Market Signal Briefing

Macro tailwinds and ETF inflows reinforce pivotal technical support as Bitcoin faces a crucial test shaping its next market phase.

Photo: Shubham Dhage

Key Takeaways

Bitcoin is currently retesting the critical $109,000 cost-basis band, a historical turning point for the asset's price.
This retest is happening amid mid-cycle consolidation, supported by strong macro liquidity and demand from ETFs.

Bitcoin is retesting a critical 0.85 cost-basis band around $109,000 that has historically served as a key turning point for the digital asset’s price movements, according to on-chain analytics from Glassnode.

Historically, holding above this level has triggered major rallies, while dropping below it often leads to a decline toward the 0.75 band, near $98,000.

The retest comes as Bitcoin navigates a mid-cycle consolidation phase supported by macro liquidity tailwinds and ETF-driven demand. Recent analyses highlight Bitcoin’s formation of parabolic curve patterns, which signal potential for extended upward trends if key support levels hold.

Disclaimer

Hedera price pulled back after hitting an important resistance as the exchange-traded fund approval hype faded. 

Summary

HBAR price has moved into a correction after falling by 11% from its highest point this week.
The token is falling despite the ongoing HBAR ETF inflows.
Technicals suggest that the Hedera price will continue falling.

Hedera (HBAR) token dropped to $0.1965, down by 12% from its highest point this week and 50% from the year-to-date high.

HBAR price has crashed because of the ongoing sell-off in the crypto market after the hawkish Federal Reserve interest rate decision on Wednesday.

The token also pulled back as investors sold the HBAR ETF approval news. This is a situation where investors buy an asset ahead of a major event and then sell it once the news event happens.

It happens as the hype surrounding the event fades and as investors start focusing on the next big thing or news event.

Data compiled by SoSoValue shows that the recently-launched HBAR ETF continues to gain mild interest from American investors. It had net inflows of $2.2 million on Wednesday when it was launched, a figure that jumped to $29 million on Thursday. 

The cumulative ETF inflows have jumped to $32 million. While this figure is higher than Litecoin’s $485,000, it is much lower than Solana (SOL), whose ETFs crossed the $154 million inflows milestone.

The divergence between the spot Hedera and Solana ETF inflows is understandable because the former is a bigger and more popular player in the crypto industry. Hedera has a market capitalization of over $8 billion while Solana is valued at over $102 billion.

Solana is also more popular among users and developers. It has 387 DeFi dApps with a total value locked of $12.3 billion, much higher than Hedera’s 23 dApps and $194 million in TVL.

Hedera price technical analysis 
Hedera price chart | Source: crypto.news
The daily timeframe chart shows that the HBAR price jumped to a high of $0.2196 on October 28 and then pulled back to the current $0.1950. Its highest level was notable as it coincided with the descending trendline that connects the highest swings since July 27.

The token has moved below the Supetrend indicator, a sign that bears are in control. It remains below the Ichimoku cloud indicator, while the 50-day and 200-day Exponential Moving Averages have formed a death cross pattern.

Therefore, the most likely HBAR price forecast is where it continues its downtrend, and possibly hits the psychological level at $0.1500. On the other hand, a move above that descending trendline will point to more upside. 

Prenetics leverages digital assets for treasury diversification and secures financing to strengthen its position.

Key Takeaways

Prenetics, a Nasdaq-listed healthcare company, acquired 100 more Bitcoin, bringing its holdings to 378 BTC.
It is the first healthcare firm to formally adopt Bitcoin as a corporate reserve asset.

Prenetics, a Nasdaq-listed healthcare firm, acquired 100 Bitcoin, bringing its total holdings to 378 BTC as part of its ongoing treasury strategy.

The company stands out as the first healthcare firm to formally adopt Bitcoin as a corporate reserve asset. Prenetics has committed to consistent Bitcoin accumulation through regular purchases, including daily buying to build its position over time.

The firm recently secured dedicated financing to support its Bitcoin acquisition efforts, reinforcing its long-term commitment to crypto assets as part of its treasury management approach.

Prenetics’ growing Bitcoin position has earned it recognition on the Bitcoin 100 Ranking, a leaderboard that tracks companies with significant cryptocurrency holdings.

Disclaimer

Coinbase delivered stronger-than-expected Q3 results, driven by a rebound in crypto trading activity and institutional participation. The company also expanded its bitcoin holdings by $299 million, reinforcing its long-term conviction in digital assets.

Bitcoin (BTC) is about to disappoint investors, as it’s on the verge of ending October, a historically good month, in the red. Meanwhile, BNB Chain has seen record activity as token prices jumped at the beginning of October.

In the EU, the territory is still shifting as countries decide whether to support the “Chat Control” proposal, with nine opposing it outright. Concern over the lack of support saw lawmakers in Brussels delay their decision on the controversial regulation until December.

While the US government shutdown has ground to a halt most federal business, including decisions on crypto exchange-traded projects, crypto bills in four states moved ahead this month.

Meanwhile, stablecoin adoption continues to grow. The total market capitalization of the stablecoin market surpassed $300 billion for the first time in October.

Here’s October by the charts:

Bitcoin down 10% on the month in first red “Uptober” in seven yearsFor the last six years, Bitcoin traders have looked forward to gains in October. The trend was so reliable that the crypto community dubbed the month “Uptober.” However, this year, Bitcoin finished over 10% down on the month, shirking the trend.

Bitcoin October price chart. Source: TradingViewSeveral unique factors put downward pressure on Bitcoin’s price this month, including a near-$20-billion liquidation event triggered by US President Donald Trump’s trade war with China and rate cuts at the US Federal Reserve.

Some traders believe that a disappointing October could mean an even bigger rally in November. Others are less convinced. Analyst Crypto Rover said, “Last time October closed red for Bitcoin, November saw a 36.57% drop.”

