Market Signal Briefing

Key Takeaways HP reported a 15-cent adjusted loss in Q1 versus expectations, swinging sharply from a year-ago profit.HP's revenues topped estimates as Drilling Services sales jumped 50.2% Y/Y to $1B.HP took a $103M impairment, returned $25M to shareholders and repaid $260M of debt. Helmerich & Payne, Inc. (HP - Free Report) reported a first-quarter fiscal 2026 adjusted net loss of 15 cents per share, which substantially missed the Zacks Consensus Estimate of adjusted net income of 12 cents.  Moreover, the bottom line decreased considerably from the year-ago quarter’s reported profit of 71 cents. This was due to a weakness in the company's North America Solutions segment, along with the impact of a non-cash impairment charge of $103 million.

Operating revenues of $1 billion beat the Zacks Consensus Estimate of $986 million. Sales from Drilling Services beat the consensus mark by 4.3%. Moreover, the figure increased 50.2% from the year-ago quarter’s level. This was primarily led by stronger-than-expected margin performance in international solutions, driven by lower-than-expected reactivation costs in Saudi.

The company distributed approximately $25 million to its shareholders as part of its ongoing dividend program.

As of the end of January, HP repaid $260 million on its existing $400 million term loan. The company now expects to repay the entire term loan by the end of the third quarter of fiscal 2026.

HP’s Q1 Segmental PerformanceNorth America Solutions: Operating revenues of $563.9 million were down 5.7% year over year, with 143 average active rigs. The top line beat our projection of $555 million.

Operating profit totaled $36.2 million compared with $152.2 million in the prior-year period. The significant decrease was due to a one-time impairment of $98 million. The reported figure also missed our estimate of $123 million.

International Solutions: Operating revenues of $234.3 million increased 393.4% from the year-ago quarter’s level of $47.5 million. Moreover, the top line beat our projection of $231 million.

Operating loss reached $55.3 million, compared unfavorably with the prior-year period loss of $14.5 million. The figure was below our projected loss of $63 million.

Offshore Solutions: Revenues of $188.3 million increased 554.6% from the year-ago quarter’s level of $29.2 million. The top line beat our projection of $180 million.

Operating profit totaled $16.4 million compared with $3.5 million in the year-ago quarter.  The figure missed our estimate of $20.3 million.

HP’s Financial Position

In the reported quarter, this Zacks Rank #3 (Hold) company spent $67.6 million on capital programs. As of Dec. 31, 2025, HP had $247.2 million in cash and cash equivalents, while the long-term debt totaled $2 billion (debt-to-capitalization of 42.8%).

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

HP’s Guidance for Q2 & FY26Operating guidance for the second quarter of fiscal 2026 reflects the segment-wise expectations of the company. The North America Solutions is projected to deliver direct margins between $205 million and $230 million, supported by an average rig count of approximately 132 to 138. International Solutions is expected to generate direct margins in the range of $12 million to $22 million, with an average rig count of roughly 57 to 63. Offshore Solutions are forecast to contribute direct margins between $20 million and $30 million, based on average management contracts and contracted platform rigs of approximately 30 to 35. Other operations of the company are expected to add incremental direct margin ranging from $3 million to $8 million.

For fiscal 2026, depreciation is now expected to total approximately $700 million, while research and development expenses are projected to remain around $25 million. General and administrative expenses are anticipated to fall within a range of $265 million to $285 million, cash taxes payable are expected to be approximately $95 million to $145 million, and interest expense is forecast at roughly $100 million.

Important Earnings at a GlanceWhile we have discussed HP’s first-quarter results in detail, let us take a look at three other key reports in this space.

Suncor Energy Inc. (SU - Free Report) reported fourth-quarter 2025 adjusted operating earnings of 79 cents per share, which beat the Zacks Consensus Estimate of 77 cents. This outperformance can be attributed to strong production growth in its upstream segment. However, the bottom line declined from the year-ago quarter’s reported figure of 89 cents due to lower upstream price realizations.

Suncor Energy’s operating revenues of $8.8 billion beat the Zacks Consensus Estimate by 4%, primarily driven by increased sales volumes in both the upstream and downstream segments. However, the top line decreased approximately 1.3% year over year.

As of Dec. 31, 2025, SU had cash and cash equivalents of C$3.65 billion and long-term debt of C$9 billion. Its debt-to-capitalization was 16.7%.

Patterson-UTI Energy, Inc. (PTEN - Free Report) reported a fourth-quarter 2025 adjusted net loss of 2 cents per share, narrower than the Zacks Consensus Estimate of an 11-cent loss, and an improvement from the year-ago quarter's loss of 12 cents. The better-than-expected performance was primarily backed by improvement in the company’s Completions Services segment and a reduction in operating costs and expenses.

PTEN’s total revenues of $1.2 billion beat the Zacks Consensus Estimate by 5%. This was driven by higher-than-expected revenues from Completion Services. The Completion Services segment reported revenues of $701.6 million, which beat the consensus mark of $647 million. However, the top line decreased about 1% year over year. This underperformance can be attributed to the decrease in year-over-year revenue contribution from the Drilling Services, Drilling Products and Other Services segments.

As of Dec. 31, 2025, Patterson-UTI Energy had cash and cash equivalents worth $420.6 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.5%.

Another oil field service company, Liberty Energy Inc. (LBRT - Free Report) , reported a fourth-quarter 2025 adjusted net profit of 5 cents per share, beating the Zacks Consensus Estimate of a loss of 16 cents by a considerable margin. The outperformance was driven by the company’s focus on technological innovation and strong operational execution. However, the bottom line decreased from the year-ago quarter’s profit of 10 cents.

LBRT's revenues totaled $1 billion, which beat the Zacks Consensus Estimate of $862 million. The top line also increased from the prior-year quarter’s $944 million by 10%, driven by higher activity levels that meaningfully exceeded the industry.

As of Dec. 31, Liberty Energy had approximately $28 million in cash and cash equivalents. The pressure pumper’s long-term debt of $241.5 million represented a debt-to-capitalization of 10.4%.

