Market Signal Briefing

Innospec (IOSP - Free Report) came out with quarterly earnings of $1.12 per share, beating the Zacks Consensus Estimate of $1.03 per share. This compares to earnings of $1.35 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +8.74%. A quarter ago, it was expected that this specialty chemicals company would post earnings of $1.17 per share when it actually produced earnings of $1.26, delivering a surprise of +7.69%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Innospec, which belongs to the Zacks Chemical - Diversified industry, posted revenues of $441.9 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.73%. This compares to year-ago revenues of $443.4 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Innospec shares have lost about 33.1% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Innospec?While Innospec has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Innospec was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.37 on $479.2 million in revenues for the coming quarter and $5.08 on $1.8 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Diversified is currently in the bottom 9% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Chemours (CC - Free Report) , has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This chemical company is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of -40%. The consensus EPS estimate for the quarter has been revised 33.3% lower over the last 30 days to the current level.

Chemours' revenues are expected to be $1.49 billion, down 0.6% from the year-ago quarter.

InnovAge Holding Corp. (INNV - Free Report) came out with quarterly earnings of $0.06 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to a loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +500.00%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.01, delivering a surprise of +50%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

InnovAge, which belongs to the Zacks Medical Services industry, posted revenues of $236.11 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.01%. This compares to year-ago revenues of $205.14 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

InnovAge shares have added about 20.6% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for InnovAge?While InnovAge has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for InnovAge was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.04 on $228.02 million in revenues for the coming quarter and $0.24 on $925.64 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the bottom 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

AMN Healthcare Services (AMN - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This health care staffing company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of -68.9%. The consensus EPS estimate for the quarter has been revised 25.5% lower over the last 30 days to the current level.

AMN Healthcare Services' revenues are expected to be $615.14 million, down 10.5% from the year-ago quarter.

California Resources Corporation (CRC - Free Report) came out with quarterly earnings of $1.46 per share, beating the Zacks Consensus Estimate of $1.31 per share. This compares to earnings of $1.5 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +11.45%. A quarter ago, it was expected that this company would post earnings of $0.91 per share when it actually produced earnings of $1.1, delivering a surprise of +20.88%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

California Resources, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $855 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 2.74%. This compares to year-ago revenues of $1.35 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

California Resources shares have lost about 9.1% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for California Resources?While California Resources has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for California Resources was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.61 on $806.46 million in revenues for the coming quarter and $4.15 on $3.44 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, EOG Resources (EOG - Free Report) , has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This oil and gas company is expected to post quarterly earnings of $2.43 per share in its upcoming report, which represents a year-over-year change of -15.9%. The consensus EPS estimate for the quarter has been revised 2.3% lower over the last 30 days to the current level.

EOG Resources' revenues are expected to be $5.95 billion, down 0.3% from the year-ago quarter.

CareDx (CDNA - Free Report) came out with quarterly earnings of $0.28 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +115.38%. A quarter ago, it was expected that this molecular diagnostics company would post earnings of $0.12 per share when it actually produced earnings of $0.1, delivering a surprise of -16.67%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

CareDx, which belongs to the Zacks Medical Services industry, posted revenues of $100.06 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.07%. This compares to year-ago revenues of $82.88 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

CareDx shares have lost about 31% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for CareDx?While CareDx has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for CareDx was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.19 on $101.74 million in revenues for the coming quarter and $0.51 on $368.34 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the bottom 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Co-Diagnostics, Inc. (CODX - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 13.

This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of +40.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Co-Diagnostics, Inc.'s revenues are expected to be $0.3 million, down 53.1% from the year-ago quarter.

Corvus Pharmaceuticals, Inc. (CRVS) Q3 2025 Earnings Call November 4, 2025 4:30 PM EST

Company Participants

Leiv Lea - Chief Financial Officer
Richard Miller - Co-Founder, President, CEO & Chairman of the Board

Conference Call Participants

Zack Kubow - Real Chemistry, Inc.
Graig Suvannavejh - Mizuho Securities USA LLC, Research Division
Jeffrey Jones - Oppenheimer & Co. Inc., Research Division
Li Wang Watsek - Cantor Fitzgerald & Co., Research Division
Aydin Huseynov - Ladenburg Thalmann & Co. Inc., Research Division
Jordan Becker - Barclays Bank PLC, Research Division
Xun Lee - H.C. Wainwright & Co, LLC, Research Division
Cha Cha Yang - Jefferies LLC, Research Division

Presentation

Operator

Good afternoon, everyone. Thank you for standing by, and welcome to the Corvus Pharmaceuticals Third Quarter 2025 Business Update and Financial Results Conference Call. [Operator Instructions]

It is now my pleasure to turn the call over to Zack Kubow of Real Chemistry. Please go ahead, sir.

Zack Kubow
Real Chemistry, Inc.

Thank you, operator, and good afternoon, everyone. Thanks for joining us for the Corvus Pharmaceuticals Third Quarter 2025 Business Update and Financial Results Conference Call.

On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer; Leiv Lea, Chief Financial Officer; Jeff Arcara, Chief Business Officer; and Ben Jones, Senior Vice President of Regulatory and Pharmaceutical Sciences. The executive team will open the call with some prepared remarks, followed by a question-and-answer period.

I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements. Forward-looking statements are based on estimates and assumptions as of today and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by those statements, including the risks and uncertainties described in Corvus' quarterly report on Form 10-Q for the quarter ended September

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Key Takeaways Market Indexes Took a Break from New Daily GainsBoth AI and Crypto Trades Took Some Sandbags TodayQ3 Earnings After the Close Were Plentiful: ADM, AMGN, PINS, RIVN
Tuesday, November 4, 2025

It’s been a rougher trading week thus far, after notching all-time closing highs and leading to mixed results Monday. Today’s session was more assertive — to the down side. We’ve entered the rapid-pace phase of Q3 earnings season — after the Big Banks and most of the Mag 7, but before the Retailers — where results tend to come in more blended than they do for the earlier-reporting sectors.

None of the major indexes spent a split second trading in the green today. The Dow sold -251 points, -0.53% (and just over -1% in the past two trading days), while the S&P 500 sold -80 points, -1.17%. The tech-heavy Nasdaq led the major indexes downward, -486 points or -2.04%, while the small-cap Russell 2000 shed -43 points, -1.78%. The past five trading sessions have begun to illustrate something of a slide.

