Market Signal Briefing

Key Takeaways Rigetti achieves up to 99.9% two-qubit gate fidelity using its proprietary adiabatic CZ scheme.RGTI reports 99.7% fidelity on 9-qubit, 99.6% on 36-qubit and about 99% on 108-qubit Cepheus-1.RGTI advances chiplet architecture and refines its 108-qubit system to improve stability and scalability. Rigetti Computing (RGTI - Free Report) continues to make notable strides in improving the performance of its quantum hardware, particularly through advances in gate fidelity and system speed. The company recently achieved a two-qubit gate fidelity of up to 99.9% at a 28-nanosecond gate speed on a prototype platform using its proprietary adiabatic CZ scheme. Rigetti has also maintained 99.9% one-qubit gate fidelity, while reporting strong median two-qubit fidelities across several platforms, 99.7% on its 9-qubit system, 99.6% on the 36-qubit system and about 99% on its 108-qubit Cepheus-1 system.

These results reflect steady progress across materials, fabrication processes and system-level design. Importantly, improving fidelity while maintaining high-speed operations is critical for making quantum systems more reliable and useful for real-world applications.

At the same time, Rigetti is advancing its chiplet-based architecture, which the company views as a scalable pathway for building larger quantum systems. Unlike traditional monolithic chips, chiplet tiling allows multiple smaller chips to be interconnected, enabling higher qubit counts while improving fabrication yield and maintaining chip uniformity. Rigetti is also progressing toward the deployment of its 108-qubit chiplet-based quantum system, where recent testing identified tunable-coupler interactions that can emerge at higher qubit counts. The company implemented architectural refinements to improve system stability and control, strengthening confidence in the platform’s readiness for deployment.

Alongside these developments, Rigetti continues to collaborate with Riverlane on quantum error correction research, focusing on long-term scalability. Continued progress in fidelity, speed and error mitigation remains essential as the company works toward practical quantum advantage.

Peers UpdatesQuantum Computing Inc. (QUBT - Free Report) highlighted several drivers that could support its growth in 2026. A key catalyst is the acquisition of Luminar Semiconductor, completed in February 2026, which is expected to start contributing revenues in the first quarter. The deal strengthens QUBT’s capabilities in semiconductor design, fabrication and packaging while adding an established customer base.

Another growth driver is the expansion of its Fab 1 thin-film lithium niobate photonic chip facility, which has begun generating early revenues and is expected to see higher customer engagements in 2026. The company is also advancing photonic AI systems like Neurawave, quantum authentication and sensing technologies, while exploring AI infrastructure opportunities through partnerships such as POET Technologies. Its strong capital base, $1.55 billion raised in 2025, provides flexibility to fund acquisitions, product development and manufacturing expansion.

IonQ’s (IONQ - Free Report) long-term strategy centers on trapped-ion technology, which is widely regarded for delivering high-fidelity qubits and long coherence times, both essential for achieving scalable quantum advantage. The company has continued to execute on its technology roadmap, recently reaching key milestones ahead of schedule, including the introduction of its AQ 64 Tempo system and achieving a record 99.99% two-qubit gate fidelity.

IonQ has also strengthened its technological capabilities through strategic acquisitions such as Oxford Ionics and Vector Atomic. These deals expand the company’s expertise across quantum computing, networking, sensing and cybersecurity, while also broadening its overall addressable market.  

Rigetti’s Price Performance, Valuation and EstimatesShares of RGTI have gained 5.1% in the past six-month period against the industry’s decline of 20.8%.

Image Source: Zacks Investment Research

From a valuation standpoint, Rigetti trades at a price-to-book ratio of 10.28, above the industry average. RGTI carries a Value Score of F.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Rigetti’s 2026 earnings implies a significant 74.3% improvement from the year-ago period.

Image Source: Zacks Investment Research

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

Key Takeaways CION to post Q4 results, with EPS expected at 39 cents, up 11.4% y/y, and revenues projected to fall 5.3%.CION expects higher Q4 origination pipeline, likely aiding higher total investment income.CION rising non-accrualS might have raised credit costs in the fourth quarter of 2025. CION Investment Corporation (CION - Free Report) is slated to report fourth-quarter and 2025 results on March 12, before the opening bell. Its revenues are expected to have declined on a year-over-year basis, while earnings are likely to have improved.

In the last reported quarter, CION’s earnings topped the Zacks Consensus Estimate. Results were primarily aided by higher interest income and elevated transaction fees. However, the rise in non-accruals was a headwind.

CION Investment’s earnings lagged the Zacks Consensus Estimate in two of the trailing four quarters and topped in the other two occasions.

CION Investment Corporation Price and EPS Surprise

CION’s Earnings & Sales Projections for Q4The Zacks Consensus Estimate for CION’s earnings is pegged at 39 cents, unchanged over the past seven days. The figure indicates an 11.4% increase from the prior-year quarter’s actual.

The consensus estimate for sales is pegged at $54.8 million, which suggests a 5.3% year-over-year fall.

Other Key Estimates for CION’s Q4 EarningsManagement described the fourth-quarter 2025 origination pipeline as more robust than in the earlier quarters of 2025, supported by the improving M&A backdrop. Hence, the company’s total investment income is expected to have improved in the quarter to be reported.

However, the company has been witnessing a rise in non-accrual over the past couple of quarters. In the third quarter of 2025, management noted tariff-related pressures at certain portfolio companies, which may weigh on cash flows and valuations despite mitigation efforts. Given weak borrowers’ fundamentals, non-acruals are expected to have been under pressure in the fourth quarter, raising credit costs.

Earnings Whispers for CIONOur quantitative model does not conclusively predict an earnings beat for CION Investment this time. This is because it does not have the right combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better.

You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Earnings ESP: CION Investment has an Earnings ESP of 0.00%.

Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performances of CION’s PeersMain Street Capital Corporation’s (MAIN - Free Report) fourth-quarter 2025 distributable net investment income of $1.09 per share surpassed the Zacks Consensus Estimate of $1.05. The reported figure compares favorably with $1.04 per share in the year-ago quarter.

MAIN results benefited from an improvement in the total investment income. However, an increase in expenses acted as a spoilsport.

Hercules Capital Inc.’s (HTGC - Free Report) fourth-quarter 2025 net investment income of 48 cents per share met the Zacks Consensus Estimate. The bottom line, however, declined 2% from the year-ago quarter.

The results of HTGC were primarily aided by an increase in the total investment income. Also, the balance sheet position remained decent and new commitments were robust. However, a rise in operating expenses was a headwind.

Key Takeaways U.S. Bancorp is expanding digital banking, payments and capital markets, including a $1B BTIG acquisition.MTB has boosted growth through acquisitions, lending expansion and AI-driven customer data.USB trades at a lower forward P/E and offers a higher dividend yield, giving it an edge in return potential. U.S. Bancorp (USB - Free Report) and M&T Bank Corporation (MTB - Free Report) are prominent U.S. regional banks offering a broad range of banking and financial services to consumers, businesses and institutions. Both operate in an environment shaped by interest-rate movements, loan demand trends and evolving digital banking expectations.

However, the two banks differ in terms of strategic priorities and technological focus. While U.S. Bancorp has been investing heavily in payments innovation, digital banking infrastructure and emerging financial technologies, M&T Bank has focused on strengthening its lending platform and customer-data capabilities. Let us delve deeper into the growth drivers and financial outlook of USB and MTB to determine which stock offers better long-term potential.