Orange Belgium S.A. (MBISF) Q4 2025 Earnings Call February 6, 2026 4:00 AM EST

Company Participants

Koen Van Mol - Head of Investor Relations
Xavier Pichon - CEO & Executive Director
Antoine Chouc - Chief Financial Officer

Conference Call Participants

David Vagman - ING Groep N.V., Research Division

Presentation

Operator

Hello, and welcome to the Orange Fiscal Year 2025 Financial Results Conference Call hosted today by Koen Van Mol, Xavier Pichon and Antoine Chouc. Please bear in mind, this call is being recorded. [Operator Instructions]. I will now hand you over to your host, Koen Van Mol, to begin today's conference. Thank you.

Koen Van Mol
Head of Investor Relations

Thank you, operator. Good morning, everyone, and welcome to Orange Belgium H2 2025 Earnings Call. My name is Koen Van Mol. And with me today are Xavier Pichon, our CEO; and Antoine Chouc, our CFO. They will walk us through the company's performance as well as the strategic initiatives for the second half and full year of 2025. After the presentations, we will be open -- we will open the floor for questions. And now I will pass the floor to Xavier.

Xavier Pichon
CEO & Executive Director

Thanks, Koen. Good morning, everyone. Thank you for joining us today as we present Orange Belgium's financial results for the second half and the full year of 2025.

So as we look back at the second semester and full year of '25, I'm pleased to report that we are on track with our Lead the Future strategy. We made significant progress across key areas, including network leadership, digital transformation and customer experience.

Let me start with some key highlights. At the start of the second semester, we signed an MoU with Proximus to access each other's infrastructure and improve access to gigabit networks in

CNO Financial Group, Inc. (CNO) Q4 2025 Earnings Call Transcript

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. However, it isn't easy to find a great growth stock.

By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Fabrinet (FN - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

While there are numerous reasons why the stock of this company that assembles optical, electro-mechanical and electronic devices for other companies is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Fabrinet is 23.7%, investors should actually focus on the projected growth. The company's EPS is expected to grow 33.6% this year, crushing the industry average, which calls for EPS growth of 23.9%.

Cash Flow GrowthCash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That's because, high cash accumulation enables these companies to undertake new projects without raising expensive outside funds.

Right now, year-over-year cash flow growth for Fabrinet is 12.6%, which is higher than many of its peers. In fact, the rate compares to the industry average of -5.3%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 20.6% over the past 3-5 years versus the industry average of 5.2%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Fabrinet. The Zacks Consensus Estimate for the current year has surged 2.5% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made Fabrinet a Zacks Rank #1 stock, it has earned itself a Growth Score of B based on a number of factors, including the ones discussed above.

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

This combination positions Fabrinet well for outperformance, so growth investors may want to bet on it.

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. However, it isn't easy to find a great growth stock.

By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

APi (APG - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

Here are three of the most important factors that make the stock of this company a great growth pick right now.

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for APi is 14.9%, investors should actually focus on the projected growth. The company's EPS is expected to grow 14.7% this year, crushing the industry average, which calls for EPS growth of 9.2%.

Cash Flow GrowthCash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That's because, high cash accumulation enables these companies to undertake new projects without raising expensive outside funds.

Right now, year-over-year cash flow growth for APi is 120.9%, which is higher than many of its peers. In fact, the rate compares to the industry average of 1.4%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 76.5% over the past 3-5 years versus the industry average of 7.1%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for APi. The Zacks Consensus Estimate for the current year has surged 0.2% over the past month.

Bottom LineAPi has not only earned a Growth Score of A based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

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

This combination indicates that APi is a potential outperformer and a solid choice for growth investors.

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market's attention and deliver solid returns. But finding a growth stock that can live up to its true potential can be a tough task.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Our proprietary system currently recommends Patria Investments (PAX - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

While there are numerous reasons why the stock of this private-market investment firm is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Patria Investments is 8.8%, investors should actually focus on the projected growth. The company's EPS is expected to grow 21.7% this year, crushing the industry average, which calls for EPS growth of 12.3%.

Impressive Asset Utilization RatioGrowth investors often overlook asset utilization ratio, also known as sales-to-total-assets (S/TA) ratio, but it is an important feature of a real growth stock. This metric shows how efficiently a firm is utilizing its assets to generate sales.

Right now, Patria Investments has an S/TA ratio of 0.28, which means that the company gets $0.28 in sales for each dollar in assets. Comparing this to the industry average of 0.23, it can be said that the company is more efficient.

While the level of efficiency in generating sales matters a lot, so does the sales growth of a company. And Patria Investments looks attractive from a sales growth perspective as well. The company's sales are expected to grow 14.7% this year versus the industry average of 7.9%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for Patria Investments have been revising upward. The Zacks Consensus Estimate for the current year has surged 1.6% over the past month.

Bottom LinePatria Investments has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

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

This combination positions Patria Investments well for outperformance, so growth investors may want to bet on it.

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all.

By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Phibro Animal Health (PAHC - Free Report) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

While there are numerous reasons why the stock of this maker of animal health products and nutritional supplements is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Phibro is 10.7%, investors should actually focus on the projected growth. The company's EPS is expected to grow 35.3% this year, crushing the industry average, which calls for EPS growth of 21.7%.

Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.

Right now, year-over-year cash flow growth for Phibro is 54.8%, which is higher than many of its peers. In fact, the rate compares to the industry average of 3.1%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 11.5% over the past 3-5 years versus the industry average of 8.9%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Phibro. The Zacks Consensus Estimate for the current year has surged 10.4% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made Phibro a Zacks Rank #2 stock, it has earned itself a Growth Score of B based on a number of factors, including the ones discussed above.

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

This combination indicates that Phibro is a potential outperformer and a solid choice for growth investors.