AI valuations had gotten a bit koo-koo, as most investors acknowledge. Several months in a row of throwing hundreds of billions of dollars in AI build-out across the major tech players, along with private upstart OpenAI, have led market participants to eye further developments in this vein with a bit more wariness. Same goes for crypto, which saw Bitcoin dip below $100K for a short time today.

Q3 Earnings After the Close: AMD, AMGN, RIVN & More
One of those tech firms vying for AI business is Advanced Micro Devices (AMD - Free Report) , which issued its Q3 results this afternoon with earnings of $1.20 per share — 3 cents above the Zacks consensus — on a strong revenue beat for the quarter: $9.25 billion versus $8.72 billion. Data Center business grew faster than expected, and revenue guidance was raised for Q4. That said, shares are trading down -2% after gaining over +100% year to date.

Biotech giant Amgen (AMGN - Free Report) easily outperformed expectations in its Q3 report this afternoon: earnings of $5.64 per share zoomed beyond the $5.00 analysts were looking for. Revenues of $9.56 billion surged past the $8.94 billion in the Zacks consensus. Full-year guidance is up on both top and bottom lines, as product sales grew +12% year over year.

EV company Rivian (RIVN - Free Report) posted a better-than-expected level of negative earnings in Q3, -$0.65 per share versus -$0.72 anticipated, and revenues of $1.56 billion outpaced the $1.46 billion in the Zacks consensus. Positive gross profit in three of the last four quarters on strength in sales for software and services have helped lead shares up +3.5% in late trading.

Super Micro Computer (SMCI - Free Report) came out with mixed results in its reported quarter this afternoon, beating on the bottom line to 35 cents per share from 28 cents projected. Revenues of $5.0 billion, on the other hand, was slightly short of the $5.05 billion analysts had predicted. The company said it sees a “rapidly expanding order book,” but this isn’t enough to stop the shares selling off -9% in the after hours.

Even worse is Pinterest (PINS - Free Report) , which logged its fourth-straight earnings miss, 38 cents per share versus 40 in the Zacks consensus, on just-met revenues of $1.05 billion in the quarter. Its now 600 million global active users is better than expected, but the company isn’t translating these into higher overall sales. Shares are down -18% after the close, swinging to a negative for the year to date so far.

Questions or comments about this article and/or author? Click here>>

Published in biotechnology earnings semiconductor tech-stocks

Lifevantage (LFVN - Free Report) came out with quarterly earnings of $0.18 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +5.88%. A quarter ago, it was expected that this dietary supplements and skin care products company would post earnings of $0.17 per share when it actually produced earnings of $0.17, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Lifevantage, which belongs to the Zacks Medical - Dental Supplies industry, posted revenues of $47.56 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 10.92%. This compares to year-ago revenues of $47.21 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Lifevantage shares have lost about 58.1% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Lifevantage?While Lifevantage has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Lifevantage was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.22 on $57.83 million in revenues for the coming quarter and $1.05 on $232.54 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Dental Supplies is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, McKesson (MCK - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 5.

This prescription drug distributor is expected to post quarterly earnings of $8.92 per share in its upcoming report, which represents a year-over-year change of +26.2%. The consensus EPS estimate for the quarter has been revised 0% lower over the last 30 days to the current level.

McKesson's revenues are expected to be $104.66 billion, up 11.8% from the year-ago quarter.

NeuroPace, Inc. (NPCE - Free Report) came out with a quarterly loss of $0.11 per share versus the Zacks Consensus Estimate of a loss of $0.2. This compares to a loss of $0.19 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +45.00%. A quarter ago, it was expected that this company would post a loss of $0.24 per share when it actually produced a loss of $0.26, delivering a surprise of -8.33%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

NeuroPace, which belongs to the Zacks Medical - Instruments industry, posted revenues of $27.35 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 11.38%. This compares to year-ago revenues of $21.06 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

NeuroPace shares have lost about 16% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for NeuroPace?While NeuroPace has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for NeuroPace was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.18 on $25.44 million in revenues for the coming quarter and -$0.84 on $96.04 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Instruments is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Globus Medical (GMED - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This medical device company is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of -4.8%. The consensus EPS estimate for the quarter has been revised 1.3% lower over the last 30 days to the current level.

Globus Medical's revenues are expected to be $733.45 million, up 17.2% from the year-ago quarter.

Sphere 3D Corp. (ANY - Free Report) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to earnings of $0.01 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -18.18%. A quarter ago, it was expected that this company would post a loss of $0.11 per share when it actually produced a loss of $0.1, delivering a surprise of +9.09%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Sphere 3D, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $2.62 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 12.57%. This compares to year-ago revenues of $2.36 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Sphere 3D shares have lost about 28% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Sphere 3D?While Sphere 3D has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Sphere 3D was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.11 on $3.4 million in revenues for the coming quarter and -$0.47 on $12.2 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Brookfield Asset Management (BAM - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 7.

This investment manager is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of +5.3%. The consensus EPS estimate for the quarter has been revised 3.5% lower over the last 30 days to the current level.

Brookfield Asset Management's revenues are expected to be $1.33 billion, up 9.9% from the year-ago quarter.

8x8 (EGHT - Free Report) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +28.57%. A quarter ago, it was expected that this telecommunications services company would post earnings of $0.08 per share when it actually produced earnings of $0.08, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

8x8, which belongs to the Zacks Internet - Software industry, posted revenues of $184.1 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 3.82%. This compares to year-ago revenues of $181 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

8x8 shares have lost about 30.3% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for 8x8?While 8x8 has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for 8x8 was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.08 on $177.24 million in revenues for the coming quarter and $0.30 on $713.67 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Ziff Davis (ZD - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This internet and cloud services company is expected to post quarterly earnings of $1.76 per share in its upcoming report, which represents a year-over-year change of +7.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Ziff Davis' revenues are expected to be $369.55 million, up 4.5% from the year-ago quarter.

SAN FRANCISCO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Prominent shareholder rights law firm Hagens Berman is investigating Stride, Inc. (NYSE: LRN), the online education platform, for potential violations of the U.S. securities laws following a series of negative market events and serious fraud allegations that have seen the company's stock price plummet.

The firm urges investors in Stride who suffered significant losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.

Visit: www.hbsslaw.com/investor-fraud/lrn
Contact the Firm Now: [email protected]
844-916-0895

Platform Issues and Weak Guidance Trigger Sell-Off

Yesterday, Stride, a learning technology company, reported Q1 earnings. The company’s quarterly results were overshadowed by a significant operational issue and cautious guidance.