The Case for USBIn recent years, U.S. Bancorp has been undertaking several strategic initiatives to strengthen its market presence, expand product capabilities and enhance its technology infrastructure. In March 2026, the bank launched a suite of offerings for emerging investors through U.S. Bancorp Advisors, including a team-based advisory service and an enhanced self-directed brokerage platform integrated with banking services. These initiatives aim to broaden access to wealth management and support fee-based revenue growth.  

Earlier, in January 2026, it announced an agreement to acquire BTIG for $1 billion, which will expand its capital markets platform and enhance its investment banking, equity trading, research and advisory capabilities. It is also expected to strengthen fee income, with the transaction projected to contribute roughly $175–$200 million in quarterly revenue after closing. In December 2025, the bank also expanded its embedded finance capabilities through its Avvance point-of-sale lending platform and broadened its Coinstar partnership, allowing customers to deposit coins directly into their checking accounts at retail kiosks. These moves have strengthened USB’s product suite and fee-based businesses.

Meanwhile, technology and digital innovation remain central to U.S. Bancorp’s long-term strategy. In October 2025, it launched the next generation of its SinglePoint treasury management platform with enhanced automation and data visualization tools. In the same month, it also created a Digital Assets and Money Movement organization to accelerate innovation in areas such as stablecoin issuance, cryptocurrency custody and asset tokenization. These initiatives are expected to strengthen the bank’s digital infrastructure and support long-term growth. Reflecting these efforts, the company anticipates achieving positive operating leverage of 200 basis points or more in 2026.

Organic growth and diversified revenue streams continue to support U.S. Bancorp’s performance. Over the 2020–2025 period, the company’s revenues grew at a compound annual growth rate (CAGR) of 4.2%. Going forward, continued loan growth, improvements in deposit mix and lowerfunding costs are expected to support its net interest income (NII) growth. At the same time, the expansion of payments, treasury management and other fee-generating businesses is likely to drive growth in non-interest income. Management expects total net revenues to grow in the range of 4–6% year over year in 2026. The Zacks Consensus Estimate for USB’s 2026 and 2027 sales indicates year-over-year growth of 5.9% and 6.0%, respectively.

USB's Sales Estimates
Image Source: Zacks Investment Research

The bank maintains a decent liquidity position. As of Dec. 31, 2025, the company had long-term debt of $60.7 billion and short-term borrowings of $17.2 billion, while cash and due from banks totaled $46.9 billion.

However, the company’s rising costs remain a concern. Its non-interest expenses expanded at a CAGR of 4.7% over 2020–2025. With the company continuing to invest in technology and growth initiatives, expenses are expected to remain elevated in the near term.

The Case for MTBM&T Bank has expanded its franchise over the years through strategic acquisitions. In 2022, the company acquired People's United Financial for $8.3 billion, significantly expanding its geographic footprint and strengthening its deposit franchise. Earlier, the bank acquired Wilmington Trust Corporation in 2011 and Hudson City Bancorp in 2015. These acquisitions broadened its branch network and enhanced its product offerings across key markets.

The bank has also been investing in technology and data-driven capabilities to enhance lending and customer engagement. In 2025, it partnered with Amperity to deploy an AI-powered customer data cloud platform that unifies customer data across digital and offline channels. Earlier, in 2024, M&T Bank expanded its partnership with nCino to integrate an AI-powered continuous credit monitoring solution aimed at improving credit transparency and identifying lending opportunities.

M&T Bank has delivered strong revenue momentum over the years, supported by consistent expansion in lending activities and steady growth in fee-based businesses. Over the past seven years (2018-2025), its revenue recorded a CAGR of 7.8%. Going forward, higher NII driven by loan growth and lower funding costs is expected to support revenue growth. Additionally, its efforts to strengthen non-interest income through treasury management, capital markets, mortgage banking and trust services are likely to support top-line expansion. For 2026, management projects NII (tax-equivalent basis) in the range of $7.20–$7.35 billion, up from $6.99 billion in 2025. Non-interest income is anticipated to be between $2.67 billion and $2.77 billion compared with $2.74 billion a year earlier. The Zacks Consensus Estimate for MTB’s 2026 and 2027 sales indicates rallies of 3.2% and 4.4%, respectively. 

MTB's Sales Estimates
Image Source: Zacks Investment Research

From a liquidity perspective, the bank appears financially sound. As of Dec. 31, 2025, total debt stood at $13.1 billion, which was lower than the $18.8 billion held in cash and interest-bearing deposits at banks.

Nonetheless, rising non-interest expenses remain a concern for M&T Bank, which expanded at a CAGR of 7.6% over 2018–2025. Although management expects disciplined cost control to support positive operating leverage, the expense base is likely to remain elevated as the company continues investing to strengthen its franchise.

USB & MTB: Price Performance, Valuation & Other ComparisonsOver the past six months, shares of USB and MTB have rallied 6.1% and 5.3%, respectively, compared with the industry’s growth of 5.9%.

Price Performance
Image Source: Zacks Investment Research

From a valuation standpoint, USB is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 10.19X, while MTB is currently trading at a forward 12-month P/E multiple of 10.97X. Both companies are trading at a discount relative to the industry average of 11.21X; however, USB stock is cheaper than MTB.

Price-to-Earnings F12M
Image Source: Zacks Investment Research

Meanwhile, both U.S. Bancorp and M&T Bank have been rewarding shareholders through steady capital return initiatives. In September 2025, USB raised its quarterly dividend by 4% to 52 cents per share, and the stock currently offers a dividend yield of 3.97%.

Comparatively, MTB increased its quarterly dividend by 11.1% to $1.50 per share in August 2025. At present, MTB’s dividend yield stands at 2.85%. Here, USB holds an edge over MTB in terms of dividend yield.

Dividend Yield
Image Source: Zacks Investment Research

USB or MTB: Which Stock Has Better Potential?Both U.S. Bancorp and M&T Bank are well-established regional lenders with diversified operations, solid balance sheets and steady shareholder returns. Each bank benefits from diversified banking services and steady lending activities that support long-term growth.

However, USB benefits from a clearer growth narrative driven by expanding digital banking capabilities, payments innovation and continued investments in capital markets platforms. Its efforts to strengthen fee-based businesses, along with ongoing technology initiatives and embedded finance expansion, position the bank well to support long-term revenue growth.

From a valuation perspective, USB trades at a lower forward P/E multiple than MTB, indicating a more attractive entry point for investors. Additionally, USB offers a higher dividend yield, providing stronger income potential alongside growth prospects. Hence, investors can consider investing in USB stock at current level.

At present, USB has a Zacks Rank #2 (Buy), while MTB carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

The first quarter of 2026 is shaping up to be one marked by heavy volatility. Sticky inflation, geopolitical conflicts, potentially overstretched valuations in mega-caps, and a weakening U.S. jobs report all helped to spike the VIX Index 40% in the first week of March alone. However, this creates ample opportunities for investors to embrace low-volatility ETFs amid the storm.

Because of these increased market fluctuations, investors are rotating from high-beta growth stories into low-volatility strategies. The Invesco S&P 500 Low Volatility ETF (SPLV) and the iShares MSCI USA Min Vol Factor ETF (USMV) capture this defensive pivot to perfection.

The strategy of both funds is simple — dampen the shock of any market bumps investors may encounter. So far this year, they’ve done just that. Both ETFs are in positive territory compared the S&P 500.

