Market Signal Briefing

Key Takeaways CNO posted Q3 EPS of $0.96, topping estimates and rising from $0.92 a year earlier.Operating revenues climbed 5.3% year over year to $1.2B, aided by higher collected premiums.Life, health and annuity premiums rose, offsetting increased costs and driving improved results.
Shares of CNO Financial Group, Inc. (CNO - Free Report) have risen 3.5% since it reported third-quarter 2025 results on Nov. 3. The quarterly results were supported by strong collected premiums from annuity, life and health products, rising new annualized premiums and higher fee revenues. Nevertheless, the upside was partly offset by a rise in total benefits and expenses as a result of higher other operating costs and expenses.

CNO reported third-quarter adjusted earnings per share (EPS) of 96 cents, which beat the Zacks Consensus Estimate by 1.1%. The bottom line rose from 92 cents a year ago.

Operating revenues of $1.2 billion advanced 5.3% year over year. The top line surpassed the consensus mark by 26.3%.

CNO's Q3 PerformanceTotal insurance policy income rose 2.1% year over year to $658.4 million and beat the Zacks Consensus Estimate of $653 million. The metric was aided by improved collected premiums from annuity, life and health products.

Net investment losses were $8.8 million, slightly narrower than the prior-year quarter’s loss of $11.1 million. General account assets grew 4.5% year over year to $382.9 million. Policyholder and other special-purpose portfolios of $116.8 million advanced 33.3% year over year in the quarter under review. Fee revenues and other income rose 13.9% year over year to $33.6 million.

Annuity collected premiums of $472.5 million improved 1.6% year over year, while health collected premiums increased 2.4% to $412.6 million. Collected premiums from life products totaled $247 million, which rose 2.5% year over year. The total collected premiums advanced 2.1% year over year to $1.1 billion.

New annualized premiums for health products rose 20.2% year over year, while the same for life products climbed 32.1% year over year. Annuity, Health and Life products accounted for 24.3%, 52.2% and 23.5%, respectively, of CNO's insurance margin.

Total benefits and expenses escalated 3% year over year to $1.2 billion due to goodwill and other asset impairment, and other operating costs and expenses.

CNO’s Financial Update (As of Sept. 30, 2025)CNO Financial exited the third quarter with unrestricted cash and cash equivalents of $1.2 billion, which plunged 26.5% from the 2024-end level.

Total assets of $38.3 billion rose 1.2% from the figure at 2024-end.

The debt-to-capital ratio was 33.8% at the third-quarter end, which improved 840 basis points (bps) from the 2024-end figure.

Total shareholders’ equity grew 3.8% from the 2024-end level to $2.6 billion.

Book value per common share was $27.24, which increased 10.1% from the figure at 2024-end. Operating return on equity, excluding significant items, improved 80 bps year over year to 11.2% at the third-quarter end.

CNO Financial’s Share Repurchase & Dividend UpdateCNO Financial rewarded its shareholders with $60 million in the form of share buybacks and $16.4 million in dividends during the third quarter.

As of Sept. 30, 2025, the company had a leftover repurchase capacity of $480.4 million.

CNO’s 2025 GuidanceCNO Financial now anticipates operating EPS in the range of $3.75-$3.85 compared to the previously expected range of $3.70-$3.90.

For 2025, management now estimates excess cash flow in the band of $365-$385 million to the holding company, up from the previously expected range of $200-$250 million.

The company currently projects the expense ratio to be around 19%, narrower than the prior view of 19-19.2%. It estimates the effective tax rate to be in the band of 22-22.5%. Management continues to target achieving leverage within the band of 25-28%.

CNO’s Zacks Rank & Key PicksCNO currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Finance space are T. Rowe Price Group, Inc. (TROW - Free Report) , Federated Hermes, Inc. (FHI - Free Report) and Ponce Financial Group, Inc. (PDLB - 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.

The Zacks Consensus Estimate for T. Rowe Price’s current-year earnings of $9.75 per share has witnessed one upward revision in the past seven days against none in the opposite direction. T. Rowe Price beat earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 4%. The consensus estimate for current-year revenues is pegged at $7.2 billion, implying 2.1% year-over-year growth.

The Zacks Consensus Estimate for Federated Hermes’ current-year earnings of $4.84 per share has witnessed one upward revision in the past seven days against no movement in the opposite direction. Federated Hermes beat earnings estimates in each of the trailing four quarters, with the average surprise being 15.9%. The consensus estimate for current-year revenues is pegged at $1.8 billion, calling for 8.1% year-over-year growth.

The Zacks Consensus Estimate for Ponce Financial Group’s current-year earnings is pegged at $1.05 per share, implying 128.3% year-over-year growth. In the past seven days, Ponce Financial Group has witnessed one upward estimate revision against none in the opposite direction. The consensus mark for the current-year revenues is pegged at $103 million, calling for 23.1% year-over-year growth.

Amsterdam, November 12, 2025

SBM Offshore reports the transaction details related to its EUR141 million (c. US$150 million1) share repurchase program for the period November 6, 2025 through November 12, 2025.

The repurchases were made under the EUR141 million share repurchase program announced on February 20, 2025 and effective from April 24, 2025. The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. Information regarding the progress of the share repurchase program and the aggregate of the transactions (calculated on a daily basis) for the period April 24, 2025 through November 12, 2025 can be found in the top half of the table below. Further detailed information regarding both the progress of the share repurchase program and all individual transactions can be accessed via the Investors section of the Company’s website.

Share Repurchase Program      Overall progress Share Repurchase Program:       Total Repurchase Amount EUR 141,189,019 Cumulative Repurchase Amount EUR 100,467,785 Cumulative Quantity Repurchased 4,668,106 Cumulative Average Repurchase Price EUR 21.52  Start Date  April 24, 2025 Percentage of program completed as of November 12, 202571.16%      Overview of details of last 5 trading days:       Trade DateQuantity RepurchasedAverage Purchase PriceSettlement Amount November 6, 202550,104 EUR 21.81EUR 1,092,788 November 7, 202536,540 EUR 21.79EUR 796,364 November 10, 202524,638 EUR 22.00EUR 542,115 November 11, 202518,551 EUR 21.96EUR 407,308 November 12, 202513,535 EUR 22.50EUR 304,491 Total143,368 EUR 21.92EUR 3,143,066  All shares purchased via Euronext Amsterdam, CBOE DXE and or Turquoise

This press release contains information which is to be made publicly available under the Market Abuse Regulation (nr. 596/2014). The information concerns a regular update of the transactions conducted under SBM Offshore’s current share repurchase program, as announced by the Company on February 20, 2025, details of which are available on its website.

Corporate Profile

SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar  DateYearThird Quarter 2025 Trading Update November 132025Full Year 2025 Earnings February 262026Annual General Meeting April 152026First Quarter 2026 Trading Update May 72026Half Year 2026 Earnings August 62026 For further information, please contact:

Investor Relations
Wouter Holties
Corporate Finance & Investor Relations Manager

Media Relations

Giampaolo Arghittu
Head of External Relations

Market Abuse Regulation
This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer
Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the Half Year Management Report accompanying the Half Year Earnings 2025 report, available on our website Half Year Earnings - SBM Offshore.

Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

"SBM Offshore®", the SBM logomark, “Fast4Ward®” and “F4W®” are proprietary marks owned by SBM Offshore.

1 Based on the foreign exchange rate on February 20, 2025

Press Release Week 45 & 46 - November 6 to November 12, 2025

Austevoll Seafood ASA (OTCPK:ASTVF) Q3 2025 Earnings Call November 12, 2025 6:00 AM EST

Company Participants

Arne Møgster - CEO & President
Britt Drivenes - Chief Financial Officer

Presentation

Arne Møgster
CEO & President

That is a pleasure for me to invite you to Austevoll Seafood third quarter financial presentation. I will first take you through the highlights of the quarter. Thereafter, I will go in more details of our performance in the quarter in the different segments we are operating in, and also give some insights in the quarter to come as well. Britt Kathrine Drivenes will take you more in detail through the financial figures. And I will end this session by giving our view on the different markets we are operating in.

