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SpaceX is in talks with cellular infrastructure companies to secure access to at least ​80,000 sites across the United States, Bloomberg ‌News reported on Thursday, citing people familiar with the matter.

The agreements would potentially solidify the company's path toward ​building a fourth nationwide wireless carrier.

SpaceX, ​which is buying nationwide low-band spectrum, is in talks ⁠with mobile infrastructure provider Crown Castle (CCI.N), according ​to the report

TD Cowen estimated a nationwide terrestrial ​network would cost more than $80 billion, requiring many years and billions in additional spending

The 80,000 sites would equal half ​the 158,500 purpose-built cell towers operational in the ​US last year, according to the Wireless Infrastructure Association

Crown Castle ‌operates ⁠about 40,000 US cell towers, while American Tower (AMT.N) has about 42,000 US sites; privately held Vertical Bridge owns around 18,000

Crown Castle CEO Christian ​Hillabrant said ​on Wednesday ⁠it was talking to "all parties", when asked about potential leases with SpaceX ​and Amazon (AMZN.O), but declined to discuss ​specific ⁠customers

Crown Castle, American Tower, Vertical Bridge and SpaceX did not immediately respond to Reuters requests for ⁠comment

Shares of ​wireless carriers AT&T (T.N), Verizon (VZ.N) ​and T-Mobile (TMUS.O) fell between 4.2% and 5% in extended trading

Advanced Micro Devices (AMD -8.10%) stock fell 8.1% on Thursday, Oct. 22, as oil prices jumped amid renewed conflict in the Middle East.

The S&P 500 and the Nasdaq Composite lost 1.2% and 2.6%, respectively.

AMD Advanced Micro Devices$507.93-$44.79 (-8.10%)

NASDAQ · As of 4:00 PM ET 10/22/26

Oil adds pressure to an expensive build-outRenewed attacks in Saudi Arabia from Houthi rebels raised fears of further disruptions to oil supplies.

Image source: Getty Images.

Brent Crude, an international benchmark for oil prices, topped $112 a barrel on Thursday, the highest level since May of this year. High energy prices threaten to drive already elevated inflation even higher, and that makes the outlook for borrowing costs more complicated.

The AI infrastructure build-out is incredibly expensive and is more and more fueled by debt as the big tech sees its cash flows diminish. Meta Platforms' Q3 report showed aggressive capital spending continuing, leading to a negative free cash flow (FCF) for the first time since 2012. So while there is no sign of spending slowing down today, the concern is whether the current pace is sustainable if borrowing costs continue to rise and how that will impact AMD's bottom line.

There was another factor at play from Meta's earnings: the company approved a new non-voting share class explicitly to be used to raise capital without diluting CEO Mark Zuckerberg's voting power.

Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices and Meta Platforms. The Motley Fool has a disclosure policy.

MarketBeat Week in Review – 10/05 - 10/09DraftKings NASDAQ: DKNG CEO Jason Robins said the company has quickly become a top-three player in prediction markets after launching DraftKings Exchange only a few months ago, while emphasizing that its established sportsbook business remains central to its strategy amid legal uncertainty surrounding sports event contracts.

Speaking with CNBC correspondent Contessa Brewer at an industry event, Robins said DraftKings has gained share despite offering prediction products in a more limited set of states than some competitors. DraftKings does not offer sports prediction markets in states where it holds sports-betting licenses, a decision Robins said protects the company’s regulated gaming operations and relationships with state regulators.

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Prediction-market growth and legal uncertainty
DraftKings Stacks the Deck: The $800M Prediction PivotRobins said DraftKings sees itself as positioned to benefit whether sports prediction markets remain broadly permitted or face restrictions through court decisions. He said the company has not made prediction markets its sole business, unlike some companies that are more dependent on the category.

“We actually feel like we put ourselves in this win-win spot where no matter what the outcome of that whole process is, we are well-positioned going forward,” Robins said.

Wall Street Is Betting These 3 Beaten-Down Stocks Have More Room to RunHe said DraftKings would like to offer all of its products to customers, including both sportsbooks and prediction markets. Even if sports contracts were restricted, he said the company sees opportunities in non-sports categories such as elections and financial markets.

Robins said DraftKings was “pleasantly surprised” by interest in financial markets, an area he said he had previously underappreciated. The company plans to further develop its non-sports prediction offerings over the coming months before promoting them more heavily, he said.

Asked whether the lower-tax nature of prediction markets makes that model particularly appealing compared with state-regulated sportsbooks, Robins said he expects states could eventually seek to tax a permanent sports prediction-market business. He also said traditional sportsbooks offer a better overall experience for most customers, citing the continued dominance of sportsbook wagering over exchange-based betting in Europe.

Unified wallet and product strategy
Robins said DraftKings’ work on sportsbook technology and product development helped accelerate its prediction-market rollout. Certain technology components could be adapted for prediction products, while years of customer data and testing helped the company understand product design and messaging, he said.

The company has also moved to combine multiple offerings within a unified app and wallet, allowing customers to access products such as sportsbook, Jackpocket, prediction markets and iCasino without separate accounts or deposits where available.

Robins said the strategy is designed to reduce friction for customers and has become more practical as technology has improved app performance and personalization. He said DraftKings uses artificial intelligence and machine learning to make content more relevant, such as surfacing Milwaukee Brewers-related offerings for a customer who regularly engages with that team.

“If we’re not using the latest technologies to do that, we’re not going to live up to our customers’ standards,” Robins said.

Responsible gaming and marketing concerns
Brewer asked Robins about reporting that DraftKings uses AI to target losing customers. Robins rejected that characterization, saying the company’s use of AI is often overstated and that machine-learning tools are used to tailor relevant content rather than encourage harmful behavior.

He said DraftKings operates a responsible-engagement team that reviews accounts when the company identifies potential signs of problematic play. According to Robins, the company uses the same responsible-trading tools in its prediction products that it uses in online sports betting, even when it is not required to do so.

Robins said he personally reviewed the customer history cited in a ProPublica report and found that DraftKings had sent “hundreds” of responsible-gaming notices and that a VIP host had repeatedly offered options including cooling-off periods and deposit limits.

He said the company generally seeks to encourage customers to take voluntary action, rather than automatically restrict accounts in every case, because behavior patterns can be difficult to interpret and voluntary limits may be more effective than restrictions that could lead a customer to another platform.

Investor outlook
Robins said uncertainty around the legal status of prediction markets may be limiting investor enthusiasm for DraftKings’ growing presence in the sector. He said investors may assign more value to the business as the company demonstrates growth in non-sports markets and as legal outcomes become clearer.

“Public markets are the opposite,” Robins said of private markets’ appetite for uncertainty. “They do not like uncertainty. They want predictable, steady earnings.”

Robins said DraftKings expects to report earnings in two weeks.

About DraftKings (NASDAQ:DKNG)DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.

The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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For the quarter ended September 2026, Kinsale Capital Group, Inc. (KNSL - Free Report) reported revenue of $454.8 million, down 8.6% over the same period last year. EPS came in at $5.70, compared to $5.21 in the year-ago quarter.

The reported revenue represents a surprise of -5.02% over the Zacks Consensus Estimate of $478.84 million. With the consensus EPS estimate being $4.95, the EPS surprise was +15.15%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Kinsale Capital Group performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Expense Ratio: 22% versus the five-analyst average estimate of 21.5%.Combined Ratio: 75.4% versus 80% estimated by five analysts on average.Loss Ratio: 53.4% versus the five-analyst average estimate of 58.5%.Revenues- Net investment income: $58.27 million versus $58.31 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +17.5% change.Revenues- Other income: $0.15 million versus $0.4 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -80.5% change.Revenues- Net Earned Premiums: $423.47 million versus $408.72 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +3.1% change.Revenues- Fee Income: $11.1 million versus the four-analyst average estimate of $11.58 million. The reported number represents a year-over-year change of +7.8%.View all Key Company Metrics for Kinsale Capital Group here>>>

Shares of Kinsale Capital Group have returned +11% over the past month versus the Zacks S&P 500 composite's no change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Ameris Bancorp (ABCB - Free Report) came out with quarterly earnings of $1.73 per share, beating the Zacks Consensus Estimate of $1.68 per share. This compares to earnings of $1.53 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.98%. A quarter ago, it was expected that this bank would post earnings of $1.66 per share when it actually produced earnings of $1.6, delivering a surprise of -3.61%.

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

Ameris Bancorp, which belongs to the Zacks Banks - Southeast industry, posted revenues of $322.79 million for the quarter ended September 2026, missing the Zacks Consensus Estimate by 1.19%. This compares to year-ago revenues of $315.19 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.

