Market Signal Briefing

Saturn Oil & Gas Inc. (SOIL:CA) Q4 2025 Earnings Call March 12, 2026 10:00 AM EDT

Company Participants

Cindy Gray - Vice President of Investor Relations
John Jeffrey - CEO, President & Non-Independent Director
Justin Kaufmann - Chief Development Officer
Scott Sanborn - CFO & VP of Finance

Conference Call Participants

Laique Ahmad Amir Arif - ATB Cormark Capital Markets Inc., Research Division
Adam Gill - Ventum Financial Corp., Research Division
James Somerville - ROTH Capital Partners, LLC, Research Division

Presentation

Operator

Good morning, ladies and gentlemen. Welcome to Saturn's Fourth Quarter 2025 Results Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions] I will now turn the meeting over to Ms. Cindy Gray, Vice President, Investor Relations. Please go ahead, Cindy.

Cindy Gray
Vice President of Investor Relations

Thank you, operator. Good morning, everyone, and thanks for joining us to hear management's remarks about Saturn's Q4 and year-end 2025 results and reserves. Please note that our financial statements, MD&A, annual information form and press release are all filed on SEDAR+ and available on our website. Some of the statements on today's call may contain forward-looking information reference to non-IFRS and other financial measures. And as such, listeners are encouraged to review the disclaimers outlined in our most recent MD&A. Listeners are also cautioned not to place undue reliance on these forward-looking statements since a number of factors could cause the actual future results to differ materially from the targets and expectations expressed. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities law. For further information on our risk factors, please see the company's AIF filed on SEDAR+ and on website. Also note, all amounts discussed today are Canadian dollars unless otherwise stated.

Key Takeaways Stitch Fix posted a Q2 loss of 2 cents per share and $341.3M in revenues, both beating estimates.SFIX RPAC rose 7.4% y/y to $577, the eighth straight quarter of growth.Stitch Fix raised the FY26 revenue outlook to $1.33-$1.35B, with a positive free cash flow expected. Stitch Fix, Inc. (SFIX - Free Report) reported second-quarter fiscal 2026 results, wherein the top and bottom lines beat the Zacks Consensus Estimate. Also, both metrics increased from the year-earlier quarter.

The fiscal second quarter reflected a period of continued transition for Stitch Fix, with management emphasizing disciplined execution and sharper strategic focus. The company continued refining its operating model, prioritizing brand relevance, assortment quality and a more consistent customer experience.

Artificial intelligence and data science remained central to these efforts, supporting personalization, inventory decisions and more efficient internal workflows. Management highlighted growing confidence in the impacts of these AI-driven initiatives as execution improved. Reflecting this momentum, the fiscal 2026 outlook was raised, signaling stronger conviction in the company’s forward trajectory.

More on Stitch Fix’s Q2 ResultsSFIX reported an adjusted loss of 2 cents per share, narrower than the Zacks Consensus Estimate of an adjusted loss of 5 cents. The metric was also narrower than the loss of 5 cents incurred in the year-ago quarter.

Stitch Fix recorded net revenues of $341.3 million, which surpassed the Zacks Consensus Estimate of $339 million. Also, the metric increased 9.4% from the year-ago quarter, supported by broad-based demand that remained resilient across all income cohorts.

The number of active clients engaged in ongoing operations was 2,288,000, marking a year-over-year decline of 3.5%. The average net revenues generated per active client (RPAC) from ongoing operations were $577, representing an increase of 7.4% from the previous year, which met our estimate.

This marks the eighth consecutive quarter of year-over-year growth and the highest RPAC reported since the company became public. The increase in RPAC indicates that the company’s strategy is effectively driving higher client engagement and spending, resulting in a greater share of wallet from clients.

The fix average order value (AOV) increased 9.8% year over year. This increase was driven by higher average unit retail, which increased 7.7% year over year, marking the sixth consecutive quarter of growth. This increase was largely supported by a more compelling assortment and a favorable product mix.

The category performance was led by outerwear, which rose 26% across women’s and men’s, while denim increased 17%. Activewear and athleisure grew 37% combined, special-occasion styles rose 46%, footwear advanced 33% with sneakers up 46%, and accessories increased 51%, underscoring broad-based demand strength and improving client engagement trends.

Insight Into SFIX’s Margins & ExpensesIn the fiscal second quarter, this Zacks Rank #3 (Hold) company’s gross profit increased 7.3% to $148.9 million from $138.9 million in the year-ago period. However, the gross margin decreased 90 basis points (bps) year over year to 43.6%, with contribution margins remaining above 30% for the eighth consecutive quarter. We expected the gross profit to increase 6% year over year to $147.2 million.

Selling, general and administrative expenses (SG&A) increased 3.9% from $147.9 million in the prior-year quarter to $153.7 million. SG&A expenses, as a percentage of net revenues, were 45%, down 240 basis points from 47.4% in the prior-year quarter. Advertising represented 8.5% of revenues in the fiscal second quarter, slightly below the expected 9-10%.

Stitch Fix reported an adjusted EBITDA of $15.9 million, which remained flat year over year. We note that the adjusted EBITDA margin declined 40 bps year over year to 4.7% in the quarter under review.

SFIX’s Financial Snapshot: Cash, Inventory & Equity OverviewThe company ended the fiscal second quarter with cash and cash equivalents of $118.8 million, short-term investments of $108.9 million, no debt, net inventory of $122.1 million, and shareholders’ equity of $209.3 million.

The net cash provided by operating activities was $7.3 million and the free cash was $3.4 million in the fiscal second quarter.

SFIX Stock Past 3-Month Performance

Image Source: Zacks Investment Research

Stitch Fix’s FY26 GuidanceFor the third quarter of fiscal 2026, SFIX expects net revenues of $330-$335 million, reflecting year-over-year growth of 1.5-3.1%. Adjusted EBITDA is projected to fall $7-$10 million, implying an adjusted EBITDA margin of 2.1-3%.

For the second half of the year, the revenue guidance range has been tightened, reflecting greater confidence in the company’s underlying momentum, while maintaining a measured outlook on the broader environment. Growth rates are expected to moderate as the company laps a strong two-year AOV comparison, though there remains an opportunity to continue driving steady AOV improvement.

Ongoing enhancements to the client experience, including a stronger and more relevant assortment, continued category expansion, increased Fix flexibility and the use of AI to support more dynamic client engagement, are expected to provide a durable foundation for continued progress. At the same time, the company’s methodical approach to rebuilding its active client base is showing results. Continued improvement in active client trends is encouraging, and sequential net active client additions are expected to be positive in the fiscal third quarter.

Management raised its fiscal 2026 guidance, reflecting the positive business trends. For fiscal 2026, Stitch Fix forecasts total revenues between $1.33 billion and $1.35 billion, indicating year-over-year growth of 5-6.5%. Adjusted EBITDA is anticipated to be $42-$50 million, indicating a margin of 3.2-3.7%. The company expects the gross margin between 43% and 44%, while advertising expenses are projected to account for 9-10% of total revenues. Stitch Fix anticipates generating a positive free cash flow for the full fiscal year.

The SFIX stock has tumbled 37.5% in the past three months compared with the industry’s 7% decline.