Key Takeaways NOV posted Q4 EPS of 2 cents, falling sharply year over year on weaker Energy Products results.NOV's revenues hit $2.3B, beating estimates as Energy Equipment benefited from strong backlog execution.NOV returned $112M to shareholders via buybacks and dividends while forecasting softer near-term conditions. NOV Inc. (NOV - Free Report) reported fourth-quarter 2025 adjusted earnings of 2 cents per share, which missed the Zacks Consensus Estimate of 25 cents. The bottom line also decreased significantly from the year-ago quarter’s 41 cents due to the underperformance of the Energy Products and Services segment.

The oil and gas equipment and services company’s total revenues of $2.3 billion beat the Zacks Consensus Estimate by 4.9%, driven by stronger-than-expected revenues from the Energy Equipment segment, which was backed by strong execution on backlog. However, revenues fell 1.3% from the year-ago quarter’s figure due to a decline in global drilling activity of 6%.

In the fourth quarter, NOV repurchased approximately 5.7 million shares of common stock for a total of $85 million. The company paid a regular dividend of 7.5 cents per share, returning $27 million in dividends, resulting in a total of $112 million in capital to its shareholders during the quarter.

Segmental Performances of NOVEnergy Products and Services: The unit reported fourth-quarter revenues of $989 million, which beat our estimate of $963 million. However, the figure decreased from the prior-year quarter’s reported number by 6.7% due to reduced global activity. Adjusted EBITDA of $140 million beat our estimate of $132 million but decreased from $173 million in the corresponding period of 2024.

Energy Equipment: Revenues in this segment increased 3.6% year over year to $1.3 billion, beating our estimation by 6.9%, driven by strong execution on backlog.

Adjusted EBITDA of $180 million decreased from the year-earlier quarter’s $185 million. However, the metric beat our estimate of $173 million.

In the fourth quarter of 2025, the segment registered $532 million in new orders. Shipments from the backlog amounted to $728 million, resulting in a book-to-bill ratio of 73.

As of Dec. 31, 2025, the backlog for Energy Equipment capital orders was $4.3 billion, reflecting a $93 million decrease from the prior year.

NOV’s Balance SheetAs of Dec. 31, 2025, the company had cash and cash equivalents of $1.6 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.1%. NOV had $1.5 billion available on its primary revolving credit facility during the same time.

This Zacks Rank #3 (Hold) company generated $573 million in operating cash flow and $472 million in free cash flow in this quarter.

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

NOV’s Significant & Strategic AdvancementsNOV made meaningful strategic progress through technology commercialization, contract wins and expanded digital capabilities across energy markets. Downhole Broadband Solutions™ achieved record deployment, drilling over 750,000 feet in 2025, reflecting the rising adoption of real-time data to enhance drilling and completion efficiency. Automation and AI-driven systems, including NOVOS™, Kaizen™ and SoftSpeed™, delivered material offshore performance gains, cutting drilling days by 68% in their first Middle East deployment.

NOV also strengthened its offshore footprint with major rig equipment awards, cable-lay systems supporting offshore wind and advanced BOP-related technologies such as Rapid EDS™, improving well control safety and operational windows. In production and processing, the company secured gas dehydration projects in the Middle East, corrosion-resistant composite piping contracts for FPSOs and onshore assets and water injection solutions in Iraq. New ESCHP pump deployments demonstrated significantly longer run life in high gas environments, validating innovation in artificial lift. Additionally, NOV increased recurring digital revenues through multi-year global fleet contracts for RigSense™ and WellData™ platforms, reinforcing its data-driven service strategy.

NOV’s Q1 & 2026 OutlookNOV projects a 1% to 3% decrease in consolidated revenues year over year for the first quarter of 2026, with adjusted EBITDA anticipated to range from $200 million to $225 million.

The company anticipates EBITDA-to-free-cash-flow conversion to moderate to 40%-50% in 2026. Capital expenditures are forecast in the range of $315 million to $345 million. A higher mix of foreign earnings is expected to increase the effective tax rate to approximately 34%-36%. The company maintains a constructive outlook on bookings, with the full-year 2026 book-to-bill ratio expected to be close to 100%.

For the first quarter, the Energy Equipment segment revenues are expected to rise 3%-5% year over year, with EBITDA of $145 million to $165 million. In contrast, the Energy Products and Services segment is expected to see a seasonal decline in the first quarter of 2026, with revenues down 6%-8% year over year and EBITDA in the range of $105 million to $125 million.

Cost-reduction initiatives focused on structural savings, process standardization and simplification, and system upgrades are expected to generate more than $100 million in annualized savings by the end of 2026.

Looking ahead, NOV expects that global industry spending and drilling activity will edge lower year over year, with U.S. activity declining by mid-single digits. Over the medium term, U.S. short-cycle activity is expected to remain highly price sensitive, allowing for a modest recovery by late 2026 and early 2027. Any rebound would likely drive outsized demand for capital equipment, presenting an attractive opportunity for NOV.

Over the longer term, U.S. activity is expected to grow modestly but steadily to sustain production as unconventional basins mature. In international markets, activity in 2026 is projected to be flat to slightly higher, supported by rig reactivations in Saudi Arabia and expanding unconventional development, with Venezuela offering longer-term upside. In offshore markets, offshore wind prospects have weakened, with turbine additions through 2030 down over 35%, limiting near-term visibility and keeping 2026 demand near 2025 levels. Offshore production and drilling equipment spending is expected to decline low- to mid-single digits in 2026, though FPSO demand remains solid, with up to 10 FIDs possible in 2026 and an average of eight annually through 2030.

Important Earnings at a GlanceWhile we have discussed NOV’s fourth-quarter results in detail, let us take a look at three other key reports in this space.

Suncor Energy Inc. (SU - Free Report) reported fourth-quarter 2025 adjusted operating earnings of 79 cents per share, which beat the Zacks Consensus Estimate of 77 cents. This outperformance can be attributed to strong production growth in its upstream segment. However, the bottom line declined from the year-ago quarter’s reported figure of 89 cents due to lower upstream price realizations.

Suncor Energy’s operating revenues of $8.8 billion beat the Zacks Consensus Estimate by 4%, primarily driven by increased sales volumes in both the upstream and downstream segments. However, the top line decreased approximately 1.3% year over year.