Ameris Bancorp shares have added about 8.6% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Ameris Bancorp?While Ameris Bancorp 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 Ameris Bancorp 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 $1.69 on $325.79 million in revenues for the coming quarter and $6.61 on $1.29 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, Banks - Southeast 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.

First Community Bancshares (FCBC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026.

This holding company for First Community Bank is expected to post quarterly earnings of $0.77 per share in its upcoming report, which represents a year-over-year change of +10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

First Community Bancshares' revenues are expected to be $47.48 million, up 12.5% from the year-ago quarter.

When Super Micro Computer joined the S&P 500, index funds had no choice but to buy in at the peak of the hype. What happened next reveals a hidden cost that never appears on any fee disclosure.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

On March 1, 2024, the day its addition to the S&P 500 was announced, Super Micro Computer (NASDAQ:SMCI | SMCI Price Prediction) closed at a split-adjusted $90.55. As of October 21, 2026, it traded at $35.44. From that announcement close, the dividend-adjusted price change is -60.86%. If you own Vanguard S&P 500 ETF (NYSEARCA:VOO), your fund had to buy the stock anyway.

Look at the headlines from that day. CNBC wrote that Super Micro was joining the index after its price soared more than twentyfold in two years. Reuters reported that the shares surged on the news. The stock was announced for inclusion on March 1 and entered the index soon thereafter. The figures in this article all start from the announcement date, not from Super Micro’s first day inside the index.

Your Fund’s Rulebook Buys Stocks Without Judging the Price
Vanguard’s April 28, 2026 prospectus spells out the mechanism clearly. The fund “attempts to replicate the Target Index by investing all, or substantially all, of its assets in the stocks that make up the Target Index, holding each stock in approximately the same proportion as its weighting in the Target Index.”

Read that as a rule, because that is how the fund works. The announcement moves the price. Then the fund purchases after the news that raised the stock is already public. Index funds are price-takers (buyers who accept any price) at inclusion. They have no option to wait for a better entry.

Your Fee Is Tiny, and Timing Never Appears on the Bill
The visible cost is minimal. Total annual expenses run 0.03%. The prospectus puts that at $3 in the first year on a $10,000 investment and $39 over 10 years, assuming a 5% annual return. Portfolio turnover was 1% in the first half of 2026, which keeps trading costs and tax drag low.

The fee line leaves out what the fund paid to own a stock just after the market had already priced in the good news. That cost shows up only in returns, and no factsheet lists it.

One Holding Among Hundreds Has Limited Reach
Keep this in proportion. As of June 30, 2026, the fund held 519 stocks and $1,675,038 million in net assets. A single holding in a portfolio that size has limited effect on the whole fund. The ETF itself has returned 14.4% year-to-date and 16.58% over the past year.

Super Micro has also swung hard in both directions since the announcement. The stock is up 21.08% year-to-date, down 35.61% over the past year, and up nearly 9% during the October 21 session, after preliminary sales figures lifted AI stocks, according to Bloomberg. Some index additions rise after they join. Super Micro is one example of a structural feature. It does not prove a rule.

The same market-cap rules also pour money into whatever has already run. Information technology made up 38.0% of the fund’s net assets at midyear. That concentration is a second cost an index buyer accepts without being asked.

Switching to a Twin Fund Leaves the Mechanism in Place
iShares Core S&P 500 ETF (NYSEARCA:IVV) tracks the same index, so it works on the same addition calendar. Changing issuers changes the logo, and the buying schedule remains the same. Avoiding post-inclusion timing would mean a fund whose managers judge prices, and that brings higher fees and a manager who can also be wrong. The rules that purchase Super Micro are the same rules that keep this fund cheap, diversified, and free of any manager’s guesswork.

What This Means for Your Retirement Account
For a long-term holder adding money steadily, the cost of inclusion timing is usually a rounding error. It is part of what you get for paying $3 a year per $10,000. It starts to matter when a hot stock joins at a significant weight, or when the index’s largest sector already represents nearly 40% of your portfolio. Index funds do sometimes buy at the wrong time, by design. The question worth asking is whether you understand when your index fund purchases, and whether you can live with that schedule.

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Comfort Systems (FIX - Free Report) came out with quarterly earnings of $13.91 per share, beating the Zacks Consensus Estimate of $12.71 per share. This compares to earnings of $8.25 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.44%. A quarter ago, it was expected that this heating, ventilation and air conditioning company would post earnings of $10.38 per share when it actually produced earnings of $12.53, delivering a surprise of +20.71%.

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

Comfort Systems, which belongs to the Zacks Building Products - Air Conditioner and Heating industry, posted revenues of $3.77 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 12.45%. This compares to year-ago revenues of $2.45 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.

Comfort Systems shares have added about 50.1% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Comfort Systems?While Comfort Systems 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 Comfort Systems 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 $12.85 on $3.44 billion in revenues for the coming quarter and $48.40 on $12.93 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, Building Products - Air Conditioner and Heating is currently in the bottom 31% 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.

Lennox International (LII - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on October 28.

This manufacturer of furnaces, air conditioners and other products is expected to post quarterly earnings of $7.18 per share in its upcoming report, which represents a year-over-year change of +2.9%. The consensus EPS estimate for the quarter has been revised 3.7% lower over the last 30 days to the current level.

Lennox International's revenues are expected to be $1.57 billion, up 10% from the year-ago quarter.

Associated Banc-Corp (ASB - Free Report) came out with quarterly earnings of $0.76 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.73 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this bank holding company would post earnings of $0.72 per share when it actually produced earnings of $0.73, delivering a surprise of +1.39%.

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

Associated Banc-Corp, which belongs to the Zacks Banks - Midwest industry, posted revenues of $464.38 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $386.49 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.

Associated Banc-Corp shares have added about 13.3% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Associated Banc-Corp?While Associated Banc-Corp 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 Associated Banc-Corp 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 $0.79 on $470.65 million in revenues for the coming quarter and $2.95 on $1.78 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, Banks - Midwest 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.

First Financial Bancorp (FFBC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on October 27.

This holding company for First Financial Bank is expected to post quarterly earnings of $0.82 per share in its upcoming report, which represents a year-over-year change of +7.9%. The consensus EPS estimate for the quarter has been revised 3.5% higher over the last 30 days to the current level.

First Financial Bancorp's revenues are expected to be $270.2 million, up 14.9% from the year-ago quarter.

3 Swing Trades for Q3 Earnings SeasonOceaneering International NYSE: OII reported third-quarter 2026 revenue growth across all of its operating segments, with adjusted EBITDA reaching its highest quarterly level since the fourth quarter of 2015.

Revenue rose 6% from a year earlier to $785 million, while operating income increased 7% to $92 million and adjusted EBITDA climbed 7% to $119 million. Net income attributable to Oceaneering declined 26% to $52.6 million, or $0.52 per share, primarily because of a one-time loss associated with refinancing long-term debt during the quarter.

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President and Chief Executive Officer Rod Larson said the quarter reflected favorable pricing and project mix, led by Subsea Robotics, resilience in the Offshore Projects Group and improved performance in Integrity Management and Digital Solutions.

Subsea Robotics Margin Improves
Subsea Robotics, or SSR, generated $233 million in revenue and $75.4 million in operating income. The segment’s EBITDA margin reached 39%, its highest level since Oceaneering resegmented its businesses in 2020.

The improvement was driven by stronger remotely operated vehicle, or ROV, pricing in Europe, West Africa and Norway, as well as increased survey activity. Average revenue per utilized ROV day increased to $11,781 from $11,254 a year earlier. A one-time contractual cost recovery tied to U.S. Gulf operations also aided margins.

ROV fleet utilization remained at 65%, as increased activity in Europe, Guyana and West Africa offset lower activity in the U.S. Gulf. As of Sept. 30, Oceaneering had ROV contracts on 80 of the 136 floating rigs under contract, representing a 59% market share. Its fleet remained at 250 ROV systems.

The company secured about $180 million in ROV and survey awards across several regions during the quarter, with contract terms extending into 2031.

Orders, Defense Awards and Cash Generation
Manufactured Products reported operating income of $25.1 million, roughly flat from the prior-year quarter, despite an 8% increase in revenue. Operating margin declined slightly to 15%, largely reflecting lower Grayloc project activity and profitability relative to a particularly profitable order in the prior-year period.

Manufactured Products received approximately $160 million in new awards during the quarter and ended September with backlog of $435 million. Its trailing 12-month book-to-bill ratio was 0.77, though management said it remains confident it can achieve a full-year ratio of 0.9 to 1.0.

In Aerospace and Defense Technologies, or ADTech, revenue increased 7% to $135 million as a previously announced large-scale program reached full staffing for its current phase. Operating income fell 11% to $14.7 million and margin declined to 11%, reflecting greater pass-through activity and certain higher expenses.