How are both able to weather the storm?

SPLV: Low-Vol Defense With an expense ratio of 25 basis points, SPLV tracks the 100 stocks within the broader S&P 500 that have exhibited the lowest realized volatility within the past 12 months. To ensure investor exposure to the latest volatility shock absorbers, the index tracks the S&P 500® Low Volatility Index (Index). The fund is then rebalanced and reconstituted in February, May, August, and November.

The fund doesn’t include any sector constraints. That means that investors get diversification across the board. The fund is currently exposed primarily to finance (31%) and utilities (26%), thereby avoiding a tech-led route. While the fund’s main motive is to lower volatility, it can also capture any upside in its sector exposure. Its almost 6% gain this year evidences that.

USMV: Optimized Minimum Volatility At an expense ratio of just 15 basis points, USMV’s complex mathematical model runs its low-volatility portfolio. The “sum of the parts is greater than the whole” approach results in a diversified mix of names exhibiting low volatility in the aggregate as opposed to individual stocks with low volatility profiles.

Given its strategy, USMV’s market resilience and gain of 2% year-to-date is driven by selection criteria, mathematical optimization, and a pivot towards more quality-oriented tech names as opposed to growth. As such, holdings will be primarily in the technology services sector (almost 18%). Meanwhile, the rest is spread among finance, electronic technology, health tech, consumer non-durables, utilities, and others.

The Performance Verdict Up 40% in the first week of March and over 80% for the year, the VIX is flashing signs to investors that low-vol strategies need a closer look. The goal of funds like SPLV and USMV is to simply lose less than the broader market. In this case, though, they’re also up for the year.

The choice between the two funds can come down to various factors. While SPLV has been the better performer this year, it also comes in at 10 basis points higher than USMV. Those looking for heavier exposure to defensive sectors like utilities may opt for SPLV. Those looking for a more diversified, optimized approach to lower volatility will appreciate USMV.

For more news, information, and strategy, visit ETF Trends.

Xenon Pharmaceuticals Inc. (XENE) Discusses Positive Top Line Results from Phase 3 X-TOLE2 Study of Azetukalner in Focal Onset Seizures March 9, 2026 8:00 AM EDT

Company Participants

Colleen Alabiso
Ian Mortimer - President, CEO, Principal Accounting Officer & Director
Christopher Kenney - Chief Medical Officer
Darren Cline - Chief Commercial Officer and Member of Executive Team

Conference Call Participants

Paul Matteis - Stifel, Nicolaus & Company, Incorporated, Research Division
Tessa Romero - JPMorgan Chase & Co, Research Division
Brian Abrahams - RBC Capital Markets, Research Division
Lin Tsai - Jefferies LLC, Research Division
Brian Skorney - Robert W. Baird & Co. Incorporated, Research Division
Myles Minter - William Blair & Company L.L.C., Research Division
Joseph Thome - TD Cowen, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Xenon Pharmaceuticals Phase III X-TOLE2 study top line results. [Operator Instructions]

I would now like to turn the call over to Colleen Alabiso, Senior Vice President of Corporate Affairs. Please go ahead.

Colleen Alabiso

Good morning. Thank you for joining us on our call and webcast to review the top line results from the Phase III X-TOLE2 study in focal onset seizures. Joining me today are Ian Mortimer, President and Chief Executive Officer; Dr. Chris Kenney, Chief Medical Officer; Darren Cline, Chief Commercial Officer; and Tucker Kelly, Chief Financial Officer. After completing our prepared remarks today, we will open the call up for questions.

Before we begin, please note the standard notice that we will make a number of statements today that may be forward-looking. Attendees are cautioned not to place undue reliance on such forward-looking statements, and we encourage you to review our SEC filings for a more complete discussion

HomeIndustriesSoftwareTech StocksTech StocksMicrosoft is evolving its Copilot offering from chatbot to agent through a new arrangement with AnthropicPublished: March 9, 2026 at 1:02 p.m. ET

Two months after the launch of Anthropic’s Claude Cowork, Microsoft is tapping the technology to supercharge its own Copilot artificial-intelligence capabilities.

On Monday, Microsoft MSFT announced Copilot Cowork, which can autonomously take actions across the Microsoft 365 ecosystem. It can analyze users’ Outlook calendars to propose changes, help prepare briefings for customer meetings and conduct deep research.

HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Dividend, Interest & Premium Strategy Fund (NYSE: NFJ) (the “Fund”), a closed-end fund, announced today that the Board of Trustees approved the renewal of its open market share repurchase program (the “Program”) that was initially approved in February 2025. Pursuant to the Fund's repurchase program, the Fund may repurchase up to 5%1 of its outstanding common shares (based on common shares outstanding on March 4, 2026) on the open market at a discount.

Key Takeaways BMY secured FDA approval to expand Sotyktu's label for adults with active psoriatic arthritis.Sotyktu met primary goals in POETYK PsA-1 and PsA-2, with a 54% ACR20 response vs 34% and 39% for placebo.BMY said Sotyktu posted $291M in 2025 sales, and the new label expansion could further boost uptake. Bristol Myers Squibb (BMY - Free Report) has announced that the FDA approved a label expansion of psoriasis drug, Sotyktu (deucravacitinib), an oral, selective tyrosine kinase 2 (TYK2) inhibitor.

The regulatory body approved the drug for the treatment of adults with active psoriatic arthritis (PsA).

Per BMY, the latest approval makes Sotyktu the first and only TYK2 inhibitor to be approved for this indication.

Shares of the company have lost 4.5% in the past year against the industry’s growth of 12.9%.

Image Source: Zacks Investment Research

More on BMY’s SotyktuThe FDA approval was based on positive results from the POETYK PsA-1 and POETYK PsA-2 studies, which evaluated the efficacy and safety of Sotyktu 6 mg once daily in adults with active psoriatic arthritis.

In both studies, Sotyktu achieved the primary endpoint by significantly improving disease activity compared with placebo at week 16.

In the PsA-1 study, 54% of patients receiving Sotyktu achieved an American College of Rheumatology (ACR) 20 (the primary endpoint) response compared with 34% for placebo. Similarly, the PsA-2 trial showed a 54% response rate versus 39% for placebo.

Higher response thresholds also showed encouraging results. In PsA-1, ACR50 and ACR70 response rates were 24% and 12%, respectively, compared with 14% and 5% for placebo. Comparable improvements were observed in PsA-2.

Patients also demonstrated meaningful improvement in minimal disease activity and physical quality-of-life scores.

We remind investors that the FDA approved Sotyktu in 2022 for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy. Sotyktu has five years of clinical efficacy and safety data in patients with moderate-to-severe plaque psoriasis.

The drug raked in sales of $291 million in 2025, up 19% from 2024. The label expansion of the drug will boost sales.

BMY Focuses on Diversifying Its PortfolioBristol Myers delivered a resilient performance in 2025, supported by strong contributions from key growth drivers, such as Opdivo, Opdualag, Reblozyl, Breyanzi and Camzyos. These products helped stabilize the company’s revenue base despite ongoing generic erosion across its legacy portfolio.

Looking ahead, potential approvals of new drugs and label expansions for existing drugs should further diversify revenue streams.

In addition, upcoming pipeline readouts represent meaningful near-term catalysts that could strengthen the long-term growth outlook of BMY’s growth portfolio.