BNB Chain transactions spike 135% in OctoberOctober saw a 135% increase in transactions on the BNB Chain as memecoin issuance spiked, according to Nansen analytics. Bubblemaps stated that “memecoin szn is real” on BNB Chain.

According to the analytics platform, over 100,000 new traders bought into memecoins on Oct. 7, and 70% were in profit. Some 40 of them made over $1 million, while 6,000 made at least $10,000.

Pseudonymous crypto trader Star Platinum claimed that most of the memecoins had crashed by Oct. 8 and 9.

“Retail bought the top. Big holders sold them. If we look at onchain data it shows: concentrated supply, tiny liquidity, repeated bot trades [and] exits to DEX/CEX at the peak,” they said.

The memecoin frenzy saw BNB Chain’s Four.meme platform become the dominant format for launching memecoins. On Oct. 1, Pump.fun accounted for over 90% of all new issuances, but on Oct. 8, Four.meme flipped the balance to over 80% of all new token launches.

The memecoin frenzy saw a concomitant spike in BNB’s (BNB) token price, which broke $1,300 on Oct. 13. The token has since fallen but still remains up 6.6% on the month.

Nine countries oppose Chat Control, kicking it to DecemberThe number of EU member states supporting “Chat Control” continues to shift. As of the end of October, 12 countries support it, while nine openly oppose it. Six remain undecided.

Ahead of a vote scheduled for Oct. 14, observers and privacy activists were closely watching to see which way Germany would vote. At the time, a majority of member states supported “Chat Control,” but the block did not comprise the 65% of the EU population needed to pass.

Germany, being the most populous state in the EU, is crucial if the European Council wants to secure the support necessary to pass the bill. However, as of publishing time, public records collected by Fight Chat Control, a privacy advocacy group tracking the law, show that Germany opposes it.

The proposed Chat Control law has been around since 2022 but has not secured the necessary support to pass. The current iteration, introduced by the Danish presidency of the European Council, would introduce mandatory screening of encrypted messages to catch people trafficking child sexual abuse material. The vote has been postponed until December.

Four US states work on crypto lawsWhile partisan gridlock slows down the US Senate’s progress on the Responsible Financial Innovation Act, US states continue to introduce their own laws for the cryptocurrency industry. In October, four US states made progress on crypto laws.

In Florida, the legislature introduced a bill that “authorizes Florida’s Chief Financial Officer and certain public entities to invest portions of state and local funds in digital assets, including Bitcoin and exchange-traded products.” It also introduced requirements for crypto kiosks and guidelines for stablecoin issuers operating in the state.

Wisconsin is updating its tax code. Current law allows crypto mining data centers to remain exempt from income tax. A new bill would close that loophole. The state senate is also working on a bill that “ensures that individuals and businesses may accept digital assets for payment, use self-hosted or hardware wallets, operate blockchain nodes, develop blockchain software, transfer digital assets, and participate in staking.”

New York is working on a new excise tax on electricity used in proof-of-work crypto mining. Massachusetts is updating fiduciary rights regarding cryptocurrencies.

California passed a law stating that abandoned Bitcoin can’t be immediately sold by the state and must be kept in its original form. Observers say this will ease recovery and lower burdens on exchanges.

Stablecoins top $300 billionAs the adoption of stablecoins increases globally, their total market capitalization surpassed $300 billion in October.

The stablecoin market cap surpassed $300 billion. Source: DefiLlamaThe new high-water mark comes amid bullish news for stablecoins in October. AllUnity’s euro-backed stablecoin, EURAU, which itself is a joint project from Deutsche Bank and asset manager DWS, is expanding to several blockchains.

Neobank Revolut has introduced a 1:1 conversion between dollars and stablecoins for its customers. Indonesia’s central bank is reportedly planning to issue a “national stablecoin” — i.e., a digital currency backed by government bonds.

On Oct. 29, Visa CEO Ryan McInerney announced, “Adding support for four stablecoins running on four unique blockchains, representing two currencies that we can accept and convert to over 25 traditional fiat currencies.”

Magazine: Grokipedia: ‘Far right talking points’ or much-needed antidote to Wikipedia?

Bitwise‘s Chief Investment Officer Matt Hougan says the best crypto investments offer "two ways to win," pointing to Bitcoin (CRYPTO: BTC) and Solana (CRYPTO: SOL) as prime examples.

What Happened: In a detailed X thread, Hougan explained that Bitcoin investors benefit both from the expansion of the global "store of value" market, now worth roughly $27.5 trillion (gold $25 trillion, BTC $2.5 trillion), and from Bitcoin gaining a larger share of that market.

If the market doubles to $55 trillion, BTC could double even without higher dominance; if its share doubles from 9% to 18%, it could again double.

A tenfold expansion with BTC keeping its share could send its price 10x higher, and parity with gold's 50% share would imply ~$6.5 million per coin.

Solana's Setup

Hougan said Solana offers a similar "two-way win."

Investors are betting on both the growth of the stablecoin and tokenization market and Solana's rising share within it.

Ethereum leads the space, followed by Tron, Binance Smart Chain, and Solana, together worth $768 billion, with Solana at ~14%.

He expects this market to grow massively as stablecoins, and tokenized assets reshape global finance.

Solana's speed, simplicity, and community strength, plus major validations like Western Union choosing Solana for its upcoming stablecoin, reinforce its upside.

Also Read: Western Union To Enter Crypto Market With Solana-Powered Stablecoin Launch In 2026

What's Next: Hougan says Solana's dual exposure to market expansion and share gains makes it a high-conviction long-term play, similar to Bitcoin. "You're getting two high-conviction bets for the price of one," he concluded.

While humility is essential in crypto investing, stacking these dual growth drivers increases the odds of success and makes Solana an attractive long-term play.

Crypto chart analyst Ali Martinez noted that Solana is trading near key support around $180, aligned with the 200-day SMA and backed by strong on-chain accumulation of 24.5 million SOL.

