
Warren County College Foundation, Warren County ($15,000): The grant funds the Readiness Initiative for Safety & Education (RISE) program's drone training program, which works with local schools and police to offer free drone operator training and pilot certificates. Through RISE, 20 high school educators and 10 police officers will earn their FAA Part 107 Remote Pilot Certificate each year.
Sussex County Community College, Sussex County ($10,000): Funds will establish a program to loan tools to the 30 students enrolled in the college's Electrical Line Worker program and buy electrical safety gear for low-income students.
Ocean County College Foundation, Ocean County ($5,000): Funding supports the Cosmos Classroom program at the Robert J. Novins Planetarium, delivering science and STEM education to almost 8,000 K-12 students annually through 160 public, private and home school field trips and community partnerships.
Ocean County Foundation for Vocational and Technical Education ($5,000): Funding will help provide electrical supplies for nearly 150 students in the Electrical Trade Technology program's simulated work environment.
More Than Money
Earlier this year, JCP&L volunteers participated in Career Day activities at Ocean County Vocational and Technical School, sharing their experience and expertise with students in the Electrical Trade Technology program. The company also regularly hosts STEM groups from local schools at its Holmdel and Morristown headquarters, providing an inside glimpse into the management of the electrical grid.

How to Apply for a FirstEnergy Foundation Grant in New Jersey
The FirstEnergy Foundation provides support to 501(c)(3) tax-exempt nonprofits that serve and meet the critical needs of our customers in communities served by JCP&L and FirstEnergy's electric operating companies and in areas where the company conducts business.

The FirstEnergy Foundation does not accept unsolicited grant applications. To inquire about grant opportunities, contact Alix Hayes, Community Involvement Consultant at [email protected].

JCP&L serves 1.2 million customers in the counties of Burlington, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union and Warren. Follow JCP&L on X @JCP_L, on Facebook at facebook.com/JCPandL or online at jcp-l.com.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on X @FirstEnergyCorp or online at firstenergycorp.com.

SOURCE FirstEnergy Corp.

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Shareholders approve all EGM proposals related to the combination with NeuroX Business combination expected to close in December 2025 Relief to be renamed MindMaze Therapeutics Holding SA upon closing New board and executive committee members announced Companies to host joint press conference on November 25, 2025 GENEVA, SWITZERLAND / ACCESS Newswire / November 14, 2025 / RELIEF THERAPEUTICS Holding SA (SIX:RLF)(OTCQB:RLFTF, RLFTY) (Relief or the Company), a biopharmaceutical company committed to delivering innovative treatment options for select specialty, unmet and rare diseases, announced that shareholders approved by a large majority all resolutions submitted to its extraordinary general meeting (EGM) held earlier today in Geneva, Switzerland. The approvals authorize the business combination between Relief and NeuroX Group SA (NeuroX) to create a publicly listed, digital neurotherapeutics company combining NeuroX's brain health platform with Relief's specialty biopharmaceutical portfolio.

Investors interested in stocks from the Medical Services sector have probably already heard of Progyny (PGNY - Free Report) and HealthEquity (HQY - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Right now, Progyny is sporting a Zacks Rank of #2 (Buy), while HealthEquity has a Zacks Rank of #3 (Hold). This means that PGNY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one piece of the puzzle for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

PGNY currently has a forward P/E ratio of 13.82, while HQY has a forward P/E of 25.75. We also note that PGNY has a PEG ratio of 0.83. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. HQY currently has a PEG ratio of 1.19.

Another notable valuation metric for PGNY is its P/B ratio of 3.75. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, HQY has a P/B of 3.99.

These metrics, and several others, help PGNY earn a Value grade of B, while HQY has been given a Value grade of D.

PGNY has seen stronger estimate revision activity and sports more attractive valuation metrics than HQY, so it seems like value investors will conclude that PGNY is the superior option right now.

Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Alpine Income (PINE - Free Report) and Omega Healthcare Investors (OHI - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Both Alpine Income and Omega Healthcare Investors have a Zacks Rank of #2 (Buy) right now. Investors should feel comfortable knowing that both of these stocks have an improving earnings outlook since the Zacks Rank favors companies that have witnessed positive analyst estimate revisions. However, value investors will care about much more than just this.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

PINE currently has a forward P/E ratio of 9.15, while OHI has a forward P/E of 14.12. We also note that PINE has a PEG ratio of 1.53. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. OHI currently has a PEG ratio of 1.85.

Another notable valuation metric for PINE is its P/B ratio of 0.95. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, OHI has a P/B of 2.45.

These are just a few of the metrics contributing to PINE's Value grade of B and OHI's Value grade of C.

Both PINE and OHI are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that PINE is the superior value option right now.

Investors looking for stocks in the Electronics - Miscellaneous Products sector might want to consider either Hayward Holdings, Inc. (HAYW - Free Report) or Garmin (GRMN - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Hayward Holdings, Inc. and Garmin are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This means that HAYW's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one piece of the puzzle for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

HAYW currently has a forward P/E ratio of 20.76, while GRMN has a forward P/E of 23.80. We also note that HAYW has a PEG ratio of 1.57. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. GRMN currently has a PEG ratio of 2.21.

Another notable valuation metric for HAYW is its P/B ratio of 2.25. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, GRMN has a P/B of 4.43.

These metrics, and several others, help HAYW earn a Value grade of B, while GRMN has been given a Value grade of D.

HAYW sticks out from GRMN in both our Zacks Rank and Style Scores models, so value investors will likely feel that HAYW is the better option right now.

Pi Coin (PI) fell more than 3 percent today to $0.216, continuing its slow and frustrating downtrend. Even with a huge global community and growing talk about real utility, the token is still stuck in a tight range with no strong breakout yet.

Pi Price Stuck Below Heavy ResistanceExperts say Pi is trading inside a small right-shoulder pattern, which usually builds pressure before a bigger move. Right now, the price is sitting just below a key breakout zone, stopping any real rally from forming.

The first resistance sits between $0.245 and $0.255, where sellers keep stepping in. Above that, the main neckline is at $0.29 to $0.30. A clean move above this area would finally signal a shift in momentum.

Below the price, support around $0.215 to $0.220 has held for days. If that level breaks, traders are watching $0.19 next. The major swing low remains $0.152, which would invalidate the current structure if hit.

What Pi Needs for a Bullish TurnDespite the recent weakness, analysts still see potential for a bullish reversal. For that to happen, Pi must stay above $0.22, break through the first resistance zone, and reclaim the neckline at $0.29 to $0.30.

If it truly clears that barrier, the next targets become $0.33 and $0.36, as price usually moves quickly above the neckline. But if Pi drops below $0.21, the bears take back control.

Market Sentiment Cools as Pi Loses MomentumOver the past week, Pi Coin has struggled to attract new buyers. With crypto sentiment weakening and trading activity fading, PI has slipped into a quiet phase. Volatility is low, but pressure continues to build as the market waits for a catalyst.

Stellar Sparks New Utility Buzz for Pi’s 60 Million UsersWhile the price stays flat, the Pi ecosystem grabbed attention today after Stellar highlighted the potential of Pi’s massive community. Stellar said more than 60 million Pi users are “sitting at the edge of real crypto utility,” suggesting they could soon transition into active use cases on the Stellar network.

Stellar explained that Pi users could eventually join DeFi, explore real-world assets, and participate in real crypto applications for the first time. A new onboarding model aims to help Pi’s passive miners become active contributors across the Stellar ecosystem. Stellar called it a quiet shift, but a powerful one.

Pi Faces a Critical MomentPi is now squeezed tightly under a major neckline, and a decisive move is getting close. A breakout above $0.30 would give bulls strong momentum, while a fall below $0.21 would shift the entire pattern in favor of the bear

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Key NotesIt is rumored that Strategy has sold more than 33,000 BTC from its huge stash of 641,692 BTC.Chairman Michael Saylor reacted to an X post saying the company is actually buying more Bitcoin.The Bitcoin price is currently at $95,334 amid uncontrollable drawdowns.
.
Michael Saylor, the executive chairman of Strategy has reacted to the news that the business intelligence and software firm is selling its Bitcoin

BTC
$96 875

24h volatility:
4.4%

Market cap:
$1.93 T

Vol. 24h:
$130.38 B

stash.