Platform Disruption: Stride disclosed that it experienced major issues implementing an upgraded platform over the summer. Management estimates these disruptions caused the company to miss between 10,000 and 15,000 enrollments—a substantial number given the company's total enrollment is currently 247,700.CEO's Comments: CEO James Rhyu addressed the problem directly, stating: “The implementations did not go as smoothly as we anticipated... This poor customer experience has resulted in some higher withdrawal and lower conversion rates than we expected.” Management has stated the company will fix the upgrade within a year.Weakened Forecast: The most significant concern for investors was Stride’s guidance for 2026, forecasting sales growth of only 5%. This is a stark slowdown from the company's annualized sales growth of 19% over the last five years and has prompted the market to take a sharply cautious stance.
Prior Fraud Allegations and Lawsuit

The investigation by Hagens Berman also follows an earlier news event that impacted the stock. On September 14, 2025, a report revealed that Gallup-McKinley had filed a complaint against Stride, alleging fraud, deceptive practices, and systemic legal violations that prioritized profits over student welfare.

The allegations in the complaint reportedly include:

Student Enrollment Inflation: Artificially boosting reported student enrollment figures by including "ghost students" who never officially started or had been absent for at least ten consecutive days.Teacher Ratios and Licensing: Intentionally increasing student-to-teacher ratios to inflate profit margins and employing a significant number of insufficiently licensed teachers.Market Manipulation: Allegedly utilizing unlawful business practices to deliberately lower overhead costs for the sole purpose of inflating the company’s stock values.
On this news, Stride’s stock price plunged $18.60, or 11%, in heavy trading.

Hagens Berman’s Investigation

Hagens Berman's investigation focuses on whether Stride may have intentionally misled investors about operational challenges and its business practices.

“A major platform disruption on top of existing fraud allegations regarding enrollment figures and teacher quality raises potential red flags for investors and are areas we are closely scrutinizing,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

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

If you’d like more information and answers to frequently asked questions about the Stride investigation, read more »

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

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

Contact:
Reed Kathrein, 844-916-0895

Nov 4 (Reuters) - Jack Henry & Associates

(JKHY.O), opens new tab reported about a 21% jump in first-quarter profit on Tuesday, helped by resilient demand for its banking technology services.

The Monett, Missouri-based company, which competes against Fiserv

(FI.N), opens new tab and FIS

(FIS.N), opens new tab, provides technology and payment processing services to financial institutions, mainly community banks and credit unions.

Sign up here.

Small- and mid-sized financial institutions tend to rely more heavily on banking technology providers like Jack Henry, unlike major players such as JPMorgan Chase

(JPM.N), opens new tab, which have invested billions in developing proprietary tech stacks.

Jack Henry's revenue jumped 7.3% to $644.7 million during the first quarter. Revenue from services and support increased 5.7%, while processing rose 9.7%.

Net income was at $144 million, or $1.97 per share, during the three months ended September 30, compared with $119.2 million, or $1.63 per share, a year earlier.

Bank tech stocks have weakened this year amid investor concerns over increased financial institution consolidation and competitive threats, analysts have said.

They see the selloff in bank tech stocks as an opportunity for investors, given their business models benefit from a large base of recurring revenue.

Jack Henry's shares were up more than 4% after the bell. They have slipped 13% so far this year.

The company expects fiscal 2026 revenue to be between $2.49 billion and $2.51 billion, compared with its prior forecast of $2.48 billion to $2.50 billion. It expects annual profit per share in the range of $6.38 and $6.49, compared with $6.32 to $6.44 projected earlier.

Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Mirum Pharmaceuticals, Inc. (MIRM - Free Report) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of a loss of $0.1 per share. This compares to a loss of $0.3 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +150.00%. A quarter ago, it was expected that this company would post a loss of $0.31 per share when it actually produced a loss of $0.12, delivering a surprise of +61.29%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Mirum Pharmaceuticals, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $133.01 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.85%. This compares to year-ago revenues of $90.38 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Mirum Pharmaceuticals shares have added about 71.3% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Mirum Pharmaceuticals?While Mirum Pharmaceuticals has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Mirum Pharmaceuticals was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.15 on $137.68 million in revenues for the coming quarter and -$0.67 on $508.94 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Monte Rosa Therapeutics (GLUE - Free Report) , has yet to report results for the quarter ended September 2025.

This biopharmaceutical company is expected to post quarterly loss of $0.39 per share in its upcoming report, which represents a year-over-year change of -34.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Monte Rosa Therapeutics' revenues are expected to be $7.77 million, down 15.7% from the year-ago quarter.

ANCHORAGE, Alaska, Nov. 04, 2025 (GLOBE NEWSWIRE) -- First National Bank Alaska’s (OTCQX:FBAK) net income for the third quarter of 2025 was $21.4 million, or $6.75 per share. This compares to a net income of $18.0 million, or $5.68 per share, for the same period in 2024.

“First National’s 2025 performance demonstrates strong quarterly growth in net income and continued momentum across our key performance ratios,” said First National Board Chair and CEO/President Betsy Lawer. “Teams across the bank focused on strategies that drove loan and deposit growth, improved noninterest income improvement, and kept operating expenses aligned with our customer and operational goals. Return on assets of 1.53% underscores our commitment to high performance amongst our national peer group.”

Total assets increased to $5.2 billion as of Sept. 30, representing a year-to-date increase of $246.2 million with customer deposit and repurchase agreement growth totaling $190.3 million year to date. Assets decreased $313.3 million compared to Sept. 30, 2024, following $590.0 million in borrowing repayments during the fourth quarter of 2024. Return on assets as increased to 1.53% as of Sept. 30, 2025 – thirty-eight basis points higher than the prior year – reflecting strong net income performance in 2025.

Loans totaled $2.6 billion as of Sept. 30, 2025, an increase of $145.1 million compared to Sept. 30, 2024. Nonperforming loans were $10.8 million, 0.42% of outstanding loans, an increase from Sept. 30, 2024 on nonaccrual loan activity. The third quarter provision for credit losses totaled $0.4 million, compared to a benefit of $0.4 million in third quarter 2024. The year-to-date provision for credit losses totaled $2.6 million on loan growth through Sept. 30, 2025, compared to $0.8 million as of the same date last year. The allowance for credit losses as of Sept. 30, 2025 totaled $20.1 million, or 0.78% of total loans.