Holding this level could spark a rebound toward $240–$290, while a break below may lead to deeper losses toward $115 or $50.

Read Next:

Bitcoin Reclaims $110,000 After Bloody Thursday For Ethereum, XRP, Dogecoin
Image: Shutterstock

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Amgen (AMGN - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this world's largest biotech drugmaker have returned -1.8% over the past month versus the Zacks S&P 500 composite's +2.1% change. The Zacks Medical - Biomedical and Genetics industry, to which Amgen belongs, has gained 8.7% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, Amgen is expected to post earnings of $5.00 per share, indicating a change of -10.4% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.9% over the last 30 days.

The consensus earnings estimate of $21.08 for the current fiscal year indicates a year-over-year change of +6.3%. This estimate has changed -0.2% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $21.43 indicates a change of +1.7% from what Amgen is expected to report a year ago. Over the past month, the estimate has changed -0.2%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Amgen.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Amgen, the consensus sales estimate for the current quarter of $8.94 billion indicates a year-over-year change of +5.2%. For the current and next fiscal years, $35.66 billion and $36.29 billion estimates indicate +6.7% and +1.8% changes, respectively.

Last Reported Results and Surprise HistoryAmgen reported revenues of $9.18 billion in the last reported quarter, representing a year-over-year change of +9.4%. EPS of $6.02 for the same period compares with $4.97 a year ago.

Compared to the Zacks Consensus Estimate of $8.87 billion, the reported revenues represent a surprise of +3.52%. The EPS surprise was +14.45%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Amgen is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Amgen. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

VALE S.A. (VALE - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this company have returned +7.9% over the past month versus the Zacks S&P 500 composite's +2.1% change. The Zacks Mining - Iron industry, to which VALE belongs, has gained 9.6% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

VALE is expected to post earnings of $0.49 per share for the current quarter, representing a year-over-year change of -12.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -4.8%.

For the current fiscal year, the consensus earnings estimate of $1.83 points to a change of +0.6% from the prior year. Over the last 30 days, this estimate has changed +8.1%.

For the next fiscal year, the consensus earnings estimate of $1.93 indicates a change of +5.4% from what VALE is expected to report a year ago. Over the past month, the estimate has changed +9%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, VALE is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of VALE, the consensus sales estimate of $10.35 billion for the current quarter points to a year-over-year change of +8.3%. The $37.41 billion and $41.14 billion estimates for the current and next fiscal years indicate changes of -1.7% and +10%, respectively.

Last Reported Results and Surprise HistoryVALE reported revenues of $8.8 billion in the last reported quarter, representing a year-over-year change of -11.3%. EPS of $0.5 for the same period compares with $0.43 a year ago.

Compared to the Zacks Consensus Estimate of $8.87 billion, the reported revenues represent a surprise of -0.79%. The EPS surprise was +47.06%.

Over the last four quarters, VALE surpassed consensus EPS estimates two times. The company topped consensus revenue estimates just once over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

VALE is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about VALE. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

AbbVie (ABBV - Free Report) came out with quarterly earnings of $1.86 per share, beating the Zacks Consensus Estimate of $1.77 per share. This compares to earnings of $3 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +5.08%. A quarter ago, it was expected that this drugmaker would post earnings of $2.89 per share when it actually produced earnings of $2.97, delivering a surprise of +2.77%.

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

AbbVie, which belongs to the Zacks Large Cap Pharmaceuticals industry, posted revenues of $15.78 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.20%. This compares to year-ago revenues of $14.46 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.

AbbVie shares have added about 28.4% since the beginning of the year versus the S&P 500's gain of 16%.

What's Next for AbbVie?While AbbVie 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 AbbVie 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 $3.33 on $16.32 billion in revenues for the coming quarter and $10.80 on $60.68 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, Large Cap Pharmaceuticals is currently in the bottom 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.

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

This biopharmaceutical company is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of +2200%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Innoviva's revenues are expected to be $93.92 million, up 4.9% from the year-ago quarter.

JPMorgan Chase & Co. (JPM - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this company have returned +0.6% over the past month versus the Zacks S&P 500 composite's +2.1% change. The Zacks Financial - Investment Bank industry, to which JPMorgan Chase & Co. belongs, has lost 0.5% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, JPMorgan Chase & Co. is expected to post earnings of $4.85 per share, indicating a change of +0.8% from the year-ago quarter. The Zacks Consensus Estimate has changed +3.6% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $20.12 points to a change of +1.9% from the prior year. Over the last 30 days, this estimate has changed +2%.

For the next fiscal year, the consensus earnings estimate of $20.9 indicates a change of +3.9% from what JPMorgan Chase & Co. is expected to report a year ago. Over the past month, the estimate has changed +1%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, JPMorgan Chase & Co. is rated Zacks Rank #2 (Buy).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For JPMorgan Chase & Co., the consensus sales estimate for the current quarter of $45.21 billion indicates a year-over-year change of +5.7%. For the current and next fiscal years, $181.33 billion and $187.59 billion estimates indicate +2.1% and +3.5% changes, respectively.

Last Reported Results and Surprise HistoryJPMorgan Chase & Co. reported revenues of $46.43 billion in the last reported quarter, representing a year-over-year change of +8.8%. EPS of $5.07 for the same period compares with $4.37 a year ago.

Compared to the Zacks Consensus Estimate of $44.86 billion, the reported revenues represent a surprise of +3.51%. The EPS surprise was +4.97%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

JPMorgan Chase & Co. is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about JPMorgan Chase & Co.. However, its Zacks Rank #2 does suggest that it may outperform the broader market in the near term.

Key Takeaways Insmed posted a Q3 loss of $1.75 per share, missing estimates despite higher revenue.Brinsupri added $28.1M in its first quarter of sales, driving strong investor optimism.Revenue rose 52% to $142.3M on growth in Arikayce and the successful Brinsupri launch.
Insmed (INSM - Free Report) reported a third-quarter 2025 loss of $1.75 per share, which was wider than the Zacks Consensus Estimate of a loss of $1.32. In the year-ago quarter, the company posted a loss of $1.27 per share.