As of Dec. 31, 2025, SU had cash and cash equivalents of C$3.65 billion and long-term debt of C$9 billion. Its debt-to-capitalization was 16.7%.

Patterson-UTI Energy, Inc. (PTEN - Free Report) reported a fourth-quarter 2025 adjusted net loss of 2 cents per share, narrower than the Zacks Consensus Estimate of an 11-cent loss, and an improvement from the year-ago quarter's loss of 12 cents. The better-than-expected performance was primarily backed by improvement in the company’s Completions Services segment and a reduction in operating costs and expenses.

Patterson-UTI Energy’s total revenues of $1.2 billion beat the Zacks Consensus Estimate by 5%. This was driven by higher-than-expected revenues from Completion Services. The Completion Services segment reported revenues of $701.6 million, which beat the consensus mark of $647 million. However, the top line decreased about 1% year over year. This underperformance can be attributed to the decrease in year-over-year revenue contribution from the Drilling Services, Drilling Products and Other Services segments.

As of Dec. 31, 2025, PTEN had cash and cash equivalents worth $420.6 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.5%.

Another oil field service company, Liberty Energy Inc. (LBRT - Free Report) , reported a fourth-quarter 2025 adjusted net profit of 5 cents per share, beating the Zacks Consensus Estimate of a loss of 16 cents by a considerable margin. The outperformance was driven by the company’s focus on technological innovation and strong operational execution. However, the bottom line decreased from the year-ago quarter’s profit of 10 cents.

LBRT's revenues totaled $1 billion, which beat the Zacks Consensus Estimate of $862 million. The top line also increased from the prior-year quarter’s $944 million by 10%, driven by higher activity levels that meaningfully exceeded the industry.

As of Dec. 31, Liberty Energy had approximately $28 million in cash and cash equivalents. The pressure pumper’s long-term debt of $241.5 million represented a debt-to-capitalization of 10.4%.

Paris, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Freya Investissement ("Freya") owns approximately 19% of the shares but holds 27% of the votes in Tele2 AB (publ) ("Tele2") on 06 February 2026. Freya has started to align its economic and voting rights in Tele2 and is looking to reach up to 27% of its economic rights within the next few months.

The operation is carried out through a series of transactions on its holdings in Tele2, including by entering into swap arrangements for financial and regulatory reasons, which entails several market and regulatory disclosures throughout the period. These series of transactions are not intended to result in any material change in votes controlled by Freya in Tele2.

Freya remains an active and committed long-term investor in Tele2.

Media enquiries

Louise Tingström / Cornelia Schnepf, FinElk

[email protected]

Freya Investissement

[email protected]

www.freya-investissement.com

06022026 Freya Tele2 press release FINAL

CNBC's MacKenzie Sigalos breaks down the volatile week for bitcoin.

Bitwise Bitcoin ETF offers pure Bitcoin exposure currently facing a 44% drawdown from its all-time high. BITB is in a pronounced downtrend, driven by macro 'Risk-Off + Stagflation' conditions and persistent ETF outflows. On-chain metrics signal deep capitulation, with DCA accumulation thresholds around $54.6k, suggesting further downside before reaccumulation.

Ethereum slipped below the $2,000 mark for the first time since May 2025 as intense selling pressure swept through the crypto market. Bitcoin’s drop to $60,000 added to the downside momentum, dragging ETH lower until buyers stepped in around $1,753, a level that helped stall the decline and spark a rebound.

The recovery lifted the ETH price back above $1,975, suggesting the move lower was largely technically driven rather than event-led. With no major negative catalyst behind the sell-off, rising buying pressure fueled a swift bounce, shifting focus to whether Ethereum can now build on this recovery or if the rebound remains a short-term reaction within a broader range.

Weekly Chart Signals Compression Ahead of a BreakoutThis ETH weekly chart captures a long phase of consolidation that traders often see before a big expansion move. Ethereum has been printing higher lows since the 2022 bottom, while price keeps getting capped near the $3,800–$4,000 resistance zone. The recent move above that level, followed by a sharp pullback, looks like a classic fakeout meant to flush late entries. With the broader structure still intact, this setup leans more toward prolonged accumulation than a trend breakdown.

Source: XFor traders, the line in the sand sits around $2,800–$3,000, where the higher-low structure is anchored. As long as ETH holds this zone, upside attempts remain valid. A strong weekly close above $4,200 would signal real acceptance and could open the path toward $5,000–$5,500, with $7,000 as the larger breakout target. Losing $2,800 on a weekly close would weaken the setup and point to more sideways or corrective price action.

Ethereum Price at a Decision PointEthereum’s current price action reflects stabilization, not confirmation. After defending the $1,750–$1,900 macro support zone, ETH has managed to rebound above $1,950, but it continues to struggle below the $2,150 resistance, which remains the first level bulls need to reclaim to regain short-term control.

From a higher-timeframe perspective, the weekly higher-low structure is still intact, meaning the broader bullish thesis has not been invalidated yet. However, the lack of a strong follow-through move and continued rejection near resistance suggests ETH is still range-bound, not trending.

As long as ETH holds above $1,750, the downside risk remains containe,d and the market stays in a positioning phase. A weekly close below $1,700 would weaken the structure and open the door to a deeper correction. On the upside, a reclaim of $2,150, followed by acceptance above the $2,600 mid-range, would be the first signs that Ethereum is preparing for a broader breakout attempt.

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Dogecoin’s open interest has crashed to levels not seen since October 2024. This was notably just before the leading meme coin recorded a significant surge, raising speculation that history might repeat itself.

Dogecoin’s open interest has crashed below $1 billion, down over 16%, according to Coinglass data. The last time the open interest dropped to these levels was in October 2024, just before it began an uptrend which led to a high of $4.45 billion in December 2024. October 2024 also marked the bottom for the DOGE price, as it rose from around $0.155 to as high as $0.46.