Interest and fees on loans for the third quarter totaled $44.1 million, an increase of $2.2 million, 5.3% over $41.9 million for the third quarter of 2024. Interest income from investment securities decreased $6.6 million for quarter ending Sept. 30, 2025, compared to 2024. Investment income in 2025 does not include supplemental income earned in 2024 on the short-term tactical borrowings. Interest income to average earning assets increased to 4.74% compared to 4.51% for the same period in 2024.

Total interest expense for the third quarter was $12.2 million, a decrease of $9.2 million from $21.3 million compared to the third quarter of 2024, which included $7.7 million in interest on borrowed funds. Deposits and repurchase agreements totaled $4.6 billion as of Sept. 30, 2025, an increase of $237.4 million over the prior year. Corresponding interest expense declined by $1.6 million for the third quarter 2025 as compared to the same period in 2024. Interest expense to average earning assets decreased to ninety-eight basis points compared to 1.47% as of Sept. 30, 2024.

Net interest margin through Sept. 30, 2025 increased to 3.76% compared to 3.04% for Sept. 30, 2024, driven by improved yields on earning assets and effective cost of funds management.

Noninterest operating income for third quarter 2025 was $7.6 million, representing a 1.5% increase from $7.5 million compared to the third quarter of 2024. Noninterest expenses for the same period increased $0.9 million, or 3.4%, compared to the same period in 2024, primarily due to higher salaries and benefits resulting from increased health care costs.

The efficiency ratio for Sept. 30, 2025, was 49.52%, highlighting First National Bank Alaska’s ability to generate strong revenue while maintaining lower operating expenses than both Alaska and national peers.

Shareholders’ equity reached $567.7 million as of Sept. 30, 2025, compared to $527.9 million as of Sept. 30, 2024. This $51.2 million year-to-date increase was driven by retained net income and a reduction in unrealized losses in the securities portfolio. Return on equity improved to 14.13%, compared to 12.90% as of Sept. 30, 2024. Book value per share increased to $179.27, compared to $166.68 as of Sept. 30, 2024. The bank’s Tier 1 leverage capital ratio of 11.70% remains above well-capitalized standards.

ABOUT FIRST NATIONAL BANK ALASKA

Alaska’s community bank since 1922, First National Bank Alaska proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.

For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period over a span of twenty-four years, First National received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency.

In 2025, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the 10th year in a row, Best Bank/Credit Union for the fifth time, and Best Customer Service for the second year in a row. Forbes also selected First National as the sixth best bank on their America’s Best Banks list and one of the top two banks in the state, and Newsweek recognized the bank as one of the nation’s Best Regional Banks and Credit Unions. In 2025, First National was also voted “Best of Alaska” in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the seventh consecutive year. American Banker recognized the bank as a “Best Bank to Work For” in 2024, for the seventh year in a row.

First National Bank Alaska is a Member FDIC, Equal Housing Lender, and is recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.

Contact Corporate Communications
907-777-3409

      Financial Overview (Unaudited)Quarter Ended ($ in thousands) 9/30/20256/30/20253/31/202512/31/20249/30/2024Balance Sheet     Total Assets$5,243,993 $4,923,803 $4,890,081 $4,997,767 $5,557,306 Total Securities$2,002,118 $1,859,645 $1,882,332 $1,928,625 $2,602,519 Total Loans$2,590,699 $2,591,713 $2,607,081 $2,469,935 $2,445,596 Total Deposits$3,808,022 $3,586,204 $3,580,147 $3,679,155 $3,728,181 Repurchase Agreements$804,589 $731,808 $716,908 $743,193 $647,043 Total Deposits and Repurchase Agreements$4,612,611 $4,318,012 $4,297,055 $4,422,348 $4,375,224 Total Borrowing under Federal Bank Credit Facilities$15,000 $15,000 $15,000 $15,000 $604,868 Unrealized Loss on Marketable Securities, Net of Tax$(31,296)$(40,193)$(49,465)$(62,985)$(52,020)Total Shareholders' Equity$567,724 $550,135 $535,148 $516,562 $527,864       Income Statement     Interest and Fees on Loans$44,116 $43,212 $41,150 $41,273 $41,886 Interest and Dividends on Investment Securities$12,229 $10,818 $11,150 $17,392 $18,808 Interest on Cash and Cash Equivalents$4,381 $2,969 $3,563 $4,597 $3,727 Total Interest and Loan Fee Income$60,726 $56,999 $55,863 $63,262 $64,421 Total Interest Expense$12,155 $11,842 $11,956 $18,591 $21,319 Provision for Credit Losses$436 $631 $1,535 $(118)$(432)Total Noninterest Operating Income$7,596 $7,363 $6,910 $7,178 $7,487 Net Gains on Investment Securities$- $- $- $10 $- Total Noninterest Expense$26,802 $27,083 $25,334 $27,696 $25,928 Provision for Income Taxes$7,570 $6,423 $6,214 $4,350 $7,099 Net Income$21,359 $18,383 $17,734 $19,931 $17,994 Earnings per Common Share$6.75 $5.80 $5.60 $6.29 $5.68 Dividend per Common Share$4.00 $4.00 $4.00 $6.40 $3.20       Financial Measures     Return on Assets 1.53% 1.46% 1.42% 1.22% 1.15%Return on Equity 14.13% 13.53% 13.49% 13.60% 12.90%Net Interest Margin 3.76% 3.69% 3.63% 3.12% 3.04%Interest Income to Average Earning Assets 4.74% 4.67% 4.61% 4.57% 4.51%Interest Expense to Average Earning Assets 0.98% 0.98% 0.98% 1.45% 1.47%Efficiency Ratio 49.52% 50.58% 49.70% 53.51% 53.59%      Capital     Shareholders' Equity/Total Assets 10.83% 11.17% 10.94% 10.34% 9.50%Tier 1 Leverage Ratio 11.70% 11.95% 11.72% 10.54% 10.39%Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio 5.00% 5.00% 5.00% 5.00% 5.00%Tier 1 (Core) Capital$599,020 $590,328 $584,613 $579,547 $579,884       Credit Quality     Nonperforming Loans and OREO$10,847 $9,802 $4,243 $4,313 $4,186 Nonperforming Loans and OREO/Total Loans 0.42% 0.38% 0.16% 0.17% 0.17%Nonperforming Loans and OREO/Tier 1 Capital 1.81% 1.66% 0.73% 0.74% 0.72%Allowance for Loan Losses$20,100 $20,025 $19,500 $18,025 $18,550 Allowance for Loan Losses/Total Loans 0.78% 0.77% 0.75% 0.73% 0.76%      Net interest margin, yields, and efficiency ratios are tax effected.
Financial measures are year-to-date.
Per common share amounts are not in thousands.
      

