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Major macroeconomic and geopolitical shifts during the quarter are reshaping the Western mine-to-magnet industryThe Halleck Creek Rare Earths Project represents a long-term, strategic solution to securing America’s rare earths supply Why it Matters

The Halleck Creek Rare Earths Project: A Wyoming Solution to Diversify and De-Risk the United States’ Upstream Rare Earths Supply Chain

DENVER, Oct. 17, 2025 (GLOBE NEWSWIRE) -- The Trump Administration has made significant and meaningful investments in reshoring the United States’ rare earths industry. However, the rapidly developing U.S. mine-to-magnet industry still has a single point of failure as there is only one domestic rare earths mine currently in production in the United States. Without additional domestic rare earths mines to diversify supply, the growing domestic magnetics industry (incentivized by the US government) remains exposed to supply chain vulnerabilities given the current concentration of global upstream rare earths mining and refining capacity in China.

American Rare Earths (“ARR”) (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) (“ARR” or the “Company”) offers a Wyoming-based solution, the Halleck Creek Rare Earths Project, a mine to magnet project that can diversify, de-risk, and ultimately supply the United States, and its allies, rare earths magnetics industries with the necessary light and heavy rare earths feedstock for the next 100+ years. American Rare Earths applauds the Department of Defense collaboration with MP Materials to construct the 10,000 tonnes per annum Independence Magnetics Facility. However, if the Mountain Pass mine remains the sole domestic supply of mined feedstock, the domestic rare earths market remains at risk. Based on the most recent technical study undertaken by ARR1, Halleck Creek’s initial base case production could fulfil upwards of 57% of the light rare earths (i.e. Neodymium-Praseodymium or “NdPr”) and 30% of the critical heavy rare earths (i.e Dysprosium, “Dy”, and Terbium, “Tb”) feedstock necessary to supply the Independence Magnetics facility for generations. Halleck Creek is America’s long-term rare earths supply solution.

ARR reports continued advancement at its flagship Halleck Creek Rare Earths Project in Wyoming for the quarter ending September 30, 2025. This report summarizes progress in test mining, process optimization, permitting and corporate initiatives during the period, with workstreams supporting design of a beneficiation demonstration plant and the permit-to-mine submission.

During the quarter the Company achieved many technical milestones which materially de-risk Halleck Creek’s development and move the Project closer to becoming the United States next producing rare earths mine. American Rare Earths strongly believes Halleck Creek is the solution to diversify and de-risk the United States’ upstream rare earths supply chain for generations to come.

Project Development and Permitting Milestones

Allanite Rare Earths Hydrometallurgical Processing Breakthrough: Successful Completion of the Impurity Removal Neutralization Test (October 13, 2025)

Impurity removal is one of the last steps in the hydrometallurgical processing of rare earths elements (“REE”) and is performed to remove non-REE minerals from the leach liquor prior to solvent extraction and separation (i.e. the final steps before producing rare earths oxide). Historically, this has been a challenging step for processing allanite-based REEs, like Halleck Creek’s ore, as the mineral typically produces unwanted byproducts such as gypsum and silica gel, resulting in additional and difficult processing steps to remove them.In a recent and extensive impurity removal test program on Halleck Creek ore minimal gypsum and silica gel were formed during the process, which points to immense operating benefits, including but not limited to the reduction of rare earths yield loss and fewer processing steps resulting in potentially lower capital and operating expenses.These results de-risk what has historically been a material technical and economic hurdle in the processing of allanite-based rare earths elements (i.e. Halleck Creek’s ore) and represent a major milestone in unlocking Halleck Creek’s vast REE supply potential. Strong Recoveries and Low Impurities Shown in Extensive Leach Testing of Halleck Creek Ore (July 9, 2025)

High Light Rare Earths Leach Recoveries Praseodymium (“Pr”) leach recoveries of 85% at optimal conditionsNeodymium (“Nd”) leach recoveries of 84% at optimal conditions Encouraging Heavy Rare Earths Leach Recoveries Terbium (“Tb”) leach recoveries of 52% at optimal conditionsDysprosium (“Dy”) leach recoveries of 46% at optimal conditions Significantly lower impurity elements of iron and aluminum Concentrations of iron and aluminum impurities post leach are approximately 5.0x and 2.9x, respectively, lower than the tests previously performed for the Scoping Study Atmospheric Tank Leach chosen as the preferred leach method Atmospheric tank leaching is typically more energy and reagent efficient and less costly than other rare earth leaching methods, such as an acid-bake (i.e. cracking) Test Mining Completed at The Cowboy State Mine (CSM), Optimization Tests Underway (September 23, 2025 and July 18, 2025)

Excavation and primary crushing of approximately 3,080 tonnes of ore was successfully and safely completed under the Company’s Wyoming exploration license. The extracted material will be used for both mineral processing optimization testing and as a stockpile for a future demonstration plant.Optimization testing underway with bulk samples dispatched to comminution experts in the U.S., Canada and Germany. Optimization tests will target low-effort, but high yield opportunities to increase overall rare earth magnet element recoveries and strengthen overall project economics. Permitting Progress at Halleck Creek (August 26, 2025)

Groundwater pump test completed at the CSM area to provide baseline data for the Wyoming Department of Environmental Quality permit-to-mine application.Environmental monitoring and hydrological modelling continuing as part of PFS and permitting requirements. Corporate and Funding Milestones (July 24, 2025 & October 2, 2025)

Robust cash position with funding secured for planned activities over the next 18-24 monthsA$15m placement completed in July 2025 at A$0.32 per share with strong institutional participation. Proceeds to fund a beneficiation demonstration-plant construction, in-fill drilling, and engineering programs.A$1.465m raised via the exercise of options in July and August 2025Post quarter end, ARR announces receipt of the final payment of A$1m, together with accrued interest, from Cobalt Blue Holdings Limited under the terms of the Promissory Note.At September 30, 2025, the Company has available approximately A$8.8m (US$5.6m) remaining under the State of Wyoming matching grant. Outlook

In the December 2025 quarter, American Rare Earths will focus on integrating results from ongoing optimization testwork into the Halleck Creek Pre-Feasibility Study (“PFS”) and beneficiation demonstration-plant design. Engineering and equipment planning will progress in parallel, with the goal of finalizing a robust mineral processing flowsheet for the PFS, followed by the publication of the technical report in 2026. Environmental and permitting activities will continue, including completion of the groundwater model and submission preparations for the Wyoming Department of Environmental Quality permit-to-mine application.

At the corporate level, the Company will continue to advance CEO recruitment and strengthen engagement with U.S. Federal and State agencies involved in critical-minerals strategy and funding programs. ARR remains focused on continuing to develop and de-risk the Halleck Creek project, with the goal of becoming the United States’ next producing rare earths mine to support the rapidly growing magnetics industry.

Strong Cash Position

At September 30, 2025, the Company had a cash position of A$21.2m and financial assets associated with ASX listed Cobalt Blue Holdings and Godolphin Resources of A$1.8m.

The Company had net cash expenditure of A$1.4m for operating costs and A$2.3m for project development (net of reimbursement from the Wyoming Energy Authority grant) activities during the quarter.

Post quarter end, the Company announced the receipt of the final payment of A$1m plus accrued interest from COB under the terms of the Promissory Note. Since the end of the quarter to the date of this release, the Company has raised a further A$3.495m via the exercise of 9m options.