Quarterly revenues rose 52% year over year to over $142.3 million, entirely from the sales of its two marketed products. This figure beat the Zacks Consensus Estimate of around $115 million.

More on Insmed’s EarningsInsmed currently has two marketed drugs in its portfolio, Arikayce and Brinsupri. While Arikayce is approved to treat refractory mycobacterium avium complex (MAC) lung disease in adults with limited or no treatment options, Brinsupri is approved for non-cystic fibrosis bronchiectasis (NCFB).

Sales of Arikayce rose 22% year over year to $114.3 million, driven by continued growth in demand across all marketed regions. While the drug’s domestic sales rose 11% to $74 million, ex-U.S. sales surged 52% to $40.3 million.

This was the first quarter where Insmed generated revenues from Brinsupri sales since its approval in August. During the quarter, the drug contributed $28.1 million to the top line, driven by strong patient uptake. Shares of the company rose more than 16% on Thursday, as investors cheered the encouraging commercial launch of the drug, which is the first and only drug approved for NCFB in the country.

Year to date, the stock has soared 181% compared with the industry’s 11% growth.

Image Source: Zacks Investment Research

During the reported quarter, research and development expenses rose 24% year over year to $186.4 million. This uptick was driven by a rise in employee headcount, resulting in increased compensation and benefit-related expenses as well as a rise in clinical expenses.

Selling, general and administrative expenses amounted to $186.4 million, up 57% from the year-ago figure. This upside was driven by higher professional and external service costs, along with increased compensation and benefit-related expenses for a larger employee base, to support the commercial launch for Brinsupri.

As of Sept. 30, 2025, Insmed had cash, cash equivalents and marketable securities of around $1.7 billion compared with $1.9 billion as of June 30, 2024.

INSM Upgrades 2025 GuidanceInsmed raised its sales guidance for the full year. It now expects product sales for Arikayce to be between $420 million and $430 million (previously: $405-$425 million), indicating nearly 17% year-over-year growth at the midpoint of the range.

Updates on INSM’s PipelineInsmed has already completed enrolling patients in the confirmatory phase III ENCORE study, which is evaluating Arikayce as a potential treatment for newly infected patients with MAC lung disease. While top-line data from this study is expected in the first half of 2026, Insmed intends to submit a regulatory filing with the FDA for the drug before 2026-end.

Earlier this month, the EMA’s Committee for Medicinal Products for Human Use recommended approving the company’s regulatory filing seeking approval for Brinsupri to treat NCFB in patients 12 years of age and older with two or more exacerbations in the prior 12 months. A final decision is expected before year-end. Similar regulatory filings are under review in the United Kingdom and Japan.

Apart from bronchiectasis, Insmed is evaluating Brinsupri in the phase IIb BiRCh study in patients with chronic rhinosinusitis without nasal polyps (CRSsNP). A data readout is expected in early 2026. The company is also evaluating the drug in the phase II CEDAR study for the hidradenitis suppurativa indication, with top-line data expected in the first half of 2026.

Insmed is also on track to start two late-stage studies on its investigational treprostinil palmitil inhalation powder (TPIP) next year in pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) indications. While the PH-ILD study is on track to start before this year-end, the company intends to start the PAH study in early 2026. It also plans to start additional studies on TPIP across progressive pulmonary fibrosis (PPF) and idiopathic pulmonary fibrosis (IPF) indications in the second half of 2026.

Insmed stated that it has completed dosing in the first cohort of the early-stage ASCEND study evaluating its lead gene therapy, INS2101, for Duchenne muscular dystrophy. The company has also received clearance from the FDA to start clinical studies on INS1202, a gene therapy for ALS patients.

INSM’s Zacks RankInsmed currently carries a Zacks Rank #3 (Hold).

Our Key Picks Among Biotech StocksSome better-ranked stocks from the sector are Alkermes (ALKS - Free Report) and Werewolf Therapeutics (HOWL - Free Report) . While ALKS sports a Zacks Rank #1 (Strong Buy) at present, HOWL carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EPS estimates for Alkermes’ 2025 have increased from $1.78 to $1.86, while those for 2026 have risen from $1.69 to $1.81 in the past 60 days. ALKS stock has gained 7% year to date.

Alkermes’ earnings beat estimates in three of the trailing four quarters and missed the mark on one occasion, delivering an average negative surprise of 4.58%.

In the past 60 days, loss per share estimates for Werewolf Therapeutics’ 2025 have improved from $1.88 to $1.61. Loss per share estimates for 2026 have narrowed from $1.61 to $1.36 during the same period. HOWL stock has lost 5% year to date.

Werewolf’s earnings beat estimates in three of the trailing four quarters but missed the mark once, delivering an average surprise of 7.36%.

SummaryI see sequential Advanced Micro Devices, Inc.'s data center strength continuing into year-end with the MI350 ramp as the core driver. Furthermore, the MI400 in 2026 will support another growth cycle.For Q3, AMD management guided $8.7B revenue (±$300M) and 54% non-GAAP gross margin. The Street's projections sit at $8.75B and $1.17 EPS, with focus squarely on the MI350 momentum.Key risk is China: MI308 exports effectively removed from Q3 guidance, with an $800M charge pressuring margins. I believe China won’t materially help this year, despite licenses already being granted.On the valuation front, AMD's forward P/E multiple is at 115x vs. Nvidia's 47x, with Nvidia’s 2026 growth outlook looking significantly stronger.Overall, I see further room for AMD stock multiple expansion from the current MI350 series ramp and, later in H2 2026, from the MI400 series. I reiterate my bull case but have downgrade to a Buy going into Q3 earnings. Gary Yeowell/DigitalVision via Getty Images

In my last coverage, I rated Advanced Micro Devices, Inc. (AMD) as a Strong Buy after the 6GW deal with OpenAI (OPENAI) finally turned around the sentiment surrounding this company, historically

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

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

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Rithm Property Trust Inc. (RPT) Q3 2025 Earnings Call October 31, 2025 8:00 AM EDT

Company Participants

Emma Bolla - Associate General Counsel
Michael Nierenberg - President, CEO & Director

Conference Call Participants

William Catherwood - BTIG, LLC, Research Division
Craig Kucera - Lucid Capital Markets, LLC, Research Division

Presentation

Operator

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rithm Property Trust Third Quarter 2025 Earnings Call. [Operator Instructions]

I would now like to turn the call over to Emma Hoelke, Associate General Counsel. Emma, please go ahead.