Stocks to ConsiderSome better-ranked stocks are FIGS Inc. (FIGS - Free Report) , Deckers Outdoor Corporation (DECK - Free Report) and Boot Barn Holdings, Inc. (BOOT - Free Report) .

FIGS is a direct-to-consumer healthcare apparel and lifestyle brand, and it currently flaunts a Zacks Rank #1 (Strong Buy). FIGS delivered a trailing four-quarter earnings surprise of 187.5%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for FIGS’s current financial-year sales indicates growth of 11.4% from the year-ago reported number.

Deckers is a leading designer, producer and brand manager of innovative, niche footwear and accessories. It sports a Zacks Rank #1 at present.

The Zacks Consensus Estimate for Deckers’ current fiscal-year earnings and sales indicates growth of 8.5% and 8.9%, respectively, from the year-ago actuals. DECK delivered a trailing four-quarter average earnings surprise of 36.9%.

Boot Barn operates as a lifestyle retail chain devoted to western and work-related footwear, apparel and accessories. It currently carries a Zacks Rank of 2 (Buy).

The Zacks Consensus Estimate for Boot Barn’s current fiscal earnings and sales suggests growth of 26% and 17.7%, respectively, from the year-ago actuals. Boot Barn delivered a trailing four-quarter average earnings surprise of 4.9%.

It has been about a month since the last earnings report for Zillow Group (ZG - Free Report) . Shares have lost about 1.7% in that time frame, outperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Zillow due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Zillow Group, Inc. before we dive into how investors and analysts have reacted as of late.

Zillow’s Q4 Earnings Miss Expectations, Revenues Increase Y/Y

Zillow Group reported relatively mixed fourth-quarter 2025 results, with revenues beating the Zacks Consensus Estimate but adjusted earnings missing the same.

The company registered strong revenue growth mainly in the rentals segment, especially multifamily listings, with significant increases in mortgage revenues from higher purchase loan origination volumes, and continued gains in its residential/agent-related services.

Net Income

On a GAAP basis, the company reported a net income of $3 million or 1 cent per share against a net loss of $52 million or a loss of 22 cents per share in the year-ago quarter. Solid top-line growth primarily boosted the net income.

Non-GAAP net income in the reported quarter was $98 million or 39 cents per share compared with $68 million or 27 cents per share in the prior-year quarter. The bottom line missed the Zacks Consensus Estimate of 42 cents per share.

For 2025, Zillow reported GAAP net income of $23 million or 9 cents per share against a net loss of $112 million or a loss of 48 cents per share in 2024. Non-GAAP net income for 2025 was $417 million or $1.64 per share compared with $349 million or $1.38 per share in 2024.

Revenues

Quarterly revenues increased to $654 million from $554 million in the year-ago quarter. Healthy growth in all segments boosted the top line. The top line beat the Zacks Consensus Estimate of $650 million. For 2025, revenues increased to $2.58 billion from $2.24 billion in 2024.

Residential revenues increased 8% to $418 million, backed by solid growth in its agent and software offerings, which include Zillow Preferred, Market Based Pricing, Zillow Showcase, ShowingTime, DotLoop, and Follow Up Boss.

The Mortgages segment generated $57 million in revenues compared with $41 million in the year-earlier quarter. The growth was primarily driven by a 67% surge in purchase loan origination.

Rental revenues rose 45% to $168 million, primarily driven by 63% year-over-year growth of multifamily revenues.

Other Details

During the quarter, the company recorded a gross profit of $476 million compared with $420 million in the prior-year quarter, with respective margins of 73% and 76%.  The operating expenses during the quarter were $487 million, down from $489 million in the prior-year quarter.

Adjusted EBITDA was $149 million compared with $112 million a year ago, with respective margins of 23% and 20%.

Cash Flow & Liquidity

In the fourth quarter, Zillow generated $72 million in cash from operations compared with $122 million in the year-earlier quarter. For 2025, the company generated $368 million of cash from operating activities compared with $428 million in 2024.

As of Dec. 31, 2025, it had $768 million in cash and cash equivalents, with $43 million of other long-term liabilities compared with respective tallies of $1.1 billion and $67 million a year ago.

Outlook

For the first quarter of 2026, Zillow expects total revenues in the range of $700-$710 million. Total adjusted EBITDA is expected in the band of $160 million to $175 million. Management expects Mortgages’ revenues to grow approximately 40% year over year. Residential revenues are projected to grow in the high single-digit range, while rental revenues are expected to rise more than 40% year over year.

For 2026, the company expects mid-teens revenue growth, with rental revenues up approximately 30% year over year.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.

The consensus estimate has shifted -6.25% due to these changes.

VGM ScoresAt this time, Zillow has a nice Growth Score of B, a grade with the same score on the momentum front. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Zillow has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

A month has gone by since the last earnings report for Teradata (TDC - Free Report) . Shares have lost about 28% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Teradata due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Teradata Corporation before we dive into how investors and analysts have reacted as of late.

Teradata Q4 Earnings Beat Estimates, Revenues Rise Y/YTeradata reported fourth-quarter 2025 non-GAAP earnings of 74 cents per share, which beat the Zacks Consensus Estimate by 35.04%. The bottom line increased 39.6% year over year.

Revenues of $421 million beat the Zacks Consensus Estimate by 6.52%. The figure appreciated 3% year over year on a reported basis and 1% on a constant-currency (cc) basis. Total annual recurring revenues (ARR) at the fourth-quarter end increased 3% year over year to $1.52 billion and 1% on a constant-currency (cc) basis.

TDC Q4 Top Line in DetailPublic cloud ARR increased 15% on a reported basis and 13% on a cc basis year over year to $701 million. The growth was driven by increasing demand for its cloud solutions. The cloud net expansion rate was 108% in the reported quarter.

Recurring revenues (87.2% of total revenues) increased 5% year over year on a reported basis and 3% on constant-currency (cc) to $367 million. Perpetual software license and hardware revenues (0.2% of total revenues) dropped 67% year over year (down 69% at constant currency) to $1 million.

Consulting services’ revenues (12.6% of revenues) fell 4% year over year (down 6% at constant currency) to $53 million. Product sales increased 4% year over year on a reported basis (up 2% at cc) to $368 million.

TDC Operating DetailsFourth-quarter gross margin on a non-GAAP basis was 62%, expanding 110 basis points (bps) year over year.

Selling, general & administrative (SG&A) expenses decreased 5.1% year over year to $129 million. Research & development (R&D) expenses were $73 million, up 7.4% year over year.

As a percentage of revenues, SG&A decreased 260 bps year over year to 30.6%, whereas R&D inched up 70 bps year over year to 17.3%.

The non-GAAP operating margin was 22.8%, up 520 bps year over year.

TDC’s Balance Sheet Remains StrongAs of Dec. 31, 2025, Teradata had cash and cash equivalents of $493 million compared with $406 million as of Sept. 30.

Long-term debt as of Dec. 31, 2025, was $431 million compared with $437 million as of Sept. 30.

In the fourth quarter, TDC generated $160 million in cash from operating activities compared with the previous quarter’s $94 million.

The company generated a free cash flow of $151 million in the reported quarter.