Payments to related parties are included in item 6 of the Appendix 5B. Item 6.1 relates to payment of managing director salary, non-executive directors’ fees, superannuation and consulting fees for the quarter. Also included in the Sept 25 quarter are payments made in respect to the resignation of former Managing Director and CEO, Mr. Chris Gibbs, effective July 31, 2025.

This announcement has been authorized for release by the Board of American Rare Earths Limited.

Investors can follow the Company’s progress at www.americanree.com.

About American Rare Earths Limited:

American Rare Earths (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY) is a critical minerals company at the forefront of reshaping the U.S. rare earths industry. Through its wholly owned subsidiary, Wyoming Rare (USA) Inc. (“WRI”), the company is advancing the Halleck Creek Project in Wyoming—a world-class rare earth deposit with the potential to secure America’s critical mineral independence for generations. Located on Wyoming State land, the Cowboy State Mine within Halleck Creek offers cost-efficient open-pit mining methods and benefits from streamlined permitting processes in this mining-friendly state.

With plans for onsite mineral processing and separation facilities, Halleck Creek is strategically positioned to reduce U.S. reliance on imports—predominantly from China—while meeting the growing demand for rare earth elements essential to defense, advanced technologies, and economic security. As exploration progresses, the project’s untapped potential on both State and Federal lands further reinforces its significance as a cornerstone of U.S. supply chain security. In addition to its resource potential, American Rare Earths is committed to environmentally responsible mining practices and continues to collaborate with U.S. Government-supported R&D programs to develop innovative extraction and processing technologies for rare earth elements.

For further information contact:

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1 ASX release dated 24 February 2025

JNJ's strong Q3 results, upbeat sales outlook and expanding drug pipeline highlight resilience despite Stelara LOE.

KeyCorp (NYSE:KEY) posted better-than-expected earnings for the third quarter on Thursday.

The company posted adjusted earnings of 41 cents per share, beating market estimates of 38 cents per share. The company's quarterly sales came in at $1.895 billion versus expectations of $1.881 billion.

KeyCorp's Chairman and CEO, Chris Gorman, said, “Our third quarter results demonstrate continued strong momentum. Adjusted revenue was up 17% year-over-year, and we generated more than 1,000 basis points of operating leverage again this quarter. Revenue growth was driven by our clearly defined net interest income tailwinds and adjusted noninterest income growth of 8%, which continues to grow faster than expenses. At the same time, we continue to make meaningful investments in front line bankers and technology that will drive future growth. Tangible book value per share grew 4% sequentially and 14% year-over-year.”

KeyCorp shares gained 0.6% to trade at $16.88 on Friday.

These analysts made changes to their price targets on KeyCorp following earnings announcement.

Truist Securities analyst Brian Foran maintained KeyCorp with a Hold and lowered the price target from $20 to $19.
DA Davidson analyst Peter Winter maintained the stock with a Buy and lowered the price target from $22 to $21.
Considering buying KEY stock? Here’s what analysts think:

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By

Bill McColl

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

Published October 17, 2025

12:28 PM EDT

American Express shares climbed after the company posted strong quarterly results.
Scott Olson / Staff / Getty Images

Key Takeaways
Major U.S. equities indexes climbed at midday Friday as regional bank stocks rebounded from yesterday's losses after a flurry of corporate earnings reports.American Express shares climbed after the company posted strong quarterly results.Novo Nordisk and Eli Lilly shares lost ground after President Trump said he would look to lower prices for popular weight-loss drugs.

Major U.S. equities indexes climbed at midday Friday as regional bank stocks rebounded from yesterday's losses after a flurry of corporate earnings reports. The Dow, S&P 500, and Nasdaq were all higher.

Kenvue (KVUE) was the best-performing stock in the S&P 500 as investors bought the dip in the health care product’s stock following yesterday’s selloff after a lawsuit in the U.K. claimed the company’s baby powder caused cancer.

Shares of American Express (AXP) gained after the financial firm posted quarterly results that topped analysts' estimates and lifted its outlook as customers rushed to use its refreshed high-end credit cards.

Truist Financial (TFC) also posted better-than-expected results on higher wealth management fees and interest income, sending its shares higher.

Shares of Newmont (NEM) and rival gold miners slid as the price of the precious metal, which has been setting records recently, pulled back.

U.S.-listed shares of Novo Nordisk (NVO) and shares of Eli Lilly (LLY) were down following comments from President Trump about slashing prices for popular weight-loss drugs.

The yield on the 10-year Treasury note and oil futures edged higher. The U.S. dollar gained on the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded lower. 

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Key Takeaways Gardasil sales plunged 48% year over year to $2.45 billion during the first half of 2025.Merck halted Gardasil shipments to China until at least 2025-end amid excess partner inventory.Economic weakness in China and soft demand in Japan weigh on Gardasil's sales outlook.
Merck (MRK - Free Report) is facing persistent challenges for its second-largest product, Gardasil, which is a vaccine for the prevention of certain cancers caused by human papillomavirus. Though the vaccine’s sales rose consistently till 2022, it started witnessing sluggish sales from 2024.

During the first half of 2025, Gardasil sales declined 48% on a year-over-year basis to $2.45 billion. Sales of Gardasil are declining due to weak performance in China, which resulted from sluggish demand trends amid an economic slowdown. Lower demand in China resulted in above-normal channel inventory levels at Merck’s commercialization partner in China, Zhifei.

Accordingly, Merck decided to temporarily halt shipments of Gardasil in China to allow Zhifei to burn down existing inventory. Merck does not expect to resume shipments to China through at least the end of 2025.

Gardasil sales are expected to decline significantly in 2025 from 2024 levels.

Merck is also seeing lower demand for Gardasil in Japan. Management expects Gardasil sales to remain weak in China as well as Japan in the third and fourth quarters of 2025. Our estimates for Gardasil sales suggest a negative CAGR of 15.1% over the next three years.

MRK's Other Vaccines & Competition in the Target MarketBesides Gardasil, Merck markets other vaccines like ProQuad/ M-M-R II/Varivax (measles, mumps, rubella and varicella virus vaccine, Vaxneuvance (pneumococcal 15-valent conjugate vaccine), RotaTeq (rotavirus vaccine), Pneumovax 23 (pneumococcal vaccine polyvalent) and its newest jab, Capvaxive (21-valent pneumococcal conjugate vaccine).

Sales of other vaccines like Proquad, M-M-R II, Varivax, Rotateq and Pneumovax 23 also declined during the first half of 2025.

Merck’s newest respiratory syncytial virus (RSV) antibody, Enflonsia (clesrovimab), was approved in the United States in June 2025, while it is under review in the EU. Merck is currently gearing up to launch Enflonsia to help protect infants entering their first RSV season.

Per management, Enflonsia is the first and only treatment option designed to protect infants with the same dose regardless of weight.

However, Enflonsia is likely to face stiff competition from AstraZeneca (AZN - Free Report) /Sanofi’s (SNY - Free Report) RSV antibody Beyfortus, which was approved for a similar indication in 2023.

AstraZeneca records a 50% share of gross profits on sales of Beyfortus in major markets outside the United States and 25% of brand revenues in the rest of the world markets received from partner Sanofi as Alliance revenues.

Beyfortus achieved blockbuster status in its first full year of sales in 2024.