ADTech also secured follow-on contracts for two U.S. Navy programs: a dry deck shelter program with potential value of $154 million over five years, and a submarine rescue systems contract with potential value of $67 million over 18 months.

Cash flow from operations totaled $163 million, while capital expenditures were $21.1 million. Free cash flow was $142 million, aided by lower cash taxes and delayed capital spending. Larson said capital expenditures and cash taxes are expected to rise in the fourth quarter, resulting in more moderate free cash flow generation.

Oceaneering ended the quarter with $735 million in cash, more than $1 billion in total liquidity and no borrowings under its revolving credit facility. The company repurchased about $5 million of stock during the quarter, primarily to offset dilution from employee equity grants.

Fourth-Quarter Outlook
For the fourth quarter, Oceaneering expects year-over-year consolidated revenue growth and adjusted EBITDA of $85 million to $95 million.

SSR revenue is expected to increase on higher ROV day rates and survey activity, though operating income is expected to decline due to geographic mix, rig-relocation mobilization costs and a greater mix of lower-margin survey work.
Manufactured Products is expected to post higher revenue and operating income.
Offshore Projects Group revenue is expected to be relatively flat, with lower operating income due to project mix and lower-margin U.S. Gulf work.
Integrity Management and Digital Solutions is expected to report higher revenue and operating income.
ADTech is expected to deliver higher revenue and operating income.

Unallocated expenses are projected to be in the $50 million range.

Initial 2027 Outlook Cites Deepwater and Defense Opportunities
Oceaneering initiated 2027 adjusted EBITDA guidance of $430 million to $480 million and said free cash flow should exceed its anticipated 2026 level. Management pointed to an improving global deepwater market, with floating rig activity expected to strengthen as rigs complete moves to new regions and begin drilling programs.

Larson said the broad guidance range primarily reflects the timing of SSR rig movements, potential international project awards in Offshore Projects Group and the timing of ADTech program starts amid the U.S. appropriations process.

“We have to make sure that we’re not overstating when it starts,” Larson said, describing management’s approach as cautious on the timing of expected market improvement rather than a change in its underlying outlook.

For 2027, the company expects SSR revenue and operating income to increase, supported by higher utilization and improved survey and tooling results. It expects Manufactured Products results to be relatively flat; Offshore Projects Group revenue to decline but margins to improve; and increased revenue, operating income and margins in both IMDS and ADTech.

Management identified Brazil, Guyana, the rest of Africa and Mozambique as areas of expected activity growth, while noting that the U.S. Gulf has already slowed and remains an area to monitor. Larson also cited potential opportunities in the Eastern Mediterranean, Norway and subsea tieback projects.

On capital allocation, management said it expects to continue investing in core energy businesses and may pursue selective ADTech acquisitions involving capabilities such as machining, workforce capacity, electronics or sensor technology. Larson said the company does not see a need to acquire high-multiple defense businesses simply to establish customer credibility. Oceaneering plans to continue repurchasing shares in 2027, with about 5 million shares remaining under its current authorization.

About Oceaneering International (NYSE:OII)Oceaneering International, Inc is a Houston-based global engineering and technology company that provides services, equipment and applied technologies for the energy, defense, aerospace and industrial markets. The company is best known for its subsea capabilities, including remotely operated vehicles, subsea engineering, inspection, maintenance, repair and installation services, and specialized products used in offshore oil and gas operations.

Oceaneering also develops advanced technologies for government and commercial customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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

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MaxLinear (MXL - Free Report) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.56 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 +10.71%. A quarter ago, it was expected that this chipmaker would post earnings of $0.33 per share when it actually produced earnings of $0.35, delivering a surprise of +6.06%.

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

MaxLinear, which belongs to the Zacks Semiconductor - Analog and Mixed industry, posted revenues of $218.06 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.42%. This compares to year-ago revenues of $126.46 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.

MaxLinear shares have added about 334.8% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for MaxLinear?While MaxLinear 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 MaxLinear 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 $0.60 on $223.27 million in revenues for the coming quarter and $1.74 on $744.27 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, Semiconductor - Analog and Mixed is currently in the top 7% 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, M/A-Com (MTSI - Free Report) , has yet to report results for the quarter ended September 2026.

This chipmaker is expected to post quarterly earnings of $2.00 per share in its upcoming report, which represents a year-over-year change of +112.8%. The consensus EPS estimate for the quarter has been revised 6% higher over the last 30 days to the current level.

M/A-Com's revenues are expected to be $420.2 million, up 60.9% from the year-ago quarter.

Eastern Bankshares, Inc. (EBC - Free Report) came out with quarterly earnings of $0.51 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.08%. A quarter ago, it was expected that this company would post earnings of $0.46 per share when it actually produced earnings of $0.49, delivering a surprise of +6.52%.

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

Eastern Bankshares, which belongs to the Zacks Banks - Northeast industry, posted revenues of $306.6 million for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.71%. This compares to year-ago revenues of $241.5 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.

Eastern Bankshares shares have added about 16.7% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Eastern Bankshares?While Eastern Bankshares 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 Eastern Bankshares 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 $0.50 on $312.26 million in revenues for the coming quarter and $1.88 on $1.22 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, Banks - Northeast is currently in the top 26% 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, Citizens Financial Services (CZFS - Free Report) , has yet to report results for the quarter ended September 2026.

This bank is expected to post quarterly earnings of $2.20 per share in its upcoming report, which represents a year-over-year change of +5.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Citizens Financial Services' revenues are expected to be $31 million, up 6.9% from the year-ago quarter.

RingCentral (RNG - Free Report) came out with quarterly earnings of $1.33 per share, beating the Zacks Consensus Estimate of $1.27 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.72%. A quarter ago, it was expected that this cloud-based phone system provider for small businesses would post earnings of $1.17 per share when it actually produced earnings of $1.22, delivering a surprise of +4.27%.

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

RingCentral, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $676.04 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.36%. This compares to year-ago revenues of $638.66 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.

RingCentral shares have added about 185.4% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for RingCentral?While RingCentral 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 RingCentral 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 $1.35 on $672.33 million in revenues for the coming quarter and $5.04 on $2.64 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 and Services is currently in the top 35% 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, Globant (GLOB - Free Report) , is yet to report results for the quarter ended September 2026.

This information technology services provider is expected to post quarterly earnings of $1.47 per share in its upcoming report, which represents a year-over-year change of -3.9%. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level.

Globant's revenues are expected to be $611.06 million, down 1% from the year-ago quarter.

CRWV CoreWeave$55.60-$6.22 (-10.06%)

NASDAQ · As of 4:00 PM ET 10/22/26

CoreWeave (CRWV -10.06%), a specialized AI cloud infrastructure and GPU hosting provider, closed at $55.60, down 10.06%. Bernstein cut its target even as Nvidia CEO Jensen Huang said demand for neoclouds is "off the charts."
Trading volume reached 79.7 million shares, coming in about 122% above its three-month average of 35.9 million shares. CoreWeave IPO'd in 2025 and has grown 39% since going public.

How the markets moved todayThe S&P 500 (^GSPC -1.21%) fell 1.22% to 7,663, while the Nasdaq Composite (^IXIC -2.60%) dropped 2.60% to 26,009. Among AI infrastructure and so-called neocloud companies, industry peers also weakened. Nebius Group closed at $159.17, down 7.23%, and Iren closed at $25.51, down 8.37%.

What this means for investorsOn Thursday, CoreWeave hit a new 52-week low as investors focused on higher interest rates and financing pressure. Debt costs are keeping the focus on neocloud companies that borrowed heavily to supply data center compute capacity.

Bernstein analyst Madison Rezaei cut her price target to $51 from $74 per share on CoreWeave, keeping an "Underperform" rating. The move was based on financing concerns, with the firm estimating that CoreWeave needs about $85 billion to fund its committed backlog.

At the same time, Jensen Huang and Blackstone chief operating officer Jon Gray both commented on the strength of demand for compute capacity. Gray specifically complimented CoreWeave's management. In an interview with CNBC, he stated, "Some of these companies have very talented CEOs. CoreWeave is a good example of this. They'll find a way through it, but that's the challenge they face. The underlying business is actually quite strong."

Fear in the sector appears to be presenting investors with good opportunities in companies positioned to manage their investments and financing.

Howard Smith has positions in Blackstone, Iren, and Nvidia. The Motley Fool has positions in and recommends Blackstone and Nvidia. The Motley Fool has a disclosure policy.

Space Exploration Technologies Corp. (SPCX -9.14%) shares fell 9.1% on Thursday, Oct. 22, as AI funding concerns and uncertainty over a potential Tesla merger weighed on the stock.

The S&P 500 and the Nasdaq Composite dropped 1.2% and 2.6%, respectively.