Last year, Bristol Myers collaborated with Bain Capital to create a new independent biopharmaceutical company focused on developing therapies for autoimmune diseases that address significant unmet needs of patients.

The new firm started with five immunology assets licensed from BMY and a $300 million investment led by Bain Capital.

The pipeline includes three clinical-stage and two phase I-ready programs targeting key immune pathways. Leading assets include afimetoran, an oral TLR7/8 inhibitor currently in phase II trials for systemic lupus erythematosus, and BMS-986322, an oral TYK2 inhibitor that showed positive phase II results in plaque psoriasis.

BMY’s Sotyktu faces stiff competition from Amgen’s (AMGN - Free Report) Otezla in the psoriasis space. Notably, Amgen acquired global commercial rights to Otezla from erstwhile Celgene (now part of Bristol-Myers).

Amgen recorded Otezla sales of $2.26 billion in 2025.

BMY’s Zacks Rank & Key PicksBMY currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the drug/biotech sector are Catalyst Pharmaceuticals (CPRX - Free Report) and ANI Pharmaceuticals (ANIP - Free Report) . While Catalyst Pharmaceuticals currently sports a Zacks Rank #1 (Strong Buy), ANI Pharmaceuticals holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have increased from $2.53 to $2.82, and the same for 2027 have grown from $2.85 to $3.20. CPRX’s shares have risen 17% in the past year.

Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.

Over the past 60 days, estimates for ANI Pharmaceuticals’ 2026 earnings per share have increased from $8.20 to $9.00, while the same for 2027 have risen from $9.25 to $10.10. ANIP’s shares have gained 25.9% in the past year.

ANI Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 22.21%.

Funding Circle Holdings plc (FDCHF) Q4 2025 Earnings Call March 5, 2026 4:30 AM EST

Company Participants

Lisa Jacobs - CEO & Executive Director
Tony Nicol - CFO & Director

Conference Call Participants

Robert Noble - Deutsche Bank AG, Research Division

Presentation

Lisa Jacobs
CEO & Executive Director

Good morning, and thank you for joining us today for our full year 2025 results. I'm going to start today's presentation with an overview of our performance in 2025. I'll then hand over to our CFO, Tony Nicol, who will walk you through the numbers before I outline the exciting opportunity ahead of us, our differentiators and why I'm confident we'll continue to deliver strong growth and profitability over the medium term. Today, our business is in the strongest position it has ever been, but I still believe we're just getting started. I'm excited about the value we will continue to create for our customers and our shareholders in the years to come.

We delivered a standout performance in 2025. We exceeded our expectations and hit our 2026 revenue guidance a year early. We continue to see strong demand for our products. We're operating in large addressable markets. And in 2025, we supported more SMEs than ever before. Our focused strategy is reaping rewards as we deepen our engagement with SMEs, increase our share of wallet and attract more customers into the Funding Circle ecosystem. 15 years of proprietary data and technology remains the foundation of our competitive advantage, allowing us to deliver a superior customer experience with a capital-light platform model built for scale.

We're confident in the strength and scalability of our platform. And this is reflected in the attractive new medium-term targets we're setting today as we become an even more meaningful part of our customers' lives. We're looking forward to fueling

7.05K Followers

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

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

SummaryCompaniesTariffs-hit retailers face pressure from rising energy costs and fragile consumer demandTransport and energy costs strain retail operations, affecting supply chainsCalls for government intervention to mitigate energy price impact on consumersPARIS/MILAN, March 9 (Reuters) - A surge in ​energy prices since the start of the U.S.-Israeli war on Iran piles further pressure on the retail sector ‌in Europe, already struggling with weak consumer demand and diminished spending power.

Shares in retailers, from Zara-owner Inditex to Britain's Marks & Spencer, fell on Monday as investors and analysts expected a knock-on impact from higher petrol and gas prices, even as the sector has barely recovered from the inflation cycle triggered ​by spiking gas prices after Russia's invasion of Ukraine.

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Food manufacturers, supermarkets, and clothing retailers all hiked prices significantly ​in the wake of the last energy price shock in 2022, but the picture today is potentially ⁠worse with the euro zone and UK economies barely growing.

Retailers have also faced the additional costs and disruptions from a global ​trade war launched by President Donald Trump last year.

"If prices go up now, consumers might react more strongly given that demand ​is already in a fragile state," said Christian Eufinger, a professor of finance at IESE in Barcelona who has researched how energy price shocks feed into consumer prices.

When the Ukraine crisis hit in early 2022, demand was relatively high as economies emerged from the pandemic. Now, after years ​of high inflation, people have less money in their pockets, Eufinger added.

The retail and consumer goods sector was already the most ​distressed in Europe before this oil price surge, according to an index published in January by restructuring law firm Weil and based on ‌indicators including ⁠reduced profitability and rising insolvency risk.

Chart shows the development of the EU retail turnover, and the EU retail volume, from 2015 to 2025CHAIN REACTION OF COST PRESSURESThe most immediate impact for retailers is the cost of trucking goods around, with road transport typically accounting for 5% to 10% of a retailer's operating expenses, according to Francesco Gangemi at consultancy Simon-Kucher.

Energy-intensive refrigeration, air conditioning, heating and lighting in stores add to costs for supermarkets and malls.

The sudden surge in oil has ​also driven fertiliser prices up, directly impacting ​food producers.

"A cost‑driven inflationary ⁠spiral appears almost inevitable, starting with rising transport costs that affect the entire supply chain, from farm to table," Massimiliano Giansanti, president of Italian farmers' group Confagricoltura, told Reuters.

Clothing retailers are likely ​the most vulnerable to rising inflation, as fashion is the first thing people cut spending ​on when prices ⁠of food and other essentials rise, Simon-Kucher's Gangemi said.

Analysts at RBC cut their forecasts for M&S profits, saying the spike in oil and gas prices will likely drive British households' food, transport and energy bills up later this year.

Britain's retail association called on the ⁠government to ​help limit the impact on consumers.

"It is more important than ever that ​government keeps other inflationary pressures within its control to a minimum to protect households," said Andrew Opie, director of food and sustainability at the British Retail Consortium.

Reporting by Helen Reid and Elisa Anzolin, editing by Andrei Khalip

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

London-based reporter covering the European retail sector through a global lens. Focusing on companies including Adidas, H&M, Ikea, and Inditex and analysing corporate strategy, consumer trends, and regulatory changes, Helen also covers major supermarket groups like Ahold Delhaize, Carrefour, and Casino. She has a special interest in sustainability and how investors push for change in companies. Previously based in Johannesburg where she covered the mining industry.

VivoPower International PLC (NASDAQ:VVPR, FRA:51J) has pivoted from digital assets and legacy solar development to focus on a unique and highly strategic niche: sovereign AI data centers. These facilities, considered national-interest infrastructure, are designed to house the intelligence of sovereign nations, and VivoPower aims to become a trusted partner for governments, wealth funds, and influential families. By leveraging these relationships, the company gains access to sites, scale, and regulatory insulation that competitors cannot easily replicate.

Executive chairman Kevin Chin sat down with Proactive to explore how VivoPower’s strategic focus, disciplined execution, and long-term vision position it for sustainable growth.

Proactive: The company has pivoted from digital assets and legacy solar projects to focus on sovereign AI data centers—a term that might not be familiar to our readers. How would you explain that, and what does this approach mean for VivoPower’s growth?