So starting up, I would say, third quarter, I think it's 3 main topic, which I want to raise in terms of our performance in third quarter. In general, I would say we are delivering a weaker quarter in all segments. And it's mainly -- the main driver behind that is, I would say, we have had some biological challenges in Leroy as a consequences of high sea temperatures, and also a higher sea lice pressure, also combined with much lower salmon spot prices in the quarter. And also when it comes to our pelagic activity, main reason for the weaker result is also pressure in margins, in particular in the fish and marine oil products, which are taking our result both down in South America and also in the North Atlantic.

So our revenue in third quarter is just north of NOK 10 billion, and EBITDA of NOK 652 million and an EBIT of NOK 73 million. And if you include 50% of the EBITDA of Pelagia, our EBITDA is in total just south of NOK 800 million, whereas Leroy

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Q3: 2025-11-05 Earnings SummaryEPS of $0.68 beats by $0.07

 |

Revenue of

$1.27B

(100.00% Y/Y)

beats by $58.86M

Robinhood Markets, Inc. (HOOD) Wolfe Wealth Symposium 2026 November 12, 2025 10:15 AM EST

Company Participants

Steven Quirk - Chief Brokerage Officer

Conference Call Participants

Steven Chubak - Wolfe Research, LLC

Presentation

Steven Chubak
Wolfe Research, LLC

All right. Good morning. So to everyone in the room and those of you joining us on the webcast, I'm really pleased to introduce our next speaker, Steve Quirk, Chief Brokerage Officer at Robinhood. Look, Robinhood has delivered really extraordinary growth. I was trying to think about the right analogy. It's almost like a hamster on a wheel in terms of the sheer product velocity that we've seen, but you've really expanded the offering from being focused almost exclusively on the brokerage side to broadening it out to more like a wealth offering, attracting some more affluent clients to the platform. So a lot of exciting initiatives that you're working on, again, hamster on the wheel, but it's something which we're really excited to hear more about.

Question-and-Answer Session

Steven Chubak
Wolfe Research, LLC

So just given no shortage of stuff you're working on in terms of the product road map, why don't you give us an update in terms of what you're planning to launch by the end of this year and then maybe into 2026 that can support incremental growth from here?

Steven Quirk
Chief Brokerage Officer

Sure. And thanks for having me, and thanks for showing up. Yes, Vlad occasionally put some pellets in that hamster just to keep us going in the evenings and weekends. So I think we've -- you've heard from Vlad and Jason and others, we really kind of focus on 3 pillars. And the first of which is the self-directed active trader. And we set a goal about 3.5 years ago to be #1 there. And we measure that by market share across all our peers. So

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Company is the most improved electric service provider in the nation in J.D. Power rankings

, /PRNewswire/ -- PSEG Long Island has been ranked the highest in customer satisfaction among business customers in the East Large Segment, according to the J.D. Power 2025 Electric Utility Business Customer Satisfaction StudySM. The honor caps off an 11-year rise from the bottom of the survey rankings when PSEG Long Island took over operation of the electric grid.

J.D. Power surveyed 18,132 business customers nationwide in 2025. The "East Large" category of the study includes major electric utilities operating in Connecticut, Delaware, District of Columbia, Maine, Maryland, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Tennessee, Virginia and West Virginia.

"Since we started in 2014, PSEG Long Island has worked nonstop to improve the experience for the 1.2 million electric customers we serve on Long Island and in the Rockaways — including more than 130,000 commercial customers," said David Lyons, interim president and COO of PSEG Long Island. "After a decade of diligent improvements, it is a true honor to be ranked highest in business customer satisfaction among utilities in 12 states."

"This award is a reflection of the efforts our employees have put into developing the programs and support that businesses need," said Lou DeBrino, vice president of Customer Operations at PSEG Long Island. "I also want to thank our business customers for recognizing our commitment through their responses to the J.D. Power survey."

Customers responding to the J.D. Power survey rated PSEG Long Island #1 in four important categories: Digital Channels, People, Cost and Information Provided.

PSEG Long Island offers many programs and incentives for business customers, including free energy assessments; economic development grants and bill credit programs; energy efficiency rebates, and electric vehicle (EV) and EV charger incentives.

The company supports its largest business customers through a dedicated team of Major Accounts employees who liaise with key personnel within those businesses to help ensure quality service.

To help its small business customers, PSEG Long Island deploys Business First Advocates, who cover commercial districts across the service area, providing concierge service to help them manage their electricity needs.

PSEG Long Island also launched several economic development initiatives in 2018, providing more than $2.8 million since then to support local business owners.

Main Street Revitalization grants are designed to encourage economic vitality and growth of a business district by incentivizing business customers to undertake renovation or expansion projects to startup or grow their business. To date, 72 businesses have received nearly $2 million in grants under this program. The grants support local commerce and communities. They also support the local economy because these grant recipients created nearly 1,200 new jobs at their new or expanded businesses.

The Main Street Revitalization program is one part of Business First, PSEG Long Island's ongoing initiative to support small businesses on Long Island and in the Rockaway. 

Business First also offers the Vacant Space Revival program, and the CommunityThrive Program grant. 

The Vacant Space Revival program provides up to $10,000 in electric bill discounts for a new business' first year, which can be a financially difficult time. Since 2018, more than $400,000 has been provided to more than 170 new businesses under this program.

In addition to these direct-to-business grants, local business groups such as chambers of commerce, business improvement districts and civic associations that support businesses are eligible for improvement and beautification grants of up to $10,000 each. Under PSEG Long Island's newly renamed CommunityThrive Program, business organizations may qualify for reimbursement for items such as outdoor seating areas and tables, planters and signage – to encourage dining and commerce in downtown areas.

Along with Business First, PSEG Long Island's Energy Efficiency group offers significant rebates for heating and cooling, indoor and outdoor lighting, refrigeration and more to help business owners save money while reducing their carbon footprints.
To learn more about the business support offered by PSEG Long Island, visit psegliny.com/businessfirst.

PSEG Long Island
PSEG Long Island operates the Long Island Power Authority's transmission and distribution system under a long-term contract. PSEG Long Island is a subsidiary of Public Service Enterprise Group Inc. (PSEG) (NYSE:PEG), a publicly traded diversified energy company.

Visit PSEG Long Island at:
psegliny.com
PSEG Long Island on Facebook
PSEG Long Island on Instagram
PSEG Long Island on X (formerly Twitter )
PSEG Long Island on LinkedIn
PSEG Long Island on YouTube
PSEG Long Island on Flickr

Contact: Media Relations Pager
516.229.7248
[email protected]

SOURCE PSEG Long Island

Guardian Pharmacy Services Today

GRDN

Guardian Pharmacy Services

$30.30 -0.96 (-3.06%)

As of 11:25 AM Eastern

This is a fair market value price provided by Polygon.io. Learn more.

52-Week Range$17.78▼

$37.43P/E Ratio47.97

Price Target$29.33

Guardian Pharmacy Services Inc. NYSE: GRDN, a small-cap healthcare company, made waves in Tuesday’s session after reporting better-than-expected earnings that sent the stock surging on above-average volume.

The $1.98 billion company, which had been consolidating for months, broke decisively higher following the results, capturing market attention and putting itself on the radar of both traders and long-term investors.

Get GRDN alerts:

The question now is whether this breakout marks the start of a larger move or just a short-term reaction to substantial quarterly numbers.

A Leading Player in Long-Term Care Pharmacy Services
Guardian Pharmacy Services is a pharmacy service company focused on supporting residents of long-term care facilities (LTCFs) across the United States. The company provides technology-driven pharmacy management solutions designed to simplify medication handling, improve adherence, and enhance overall health outcomes. Its services cater to assisted living facilities, skilled nursing centers, group homes, behavioral health institutions, and organizations serving individuals with intellectual and developmental disabilities.