SPCX Space Exploration Technologies$144.75-$14.56 (-9.14%)

NASDAQ · As of 4:00 PM ET 10/22/26

The AI expansion needs enormous amounts of capitalHigher oil prices add to inflation concerns, which can send interest rates and borrowing costs higher. That's an issue for companies across the AI industry, especially those involved in actually building the massive data centers that power AI, like SpaceX.

Alongside massive 161% growth on its top-line, SpaceX's Tuesday quarterly earnings report showed capital expenditures of more than $16 billion. Management projected another $35 billion to $40 billion in Q4. The company has to fund that, and with negative free cash flow (FCF) -- the money left after operating expenses and capital spending -- it's likely the company will need to borrow more to do so.

Image source: Getty Images.

Meta Platforms didn't help the AI funding narrative. It too reported massive capital spending and negative FCF. That's especially of note given Meta's traditional image as a cash-generating machine.

Merger talks face another complicationSpaceX stock was also seeing pressure after Reuters reported Thursday that some people involved in the Tesla talks worry that Musk's endorsement of a merger with Tesla would lead to unwanted scrutiny and possible delays. Others were concerned that given the current state of Tesla's business, any merger would be a net negative for SpaceX shareholders.

To be clear, the talks are still preliminary, and no terms have been set. For SpaceX investors, that leaves the cost of its AI expansion alongside uncertainty over what a combination with Tesla might involve.

Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.

SummaryAmazon.com, Inc. has underperformed other AI hyperscalers, which creates a buying opportunity for a catch-up rally, as I expect robust 3Q earnings.While Q3 retail revenue guidance seems soft, driven by the timing of Prime Day and an unfavorable currency impact, consumer spending remains strong enough to limit downside risk.I expect a Rule of 80 for AWS by year-end and 90 before FY2028, driven by a mounting backlog and accelerating capex growth that narrows the supply shortage gap.Even after raising its FY2026 capex outlook by $20 billion, the $220 billion figure implies a 26.5% capex to total-revenue ratio for AMZN, still well below peers.After stripping out the 2Q non-recurring $53.4 billion gain, AMZN's normalized FY2026 GAAP P/E would be 27x, which still looks attractive. JHVEPhoto/iStock Editorial via Getty Images

Buying This AI Hyperscaler Laggard Despite a 5% intraday jump this week on Morgan Stanley's top pick upgrade, Amazon (AMZN) still underperforms the Nasdaq index, up only 13% YTD. Compared with other AI hyperscalers

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMZN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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Disney knows that business, like football, is a contact sport. Sometimes the hits come in-house from feuding among executives. Sometimes they come in court, from battling the Federal Communications Commission. 

And sometimes, Disney, which owns ABC, takes hits from its own affiliates. 

ABC station owners are irritated with Disney's recent decision to air the Super Bowl on many different platforms, including Disney+, ESPN2, NFL Network and ESPNU. The game is already airing on both ABC and ESPN. The aggregate of the different platforms may drop advertising revenue associated with broadcast viewership by up to 35% compared to last year, according to a station group CEO who asked not to be named because the data is private.

Disney has the broadcast rights to this season's Super Bowl. ABC hasn't had the Super Bowl since 2006. Disney got back in the Super Bowl rotation when it struck its most recent media rights deal with the NFL in 2021.

The Super Bowl is a major moneymaker for ABC stations. Some of these are owned by Disney, but the vast majority are part of local station groups owned by companies such as Sinclair, Nexstar and Tegna.

Fox said last year that Super Bowl ads generated more than $800 million in gross revenue across all platforms. The math for the main broadcast network is simple. There are about 85 30-second spots during a standard game. At $8 million a pop on average, that's $680 million.

Most advertising campaigns are national, but some brands buy big markets only. That allows smaller markets to sell advertising locally. 

An average primetime audience is around eight million viewers. So, if the Super Bowl gets 15 times the audience, advertising rates increase in lockstep. Super Bowl LX, held in February, had 125.6 million viewers.

About 3% of a typical local affiliate station's annual advertising revenue comes from the Super Bowl when the game is on its air, according to a person familiar with the matter. The number can be much higher for the owned-and-operated big market stations, which typically take in about $10 million in advertising revenue from the Super Bowl, according to a source familiar with the matter. 

Local affiliate stations pay the owners of the broadcast networks — Disney for ABC, Comcast for NBC, Fox for Fox and Skydance for CBS — a so-called reverse retransmission fee for the right to carry network programming. 

There's a standard process to retransmission fee discussions. Disney pays billions for live sports and then asks its affiliates for money to help pay for them. The affiliates then negotiate with the pay-TV providers and charge them retrans fees.

This is why the broadcast affiliates are steaming. For decades, the Super Bowl was exclusive to broadcast TV. Getting access to the Big Game was a big part of that fee. 

For years, media companies have made the Super Bowl available for both broadcast and streaming audiences. Still, this year, Disney has taken a wrecking ball to the broadcast exclusivity of the past. 

Disney's different optionsGiven the game is an ESPN production with ESPN's primary "Monday Night Football" announcing crew — Joe Buck and Troy Aikman — it's reasonable to assume the cable network will get a fair amount of viewership for the game.

Disney is also putting the game on Disney+ — a streaming service that's never been about sports. Airing the Super Bowl on a streaming service isn't new. NBCUniversal's Peacock, Fox's Tubi and Skydance's Paramount+ have streamed the game in the past. But those services allow for geofenced dynamic advertising insertion (DAI), allowing local affiliates to sell commercials to a streaming audience. Disney+, which doesn't typically air live ABC sports programming, doesn't have DAI. 

Disney is also airing so-called "alt-casts" of the game on ESPN2 (Eli and Peyton Manning will do their typical "ManningCast"), ESPNU ("Super Bowl LXI Field Pass with The Pat McAfee Show"), and NFL Network ("Super Bowl LXI Playbook with Next Gen Stats"). 

Disney is even airing a "Star Wars"-themed alt-cast on Disney Channel and Disney XD. The "Star Wars" alternative broadcast will also be on Disney+. 

The commercials that run nationally will be the same on all platforms, according to a Disney spokesperson. The "Star Wars" alt-cast will be ad-free.  

Disney wants to synergize its platforms to maximize viewership — and collect the ad revenue. 

"The Super Bowl is the year's most-watched telecast, and our broad distribution across ESPN, ABC, and Disney+ will give fans everywhere more ways than ever to enjoy the game," according to a statement provided by a Disney spokesperson. "Making marquee live events available via streaming is a well-established industry practice. Fox and NBC have recently offered the Super Bowl on Tubi and Peacock, and we've similarly streamed 'The Oscars' on Hulu and 'Dancing with the Stars' on Disney+, for example. There's nothing unprecedented about this approach as we are meeting the modern consumer where they are."

Still, the totality of it all will certainly lower broadcast viewership. One station group CEO estimated local advertising revenue associated with the game may fall 35%. That executive declined to be named because the analysis is private.

"Any time you fragment distribution, you're destroying value for each of the individual platforms," a station group CEO told me, who asked not to be named for fear of potential retribution. "I don't have a problem with what Disney is doing — I have a problem that there's no acknowledgement that we're losing money."

Affiliate board involvementThis issue of lower broadcast Super Bowl viewership, and associated advertising revenue, is of so much concern that it's currently being discussed at the affiliate board — an elected body of executives across the TV broadcasting industry who act as liaisons between local stations and their parent network (Disney/ABC, in this case). 

It's unclear exactly how affiliates may be compensated, if at all.

The decline in traditional TV viewership is pushing Disney to broaden its coverage to new platforms and new audiences that don't watch cable or broadcast TV. 

Station executives want Disney to lean in to what continues to be a profitable, albeit declining, business. Several of those executives told me privately they think Disney is doing itself and the broader linear TV ecosystem a disservice by not banding together with affiliates to keep viewers on broadcast platforms.

"Our ABC affiliates are important partners and we always take that into careful consideration when making these decisions," said a Disney spokesperson. "We've successfully navigated similar situations in collaboration with the governing board many times before, and this is no different."

The chairman of the ABC Television Affiliates Association Board of Governors declined to comment.

(Kitco News) - Despite ongoing headwinds, the world's largest gold producer reported stronger-than-expected third-quarter earnings Thursday, as higher gold sales volumes and elevated metal prices helped boost profitability and cash flow.

Thursday after the North American equity close, Newmont Corporation (NYSE: NEM)  reported adjusted net income of $2.20 per diluted share for the third quarter of 2026, beating analysts' consensus estimate of $1.94 per share by $0.26, or 13.4%.

The results also exceeded the high end of analysts' earnings estimates, which ranged from $1.78 to $2.19 per share. Adjusted earnings increased 28.7% compared with $1.71 per share reported in the same quarter last year.