Kevin Chin: With respect to sovereign AI data centers, the term “sovereign” is deliberate and central to our strategy. Unlike traditional cloud or crypto mining facilities, AI data centers are highly sensitive assets that can be viewed as national-interest infrastructure because they effectively house the intelligence of a sovereign nation. Our objective is to become the most trusted, independent, and neutral partner to selected sovereign nations, leveraging strong relationships with sovereign leaders, wealth funds, and influential families in certain jurisdictions.

That focus shapes our strategy: delivering land and infrastructure purpose-built and powered specifically for AI data center use cases. Geographically, we aim to be global but targeted, concentrating on three core regions—the Nordics, specifically Finland and Norway; the GCC, currently the UAE and Saudi Arabia; and Asia, initially South Korea and Malaysia, with potential expansion into additional markets. Together, these regions provide substantial opportunity and more than enough scope to execute our strategy over the next three to five years.

We’ve seen recent news about your moves in Finland and the UAE, acquiring land and megawatts. How do these moves fit into VivoPower’s overall strategy?

Correct. To explain our business model, we’re very focused on the “bricks and mortar” end of the value chain. We acquire land, develop it, build, own, and lease what we call powered shells.

Think of it like developing and building a hotel: we don’t operate it ourselves, but lease it out to operators on long term rental deals. In our case, tenants include hyperscalers like Microsoft and Google, emerging cloud providers, or government bodies that want to house their data in sovereign facilities within their own country.

In very simple terms, that’s our model: we provide the powered land and infrastructure so these organizations can operate securely and efficiently without having to build and maintain the facilities themselves.

Would it be fair to characterize this as an AI infrastructure strategy rather than a pure-play AI investment?

Absolutely, spot on. It’s about land and infrastructure in the form of data centers purpose-built for AI use cases. We’re not trying to pick winners in AI technology itself—the hardware, the software, the GPUs. Instead, we play to our strengths as a team: our expertise in real estate, infrastructure and finance. That’s where we can create real value.

Strategic partnerships with sovereign nations seem central to your approach. How does that give VivoPower an edge in the AI compute market?

A good example is our UAE site. It’s a 25-megawatt facility, with land capacity allowing for expansion up to 100 megawatts, in partnership with a sovereign family office.

Looking ahead, AI data centers are significant assets and consume substantial power and water. We’re already seeing societal pushback in parts of Europe, the US, and Australia. These assets could become national-interest or politically sensitive. Governments may regulate or tax them to reinvest in their citizens.

This is why corporate diplomacy and our stature as a certified B Corporation focussed on the triple bottom line of people, planet and profit is critical. By working hand-in-glove with sovereign partners, we seek to engender alignment and create value for the societies and nations where these data centers are built and operate.  We believe this can help us navigate political and regulatory landscapes, and position VivoPower as a trusted, long-term partner in AI infrastructure.

It’s a fascinating niche you’re occupying, tapping into AI trends while leveraging your relationships. Before we wrap up, let’s talk about catalysts for investors. Your Tembo EV spin-off is nearing completion. What does retaining part of that business mean for VivoPower’s long-term strategy?

Tembo is an electric vehicle business targeting a large niche in off-road and ruggedized on-road applications, where battery performance and range can vary significantly due to terrain. It focuses on practical solutions for sectors like mining, agriculture, and safaris, a global market valued at over $100 billion with few competitors. The business model has three pillars: conversion kits that electrify existing diesel and petrol vehicles such as Land Cruisers, used by safari operators and clients in mining, defense and other sectors globally; electrifying public utility vehicles, specifically the Jeepneys in the Philippines through a partnership with Sarao Motors, a $10 billion market where we are also addressing roughly a third of the country’s emissions; and Tembo’s  Tusker, a fully electric pick up utility vehicle that is equally adept on-road as well as off-road. Tembo filed its F-4 prospectus in late December, with an IPO expected in the near future at an $838 million valuation. VivoPower will retain 45% to 49%, representing in excess $400 million in shareholder value. We expect Tembo will be tightly held with a free float estimated to be less than 2%, given there are other strategic investors on the capitalization table, as well as a large percentage to be held by the Tembo board and staff.  

Building AI data centers is capital intensive. How are you approaching funding without over-diluting shareholders?

This is a critical question, for our investors and for us as major shareholders ourselves. We want to avoid dilution as much as possible and we have demonstrated discipline in this regard, in recent times with strategic PIPE raisings at a premium to market.  We steadfastly have declined structured PIPE proposals that have been presented to us.

What is helpful too is that we are seeing in the market the appetite to fund up to 100% of an AI center development with asset backed construction debt, obviating the need for equity. Obviously 100% asset backed construction finance would be first prize. There is strong appetite from hyperscalers for powered land that can be energized within 12 to 18 months. For the right sites, hyperscalers are prepared to commit to a long-term pre-lease, which in turn enables developers like ourselves to raise up to 100% construction debt financing (with the right credentials and relationships). 

If we cannot or do not wish to secure 100% construction financing, we can still secure asset backed debt of 80% — 65% senior and 15% mezzanine. The remaining 20% equity can come from our own balance sheet and we have the relationships globally to be able to bring in sovereign or strategic equity co investors that can fortify our investment.

Last but not least, we may tap the public market, but only very judiciously and ideally where we can do so at a strategic premium or under favorable conditions, ensuring that any funds raised are accretive to shareholders.

The above strategic approach allows us to finance large, capital-intensive projects efficiently, preserve shareholder value, and leverage sovereign partnerships to achieve strategic outcomes.

And it all ties back into your strategy of partnering with sovereign nations, doesn’t it?

That’s right. Looping back to Tembo and electric vehicles, there is definitely a nexus here.  As the world moves toward electric and autonomous vehicles, this industry will become a significant user of AI data centers, given growing training and inferencing needs.  In essence, the convergence of power and data will transcend multiple industries and the mobility industry will be one of the biggest globally.

For example, in the Philippines, as we electrify and modernize the Jeepney fleet, these vehicles will also serve as data “trojan horses”. The training and inferencing needs could require up to an estimated 100 megawatts of AI compute capacity in future. Electric and autonomous mobility is a key use case that ties directly into our broader AI infrastructure strategy.   

What do you want retail investors and readers to understand about VivoPower and its near-term trajectory?

Firstly, our foundation has always been as an electric power company. The genesis of VivoPower was based on a conviction that the electrification of everything would be a multi decade megatrend. From our roots as a solar developer, we turned our attention to electric mobility, then introduced our Power to X strategy in 2021. We talked about how the X is the highest and best use case of power and for us that led us into the digital asset world with mining initially and then the establishment of a digital asset treasury unit. Today, the X is AI compute, and our strategy is now solely focussed on executing on the scale up of our powered land fit for AI use cases. As stated, we focus on the bricks and mortar end of the AI value chain being the land, the power rights and also the data centers.

We’re now at an inflection point where several key work streams are coming to fruition. Near-term catalysts include the Tembo spin-off IPO and the build-out of our AI data center portfolio, which we believe will be valued in line with comparable assets over time.

Last but not least, our ticker change to VIVO and our simplified corporate name of VivoPower PLC reflect our commitment and focus to our AI data center strategy.

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

Shares of Carnival (NYSE:CCL) are getting hit in midday trading on Monday, sitting at $24.72, down nearly 3% on the session with an intraday low of $23.47. This caps a brutal stretch: -15% over the past week and -26.78% over the past month. The entire cruise sector is under pressure, but CCL is taking the worst of it.