Emma Bolla
Associate General Counsel

Thank you, and good morning, everyone. I would like to thank you for joining us today for Rithm Property Trust Third Quarter 2025 Earnings Call. Joining me today are Michael Nierenberg, Chief Executive Officer of Rithm Capital and Rithm Property Trust; and Nick Santoro, Chief Financial Officer of Rithm Capital and Rithm Property Trust.

Throughout the call, we are going to reference the earnings supplement that was posted this morning to the Rithm Property Trust website, www.rithmpropertytrust.com. If you've not already done so, I'd encourage you to download the presentation now.

I would like to point out that certain statements made today will be forward-looking statements. These statements, by their nature, are uncertain and may differ materially from actual results. I encourage you to review the disclaimers in our press release and earnings supplement regarding forward-looking statements and to review the risk factors contained in our annual and quarterly reports filed with the SEC.

In addition, we will be discussing some non-GAAP financial measures during today's call. Reconciliations of these measures to the most directly comparable GAAP measures can be found in our earnings supplement.

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Shares of Getty Images soared 25% on Friday after the company announced that it struck a multi‑year licensing agreement with Perplexity AI.

Perplexity will be able to display creative and editorial content from Getty Images through its AI-powered search tools as part of the deal, according to a release. The startup will also improve how it displays imagery on its platform by adding image credits and links to the source.

"Partnerships such as this support AI platforms to increase the quality and accuracy of information delivered to consumers, ultimately building a more engaging and reliable experience," Nick Unsworth, vice president of strategic development at Getty Images, said in a statement.

The financial terms of the agreement were not disclosed.

Read more CNBC tech newsNvidia CEO Jensen Huang says AI is in a 'virtuous cycle.' Here's what he meansApple isn't playing the same AI capex game as the rest of the megacapsAmazon raises spending forecast to $125 billion as third-quarter results top estimatesSpaceX and Blue Origin both submitted plans to get astronauts back to the moon faster, NASA sayswatch now

POLAND - 2025/09/21: In this photo illustration, the Zoetis company logo is seen displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Zoetis (ZTS) stock warrants your attention. Why? Because it offers high margins – indicative of pricing power and the ability to generate cash – at a discounted price. Here is some information.

Revenue Growth: Zoetis experienced a growth rate of 5.3% over the last twelve months and an average of 5.5% over the past three years, but this is not a narrative of rapid growth.Recent Profitability: The company boasts an operating cash flow margin of approximately 31.2% and an operating margin of 37.5% for the last twelve months.Long-Term Profitability: It has an operating cash flow margin of about 28.7% and an operating margin averaging 36.6% over the past three years.Available At A Discount: With a price-to-sales multiple of 6.8, ZTS stock is currently selling at a 24% discount compared to one year ago.Though revenue growth is beneficial, this is not a perspective focused solely on growth. Pricing power and high margins facilitate consistent, predictable profits and cash flows, which mitigate risk and enable reinvestment of capital. The market tends to reward such characteristics.

For some background, Zoetis offers medicines, vaccines, and diagnostic products for animal health across a variety of livestock species, aimed at preventing diseases that impact the respiratory, gastrointestinal, and reproductive systems.

Zoetis

Trefis

Do these figures, however, convey the complete picture? Check Buy or Sell ZTS Stock to determine if Zoetis maintains an advantage that is still relevant.

Would you prefer to purchase one stock that resonates with you, or construct a portfolio designed to excel through various market cycles? Our analysis indicates that High Quality Portfolio has transformed uncertainty in stock picking into consistent market outperformance. This portfolio is part of the asset allocation strategy employed by Trefis’ wealth management partner based in Boston – whose asset allocation framework generated positive returns during the 2008-09 period when the S&P faced a decline of over 40%.

Stocks Like These Have The Potential To Outperform. Here Are The Facts

This is our selection method: We target stocks with a market capitalization exceeding $10 billion and then exclude those with elevated CFO (cash flow from operations) margins or operating margins. Additionally, we only consider stocks that have significantly decreased in value over the last year.

Below are the statistics for stocks subjected to this selection methodology since December 31, 2016.

Average forward returns over a 12-month period of nearly 19%12-month win rate (the percentage of selections yielding positive returns) of about 72%However, Pay Attention To The Risks

ZTS is not immune to significant declines. It fell close to 17% during the correction in 2018, 36% amid the Covid pandemic, and nearly 47% in response to inflationary shocks. Even with strong financial fundamentals, the stock can suffer substantial losses when the market experiences downturns. High quality may cushion risks, but it doesn’t eliminate them.

Nevertheless, the risks are not restricted to major market crashes. Stocks can drop even when the market conditions are favorable – consider events such as earnings announcements, business updates, or changes in outlook. Read ZTS Dip Buyer Analyses to explore how the stock has bounced back from significant declines in the past.

The Trefis High Quality (HQ) Portfolio, which comprises 30 stocks, has consistently demonstrated outperformance against its benchmark that encompasses all three indices – the S&P 500, S&P Mid-Cap, and Russell 2000. What accounts for this? Collectively, HQ Portfolio stocks have yielded superior returns with reduced risk when compared to the benchmark index; they offer a smoother investment experience, as illustrated by HQ Portfolio performance metrics.