Besides antibodies, some vaccines have been approved for preventing RSV in certain patients in the United States. These include Pfizer’s Abrysvo, GSK’s Arexvy and Moderna’s mRESVIA.

MRK's Price Performance, Valuation and EstimatesYear to date, shares of Merck have declined 15.8% against the industry’s rise of 5.6%. The stock has also underperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.

Image Source: Zacks Investment Research

From a valuation standpoint, Merck appears attractive relative to the industry. Going by the price/earnings ratio, the company’s shares currently trade at 8.97 forward earnings, lower than 15.62 for the industry and its 5-year mean of 12.64.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2025 earnings per share has decreased from $8.94 per share to $8.92, while the same for 2026 has decreased from $9.55 to $9.44 over the past 60 days.

Image Source: Zacks Investment Research

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

Bryn Talkington, Managing Partner of Requisite Capital Management, joins CNBC's "Halftime Report" to explain why she's selling IonQ.

Key Takeaways Visa's revenues rose 14.3% to $10.2B, backed by strong cross-border volumes and consumer spending.Affirm's GMV soared 43% to $10.4B, with active consumers up 24% to 23M and 95% repeat usage.Visa gained 15.4% in a year, while Affirm's 55.1% rally reflects BNPL's fast-rising market traction.
The payments world is in the middle of a dramatic transformation. For decades, credit card titans like Visa Inc. (V - Free Report) ruled the global transaction network, setting the gold standard for speed, security and reliability. Now, the rise of digital-first players such as Affirm Holdings, Inc. (AFRM - Free Report) is rewriting the rules, offering consumers flexible, transparent and often interest-free ways to finance their purchases.

As shoppers increasingly move away from traditional credit toward installment-based models, the “buy now, pay later” (BNPL) revolution has become one of the most powerful forces reshaping modern finance. Visa remains a fortress of profitability and scale, while Affirm represents the tech-savvy challenger catering to new-age consumers who value clarity and choice over revolving debt.

It is a classic matchup of legacy dominance versus digital disruption: Visa, the credit card king that built the past, against Affirm, the BNPL upstart defining the future. So, who is better positioned to ride the next great wave in payments? Let’s dive in.

The Case for VisaVisa’s dominance across the global payments landscape is unrivaled. Operating in more than 200 countries, Visa processes an enormous share of the world’s transactions, expected to surpass 257 billion in fiscal 2025. That scale forms the foundation of its durable business model: Visa earns high-margin revenue through transaction fees, licensing and value-added services, without taking on direct credit risk like lenders do.

In the last reported quarter, Visa’s net revenues climbed 14.3% year over year to $10.2 billion, powered by robust cross-border volumes and strong consumer spending resilience. Payments volume grew 8%, while cross-border transactions rose 12%, underscoring the strength of global commerce. Adjusted operating income rose 14.9% to $6.9 billion, keeping Visa’s margins comfortably close to 68%.

Its balance sheet remains pristine, with a long-term debt-to-capital ratio of just 33.6%, far lower than Affirm’s 71.8%. That financial strength gives Visa tremendous flexibility to invest, repurchase shares, and weather downturns.

However, the payments landscape is evolving quickly. Younger consumers are gravitating toward flexible, short-term payment options instead of revolving credit cards. That trend plays directly into the hands of BNPL players like Affirm. Moreover, Visa’s growth in mature markets is expected to slow as card penetration approaches saturation, limiting upside compared with nimble fintechs expanding into new segments.

Regulatory scrutiny is also intensifying. Authorities in the United States and the U.K. have raised concerns about the duopoly between Visa and Mastercard Incorporated (MA - Free Report) , which could constrain their pricing power or invite legal challenges.

To its credit, Visa is not standing still. It continues to invest in tokenization, real-time payments and BNPL partnerships, while experimenting with blockchain and stablecoin-powered cross-border settlements. The latter is expected to be transformative, reducing friction, cutting costs and freeing up capital trapped in banking intermediaries.

Visa currently trades below its average analyst price target of $398.16, implying 15.2% upside. Yet, compared with Affirm’s faster growth and higher return potential, Visa may represent steady reliability rather than explosive opportunity. Affirm trades below its average analyst price target of $95.50, leaving a potential for 30.7% upside.

The Case for AffirmAffirm has rapidly become one of the most recognized names in BNPL, a category that is redefining how consumers pay for everything from electronics to groceries. The company’s transparent, interest-free installment loans appeal to shoppers wary of credit card debt, while merchants benefit from higher conversion rates and average order values.

Affirm’s merchant network spans more than 377,000 partners, including household names like Amazon, Shopify and Costco, giving it prime visibility at the digital checkout counter. That integration ensures millions of consumer touchpoints daily, strengthening brand loyalty and usage frequency. Its latest results tell a story of momentum and scale. In the fourth quarter of fiscal 2025, Affirm’s gross merchandise volume (GMV) soared 43% year over year to $10.4 billion, driven by rising transaction frequency and broader category adoption. Active consumers climbed 24% to 23 million, and the repeat transaction rate hit 95%, underscoring high customer satisfaction and stickiness.

Affirm’s edge lies in its data-driven underwriting model, powered by AI algorithms that assess real-time credit risk. This has helped reduce delinquency even as it expands. While profitability remains a work in progress, the company’s improving operating efficiency and expanding scale are boosting margins steadily. Importantly, its strategic push into everyday purchases, travel, gaming and small-ticket items opens the door to recurring, high-frequency usage, a key to sustainable growth.

Affirm does face competition from established networks and other BNPL providers like Klarna Group plc (KLAR - Free Report) and Afterpay. Walmart’s decision to shift from Affirm to Klarna highlighted how fragile those relationships can be. Still, Affirm’s transparent fee structure, strong brand identity, and deep API integration with retailers make it one of the most trusted BNPL platforms in the market. In an era where consumers crave financial flexibility and transparency, Affirm’s technology-first strategy and strong merchant ties give it a unique growth runway. As Visa adapts to protect its turf, Affirm is sprinting ahead to capture the next generation of digital spenders.

How Do Zacks Estimates Compare for V & AFRM?While Visa’s growth outlook is steady, Affirm’s projections reflect a company in transformation, one that is scaling toward sustainable profitability and expanding its total addressable market.

The Zacks Consensus Estimate for Visa’s fiscal 2025 earnings is pegged at $11.43 per share, a 13.7% year-over-year growth, reflecting solid but mature expansion. Revenues for the current year are expected to reach $39.8 billion, a jump of 10.9% from a year ago. It beat earnings estimates in each of the past four quarters with an average surprise of 3.9%.

In contrast, Affirm’s fiscal 2026 earnings estimate stands at 85 cents per share, marking a remarkable 466.7% surge year over year, while revenues are expected to jump 23.8%. AFRM has also beaten earnings estimates in each of the past four quarters, but with an average surprise of 105.5%.

Valuation: V vs. AFRMOn a price-to-sales basis, Visa sits at 13.86X forward revenues, significantly above Affirm’s multiple of 5.29X. Affirm’s cheaper P/S multiple leaves room for significant growth as business expansion accelerates.

Image Source: Zacks Investment Research

Price Performance ComparisonVisa has returned 15.4% in the past year, buoyed by resilient spending trends and market optimism. Affirm, on the other hand, has delivered a stunning 55.1% return, riding the tailwinds of surging BNPL adoption and operational improvements. The S&P 500 gained 16.2% during the same period.