These rumors about Strategy’s Bitcoin sales caused concern in the crypto community, but Michael Saylor and others have clarified that the claims are false.

Strategy Is Still HODLing Bitcoin
Bitcoin treasury firm Strategy has accumulated a total of 641,692 BTC, acquired at $47.54 billion with an average purchase price of $74,079 per coin across all acquisitions.

The most recent of its acquisitions happened less than a week ago, as the firm added 487 BTC to its already massive stash. The company has about $20.29 billion in unrealized gains.

It is worth noting that Strategy built this Bitcoin holding over five years and never at any point indicated that it will offload its stash.

Suddenly, a post appeared on X claiming that the Saylor-led company had started selling part of its Bitcoin holdings. One user, Rekt Fencer, alleged that Strategy had already sold 33,000 BTC and was continuing to sell more, supposedly totaling about $3.2 billion.

🚨 BREAKING:

MICHAEL SAYLOR’S STRATEGY JUST STARTED SELLING BITCOIN.

For the first time ever they fell below 1 NAV.

They already dumped 33,000 $BTC ($3.2 BILLION) and keep selling every few minutes.

IS IT OVER??? pic.twitter.com/nX4jvd3dsI

— Rekt Fencer (@rektfencer) November 14, 2025

The X post highlighted that Strategy had fallen below 1 Net Asset Value (NAV), for the first time ever.

To this news, Saylor responded “HODL,” affirming in another post that the firm is buying more BTC.

We are ₿uying.pic.twitter.com/6g11E9G6pO

— Michael Saylor (@saylor) November 14, 2025

While some X community members are still in panic mode, others are quite confident that Strategy would not make such a move.

Bitcoin Expresses Gloomy Outlook
Bitcoin price has been on a gradual decline for the last few days. On November 13, the coin dropped from above $100,000 to trade at $98,377, triggering $657.88 million in cryptocurrency liquidations.

Of this crypto liquidation, long positions accounted for $533.57 million, leaving short traders with losses of around $124.31 million.

Along the line, Bitcoin ETFs saw drastic outflows with short-term traders dominating selling, while long-term holders remained steady.

US spot Bitcoin ETFs clocked in $870 million in net outflows, marking the second‑largest daily outflow on record. The BTC price briefly fell to $96,000 and has continued to decline since then.

At the time of writing, Bitcoin’s price is currently at $95,334.63, with a 6.95% dip over the last 24 hours.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

Godfrey Benjamin on X

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Shibarium, the layer-2 scaling solution of the Shiba Inu (SHIB) blockchain, experienced a sharp spike in its daily transaction count. Despite the Shibarium transaction spike, SHIB is still trading low amid a broader market downturn.

Shibarium transactions surgeRecent data from Shibariumscan shows a notable uptick in daily transactions, reaching a 14-day high. As of Nov. 14, 2025, daily transactions climbed to around 7,620, up from a low of 4,480 the previous day. 

The latest rally comes after a calm period in Shibarium transactions, since October 2025. As revealed in a U.Today report, Shibarium transactions registered a historical daily low on Oct. 29. 

On this day, Shibarium only recorded 2,980 daily transactions. This decline signaled that users withdrew from engaging with the layer 2 despite assurances from the SHIB team.

In contrast, the latest spike in transactions aligns with broader network milestones. Shibarium crossed 14 million blocks on Nov. 10, with total blocks climbing to 14,027,952. 

This implies Shibarium added more than 5,000 blocks in a matter of days. Consequently, the total transactions surged to 1,568,692,765.

Currently, the total active addresses stand at 272,756,428 272, indicating renewed user engagement. However, this recent transaction spike is not an all-time high but a recovery signal after a rough October. 

Another key factor driving the uptick includes recent network security upgrades. The Shiba Inu team has disclosed that Shibarium is undergoing an RPC Migration Network upgrade. This security upgrade will help to boost a stronger, more distributed network built for long-term reliability. 