Use a needle to pierce the stock market bubble, the bubble economy

getty

Are we in a stock market bubble or not? Let’s tackle that question head-on, because it’s all we seem to be hearing about these days.

I’ll put my cards on the table: We’re not in a bubble. I’m going to show you why I’m still bullish on stocks at these levels. Then we’re going to play overwrought bubble fears with a “cornerstone” fund that’s beaten stocks over just about every timeline but is still cheap (and yields a rich 8%, too).

When it comes to stocks, the truth is, there’s a good reason why they keep rising: We’re in a booming economy.

Of course, you might not feel that way—many communities across America are suffering. Income inequality, crime, corruption—it’s a mess out there. Those are all serious problems, to be sure. But just as the stock market is not the economy, the stock market is not society, either, and those problems can co-exist with a rising market.

Where Earnings Go, Stocks FollowStocks are rising because their moves are tied to one thing: earnings. And earnings are soaring.

Bloomberg recently reported on something we’ve been talking about for a while here at Contrarian Outlook and in my CEF Insider service: Earnings are growing as companies improve their profits through efficiency gains, some of which are driven by AI.

In fact, the earnings beats we’re seeing come from across the economy, from companies as diverse as General Motors (GM), Coca-Cola (KO), Morgan Stanley (MS) and, of course, tech names like Broadcom (AVGO) and Lam Research (LRCX).

While tech continues to be the top-performing sector, there’s good reason to expect that more and more gains will come from outside of tech, as new innovations spread from that sector into other parts of the economy.

This doesn’t mean we should simply avoid tech and buy the rest of the market. After all, tech’s earnings gains are the strongest out there and will likely remain so, although financials are a close second.

At a time like this, we want broad-based market exposure. But of course, as my CEF Insider members know, we do not want an index fund. Their paltry 1% yields are just plain unacceptable to us income investors.

The 8% Dividend OpportunityInstead, we’re going with a closed-end fund (CEF) that invests in a broad range of S&P 500 stocks, but with a key difference: This one pays a rich 8% yield.

That would be the Adams Diversified Equity Fund (ADX), which holds tech darlings like Broadcom, as well as top performers from other sectors, like JPMorgan Chase & Co. (JPM). Thanks to its well-crafted portfolio, ADX hasn’t just matched the stock market’s returns over the last decade—it’s beaten it.

ADX Outperforms

Ycharts

This is why, at CEF Insider, we’ve been holding ADX for almost the entire time shown on this chart (and we would’ve held it for the entire time if CEF Insider had launched in 2015, rather than in 2017). This outperformance is great—but so is the dividend.

ADX Dividend

Ycharts

ADX has yielded around 9.5% over the last decade, thanks to the huge special payouts management issued at year-end. But in 2024, the fund changed its distribution plans, going with a more evenly spread payout tied to the fund’s net asset value (NAV, or the value of its underlying portfolio). Now, ADX’s regular distributions are more consistent and reliable.

The fund pays about 8% now, largely because the stock price is up over 13% in 2025 (as prices rise, yields fall). But its total return including dividends is 21.7% for the year, as of this writing, again far ahead of the S&P 500, at 16.6%.

In other words, this fund has outperformed over the short and the long term. Yet it still trades at a discount to NAV.

ADX Discount to NAV

Ycharts

ADX’s discount is now 8.3%, but it was over 10% at the start of the year (and was around 12% most of the time before that). With the fund’s high yield, market outperformance and smartly built portfolio, this discount is likely to disappear, especially as more money comes into stocks as bubble fears fade.

If you buy ADX today, you can still lock in this discount, boosting your upside potential while also securing that healthy yield.

Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great income ideas, click here for our latest report “Indestructible Income: 5 Bargain Funds with Steady 10% Dividends.”

Imperial Oil (IMO - Free Report) came out with quarterly earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.44 per share. This compares to earnings of $1.71 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.03%. A quarter ago, it was expected that this oil and gas and petroleum products company would post earnings of $1.22 per share when it actually produced earnings of $1.34, delivering a surprise of +9.84%.

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

Imperial Oil, which belongs to the Zacks Oil and Gas - Integrated - Canadian industry, posted revenues of $8.75 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 21.24%. This compares to year-ago revenues of $9.72 billion. 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.

Imperial Oil shares have added about 48.1% since the beginning of the year versus the S&P 500's gain of 16%.

What's Next for Imperial Oil?While Imperial Oil 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 Imperial Oil 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 $1.27 on $10.21 billion in revenues for the coming quarter and $5.88 on $37.5 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 - Integrated - Canadian is currently in the top 18% 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 broader Zacks Oils-Energy sector, Gevo, Inc. (GEVO - Free Report) , is yet to report results for the quarter ended September 2025. The results are expected to be released on November 10.

This company is expected to post quarterly loss of $0.04 per share in its upcoming report, which represents a year-over-year change of +55.6%. The consensus EPS estimate for the quarter has been revised 20% higher over the last 30 days to the current level.

Gevo, Inc.'s revenues are expected to be $43.78 million, up 2122.3% from the year-ago quarter.

The market for obesity and diabetes treatments remains scorching hot, funneling billions in sales to Eli Lilly and fueling a bidding war over another drugmaker.

Lilly said Thursday that its top-selling drugs, Mounjaro and Zepbound, brought in more than $10 billion combined during the recently completed third quarter. That made up over half of the drugmaker’s $17.6 billion in total sales.

Separately, Danish drugmaker Novo Nordisk announced plans to buy Metsera Inc. in a deal that could be worth up to $9 billion.

That came more than a month after U.S. drugmaker Pfizer Inc. made a nearly $5 billion bid for Metsera, which has no drugs on the market but is developing several potential oral and injectable treatments.