Price Performance – V, AFRM & S&P 500
Image Source: Zacks Investment Research

ConclusionVisa remains a financial titan, steady, profitable, and globally dominant. But the payments ecosystem is evolving, and consumers are rewriting the rules of credit. Affirm’s rapid growth, advanced underwriting, and expanding merchant network position it to benefit directly from this generational shift.

While Visa continues to deliver consistent returns, Affirm looks better poised for outsized gains, thanks to its business model and long runway for adoption. For investors betting on where payments are headed next, the BNPL rebel is likely to just outpace the credit card king. Affirm currently has a Zacks Rank #2 (Buy), while Visa has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Avantor entered a strategic partnership with BlueWhale Bio to advance CAR-T manufacturing.The collaboration merges Avantor's bioprocessing expertise with BlueWhale's CDNP technology.The deal targets scalable, efficient CAR-T production and strengthens Avantor's cell therapy presence.
Avantor (AVTR - Free Report) recently entered into a strategic partnership with BlueWhale Bio to accelerate innovation in CAR-T cell therapy manufacturing. The collaboration merges Avantor’s bioprocessing expertise with BlueWhale’s proprietary Synecta cell-derived nanoparticle (CDNP) technology to streamline cell activation and expansion.

The partnership aims to address key bottlenecks in CAR-T production by enhancing scalability, reducing variability and shortening time-to-patient. Together, the companies plan to deliver next-generation manufacturing solutions that expand patient access and strengthen Avantor’s footprint in the fast-growing cell therapy market.

Likely Trend of AVTR Stock Following the NewsFollowing the announcement, the company's shares traded flat at yesterday’s closing. In the year-to-date period, shares have lost 30.8% against the industry’s 0.5% growth. The S&P 500 has gained 14.5% in the same time frame.

In the long term, the BlueWhale Bio partnership could strengthen Avantor’s position in the high-growth cell and gene therapy market by expanding its portfolio of advanced bioprocessing solutions. By integrating cutting-edge CAR-T manufacturing technologies, Avantor can deepen its presence with biotech and pharma clients, capture higher-margin opportunities in GMP-grade reagents, and drive recurring revenue from next-generation therapy platforms—supporting sustainable growth and long-term shareholder value.

AVTR currently has a market capitalization of $9.46 billion.

Image Source: Zacks Investment Research

More on the PartnershipFor Avantor, the partnership with BlueWhale Bio marks a strategic step toward deepening its role in the fast-evolving cell therapy manufacturing landscape. Avantor will leverage its bioprocessing and GMP-grade reagent production capabilities to scale up BlueWhale’s CDNP platform, a breakthrough designed to mimic natural T-cell stimulation. Data from BlueWhale Bio’s preclinical and clinical programs show earlier cell division, higher cell yields, and fewer process interventions, suggesting the potential to shorten CAR-T production time while minimizing cell stress during manufacturing. The technology is already being used in a clinical trial featuring a three-day CAR-T manufacturing process, underscoring its promise for accelerating therapy turnaround and expanding patient access.

This collaboration allows Avantor to integrate cutting-edge activation and expansion reagents into its global manufacturing ecosystem, reinforcing its reputation as a critical enabler of next-generation therapies. By combining its scale, supply reliability, and regulatory expertise with BlueWhale Bio’s scientific innovation, Avantor is well-positioned to deliver a differentiated manufacturing solution for CAR-T developers. Over time, this could enhance Avantor’s presence in high-growth markets, strengthen long-term customer partnerships, and open new avenues for value creation as demand for efficient, scalable cell therapy production continues to rise globally.

Favorable Industry Prospects for AVTRPer a report by Grand View Research, the global cell and gene therapy manufacturing market size was valued at $7.28 billion in 2022 and is expected to witness a CAGR of 26.6% from 2023 to 2030.

AVTR’s Zacks Rank & Key PicksCurrently, AVTR carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the broader medical space are Masimo (MASI - Free Report) , Merit Medical System (MMSI - Free Report) and West Pharmaceutical Services (WST - Free Report) . Each stock presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Masimo shares have lost 10.4% so far this year compared with the industry’s 7.4% decline. Estimates for the company’s 2025 earnings per share have increased 1.3% to $5.30 in the past 30 days.

MASI’s earnings beat estimates in each of the trailing four quarters, the average surprise being 13.8%. In the last reported quarter, it posted an earnings surprise of 8.1%.

Estimates for Merit Medical’s 2025 earnings per share have increased 0.8% to $3.63 in the past 60 days. Shares of the company have lost 13.8% so far this year against the industry’s 1.1% growth.

MMSI’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 12.92%. In the last reported quarter, it delivered an earnings surprise of 17.44%.

Estimates for West Pharmaceutical’s 2025 earnings per share have increased 1.2% to $6.74 in the past 60 days. Shares of the company have lost 18.2% so far this year against the industry’s 1% growth.

WST’s earnings beat estimates in each of the trailing four quarters, the average surprise being 16.81%. In the last reported quarter, it delivered an earnings surprise of 21.85%.

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NEW YORK--(BUSINESS WIRE)--Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Vera Bradley, Inc. (NASDAQ: VRA) resulting from allegations that Vera Bradley may have issued materially misleading business information to the investing public.

So What: If you purchased Vera Bradley securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=40454 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

What is this about: On June 11, 2025, Vera Bradley announced its financial results for the first quarter of the 2026 fiscal year. Commenting on the results, Vera Bradley’s CEO stated that “[o]ur first quarter results were disappointing as top line and profitability trends from the previous several quarters continued.”

On this news, the price of Vera Bradley stock fell 19% on June 11, 2025.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

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PHOENIX & NEW YORK--(BUSINESS WIRE)--The Blackstone Charitable Foundation has awarded a $3 million grant to launch Blackstone Skilled Futures in partnership with Arizona State University, Maricopa Community Colleges and local nonprofits. The program aims to increase access to high-quality training and workforce development, focusing on construction and advanced manufacturing in the Phoenix area. Blackstone Skilled Futures will support students in need, along with capacity building for training.

Key Takeaways Commercial Metals posted Q4 EPS of $1.37, topping estimates and rising from 84 cents last year.Q4 net sales climbed 5.9% year over year to $2.11B, driven by strength across all operating segments.CMC agreed to buy Foley Products for $1.84B, expanding into precast applications and boosting market reach.
Commercial Metals Company (CMC - Free Report) reported earnings per share (EPS) of $1.35 for the fourth quarter of fiscal 2025 (ended Aug. 31, 2025) compared with 90 cents in the year-ago quarter. Adjusted for one-time items, the earnings came in at $1.37. The bottom line beat the Zacks Consensus Estimate of $1.32.

Net sales in the reported quarter were around $2.11 billion, up 5.9% year over year. The reported figure beat the Zacks Consensus Estimate of $2.04 billion.

The cost of goods sold in the quarter was up 2.9% from the year-ago quarter to $1.72 billion. The gross profit was up 21.6% from the year-ago quarter to $393 million during this period. The core EBITDA was $291 million in the fiscal fourth quarter, up 32.9% from the year-ago quarter.

Commercial Metals’ Q4 Segment PerformancesThe North America Steel Group segment generated net sales of $1.62 billion in the fiscal fourth quarter compared with $1.56 billion in the year-ago quarter. We expected net sales of $1.61 billion for the quarter. The segment registered an adjusted EBITDA of $239 million compared with the year-ago quarter’s $203 million. Our model predicted an adjusted EBITDA of $228 million.