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SHIB price still bleeding Meanwhile, the price of the ecosystem token, SHIB, has not reflected the surge in Shibarium transactions. 

SHIB is currently traded at around $0.0000092, down 5.8% over the previous day, with a market cap of $5.4 billion. However, the trading volume increased by 25.6% to $205.8 million, suggesting increased market activity.

If volume remains high or climbs higher, the SHIB price could see a bullish turnaround. It is important to note that the recent SHIB price decline comes amid a general downturn in the crypto market.

Also note that high transactions do not always correlate directly to an increase in price. With 589 trillion SHIB tokens in circulation, even aggressive burns would not drastically deflate the supply soon. Price remains hype-driven, vulnerable to meme coin volatility.

CleanCore's Dogecoin strategy has seen its ZONE shares tumble to record lows, with a 78% monthly slide, widening quarterly losses and rising administrative costs, while DOGE's 21% pullback has erased earlier unrealized gains and left its large treasury trading below reported net asset value.

TL;DR

The Graph has integrated the TRON network and activated both the Token API and Substreams, a toolkit that redefines how teams access and organize on-chain data.
The Token API delivers ready-to-use data and connects apps with DEXs like JustSwap and SunSwap, eliminating the need for custom indexers and cutting weeks of development.
Substreams gives developers full control over data flows and supports high-performance workloads, a key requirement for a TRON network that moves over $25B per day.

The Graph added TRON to its data infrastructure and enabled two tools that will transform how teams access on-chain information: the Token API and Substreams.

What does the Token API do?
The Token API provides ready-to-use data and removes the need to build and maintain custom indexers. Developers can instantly retrieve balances, prices, swaps, and DEX activity, and connect to platforms such as JustSwap, SunSwap, and SunPump without creating pipelines or running additional servers.

This integration shortens development timelines for products that depend on critical data. A wallet can display prices and real-time activity without performing its own calculations. A block explorer can rebuild address and contract activity without running indexing processes. A lending protocol can monitor collateral and liquidity without internal infrastructure. Every Token API endpoint is production-ready, reducing weeks of engineering to a simple connection.

What does Substreams do?
Substreams serves a different purpose. It targets teams that need full control over data processing and offers TRON-specific modules. Developers can define how balances, transactions, and price data are processed and decide how those datasets are stored within their systems.

The tool is designed for demanding workloads: real-time analytics, AI engines, gaming economies, DePIN infrastructures, or trading strategies that require thousands of events per second. Institutions can also run Substreams in their own environments and customize modules to meet audit and internal reporting requirements without relying on external services.

The Graph Stabilizes TRON’s Data Flow
TRON’s metrics explain why this integration was necessary. The network moves more than $25 billion per day, maintains over 345 million active accounts, and hosts more than $76 billion in USDT. This volume requires an infrastructure capable of delivering consistent, stable, and fast data — something homegrown indexers cannot sustain at scale. The Graph fills that gap and stabilizes data access across the entire network.

Documentation for both the Token API and Substreams is already available. The Graph team, led by Pinax, will expand support for additional DEXs and assets depending on ecosystem demand. The integration allows developers to build on TRON without worrying about the data layer and to focus their time on application logic.

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At Bitcoin Amsterdam on 13 November, Alderney politician Edward Hill delivered a direct pitch to the BTC community: help turn his tiny Channel Island into a Bitcoin-first jurisdiction, anchored in renewable energy and a pro-BTC regulatory stance.

Hill opened by situating Alderney politically and geographically. “I’m from the little island of Alderney, which you may know are sister islands, Jersey and Guernsey that are traditional finance centers,” he said. “We are a Channel Island, but we are semi-independent. We are part of the Bailiwick of Guernsey and we’re located 8 miles from France. We are a self-governing jurisdiction. We’re [a] British crown dependency, but we’re in partial fiscal union with our sister island in the Bailiwick of Guernsey.”

From there, he moved quickly to why Alderney is now courting Bitcoin. Hill stressed that the government is actively seeking a strategic partner from within the ecosystem: “Why do we think Alderney could be attractive for potential Bitcoin entrepreneurs? We’re looking for somebody to take us on this journey.” He added later, “We are not Bitcoin specialists. I am from the government of the States of Alderney, but we are here to listen and learn.”