Guardian’s mission revolves around promoting health and wellness for older adults and those with complex care needs, while easing operational burdens for caregivers. Its tech-enabled approach aims to lower healthcare costs through improved medication efficiency and patient outcomes. 

As of November 2025, Guardian operates a network of over 53 pharmacies serving more than 204,000 residents across 8,200 long-term care facilities in 38 states. The company’s vision is clear: to become the nation’s leading provider of long-term care pharmacy services, backed by a passionate and diverse workforce.

Q3 Earnings Top Expectations and Drive a Breakout
The company’s latest results exceeded expectations across the board. For the third quarter, Guardian reported revenue of $377 million, easily beating analyst estimates of $354 million, and earnings per share (EPS) of 25 cents, one cent above consensus. Year-over-year, revenue rose 20%, driven by a 13% increase in total residents served, a key growth metric that underscores expanding reach and growing demand for its pharmacy solutions.

The company also raised its full-year guidance, reflecting confidence in continued momentum. Guardian now expects fiscal 2025 revenue of $1.43 billion to $1.45 billion, up from its previous range of $1.39 billion to $1.41 billion. Adjusted EBITDA is projected between $104 million and $106 million, compared to earlier estimates of $100 million to $102 million. The higher outlook not only highlights management’s confidence but also suggests improving operational efficiency and sustained demand across its customer base.

Key Ownership Trends to Watch
Guardian Pharmacy Services Stock Forecast Today12-Month Stock Price Forecast:
$29.33
-4.59% Downside

Moderate Buy
Based on 4 Analyst Ratings

Current Price$30.75High Forecast$30.00Average Forecast$29.33Low Forecast$28.00Guardian Pharmacy Services Stock Forecast Details

While Tuesday’s breakout was encouraging, several factors could shape sentiment and momentum in the coming months. Chief among them are insider and institutional activity. Over the last twelve months, institutions have added approximately $142 million worth of shares, compared with just $41 million in outflows, a positive trend suggesting growing interest from large investors.

On the flip side, insider selling has been notable, with roughly $235 million sold by seven insiders during the second quarter of 2025. Despite that, insider ownership remains exceptionally high at nearly 64%, which helps align leadership incentives with long-term shareholders. Monitoring future insider transactions, along with potential increases in institutional coverage, will be key for gauging market confidence in the company’s growth trajectory.

Analyst coverage remains limited, with just four analysts currently tracking the stock and rating it a Moderate Buy. However, given the strong quarterly results and raised outlook, there’s potentially room for upward revisions to price targets and possibly more analyst coverage in the months ahead.

A Compelling Small-Cap Healthcare Name to Watch
Guardian Pharmacy Services may have been an under-the-radar name before this week, but that could be changing quickly. The company’s strong Q3 performance, raised guidance, and expanding institutional interest all point toward growing recognition in the healthcare space.

From a technical standpoint, maintaining support above $30 will be crucial for confirming the breakout and sustaining momentum.

Should You Invest $1,000 in Guardian Pharmacy Services Right Now?Before you consider Guardian Pharmacy Services, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Guardian Pharmacy Services wasn't on the list.

While Guardian Pharmacy Services currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

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© 2015 Getty Images / Getty Images News via Getty Images

Shares of Palantir (NASDAQ:PLTR) have been scorching hot in recent years, and it’s continued to defy the laws of gravity. But after a spectacular quarterly earnings report, perhaps the laws of gravity are starting to come into effect. There wasn’t much in that last quarter to get too bearish about. AI demand is still red-hot, and the AI Platform (AIP) remains a compelling growth driver.

Still, it seems like the AI bubble talk is getting louder by the day, and, with that, we might have an environment where it takes more than a strong beat and raise; it might take a blowout quarter. Arguably, a blowout might no longer be able to do it when it comes to the hyper-growth plays that some investors may have acquired with less regard for valuation.

Palantir Has Boomed. Will the Momentum Reverse?
In any case, Palantir stock has more than tripled in the past year while gaining more than 860% in the past two years. Such a run has created profound wealth for the retail crowd, but the big question is what will happen once the AI trade runs out of steam. All the AI bubble chatter itself, I think, is not troubling enough to justify running to the hills.

However, with a legendary investor in Dr. Michael Burry (from The Big Short) recently buying up a significant amount of put options against shares of Palantir (and another AI darling in Nvidia (NASDAQ:NVDA), the generational hyper-growth stock has found itself in a tug-of-war between the bulls and the bears.

In prior pieces, I remarked on how difficult it was to time a bursting of any bubble.

And while Palantir shares may be overheated and overdue for a painful drawdown at some point, it’s unclear whether Dr. Burry will be proven right with his very risky bearish bets. Wedbush Securities’ Dan Ives still sees Palantir as having more room to run and thinks Dr. Burry is “dead wrong” to go short. I think it’s hard to go against Ives and Karp.

Palantir Seems Wildly Expensive. That Doesn’t Make It Smart to Bet Against
While I do think Dr. Burry is on the right to be concerned about the valuation and excessive enthusiasm surrounding the market’s biggest AI winner, I wouldn’t dare follow in his tracks with put options, given the force that causes the rollover might not show up in a timeframe that allows a bearish bet to dive into the money. Palantir might be overdue for a big correction or perhaps something a bit more painful, but unless the timing is right, one still stands to lose big money.

Palantir CEO Alex Karp defended his company in a televised interview, going as far as to refer to Burry’s short as “bat– crazy.” Given the positive long-term momentum riding behind shares of Palantir, it certainly seems reckless to bet against the name. What if it turns out AI stocks are partying like it’s 1996 rather than 2000?

Of course, as Dr. Burry gets more vocal about his bearish views of the AI companies, which go far beyond Palantir and Nvidia, perhaps he’ll be able to convince the masses to rethink their bullish views of the AI trade.

More Bearish Commentary From Burry
With Burry recently accusing some AI hyperscalers of artificially boosting earnings by potentially overestimating the useful life by “understating depreciation,” there are big questions that some big-name Mag Seven firms might need to address. For now, it seems like the market is unbothered by such accusations and Dr. Burry’s bearish bets on Nvidia and Palantir.

I don’t know if the wave of volatility hitting Palantir stock will lead to a more severe decline that allows Dr. Burry to make big money from his puts. Either way, I do think his brave bearish bet will either make him look like a genius or, as Karp not”bat– crazy.”

The Bottom Line
Time will tell how long Dr. Burry holds on for a sure rollercoaster ride that’s sure to go in both directions over the coming weeks. Even if Burry is right about his short thesis, there’s always the chance that markets stay “irrational” longer than Dr. Burry can handle the pain of hanging onto his puts. Whenever making a short bet, timing can make all the difference. With that in mind, I do think that Karp may very well be “dancing around” should Burry’s short bet find itself going sideways.

Upward earnings revisions, not higher valuations, have been the main driver of recent gains in US small-cap stocks, Bank of America said, even as micro caps trade at their priciest levels since the tech bubble.

The Russell 2000’s forward price-to-earnings ratio held steady for a third consecutive month at 16.1 times, roughly 6% above its long-term average, according to BofA.

Despite the flat multiple, small-cap returns have stayed positive, supported by stronger profit expectations.

“About three-quarters of the Russell 2000’s 11% return this year has come from upward EPS revisions,” analysts wrote, noting that small-cap earnings “finally emerged from recession last quarter” and are expected to accelerate into 2026.

By contrast, micro caps – the smallest segment of the market – have become notably stretched. “Micro caps are now their most expensive versus the index since the Tech Bubble,” BofA wrote, pointing out that they trade 80% above historical norms on price-to-sales and 22% above on price-to-book measures.