The Europe Steel Group segment’s revenues were $263 million, up 18.5% from the year-ago quarter. Our model predicted net sales of $227 million. The adjusted EBITDA was $39 million in the fiscal fourth quarter against the year-ago quarter’s negative $3.6 million. We expected an adjusted EBITDA of $5.2 million for the quarter.

The Emerging Businesses Group segment generated net sales of $222 million in the fiscal fourth quarter compared with $195.5 million in the year-ago quarter. We expected net sales of $169 million for the quarter. The segment registered an adjusted EBITDA of $50.6 million, up 19.1% year over year. Our model predicted an adjusted EBITDA of $58 million.

CMC’s FY25 PerformanceCommercial Metals reported adjusted earnings per share of $3.13 for fiscal 2025, marking a 24% decline from $4.13 in fiscal 2024. The bottom line beat the Zacks Consensus Estimate of $3.09. 

Revenues dropped 1.6% year over year to $7.79 billion in fiscal 2025, beating the Zacks Consensus Estimate of $7.75 billion.

Commercial Metals’ Q4 Cash Flow & Balance Sheet UpdatesCMC reported cash and cash equivalents of $1.04 billion at the end of fiscal 2025 compared with $0.86 billion at the end of fiscal 2024. The company’s long-term debt was $1.31 billion at the end of fiscal 2025 compared with $1.15 billion at the end of fiscal 2024. Cash generated from operating activities was $715 million in fiscal 2025 compared with $899.7 million in the last fiscal year.

CMC’s Other UpdatesThe company announced on Thursday that it has inked a definitive agreement to acquire Foley Products Company for $1.84 billion in cash. Along with the pending CP&P acquisition, this deal will expand the company’s commercial portfolio into mission-critical precast applications. It will establish CMC as the third-largest player in the United States, with a significant presence in the Mid-Atlantic and Southeast regions.

CMC expects the deal to be immediately accretive to EPS and free cash flow per share. By the end of year three, annual run-rate synergies are expected to be between $25 million and $30 million of EBITDA.

In mid-September, CMC announced that it had inked a definitive agreement with Eagle Corporation and ECPP, LLC to acquire Concrete Pipe & Precast, LLC ("CP&P"). This move will help Commercial Metals expand its early-stage construction solutions portfolio.

The deal is projected to be immediately accretive to CMC’s EPS and free cash flow per share. By the third year of completion, annual run-rate synergies from the transaction are expected to be between $5 million and $10 million, primarily related to optimization initiatives.

Commercial Metals’ FY26 OutlookThe company expects finished steel shipments within the North America Steel Group to follow normal seasonal trends in the first fiscal quarter of 2026. The adjusted EBITDA margin of the segment will rise sequentially, driven by higher steel product margins over scrap.

In the Emerging Businesses Group, results are expected to be down sequentially due to seasonality but increase on a year-over-year basis. Meanwhile, Europe Steel Group’s adjusted EBITDA is likely to remain near breakeven. Overall, financial results in the first quarter of fiscal 2026 are expected to be in line with the fourth quarter results.

CMC’s Share Price Outperforms IndustryShares of the company have lost 0.5% in the past year against the industry’s growth of 5.5%.

Image Source: Zacks Investment Research

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

Steel-Producers Stocks Awaiting ResultsL.B. Foster Company (FSTR - Free Report) is expected to release its third-quarter 2025 results soon.

The Zacks Consensus Estimate for FSTR’s EPS is pegged at 61 cents for the third quarter, suggesting growth from the 54 cents reported in the year-ago quarter. For total revenues, the Zacks Consensus Estimate is pinned at $153.6 million, indicating a year-over-year increase of 11.7%.

Gerdau S.A. (GGB - Free Report) is expected to release third-quarter 2025 results on Oct. 30.

The Zacks Consensus Estimate for GGB’s EPS is pegged at 12 cents for the third quarter, suggesting a dip of 7.7% from the year-ago reported figure. For total revenues, the Zacks Consensus Estimate is pinned at $3.2 billion, indicating a year-over-year increase of 4%.

Ternium S.A. (TX - Free Report) is expected to release third-quarter 2025 results soon.

The Zacks Consensus Estimate for TX’s EPS is pegged at 81 cents for the fiscal third quarter, suggesting a rise from 16 cents reported in the year-ago period. For total revenues, the Zacks Consensus Estimate is pinned at $3.99 billion, indicating a year-over-year decrease of 10.7%.

Key Takeaways SLB posted Q3 EPS of 69 cents, topping estimates but down from 89 cents a year ago.Revenues of $8.93B missed expectations, with declines in Reservoir and Well Construction units.Digital and Production Systems units grew, aided by ChampionX's two-month contribution.
SLB (SLB - Free Report) has reported third-quarter 2025 earnings of 69 cents per share (excluding charges and credits), which beat the Zacks Consensus Estimate of 66 cents. The bottom line, however, decreased from the year-ago quarter’s level of 89 cents.

The oilfield services giant recorded total quarterly revenues of $8,928 million, which missed the Zacks Consensus Estimate of $8,930 billion. The top line declined from the year-ago quarter’s figure of $9,159 million.

The better-than-expected quarterly earnings were primarily driven by growth in the Digital segment and two months of contribution from the ChampionX acquisition.

Segmental PerformanceRevenues in the Digital unit totaled $658 million, up 3% from the year-ago quarter’s level. Pre-tax operating income of $187 million was down from $190 million a year ago. The unit's revenues increased year over year, primarily due to growth in the Digital Operations revenue and higher revenues from Platforms & Applications. The Digital segment’s revenues include the impact of two months of activity from ChampionX.

Revenues in the Reservoir Performance unit decreased 8% year over year to $1.68 billion. Pre-tax operating income totaled $312 million, which declined 15% year over year. The figure beat the Zacks Consensus Estimate of $295 million. The revenues were affected due to diminished intervention and stimulation activity in Saudi Arabia and activity declines in Mexico also contributed to the same.

The Well Construction segment’s revenues fell 10% from the year-earlier quarter’s level to $2.97 billion. Pre-tax operating income decreased 22% to $558 million and the Zacks Consensus Estimate for the same was pegged at $525 million. The decline was due to a wider reduction in drilling activities across Mexico, Saudi Arabia, Namibia, North America and Asia. However, higher revenues from North America and offshore Guyana partially offset the decline.

Revenues in the Production Systems segment amounted to $3.47 billion, up from $3.04 billion a year ago. Pre-tax operating income improved 8% year over year to $559 million, which missed the Zacks Consensus Estimate of $565 million. The segment benefited from two months of contribution from the ChampionX production chemicals and artificial lift businesses, partially offset by an unfavorable geographic mix affecting surface production systems and completions.

Cash Flow & FinancialsSLB reported a free cash flow of $1.1 billion in the third quarter.

As of Sep. 30, 2025, the company had approximately $3.59 billion in cash and short-term investments. It registered a long-term debt of $10.84 billion at the end of the quarter.

OutlookSLB reiterated its full-year 2025 capital investment (including capex, exploration data costs and APS investments) guidance is approximately $2.4 billion, including the impact of the ChampionX acquisition. The projected figure is lower than the 2024 level of $2.6 billion.