TDC Offers Q1 and 2026 GuidanceFor first-quarter 2026, non-GAAP earnings are expected to be between 75 cents and 79 cents per share.

Teradata expects recurring revenues to increase between 6% and 8% year over year, at cc. The company expects total revenues to be up 1-3% year over year.

For 2026, TDC expects non-GAAP earnings between $2.55 and $2.65 per share.

Public cloud ARR growth is projected at a low double-digit percentage year over year. Total ARR growth is expected between 2% and 4% year over year, at cc.

Teradata expects recurring revenues to be in the range of flat to 2% up, year over year, at cc. The company expects total revenues to be in the range of -2% to flat year over year at cc from 2025.

Cash flow from operations is expected to be between $330 million and $350 million. Free cash flow is anticipated to be in the $310-$330 million range.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 15.91% due to these changes.

VGM ScoresAt this time, Teradata has a strong Growth Score of A, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock has a grade of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Teradata has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerTeradata belongs to the Zacks Computer- Storage Devices industry. Another stock from the same industry, Sandisk Corporation (SNDK - Free Report) , has gained 9.4% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Sandisk Corporation reported revenues of $3.03 billion in the last reported quarter, representing a year-over-year change of 0%. EPS of $6.20 for the same period compares with $0.00 a year ago.

Sandisk Corporation is expected to post earnings of $9.43 per share for the current quarter, representing a year-over-year change of +3243.3%. Over the last 30 days, the Zacks Consensus Estimate has changed +26.7%.

Sandisk Corporation has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

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It has been about a month since the last earnings report for Welltower (WELL - Free Report) . Shares have lost about 1.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Welltower due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Welltower Inc. before we dive into how investors and analysts have reacted as of late.

Welltower's Q4 FFO & Revenues Beat Estimates, Same Store NOI RisesWelltower Inc.’s fourth-quarter 2025 normalized FFO per share of $1.45 surpassed the Zacks Consensus Estimate of $1.44. The reported figure improved 28.3% year over year.

Results reflected a rise in revenues on a year-over-year basis. The total portfolio SSNOI increased year over year, driven by SSNOI growth in the SHO portfolio. The company issued its guidance for 2026 normalized FFO per share.

The company recorded revenues of $3.18 billion in the quarter, beating the Zacks Consensus Estimate of $2.71 billion. The top line increased 41.3% year over year.

Quarter in DetailThe SHO portfolio’s same-store revenues increased 9.6% year over year, backed by 400 basis-point year-over-year growth in average occupancy and Revenue per Occupied Room (’RevPOR’) growth of 4.7%.

The company’s total portfolio SSNOI grew 15% year over year, supported by SSNOI growth in its SHO portfolio of 20.4%.

Its pro-rata gross investments in the fourth quarter totaled $13.9 billion. This included $1.2 billion in loan funding and $112 million in development funding. Welltower also completed pro-rata property dispositions of $6.1 billion and loan repayments of $1.4 billion in the quarter. It completed and placed into service five development projects for an aggregate pro rata investment amount of $173 million.

In the fourth quarter, property operating expenses increased 37.2% to $1.93 billion year over year.

Balance Sheet PositionAs of Dec. 31, 2025, Welltower had $10.2 billion of available liquidity, comprising $5.2 billion of available cash and restricted cash and full capacity under its $5 billion line of credit.

2026 GuidanceWelltower issued its 2026 normalized FFO per share guidance range of $6.09-$6.25.

Its guidance assumes the average blended SSNOI growth of 11.25-15.75%, comprising 15-21% growth in Seniors Housing Operating, 3.0-4.0% in Seniors Housing Triple-net, 2.0-3.0% in Outpatient Medical and 2.0-3.0% in Long-Term/Post-Acute Care.

Welltower expects to fund an additional $370 million of development in 2026 relating to projects underway as of Dec. 31, 2025.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.

VGM ScoresCurrently, Welltower has a average Growth Score of C, a grade with the same score on the momentum front. However, the stock has a score of F on the value side, putting it in the fifth quintile for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, Welltower has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerWelltower belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, Healthpeak (DOC - Free Report) , has gained 0.7% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Healthpeak reported revenues of $719.4 million in the last reported quarter, representing a year-over-year change of +3.1%. EPS of $0.16 for the same period compares with $0.46 a year ago.

For the current quarter, Healthpeak is expected to post earnings of $0.44 per share, indicating a change of -4.4% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

Healthpeak has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

It has been about a month since the last earnings report for Pegasystems (PEGA - Free Report) . Shares have added about 14.9% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Pegasystems due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Pegasystems Inc. before we dive into how investors and analysts have reacted as of late.

Pegasystems Q4 Earnings Surpass Estimates, Revenues Increase Y/YPegasystems reported fourth-quarter 2025 non-GAAP earnings of 76 cents per share, which beat the Zacks Consensus Estimate by 5.56% but decreased 5% year over year.
Revenues of $504.32 million beat the Zacks Consensus Estimate by 4.04% and increased 3% year over year.

Pegasystems’ strong fourth-quarter 2025 performance is driven by its unique innovation, along with bold ideas led by the Pega Blueprint platform. Growth was fueled by AI-integrated workflows, rising cloud subscriptions and disciplined execution, resulting in higher ACV, backlog and margin gains.

PEGA’s Quarterly PerformanceSubscription services revenues, comprising Pega Cloud and Maintenance, generated $272.8 million (contributing 54.1% to total revenues), up 18.1% on a year-over-year basis.
Subscription license revenues (35.3% of total revenues) were $178.2 million, representing a 14% year-over-year decline.

Total Subscription revenues, consisting of both subscription services and subscription licenses, rose 3% year over year to $451 million (contributing 89.4% to total revenues).
Consulting revenues (10.6% of the total revenues) were $53.3 million. The reported figure is up 0.9% year over year.

Pega Cloud’s Annual Contract Value (ACV) increased 33% year over year to $867 million.
Maintenance and Subscription licenses, collectively referred to as Client Cloud ACV, rose approximately 2.9% year over year to $741 million.

The company reported that Total ACV increased 17% year over year on a reported and 14% on a constant-currency basis, reaching $1.608 billion.

The company's backlog grew 28% year over year on a reported basis and 23% on a constant currency basis, underscoring the sustained demand for its services and products and future revenue visibility.

Pegasystems’ Q4 Operating ResultsIn the fourth quarter of 2025, gross margin expanded 30 basis points (bps) year over year to 79.5%.

Total operating expenses increased 20.8% year over year to $296.5 million. As a percentage of revenues, operating expenses increased 880 bps.

The company reported an operating income of $104.4 million, down 27% year over year. The operating margin contracted 840 bps from the year-ago quarter to 20.7%.

PEGA’s Balance Sheet & Cash FlowAs of Dec. 31, 2025, cash and cash equivalents and marketable securities were $425.8 million compared with $351.3 million as of Sept. 30, 2025.

Operating cash flow rose more than 45% year over year to $505 million, while free cash flow grew 45% to approximately $491 million.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in fresh estimates.

The consensus estimate has shifted 61.78% due to these changes.