Newmont reported adjusted net income of $2.5 billion, while net income attributable to shareholders totaled $2.8 billion, or $2.57 per diluted share.

The company said its strong financial performance was supported by higher gold sales volumes and higher realized copper prices, although gold prices declined compared with the previous quarter.

Newmont's operational performance also improved during the quarter, with attributable gold production increasing 7% from the previous quarter to 1.30 million ounces. The increase was driven by higher production at Cadia following its recovery from a seismic event, along with stronger output at Boddington and Peñasquito.

The company reported an average realized gold price of $4,317 per ounce, down $97 from the second quarter. Despite the decline, elevated gold prices continued to support strong operating margins.

Gold all-in sustaining costs (AISC) fell 2% from the previous quarter to $1,545 per ounce, while gold costs applicable to sales declined 10% to $925 per ounce.

Newmont generated $2.8 billion in cash from operating activities, although free cash flow declined to $1.9 billion, reflecting working capital pressures and increased capital investment.

Looking ahead, Newmont maintained its full-year gold production guidance of approximately 5.9 million attributable ounces and improved its cost outlook, lowering its gold AISC guidance to $1,520 per ounce from $1,590 previously. Its gold costs applicable to sales guidance was also reduced to $925 per ounce from $950.

The company expects the fourth quarter to be its strongest production period of the year, supported by higher-grade ore at several operations. However, management warned that rising oil prices, inflationary pressures and lower by-product production could push unit costs higher toward year-end.

"Newmont remains on track to achieve our full-year 2026 production guidance and improved full-year cost outlook, supported by disciplined operational execution in the third quarter," said Natascha Viljoen, Newmont's president and chief executive officer.

"We produced approximately 1.3 million attributable gold ounces, and generated $1.9 billion of free cash flow," she added.

Newmont also highlighted its strong balance sheet, ending the quarter with $8.8 billion in cash and $12.8 billion in total liquidity, including a net cash position of $3.2 billion.

The company returned approximately $1.5 billion to shareholders through dividends and share repurchases since its previous earnings announcement. It also declared a quarterly dividend of $0.26 per share.

On the development front, Newmont said construction of the shaft at its Tanami Expansion 2 project was completed ahead of schedule, with commercial production now expected in the first half of 2027.

Meanwhile, the company continues to advance its Red Chris Block Cave project in British Columbia, with a full-funds investment decision expected in early 2027.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

EUR/USD Forecast: October ECB Pause Expected Before Further Hikes MUFG expects the Euro to recover against the US Dollar next year, but its French fiscal scenarios underline the risks before the ECB's October meeting. The Euro-to-Dollar exchange rate slipped to $1.1215 on Thursday, down 0.17%, leaving it close to MUFG's end-2026 projection.

The bank retains its forecast of 1.12 for the final quarter of this year, followed by a gradual recovery to 1.18 by September 2027.

That would put the Euro roughly 5.2% above Thursday's level, calculated by Exchange Rates UK.

But MUFG's assessment of France is less reassuring than that medium-term path might suggest.

Its most likely French fiscal scenario places EUR/USD in a lower range, making budget delivery an important test of the recovery outlook ahead of the ECB's 29 October decision.

Image: EUR/USD 5-day chart France's budget problem extends beyond passing legislation MUFG assigns a 45% probability to continued fiscal drift as France approaches its presidential election.

In that scenario, MUFG envisages EUR/USD at 1.08-1.14, while the extra yield investors demand to hold French rather than German ten-year government debt widens to around 170 basis points.

These are conditional market outcomes, separate from the bank's retained quarterly forecasts, rather than a replacement September target.

MUFG's economists and strategists write: "The government may force through some measures, offering temporary relief, but the bigger question is whether upcoming elections can clear the path for sustained fiscal repair."

Their scenario describes how that risk could unfold:

"As the presidential election approaches, political incentives increasingly outweigh fiscal considerations. The government is forced to make concessions and relies on procedural mechanisms to advance key legislation, while some measures are diluted or delayed."

"The government survives, but implementation falls short of ambition and markets become increasingly sceptical. The deficit remains elevated at 5.6-6.0% of GDP."

French bond tensions were already limiting the Euro's ability to benefit from a weaker Dollar earlier this week, when Scotiabank highlighted weak momentum despite an improving weekly chart.

MUFG nevertheless judges contagion across Eurozone bond markets to be relatively contained so far.

Its concern is the damage that persistent French borrowing pressure could do to confidence and financial conditions, rather than an assumption that a wider crisis has already begun.

Higher bond yields complicate the ECB's inflation response Rising borrowing costs can restrain demand before the ECB raises its own policy rate, reducing the need for immediate tightening.

For the Euro, that can mean less support from expected interest rates even while French government yields climb.

MUFG says: "The bond sell off and French fiscal risks have taken an October rate hike off the table, with ECB officials starting to highlight the impact of tighter financial conditions on the outlook. Underlying inflation pressures also remain contained."

The bank still expects quarter-point increases in December and the first quarter of 2027.

MUFG says: "However, resilient activity and higher gas prices since September still support a degree of tightening into slightly restrictive territory, on a risk-management basis."

Eurostat's final September figures put annual inflation at 3.8%, up from 3.2% in August, with energy making the largest contribution.

Crédit Agricole separately expects an October pause, followed by a deposit rate of 2.75% in December and 3.00% in March 2027.

Louis Harreau, its head of developed markets macro and strategy, argues against accelerating the pace:

"Several ECB members have highlighted the need to be gradual in the monetary tightening. Besides, changing the pace of hikes (one per quarter since June) could convey a sense of urgency and trigger a market overreaction."

He also expects the ECB to avoid promising those subsequent increases, leaving investors to judge the outlook from incoming data and Christine Lagarde's comments.

France could make that press conference particularly sensitive.

Harreau says: "In our view, the key risk for the ECB is to trigger worries regarding the ECB's ability (or willingness) to step in."

"Currently, the ambiguity of a possible intervention is probably beneficial to limit extreme volatility on the market. If the ECB is too clear about the terms of its interventions or if, in contrast, it commits too explicitly about a potential intervention, it could trigger unwarranted market volatility."

What This Means for EUR/USD MUFG's 1.18 projection points to a recovery over several quarters, with little change envisaged before end-2026. An October pause would fit both banks' expectations and would not, by itself, overturn that outlook.

The more immediate risk is a loss of confidence in French fiscal delivery that keeps borrowing costs elevated and encourages investors to scale back expected ECB tightening.

On 29 October, reassurance about the bond market alongside a continued willingness to tackle inflation could help the Euro. A recovery will be harder to sustain if investors doubt either France's ability to deliver its budget or the ECB's capacity to contain the resulting financial strains.

AbbVie (ABBV +0.14%) is performing well this year. The company's shares have climbed 26% on the back of a strong financial performance. Further, the pharmaceutical giant's medium-term outlook appears bright. AbbVie has no significant loss of patent exclusivity remaining this decade, and its two growth pillars, Skyrizi and Rinvoq, are firing on all cylinders.

Still, AbbVie is already thinking about succession plans for its most important medicines, and recent developments suggest the company is well on its way to finding new drugs to pass the torch to.

Image source: The Motley Fool.

Better than Skyrizi?First, a little background on Skyrizi. It is currently approved for several immunology disorders, including plaque psoriasis and Crohn's disease. Skyrizi is AbbVie's single biggest growth driver right now. In the first half of the year, the medicine generated almost $10 billion in sales, up 27% year over year and significantly more than any other product in the company's lineup.

However, Skyrizi's web of patents may begin to expire in the U.S. by 2033, potentially inviting cheaper biosimilar competition. That still seems far away, but considering Skyrizi's current sales trajectory, AbbVie will have to launch a next-gen drug years before 2033 to avoid a catastrophic decline in sales once (if) biosimilars enter the market by then.

Thankfully, the drugmaker is making progress on that project. On Oct. 19, the company announced encouraging Phase 2a results for a next-gen immunology drug, ABBV-466. This medicine combines risankizumab, the active ingredient in Skyrizi, with trosunilimab, another drug AbbVie is developing.

In the Phase 2a study, ABBV-466 achieved higher rates of remission among patients with Crohn's disease than Skyrizi and trosunilimab monotherapy. What's even more encouraging is that ABBV-466's advantage over Skyrizi and trosunilimab increased substantially by week 24 compared to week 12.

The combo treatment still has to confirm these results in Phase 3 studies. If it does, it may prove to be a strong successor to Skyrizi, at least for Crohn's disease and perhaps for ulcerative colitis.

ABBV AbbVie$285.19+$0.39 (+0.14%)

NYSE · As of 4:00 PM ET 10/22/26

An important acquisitionAbbVie's attempts to strengthen its immunology portfolio also received a boost earlier this year with its $10.9 billion cash acquisition of Apogee Therapeutics. The key asset from that transaction was zumilokibart, a medicine being developed to treat several conditions, including eczema, asthma, and COPD. AbbVie is looking to challenge the massive Dupixent empire.