The sector breakdown showed financials as the top-ranked group in both small- and mid-cap quant models, supported by solid valuations and analyst upgrades. Utilities and technology also screened well, while communication services and consumer discretionary sectors ranked among the weakest.

Over the next decade, valuations suggest potential annualized returns of 8% for the Russell 2000, 6% for the Russell MidCap, and 0% for the large-cap Russell 1000, BofA added.

Key Takeaways Micron posts a 12-month net profit margin of 22.9%, leading the profitability screen.Vertiv delivers a 10.7%, 12-month net profit margin, reflecting solid operating efficiency.Corning records a 9.2%, 12-month net profit margin, highlighting consistent performance.
Investors should target those companies that generate strong returns after accounting for all operating and non-operating expenses. Therefore, choosing a profitable company rather than one that is losing money is a smarter investment.

Here, we are applying accounting ratios to evaluate a company’s profitability. Among the various profitability ratios, we select the most practical and widely recognized metric to evaluate a firm’s bottom-line performance.

To that end, Micron Technology, Inc. (MU - Free Report) , Vertiv Holdings Co (VRT - Free Report) and Corning Incorporated (GLW - Free Report) have been selected as the top picks due to their high net income ratios.

Net Income Ratio ExplainedThe net income ratio gives us the exact profitability level of a company. It reflects the percentage of net income to total sales revenues. Using the net income ratio, one can determine a firm’s effectiveness in meeting operating and non-operating expenses from revenues. A higher net income ratio usually implies a company’s ability to generate ample revenues and successfully manage all business functions.

Screening Parameters Using Research Wizard:The net income ratio is not the only indicator of future winners. So, we have added a few more criteria to arrive at a winning strategy.

Zacks Rank Equal to #1: Whether the market is good or bad, stocks with a Zacks Rank #1 (Strong Buy) have a proven history of outperformance. You can see the complete list of today’s Zacks #1 Rank stocks here.

Trailing 12-Month Sales and Net Income Growth Higher than X Industry: Stocks that have witnessed higher-than-industry sales and net income growth in the past 12 months are positioned to perform well.

Trailing 12-Month Net Income Ratio Higher than X Industry: A high net income ratio indicates a company’s solid profitability.

Percentage Rating Strong Buy greater than 70: This indicates that 70% of the current broker recommendations for the stock are Strong Buy.

These few parameters have narrowed the universe of more than 7,685 stocks to only 13.

Here are three of the 13 stocks that qualified for the screening:

MicronMicron designs, manufactures and sells memory and storage products worldwide. The 12-month net profit margin of MU is 22.9%.

VertivVertiv provides critical digital infrastructure technologies and life cycle services for data centers, communication networks and industries globally. The 12-month net profit margin of VRT is 10.7%.

CorningCorning engages in optical communications, display, environmental, specialty materials and life sciences. The 12-month net profit margin of GLW is 9.2%.

You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.

The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.

Click here to sign up for a free trial to the Research Wizard today.

Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.

MSA Safety Incorporated (MSA) Baird 55th Annual Global Industrial Conference November 12, 2025 8:55 AM EST

Company Participants

Steven Blanco - President, CEO & Director
Julie Beck - SVP, CFO & Treasurer

Conference Call Participants

Robert Mason - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Robert Mason
Robert W. Baird & Co. Incorporated, Research Division

Okay. Good morning. We're going to go ahead and get started. Thanks for coming out for the MSA Safety session. I'm Rob Mason, the senior analyst at Baird that covers advanced industrial technology. Many of you may know MSA Safety is a pure-play provider of sophisticated safety equipment globally and a market leader across most of the portions it competes in. Very glad to have Steve Blanco, the CEO, with us here today; as well as Julie Beck, CFO. Steve is going to open with a few remarks, and then we'll go to Q&A. I'll hand it off to you.

Steven Blanco
President, CEO & Director

Thanks, Rob. Thanks for having us, and thanks for everybody's interest in MSA. I appreciate it. I'll just go through a couple of things to help everybody understand the company a little bit if we can get this technology to work. So MSA is a pure-play purpose-driven safety company. And what you think about with that is we've had the same mission for 111 years. And that mission is the men and women may work in safety, they, their families and communities may live in health throughout the world. We got them. So start with the safe harbor stuff. You know that. So -- and given that mission, I think what I'd start with, and some of you have heard this story, but we're really proud of this and the entire family of associates at MSA is grounded in this. And when we were founded 111 years ago was by 2 mining engineers who continue to see

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Coinbase is the latest corporation to abandon Delaware. The company said it would reincorporate in Texas.

Sopa Images/Getty Images

2025-11-12T16:21:36.832Z

Coinbase says it is leaving Delaware and will reincorporate in Texas.
Texas has become "an increasingly attractive hub" for companies like Coinbase, the company says.
Elon Musk sparked an exodus from Delaware last year after a court ruled against his pay package.

Coinbase is joining an ever-growing list of companies bidding farewell to Delaware.

The cryptocurrency exchange has filed paperwork with the Securities and Exchange Commission to leave Delaware and reincorporate in Texas, its chief legal officer, Paul Grewal, wrote in a column on Wednesday in The Wall Street Journal.

Texas has become "an increasingly attractive hub for innovative companies like ours," Grewal wrote. "It's a shame that it has come to this, but Delaware has left us with little choice."

Delaware has long been considered one of the country's most business-friendly states. Nearly 2 million businesses call Delaware their legal home, including more than half of all publicly traded companies, according to the Delaware Secretary of State.

However, a series of Delaware court rulings has made some companies question just how hospitable the state really is for corporations.

"Delaware's Chancery Court in recent years has been rife with unpredictable outcomes," Grewal wrote.

Tesla CEO Elon Musk sparked an exodus from the state last year, reincorporating both SpaceX and Tesla in Texas, after a Delaware court sided with minority shareholders to void his proposed $56 billion pay package. Now based in Texas, Tesla shareholders approved a $1 trillion pay package, tied to some lofty benchmarks, earlier this month. Texas law makes it more difficult for shareholders to file lawsuits against a company and its directors.

VC firm Andreessen Horowitz, Roblox, and Dropbox, and Bill Ackman's Pershing Square Capital have all left Delaware in the last year. Many of them have gone to Nevada, which, like Texas, has styled itself as more business-friendly in recent years.

For Coinbase, Texas offered more "predictability," Grewal wrote.

"Senate Bill 29 modernized the Texas Business Organizations Code to codify the business-judgment rule, which rightly empowers directors and officers to make the business decisions they need to innovate," Grewal wrote, referring to new legislation that gives companies more predictability in corporate governance disputes. "This bill, together with the establishment of the Texas Business Court system, gives companies a business-friendly legal ecosystem with strong protections and efficient dispute resolution."

Coinbase did not immediately respond to a request for comment from Business Insider.

For its part, Delaware has sought to reassure corporations still incorporated in the state. Those companies account for a substantial portion of the state's revenue.

"Any company thinking about leaving, we're actively reaching out, we're talking to them, we're understanding what the issues are and understanding what ways we can do better," Gov. Matt Meyer told Business Insider in February. "And for those entities that have already made the decision to leave, we're going to continue to work hard to earn their trust and hopefully to have them come back."

Elon Musk

Coinbase

Tesla

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Texas

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Pirelli Executive Vice Chairman Marco Tronchetti Provera said on Wednesday he expected Ferrari's upcoming first fully electric model to do well in Asia but not so much in Europe.

BlackRock Utilities, Infrastructure & Power Opportunities Trust is re-evaluated as an attractive investment after strong performance and a recent pullback. Declining interest rates are a tailwind for the underlying sectors. Rising data center demand and resilient sector fundamentals support an upgraded outlook for BUI, justifying a more bullish stance.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of META, GOOG, NVDA, AMD, ORCL either through stock ownership, options, or other derivatives. 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.