Dogecoin notably rose back then, partly thanks to Donald Trump’s presidential election victory and Elon Musk’s move to name a government agency, the Department of Government Efficiency, after DOGE. Additionally, the Fed lowered rates at the time, which was also bullish for the leading meme coin. 

Source: Chart from Coinglass It remains to be seen whether Dogecoin can replicate such a price surge this time, given that open interest has dropped to October 2024 levels. It is also worth noting that the current macroeconomic outlook differs this time, with the Fed making a hawkish pivot and unlikely to lower rates until at least June. However, Musk recently mentioned Dogecoin, saying they could send the meme coin to the moon next year. 

Meanwhile, crypto traders on Binance look to be positioning for a price surge in hopes that this might be the bottom for Dogecoin. The current long/short ratio is 2, indicating that most traders are long. However, DOGE’s long/short ratio across all exchanges is still below 1, indicating that most crypto traders are still bearish and shorting the meme coin. 

DOGE Still Risks Dropping To $0.054 Crypto analyst Ali Martinez has indicated that Dogecoin could still drop to as low as $0.054. In an X post, he stated that this is the level he is looking at for a potential bounce. However, crypto analyst Mikybull Crypto suggested that the leading meme coin may not drop to that level, as DOGE’s RSI is currently at a historical level that has acted as support in past cycles. As such, there is the possibility that it could bounce from here. 

It is worth noting that Dogecoin has seen a surge in metrics, including derivatives trading volume, which has increased by more than 100% to $6.5 billion. Options trading volume and open interest have also surged by 381% and 135%, respectively, indicating that crypto traders are actively trading the meme coin. 

At the time of writing, the Dogecoin price is trading at around $0.09075, down over 11% in the last 24 hours, according to data from CoinMarketCap.

DOGE trading at $0.09 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

Fri, 6/02/2026 - 17:04

After a terrifying plunge to $60,000 that registered 'Extreme Fear' readings not seen since 2020, Bitcoin has staged a stunning rebound to reclaim $70,000 in a single trading session.

Cover image via www.youtube.com Bitcoin has just stormed back above the $70,000 psychological threshold, according to data provided by the Bitstamp exchange. It has managed to reach an intraday high of $70,224. 

On Thursday, a cascade of institutional selling drove the price vertically down. Bitcoin pierced support levels to hit a wick low of approximately $60,000

However, the "V-shaped" recovery has been just as violent as the crash. Bitcoin has rallied over $10,000 from the lows in a matter of hours.

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In fact, BTC is now on track to record the biggest one-day gain since March 13, 2023. This date marks the "SVB Crisis" rally. Following the collapse of Silicon Valley Bank, the Fed stepped in with the BTFP (Bank Term Funding Program). Bitcoin surged approximately 9.6% in a single day. Since then, there have been remarkably few single-day candles exceeding 10%.

However, it remains to be seen whether this recovery will be more than a dead cat bounce, and the bulls are definitely not out of the woods just yet. 

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In brief Gold is a "better cushion" during falling markets, while Bitcoin offers greater upside during rebounds, according to Bitwise Head of Europe Bradley Duke. Bitcoin's perceived role as "digital gold" has come into question as the precious metal has soared while BTC has crashed. A panel at Digital Assets Forum London argued that the significance of Bitcoin's four-year "halvings" has diminished. Gold and Bitcoin work most effectively when they're in the same portfolio, a Bitwise executive has argued.

Speaking at the Digital Assets Forum in London, Bradley Duke, Managing Director and Head of Europe at the digital asset management firm said that gold "is a better cushion" when markets are falling, while BTC offers greater upside during rebounds.

"One is more to the upside risk and the other is more protecting against the downside of uncertainty," Duke said.

The Bitwise exec was speaking during a panel examining whether crypto's four-year cycles are dead. Ominously, the discussion was held on Thursday, when Bitcoin fell almost as low as $60,000 during a punishing drawdown.

The analogy of Bitcoin as "digital gold" has taken a hammering of late, with both assets on divergent paths. While the precious metal has surged by 46% over the past six months, setting a new all-time high in the process, the world's biggest cryptocurrency is down 40% over the same period.

When asked about why gold had proven more popular than Bitcoin of late, Duke pointed to "muscle memory," with investors flocking to a safe haven asset that has existed for thousands of years.

"Allocators and countries have bought gold in this way for hundreds of years and will continue to do that until there is the trust established in this new better money, which is Bitcoin," he added. "But that takes time."

On prediction market Myriad, owned by Decrypt's parent company Dastan, users put a 67% chance Bitcoin costing 10 oz of gold rather than 30 oz after its next move.

Bitcoin’s “four-year cycle”Until recently, many analysts believed that BTC operated in four-year cycles of boom and bust, driven by "halvings" where the supply of new Bitcoin entering the market permanently falls by 50%. This last happened back in 2024, with the next expected to take place in April 2028.

But according to those on the panel, the significance of halvings has diminished—primarily because most of the 21 million Bitcoin that will ever exist is already in circulation—with volumes from exchange-traded funds also blunting this digital asset's volatility.

Anatoly Crachilov, CEO of Nickel Digital, said the supply of new BTC has been "completely dwarfed by ETF flows, by basis trades and by treasury acquisitions."

Duke argued that Bitcoin was "growing up,” and “bootstrapping itself to become a macro asset for the long term.” Where initially, the only Bitcoin investors were "cypherpunks and what we call OGs now,” he added, “today we see sovereign states investing in Bitcoin."

The managing partner of Fifth Era Blockchain Coinvestors, Matthew Le Merle, admitted that Bitcoin's recent contraction was "very challenging," especially for investors who bought at the top.

However, he argued that a more pressing matter is turning Bitcoin into "a global peer-to-peer cash" at a time when only a few thousand top-tier blockchain developers exist worldwide, and many risk being drawn to alternative industries such as artificial intelligence.

"If you're investing because you think you can time the market because you think there's a cycle and you want to trade and make a quick buck, you're in the wrong room," he warned. "That's not what this is about."