Dupixent is approved across all those indications and generates over $15 billion in annual sales. It is one of the top-selling drugs in the world. But AbbVie's zumilokibart could have an advantage. It may need maintenance injections only every three months, or possibly even every six months, while maintaining competitive efficacy. Dupixent is typically administered every other week.

Zumilokibart’s more convenient dosing schedule could help make it a blockbuster. AbbVie will have to run Phase 3 studies before it can request approval, but it's yet another medicine that could help the company perform well long after biosimilars for Skyrizi enter the market.

Why the stock is a buyAbbVie's other main growth driver, Rinvoq, should not face generics in the U.S. (its most important market) until 2037. The company has other important drugs contributing to sales growth, including Qulipta, a migraine treatment, Vraylar, a schizophrenia therapy, its Botox franchise, and the cancer drug Venclexta.

Further, AbbVie boasts attractive pipeline candidates in other areas. One of the more promising ones it is working on is an investigational long-acting weight-loss therapy called ABBV-295. And that's just the tip of the iceberg.

Finally, AbbVie is an excellent dividend stock. Counting the time it spent under the wing of its former parent company, Abbott Laboratories, AbbVie is a Dividend King, or a corporation with at least 50 consecutive years of dividend increases. It also offers a forward yield of 2.5%, much higher than the S&P 500's average of 1.1%. In short, AbbVie can deliver competitive returns over the long run, especially when dividends are reinvested.

Saphyre has launched perpetual futures trading on Sei Network, covering stocks, gold, currencies and crypto, with invite-only access and fees of 0.025% to 0.05% per trade.

@saphyre has launched perpetual futures trading on @SeiNetwork, adding a derivatives venue to what is already the chain's busiest exchange. Perpetual futures are contracts that let traders bet on price moves with no expiry date. Saphyre says users can trade stocks, gold, currencies and crypto through the product.

How the Saphyre perps exchange worksTrading fees range from 0.025% to 0.05% per trade, according to the exchange's site. Orders are handled by Monaco's trading engine.

Access is invite-only. Traders who used the public test version before the October 21 cutoff get in immediately and receive one invite code to share. Every $250K in live trading volume unlocks another code, which ties wider access to how actively users trade.

Perpetual contracts have no settlement date, so traders can hold long or short positions without rolling them over. Positions are typically kept in line with the spot price through periodic funding payments between longs and shorts, a mechanism also used in the regulated SEI contract described below.

Saphyre's position on SeiSaphyre is the dominant trading venue on the network. DefiLlama data shows it with $5.97M in daily spot volume and $16.21M in total value locked (TVL). Crypto Briefing reported that Saphyre handled about $276 million of $278 million in monthly DEX volume on Sei, with the network's cumulative DEX volume reaching $15.9 billion. The exchange evolved from DragonSwap, according to the same report.

That concentration cuts both ways. Crypto Briefing noted that when one exchange processes nearly all monthly volume, the network's trading activity depends heavily on that single protocol. Some analysts have also questioned the exact share: DiarioBitcoin cited DefiLlama data putting Saphyre closer to 83% of monthly volume, depending on how the periods are compared. Methodologies differ, so figures vary by tracker and date.

The launch comes as derivatives exposure to $SEI is also expanding elsewhere. OG.com Markets, a CFTC-regulated platform operated by Nadex, listed a USD-settled SEI perpetual futures contract, which ChainCatcher reported was self-certified on October 8. That product is a separate, regulated offering for US investors and is unrelated to Saphyre's onchain exchange.

Perpetual futures are leveraged products and carry significant risk, including rapid liquidation during volatile moves. The invite-only rollout suggests Saphyre is limiting early access while it scales the product.

Sources

Crypto Briefing: Sei network nears $16 billion in all-time DEX volume as Saphyre dominates tradingChainCatcher: SEI perpetual contracts launched on the CFTC regulated OG.com marketDefiLlama: Sei DEX volume rankings

New offering combines financial visibility and protection with personalized guidance, planning and earned-wage access for life's most important financial moments

, /PRNewswire/ -- Norton LifeLock Benefit Solutions, the employee benefits division of Gen (NASDAQ: GEN), has announced the launch of Norton Money Workplace, a new financial wellness benefit employers can offer employees to help them better understand, protect and grow their financial lives through one connected experience.

As employees navigate an increasingly complex financial landscape — from managing everyday expenses and debt to planning for retirement, education, and major life events — they're also facing growing exposure to scams, fraud and identity threats. At the same time, employers are looking for benefits that deliver meaningful everyday value while helping reduce the financial stress that impacts employee wellbeing. Norton Money Workplace is designed to meet both needs by bringing together financial visibility, protection, personalized guidance, and planning into one experience. It helps employees manage debt, plan for education expenses, prepare for retirement, and navigate major financial decisions at every stage of life.

"Most financial wellness benefits solve one problem or serve one moment in an employee's life. We saw an opportunity to do something different," said Tim Hong, Global Head of Financial Wellness Technology at Gen. "Employees need support that's just as relevant when they're building financial habits as when they're buying a home, navigating student loans or preparing for retirement. Our goal is to give employers a benefit that grows with their workforce and helps employees feel more confident navigating whatever life brings. That's the future we're building toward."

Norton Money Workplace delivers that support for employees through four core capabilities. Together, they help employees understand where they stand financially, identify the steps they can take next, and build greater financial confidence over time:

Financial Visibility: Securely connect accounts to understand spending, cash flow, net worth, and credit in one place so employees have a clearer picture of their overall financial position. Financial Protection: Helps catch potential issues earlier and guides employees to take action before they become a larger issue. Guidance & Education: Employees receive personalized financial insights and expert-created education so they can better understand their options and determine appropriate next steps. Planning & Action – Employees can build personalized financial and retirement plans, navigate education costs and student debt, connect with Certified Financial Professional coaching, and receive actionable direction for important financial decisions. Gen has spent decades helping people stay safer in an increasingly connected world through Cyber Safety, online privacy and identity protection. Today, its solutions also support people's financial lives, from understanding spending and credit to planning for major decisions. Norton Money Workplace builds on that foundation, bringing Cyber Safety, identity protection and financial wellness together in a single benefit. Rather than employers and their payroll partners stitching together separate point solutions, they get one connected experience, and employees get support that protects their finances, identity and safety online, all in one place. 

"Employees are managing more of their financial lives online than ever before, and they need benefits that reflect that reality," said Casey Cullinan, Head of Norton LifeLock Benefit Solutions at Gen. "By bringing together trusted cyber protection with proven financial technology, we're helping employers deliver support that's more relevant, more useful and built for the way people live today. It's another example of how we're delivering more value by connecting Gen's strengths across our portfolio."

Norton Money Workplace marks the next chapter in Gen's journey to protect and empower people's digital and financial lives. For decades, Norton and LifeLock have helped people stay safer online through Cyber Safety and identity protection — and more recently, through tools that help them understand and manage their money. Norton Money Workplace builds on that foundation, bringing these capabilities together in a single employee benefit, with more to come as Gen's employee benefits division works toward an even more connected, all-in-one solution for employees' digital and financial lives. Norton Money Workplace will be available beginning in December 2026. Learn more here.

About Norton LifeLock Benefit Solutions, part of Gen 

Norton LifeLock Benefit Solutions helps employers equip their employees with digital and financial protection through comprehensive benefits that combine award-winning technology with expert restoration support. Norton LifeLock Benefit Solutions is part of Gen (NASDAQ: GEN), a global company dedicated to powering Digital Freedom with a family of trusted consumer brands including Norton, LifeLock and MoneyLion. Gen empowers nearly 500 million users in more than 150 countries through its products and services that span cybersecurity, online privacy, identity protection and financial wellness. Through Norton LifeLock Benefit Solutions, Gen brings that protection into the workplace, partnering with more than 12,000 employers to help employees safeguard their identities, navigate digital risks and take greater control of their financial lives. Learn more at GenDigital.com. 

Media ContactAudra Proctor
Gen
[email protected] 

SOURCE Gen Digital Inc.

EV maker Rivian has acquired Third Dimension, a U.K. startup founded by veterans of the gaming and autonomous vehicle industries that uses AI to turn images and videos into lifelike 3D worlds.

Rivian isn’t getting into gaming, but it does want to leverage Third Dimension’s technology to turn real-world data into 3D worlds that can accelerate the development of its advanced driver-assistance features and the self-driving system for the robotaxis it plans to supply to Uber.

Terms of the deal were not disclosed. The 15-person team at Third Dimension, most of whom are based in the U.K., will be absorbed into Rivian’s autonomy and AI team led by James Philbin. The acquisition also gives Rivian an opportunity to expand its AI hub in London, Philbin said in an exclusive interview.