VGM ScoresCurrently, Pegasystems has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Pegasystems has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerPegasystems is part of the Zacks Computer - Software industry. Over the past month, PTC Inc. (PTC - Free Report) , a stock from the same industry, has gained 2.3%. The company reported its results for the quarter ended December 2025 more than a month ago.

PTC Inc. reported revenues of $685.83 million in the last reported quarter, representing a year-over-year change of +21.4%. EPS of $1.92 for the same period compares with $1.10 a year ago.

For the current quarter, PTC Inc. is expected to post earnings of $2.13 per share, indicating a change of +19% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for PTC Inc.. Also, the stock has a VGM Score of C.

It has been about a month since the last earnings report for Red Rock Resorts (RRR - Free Report) . Shares have lost about 9.1% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Red Rock Resorts due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Red Rock Resorts Q4 Earnings & Revenues Beat EstimatesRed Rock Resorts reported fourth-quarter 2025 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top line increased year over year, while the bottom line declined compared with the prior-year period.

Q4 Earnings & RevenuesIn the quarter under review, adjusted earnings per share (EPS) came in at 75 cents, topping the Zacks Consensus Estimate of 41 cents by 82.9%. In the prior-year quarter, the company recorded an adjusted EPS of 76 cents.

Quarterly revenues of $511.8 million also surpassed the Zacks Consensus Estimate of $501 million and grew 3.2% year over year from $495.7 million. The company benefited from strong casino revenues and a $3.7 million contribution from Native American management fees.

Segmental Details of Red Rock ResortsLas Vegas Operations: During fourth-quarter 2025, the segment’s revenues totaled $505 million, up 2.5% from $492.6 million in the prior-year quarter. Adjusted EBITDA was $231.1 million, up 3.2% from $223.9 million reported in the year-ago quarter.

Native American Management: The company reported revenues and adjusted EBITDA of $3.7 million, reflecting cumulative development fee recognition.

Operating HighlightsNet income in the quarter came in at $84.6 million, down from $87.7 million in the prior-year quarter. Adjusted EBITDA came in at $213.3 million, marking a 5.4% year-over-year increase from $202.4 million. The adjusted EBITDA margin expanded to 41.7%, an increase of 90 basis points from the prior-year period, underscoring operating efficiency and cost discipline.

Other Financial DetailsAs of Dec. 31, 2025, Red Rock Resorts had cash and cash equivalents of $142.5 million, compared with $164.4 million as of Dec. 31, 2024. Outstanding debt at the fourth-quarter end was $3.4 billion, compared with $3.35 billion as of Dec 31, 2024.

The board declared a cash dividend of $0.26 per share, payable on March 31, 2026, reflecting management’s continued commitment to shareholder returns.

RRR’s 2025 HighlightsRevenues in 2025 amounted to $2.01 billion compared with $1.94 billion in 2024.

Net income in 2025 came in at $355.7 million compared with $291.3 million reported in 2024.

In 2025, diluted EPS came in at $3.12 compared with $2.53 reported in the previous year.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted 6.12% due to these changes.

VGM ScoresCurrently, Red Rock Resorts has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, Red Rock Resorts has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerRed Rock Resorts is part of the Zacks Gaming industry. Over the past month, Take-Two Interactive (TTWO - Free Report) , a stock from the same industry, has gained 3.5%. The company reported its results for the quarter ended December 2025 more than a month ago.

Take-Two reported revenues of $1.76 billion in the last reported quarter, representing a year-over-year change of +27.9%. EPS of $1.23 for the same period compares with $0.72 a year ago.

For the current quarter, Take-Two is expected to post earnings of $0.56 per share, indicating a change of -48.6% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

Take-Two has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

A month has gone by since the last earnings report for Insperity, Inc. (NSP - Free Report) . Shares have lost about 33.7% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Insperity due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Insperity Reports Q4 LossInsperity reported lower-than-expected fourth-quarter 2025 results.

NSP registered an adjusted loss of 60 cents per share, missing the Zacks Consensus Estimate for earnings of 49 cents. It compares with the year-ago earnings of 5 cents per share. Revenues of $1.7 billion missed the Zacks Consensus Estimate by a slight margin but increased 3.4% from the year-ago quarter.

The average number of worksite employees paid per month increased 1% year over year to 312,377. Revenues per worksite employee (WSEE) per month moved up 2% from the year-ago quarter to $1,780.

Insperity's Q4 Operating ResultsGross profit decreased 21% from the year-ago quarter to $172 million. The gross margin was 10.3%, down 320 basis points from the fourth quarter of 2024. Operating expenses declined 4% year over year to $220 million. Operating expenses per WSEE per month dipped 7% on a year-over-year basis to $233.

NSP reported an operating loss of $46 million compared with the year-ago quarter’s $15 million operating loss. The company witnessed an operating loss per WSEE per month of $49 compared with the year-ago quarter’s $16 loss.

Balance Sheet & Cash Flow of NSPInsperity exited fourth-quarter 2025 with cash and cash equivalents of $642 million compared with $422 million in the preceding quarter. The long-term debt was $369 million, flat sequentially.

In the reported quarter, NSP distributed $38 million as cash dividends. The capital expenditure totaled $9 million.

NSP's Q1 & 2026 GuidanceFor the first quarter of 2026, NSP’s guidance for EPS is kept at $1.03-$1.5. Insperity’s view for adjusted EBITDA is kept at $81-$111 million.

For 2026, the company’s adjusted EPS guidance is kept at $1.69-$2.72. The guidance for adjusted EBITDA is set at $170-$230 million.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -33% due to these changes.

VGM ScoresAt this time, Insperity has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock has a grade of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Insperity has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.

In Brief

Posted:

9:36 AM PDT · March 12, 2026

Image Credits:RoschetzkyI stock photo / Getty Images Tesla is now an officially licensed utility in the United Kingdom, according to a new report from the Wall Street Journal. The automotive and energy company recently received a license from the Office of Gas and Electricity Markets, allowing it to sell electricity directly to households and commercial and industrial users.

The company has long dabbled in electricity markets. Its first pure energy products, the Powerwall and Powerpack, were introduced in 2015, but it wasn’t until a year later when Tesla merged with Solar City that it started scaling the division rapidly. In 2022, the company launched Tesla Electric in Texas, which allowed it to sell electricity directly to customers. Powerwall owners can sell electrons from their batteries to participate in the company’s virtual power plant.

The new division, known as Tesla Energy Ventures, will compete with existing utilities in the UK including EDF, E.ON, and Octopus Energy. The competition with Octopus should prove particularly interesting. Since it’s founding in 2015, Octopus has become the country’s largest utility by focusing on slick software, renewable energy, and creative marketing. Sound familiar? 

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The goal is to make it easier for users to earn returns on crypto without having to choose or manage strategies themselves. Mar 12, 2026, 3:00 p.m.

Lido, the largest liquid staking protocol on Ethereum, is expanding beyond ether (ETH) with the launch of a new product designed for stablecoin holders.

The project on Thursday introduced a revamped version of its yield product, Lido Earn, which now revolves around two vaults: EarnETH for ether-based assets and EarnUSD for stablecoins. The goal is to make it easier for users to earn returns on crypto without having to choose or manage strategies themselves.

In simple terms, a vault is a pooled investment tool where users deposit crypto and the platform automatically puts those funds to work across different strategies designed to generate yield.