SLB’s Zacks Rank and Key PicksSLB currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks from the energy sector are Cheniere Energy (LNG - Free Report) , Archrock Inc. (AROC - Free Report) and TechnipFMC plc (FTI - Free Report) . While Cheniere Energy sports a Zacks Rank #1 (Strong Buy) at present, Archrock and TechnipFMC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Cheniere Energy is involved in LNG-related businesses, which include LNG terminals and natural gas marketing. The company has achieved a milestone with the first production from the first LNG train of its Corpus Christi Stage 3 Liquefaction Project. The project, which includes seven midscale LNG trains, aims to expand the production capacity of the Corpus Christi Liquefaction facility. This expansion is expected to enhance Cheniere's position in the rapidly growing global LNG market, enabling it to meet the rising demand for LNG both in the United States and internationally.

Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.

TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. FTI’s project backlog, now at $15.8 billion, has grown sequentially in six of the last seven quarters, reinforcing long-term revenue visibility for the company.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of CRM 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.

Key Takeaways Philip Morris is expected to post 8% higher revenues and nearly 10% EPS growth in 3Q25.Strong IQOS, ZYN and VEEV sales drive smoke-free growth and margin expansion across key markets.Cost savings, pricing efforts and efficiency gains support profits despite heavier brand investments.
Philip Morris International Inc. (PM - Free Report) is likely to witness top-and bottom-line growth when it reports third-quarter 2025 earnings on Oct. 21. The Zacks Consensus Estimate for revenues is pegged at $10.7 billion, indicating an 8% increase from the prior-year quarter’s reported figure.

The consensus mark for earnings has declined by a penny in the past seven days to $2.10 per share, which suggests a rise of almost 10% from the figure reported in the year-ago quarter. PM has a trailing four-quarter earnings surprise of 3.8%, on average.

PM: Key Factors to WatchPhilip Morris’ third-quarter 2025 performance is likely to have been shaped by continued momentum in its smoke-free portfolio, with IQOS, ZYN and VEEV driving growth. Management expects double-digit volume growth in smoke-free products for the second half of 2025. The company’s ongoing multicategory strategy should help accelerate user conversion from combustibles to smoke-free products, reinforcing margin growth. Continued gains in Europe and Japan, coupled with ZYN’s strong U.S. performance, position PM for sustained top-line strength.

Philip Morris’ operational efficiency and pricing initiatives are likely to play a critical role in protecting profitability. The company remains on track toward achieving $2 billion in gross cost savings under its 2024-2026 program, driven by manufacturing productivity and overhead optimization. However, investments in marketing, brand equity and capacity may weigh on profitability. The company expects adjusted diluted EPS in the range of $2.08-$2.13 for the quarter, reflecting dynamic earnings momentum and a favorable currency variance.

Earnings Whispers for PM StockOur proven model doesn’t conclusively predict an earnings beat for Philip Morris this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.

Philip Morris carries a Zacks Rank #3 and has an Earnings ESP of -0.66%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks With the Favorable CombinationHere are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

Estee Lauder (EL - Free Report) currently has an Earnings ESP of +1.52% and a Zacks Rank of 2. The company is likely to register a jump in the top line when it reports third-quarter 2025 numbers. The Zacks Consensus Estimate for Estee Lauder’s quarterly revenues is pegged at $3.38 billion, which suggests an increase of 0.5% from the prior-year quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Estee Lauder’s quarterly earnings per share stands at 14 cents, which is in line with the year-ago period. EL has a trailing four-quarter earnings surprise of 71.5%, on average.

Celsius Holdings (CELH - Free Report) currently has an Earnings ESP of +0.82% and a Zacks Rank of 3. The company is likely to register a top-line increase when it reports third-quarter 2025 numbers. The Zacks Consensus Estimate for Celsius Holdings’ quarterly revenues is pegged at $707.2 million, which calls for a 166.1% jump from the prior-year quarter.

The Zacks Consensus Estimate for Celsius Holdings’ quarterly earnings per share is pegged at 27 cents compared with breakeven results in the year-ago period. CELH has a trailing four-quarter earnings surprise of 5.4%, on average.

Corteva (CTVA - Free Report) currently has an Earnings ESP of +4.82% and a Zacks Rank of 3. The company is likely to register top-line growth when it reports third-quarter 2025 numbers. The Zacks Consensus Estimate for Corteva’s quarterly revenues is pegged at $2.49 billion, which implies a 7% increase from the prior-year quarter.

The Zacks Consensus Estimate for Corteva’s bottom line is pegged at a loss of 49 cents, which is in line with the year-ago period. CTVA has a trailing four-quarter negative earnings surprise of 4.4%, on average.

Long-term Starbucks shareholders have written to the company to resume talks with its workers’ union to discuss staffing, wages and other issues, a letter posted on the New York City Comptroller’s website on Thursday showed.

The letter, signed by Comptroller Brad Lander, Trillium Asset Management, the Shareholder Association for Research and Education and Pensions Investment Research Consultants, was addressed to Starbucks’ board members Jorgen Vig Knudstorp and and Beth Ford and called on the company to reach a contract agreement with Starbucks Workers United.

“We are concerned that Starbucks’ labor relations have significantly deteriorated, as reflected by over one hundred Unfair Labor Practice complaints filed since the beginning of the year, in-store actions, partner walkouts and protests over store closings, and even strikes,” the letter said.

Starbucks workers rally for a better contract in front of the store in lower Manhattan earlier this month. Gregory P. Mango
The New York City pension funds said they were the largest Starbucks stockholders within the group, with about 1.33 million shares. 

Starbucks did not respond to a request for comment.

The union has been at odds with management for months.

Talks between Starbucks and Starbucks Workers United, which represents more than 12,000 baristas, began in April last year but have since stalled.

In December, union members staged multi-day strikes across several US cities during the peak holiday season.

“Over three years have passed since the first successful union election by Starbucks Workers United and yet no contract agreement has been reached,” the letter said.

Starbucks is shutting underperforming stores under CEO Brian Niccol’s $1 billion restructuring . Andrew Schwartz/SIPA/Shutterstock
The Starbucks’ store in Buffalo, New York was the first company-owned location to unionize in the US in December 2021.

There are over 650 unionized Starbucks stores currently in the country, according to the SBWU’s website.

The SBWU republished excerpts from the shareholder letter on its website, without commenting further.

Last month, Starbucks said it would shutter underperforming stores in North America, including its flagship unionized outlet in Seattle, as CEO Brian Niccol pushed ahead with a $1 billion restructuring aimed at reviving sales.

Key Takeaways
Apple and Formula 1 agreed on a deal to broadcast Formula 1 races exclusively on Apple TV in the U.S. The agreement also includes Apple TV coverage of practices and other F1 events.The move is an expansion of Apple's relationship with F1—as well as an extension of its move into live sports.

Apple is driving further into sports broadcasts.

The tech giant said it scored an agreement with Formula 1 to broadcast races and other content exclusively on Apple TV in the U.S. The deal, which begins next year, will include “comprehensive coverage of Formula 1, with all practice, qualifying, Sprint sessions, and Grands Prix,” as well as select races and all practice sessions for free on Apple TV. Financial terms were not released.

Apple (AAPL) is adding sports programming as streaming continues to shake up the live sports media business. The company known for iPhones and iPads has also shown Major League Soccer and Major League Baseball games.