NMI Holdings (NMIH - Free Report) came out with quarterly earnings of $1.21 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $1.15 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this mortgage insurance company would post earnings of $1.16 per share when it actually produced earnings of $1.22, delivering a surprise of +5.17%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

NMI Holdings, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $178.68 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.28%. This compares to year-ago revenues of $166.09 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

NMI Holdings shares have added about 0.1% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for NMI Holdings?While NMI Holdings has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for NMI Holdings was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.22 on $176.73 million in revenues for the coming quarter and $4.92 on $698.45 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Allstate (ALL - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 5.

This insurer is expected to post quarterly earnings of $8.20 per share in its upcoming report, which represents a year-over-year change of +109.7%. The consensus EPS estimate for the quarter has been revised 6.8% higher over the last 30 days to the current level.

Allstate's revenues are expected to be $17.35 billion, up 5.9% from the year-ago quarter.

Allegiant Travel (ALGT - Free Report) came out with a quarterly loss of $2.09 per share versus the Zacks Consensus Estimate of a loss of $1.84. This compares to a loss of $2.02 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -13.59%. A quarter ago, it was expected that this travel services company would post earnings of $0.83 per share when it actually produced earnings of $1.23, delivering a surprise of +48.19%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Allegiant Travel, which belongs to the Zacks Transportation - Airline industry, posted revenues of $561.93 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 3.18%. This compares to year-ago revenues of $562.2 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Allegiant Travel shares have lost about 34.2% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Allegiant Travel?While Allegiant Travel has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Allegiant Travel was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.35 on $644.31 million in revenues for the coming quarter and $2.75 on $2.61 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Airline is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Air Canada (ACDVF - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025.

This company is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of -70.2%. The consensus EPS estimate for the quarter has been revised 14.9% lower over the last 30 days to the current level.

Air Canada's revenues are expected to be $4.17 billion, down 6.9% from the year-ago quarter.

Amgen (AMGN - Free Report) came out with quarterly earnings of $5.64 per share, beating the Zacks Consensus Estimate of $5 per share. This compares to earnings of $5.58 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +12.80%. A quarter ago, it was expected that this world's largest biotech drugmaker would post earnings of $5.26 per share when it actually produced earnings of $6.02, delivering a surprise of +14.45%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Amgen, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $9.56 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 6.87%. This compares to year-ago revenues of $8.5 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Amgen shares have added about 13.7% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Amgen?While Amgen has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Amgen was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.14 on $9.38 billion in revenues for the coming quarter and $21.08 on $35.66 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Opus Genetics, Inc. (IRD - Free Report) , is yet to report results for the quarter ended September 2025.

This company is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of +51.7%. The consensus EPS estimate for the quarter has been revised 4.6% lower over the last 30 days to the current level.

Opus Genetics, Inc.'s revenues are expected to be $2.77 million, down 28.6% from the year-ago quarter.

RideNow Group, Inc. (RDNW) Q3 2025 Earnings Call November 4, 2025 4:30 PM EST

Company Participants

Jerene Makia
Michael Quartieri - CEO, President & Chairman of the Board
Joshua Barsetti - Executive VP & CFO

Conference Call Participants

Eric Wold - Texas Capital Securities, Research Division
Craig Kennison - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Operator

Greetings, and welcome to the RideNow Group, Inc. Third Quarter 2025 Earnings Call. [Operator Instructions] And as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jerene Makia, VP of Finance. Please go ahead.

Jerene Makia

Thank you, operator. Good afternoon, everyone, and thank you for joining us for RideNow's Third Quarter 2025 Earnings Conference Call. Joining me on the call today are Michael Quartieri, RideNow's Chairman, Chief Executive Officer and President; and Joshua Barsetti, RideNow's Chief Financial Officer. Our Q3 results are detailed in the press release issued this afternoon and supplemental information will be available in our third quarter Form 10-Q once filed.

Before we begin, I would like to remind you that comments made by management during this conference call may contain forward-looking statements, including, but not limited to, RideNow's market opportunities and future financial results. All forward-looking statements involve risks and uncertainties, which could affect RideNow's actual results and cause actual results to differ materially from forward-looking statements made by or on behalf of RideNow.

A discussion of material risks and important factors that could affect our actual results can be found in our filings with the SEC, which are also available on our Investor Relations website and at sec.gov. This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast, Tuesday, November 4, 2025. RideNow assumes no obligation to revise or update any forward-looking statement, whether written or

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Pinterest (PINS - Free Report) came out with quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $0.4 per share. This compares to earnings of $0.4 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -5.00%. A quarter ago, it was expected that this digital pinboard and shopping tool company would post earnings of $0.34 per share when it actually produced earnings of $0.33, delivering a surprise of -2.94%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Pinterest, which belongs to the Zacks Internet - Software industry, posted revenues of $1.05 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.17%. This compares to year-ago revenues of $898.37 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Pinterest shares have added about 16.2% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Pinterest?While Pinterest has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Pinterest was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.71 on $1.33 billion in revenues for the coming quarter and $1.68 on $4.23 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Five9 (FIVN - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This provider of cloud-based software to call centers is expected to post quarterly earnings of $0.73 per share in its upcoming report, which represents a year-over-year change of +9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Five9's revenues are expected to be $284.54 million, up 7.7% from the year-ago quarter.

Super Micro Computer (SMCI - Free Report) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +25.00%. A quarter ago, it was expected that this server technology company would post earnings of $0.44 per share when it actually produced earnings of $0.41, delivering a surprise of -6.82%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Super Micro, which belongs to the Zacks Computer- Storage Devices industry, posted revenues of $5.02 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 0.56%. This compares to year-ago revenues of $5.94 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Super Micro shares have added about 66.5% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Super Micro?While Super Micro has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Super Micro was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.63 on $8.3 billion in revenues for the coming quarter and $2.54 on $34.13 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer- Storage Devices is currently in the top 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Pure Storage (PSTG - Free Report) , another stock in the same industry, has yet to report results for the quarter ended October 2025.