Northstar Officially Opens First Commercial Asphalt Shingle Reprocessing Facility in Calgary

, /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF, OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce it has secured a contractual arrangement (the "Contract") with The City of Calgary (the "City") for the receipt and reprocessing of the City's asphalt shingles at Northstar's facility in Calgary, Alberta (the "Empower Calgary Facility" or the "Facility"). The five-year Contract will commence in April 2026, coinciding with the City's relaunch of its Shingles Recycling Program. Under the Contract, Northstar will receive all asphalt shingles collected at the City's Spy Hill, East Calgary, and Shepard Waste Management Facilities for reprocessing.

The City and Northstar will work in partnership on the collection, inspection, screening and contaminant removal of loads diverted from the City's Waste Management Facilities to the Empower Calgary Facility to ensure operational efficiency and cost-effectiveness. Volume targets and tipping fees paid to the Company under the Contract remain commercially confidential. This collaboration will enable the City to significantly advance its waste diversion goals by keeping thousands of tonnes of construction materials out of Calgary's landfills each year.

For Northstar this contract adds additional supply to the pre-existing supply agreements with IKO Industries Ltd ("IKO") and Ecco Recycling & Energy Corporation ("Ecco") to provide feedstock to the Empower Calgary Facility.  For both parties to the Contract, this represents a true first, with diversion from a Canadian municipal landfill to a circular economy solution facility that reprocesses the waste shingles to reusable industrial products, thereby establishing a clear blueprint for cities across North America.

"Northstar continues to demonstrate an economically viable solution for the reprocessing of waste asphalt shingles and its involvement with landfill diversion objectives set by industry and municipalities alike," stated Aidan Mills, President & CEO.  "We are very appreciative of the City of Calgary's confidence in Northstar in selecting our Company and our proprietary solution as the winning candidate under their request for proposal for waste shingle land diversion.  We believe this is the beginning of a long-standing relationship with the City.  With supply under the Contract, together with supply from IKO and Ecco, we have secured more feedstock than required for the Facility to operate on a single shift basis and process 40,000 tonnes per year. The Contract is in line with our strategy to access feedstock supply and divert waste shingles from municipal landfills and we look forward to engaging on and structuring similar arrangements with other municipalities across North America as part of our expansion efforts."

Today, Northstar also celebrated the grand opening of the Facility, believed to be one of the first commercial asphalt shingle recovery and reprocessing facilities in North America.  This marks Canada's first clean technology company to design, build, and operate a commercial-scale facility dedicated to reprocessing asphalt shingles into reusable, market-quality materials.

"This grand opening marks a defining moment — not only for Northstar, but for Alberta and Canada's clean technology future," said Mills.  "Together with The City of Calgary, we're transforming what was once a landfill problem into a circular economy solution. This facility shows what's possible when government, industry and innovators come together to make environmental progress that also drives economic growth."

Located in Rocky View County, just outside Calgary, the Empower Calgary facility is the first commercial-scale asphalt shingle recovery operation in North America. Using Northstar's patented Bitumen Extraction & Separation Technology (BEST), the facility can process up to 80,000 tonnes of discarded shingles annually on a two-shift basis, recovering liquid asphalt, aggregate, fibre and limestone for reuse in new paving, roofing and construction materials.  By turning a landfill-bound waste stream into valuable, reusable materials, the facility represents one of Canada's most tangible examples of the circular economy in action, reducing lifecycle CO₂ emissions by approximately 60 per cent.

The Empower Calgary facility will employ up to 30 full-time local staff and was developed in partnership with Alberta-based engineering, design and construction firms, reinforcing the province's reputation as a hub for practical, solutions-driven innovation.   Support from Emissions Reduction Alberta ("ERA") and Alberta Innovates, totaling more than $7.2 million (previously announced July 31, 2023), was instrumental in scaling Northstar's technology from a pilot project to a commercial facility. This collaboration reflects how public and private investment can work together to advance industrial decarbonization and create jobs.

"We saw this as a flagship investment in Alberta's circular economy — a proven technology that cuts emissions, diverts waste and positions the Province as a leader in shingle recycling," stated Justin Riemer, CEO, ERA.  "We are pleased to see ERA's funding helped bring the technology to Alberta and enable a new partnership with The City of Calgary to showcase its North American potential."

The Empower Calgary facility represents a transformative step toward national waste diversion and decarbonization goals. Northstar's proven model provides a scalable solution for municipalities and industry partners nationwide seeking to meet landfill reduction, emissions, and sustainability targets.

"Alberta is once again proving that environmental responsibility and economic opportunity go hand in hand," said Chantelle de Jonge, MLA for Chestermere-Strathmore. "The Empower Calgary Facility is a prime example of how local innovation is paving the way across our Province - creating jobs, reducing waste, and demonstrating the excellence of made-in-Alberta technology."

The project generates meaningful local impact by creating new jobs and supporting Calgary's zero-waste and low-carbon goals, strengthens Alberta's regional leadership in circular economy and industrial decarbonization and provides a national model for transforming construction waste into economic value. It aligns with Canada's 2030 Emissions Reduction Plan and net-zero by 2050 targets, delivering measurable greenhouse gas reductions, landfill diversion and industrial decarbonization outcomes.

About Northstar

Northstar is a Canadian waste to value technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar developed and owns a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracts the liquid asphalt for use in new hot mix asphalt shingle manufacturing and asphalt flat roof systems while also extracting aggregate and fiber for use in construction products and other industrial applications. Focused on the circular economy, Northstar plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale with its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar's mission aims at leading the recovery and reprocessing of asphalt shingles in North America that would otherwise be sent to landfill addressing numerous stakeholder objectives.

U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on https://www.otcmarkets.com/. 

For further information about Northstar, please visit www.northstarcleantech.com.

On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director

Cautionary Statement on Forward-Looking Information

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which forward‐looking information reflects the Company's current expectations regarding future events. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" "aim" or similar expressions. Forward-looking statements in this press release include statements concerning: (i) the commencement of the City of Calgary contract in April 2026; (ii) the potential of diverting thousands of tonnes of discarded shingles from landfills and the collaboration enabling the City of Calgary to significantly advance its waste diversion goals; (iii) the ability of Northstar to structure similar arrangements with other municipalities across North America; (iv) Northstar's expansion plans; (v) the ability of the Calgary Facility to process up to 80,000 tonnes of raw shingles; and (vi) Northstar's ability to become a leader in the recovery and reprocessing of asphalt shingles in North America.  Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including: risks related to factors beyond the control of the Company; inability of the Company to execute on its business plans; the Company may require additional financing which may not be obtainable or on favourable terms; economic uncertainty; and the risks and uncertainties which are more fully described under the heading "Risk Factors" in the Company's annual and quarterly management's discussion and analysis and other filings with the Canadian securities regulatory authorities under the Company's profile on SEDAR+. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

Neither the 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. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

SOURCE Northstar Clean Technologies Inc.

Cisco (CSCO) is on the path to breaking its all-time high that it last touched in March 2000. Ali Mogharabi believes A.I.

These Are The Marijuana Stocks Investors Are Missing Out On

3 minute read

3 Top Canadian Marijuana Stocks That Could Yield Better Profits In 2026
Marijuana Stock investors are keeping a close eye on new market opportunities. With constant shifts in the cannabis industry, forecasting more accurate trading is challenging. The way most pot stocks trade is similar to others in the regard that if one company goes up, others may as well. It is the speculation of what may occur in the grey area industry. Legal operators that make up the industry fight to prove to the public the importance and legitimacy of legal cannabis.

With that being said, hate it or love it, the growth and profits dont lie even with the public sector down. The success and progress from top legal operators is what keeps people in the game. Meaning that even with the sector lacking upward trading companies are a business stance are doing well. What this speculates is that the success of the business has not caught up fully to how it should reflect in the stock market.