Why This Matters to You
Sports fans are by now accustomed to having to look around a bit to find live broadcasts of their favorite sports and leagues in the streaming-video era. The latest change is Apple's pick-up of Formula 1 racing, which adds to its sports options, as the company continues to work to grow its services business alongside its core product offerings.

The company is seeking to expand its services business, which made up about a quarter of its sales for the first nine months of its latest fiscal year, while also refreshing its product lineup. Apple earlier this week announced a deal to bundle AppleTV+ with Comcast-owned (CMCSA) Peacock, part of its NBCUniversal branch.

Apple's shares were recently up about 0.4% in Friday trading. The stock was down about 1% this year through yesterday's close. (Read Investopedia's full daily markets coverage here.)

Eddy Cue, Apple’s senior vice president of Services, in a statement said Apple would be offering subscribers "front-row access to one of the most exciting and fastest-growing sports on the planet.” Formula 1 CEO Stefano Domenicali said the move would “ensure we can continue to maximize our growth potential in the U.S.” 

Apple released an "F1" motion picture this summer, which it said earned more than $600 million at the box office worldwide. It plans to stream the movie in December.

October 17, 2025 12:18 ET

 | Source:

GSR IV Acquisition Corp.

New York, NY, Oct. 17, 2025 (GLOBE NEWSWIRE) -- GSR IV Acquisition Corp. (“GSRF” or the “Company”) announced today that, commencing October 20, 2025, holders of the units sold in the Company’s initial public offering of 23,000,000 units, which included 3,000,000 units issued upon the full exercise of the underwriter’s over-allotment option (“Units”), may elect to separately trade the Company’s Class A Ordinary Shares (“Class A Ordinary Shares”) and Rights (Rights”) included in the Units. Each Unit consists of one Class A Ordinary Share and one-seventh (1/7th) of one Right, with each whole right entitling the holder thereof to receive one Class A Ordinary Share upon the consummation of an initial business combination. No fractional rights will be issued upon separation of the units and only whole rights will trade. The Class A Ordinary Shares and Rights that are separated will trade on Nasdaq Global Market (“Nasdaq”) under the symbols “GSRF” and “GSRFR,” respectively. Those units not separated will continue to trade on Nasdaq under the symbol “GSRFU.” Holders of units will need to have their brokers contact Odyssey Transfer and Trust Company, the Company’s transfer agent, in order to separate the units into Class A Ordinary Shares and Rights.

GSRF is a newly incorporated, blank check company formed in the Cayman Islands for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to identify companies with compelling public-market narratives, high visibility of growth prospects, and attractive cash flow dynamics now or in the near future, where a public listing, financing from an initial business combination and access to public capital markets will enable the target to build on its competitive advantages and allow the target company to further accelerate its growth profile.

A registration statement related to these securities has been filed on Form S-1 with the Securities and Exchange Commission and became effective on September 2, 2025 (File No. 333-289061). The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, by contacting Kingswood Capital Partners, LLC, 126 East 56th Street, Suite 22S, New York, NY 10022, or by calling 212-487-1080 or emailing [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release includes forward-looking statements. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC, any of which could cause actual results to differ from such forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

###

Company contact:

Anantha Ramamurti
President & CFO
[email protected]

SummaryTeva Pharmaceuticals and Viatris occupy leading positions in the generic drugs market, valued at more than $613 billion in 2030.Each of them has advantages and "dark spots" in their portfolios of FDA-approved drugs and product candidates relative to the rival.By reading this article, you will learn which stock, Viatris or Teva, is more attractive in the long term.Analyst’s Disclosure:I/we have a beneficial long position in the shares of ALVO 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.

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The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

The other day I was driving my mother from the airport, and I asked her what she thought about the current price of gold, which was hovering around $4,000 a Troy ounce. She said that when she got married (in the early 1960s), the price of gold in India was around Rupees (“Rs”) 120 per “Tola” – she said she remembered it well since her father said at the time it was quite expensive, having recently gone up a lot in price (for a history of gold in India see, for example, here), but still worth owning. A tola is an ancient weight measurement unit which equals 11.6638 grams. So, rounding up, the price of 24 karat gold in Indian Rupees then was about 10 Rupees per gram. The same price today is about Rs. 12,000 per gram, so over the last 65 years the price has gone up over 1,200 fold in Indian Rupees. Of course, in the US gold was pegged and was at $36.50 until President Nixon made it float in 1971. Today (Source: Bloomberg) the price of a troy ounce of gold is around $4,200 an ounce. So, it has gone up by about 115-fold in US dollar terms. Over the same time period, the Indian Rupee has gone from Rs. 4.76 per USD to Rs. 88 per USD, or an 18-fold weakening of the currency. Surely someone who put their money in paper Rupees has lost all of its purchasing power over the last 65 years.

These are large numbers! Instead of going through more conversions let me just summarize – if we think of gold as a store of value, then someone who invested in gold in 1960 – or benefited from the gift of a rich uncle – is a thousand or two-thousand times better off (depending on how you choose to compound) than if they had left their money in Indian Rupees. And countries like India have had a much longer history of printing money and inflating away wealth than the US and even Europe, so it is no wonder that my mother and her generation have always remembered the age-old wisdom – never sell your gold! What she and her generation and her ancestors do is to give the gift of gold in the form of jewelry to their children and grand-children, and in many cases, this is done ritually during big occasions, such as the wedding of a child or a grandchild, as my son and his new wife happily discovered last year.

The point of this story is that there is a long history in the world outside of the US of fiscal profligacy and money printing, and in those countries the citizenry knows that when push comes to shove, the government will print money! And the only protection when the government debases the currency is hard assets like gold. Remember, the term “gold” as I use it here does not limit itself to my mother’s jewelry: it can refer to the multiple ways you can invest in gold outside of owning an ingot, including gold ETFs and mutual funds, gold futures and swaps, and gold stocks such as mining companies that provide indirect exposure to the precious metal.

I have been writing about this inevitability now for about three years (see “Going For Gold…Again”, “GITA: Gold Is The Alternative”, and our recent paper in the Journal of Alternative Investments “Mining Regimes For Gold”). Before we did the research that drove these publications, I used to think in the conventional way like as one who has only seen three decades of disinflation, credible central banks, and globalization would think, i.e. gold is not a good “investment”. But our research showed that a regime change is underfoot, and in a big way. And the last time this regime was seen was maybe three decades ago. When faced with facts, as a scientist I have to allow myself to change my mind, which is what I thankfully did back in 2022. This regime shift is inflationary, high-volatility enhancing, and conducive to de-globalization. Throw on top of this the loss of central bank credibility (in many ways well-justified), and an explicit loss of independence, and the case for holding gold became stronger. Then top it off with the geopolitical transition where the BRICS and others are trying to fend off US hegemony, and it is not hard to see why institutional needs from central banks are driving gold to new records as we speak.