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Bit Digital released its January 2026 report on its Ethereum treasury, staking activity, and strategic equity holdings. As of month-end, the company reported total holdings of approximately 155,239.4 ETH, including assets held directly and ETH-equivalents managed externally. With a closing ETH price near $2,449, the market value of that position reached roughly $380.2 million.

Bitwise CIO Matt Hougan says the sell-off reflects cycle dynamics and macro risk-off forces — not a repeat of 2022's systemic collapse.

Bitcoin and ether ETFs remained under intense selling pressure, extending February's sharp drawdown. XRP and solana ETFs, however, continued to attract fresh capital, offering rare pockets of strength.

TL;DR

Trend Research cut Aave wrapped Ether from 651,170 ETH to roughly 247,080 and sent 411,075 ETH to Binance as ETH fell 30%. Lookonchain placed liquidation levels at $1,698 to $1,562, squeezing the Jack Yi Aave borrowing loop. Arkham and Onchain Lens tracked 94,000 ETH moved in two hours and 235,588 ETH total deposited to repay stablecoin debt; Feb. 4 sales lifted the threshold from $1,880 to $1,830. Trend Research is rapidly cutting Ether exposure as ETH slid toward levels that threaten liquidation on its Aave backed leverage stack. The firm is shifting from accumulation to defense as ETH tests critical thresholds. Onchain figures showed about 651,170 ETH in Aave Ethereum wrapped Ether on Sunday, falling by 404,090 to roughly 247,080 by Friday. Arkham data indicated Trend transferred 411,075 ETH to Binance since the start of the month. The moves came as ETH fell almost 30% in a week to as low as $1,748 and later traded near $1,967 at time of writing.

Deleveraging accelerates as Aave liquidation bands tighten Trend Research has been tied to Jack Yi, founder of Hong Kong based Liquid Capital, and its approach relied on buying ETH, pledging it on Aave, borrowing stablecoins, then purchasing more ETH. That leverage loop is being unwound as liquidation bands narrow between $1,698 and $1,562. Lookonchain flagged those levels in a Friday post. Yi wrote he remains bullish while admitting he called a bottom too early and will keep waiting for recovery while “managing risk.” Trend surfaced after the October 2025 $19 billion liquidation event, when it began aggressive Ether accumulation during market crash.

Exchange transfers have become a recurring tool for deleveraging. Trend is using Binance liquidity to convert collateral into debt service under stress. Arkham Intelligence showed another 23,000 ETH, worth $43.98 million, sent to Binance to repay outstanding Aave debt, contributing to more than 94,000 ETH, about $200 million, moved in roughly two hours. Onchain Lens reported Trend deposited a total 235,588 ETH valued near $516.16 million into Binance to sell and repay stablecoin debt used to go long ETH. At peak, the borrowed stablecoins reached about $958 million. Sales reduced collateral and lowered liquidation risk.

Trend began the unwind on Feb. 4 by selling 33,589 ETH for $79 million and using $77.5 million in USDT to reduce debt, lifting its liquidation threshold from $1,880 to $1,830. Each repayment raises the buffer, but the margin stays thin while ETH remains volatile. Lookonchain said Trend still holds 356,150 ETH worth $671 million with liquidation prices between $1,562 and $1,698, while ETH traded near $1,923. The same update noted other leveraged holders: Joseph Lubin and two unknown whales with liquidation prices $1,329 to $1,368, and 7 Siblings with liquidation prices $1,075 and $1,029.

Ripple integrates Hyperliquid Ripple Prime International CEO shares excitement about latest integration with potential upside for XRP.

Derivatives access. Ripple has enabled Hyperliquid support on its institutional prime brokerage platform, Ripple Prime. Ripple Prime International CEO Mike Higgins shares his excitement about the latest integration of Hyperliquid, a leading decentralized derivatives venue. Yesterday, Ripple announced that Ripple Prime, its institutional prime brokerage platform, has enabled support for Hyperliquid.

According to Mike Higgins, the next phase of institutions joining the on-chain economy starts with capital markets' integration and the integration of HyperliquidX, a liquid venue for crypto price discovery and on-chain derivatives remains an obvious place to start.

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XRP cross margin. Ripple Prime clients can now cross-margin crypto across asset classes, including XRP.The move enables institutions to access on-chain derivatives liquidity through HyperliquidX; Ripple Prime customers can also cross-margin crypto with all asset classes supported by the prime brokerage platform, which includes XRP.

Higgins signals benefits for XRP amid the latest Hyperliquid integration, saying, "From XRP and other crypto assets to heavy metals perps. I’m incredibly excited for Ripple Prime clients to be able to tap into this liquidity through a single, secure counterparty."

Peter Brandt flags 'campaign selling' of BitcoinLegendary trader Brandt spots a cold, surgical sell-off unfolding.

Manufactured crash. Peter Brandt says Bitcoin’s eight-day downtrend shows signs of deliberate campaign selling, not random liquidation.According to veteran chartist Peter Brandt, the current eight-day downtrend on Bitcoin (BTC) shows all the hallmarks of a calculated campaign sell-off, not a random liquidation. 

His analysis points to two critical levels now in play: the already-breached $70,000 and a far more ominous target at $63,800, based on a measured move from the recent wedge breakdown. With over $850 million wiped out in liquidations and fear metrics collapsing, this is not a normal dip. 

Campaign selling. Brandt highlights a clear pattern of lower highs and lower lows, describing it as institutional-sized flows systematically reducing exposure.If Brandt’s structure plays out, the market may be staring down a deeper flush that few retail holders are ready for.

In his latest public Bitcoin outlook, Brandt pointed to the ongoing eight-day streak of lower highs and lower lows in BTC’s price, characterizing the formation as a textbook example of "campaign selling" — in which institutional-sized flows systematically get rid of excessive exposure to the cryptocurrency. 

Vitalik-Linked on-chain activity adds pressure to Ethereum sell-offEthereum co-founder Buterin is actively selling his Ethereum holdings. 

ETH sell-off. On-chain data shows wallets linked Buterin traded roughly 2,961.5 ETH (about $6.6 million) over the past three days.High-profile on-chain activity connected to Ethereum Cofounder Vitalik Buterin seems to be the most recent catalyst for the severe selling pressure that Ethereum is currently experiencing. 