Nevertheless, there is more to be accomplished during this upcoming year. It could mean another chance to pass federal reform and build a more solid industry going forward. For now, many are strategizing with their attention on taking future gains when more positive sentiment unfolds. Below are several marijuana stocks to watch for better trading.

Top Marijuana Stocks For Investors

Tilray Brands, Inc. (NASDAQ:TLRY)
Canopy Growth Corporation (NASDAQ:CGC)
Village Farms International, Inc. (NASDAQ:VFF)

Tilray Brands, Inc.
Tilray Brands, Inc., a lifestyle consumer products company, engages in the research, cultivation, processing, and distribution of medical cannabis products in Canada, the United States, Europe, the Middle East, Africa, and internationally.

In recent news, the company released a statement regarding the hemp-related provision included in the recent U.S. government funding bill.

Words From The Company
Sam Garfinkel, Senior Vice President, Tilray Brands, stated, “As a leader in the hemp industry, Tilray Brands strongly supports smart, forward-looking regulation – not prohibitions that stifle innovation, threaten small businesses, and restrict consumer choice. The hemp language buried within the government funding bill is misguided, out of touch with consumer interests, and misplaced in legislation where it does not belong.

[Read More] Undervalued Cannabis Stocks to Watch in November 2025

Canopy Growth Corporation
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis, hemp, and cannabis-related products in Canada, Germany, and Australia. Recently, the company has reported its Q2 2026 fiscal earnings.

Highlights And Key Mentions

Consolidated net revenue in Q2 FY2026 was $67MM, representing an increase of 6%.
Cannabis net revenue in Q2 FY2026 was $51MM, representing an increase of 12% compared to Q2 FY2025.
Canada adult-use cannabis net revenue in Q2 FY2026 was $24MM, representing an increase of 30%
Storz & Bickel net revenue in Q2 FY2026 was $16MM, representing a decrease of 10% compared to Q2 FY2025.

[Read More] Pot Stocks On The Rise With Potential Cannabis Rescheduling In 2025

Village Farms International, Inc
Village Farms International, Inc., together with its subsidiaries, produces, markets, and distributes greenhouse-grown tomatoes, bell peppers, cucumbers, and mini-cukes in North America. On November 10th, the company reported another quarter of record financials for Q3 2025.

Q3 2025 Highlights

Consolidated Net Sales Increased 21% YoY to $66.7 Million; International Export Sales Increased 758%
Consolidated Net Income from Continuing Ops of $10.8 Million or $0.09 Per Share, Up YoY and Sequentially
Consolidated Adjusted EBITDA of $20.2 Million or 30.3% of Sales; Both Company Records
Operating Cash Flow of $24.4 Million Brings YTD Total to $46.7 Million;
Company Ends Quarter with Approximately $88 Million in Cash

MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

Crypto analyst Benjamin Cowen says Ethereum (CRYPTO: ETH) is setting up for one final rally before the cycle ends, predicting that ETH will form a macro higher low against Bitcoin (CRYPTO: BTC) in early December.

What Happened: Despite Ethereum's recent correction to $3,058, Cowen remains confident in his long-term outlook, which previously called for ETH/BTC to rally from April's bottom before getting rejected in August.

He noted that Ethereum historically bottoms against Bitcoin in December, citing cycle lows from 2015, 2018, and 2020 as precedents.

Cowen compared Ethereum's current structure to Bitcoin's 2017 cycle (rally to $4,900 → correction to $3,000) and Tesla's pre-breakout pattern (rally to $490 → correction to $210 → new highs).

He observed that ETH's ongoing 11-week consolidation closely mirrors Tesla's setup before its breakout.

Also Read: Bitcoin, Ethereum Down 2% But Institutions Remain Bullish: Report

Why It Matters: Cowen acknowledged the loss of Ethereum's bull market support band (20–21-week EMAs) as a temporary concern but said the broader trend remains intact as long as Bitcoin holds its 50-week moving average.

A sustained BTC breakdown, however, would invalidate his bullish ETH thesis.

He expects altcoins to double bottom against Bitcoin in December, after which Ethereum could reclaim support and make one final surge to new all-time highs before the broader market rolls into its post-cycle regression phase through 2026.

Read Next:

Tom Lee: ‘BitMine Is Halfway To Owning 5% Of Ethereum’
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Tanzeel Akhtar

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Tanzeel Akhtar

About Author

Tanzeel Akhtar is a seasoned journalist who has been reporting on cryptocurrency and blockchain technology since 2015. Her work has appeared in leading publications including The Wall Street Journal,...

Last updated: 

November 12, 2025

Exchange-traded fund (ETF) inflows are surging at one of the strongest paces on record, signaling robust investor confidence despite widespread economic pessimism.

According to Bloomberg senior ETF analyst Eric Balchunas, total ETF inflows reached $13 billion in a single day and $40 billion over the past five days, an $8 billion-per-day pace. Year-to-date inflows now total $1.16 trillion, setting a new record for the industry.

Even Bitcoin ETFs did half a billion yesterday- and are net positive for the week. Boomers are saving y'all's asses (and you know it's true don't even argue). pic.twitter.com/Qh6y0ppgtI

— Eric Balchunas (@EricBalchunas) November 12, 2025
Equity ETFs Lead the ChargeThe bulk of the capital is flowing into equity ETFs, with investors favoring broad-market funds such as Vanguard’s VOO and iShares’ IVV, alongside high-growth and technology exposure through SMH and TQQQ.

Balchunas noted, “People must have missed all the articles from economists and columnists telling them everything is bad,” suggesting investors are ignoring gloomy headlines and rotating cash into risk assets.

Bitcoin ETFs Rebound With Half-Billion InflowsEven Bitcoin ETFs joined the surge, pulling in nearly $500 million in a single day and turning net positive for the week.

Top performers included BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s FBTC, and Ark 21Shares Bitcoin ETF (ARKB). Analysts say this shows renewed conviction in crypto exposure among long-term investors, especially as Bitcoin continues to trade with resilience through market volatility.

Investors Position for Year-End UpsideWith both U.S. equity and Bitcoin ETFs attracting significant capital, investors appear to be positioning for a strong finish to the year.

The record-setting inflows highlight a striking contrast between cautious economic commentary and the bullish behavior of investors quietly buying the dip.

Record Growth Across Global MarketsETFGI, a leading independent research and consultancy firm focused on the global ETF industry, reported that assets invested in actively managed ETFs reached a new record of $1.73 trillion at the end of September 2025.

The figure surpasses the previous high of $1.63 trillion set just a month earlier, reflecting strong momentum in active investment products.

Market Performance Boosts Investor ConfidenceGlobal market performance contributed to the surge. The S&P 500 gained 3.65% in September, while developed markets excluding the U.S. rose 2.5%, led by The Netherlands (+13.27%) and Korea (+9.04%). Emerging markets also advanced 5.49%, with Peru (+12.8%) and South Africa (+9.47%) outperforming.

“Investors continue to embrace actively managed ETFs for their transparency and flexibility,” said Deborah Fuhr, ETFGI’s managing partner and founder. “This record-breaking growth underscores the expanding role of active strategies in global portfolios.”

According to ETFGI’s September 2025 Active ETFs Industry Landscape Insights Report, actively managed ETFs gathered $70.59 billion in net inflows during September alone, marking the 66th consecutive month of positive inflows. Year-to-date, investors have poured a record $447.72 billion into these products — nearly double the total inflows recorded in 2024.

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Bitwise’s spot Chainlink exchange-traded fund (ETF) has been spotted on the Depository Trust and Clearing Corporation (DTCC) registry — a strong indicator that the fund may be nearing its official approval and market debut. The ETF, listed under the ticker symbol CLNK, appears in both the “active” and “pre-launch” categories, signaling significant progress toward potential listing.