Oil Shock Hits an Unhedged Fleet Hardest The trigger is a sharp spike in crude oil prices driven by rising geopolitical tensions, with reports of an oil shock pushing prices toward and above $100 per barrel as fears around a potential Strait of Hormuz disruption rattle energy markets. WTI crude has surged more than 10% over the past month, and Brent crude closed at $77.24 on March 2 before the latest escalation.

For cruise lines, fuel is one of the single largest operating expenses. But not all three major operators are equally exposed. Here is where the divergence gets important.

Carnival does not hedge its fuel purchases. That means every dollar oil climbs hits Carnival’s margins directly, with no buffer. Royal Caribbean (NYSE:RCL) and Norwegian Cruise Line (NYSE:NCLH) both have fuel hedges in place, which is exactly why they are holding up comparatively better today. RCL is down to $272.49, off about 8.74% over the past week. NCLH is at $19.72, down 10.87% over the same period. Both are hurting, but neither is getting crushed the way CCL is.

Royal Caribbean has also publicly stated it will not add fuel surcharges to bookings, a customer-friendly move that signals confidence in its hedging program. That kind of clarity matters when investors are trying to figure out who survives an oil spike with their booking momentum intact.

Geopolitical Overhang Spreads Across the Sector Beyond fuel costs, the geopolitical backdrop is weighing on forward booking sentiment. This marks the seventh consecutive day of selling across cruise stocks, with CCL, RCL, and NCLH all caught in the same downdraft. Multiple cruise lines have already canceled Middle East itineraries, and consumer confidence around international travel tends to soften quickly when conflict headlines dominate the news cycle.

University of Michigan consumer sentiment sat at 56.4 in January 2026, still in pessimistic territory below the 60 threshold that historically signals recessionary-level caution. Discretionary travel, which is exactly what a cruise is, tends to be one of the first things consumers reconsider when sentiment sours.

Norwegian Cruise Line has its own company-specific headwinds layered on top of the macro pressure. New CEO John Chidsey is in the midst of a cultural reset following execution missteps, and the company is dealing with activist pressure from Elliott Investment Management. Fourth-quarter 2025 revenue came in at $2.24 billion, missing the $2.34 billion estimate, and 2026 EPS guidance of $2.38 disappointed the Street. Norwegian carries $14.6 billion in total debt at 5.3x net leverage, leaving little room for error if bookings soften.

How Far Could These Stocks Fall? Analyst targets tell one story. The consensus price target on CCL stock is $35, a “Moderate Buy” per MarketBeat, with UBS maintaining a Buy rating. CCL is now trading more than 29% below its one-month high, with the consensus analyst price target sitting at $35. Without a hedging strategy, every sustained move higher in crude is a direct margin headwind, and the market is pricing that risk aggressively right now.

For NCLH, Simply Wall St’s bearish fair value case puts intrinsic value at $19 per share, and the stock is trading right around that level at $19.72. That model places intrinsic value near current trading levels, though execution risk under new leadership remains real. On the bull side, Elliott Investment Management believes NCLH could reach $56 per share if their demanded changes are implemented, representing substantial upside if the turnaround takes hold.

RCL stock, meanwhile, remains the highest-quality name in the group. TD Cowen raised its price target on RCL to $350, maintaining a Buy. With hedges, diversified revenue, expansion projects including Royal Beach Club Paradise Island, and roughly two-thirds of 2026 capacity already booked at record rates, RCL has more structural protections in place heading into this period of elevated oil prices.

Shares of Royal Caribbean are still down 21.11% over the past month. However, the stock’s year-to-date decline of just 1.57% shows the relative resilience that comes with a stronger balance sheet and a disciplined hedging program.

What to Watch The key variable from here is where oil goes. If Brent pushes sustainably higher from current levels, this selloff likely has more room to run, particularly for CCL. Watch for any de-escalation news out of the Middle East, any shift in Carnival’s fuel strategy, and whether Norwegian Cruise Line’s new leadership can stabilize sentiment heading into its next earnings update.

Today’s session is a sharp reminder that when geopolitical risk meets an unhedged cost structure, the market does not wait for quarterly reports to deliver its verdict. CCL stock is living that lesson right now, and the gap between where it trades and where analysts think it belongs is likely to close when the oil picture gets clearer.

Key Takeaways INCY gained EU approval for Zynyz with chemotherapy as first-line treatment for metastatic or recurrent SCAC.Zynyz cut risk of progression or death by 37% in POD1UM-303, with 9.3-month median PFS vs 7.4 for placebo.Incyte is expanding its oncology portfolio as Zynyz complements revenue driver Jakafi. Incyte (INCY - Free Report) recently announced that the European Commission has approved a label expansion of oncology drug Zynyz (retifanlimab) for a second indication.

The drug is now approved in the EU in combination with chemotherapy for the first-line treatment of adults with metastatic or inoperable locally recurrent squamous cell carcinoma of the anal canal (SCAC).

Zynyz is a PD-1 immune checkpoint inhibitor designed to help the immune system recognize and attack cancer cells.

The decision marks the first systemic treatment approved in Europe for newly diagnosed patients with advanced SCAC and expands Incyte’s growing oncology portfolio.

Shares of Incyte have gained 34.4% in the past year compared with the industry’s 12.5% growth.

Image Source: Zacks Investment Research

More on INCY’s ZynyzThe EC approval was based on results from the late-stage POD1UM-303 (InterAACT2) study, which evaluated Zynyz or placebo in combination with platinum-based chemotherapy (carboplatin and paclitaxel) in adult patients with metastatic or inoperable locally recurrent SCAC not previously treated with systemic chemotherapy.

The study results demonstrated a statistically significant 37% reduction in the risk of progression or death. Patients treated with Zynyz achieved a median progression-free survival of 9.3 months, compared with 7.4 months for patients in the placebo combination group.

Improvements were also observed across secondary endpoints, including overall survival.

Importantly, the safety profile of the combination therapy was generally consistent with other PD-1 inhibitor and chemotherapy combinations.

The EC decision follows the positive Committee for Medicinal Products for Human Use (CHMP) opinion received from the European Medicines Agency in January 2026.

We note that the drug is already approved for the first-line treatment of adult patients with inoperable locally recurrent or metastatic SCAC in the United States and Japan. It is also approved as a single agent for the treatment of adult patients with locally recurrent or metastatic SCAC with disease progression or intolerance to platinum-based chemotherapy in the United States.

In addition, Zynyz is approved as a monotherapy for the first-line treatment of adults with metastatic or recurrent locally advanced merkel cell carcinoma in the United States, European Union, Canada and Switzerland.

The drug is marketed in the United States by Incyte. In 2017, the company entered into an exclusive collaboration and licensing agreement with MacroGenics for global rights to retifanlimab.

The POD1UM clinical program for retifanlimab includes POD1UM-303, POD1UM-202 and several other studies in different stages for patients with solid tumors.

INCY’s Efforts to Expand PortfolioIncyte’s efforts to develop new drugs to diversify its portfolio and add an incremental stream of revenues are impressive.

At present, lead drug Jakafi accounts for the lion’s share of revenues.