A core part of his pitch is that Alderney already knows how to build digital industries under regulation. “Most importantly, we already have an established e-gaming industry which produces a GDP around about 84 billion million,” he said, tying that to an institutional template: “We want to mirror all these success in e-gaming where we have our own e-gaming commission and we have professional staff who handle that […] and ditto we’ve done the same with our renewables as well. So what we’re looking to do is extend that to Bitcoin.”

Hill repeatedly framed Alderney as a flexible, low-friction jurisdiction for BTC companies and individuals. “We’re small and [a] stable government and we have a big appetite to diversify our economy,” he said. “We have an open canvas for you to match the business lifestyle requirements that we know that you’re looking for and have been unable to find without having to travel probably thousands of miles to more remote offshore centers.”

He hammered home Alderney’s fiscal offer in plain terms. “We’re also very attractive from a tax point of view. No corporation tax, no capital gains tax, no VAT, no inheritance tax, and personal income tax of only 20%. I’m sure you all like that.” On top of that, the island imposes no wealth-based hurdles for newcomers: “We have no financial entry requirements for residency or house purchase. So you can come, you can buy a house. You do not have to pay vast fortunes in early buying expensive houses.”

The most distinctive element, however, was energy. Hill linked Alderney’s major natural asset directly to Bitcoin mining: “Our island is located in one of the strongest tidal flows in the world and we are looking to at some stage with our exceptional tidal flow […] to link Bitcoin mining with renewable energy.” He added a striking visual twist by pointing to Alderney’s Victorian coastal defences: “These Victorian forts are already waiting for somebody to come and maybe set up some kind of Bitcoin community entrepreneur and also potentially to store Bitcoin mining systems.”

On regulation, Hill emphasised that Alderney sits under Guernsey oversight but is actively engaging to make the regime fit BTC better. “We also are regulated by the Guernsey Financial Service Commission and they’re open to engage with us and with you about making the regulatory framework more usable for Bitcoin.” He drew a clear boundary around the initiative: “We will only be working with Bitcoin, no other asset.”

He then outlined the scope of what Alderney is looking to build with the right partner: “Attracting new Bitcoin businesses to our island […] establishment of [a] Bitcoin research engineering campus, some kind of business park, a potential neo bank.” Education and values are part of that package. Hill said the island wants “public and government Bitcoin education to teach our community all about what you’re really about to dispel some of the skepticisms and rumors.”

For that, he insisted, Alderney needs a deeply involved counterpart, not just registrations. “We’re looking for a production of some kind of strategic document… someone who could implement a plan and provide local education in Bitcoin and capacity building and also execute that plan with mutual agreement from ourselves as the States of Alderney.”

Alderney’s gambit also places it in a small but growing club of islands that have tried to brand around BTC: the Isle of Man has long been marketed as “Bitcoin Island” as it attracted exchanges and payment startups under a bespoke regulatory regime, while Boracay in the Philippines has been promoted as “BTC Island” on the back of Lightning-based merchant adoption.

Malta, for its part, styled itself as the “Blockchain Island,” and Madeira has leaned into its reputation as one of Europe’s most Bitcoin-friendly islands—context that Alderney now aims to update with its own, explicitly Bitcoin-only, renewables-driven twist.

At press time, BTC traded at $96,799.

BTC drops below the 0.5 Fib and 50-week EMA, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

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Amid a wave of panic in crypto markets, rumors surfaced Friday that Strategy (MSTR) was selling its bitcoin holdings as both BTC and MSTR stock tumbled. 

Executive Chairman Michael Saylor quickly dismissed the chatter, telling CNBC, “We are buying bitcoin,” and promising that the company’s next purchases will be reported Monday. He added that Strategy is “accelerating [its] purchases” and suggested investors could be “pleasantly surprised” by recent activity.

The rumors stemmed from on-chain movements showing BTC leaving company-controlled wallets, coinciding with a brief drop in bitcoin below $95,000, its lowest level in roughly six months. 

Saylor, however, maintained confidence, saying, “There is no truth to this rumor.”