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Popular treatments labeled GLP-1 receptor agonists are fueling the soaring sales and deal interest. They work by mimicking hormones in the gut and the brain to regulate appetite and feelings of fullness. But they don’t work for everyone and can produce side effects that include nausea and stomach pain.

Supplies of the drugs have improved this year, and some insurance coverage is growing. That helps improve access to drugs that can cost around $500 a month without coverage. That can put them out of reach for many patients.

The treatments are injectable drugs, but Novo and Lilly are also developing easier-to-take pill versions.

U.S. sales of Lilly’s weight-loss treatment Zepbound nearly tripled, to $3.57 billion, in the third quarter. Meanwhile, revenue from the diabetes drug Mounjaro, which has been on the market longer, has doubled, to $6.52 billion, thanks to growth outside the U.S.

Combined, the drugs have brought in nearly $25 billion in sales so far this year for Indianapolis-based Lilly. That surpasses the entire company’s revenue total from 2020.

The drugs helped Eli Lilly and Co. record a $5.58 billion profit in the third quarter and deliver a better performance than Wall Street expected.

Novo Nordisk said it will pay $56.50 in cash for each Metsera share and could pay an extra $21.25 if the company meets some drug development milestones. The drugmaker already has the obesity and diabetes treatments Wegovy and Ozempic on the market.

That combined total of $77.75 more than doubles the closing price of Metsera shares on September 19, the last trading day before Pfizer made its offer.

Metsera said Thursday that its board has determined that the new, unsolicited offer from Novo was superior, and Pfizer has four business days to negotiate adjustments to its offer.

Pfizer called Novo’s offer “reckless and unprecedented” and an attempt by a drugmaker with a “dominant market position to suppress competition in violation of law by taking over an emerging American challenger.”

Pfizer Inc. is known for the COVID-19 vaccine Comirnaty and the treatment Paxlovid, among other drugs. But the New York drugmaker decided to take another stab at obesity treatments months after ending development of its own drug.

—By Tom Murphy, AP health writer

AP Health Writer JoNel Aleccia contributed to this report.

The early-rate deadline for Fast Company’s World Changing Ideas Awards is Friday, November 14, at 11:59 p.m. PT. Apply today.

Wall Street is staring at a $65 billion commitment from Meta Platforms, yet many analysts are openly confessing they don’t understand what they're seeing.

The problem crystallized when Evercore ISI’s Mark Mahaney confessed Thursday on a Bloomberg podcast that he's "not super intelligent" enough to grasp Meta's vision. This isn't a simple lack of data; it’s an unprecedented knowledge gap on a game-changing technology. Investors following these analysts are flying blind on the biggest strategic pivot in Meta’s history.

The Goal is Personal Superintelligence

Meta’s $65 billion commitment must be viewed through the lens of its colossal user base: 3.48 billion monthly active users across the Family of Apps (Facebook, Instagram, WhatsApp, and Messenger). This user base represents nearly half the connected world. The investment signals a fundamental shift beyond dominating social media toward establishing AI infrastructure dominance.

This vision is not just a smarter chatbot. The goal is personal superintelligence—a context-aware, seamless assistant integrated directly into our daily lives through everything from our smartphones, smart glasses, and future devices. This could revolutionize user interaction by offering ambient, proactive assistance, essentially rewriting the rules of human-technology engagement.

The resulting engagement and monetization upside is potentially unfathomable, and that is the leverage Meta is buying with its investment.

Crucially, Meta’s existing, narrow AI is already proving the concept at scale. For instance, AI-powered, end-to-end automated ad tools are currently driving $60 billion in annualized revenue. AI ranking improvements have pushed Reels to a $50 billion run-rate and increased Instagram video time spent by over 30% year-over-year. In terms of user adoption, more than a billion people already use Meta AI monthly. Superintelligence could supercharge these already impressive metrics.

The Race and the Real Risk

The strategic imperative behind Meta's $65 billion spend is not mitigating the uncertain timeline for monetization; rather, the central threat is the corporate AI arms race itself. The real risk is falling behind while competitors actively pursue platforms that could decouple Meta from its user base.

Google, Microsoft, and Amazon are investing comparable, or even larger, sums into their own AI foundations. Google’s parent company, Alphabet, for example, is raising its projected capital spending to between $91 billion and $93 billion. Microsoft's investment in OpenAI and its integration of generative AI into Azure has driven significant cloud growth, outpacing rivals and demonstrating the immediate leverage of AI infrastructure.

The competition is no longer about social media features. It is about owning the next generation of digital interface. Google’s Gemini-enabled Android phone and OpenAI’s AI-first browser are a shot across the bow of the Meta mothership. If successful, Meta’s core advertising revenue stream is structurally threatened.

Wall Street’s current lack of insight is rooted in this fundamental complexity: they are focusing on short-term CapEx costs while overlooking the existential threat of user displacement in an AI-first world.

Takeaway

Meta's drive to create personal superintelligence represents a fundamental societal and business shift. For investors with a long-term horizon, the current misunderstanding among analysts is an anomaly: surface-level analysis is missing the point. Recognizing this evolution is crucial, as the real transformative potential behind the hype lies far beyond the noise of standard quarterly earnings calls.

Get this delivered to your inbox everymorning. Subscribe to my Substack here. (Its Free)

Mag 7 earnings came in at mixed but AI momentum strong, which could prove to be a bullish setup for ETFs like MAGS, FNGS, MGK & XLG.

, /PRNewswire/ - Scotiabank today announced the official launch of its modernized U.S. Cash Management program, supported by the advanced cloud-based treasury platform, ScotiaConnect®. This marks a major step in the Bank's strategy to unify and modernize cash management capabilities across the North American corridor, a US$ 1.4 trillion (C$1.9 trillion) annual cross-border trade market.

Scotiabank's upgraded Cash Management offering is designed to help businesses manage and move money in the U.S., enabling a connected experience that supports cross-border treasury and liquidity needs. The launch includes a full suite of U.S. Deposit solutions, with various options of Savings, Operating and Term Deposit products and new account features. It also offers ACH, wire transfer and account transfer capabilities to support companies' payment and receivables needs.