The new EarnUSD vault marks Lido’s first product built specifically for dollar-pegged tokens. It accepts stablecoins USDC and USDT and automatically allocates deposits across a range of decentralized finance (DeFi) opportunities on Ethereum, such as lending markets and other yield-generating strategies. Users receive a token representing their share of the vault, with returns accumulating over time.

The EarnETH vault works similarly but for ether-related assets, including ETH, WETH and Lido’s stETH. Deposits are spread across several DeFi protocols, including Aave, Uniswap and Morpho, with the system shifting funds toward strategies that are performing better.

The stablecoin vault comes as dollar-pegged tokens have become a major part of activity in Ethereum’s DeFi ecosystem. Roughly half of DeFi activity on the network now involves stablecoins, according to a press release shared with CoinDesk.

“Stablecoins are a fundamental part of DeFi, and until now we weren’t serving those users,” said Marin Tvrdić of the Lido Ecosystem Foundation, in the press release.

Read more: Lido Launches GG Vault for One-Click Access to DeFi Yields

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Crypto code commits fall 75% as developers move to AI projects

8 hours ago

Developers are shifting toward artificial intelligence infrastructure as blockchain ecosystems lose contributors across major networks, from Ethereum to Solana.

What to know:

Developer activity in blockchain projects has dropped sharply since early 2025, with weekly crypto code commits down about 75 percent and active developers falling 56 percent, even as overall GitHub usage grows.Artificial intelligence is absorbing much of that talent and effort, as AI-related repositories, large language model projects and tools like Jupyter Notebooks and Dockerfiles see rapid growth and attract millions of contributors.Within crypto, most major chains are losing developers while more experienced contributors now account for the majority of commits, suggesting a consolidation of the ecosystem rather than a complete collapse amid competition from AI.

Bitcoin’s (BTC) long-term price trend against gold shows a bullish shift after retracing to a level previously seen in 2017, 2022, and 2023. The potential trend change appears alongside what analysts describe as an “opportunity within risk.”

BTC–gold ratio shows bullish divergenceMN Capital founder Michaël van de Poppe noted that the Bitcoin-to-gold ratio is showing strength after forming a bullish divergence with the relative strength index (RSI) on the daily chart.

BTCUSD/Gold ratio on a daily chart. Source: XA bullish divergence occurs when the price forms lower lows while momentum indicators such as the RSI form higher lows. The setup signals fading selling pressure.

In February, the ratio retraced to a key support level near 12-13 that previously acted as resistance in 2017 before turning into support in 2022 and 2023. As a result, the current level may serve as a potential bottom for Bitcoin’s long-term trend against gold.

Bitcoin/Gold ratio one-month chart. Source: Cointelegraph/TradingViewAnother reason for this possibility is the change in Bitcoin and gold exchange-traded funds (ETFs) flows over the past month.

For example, the US gold-backed ETF, SPDR Gold Shares (GLD), recorded a $3 billion outflow on March 6. The Kobeissi Letter said,

“This surpasses any previous large daily outflow seen over the last 2 years by +200%.”Gold ETF flows. Source: World Gold CouncilMeanwhile, the 30-day change in Bitcoin ETF flows improved to $906 million in net inflows on March 11, up from a $1.9 billion outflow a month earlier.

The holdings measured in native units show another divergence. The 30-day change in Bitcoin ETF balances has improved to 12,909 BTC from -34,197 BTC, while gold ETF holdings dropped to roughly 606,850 ounces from 1.4 million ounces on Feb. 13.

Macro creates an opportunity window for BitcoinAccording to Binance Research, the current macro volatility may present an “opportunity within risk” for Bitcoin. The report noted that BTC has moved similarly to macro assets like oil and US equities amid the US-Israel and Iran war, reflecting how global events are currently driving the price action.

Edit the caption here or remove the textBut capital is starting to return to BTC despite the volatility. The share of Bitcoin trading volume from US spot ETFs has increased recently, signaling rising institutional activity.

Yet ETFs still represent only around 9% of total BTC spot trading volume, well below the 30–40% ETF-to-total equity trading volume in US equity markets, suggesting significant room for institutional expansion.

BTC returns 1-year before and after the midterm elections. Source: Binance ResearchHistorically, periods of geopolitical turmoil have also preceded strong recoveries. For instance, US midterm election years often have market drawdowns with the S&P 500 averaging a 16% peak-to-trough decline. While Bitcoin has historically fallen around 56% during those cycles.

However, the 12 months following midterm elections have never produced a negative S&P 500 return since 1939, averaging gains of 19%, and Bitcoin has rallied an average of 54% in all three post-midterm years on record.

As Cointelegraph reported, the $78,000 level is now key to a potential broader trend change in the BTC market.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

Crypto analyst Leshka has explained why it is unlikely that the Bitcoin price has bottomed even as it continues to attempt a recovery above $70,000. His analysis also aligns with predictions from analysts such as Doctor Profit, who predict that BTC could still drop to $40,000. 

Analyst Explains Why Bitcoin Price Hasn’t Bottomed In an X post, Leshka noted that the Bitcoin price has never bottomed after a drawdown of just 47%. He further remarked that every bear market in history saw at least 78% drawdown from the top. BTC notably saw drawdowns of around 87%; 84%; and 73% in 2013, 2017, and 2021, respectively. 

As such, the analyst declared that the Bitcoin price is not yet at a bottom and that another flush to the downside is approaching. His accompanying chart showed that BTC could still drop to around $50,000 before it finds a macro bottom in this market cycle. Leshka noted that the leading crypto continues to retest the $72,000 resistance and has failed to hold above it on every attempt. Based on this, he predicted that a drop to $55,000 is next. 

Source: Chart from Leshka on X Crypto analyst Doctor Profit also recently warned that the Bitcoin price hasn’t found a macro bottom, though he predicted that BTC could form a local bottom between $57,000 and $60,000. In the long term, he still expects Bitcoin to drop below $50,000 and into the low $40,000, which he believes will mark the macro bottom. 

Doctor Profit stated that the leading crypto could find a bottom between September and October later this year. In the meantime, he predicts that the Bitcoin price could see a relief bounce or continue trading sideways before recording another leg to the downside. 

BTC Is In The ‘Relief Rally’ Phase In an X post, crypto analyst Julio Moreno noted that the Bitcoin Bull Score Index has reached 30, its highest level since late October. The index phase has switched from extra bearish to bearish while bull flags have turned on for exchange flows, stablecoin liquidity growth, and price momentum. However, he warned that the Bitcoin price is still in a bear market and is simply seeing a relief rally. 

Crypto analyst Benjamin Cowen noted that in bear markets, the Bitcoin price will often spend more time going up than going down. However, when it goes down, it drops very quickly, then sets a low, then trends back up for a few weeks to months before dropping again. “You can see the change in market structure from bull to bear,” he added. 

At the time of writing, the Bitcoin price is trading at around $69,300, down in the last 24 hours, according to data from CoinMarketCap.