MSTR shares fell under $200 in pre-market and early trading, down nearly 35% year-to-date, prompting concerns that the company might liquidate bitcoin to stabilize its balance sheet. 

Saylor advised investors to maintain perspective amid the volatility. “Zoom out,” he said, noting that bitcoin was trading in the $55,000-$65,000 range just over a year ago. Even after recent declines, BTC at $95,000 “is still showing a pretty great return.” 

He added that Strategy has “put in a pretty strong base of support around here” and expressed comfort that bitcoin could rally from current levels.

Strategy now holds more than 641,000 BTC, valued at roughly $22.5 billion, with an average purchase price of around $74,000 per coin. The company’s market capitalization has fallen below the value of its bitcoin holdings, pushing its market-to-net-asset value (mNAV) below 1, a metric often cited as evidence that the stock may be undervalued. 

Despite these numbers, Saylor emphasized that Strategy’s balance sheet is “pretty stable” and only fractionally levered, with no imminent debt trigger points.

Bitcoin is always a good investment
On long-term prospects, Saylor remained bullish, stating, “Bitcoin is always a good investment,” provided investors are prepared for volatility and hold a time horizon of at least four years. 

He compared BTC’s performance to traditional assets, noting that bitcoin has averaged roughly 50% annual growth over the past five years, outperforming gold and the S&P. 

He also contrasted investment approaches, suggesting that those seeking exposure to digital credit instruments might prefer other products, while investors aiming for long-term ownership of “digital capital” should focus on bitcoin.

Even as market jitters continue and institutional outflows impact prices, Strategy is doubling down. “We’re always buying,” Saylor said, signaling that the firm intends to use market dips to expand its bitcoin holdings rather than sell.

Saylor: Trillions in Bitcoin 
In a wide-ranging interview with Bitcoin Magazine earlier this year, Saylor outlined an ambitious vision to build a trillion-dollar Bitcoin balance sheet, using it as a foundation to reshape global finance. 

He envisions accumulating $1 trillion in Bitcoin and growing it 20–30% annually, leveraging long-term appreciation to create a massive store of digital collateral. 

From this base, Saylor plans to issue Bitcoin-backed credit at yields significantly higher than traditional fiat systems, potentially 2–4% above corporate or sovereign debt, offering safer, over-collateralized alternatives. 

He anticipates this could revitalize credit markets, equity indexes, and corporate balance sheets while creating new financial products, including higher-yield savings accounts, money market funds, and insurance services denominated in Bitcoin. 

Earlier this week, Strategy bought 487 BTC for about $49.9 million. At the time of announcement, Bitcoin’s price was near $106,000. The purchases, made between November 3 and 9 at an average of $102,557 per BTC, bring Strategy’s total holdings to 641,692 BTC, acquired for roughly $47.54 billion at an average price of $74,079 each, underscoring the company’s ongoing commitment to its Bitcoin treasury strategy.

At the time of writing, Bitcoin is trading at $96,815, with lows recorded near $94,000.

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a junior news reporter for Bitcoin Magazine, based in North Carolina.

TL;DR:

DOGE reaches a US index fund milestone, increasing institutional recognition.
Developers emphasize network security, efficiency, and community involvement.
Milestone may stabilize price movements and encourage broader adoption.

Dogecoin (DOGE) has reached a significant benchmark for US index funds, signaling its growing influence within the broader crypto market. The milestone comes as investors increasingly explore DOGE exposure through index fund allocations. Developers and the DOGE community have voiced their support, emphasizing the importance of maintaining network reliability while scaling adoption. The achievement reflects both market interest and institutional recognition of DOGE as a tradable asset.

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Developers Highlight DOGE’s Institutional Potential and Ongoing Innovation
The development team stressed the importance of network security and transparency, noting that institutional participation requires confidence in the protocol. DOGE’s integration into index funds demonstrates a shift from retail-driven demand to more structured investment flows, which could attract larger players and increase liquidity. Developers also reiterated ongoing efforts to optimize transaction speeds and reduce network fees, ensuring the coin remains efficient for high-volume trading.