Blockchain tracking data indicates that over the past three days wallets linked to Buterin have bought and sold about 2,961.5 ETH, or roughly $6.6 million, at an average execution price of about $2,228.

Volume spike. The breakdown triggered one of the largest sell-offs since mid-2025, sending ETH rapidly into the $2,100–$2,200 range.The timing of this activity is critical for Ethereum's price structure. ETH has already lost important support zones on the daily chart, which were once strong consolidation areas around $2,800 and $2,700. One of the biggest sell-offs since mid-2025 occurred as a result of the most recent breakdown, which drove the price quickly toward the $2,100-2,200 range.

Sellers, not passive holders, are driving the current price action, as evidenced by the volume spike during the decline.

Bitcoin's price jumped past $71,000 minutes ago, while XRP and other altcoins have produced massive double-digit daily gains.

What a ride it has been in the cryptocurrency space lately. The quick and sharp moves continue as of press time, as BTC has skyrocketed to over $71,000 just less than a day after it dipped to $60,000.

The altcoins are well in the green now on a daily scale, and the total crypto market cap has increased by roughly $200 billion since its low from earlier this morning.

BTCUSD Feb 6. Source: TradingView Bitcoin’s price chart from above paints a very clear and volatile picture. It shows that the cryptocurrency plummeted by roughly $30,000 in the span of just over a week – from last Wednesday to Friday morning.

As reported earlier today, popular analysts blamed this latest crash, in which bitcoin dropped from $77,000 to $60,000 in about 24 hours, to emotional selling and structural change rather than broken fundamentals within BTC and the crypto market.

Since then, BTC has gone on a tear. It added over $10,000 since this morning’s multi-year low, and briefly surpassed $71,000 minutes ago before it was stopped and now trades inches below it.

The altcoins have produced even more impressive gains, with XRP leading the pack. Ripple’s cross-border token has soared by 19% daily to over $1.50 as of press time, while ETH has reclaimed the psychological $2,000 level.

The total value of wrecked positions daily is still over $2 billion, but most of it is from longs, which happened before today’s recovery. Nevertheless, over $350 million worth of shorts have been wrecked in the past 12 hours, with BTC responsible for the lion’s share ($261 million).

You may also like: CZ’s ‘Poor Again’ Tweet Backfires as Nebraskangooner Slams Binance Santiment: Crowd Fear Triggers Bitcoin Bounce, $70K Rally in Focus Will Markets Crash Further When $2B Bitcoin Options Expire Today? Liquidation Data on CoinGlass Feb 6. Tags:

About the author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.

XRP price remains vulnerable to further downside as unresolved single-print imbalances continue to exert technical pressure toward the $0.50 support zone.

Summary

Value area low has been lost, confirming bearish continuation Single-print imbalance remains unfilled, acting as a downside magnet $0.50 is critical support, where a potential macro pivot may form XRP (XRP) price action has turned decisively bearish following an impulsive move to the downside, with structural weakness continuing to dominate the chart. After losing key value levels, the market has failed to regain bullish control, despite short-lived buying reactions.

From a long-term perspective, XRP appears to be trading within a broader corrective phase, with unfinished price structures remaining exposed below current levels.

One of the most notable technical features influencing the current outlook is the presence of a single-print candle imbalance. This structure, which often acts as a magnet for price, suggests that XRP may need to trade lower to complete unfinished auction activity before any meaningful macro pivot can occur.

XRP price key technical points Value area low has been lost, confirming bearish continuation Single-print imbalance remains partially unfilled, creating downside magnet $0.50 marks the base of the single-print structure, a critical high-timeframe level XRPUSDT (1W) Chart, Source: TradingView XRP’s decline accelerated after the price failed to hold above the value area low, a key indication that buyers were unable to maintain acceptance at higher prices. Once this level was lost, the price fell aggressively, producing a bearish impulse that established a new swing low around $1.11.

Although price has since printed a buying tail, suggesting short-term demand, this reaction has not altered the broader market structure. Lower highs and weak follow-through continue to define price behavior, indicating that any upside moves remain corrective rather than trend-changing. As long as XRP remains below reclaimed value, downside risk stays elevated.

Understanding the single-print candle imbalance Single-print candles occur when price moves rapidly through a zone without sufficient two-way trade, leaving behind an area of inefficiency. From a market profile and auction theory perspective, these zones are often revisited as price seeks to rebalance and complete unfinished business.

In XRP’s case, a high-timeframe single-print structure has been exposed, with only part of the imbalance filled during the recent decline. The upper portion of the single prints has already been retraced, but the base of the structure remains open. This unfinished area is located near the $0.50 level, creating a strong technical incentive for price to rotate lower.

Historically, markets show a high probability of revisiting these imbalances, particularly when broader structure aligns with bearish momentum, as is currently the case with XRP.

$0.50 emerges as a critical support zone The $0.50 region is not only the base of the single-print candle but also aligns with a high-timeframe support zone. This convergence increases the importance of this level and makes it a key decision point for the market.

A move toward $0.50 would likely represent a continuation of the current corrective phase rather than a breakdown into uncharted territory. Such moves are often necessary to flush remaining weak hands and reset positioning before a potential macro pivot can form.

However, reaching support does not automatically imply a reversal. The reaction quality at $0.50, including volume expansion, rejection wicks, and structural behavior, will ultimately determine whether XRP can form a durable bottom or continue consolidating at lower levels.

What to expect in the coming price action From a technical, price-action, and market-structure perspective, XRP remains biased toward further downside until the exposed single-print imbalance is fully resolved. The $0.50 level stands out as the most likely target for this rebalancing process and a zone where the market may attempt to establish a macro pivot.

If price reaches this level and shows strong acceptance and demand, it could mark the beginning of a broader base-building phase. Conversely, a weak reaction or continued acceptance below support would suggest prolonged consolidation before any sustained recovery.