The lead drug, Jakafi, is a JAK1/JAK2 inhibitor approved for the treatment of polycythemia vera (PV) in adults who have had an inadequate response to or are intolerant of hydroxyurea; intermediate or high-risk myelofibrosis (MF), including primary MF, post-polycythemia vera MF and post-essential thrombocythemia MF in adults; steroid-refractory acute graft-versus-host disease (GVHD) in adult and pediatric patients 12 years and older; and chronic GVHD after failure of one or two lines of systemic therapy in adult and pediatric patients aged 12 years and older.

Sales in all indications continue to be strong and should maintain momentum going forward.

Jakafi is marketed by Incyte in the United States and by Novartis (NVS - Free Report) as Jakavi in ex-U.S. markets.

Incyte earns product royalty revenues from Novartis for the commercialization of Jakavi in ex-U.S. markets.

Encouraging uptake of new drugs like Pemazyre, Monjuvi and Tabrecta contributes to its top-line growth.

Incyte also receives royalties from the sales of Tabrecta (capmatinib), which is approved for treating adult patients with metastatic non-small cell lung cancer. Novartis has exclusive worldwide development and commercialization rights to Tabrecta.

The pipeline progress is impressive as well. Incyte expects to have 14 pivotal clinical trials underway by year-end.

INCY’s Zacks Rank & Stocks to ConsiderINCY currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the drug/biotech sector are Catalyst Pharmaceuticals (CPRX - Free Report) and ANI Pharmaceuticals (ANIP - Free Report) . While Catalyst Pharmaceuticals currently sports a Zacks Rank #1 (Strong Buy), ANI Pharmaceuticals holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 earnings per share have increased from $2.53 to $2.82, and the same for 2027 have grown from $2.85 to $3.20. CPRX’s shares have risen 17% in the past year.

Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.

Over the past 60 days, estimates for ANI Pharmaceuticals’ 2026 earnings per share have increased from $8.20 to $9.00, while the same for 2027 have risen from $9.25 to $10.10. ANIP’s shares have gained 25.9% in the past year.

ANI Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 22.21%.

New York, New York--(Newsfile Corp. - March 9, 2026) - Levi & Korsinsky notifies investors that it has commenced an investigation into Grocery Outlet Holding Corp. ("Grocery Outlet Holding Corp.") (NASDAQ: GO) concerning potential violations of the federal securities laws.

On the Q3 2025 earnings call on November 4, 2025, management narrowed the FY2025 comparable-store sales outlook to 0.6%-0.9%, down from 0.6%-1.2%. Management nevertheless reiterated confidence in the outlook for gross margin, adjusted EBITDA and adjusted EPS.

Months later, the Company announced plans to close 36 under-performing stores, approximately 6% of the Company's total store base - in connection with its March 2026 earnings release. The closure plan had not been referenced during the Q3 2025 earnings call or in the Company's December 3, 2025 Form 8-K, which stated the Company was "not otherwise providing any update regarding its outlook issued on November 4, 2025." The same earnings release also introduced FY2026 guidance significantly below analyst expectations.

If you suffered a loss on your Grocery Outlet Holding Corp. securities and would like to explore a potential recovery under the federal securities laws, Learn More About the Investigation or contact Joseph E. Levi, Esq. via email at [email protected] or call (212)363-7500 to speak to our team of experienced shareholder advocates.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212)363-7500
Fax: (212)363-7171

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287778

Source: Levi & Korsinsky, LLP

American Tower Corporation (AMT) Presents at Deutsche Bank 34th Annual Media, Internet & Telecom Conference Transcript

Bentley Systems, Incorporated (BSY - Free Report) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.

Analysts' growing optimism on the earnings prospects of this company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- has this insight at its core.

The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.

For Bentley Systems, Incorporated, there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year.

The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:

12 Month EPS

Current-Quarter Estimate RevisionsThe company is expected to earn $0.38 per share for the current quarter, which represents a year-over-year change of +8.6%.

Over the last 30 days, the Zacks Consensus Estimate for Bentley Systems has increased 7.44% because three estimates have moved higher compared to no negative revisions.

Current-Year Estimate RevisionsThe company is expected to earn $1.42 per share for the full year, which represents a change of +17.4% from the prior-year number.

In terms of estimate revisions, the trend for the current year also appears quite encouraging for Bentley Systems. Over the past month, four estimates have moved higher compared to no negative revisions, helping the consensus estimate increase 6.74%.

Favorable Zacks RankThe promising estimate revisions have helped Bentley Systems earn a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.

Bottom LineInvestors have been betting on Bentley Systems because of its solid estimate revisions, as evident from the stock's 20% gain over the past four weeks. As its earnings growth prospects might push the stock higher, you may consider adding it to your portfolio right away.

SAN FRANCISCO, March 09, 2026 (GLOBE NEWSWIRE) -- National shareholder rights law firm Hagens Berman is notifying investors that a securities class action lawsuit has been filed against Corcept Therapeutics Inc. (NASDAQ: CORT) and certain of its top executives. The lawsuit, Allegheny County Employees' Retirement System v. Corcept Therapeutics Incorporated, No. 26-cv-01525 (N.D. Cal.), seeks to recover losses for investors who purchased CORT common stock between October 31, 2024, and December 30, 2025.

The firm urges Corcept investors who suffered significant losses to contact the firm now to discuss their rights.

The complaint alleges that Corcept misled the market regarding the regulatory viability of its lead product candidate, relacorilant. While the company publicly claimed the drug was supported by "powerful evidence" and was "approaching approval," the lawsuit reveals that the FDA had reportedly warned Corcept “on several occasions” during pre-submission meetings that its clinical data was inadequate.

Investors who suffered substantial losses are encouraged to visit the Hagens Berman’s CORT Case Page to download a copy of the complaint and review the lead plaintiff process: www.hbsslaw.com/cases/corcept  

“The litigation targets the alleged gap between Corcept’s ‘high confidence’ narrative and the private warnings from the FDA,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation. “The complaint alleges that management knew the FDA had warned them to expect ‘significant review issues’ if they filed the NDA, yet they chose to move forward while assuring investors that no impediments existed.”

Summary of the Allegations: The Relacorilant Rejection

The filed complaint alleges that Corcept and its executives violated the Securities Exchange Act of 1934 by making false and/or misleading statements.

Concealed FDA Concerns: The lawsuit alleges that during pre-submission meetings, the FDA explicitly informed Corcept of concerns regarding the adequacy of the clinical development program to assess relacorilant’s effect on hypertension.The “Warning Not to File”: Evidence cited in the complaint suggests the FDA warned the company to expect rejection if it submitted the NDA without additional evidence of effectiveness—a warning allegedly withheld from shareholders.The December 31 “Surprise”: On December 31, 2025, Corcept revealed it had received a Complete Response Letter (CRL) from the FDA. The news caused CORT shares to plummet from $70.20 to **$34.80** in a single day, erasing over $3.6 billion in market value.The Post-Class Period Disclosure: A subsequent redacted copy of the CRL published on January 30, 2026, confirmed that the FDA had concluded it could not arrive at a "favorable benefit-risk assessment" without further effectiveness data. View our latest video summary of the allegations: youtube.com/watch?v=vMk3jcOV3Ng

Critical Deadline: April 21, 2026

If you purchased Corcept common stock during the Class Period, you have until April 21, 2026, to ask the Court to appoint you as Lead Plaintiff.