This data storage company is expected to post quarterly earnings of $0.59 per share in its upcoming report, which represents a year-over-year change of +18%. The consensus EPS estimate for the quarter has been revised 1.7% higher over the last 30 days to the current level.

Pure Storage's revenues are expected to be $956.49 million, up 15.1% from the year-ago quarter.

Live Nation (LYV - Free Report) came out with quarterly earnings of $0.73 per share, missing the Zacks Consensus Estimate of $1.21 per share. This compares to earnings of $1.66 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -39.67%. A quarter ago, it was expected that this ticket seller and concert promoter would post earnings of $1.01 per share when it actually produced earnings of $0.41, delivering a surprise of -59.41%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Live Nation, which belongs to the Zacks Film and Television Production and Distribution industry, posted revenues of $8.5 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 0.59%. This compares to year-ago revenues of $7.65 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Live Nation shares have added about 15.7% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Live Nation?While Live Nation has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Live Nation was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.93 on $6.49 billion in revenues for the coming quarter and $0.41 on $25.45 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Film and Television Production and Distribution is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

News Corp. (NWSA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This publishing company whose flagship is The Wall Street Journal is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of -14.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

News Corp.'s revenues are expected to be $2.11 billion, down 18.1% from the year-ago quarter.

In the dynamic and often opaque world of Bitcoin trading, institutional traders are operating with a fundamentally different playbook. These players are actively hunting for low-volume areas and under-traded levels, seeing them as strategic advantages for maximizing profit.

Why Institutions Avoid The Crowd And Target The Gaps
Bitcoin’s institutional traders and big players are actively hunting low-volume areas. These zones are thinly traded areas, which shows that there are fewer resting orders, making it easier to fill massive positions with less slippage. In an X post, a crypto analyst known as Killa has stated that throughout this entire rally, players have hunted Low Volume Nodes (LVNs), or in simpler terms, the volume areas are lows every single time.

The reason for this accumulation is that if the BTC price is stalling, volume is increasing, and BTC is unable to follow through with bullish momentum, it shows that 75% of the time, the market is preparing to retrace to lower areas of demand. This is simple basic supply and demand dynamics playing out.

Source: Chart from Killa on X
However, there has been a major increase in volume around these highs, coupled with the multiple sweeps of liquidity above them. Despite what might seem like bullish tariff catalysts, the market has failed to push higher. If this combination happens, it could be a sign of distribution rather than re-accumulation of the trend.

Furthermore, if BTC can’t decisively reclaim the $114,000 monthly open, then the next logical target points downwards to the Volume Area Low (VAL) below $100,000. Should BTC push below $100,000 and manage to reclaim the VAL, then this will be a deviation into expansion, which is a reclaim of the range. On the other hand, if BTC is unable to reclaim the VAL after testing below $100,000, it would point to a bear market towards $50,000 to $60,000 range.

October Leverage Bloodbath Is Still Echoing
A popular crypto news source, CryptosRus, has mentioned that Bloomberg has dropped a report that the October liquidation shocks are still haunting crypto. Meanwhile, Bitcoin is back near $107,000, but the reason is not new Fear, Uncertainty, and Doubt (FUD) or macro pressure, but because traders are still shaken from the October wipeout.

The liquidation flushed billions in leverage, which is the biggest clean-out this market has seen in years. This drained confidence and completely sidelined buyers who still haven’t stepped back into the arena with conviction. Bloomberg says that the October shock absolutely repelled new demand, even as global risk assets continue to rally. Presently, the fundamentals for BTC are actually fine, but the sentiment is shell-shocked. According to CryptorRus, this is not a weakness, but it’s a recovery mode.

BTC trading at $104,216 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

Bitcoin miners MARA Holdings and Hut 8 posted strong third-quarter results on Tuesday, with both reporting sharply higher profits and expanding Bitcoin reserves.  

MARA’s revenue climbed 92% year-over-year to $252 million in the third quarter of 2025, swinging from a $125 million loss to $123 million in net income over the period, while Hut 8’s revenue nearly doubled to $83.5 million with profits of $50.6 million. 

Both miners also strengthened their balance sheets. MARA Holdings ended the quarter with 52,850 Bitcoin (BTC), nearly doubling its reserves from 26,747 BTC a year earlier. Hut 8 reported 13,696 BTC in its strategic reserve, up from 9,106 BTC in the same period last year.

The results highlight both companies’ continued diversification beyond Bitcoin mining into large-scale compute and energy infrastructure. MARA described itself as a “digital energy and infrastructure” company focused on converting excess energy into digital capital, including investments in low-carbon AI data centers through its $168 million acquisition of Exaion, a subsidiary of France’s state-owned utility EDF.

Hut 8 is pursuing a similar path, with 1.02 gigawatts of capacity under management and plans to expand to more than 2.5 gigawatts across North America as it builds out high-performance computing sites to serve both Bitcoin and AI workloads.

The results appeared to fall short of investor expectations, with both stocks trading lower on Tuesday. Hut 8 shares traded down about 9%, while MARA slides 5% at this writing.

Bitcoin traded near $99,000, down roughly 6% over the past 24 hours, according to Cointelegraph Markets Pro.

Source: Yahoo NewsThe US leads in Bitcoin miningFollowing China’s 2021 Bitcoin mining ban, much of the industry’s hash power migrated to the US, which now accounts for an estimated 37% of global Bitcoin hashrate, making it the single largest mining hub in the world. Six of the world’s ten largest publicly traded mining companies are based in the US.

Bitcoin hashrate by country. Source: World Population ReviewTexas has emerged as the leading state for US Bitcoin mining, offering cheap electricity, abundant renewable power, and a business-friendly power grid. Major miners, including MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8, operate there, and it has even been called “an oasis for Bitcoin” by US Senator Ted Cruz.

Top 10 Bitcoin miners by market cap. Source: CompaniesMarketCapMeanwhile, some states are still debating how to regulate the sector. In New Hampshire, the Senate Commerce Committee deadlocked Friday on a bill to ease restrictions on crypto mining, following a surge in public feedback since the measure was last discussed.