BTC trading at $69,853 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com

TL;DR

Developer accounts on GitHub fell 17% over the past year, and weekly commits and active accounts dropped more than 50% across major ecosystems recently. Ethereum and Solana kept the strongest developer baselines overall, while Internet Computer, Polkadot, Starknet, Celo and BNB Chain lost momentum or new teams. Fewer NFT and gaming projects, weaker VC funding, tighter liquidity and security concerns pushed builders toward proven protocols and streamlined crypto use cases. Crypto’s builder economy is no longer spreading evenly across blockchains, and Ethereum and Solana are emerging as the clearest magnets for developer energy. Developer activity slowed in late 2025 and kept weakening into early 2026, with engaged GitHub developer accounts down 17% over the past year. Weekly commits and active accounts also fell by more than 50% during the last three months across most major ecosystems. Even so, Ethereum and Solana have preserved a higher baseline of loyal contributors, showing that when activity contracts, the biggest and most established networks tend to absorb disproportionate attention.

The retreat is hitting smaller ecosystems hardest That concentration matters because smaller ecosystems are struggling to attract fresh teams while the largest chains keep core talent intact. Across all tracked projects, the sector counts 11,845 ecosystem developers, a figure that has remained stable, but distribution inside that total has become more uneven. The slowdown in NFTs and on-chain games removed categories that once required full development teams. At the same time, apps have become more dependent on liquidity than on product design alone. Internet Computer, Polkadot, Starknet and Celo have all stopped drawing new teams, while BNB Chain lost 8.4% of developers.

Another force behind the shift is a market that now rewards consolidation, fewer experiments and faster paths to traction. Contributors have increasingly moved toward AI models, while smaller crypto app creation has faded and dedicated token teams have been displaced by no-coding launchpads. Liquidity has also concentrated in the biggest protocols, leaving many smaller DeFi projects with less reason to keep expanding. With much of crypto’s architecture built and stress-tested in real time, the pace of breakthrough ideas has slowed. Investors are also showing less patience for novelty, especially when safer, working protocols already exist.

Security and funding pressures have added to the retreat, because builders are no longer operating in an environment that rewards endless ecosystem proliferation. Loss of venture capital support has reduced incentives for speculative development, while awareness of DPRK-linked hacker infiltration has made teams more cautious about hiring. Activity has shifted toward streamlined use cases and toward protocols with proven operating histories. A few networks with trending uses, including Bitcoin, Polygon and Litecoin, managed to add developers over the past year. But the broader pattern is clear: crypto development is clustering around survivors, not expanding outward.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Crypto ranking platform CoinGecko shares a fact about Dogecoin, noting that the dog coin is 87% away from its ATH, last seen more than four years ago at $0.7316.

Altcoins have sharply underperformed recently, with cryptocurrencies such as Dogecoin down significantly from their peaks. Likewise, mentions of "altseason" on social media have plunged to their lowest level in at least two years, according to recent Santiment analysis.

This remains significant as every major spike in altseason chatter over the past two years coincided with a local top in DOGE.

The positivity is that whenever mentions of altseason drop, a rally often ensues. The pattern might not be perfect, but the correlation between crowd disinterest and subsequent price recoveries is not something to ignore.

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At the time of writing, Dogecoin was up 3.51% in the last 24 hours to $0.0956 as a wave of optimism lifted crypto prices.

Analysts believe altcoin recovery might depend on Bitcoin price stability. A breakout on Bitcoin alongside substantial volumes, followed by a consolidation, might lead to rotation into altcoins.

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In the short term, Dogecoin faces resistance at $0.10 and $0.16, which coincide with the daily MA 50 and 200.

Support is expected at $0.086 and then $0.0799, which marks the lower boundary of the current trading range, which started forming in February.

Dogecoin remains in spotlightDogecoin remains in the spotlight as X is set to launch its new payments feature, X Money, next month, offering peer-to-peer transfers, bank deposits, a debit card and cashback rewards in partnership with Visa, and a licensed subsidiary in more than 40 U.S. states.

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There has been previous speculation about crypto integration even though X Money is described as a fiat-only product more akin to Venmo than a crypto wallet. However, the announcement of X money contains zero references to crypto.

Elon Musk referred to Dogecoin as his "favorite cryptocurrency" and Tesla accepted DOGE for merchandise in 2022. Hence, an interesting question is not whether DOGE gets added if cryptocurrencies are included.

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Mike McGlone, senior commodity strategist at Bloomberg Intelligence, who had earlier predicted that Bitcoin could crash painfully to $10,000, is reaffirming his view that the apex cryptocurrency could still dip to that level.

Bitcoin Could Fall Below $10,000, Says McGlone Amid global market turbulence, Bloomberg Senior Commodity Strategist Mike McGlone warns that further volatility may lie ahead.

In a recent interview with EllioTrades, McGlone cautioned that the crypto bear market may continue, warning that Bitcoin could stay vulnerable if global risk assets experience a dramatic repricing.

McGlone’s bearish view stems from macro trends, noting that Bitcoin now mirrors other speculative assets amid growing institutional activity. In his view, Bitcoin has gone from being a hedge against the system to being firmly inside it, and that changes everything. The crypto sector, McGlone says, remains in a broader economic unwind, buffeted by deflationary forces, surplus supply, and incomplete corrections in traditional risk markets.

Bitcoin’s price dipped to $60,000 on February 6 amid its downtrend from the October all-time high of $126,000, before posting a modest rebound. Bitcoin is currently trading at around $70,369, up 1.5% over the past 24 hours, according to CoinGecko data. The top crypto’s recent price increase seemed to align with new attacks on cargo vessels in the Gulf, which pushed oil prices above $100 per barrel.

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“That’s where Bitcoin set its place,” McGlone said, predicting the asset will return to this level amid a broader correction in risk assets.

In 2018, McGlone predicted that Bitcoin could fall to $1,100 when it was trading around $10,000. The cryptocurrency eventually bottomed at $3,000, leaving him ‘30% wrong, 70% right.’ He turned bullish in 2019 and famously forecasted in 2020 that Bitcoin would surpass $100,000—simply by “adding a zero.” McGlone now contends that Bitcoin needs to ‘lop off a zero’ from $100K.

Correction May Not Be Over Yet Notably, the consensus remains bearish on the mid-term outlook, anticipating that Bitcoin could fall to new macro lows. Trader and analyst Rekt Capital observed that, based on historical patterns, Bitcoin’s bear market is likely to persist.

“Time-wise, Bitcoin will soon be halfway through its Bear Market,” he observed in a March 11 post on X. “Retracement-wise, however, Bitcoin has already performed 75% of the downside in its Bear Market correction.”

That said, Bitcoin is likely to remain largely range-bound between $60,000 and $70,000. Other analysts caution that even a rally toward $85,000 could prove to be a bull trap before the broader downtrend resumes.

Still, a retracement all the way to $10,000 seems highly improbable.

While Ripple has remained consistent in controlling the amount of RLUSD in circulation, it might have just conducted the largest daily RLUSD burn ever.

In the last day, Ripple recorded multiple burn transactions for RLUSD across both Ethereum and the XRP Ledger, sparking discussions across the crypto community.

41 million RLUSD out of circulation Following consistent token burns, a total of 41 million RLUSD were sent to null addresses within 24 hours, where they can never be retrieved.