The new ScotiaConnect® platform offers a personalized, frictionless and secure experience through an online portal with real-time visibility into account balances, and empowers businesses to control and optimize their payments. With a modern look and feel and intuitive navigation, it provides self-serve capabilities for corporate and commercial clients. This is complemented by the platform's direct-to-client Host-to-Host connectivity which allows companies to integrate seamlessly with Scotiabank's Cash Management services across its footprint, simplifying treasury operations. The platform is also live in Mexico, with a phased rollout planned across Scotiabank's footprint.

"We developed this platform in collaboration with our clients, incorporating their direct feedback to address real pain points and deliver a differentiated user experience," said Chad Wallace, Executive Vice President, Global Transaction Banking, Scotiabank.

"ScotiaConnect® and our integrated cash management solutions strengthen our position for growth in key markets across North America, driven by ongoing innovation and improved day-to-day service. This reinforces our role as a trusted advisor and connector for multinational clients in the region," said Francisco Aristeguieta, Group Head, International & Global Transaction Banking, Scotiabank.

This milestone reflects Scotiabank's commitment to delivering innovative, client-driven solutions that support the evolving needs of businesses across North America.

To learn more about Scotiabank's treasury and cash management capabilities, visit https://gtb.scotiabank.com/en/global-transaction-banking.html

About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as of July 31, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.

SOURCE Scotiabank

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Approximately US$7.8 million raised at an average price of approximately US$1.61 per ADS Company to pause further ATM Sales through 2025 SINGAPORE , Oct. 31, 2025 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today provides an update to its at-the-market ("ATM")  offering program. On October 24, 2025, Eastern Standard Time, the Company established a new ATM equity offering program to replace the previous program, which had expired.

SALT LAKE CITY, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in molecular diagnostic testing and precision medicine, today announced a post-hoc analysis of the Precision Medicine in Mental Health Care (PRIME) study showed that treatment informed by the GeneSight® test led to faster initial remission and response in patients with Major Depressive Disorder (MDD). Further, the post-hoc analysis showed that this benefit persisted over six months with no evidence of changing over time.

“Every single day matters to someone suffering from depression; patients want to get back to feeling like themselves as quickly as possible. As a result, a long trial-and-error period with medication can be frustrating for both clinicians and patients,” said Dale Muzzey, chief scientific officer, Myriad Genetics. “This post-hoc analysis shows that treatment informed by the GeneSight test led to faster remission and response in patients with MDD – and this benefit lasted for at least six months.”

The PRIME Care study, the largest pharmacogenomic randomized controlled trial in mental health, enrolled 1,944 U.S. Veterans with depression to test whether GeneSight results improved treatment outcomes. Published in the Journal of the American Medical Association (JAMA) in 2022, it found patients whose clinicians had GeneSight results were significantly more likely to achieve remission over 24 weeks.

The post-hoc analysis of the study results explored whether having access to the GeneSight test results increased the rate of remission and response over time and if the effect was persistent.

Published in the Oct. 30, 2025 edition of Frontiers in Pharmacology, the new post-hoc analysis showed that patients who took the GeneSight test were at any given time during the 24-week study period relative to patients receiving usual care:

27% more likely to achieve remission from depression21% more likely to experience response (at least a 50% reduction in depressive symptoms) Myriad Genetics plans to submit these data to payers as part of its ongoing efforts to increase patient access to the GeneSight test and to help patients achieve remission from depression.

About the PRIME Care Study & the post-hoc analysis
The largest pharmacogenomic (PGx) randomized controlled trial (RCT) ever conducted in mental health, the PRIME Care Study included 1,944 veteran patients with MDD who were randomized to receive GeneSight results immediately (pharmacogenomic-guided group) or after 24 weeks (usual care group). The U.S. Department of Veterans Affairs (VA) independently conducted and funded the study. Myriad Genetics provided the GeneSight tests for the study.

PRIME Care met both of its prespecified primary outcomes: patients in the PGx-guided arm were less likely to be prescribed an antidepressant medication with a significant gene-drug interaction and were 28% more likely to achieve remission across the 24-week duration of the trial compared to patients in the usual care arm.

The prespecified post-hoc analysis of the PRIME Care study included veteran patients who had sufficient data to be included in the post-hoc analysis, or 1,764 of the 1,944 veterans. The primary endpoints of this post-hoc analysis were the time of the first instance of remission (defined as PHQ-9 ≤5) and response (defined as ≥50% reduction from baseline PHQ-9 score).

About the GeneSight® Test
The GeneSight Psychotropic test from Myriad Genetics is the category-leading pharmacogenomic test for more than 60 medications commonly prescribed for depression, anxiety, ADHD, and other psychiatric conditions. The GeneSight test can help inform clinicians about how a patient’s genes may impact how they metabolize and/or respond to certain psychiatric medications. It is designed to provide information that may help reduce the trial-and-error process that often takes place when patients are prescribed certain mental health medications. Learn more at www.genesight.com.

About Myriad Genetics 
Myriad Genetics is a leading molecular diagnostic testing and precision medicine company dedicated to advancing health and well-being for all. Myriad Genetics develops and offers molecular tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where molecular insights can significantly improve patient care and lower healthcare costs. For more information, visit www.myriad.com.

Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s plans to submit this data to payers as part of its ongoing efforts to increase patient access to the GeneSight test and to help patients achieve remission from depression. These “forward-looking statements” are management’s expectations of future events as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated. Such factors include those risks described in the company’s filings with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K filed on February 28, 2025, as well as any updates to those risk factors filed from time to time in the company’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Myriad is not under any obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law. 

Investor Contact 
Matt Scalo 
(801) 584-3532 
[email protected] 

Media Contact 
Kate Schraml
(224) 875-4493
[email protected]