Gold is what economists have called a “Giffen” good and a “Veblen” good. To remind you of this 19th century concept, a Giffen good is an “inferior” good where rising prices increase demand (see here), especially at the lower economic rungs. This is where my narrative earlier becomes relevant. For “poor” countries like India, the allure of gold increases, not decreases with price (despite it being an “inferior” investment, as compared to say building something real). This is because despite rising prices, there is no substitute for gold that is easily accessible and tradable for safety, and for someone who needs safety, gold has to be bought despite its price, since the alternative is losing the value of your cash (say in Rupees)! One might surmise that Bitcoin or other digital assets could be a good place to be. But that’s another story. Bitcoin can be brought under government control, or the block-chain can be hacked, at least in some future world where new computation power gets to that point (on this topic please read my piece “Is Quantum Computing Investable As The Next AI?” in this forum on quantum computing, which is now the rage). But rather than dissing crypto, let me just say that gold is more accessible and has a longer history of holding “trust” than crypto (anecdotally earlier this week PayPal’s crypto partner minted and destroyed $300 trillion of crypto stablecoin, and this probably does not enhance trust in the public for digital dollars).

Gold is also a “Veblen” good (see here) which is a “luxury” good where increasing price increases demand since it becomes a status symbol. Certainly, if the edict “whoever has the gold, makes the rules” holds, then the rapid purchase of gold from central banks can justify that whoever ends up with the largest hoard of gold can challenge the hegemony of the US – or at least show that they have the means to do so.

A question comes up here: the US owns almost 250 million ounces of gold (thanks to Ed Yardeni for pointing to this link) which, if priced at current market prices would be worth a clean $1 trillion dollars. So couldn’t the US just re-price its own gold? Well, as Dr. Ed points out, this is only a drop in the bucket when we see that the total debt of the US is $38 trillion and growing. According to his estimates, the total above-ground gold in the world at current prices (about 7 billion ounces) is about $30 trillion in value and is smaller than the US debt.

So where does this all leave us?

I have been tracking a very simple chart that I will describe in words. This chart shows the evolution of the stock markets, inflation and bond yields for the last 70 or so years. We have had two secular periods of note. The first one started in the 60s and ended with a bang in the mid-80s, as inflation skyrocketed and interest rates and yields reached peaks near 20%. Then came Paul Volcker and a credible central bank policy and fiscal restraint. For the next thirty years yields fell, inflation fell, and central banks earned their credibility. Following the Global Financial Crisis, the descendants of these credible central bankers did their best to mis-spend the credibility and overreached in their mandates, for all practical purposes becoming the equity market’s partners in wealth distribution to those who could afford stocks. The poster children of this irresponsible central banking were the Bank of Japan and the ECB, which used weak economic logic to drive interest rates and bond yields into deeply negative territory. This amazing phenomenon is described in detail in my CFA Institute book “The Incredible Upside-Down Fixed-Income Market: Negative Rates and Their Implications” where I anticipated some of the consequences. The consequences were, as expected, rising inflation and ultimately its consequences, the need for safety, especially in countries other than the US. Not to speak of the severly under-water bond purchases.

In my view the regime shift in the global political environment is just a symptom, perhaps an accelerant, of the much needed secular trend change. In this environment, foreigners will rationally hedge their massive dollar stockpiles with increased holdings of gold initially, and then other assets, such as a new bond trading bloc at some distant future time. Holding Euros, Yen and other currencies, which can come under the US orbit immediately does not provide the protection they need. Indeed, in this sense gold is the only game in town for now, until the new currency bloc develops (and if allowed to do so, which is again not guaranteed).

So if all of the above is believable, we have already entered a new secular period that could last a decade or more. This one will look more like the period from the 1960s to the 1980s than the one from the 1980s to the 2020s. In this new environment, slowly and surely yields are likely to rise, volatility is likely to pick up, fiscal and monetary policy will converge to meet local obligations (read: print money), markets will have fatter tails, and stock-bond correlations will not diversify portfolios. Right now this is still a low probability outcome, but over the next few years, it is likely that the regime shift which is underway will get the public’s attention. If the recent performance of precious metals tells us anything, it is this: when there is a regime shift, either get on the regime shift train, or move out of the way. Of course, gold does not have any “intrinsic” value to speak of, but non-dividend paying internet stocks don’t have any intrinsic value either. Both are assets that give their holders the right to something and the increase in price provides a gain in marked to market wealth. In the case of gold, I argue this is the right to safety of principal, and in the case of equities, it is the right to ownership of the underlying business. It is hard to justify one being important than the other when such major regime shifts are happening.

To me gold is just a symptom of something big happening underfoot. The price of gold will at some point reach a level where it collapses under its own weight – timing unpredictable. As all assets that have a rapid run-up, the exponential price increase will also burn the late comers to the party. But, in the meantime it provides a hedge against everything else. At the point where gold collapses, there is likely to be a handoff to other assets that provide some other type of protection from inflation and reckless central banking. And while I do not know yet what these assets will be, they are unlikely to have a US Dollar, Euro or Yen sign in front of them. Many rigidities of the the current financial setup that we have become accustomed to, such as earning “spreads”, selling “vol”, and earning “carry” will come into question. Preparing for this outcome will require investors to build safety and protection for their assets now while there is still time to do so. Once people start running for the exits, not everyone may get out in one piece. So to answer the question posed: gold might very well be in a “bubble”, but at this point of economic history, it seems to me to be a fairly rational one.

Transaction in Own Shares   

17 October, 2025

• • • • • • • • • • • • • • • •

Shell plc (the ‘Company’) announces that on 17 October, 2025 it purchased the following number of Shares for cancellation.

Aggregated information on Shares purchased according to trading venue:

Date of purchaseNumber of Shares purchasedHighest price paidLowest price paid Volume weighted average price paid per shareVenueCurrency17/10/2025364,439 £26.8950£26.3300£26.6629LSEGBP17/10/2025174,639 £26.8500£26.3300£26.5671Chi-X (CXE)
GBP17/10/2025280,922 £26.8850£26.3300£26.6738BATS (BXE)
GBP17/10/2025467,658 €31.0000€30.3550€30.6931XAMSEUR17/10/2025331,249 €31.0000€30.3400€30.7069CBOE DXEEUR17/10/2025----TQEXEUR These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme previously announced on 31 July 2025.

In respect of this programme, HSBC Bank plc will make trading decisions in relation to the securities independently of the Company for a period from 31 July 2025 up to and including 24 October 2025.

The on-market limb will be effected within certain pre-set parameters and in accordance with the Company’s general authority to repurchase shares on-market. The off-market limb will be effected in accordance with the Company’s general authority to repurchase shares off-market pursuant to the off-market buyback contract approved by its shareholders and the pre-set parameters set out therein. The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes (“EU MAR”) and EU MAR as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time (“UK MAR”) and the Commission Delegated Regulation (EU) 2016/1052 (the “EU MAR Delegated Regulation”) and the EU MAR Delegated Regulation as “onshored” into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time.

In accordance with EU MAR and UK MAR, a breakdown of the individual trades made by HSBC Bank plc on behalf of the Company as a part of the buy-back programme is detailed below.

Enquiries

Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Acquisition or disposal of the issuer’s own shares

Shell RNS (Extended) 20251017

RANCHO CORDOVA, Calif., Oct. 17, 2025 (GLOBE NEWSWIRE) -- Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the "Bank"), announced today the declaration of a cash dividend of $0.20 per share on the Company’s voting common stock. The dividend is expected to be paid on November 10, 2025, to shareholders of record as of November 3, 2025.

About Five Star Bancorp
Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has nine branches in Northern California. For more information, visit https://www.fivestarbank.com.

Special Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2025 and June 30, 2025, in each case under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Investor Contact:
Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
[email protected]

Media Contact:
Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
[email protected]