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The total burn activities happened in four separate transactions. The first two transactions happened consecutively on the XRP Ledger, with Ripple removing 15,000,000 RLUSD each from supply. 

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Meanwhile, the remaining two RLUSD burns happened separately on the Ethereum blockchain. The transactions carried eight million RLUSD and three million RLUSD respectively, bringing the total burns for the day to a massive 41 million RLUSD.

While numerous amounts of the stablecoin were also minted during the same day, the practice signifies Ripple’s commitment to retain value for the token while rebalancing its liquidity and maintaining stable reserves.

RLUSD sees rising corporate adoption The massive single-day RLUSD burn recorded yesterday has come amid the growing adoption of stablecoins across the globe. Corporate entities have continued to utilize stablecoins, especially for cross-border payments, remittances, treasury operations and on-chain settlements.

Just yesterday, Ripple disclosed its partnership with the global payment giant Mastercard amid efforts to bring fiat settlements on-chain.

As Ripple continues to adjust RLUSD supply across networks to support growing institutional and market demand, Mastercard has chosen to utilize the token to achieve its mission.

Arkham said that Alameda unstaked $17 million worth of SOL and moved it to its bankruptcy account, describing the transfer as part of the estate’s recurring monthly distributions to creditors. Arkham also said the linked on-chain accounts still hold about $321 million in SOL.

ALAMEDA JUST UNSTAKED $17M OF SOL

Alameda just unstaked $17M of SOL and moved it to their Bankruptcy account. They periodically distribute SOL every month to creditors.

They still hold $321M of SOL in their on-chain accounts. pic.twitter.com/oOlzrHtgDG

— Arkham (@arkham) March 12, 2026

The transaction keeps attention on how the FTX-Alameda estate is unwinding one of its largest remaining crypto positions. Regular SOL unlocks tied to creditor repayments have become a standing feature of the bankruptcy process, and each movement tends to draw scrutiny because it can affect expectations around supply, liquidity and potential sell pressure.

The next thing to watch is whether additional estate-linked wallets follow with further transfers and how quickly unstaked SOL moves after reaching bankruptcy-controlled addresses. For market participants, the key issue is not just the $17 million headline, but the pace at which remaining SOL holdings are processed as creditor payouts continue.

Source: Arkham (X).

Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.

This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.

Thu, 12/03/2026 - 15:22

$14 trillion financial behemoth BlackRock debuts new Staked Ethereum ETF (ETHB) launch with aggressive fee cut, while competitors, such as Bitwise, turn into ETH staking infrastructure plays.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

As just became known, BlackRock, which reported $14 trillion in assets under management in March 2026, is officially launching its new exchange-traded fund, the iShares Staked Ethereum Trust, under the ticker ETHB. This is the first crypto ETF in the United States that will not only track the price of Ethereum but also generate passive income through the staking of ETH.

Key details include a Sponsor Fee of 0.25% per year. However, during the first year, it will be reduced to 0.12%, or until ETHB reaches $2.5 billion in assets. BlackRock plans to stake between 70% and 95% of the ETF’s total holdings. The remaining reserve will stay liquid to ensure fast investor redemptions. In addition, investors will receive 82% to 90% of staking rewards as monthly dividend payments. 

BlackRock tactics with ETHB: Why do they have to pay Bitwise?Interestingly, BlackRock has hired professional validator services to operate the nodes. The currently approved list includes Figment, Galaxy Blockchain Infrastructure and Attest Unlimited, according to James Seyffart. There is a nuance with the latter, as the company was recently acquired by Bitwise, a direct competitor of BlackRock on the ETF market. 

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This creates a situation where BlackRock will effectively be paying competitor fees for staking infrastructure. This highlights how critical technical infrastructure, particularly in Ethereum staking, has become.

 Total Ethereum Spot ETF Net Inflow, Source: SoSoValueIt is reasonable to expect that part of the investor base will rotate from the standard Ethereum fund, ETHA, which does not offer yield, into ETHB. According to SoSoValue, ETHA currently holds around $66 billion in net assets, accounting for more than 50% of the entire Ethereum ETF market in the United States.

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Finally, the aggressive competition for market share is evident. The fee reduction to 0.12%, along with the recent adjustment of staking taxation from 18% to 20% of rewards, indicates that BlackRock aims to secure a dominant market position as quickly as possible.

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Today’s quantum computers are far from breaking Bitcoin’s cryptography and any real threat would likely emerge gradually, giving the network time to adapt. Mar 12, 2026, 3:28 p.m.

Asset manager Ark Invest says quantum computing is a long-term consideration for Bitcoin security but not an imminent threat.

In a Wednesday report co-authored with Unchained, the investment manager said today’s quantum computers are far below the capabilities needed to break Bitcoin’s cryptography, which relies on elliptic curve encryption to secure wallets.

“Today’s quantum systems lack the capabilities required to compromise Bitcoin,” wrote authors Dhruv Bansal, co-founder and CSO at Unchained; Tom Honzik, director of custody research at Unchained; and David Puell, research trading analyst and associate portfolio manager for digital assets at Ark Invest.

Even if quantum systems eventually reach that level, the risks will likely emerge gradually and at high cost to attackers, the report said.

One of the main reasons Bitcoin won't face an immediate threat is because a major breakthrough in quantum computing would likely disrupt broader internet security first, prompting coordinated responses from governments, technology firms and financial institutions before reaching Bitcoin.

The report comes as long-term investors grapple with the possibility that advances in quantum computing could one day break the cryptography underpinning bitcoin, fueling speculation about a potential security crisis.

Earlier this year, a prominent portfolio strategist at Jefferies, Christopher Wood, said investors should drop 10% bitcoin allocation and add gold instead, due to a quantum threat. The move rattled investors and spooked the digital assets market.

35% of the supply in riskWhile researchers broadly agree that such capabilities remain far off, the prospect that powerful quantum machines could eventually crack private keys or older wallet formats has raised concerns among investors about long-term risks to bitcoin and the broader digital asset ecosystem.

Quantum threat for bitcoin wallets (Ark Invest)Ark's report estimated that about 35% of bitcoin’s supply sits in address types theoretically exposed to future quantum attacks, including roughly 1.7 million BTC believed to be lost and about 5.2 million BTC that could be migrated to more secure wallets.

One of those wallets, roughly 1 million BTC, belongs to Satoshi Nakamoto, the creator of the Bitcoin network.

However, rather than a sudden “Q-day,” Ark Invest sees these progressions unfolding in several different stages over many years. Some investors fear the first attack could occur before 2030, while others suggest it could be "decades away," the report noted.

Quantum threat in stages (Ark Invest)The report argues that in either scenarios, it will likely give the Bitcoin community time to upgrade the network with quantum-resistant cryptography and encourage users to move coins to safer address formats.

"The good news is that we already know how to protect against quantum attacks," the report said.

"The majority of Bitcoin’s supply is held in quantum-resistant addresses, and the remainder is held in quantum-vulnerable addresses that should not be at risk until Stage 3 of our timeline, when a CRQC exists that can break a 256-bit ECC key."

The world’s largest cryptocurrency was trading around $70,000 at the time of publication.