Although a DTCC appearance doesn’t guarantee final approval from the U.S. Securities and Exchange Commission (SEC), it’s historically been a reliable sign that an ETF is close to launch. The DTCC plays a crucial role in post-trade processes, clearing and settling transactions to ensure security and efficiency for assets such as stocks and ETFs.

Bitwise’s Chainlink ETF Nears Key Milestones
The crypto asset manager Bitwise is still required to file a Form 8-A, a regulatory step often completed shortly before a product is officially listed on an exchange. The filing of this form typically indicates that a product’s launch is imminent.

Back in August 2025, Bitwise submitted a Form S-1 registration statement to the SEC, outlining plans for the ETF to track the price of Chainlink (LINK) — the native token powering the Chainlink decentralized oracle network. The ETF aims to give investors exposure to LINK’s performance without requiring them to directly hold the asset.

In parallel, Grayscale has also proposed its own Chainlink ETF. However, analysts expect Bitwise’s version to face fewer regulatory hurdles since Grayscale’s product intends to incorporate staking, a feature that often attracts additional scrutiny from the SEC.

Market Context and Regulatory Environment
The appearance of Bitwise’s Chainlink ETF on the DTCC registry comes amid a prolonged U.S. government shutdown, which has slowed the approval process for numerous spot crypto ETFs. The shutdown — now in its 42nd day — has temporarily delayed the SEC’s review of several pending filings. Still, analysts expect the process to resume quickly once the Senate-approved funding bill restores normal operations.

Dozens of asset managers are now racing to bring new spot crypto ETFs to market, targeting a range of high-demand altcoins including Dogecoin (DOGE), Solana (SOL), Avalanche (AVAX), Aptos (APT), and Hedera (HBAR). The push reflects growing institutional interest in diversified crypto exposure beyond Bitcoin and Ethereum.

SEC’s New Listing Standards Could Accelerate Approvals
Another reason for optimism comes from the SEC’s new generic listing standards, introduced on September 17, 2025. These rules allow crypto ETFs to be approved under a more streamlined process, removing the need for individual case-by-case reviews. While the government shutdown has delayed their implementation, industry experts believe that once operations resume, these standards could lead to a wave of ETF approvals — including Bitwise’s Chainlink product.

What Comes Next for Chainlink Investors
If approved, the Bitwise Chainlink ETF would become one of the first major altcoin-focused ETFs in the United States, marking another milestone in the ongoing institutional adoption of digital assets. The product would allow traditional investors to gain exposure to LINK through regulated markets, potentially increasing liquidity and market depth for the Chainlink ecosystem.

With Chainlink currently trading around $15.73, market participants are watching closely to see whether the ETF listing could catalyze renewed investor demand. As ETF approvals have historically coincided with heightened trading activity, Chainlink may soon experience increased volatility and interest from both retail and institutional traders.

Post Views: 2

Price down 17.5% monthly, but Ethereum whales add $900 million in fresh ETH.Bearish EMA crossovers loom, yet RSI shows hidden bullish divergence.$3,333 key support; $3,994 breakout level may confirm whale conviction.Ethereum (ETH) price trades near $3,445, down 17.5% month-on-month but slightly up 3.5% over the past week.The short-term bounce hides a deeper concern — Ethereum’s chart shows two bearish crossovers forming. Yet, Ethereum whales have added nearly $900 million worth of ETH in just a few days.

The question is: what are they seeing that most traders aren’t?

Sponsored

Sponsored

Bearish EMA Crossovers Loom, Yet Ethereum Whales Keep BuyingOn the daily chart, Ethereum faces a potential shift in short-term momentum. The 50-day EMA is close to crossing under the 100-day EMA, a bearish signal that often shows a slowdown in price strength.

(EMAs are averages that give more weight to recent prices, helping spot changes in trend faster than regular moving averages.)

The last time a similar crossover happened — when the 20-day EMA moved below the 100-day EMA in early November — ETH dropped nearly 22% within a week.

Bearish Crossovers Loom: TradingViewWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Now, another warning is emerging, as the 20-day EMA inches toward the 200-day EMA. If selling grows after the first crossover, the second could quickly follow, possibly accelerating downside pressure.

Despite this setup, whales remain unmoved. On-chain data from Santiment shows large wallets have increased their holdings from 101.44 million ETH on November 10 to 101.70 million ETH on November 12 — a gain of about 260,000 ETH, worth around $900 million at the current price.

Sponsored

Sponsored

Ethereum Whales Buying: SantimentThis suggests whales see these dips not as danger, but as opportunity — likely expecting a rebound once the short-term selling fades.

That optimism might stem from what’s unfolding on the momentum side. Between June 22 and November 4, ETH’s price formed higher lows, while the Relative Strength Index (RSI), which measures buying and selling strength, made lower lows.

Hidden Bullish Divergence Appears: TradingViewThis is known as a hidden bullish divergence, which usually hints that an uptrend (between June and now) is quietly holding even when charts look weak.

If the price stays over $3,333, the key support, ETH could aim for $3,650, then $3,994. A close above $3,994 would break the short-term bearish setup and open targets at $4,251 and even $4,762.

Ethereum Price Analysis: TradingViewHowever, a drop below $3,050 would confirm the downside impact of the EMA crossovers and test whale confidence. However, for that to happen, the Ethereum price would need a daily close below $3,333.

For now, Ethereum’s chart shows a rare clash — bearish signals forming, but whales are clearly eyeing the next big move.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Decentralized energy network Daylight is the first to use the Centrifuge Whitelabel service, aiming to simplify real-world asset tokenization. Nov 12, 2025, 3:00 p.m.

Centrifuge, a real-world asset (RWA) protocol, unveiled Wednesday a tokenization platform designed to help institutions, fintech startups and decentralized finance (DeFi) applications create tokenized financial products faster and more securely.

The new platform, dubbed Centrifuge Whitelabel, provides modular infrastructure for creating tokenized versions of assets from private credit and insurance to energy infrastructure and equity, according to a press release shared with CoinDesk.

STORY CONTINUES BELOW

Daylight, a decentralized energy infrastructure startup that recently raised $75 million led by Framework Ventures, is the first to build on the new service. The firm is using the platform to create tokenized vaults for energy assets. By doing so, Daylight skips much of the complex backend development needed for issuance, investor onboarding and cross-chain asset distribution, the company said.

"Centrifuge’s architecture gives us maximum expressivity and a robust set of primitives to build on, Daylight co-founder Jason Badeaux said in a statement. "It’s not just about speed to market, the extensible design allows us to build mechanisms tailored to our needs for security, customization, and native DeFi integration."

The offering comes amid a growing push to bring tokenization, the process of issuing blockchain-based representations of traditional financial instruments. Large asset managers and banks have explored tokenizing funds or private credit, aiming to improve liquidity and access. The sector is projected to grow to nearly $19 trillion by 2033 from the current $35 billion, according to a report by BCG and Ripple.

Centrifuge, founded in 2017, has been an early pioneer of bringing RWAs onchain. It's a key player in this fast-growing sector, distributing over $1.3 billion of tokenized assets, including credit funds and equity index, per RWA.xyz data.

"Our mission has always been to make tokenization a public utility, a system that anyone can build on, yet one that meets the same standards as the world’s largest asset managers," Jeroen Offerijns, CTO and co-founder of Centrifuge Labs, said in a statement. "With Centrifuge Whitelabel, we’ve taken the same infrastructure trusted by global institutions and opened it to the entire market."

Centrifuge Whitelabel is available in two tiers: a self-service model for developers and a collaborative offering for teams that want more hands-on support.

The company also offers a fully managed service through its asset management arm, Anemoy.

Read more: Intain, FIS Roll Out Tokenized Loan Marketplace on Avalanche for Small Banks

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Stablecoin payment volumes have grown to $19.4B year-to-date in 2025. OwlTing aims to capture this market by developing payment infrastructure that processes transactions in seconds for fractions of a cent.