Third Dimension, which was founded by CEO Tolga Kart and Piotr Sokólski in 2024, raised $7 million in seed funding from venture capital firms, including Abstract Ventures, MVP, Soma Capital, and Solari Capital. While the company’s technology was built to speed up video game development, the founders saw other potential applications, including defense and autonomous vehicles.

Now, under Rivian, they’ll be focused on automated driving.

“The team is excited to be able to focus on one problem,” Kart told TechCrunch in the interview. “I think as a small company, having to serve many, many different masters is very hard, and so we’re very excited to come work on a problem that has such an amount of scale, where our technology makes a true difference.”

Simulation is a critical tool for autonomous vehicle developers, who use it to train and validate self-driving systems. Historically, these simulators were built on rendering or video game engines and often relied on synthetic data. These virtual environments might look like the real world, but a gap between the two remains, Kart said. The workaround typically requires feeding the simulators ever-larger amounts of data in hopes of closing that quality gap.

Third Dimension’s technology uses AI to match the physical world, which when combined with Rivian’s reams of data could turn into a valuable simulator.

Rivian collects driving data from tens of thousands of R1S pickup trucks, R1S SUVs, delivery vans, and R2 SUVs on the road today — essentially any vehicle whose owner has enabled external camera sharing. Rivian uses that data, which is aggregated and anonymized, to build training models for driving. According to Philbin, Rivian gets more than 400,000 sequences uploaded from its customer fleets per day.

Third Dimension’s tech will allow Rivian to simulate complex driving conditions without having to wait for rare real-world edge cases to occur, Philbin said.

This story is developing and will be updated.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. She is also co-founder and co-host of the podcast, “The Autonocast.” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.

You can contact or verify outreach from Kirsten by emailing [email protected] or via encrypted message at kkorosec.07 on Signal.

Expert perspectives highlight the interaction of hypothalamic dysfunction, biological, behavioral, and environmental factors in shaping the challenges of hyperphagia in Prader-Willi syndrome for patients and families beyond obesity-related complications
The manuscript underscores the importance of multidimensional assessment and integrated care management across the patient lifespan
Experts conclude VYKAT® XR (diazoxide choline) extended-release tablets represent a significant advancement in the treatment of hyperphagia, potentially complementing behavioral and environmental approaches

, /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced a publication of expert perspectives highlighting hyperphagia in Prader-Willi syndrome (PWS) as a complex, neurobiologically driven condition that extends beyond excessive hunger and requires comprehensive assessment and management across the patient lifespan. The publication provides insights from an international group of clinical and scientific experts on the evolving understanding of hyperphagia and its implications for the care of people with PWS. The manuscript appears in Orphanet Journal of Rare Diseases.

"Neurocrine is committed to advancing understanding of Prader-Willi syndrome and addressing the needs of individuals and families affected by this complex disorder," said Eiry W. Roberts, M.D., Chief Medical Officer, Neurocrine Biosciences. "Recognizing hyperphagia as a multifaceted, neurobehavioral condition is essential to understanding its real-world impact on people with PWS and their families. By connecting the underlying disease biology with the daily experience of hyperphagia, these expert perspectives can help inform how best to assess and manage the symptoms and thus support continued progress in care for the PWS community."

The manuscript brings together perspectives from global experts in endocrinology, psychiatry, neuroscience, obesity, genetics, and patient advocacy to advance understanding of hyperphagia in PWS and inform future research and clinical practice. It describes how disruptions in the hypothalamus neural pathways that regulate hunger, fullness, and food-related reward can interact with autonomic dysfunction and environmental factors to shape the varied experience of hyperphagia and its broader effects on individuals and families. Perspectives also outline considerations for assessment and management of hyperphagia and underscore the need for care that integrates biological, behavioral, and environmental approaches across childhood, adolescence, and adulthood. While environmental controls, such as locking cabinets and refrigerators or avoiding social situations where food is present, remain important for managing food access, the publication highlights the need for a more comprehensive approach that addresses the underlying complexity of hyperphagia.

Key themes from the publication include:

Hyperphagia is multidimensional. Experts described hyperphagia as arising from multiple interconnected factors, including changes in how the brain regulates hunger, fullness, and food-related reward, as well as behavioral and environmental factors, with consequences extending beyond food intake alone.
Assessment must capture the full experience. Experts noted that individuals living in highly structured environments may show relatively few observable food-seeking behaviors despite experiencing persistent thoughts about food and a strong drive to eat. As a result, existing assessment tools may underestimate disease severity, as well as success, in some patients. Evaluation should be multidimensional and consider food-related thoughts and behaviors, clinical observations, environmental context, and caregiver perspectives.
Adolescence and transition to adult care are particularly vulnerable periods. Loss of structured support systems, fragmented care, increased independence, and the associated increase in uncertainty, combined with family exhaustion, may contribute to worsening symptoms and increased health risks. Continued expert support is essential to reduce potential clinical complications and maintain quality of life.
Integrated management remains essential. Food security and controlled food environments continue to be foundational therapeutic intervention rather than environment management alone. Experts emphasized the need to combine biological, behavioral, and environmental approaches within multidisciplinary care, with particular attention to vulnerabilities during transition periods.
Pharmacologic treatment can complement foundational support. Medication may lessen the burden of hyperphagia on individuals and caregivers by providing more flexibility in constant management. In this context, VYKAT® XR (diazoxide choline) extended-release tablets represent a significant advancement as the first FDA-approved treatment of hyperphagia in PWS. Pharmacological therapy is an important component of hyperphagia management and should be considered in multidisciplinary care.

"Hyperphagia in Prader-Willi syndrome extends far beyond hunger or food intake. It affects behavior, autonomy, and daily life for individuals living with PWS and their families," said Maithé Tauber, M.D., Professor Emeritus of Pediatrics at Université Toulouse III and lead author of the publication. "Improving care will rely on a truly integrated approach, one that deepens our understanding of the underlying biology, reflects the experience of individuals and their families, and actively engages healthcare teams within well-coordinated systems of care that support patients from birth throughout their lives."

Scientific and clinical experts also identified additional priorities for research and clinical care in PWS, including the development of validated outcome measures for clinical trials, identification of biomarkers, and creation of care models that more closely connect mechanistic insights with real-world clinical practice.

About Prader-Willi Syndrome
Prader-Willi syndrome (PWS) is a rare genetic neurodevelopmental disorder caused by the loss of expression of specific genes on the paternally inherited copy of chromosome 15. The Prader-Willi Syndrome Association USA estimates that PWS occurs in one in every 15,000 live births. The defining symptom of PWS is hyperphagia, a chronic and life-threatening condition neurologically driven by an intense, persistent sensation of hunger and characterized by food preoccupations, an extreme drive to consume food, food-related behavior problems, and a lack of normal satiety, which can severely diminish the quality of life for individuals with PWS and their families.

Hyperphagia can lead to significant mortality (e.g., stomach rupture, choking, accidental death due to food-seeking behavior) and longer-term co-morbidities such as diabetes, obesity, and cardiovascular disease.

About VYKAT® XR (diazoxide choline) Extended-Release Tablets
VYKAT XR was approved by the U.S. Food and Drug Administration (FDA) on March 26, 2025, and is now commercially available to U.S. patients.

VYKAT XR is indicated for the treatment of hyperphagia in adults and pediatric patients 4 years of age and older with Prader-Willi syndrome (PWS).

IMPORTANT SAFETY INFORMATION

Contraindications
Use of VYKAT XR is contraindicated in patients who have a known hypersensitivity to diazoxide, other components of VYKAT XR, or to thiazides.

Warnings and Precautions

Hyperglycemia
Hyperglycemia, including diabetic ketoacidosis, has been reported. Before initiating VYKAT XR, test fasting plasma glucose (FPG) and HbA1c; optimize blood glucose in patients who have hyperglycemia. During treatment, regularly monitor fasting glucose (FPG or fasting blood glucose) and HbA1c. Monitor fasting glucose more frequently during the first few weeks of treatment in patients with risk factors for hyperglycemia.

Risk of Fluid Overload
Edema, including severe reactions associated with fluid overload, has been reported. Monitor for signs or symptoms of edema or fluid overload. VYKAT XR has not been studied in patients with compromised cardiac reserve and should be used with caution in these patients.

Adverse Reactions
The most common adverse reactions (incidence ≥10% and at least 2% greater than placebo) included hypertrichosis, edema, hyperglycemia, and rash.

Please see the full Prescribing Information, including Medication Guide.