Community involvement remains strong, with key contributors providing insights on governance, technical upgrades, and adoption strategies. The team highlighted partnerships with service providers that facilitate DOGE usage in payments and financial products, reinforcing its practical utility. As adoption rises, DOGE’s inclusion in US index funds serves as a signal to the market that memecoins can achieve significant institutional acknowledgment without compromising decentralization principles.

Analysts note that DOGE’s milestone could set a precedent for other altcoins seeking institutional validation. While volatility remains a factor, the structured inflows from index funds may stabilize price movements and enhance investor confidence. The DOGE team remains committed to community engagement, protocol improvements, and exploring new use cases in DeFi, payments, and tokenized assets.

With this benchmark, DOGE demonstrates a tangible shift toward mainstream investment, bridging retail enthusiasm with institutional frameworks. Developers view this as a pivotal moment to ensure sustainable growth while maintaining network integrity, signaling the next phase of maturity for Dogecoin.

Cardano faces a major governance decision as a treasury loan vote for global exchange listings gains momentum. At the same time, ADA tests a key $0.517 support level after breaking below its ascending trendline.

Cardano vote tops 3B ADA on proposal to fund global exchange listingsCardano’s latest governance vote has drawn more than 3 billion ADA in support for a proposal that seeks a treasury-backed loan to pursue tier-1 exchange listings. The measure asks the on-chain treasury to release 5 million ADA as a repayable loan to finance a coordinated “global listing expansion” program.

Cardano Treasury Vote Stake Chart. Source: X

The vote reflects rising community engagement after Cardano’s transition to full on-chain governance this month. As ballots continue to come in, the proposal remains one of the most closely watched items on the network’s new governance dashboard.

According to the proposal, the 5 million ADA loan would be administered through Intersect, the Cardano member-based organization overseeing governance operations. The plan outlines reporting requirements, repayment terms and oversight to ensure the funds are used for listing efforts rather than unrelated activities.

Supporters argue that the initiative could strengthen Cardano’s presence on major trading venues by funding compliance, integration work and exchange-specific technical needs. Critics, however, have questioned whether treasury funds should be used for listings at all, even on a repayable basis.

The vote remains open, and final tallies will determine whether the treasury approves the request for release of funds.

ADA tests key $0.517 support after trendline breakCardano slipped below its ascending trendline on the 4-hour chart, putting fresh focus on support around $0.517, according to analyst Man of Bitcoin. He noted that ADA is now pulling back toward this level after failing to extend its recent advance, leaving bulls and bears watching the same line in the sand.

Cardano ADA Trendline Break. Source: Man of Bitcoin on X

If ADA holds above $0.517, the chart still allows for the “yellow” scenario on his chart, where price grinds higher in a diagonal pattern. In that path, the current move would act as a shallow wave-(2) pullback, with room for another leg up toward the previous resistance zone near $0.73 if buyers regain control.

However, a clean break below $0.517 would be an early warning that the alternative wave-(ii) scenario is taking over. In that case, ADA could slide deeper into the highlighted Fibonacci support box, with intermediate levels near $0.51, $0.46, $0.41 and $0.35 marking potential downside checkpoints before any attempt at a larger recovery.

In brief
Ethereum treasury firm BitMine Immersion Technologies has appointed Chi Tsang as CEO.
The company holds over $11 billion worth of ETH, making it the largest corporate holder of the coin.
Shares of BMNR continued sliding Friday alongside Ethereum's own recent price dive.
BitMine Immersion Technologies, the leading Ethereum treasury company with more than $11 billion worth of the cryptocurrency, announced Friday that it has appointed Chi Tsang as CEO and board member.

Tsang, who succeeds previous CEO Jonathan Bates, was recently the founder and Managing Partner of venture fund m1720, and had previously spent a decade at HSBC, where he finished in 2022 as Head of Asia and TMT Global Banking.

"The transformation and innovation now facing Wall Street through blockchain and Ethereum mirror the explosion of opportunity that mobile phones and the internet unleashed on telecoms and technology in the 1990s," said Tsang, in a statement. "With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution."

The firm also appointed a trio of new board members in Robert Sechan, Olivia Howe, and Jason Edgeworth.