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Circle Q3 Profit Triples, Beating Estimates, on USDC Growth

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Total revenue and reserve income for the quarter rose to $740 million, more than double the year-earlier period.

What to know:

Circle Internet Group reported third-quarter net income of $214 million, a year-over-year increase of 202%.The stablecoin issuer reported earnings per share (EPS) of $0.64. beating expectations of $0.22.Circle's total revenue and reserve income for the quarter was $740 million, 103% higher than in the year-earlier period.ClearStreet analyst Owen Lau said Circle’s results point to "strong execution and continued USDC adoption," with revenue and profit well above expectations.Read full story

TL;DR

Cardano (ADA) has officially confirmed a death cross, signaling a potential continuation of bearish momentum after weeks of steady decline.
The token trades near $0.5768, down 0.21% in the past 24 hours, with a market capitalization of $20.69 billion.
Despite short-term weakness, technical indicators hint at stabilization if broader market sentiment improves.

Cardano (ADA) is facing renewed selling pressure as its daily chart confirms a death cross pattern, a well-known bearish signal in technical analysis. The move follows a multi-week slide, raising doubts about near-term recovery prospects. ADA currently trades at $0.5768, posting a slight 0.21% decline in the last 24 hours, according to CoinMarketCap. The asset’s market capitalization stands at $20.69 billion, keeping it among the top ten cryptocurrencies by value.

Technical Breakdown Shows Persistent Weakness
The latest death cross appeared when the 9-day simple moving average (SMA) crossed below the 26-day SMA. Historically, this formation has often preceded extended correction phases across digital assets. Cardano’s chart shows that the short-term SMA at $0.5627 slipped beneath the long-term SMA at $0.5666, confirming weakening momentum.

TradingView data shows ADA’s price retreating from a recent high near $0.610 to its current range below $0.58. Analysts view the next support zone between $0.55 and $0.56 as crucial for avoiding deeper losses. Meanwhile, the Relative Strength Index (RSI) remains neutral near 55, suggesting room for further downside before an eventual rebound. A push above 60 could signal renewed bullish strength if market sentiment improves.

ADA’s Long-Term Outlook And On-Chain Dynamics
On-chain data indicates that Cardano whales have been actively reducing their exposure, selling roughly 140 million ADA in recent weeks. This activity has amplified short-term volatility and increased downward pressure on price action. However, Cardano’s ecosystem remains one of the most actively developed in the blockchain space, with ongoing upgrades to smart contracts and scaling solutions like Hydra.

Despite the bearish formation, some analysts argue that ADA’s current levels could attract accumulation if Bitcoin stabilizes after its recent 8% monthly drop. Broader risk appetite and liquidity returning to the market may provide the necessary catalyst for ADA to regain the $0.60 threshold.

In summary, the validation of the death cross on ADA’s chart strengthens the near-term bearish view, but structural progress in Cardano’s network development continues to offer a longer-term positive outlook for investors focused on fundamentals.

Ethereum’s native token, Ether (ETH), is “seconds away” from entering a convincing breakout stage, according to analyst Kamran Asghar.

Key takeaways:

Ethereum is nearing a breakout from a falling wedge, with a target of $4,400.

A bullish crossover in Ethe’s MACD indicator supports the short-term upside outlook.

ETH price may rise above $4,400 by mid-DecemberAs of Wednesday, ETH painted a textbook falling wedge structure while its Moving Average Convergence Divergence (MACD) indicator signaled a bull cross.

The falling wedge typically suggests that bearish momentum is fading. In Ether’s case, the structure has been developing since early October and is now approaching a breakout point near $3,560, which also aligns with the 0.236 Fibonacci retracement level.

ETH/USDT four-hour chart. Source: TradingViewA decisive move above this resistance could confirm a breakout, setting the stage for a rally toward $4,415 by mid-December, which is roughly 25% higher than current levels.

The target corresponds to the 0.786 Fib level, which previously acted as a key resistance zone.

Adding weight to the bullish outlook, Asghar highlighted that Ethereum’s MACD, a momentum indicator, is “seconds away” from completing a bullish crossover.

ETH/USD daily chart. Source: TradingView/Kamran AzgharThe MACD compares two moving averages to detect shifts in trend strength. When the faster blue line crosses above the slower orange line, it suggests that buying pressure is overtaking selling momentum.

Historically, similar MACD flips during consolidation phases have preceded both short-term and long-term rallies for ETH.

ETH/USD daily chart. Source: TradingViewWhat could change the bullish view?A pullback from the wedge’s upper trendline, however, risks invalidating the breakout setup, instead pushing ETH’s price toward the lower trendline, which is around the $3,000-3,200 range.

ETH/USD four-hour price chart. Source: TradingViewIn the worst-case scenario, the price may consolidate until it reaches the apex of the wedge, where its two trendlines converge, at around $2,710.

Ethereum’s MVRV Extreme Deviation Pricing Bands indicate a downside outlook, suggesting that ETH may slip toward its –0.5σ band (teal) at around $2,870 after closing below its mean valuation level.

Ethereum MVRV extreme deviation pricing bands. Source: GlassnodeThroughout Ether’s history, similar breakdowns below the mean band have preceded extended sell-offs, often pushing ETH’s price to or below the teal– 0.5σ band before a recovery began.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Cypherpunk Technologies is staking its public identity on Zcash, a conviction play made possible by long-term capital from Winklevoss Capital.

Summary

Cypherpunk Technologies rebranded and deployed $50 million to acquire 203,775 ZEC.
Pivot backed by $58.88 million private placement led by Winklevoss Capital, with new board appointments.
Zcash has surged over 1,000% this year, trading around $477 at publication.

Cypherpunk Technologies — previously doing business as biotech company Leap Therapeutics — deployed $50 million from a recent private placement to acquire 203,775 Zcash (ZEC) tokens.

The pivot is backed by a $58.88 million capital infusion led solely by Winklevoss Capital, with the firm’s principal, Will McEvoy, joining the board as Chief Investment Officer. Veteran digital asset investor Khing Oei was also appointed Chairman, cementing a leadership team built for this new direction.

“Participant control and privacy, enabled by Zcash, are critical as financial transactions move increasingly to blockchain and tokenization. The rebranding and new leadership appointments mark a transformational step in expanding our mission as we enter a new phase of growth,” Cypherpunk CEO Douglas E. Onsi said.

Cypherpunk doubles down on privacy with Zcash treasury
Cypherpunk framed its multimillion-dollar ZEC acquisition not as a speculative trade, but as a strategic necessity. The company sees Zcash as “digital privacy in asset form,” a direct hedge against what it describes as the inherent transparency of both Bitcoin and the legacy financial system.

This conviction is rooted in the belief that as more financial activity migrates to blockchains, the demand for selective disclosure, including the ability to prove payment without revealing every detail to the public, will become paramount. Cypherpunk intends to be an active participant in the Zcash community, potentially moving beyond passive holding to influence the protocol’s development.

Cypherpunk’s pivot arrives during a significant resurgence for the privacy-focused token. ZEC has been one of the standout performers of the year, rallying over 1,000% amid a broader renaissance for privacy-enhancing technologies.

After reaching a high of $723 on November 7, its highest price since 2018, the token has consolidated some gains. At the time of publication, ZEC was exchanging hands around $477, placing Cypherpunk’s average purchase price of $245.37 in a favorable light and valuing its current holdings at approximately $97 million.

Simultaneously with its rebrand, Cypherpunk reported its third-quarter 2025 financial results, revealing a narrowed net loss of $3.3 million compared to $18.2 million in the same period last year. The company ended the quarter with $9.7 million in cash, a balance that was subsequently bolstered by the $58.88 million Winklevoss Capital-led private placement in October.

Before the pivot, Leap Therapeutics was firmly focused on developing novel therapies for cancer patients, including Phase 2 trials of sirexatamab in combination with chemotherapy for advanced colorectal cancer.