About Neurocrine Biosciences, Inc.
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing, and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine, and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, hyperphagia in Prader-Willi syndrome, endometriosis*, and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For more than three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook, and YouTube. (*in collaboration with AbbVie)

The NEUROCRINE BIOSCIENCES Logo, NEUROCRINE, and YOU DESERVE BRAVE SCIENCE are registered trademarks of Neurocrine Biosciences, Inc. VYKAT and the VYKAT logo are registered trademarks of Soleno Therapeutics, Inc., a Neurocrine Biosciences company.

Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements regarding the potential benefits to be derived from VYKAT XR for the treatment of Prader-Willi syndrome (PWS); the value and benefits VYKAT XR brings to patients with PWS; and the potential for the expert perspectives described in the publication to inform future research, clinical practice, and the assessment and management of hyperphagia in PWS. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include, but are not limited to, the following: risks and uncertainties regarding whether the expert perspectives described in the publication will inform future research, clinical practice, or the assessment and management of hyperphagia in PWS; risks and uncertainties associated with our business and finances in general, as well as risks and uncertainties associated with the commercialization of VYKAT XR, including the extent to which patients and physicians accept and adopt VYKAT XR; whether VYKAT XR receives adequate coverage and reimbursement from third-party payors; risks and uncertainties relating to competitive products and technological changes that may limit demand for VYKAT XR; risks associated with dependence on third parties for development and manufacturing activities related to VYKAT XR, and risks associated with managing these third parties; risks that additional regulatory submissions for VYKAT XR may not occur or be submitted in a timely manner; risks that the FDA or other regulatory authorities may make adverse decisions regarding VYKAT XR; risks that post-approval commitments or requirements for VYKAT XR may be delayed; risks that VYKAT XR may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2026. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof except as required by law.

© 2026 Neurocrine Biosciences, Inc. All Rights Reserved. CAP-DCCR-US-0001 10/2026 

SOURCE Neurocrine Biosciences, Inc.

Blockchain

22 October 2026 | 21:55 Stock, ETF and index perpetuals traded $201 billion on Hyperliquid in the third quarter, according to Dune, in markets that did not exist on the platform a year ago.

Key Takeaways Onchain tokenized stocks and ETFs: $37 billion traded

Tokenized stock volume up almost 18x since January

OKX-ICE venture filed to list 63 tokenized stocks

Asian names: 24% of equity perp open interest

Dune reported the figures in its October 22 announcement of real-time market data feeds, launched as tokenized U.S. stocks begin moving onchain.

A data feed timed for tokenized U.S. stocks In September, the SEC opened a path for tokenized U.S. stocks to trade onchain, according to Dune. A joint venture between OKX and Intercontinental Exchange has since filed to list 63 of them on XLayer, OKX’s network, and the new feeds support XLayer from the first day of trading.

The pitch to hedge funds, market makers and brokers rests on scale. Spot volume on decentralised exchanges more than doubled last year to $6.8 trillion, and about a quarter of spot crypto trading now happens onchain. The launch covers that market with three products: a spot feed spanning more than 200 venues on 12 chains, including Solana, Ethereum, Base, BNB Chain and XLayer; a perpetuals feed for Hyperliquid and Lighter; and reference data giving every asset, venue and market a stable identifier.

Each trade carries price, size and side and links back to the transaction that settled it. The company’s launch post says trades arrive about a second after the block containing them, unpriced trades are flagged with a reason, and blockchain reorganisations trigger correction messages. Venues are screened for liquidity, pricing integrity and registration, so some onchain activity is left out by design.

Derivatives outtraded tokenized shares about five to one In the third quarter, tokenized stocks and ETFs traded more than $37 billion across every venue Dune tracks. Stock, ETF and index perpetuals on Hyperliquid alone traded $201 billion, roughly five times as much.

Hyperliquid stock, ETF and index perpetuals, Q3

$201B

All tracked onchain tokenized stocks and ETFs, Q3

$37B+

Source: Dune, October 22 announcement.

The ratio compares unlike things. Perpetual volume is notional: leverage lets a position exceed the collateral behind it, and traders who open and close the same contract repeatedly add volume each time. Hyperliquid’s figure counts each match once, not once per side, according to Dune’s perpetuals dataset, but it still measures turnover, not money invested in companies. What the gap does show is which product traders reach for when they want stock exposure onchain.

The two products also give holders very different things.

Instrument What the holder has What keeps it tied to the stock Conventional share An equity interest, with rights set by the share class It is the stock Tokenized stock Whatever entitlement the issuer’s legal structure defines The issuer’s backing and redemption terms Stock perpetual A long or short price position, with no shares delivered Funding payments between longs and shorts Perpetuals also trade around the clock on margin and can list names that are hard to buy directly. Dune’s September 30 report found Asian stocks made up 24% of equity perpetual open interest, much of it in memory stocks.

Outside operators write most of the contracts Most of Hyperliquid’s equity, commodity, index and currency exposure sits in markets launched by outside teams under the HIP-3 framework, according to Dune. Those operators set leverage terms, supply the reference price and take a share of fees. Two contracts named after the same stock can therefore use different price sources and leverage caps, and Dune attaches a written contract specification to each market to tell them apart.

Institutions are reaching these markets through intermediaries as well. In October, Ripple Prime launched swaps referencing Trade.xyz perpetuals on Hyperliquid, giving its clients exposure linked to those markets through a swap with the prime broker.

The weekend gap The price source matters most when the stock market is closed. Hyperliquid’s pricing documentation uses a mark price for margining and liquidation, with the oracle supplying the reference. Over a weekend, the last trade, the oracle and the mark can drift apart, and how each updates depends on the contract’s specification. A Saturday trade on Dune’s feed shows what someone just paid, not necessarily the price used to liquidate positions or where the stock opens on Monday.

Dune’s September report argues that weekend trading reveals how traders are positioned while the underlying market is shut. Its enterprise perpetuals dataset rebuilds Hyperliquid’s order book every minute, so the cost of that positioning, in spread and depth, is now measurable for subscribers.

What to watch next XLayer listings
Whether onchain share volume starts closing the five-to-one gap once the 63 tokenized stocks go live.

Q4 totals
Dune’s fourth-quarter figures for stock perpetuals and tokenized stocks, measured side by side.

Weekend spreads
How far spreads widen and depth thins in HIP-3 equity markets between Friday’s close and Monday’s open.

This article is provided for informational purposes only and does not constitute financial or investment advice. Perpetual derivatives involve margin, funding and liquidation risks.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

Saudi Arabia-backed Gulf International Bank (UK) reveals multimillion-dollar investment in the world's largest corporate Bitcoin holder.

As per a U.S. Securities and Exchange Commission (SEC) Form 13F filing, Gulf International Bank (UK), based in London, reported having 19,842 shares of Strategy at the end of September.

As of the third quarter, Gulf International Bank's shares in Strategy were worth about $3.04 million, though the current market estimates the value to be around $2.9 million.

HOT Stories

This is not the first investment in Bitcoin by the bank. In fact, Gulf International Bank (UK) has had a Strategy holding since 2024. 

In its recent filing, Gulf International Bank (UK) states that it did not adjust its Strategy holding in the third quarter of 2026.

Gulf International Bank's previous Bitcoin exposureGulf International Bank has experienced some drastic swings in terms of its Strategy holdings over the last two years.

The first Strategy holding the bank reported was in the second quarter of 2024. At the time, the bank held 1,285 shares of MicroStrategy worth about $1.77 million.

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However, that would have been 12,850 shares after MicroStrategy's 10-for-1 stock split in August 2024.

In June 2025, Gulf International Bank (UK) owned 12,774 shares in Strategy worth about $5.16 million. 

This is the highest valuation for Gulf International Bank's Strategy holding at the end of a quarter that the bank has reported so far. 

By the end of 2025, Gulf International Bank had 13,249 shares of Strategy, which were worth about $2.01 million.

In the first quarter of 2026, the bank significantly increased its Strategy holdings. 

The bank added 6,958 shares, bringing the total Strategy holding to 20,207 shares. This was about a 53% increase in Strategy holdings.

However, in the second quarter, the bank sold off 365 shares, resulting in a Strategy holding of 19,842 shares. These shares were worth about $1.72 million by the end of June.

And as the recent filing indicates, the Strategy holding did not change in the third quarter in terms of shares.

Saudi Arabia's indirect Bitcoin exposureGulf International Bank is closely linked to the Saudi government. 

The sovereign wealth fund of Saudi Arabia, the Public Investment Fund (PIF), owns 97.2% of 

So, in essence, this is indirect Bitcoin exposure that Gulf International Bank is getting through owning shares in Strategy, not direct Bitcoin.

Strategy's Executive Chairman Michael Saylor's firm is the world's largest corporate holder of Bitcoin. 

With its latest purchase (reported on Oct. 19), the company's cryptocurrency holdings are now 848,517 BTC.