Read more: Grayscale sees regulation, not quantum fears, shaping crypto markets in 2026

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Vitalik Buterin says Ethereum should be used as a simple digital bulletin board

7 minutes ago

Ethereum’s co-founder wants developers to stop forcing blockchain into every problem and start treating it as a reliable, shared memory for the digital world.

What to know:

Ethereum co-founder Vitalik Buterin argues the network’s most fundamental role may be as a decentralized “public bulletin board” that stores and shares data for cryptographic systems like secure voting and certificate management.Buterin says upgrades such as PeerDAS are boosting Ethereum’s data capacity, while ETH payments and smart contracts help prevent spam and enable secure coordination across decentralized apps.

BlackRock, the world’s largest asset manager, is broadening its crypto offerings with a new Nasdaq-listed product linked to Ethereum staking.

On Thursday, BlackRock launched its iShares Staked Ethereum Trust ETF (ETHB), an exchange-traded product (ETP) that offers spot Ether exposure along with ‘monthly income potential’ by staking a portion of its ETH holdings.

“By bringing together spot ether exposure and staking rewards in an ETP, ETHB provides investors with an important new avenue to participate in the ecosystem’s evolution,” said Robert Mitchnick, BlackRock’s global head of digital assets.

The ETHB fund plans to stake between 70% and 95% of its Ethereum holdings at any given time. The ETF will distribute 82% of its staking rewards to investors through monthly payments, much like traditional dividend schedules. The remaining 18% of rewards will be shared among the trust, custodians, and its staking service providers, according to a prospectus filed with the Securities and Exchange Commission. 

BlackRock’s ETHB will rely on Coinbase as both its custodian and staking provider. The fund charges a 0.25% sponsor fee, but BlackRock is waiving part of it for the first year, lowering the fee to 0.12% on the first $2.5 billion in assets. The filing notes that staking rewards are expected to be distributed monthly, but the trust will pay them at least quarterly.

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BlackRock first signaled plans to introduce a yield-generating Ethereum fund last December.

The new offering broadens BlackRock’s digital asset lineup, which already includes the iShares Bitcoin Trust ETF (IBIT) and the iShares Ethereum Trust ETF (ETHA). Since launching, IBIT has soared to over $55 billion in assets, while ETHA now manages roughly $6.5 billion. However, this marks BlackRock’s first crypto ETF to include staking.

Grayscale Was First To Offer Staking-Enabled Ether ETF In US Until now, the majority of Ether ETFs have provided only price exposure, without any staking features. BlackRock’s primary competitor in this space will be Grayscale. The company offers the Grayscale Ethereum Staking ETF (ETHE) as well as the Grayscale Ethereum Mini Trust, which trades under the ETH ticker. 

Grayscale has also introduced staking for its Grayscale Solana Trust (GSOL), which started trading in late October. On Thursday, Grayscale launched the Grayscale Avalanche Staking ETF (GAVA) as well.

Circle shares have surged over 120% since early February as William Blair says USDC’s market share, cross‑chain reach, and payments moat are being repriced as core settlement infrastructure.

Summary

Circle stock has climbed roughly 120–126% off early‑February lows, far outpacing most crypto equities after blowout Q4 earnings and USDC‑driven revenue beats. William Blair argues the rally reflects a re‑rating of USDC as a payments “base layer,” with Circle’s compliance, banking ties, and cross‑chain integrations forming a durable moat. Growing USDC volumes, on‑platform balances and merchant/fintech adoption are reinforcing a stablecoin settlement flywheel that underpins Blair’s “outperform” rating on Circle. Circle’s stock has surged more than 120% since early February, with analysts arguing the move reflects renewed confidence in USDC’s market share and Circle’s role as core stablecoin infrastructure, according to a recent CoinDesk report.​

Analysts say USDC is cementing a payments “base layer” Equity analysts at William Blair note that Circle’s share price has climbed roughly 126% from its early‑February low, far outpacing most other crypto‑linked equities. They argue this rally is not just beta to the broader digital asset market, but a repricing of Circle’s position as one of the few firms building systemic stablecoin rails. In their view, the market is explicitly starting to price USDC and its issuer as a core layer in future global payments and settlement, rather than just another cyclical crypto trade.​

The report highlights that USDC has defended its market share despite intense competition, regulatory pressure, and the boom‑bust cycle in DeFi and centralized venues. Circle’s early lead in compliance, banking relationships, and technical integrations across major blockchains is framed as a durable moat supporting both the token and the equity.

USDC’s cross‑chain reach and stablecoin settlement flywheel Analysts emphasize USDC’s liquidity, first‑mover advantages, and cross‑chain integration as key drivers behind Circle’s outperformance. With USDC live across multiple L1s and L2s, plugged into exchanges, payment processors, and on‑chain financial rails, William Blair sees the token as a frontrunner to become one of the dominant standards for cross‑border payments.​

The note also points to growth in Circle’s broader payments and infrastructure ecosystem as evidence that a stablecoin‑based settlement market is starting to take shape. As more merchants, fintechs, and on‑chain applications adopt USDC, the flywheel between transaction volume, fee revenue, and perceived network value strengthens, reinforcing the recent re‑rating in Circle’s stock. William Blair maintains an “outperform” view, arguing that the rebound underscores investors’ conviction in Circle’s core business model and its technological and regulatory barriers to entry.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Monday.com (MNDY - Free Report) .

Monday.com currently has an average brokerage recommendation (ABR) of 1.56, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 25 brokerage firms. An ABR of 1.56 approximates between Strong Buy and Buy.

Of the 25 recommendations that derive the current ABR, 17 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 68% and 8% of all recommendations.

Brokerage Recommendation Trends for MNDY

Check price target & stock forecast for Monday.com here>>>

The ABR suggests buying Monday.com, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is MNDY Worth Investing In?In terms of earnings estimate revisions for Monday.com, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $4.26.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Monday.com. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Mondaycom.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?

Let's take a look at what these Wall Street heavyweights have to say about Western Digital (WDC - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Western Digital currently has an average brokerage recommendation (ABR) of 1.36, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 25 brokerage firms. An ABR of 1.36 approximates between Strong Buy and Buy.

Of the 25 recommendations that derive the current ABR, 20 are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 80% and 4% of all recommendations.

Brokerage Recommendation Trends for WDC

Check price target & stock forecast for Western Digital here>>>

The ABR suggests buying Western Digital, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Should You Invest in WDC?In terms of earnings estimate revisions for Western Digital, the Zacks Consensus Estimate for the current year has increased 0.1% over the past month to $8.96.

Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Western Digital. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, the Buy-equivalent ABR for Western Digital may serve as a useful guide for investors.

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Microsoft (MSFT - Free Report) .

Microsoft currently has an average brokerage recommendation (ABR) of 1.27, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 51 brokerage firms. An ABR of 1.27 approximates between Strong Buy and Buy.

Of the 51 recommendations that derive the current ABR, 42 are Strong Buy and four are Buy. Strong Buy and Buy respectively account for 82.4% and 7.8% of all recommendations.

Brokerage Recommendation Trends for MSFT

Check price target & stock forecast for Microsoft here>>>

While the ABR calls for buying Microsoft, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Should You Invest in MSFT?In terms of earnings estimate revisions for Microsoft, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $16.97.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Microsoft. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Microsoft.