Magazine: China officially hates stablecoins, DBS trades Bitcoin options: Asia Express

This month, a remarkable Bitcoin-focused artwork will grace one of the art world’s most prestigious stages. Block 1 from Robert Alice’s Portraits of a Mind series is set to be auctioned in Sotheby’s Now & Contemporary Evening Sale on November 18, carrying an estimate of $600,000 to $800,000. 

Robert Alice, Portraits of a Mind, 2019. Credit: Theo Cristelis 

This event is where marquee works by renowned artists like Yves Klein or Jean-Michel Basquiat appear, so the inclusion of Block 1 signals an important moment for Bitcoin’s cultural presence. The auction will be held at The Breuer Building — once the home of the Whitney Museum of American Art and now Sotheby’s new worldwide headquarter in New York. It marks the first time a physical artifact of Bitcoin’s history stands alongside blue-chip artworks in such a high-profile sale.

In preparing this text, I spoke with Tad Smith, the former CEO of Sotheby’s and a thoughtful Bitcoiner, about the upcoming sale and what it means for Bitcoin’s cultural standing. Speaking as an archivist and art historian, I found our conversation becoming a meditation on value: how art and Bitcoin both rely on scarcity, story, and shared belief rather than financial metrics alone. Some of his remarks are included throughout this piece. His own path –– from auction house executive to Bitcoiner –– reflects the shift he describes: from assigning value within institutions to seeing value take shape through collective consensus.

Why does this matter? For years, Bitcoin has been understood primarily as a monetary revolution or a technical breakthrough. But Bitcoin is also an emerging cultural phenomenon, lacking obvious forums for recognition in mainstream culture. When a work like Block 10 (52.5243° N, -0.4362° E) from Alice’s series enters major collections like the Centre Pompidou –– one of Europe’s foremost museums of modern art –– it externalizes Bitcoin’s cultural value by translating intangible ethos into the language of art. I will return to this later. It is a clear sign that Bitcoin’s story is seeping into broader cultural memory, validated by institutions that historically canonize what matters in art and culture. 

Block 1: The Code That Became Art
Formally and conceptually, Block 1 is steeped in Bitcoin’s origin story. Robert Alice’s Portraits of a Mind series took the original Bitcoin codebase (version 0.1.0) — arguably one of the most consequential texts of the 21st century — and dispersed it into 40 large-format paintings. In doing so, the project formed a decentralized, physical archive of Satoshi Nakamoto’s code with hundreds of thousands of hexadecimal digits distributed across the series.

Robert Alice, Detail of Portraits of a Mind, 2019. Credit: Theo Cristelis 

Each painting in the series carries a set of geographical coordinates that tie fragments of Bitcoin’s code to places of human culture and memory. Block 1 (24.9472° N, 118.5979° E) points to the Statue of Laozi in Quanzhou, a place where philosophy and exchange have quietly coexisted for centuries — near a city that once marked an important point along the Silk Road. The choice of site draws a subtle line between Taoist thought and the libertarian ethos that runs through Bitcoin: Laozi’s idea of wu wei –– governing through non-interference –– echoes the blockchain’s own preference for order without rulers. 

Tad Smith has called the series a memorial to the foundations of digital sovereignty — a body of work that captures the moment Bitcoin began to take form.

A decentered form runs through the series, echoing rai stones and allusions to Japanese currency. The work engages with themes of decentralization, code as text, code as portrait and the nature of memory. Influenced by conceptual and minimalist art (artists like Roman Opalka and Jasper Johns come to mind), Portraits of a Mind treats the Bitcoin codebase as cultural heritage, as something to be preserved and contemplated. The series makes something hidden, visible: it translates the code –– the true first text of Bitcoin, written even before the whitepaper –– into material form. On November 9, 2008, Satoshi wrote to Hal Finney: “I actually did this kind of backwards. I had to write all the code before I could convince myself that I could solve every problem, then I wrote the paper”. And Alice asks us to see code not just as functional instruction but as a foundational human document.

Since its debut, Portraits of a Mind has traveled in ways that mirror the network it was born from. Parts of the series have been shown in London, Hong Kong, and New York, as well as at Sealand — the self-declared cypherpunk micronation, once an illegal data haven for irregulated internet traffic. Works from the series have also appeared in museums across the world in Zurich, Seoul, Beijing, Hanover and Linz. In 2023, the series was shown at Monnaie de Paris, the world’s oldest continually running mint, further extending its reach into the contemporary art world. 

Robert Alice’s exhibition of Portraits of a Mind at Sealand, the former cypher punk data haven in the North Sea in 2021. Credit: Robert Alice

Major auction houses like Sotheby’s and Christie’s play a pivotal role in validating new artistic movements. For blockchain-based art, that validation began in 2020 when Portraits of a Mind first made waves: one of its panels, Block 21 (42.36433° N, -71.26189° E), was the first Bitcoin-focused artwork to sell at a premier auction house and laid the foundation for the crypto art explosion, pre-dating the Beeple NFT sensation by six months and back then reached around $130,000. With Block 1 joining Sotheby’s Contemporary Evening Auction in New York, Bitcoin art reaches a new level of visibility. “In the evening sale [this piece] will further increase the reputation” of the series, Tad Smith noted, emphasizing how Sotheby’s platform brings tremendous publicity and cultural cachet. Indeed, a high result at Sotheby’s would broadcast the message that Bitcoin’s codebase is now an important cultural fixture to the narrative of the 21st century, rather than a niche plaything for tech enthusiasts.

Bitcoin’s Cultural Maturation
What does Block 1 at Sotheby’s tell us about Bitcoin’s own cultural maturation? For one, it underscores that Bitcoin’s impact isn’t measured only in market cap or hash rate — it’s also measured in cultural capital. Bitcoin has spawned ideas, values, and aesthetics, yet the protocol itself can’t record those human elements. There’s a lack of on-chain metrics for culture: the blockchain timestamps transactions, but not, say, the moment a Bitcoin artwork hangs in a museum. Therefore we look to external signals. When the Centre Pompidou acquires Block 10 as mentioned earlier, or when artworld’s leading curators like Hans-Ulrich Obrist critically engage with it, those are flashes of recognition that Bitcoin has birthed something worthy of heritage status. These signals indicate that Bitcoin is evolving from a purely financial phenomenon into a broader cultural one. The acquisition of Block 10 marked the first time a fragment of Bitcoin’s code entered a national collection. In France, works that enter the national collection become part of the public domain and are legally inalienable –– they can never be sold or removed. In a country whose modern identity was forged in revolution, the gesture carries its own quiet irony: a technology built to resist authority now preserved by one of the oldest symbols of it. A part of Bitcoin’s genesis code now belongs, permanently, to the people of France –– archived under the same ideals that once demanded the rewriting of history itself. It’s hard to imagine a stronger validation that the Bitcoin narrative has broken out of its early techno-utopian niche and into the broader cultural conversation.