If you invested in Corcept and have substantial losses, or have knowledge that may assist the firm’s investigation,

SUBMIT YOUR CORT LOSSES NOWContact: Reed Kathrein at 844-916-0895 or email [email protected] If you’d like more information and answers to other frequently asked questions about the Corcept case and our investigation, read more »

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

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

Contact:
Reed Kathrein, 844-916-0895

NEW YORK--(BUSINESS WIRE)-- #creditratingagency--KBRA assigns issuer and senior unsecured debt ratings of A- to Takeoff Merger Sub Inc. (“Merger Sub”), an entity which will merge with Air Lease Corporation (NYSE: AL or “Air Lease”, a global aircraft leasing company based in Los Angeles, California) and be renamed Sumisho Air Lease Corporation (“SALC” or the company). The rating Outlook is Stable. KBRA expects to assign an A- rating to the senior unsecured notes expected to be issued by Merger Sub. Upon close of the.

March 09, 2026 12:04 ET  | Source: Surgery Partners, Inc.

BRENTWOOD, Tenn., March 09, 2026 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners" or the "Company"), is scheduled to meet with investors at the Barclays 28th Annual Global Healthcare Conference, including a presentation on Tuesday, March 10, 2026, at 2:30 p.m. (Eastern Time).

Interested investors and other parties may listen to a simultaneous webcast of the event through the investor relations section of the company's website at www.surgerypartners.com. The replay will also be available on this same website for a limited time following the call.

To learn more about Surgery Partners, please visit the Company's website at www.surgerypartners.com. Surgery Partners uses its website as a channel of distribution for material Company information. Financial and other material information regarding Surgery Partners is routinely posted on the Company's website and is readily accessible.

About Surgery Partners

Headquartered in Brentwood, Tennessee, Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high quality, cost effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 200 locations in 30 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities. For additional information, visit www.surgerypartners.com.

Contact:

Surgery Partners Investor Relations
(615) 234-8940
[email protected]

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

TrendForce, which tracks global smartphone shipments and production, reports that Samsung’s production matched Apple’s (NASDAQ: AAPL | AAPL Price Prediction) last year. Total global smartphones reached 1.25 billion across the industry.

Apple and Samsung tied with production numbers of 239.8 million. For the year, Apple’s number rose 9% and Samsung’s by 11%. Apple’s newest product was the primary reason it did so well. “In 2025, the iPhone 17 series benefited from well-positioned retail pricing to deliver strong market performance.” Apple made a phenomenal run at the end of the year. In the fourth quarter, production rose 54% to 87 million units.

Chinese manufacturers have done well in recent years because it is the world’s largest smartphone market, with about 1 billion wireless subscribers. However, the run mostly ended last year. Market leader Xiaomi saw a 7% drop to 169.8 million. Vivo’s sales dropped 17% to 102 million. Honor was the exception with an increase of 16% to 70.5 million

Apple’s success came as a surprise to some people. It did not launch a much-anticipated AI version of its iOS software. It pushed that into 2026. Soon, its upgraded Siri AI product will be released, powered by Google’s Gemini. CNBC reported that “Apple has picked Google’s Gemini to run AI-powered Siri coming this year.”

Apple’s iPhone 17 sales drove an extremely strong quarter. In its most recent report, iPhone revene reached $85.3 billion, up from $69.1 billion in the same period a year ago. Total revenue was $143.6 billion, so iPhone sales were 59% of total revenue.

If Apple did so well without an AI product, imagine how well it will do with one?

NEW YORK--(BUSINESS WIRE)--Monomoy Capital Partners, a private investment firm focused on private equity and credit investing in the middle market, announced today it has entered into a definitive agreement to acquire the leading quick lube and automotive service franchisor in North America, Jiffy Lube International, Inc., from Pennzoil Quaker State Company DBA SOPUS Products, a wholly owned subsidiary of Shell USA, Inc. An affiliate of Monomoy will acquire Jiffy Lube through its Fund V for app.

Eltek Ltd. (ELTK) Q4 2025 Earnings Call March 9, 2026 9:30 AM EDT

Company Participants

Eli Yaffe - Chief Executive Officer
Ron Freund - Chief Financial Officer

Conference Call Participants

Mark Sharogradsky

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Eltek Ltd. 2025 Annual and Fourth Quarter Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. Before I turn over the call to Mr. Eli Yaffe, Chief Executive Officer; and Ron Freund, Chief Financial Officer, I'd like to remind you that they will be referring to forward-looking information in today's presentation and in the Q&A. By its nature, this information contains forecasts, assumptions, and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in Eltek's public disclosure filings.

These forward-looking statements are projections and reflect the current beliefs and expectations of the company. Actual events or results may differ materially. We'll also be referring to non-GAAP measures. Eltek undertakes no obligation to publicly release revisions to such forward-looking statements to reflect events or circumstances occurring subsequent to this date.

I will now turn the call over to Mr. Eli Yaffe. Mr. Yaffe, please go ahead.

Eli Yaffe
Chief Executive Officer

Thank you. Good morning. Thank you for joining us for our 2025 annual earnings call. With me is Ron Freund, our Chief Financial Officer. We will begin by providing you with an overview of our business and summary of the principal factors that affected the results during 2025. After our prepared remarks, we'll be happy to answer any of your questions. By now, everyone should have access to our press release, which was released earlier today. The release was also available on our website. Revenue for 2025 totaled $51.8 million, representing an 11% increase compared to 2024. This growth reflects the company's strategic accelerated investment program, which

Calgary, Alberta--(Newsfile Corp. - March 9, 2026) - Wilton Resources Inc.  (TSXV: WIL) (the "Corporation") announces that it intends to: (i) amend the expiry date of 833,333 outstanding common share purchase warrants that were granted pursuant to a private placement of units of the Corporation which closed on May 23, 2024 (the "May 23 Warrants"); and (ii) amend the expiry date of 2,791,767 outstanding common share purchase warrants that were granted pursuant to a private placement of units of the Corporation which closed on May 28, 2024 (the "May 28 Warrants" and together with the May 23 Warrants, the "Warrants").

At the time of issuance, each May 23 Warrant entitled the holder to acquire one common share of the Corporation (the "Common Shares") at a price of $0.70 per Common Share, exercisable until May 23, 2025. On May 12, 2025, the Corporation extended the expiry date of the May 23 Warrants from May 23, 2025 to March 23, 2026. The Corporation proposes to further amend the May 23 Warrants by extending the expiry date by one year from March 23, 2026 to March 23, 2027. All other terms of the May 23 Warrants will remain unchanged.

At the time of issuance, each May 28 Warrant entitled the holder to acquire one Common Share at a price of $0.91 per Common Share, exercisable until May 28, 2025. On May 12, 2025, the Corporation extended the expiry date of the May 28 Warrants from May 28, 2025 to March 28, 2026. The Corporation proposes to further amend the May 28 Warrants by extending the expiry date by one year from March 28, 2026 to March 28, 2027. All other terms of the May 28 Warrants will remain unchanged.

The Warrants are not owned by, directly or indirectly, any of the Corporation's directors, officers or control persons.

The proposed amendments to the Warrants are subject to the approval of the TSXV.

FORWARD-LOOKING INFORMATION

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information with respect to the extension of the term of the Warrants. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The material facts and assumptions include obtaining approval of the Exchange of the proposed extension of the term of the Warrants. The Corporation cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Additional information regarding the Corporation is available on the Corporation's profile on the SEDAR+ website at www.sedarplus.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287772

Source: Wilton Resources Inc.

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