BitMine Chairman Tom Lee, who has been the face of BitMine since its Ethereum pivot earlier this year, said in a statement that the new appointments "bring a unique blend of experience, insight, and leadership across technology, DeFi, and financial services, enabling BitMine to further position itself as the bridge between traditional capital markets and the supercycle Ethereum ecosystem."

Shares of BMNR are down about 4% on the day, recently changing hands just over $35. The firm's stock has fallen nearly 34% over the last month as crypto prices fall, diminishing the value of the company's ETH stash.

As of Monday, the company holds over 3.5 million ETH, currently valued around $11.2 billion, making it the largest corporate holder of Ethereum by far—significantly outpacing runner-up SharpLink Gaming, with about $2.75 billion worth.

Ethereum is down 5.5% over the last day to a recent price of $3,200, pushing its 30-day plunge to more than 20%. The price of ETH has fallen by 35% since the asset hit a new all-time high price just shy of $5,000 in August.

Users on Myriad—a prediction market platform operated by Decrypt's parent company, Dastan—remain slightly optimistic about Ethereum's next move, giving a nearly 53% chance that ETH is more likely to rise to $4,000 next rather than fall to $2,500.

Earlier this week, Myriad users penciled in a 77% chance of a rise to $4,000.

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XRP historically posts strong Q4 returns, averaging 134%, with rising unrealized losses again hinting at another potential recovery setup ahead.The MVRV Long/Short Difference nears neutral as XRP consolidates between $2.20 and $2.50, awaiting a decisive breakout later this year.Clearing $2.50 may target $2.64–$3.02; failure keeps XRP rangebound, delaying breakout until stronger Q4 momentum emerges sometime before year-end again.XRP is trading sideways after a volatile stretch that mirrored its Q3 movement. The altcoin has held within a narrow range despite increased market activity. 

Historical patterns now suggest a potential shift, as XRP once again displays signs commonly seen before stronger Q4 performances.

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XRP Is Mirroring Its Past In Many WaysQ4 has historically been one of the strongest periods for XRP. Over the past 12 years, the token’s average Q4 return stands at 134%. While such gains are unlikely to repeat in the coming weeks, the trend highlights the asset’s long-term seasonal strength and signals conditions that often precede bullish reversals.

This historical resilience positions XRP as one of the few major cryptocurrencies that consistently benefits from year-end momentum. 

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

XRP Quarterly Returns. Source: CryptoRankUnrealized losses are rising again, creating conditions that have previously triggered strong rebounds. Investors often push prices higher when losses spike, driven by the incentive to recover value. The same behavior was observed in November 2024, April 2025, and June 2025, each followed by a clear move upward.

If this pattern repeats, XRP may be positioned for a recovery fueled by renewed buying pressure. The recent uptick in unrealized losses suggests growing tension in the market, which historically precedes breakouts as investors attempt to regain profitability.

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XRP Relative Unrealized Loss. Source: GlassnodeThe MVRV Long/Short Difference is dipping toward the neutral zone. This indicates long-term holders are seeing reduced profits, often a precursor to a shift in short-term holder behavior. A drop below neutral would signal rising short-term gains, which may lead to brief selling as traders lock in profits.

After this phase, the indicator typically climbs back into positive territory. When long-term holder profits rise again, XRP has often followed with upward price action. This dynamic suggests a possible setup for stronger gains if the market aligns with previous cycles.

XRP MVRV Long/Short Difference. Source: SantimentXRP Price Awaits A TriggerXRP trades at $2.29 after moving sideways for several weeks following a 22% drop in October. The consolidation reflects market caution but also shows resilience as buyers continue to defend key levels through short-term uncertainty.

The current indicators suggest a bullish outlook that supports a move above $2.50, a crucial psychological zone. Clearing this level may allow XRP to break past $2.64 and potentially reach $3.02, helping the token recover October’s losses.

XRP Price Analysis. Source: TradingViewHowever, XRP has been in sideways movement for 34 days, similar to late July after another 22% crash. If history repeats, XRP may continue ranging between $2.20 and $2.50, delaying any major breakout until stronger momentum emerges.

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