The Centre Pomidou in Paris. Home to the French National Collection of Contemporary Art, which now includes BLOCK 10 from the series, Portraits of a Mind. 

Interestingly, this institutional recognition coincides with a growing awareness within the Bitcoin community itself — an appreciation that culture is not peripheral but central to its mission. As Smith observes, “Bitcoiners have something really powerful when it comes to art. They’re on a mission and they’re highly motivated. This isn’t a hobby or something you do on the side. It’s a deeply committed crowd, full of enthusiasm and driven by a genuine desire to make the world better”.

He adds that Bitcoiners are “very culturally and socially engaged and natural storytellers who understand memetics and communication in every possible way”. That, Smith notes, “is what art is about”. Indeed to be a Bitcoiner is to be a collector, not of art, but of UTXOs. The psychology of collecting and especially ownership, runs deeply through the psyche of Bitcoiners.

In short, Bitcoiners have been creating culture all along and the cultural work began long before its memes. The very first act in its history wasn’t financial but symbolic –– Satoshi’s embedding of The Times headline in the genesis block. It was a gesture of record and resistance, the first instance of Bitcoin declaring itself through culture.

Now, as significant wealth accumulates in this community, their taste in art is maturing as well. “Many of them, of course, tend to be younger”, Smith notes, “and younger people usually aren’t all that interested in the art of older generations. That’s nothing new; it’s been that way for centuries. The younger crowd always wants its own art. That’s why art and taste evolve every few generations”.

Over time, he predicts, “Bitcoiners’ growing financial capital will translate into cultural capital”. With Bitcoin’s market value climbing into the trillions and a massive wealth transfer to millennials and Gen Z on the horizon, the future of Bitcoin art indeed looks bright. “The future is very, very bright”, Smith says, “because the younger crowd has all the tailwinds” — referring both to financial means and cultural appetite.

In effect, a new collector base is rising — one that sees Bitcoin not just as an investment, but as a story and identity worth expressing through art.

Making Culture Visible
Because Bitcoin lacks formal cultural institutions of its own, artworks like Block 1 become crucial mirrors. They reflect and externalize the cultural values of the Bitcoin adoption in a form that the wider world can see and evaluate. The Sotheby’s sale forces questions about how we value such an object: Is it its materials and aesthetics, its backstory and conceptual depth, or its significance to a community? In practice, all of these converge to give Block 1 value. That value is cultural and contextual, not merely speculative. As Tad Smith learned during his years as CEO at Sotheby’s, a painting’s price can swing wildly based on intangibles: “a piece of canvas with a certain color of paint on it and a certain artist’s name and a certain year and a certain look, is worth $20 million, and then one right next to it could be worth $2”, a disparity that revealed to him “something inherently cultural that really drives the notion of value”. Bitcoin, often touted as digital gold, similarly derives its value from a cultural consensus, a shared belief in its significance. But that consensus can be hard to perceive directly. Art provides a tangible embodiment of those beliefs. When a Bitcoin-inspired artwork commands attention and a high price, it quantifies a bit of Bitcoin’s cultural impact in a language the art world understands.

Reflecting on this connection, Smith once compared Bitcoin’s evolution to the building of a pyramid — a new financial infrastructure, a new concept for money. “For the first time in human history”, he noted, “it’s digital capital. And to start building a pyramid, you start with a bunch of blocks. On the lower level, you make a great big square, and then you add a slightly smaller one on top, and another on top of that”. He described Portraits of a Mind as “memorials of the foundation layer of the creation of future and modern digital capital. It’s the foundation document, recording the charter of where it all began”. A century from now, he suggested, people will look back to these works to understand how Bitcoin started, “they paint a picture of a moment in time”.

Robert Alice’s exhibition of Portraits of a Mind at the Monnaie de Paris, 29 June to 22 October 2023. Credit: Monnaie de Paris. 

Art teaches by being seen. It invites interpretation and dialogue; a work like Block 1 makes people ask questions — about Bitcoin’s earliest days, its philosophy, its community — and it does so beyond the usual venues of conferences or developer meetings. Those engaged in this space understand that securing Bitcoin’s place in history means telling and retelling its story in many forms. Visual art, especially works that can hang in galleries or be studied in art history classrooms, gives that story a tangible presence — externalizing Bitcoin’s narrative and weaving it into the broader fabric of contemporary culture.

Finally, the Sotheby’s event highlights a broader truth: Bitcoin’s maturation isn’t just about technological adoption or financial metrics, but about cultural integration. As Tad Smith puts it, “a life of success and wealth without culture is a pretty unexciting life”. He goes on to suggest that “the sooner you begin to experience culture and understand the beautiful qualities that make being human so incredible — literally a divine gift — the better”.

His point is simple but profound: Bitcoin’s promise lies not only in disrupting finance, but in enriching human experience. Engaging with art is part of that fulfillment. The presence of Block 1 in a venue like Sotheby’s signals that the Bitcoin community, consciously or not, is beginning to heed that message. Bitcoin is developing a cultural memory with artifacts like Block 1 acting as its external vessels.

Bitcoin is stepping out as a subject of cultural heritage, not just economic speculation. This single lot at Sotheby’s carries within it the story of Bitcoin’s birth — lines of code painstakingly inscribed in paint and gold — now acknowledged by some of the highest arbiters of cultural value, institutions whose validation both defines and depends on what culture chooses to recognize.

The sale will be closely watched, as the hammer price will say as much about belief as about value, and about how far Bitcoin’s cultural standing has come. You can’t exactly measure culture, but a number can make its value briefly visible. The fact that Block 1 now shares space with contemporary masters signals that Bitcoin’s presence in the world is no longer invisible to traditional gatekeepers. Emerging from a lineage of artistic experiments and cypherpunk culture, it has become a living, multifaceted phenomenon.

At the end, as a closing note and an invitation: the auction takes place on November 18 at Sotheby’s. You don’t have to bid, but you can look. It costs nothing to follow auctions, visit previews, or walk through museums. That’s how culture becomes understandable: by showing up to see it change.