For now, XRP remains structurally weak despite a short-term balance, with incomplete auction dynamics favoring a continuation of the lower trend. Traders should closely monitor how price behaves as it approaches the $0.50 region, as this area is likely to define the next major phase of XRP’s market cycle.

Ethereum price continued its strong downward trend this week, reaching its lowest level since May last year.

Summary

Ethereum price dropped to a crucial support level as the crypto market crash accelerated. Its liquidations jumped to the highest level in months. Ethereum’s weighted funding rate dropped to its October lows. Ethereum (ETH) token dropped to a low of $1,768, down by 60% from its all-time high. This retreat coincided with the broader crypto market crash as retail and some institutional investors dumped the coin.

Data compiled by SoSoValue shows that American investors have sold Ethereum ETFs worth $149 million this year. January is the fourth consecutive month that these funds have shed assets.

Additional data show that Ethereum bulls were heavily liquidated as the crash continued. Ethereum positions worth nearly $2 billion were liquidated since January 31, the highest figure since Oct. 10 when positions worth over $3.8 billion were wiped out. 

Most importantly, the weighted funding rate turned negative and fell to its lowest level since Oct. 10. A negative funding rate indicates that investors anticipate the coin will decline. It happens when shorts are paying long positions in the perpetual futures market. 

On the positive side, Ethereum’s network is doing well, with Nansen data showing a surge in transactions, fees, and active addresses. Ethereum handled 70 million transactions in the last 30 days, while the number of active addresses rose by 42% to over 15 million. 

It also holds a leading market share across sectors in the crypto industry, including stablecoins, decentralized finance, and real-world asset tokenization. These fundamentals may help fuel its long-term recovery.

Ethereum price technical analysis ETH price chart | Source: crypto.news The weekly chart shows that ETH price has pulled back in the past few months. It has dropped from a record high of $4,950 to a low of $1,7686 today. Its lowest point was notable because it coincided with the ascending trendline connecting the lowest levels in June 2022 and April last year.

The price was also important because it was near the left shoulder of the inverted head-and-shoulders pattern. This pattern is one of the most common bullish reversal signs in technical analysis. 

Therefore, a weekly close above $2,130 will point to a reversal, potentially to $3,000. On the other hand, a close below the support at $1,768 will invalidate the bullish outlook.

By PYMNTS  |  February 6, 2026

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New tax laws around research and capital investment reduced Amazon’s U.S. corporate income taxes by more than half in 2025, even as the company’s profits rose, the Wall Street Journal reported Friday (Feb. 6).

Amazon’s current U.S. taxes declined from $9 billion to $1.2 billion, and its federal income taxes paid on a cash basis dropped from $7 billion to $2.8 billion, according to the report.

These declines happened during a year in which Amazon’s pretax U.S. profit rose by 44.5% to reach $89.5 billion, per the report.

The report attributed tax cuts to two changes made in a tax law signed by President Donald Trump in July. One change allowed companies to claim immediate deductions for some capital investments, rather than spreading them out over several years, while the other permits immediate deductions for new domestic research, instead of spreading them out, according to the report.

Much of the equipment used in data centers qualifies for the immediate deductions on capital investments, and Amazon spent $340 billion on operating costs and capital investments on data centers in the U.S. in 2025, per the report.

Amazon told the WSJ, per the report: “Congress made changes to the tax code to encourage greater investment in the American economy, its innovation and its workers — all areas where Amazon has long been a leader. Due to Amazon’s unprecedented U.S. investments, our tax bill this year reflects those changes.”

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The company added that the accelerated adjustments provide a short-term benefit but don’t change the amount of tax it ultimately pays.

The White House says on a web page about the One Big Beautiful Bill that the legislation incentivizes made-in-America manufacturing by delivering “full 100% expensing for new factories, equipment and machinery to unleash domestic production.”

It was reported in September that AI-related infrastructure spending by Big Tech is expected to surpass $2.8 trillion through 2029 due to early investments by hyperscalers and rising demand for enterprise AI use.

Citigroup, which made these projections, also said it expects capital expenditures among hyperscalers, or data center operators, to reach $490 billion by the end of 2026.

Key Takeaways Barrick posted Q4 adjusted EPS of $1.04, beating estimates, while reported profit rose to $2.4B.B's sales climbed 64.5% to $6.0B as realized gold prices jumped 57.2% despite lower gold output.Barrick ended the quarter with $6.7B cash, lower debt, and generated $2.73B in operating cash flow. Barrick Mining Corporation (B - Free Report) recorded profits (on a reported basis) of $2,406 million or $1.43 per share for fourth-quarter 2025, up from $996 million or 57 cents per share in the year-ago quarter.

Barring one-time items, adjusted earnings per share were $1.04. The figure beat the Zacks Consensus Estimate of 85 cents. 

Barrick recorded total sales of $5,997 million, up 64.5% year over year. The metric beat the Zacks Consensus Estimate of $5,096.9 million. 

B’s Operational HighlightsTotal gold production was 871,000 ounces in the reported quarter, down around 19.4% year over year. The average realized price of gold was $4,177 per ounce in the quarter, up around 57.2%.

The cost of sales increased around 33.3% year over year to $1,904 per ounce. All-in-sustaining costs (AISC) moved up 9% to $1,581 per ounce in the quarter. 

B’s Financial PositionAt the end of the quarter, Barrick had cash and cash equivalents of $6,706 million, up 64.5% from the prior-year quarter. The company’s total debt was $4,703 million at the end of the quarter, down 0.5% year over year. 

The operating cash flow was $2.73 billion for the quarter, whereas the free cash flow was $1.62 billion. 

B’s GuidanceFor 2026, Barrick anticipates attributable gold production to be in the range of 2.90-3.25 million ounces. 

AISC is projected at $1,760-$1,950 per ounce for 2026. Cash costs per ounce are forecast to be $1,330-$1,470. The company also expects to see a cost of sales of $1,870-$2,070 per ounce. 

Barrick expects a copper production of 190,000-220,000 tons at AISC of $3.45-$3.75 per pound, cash costs per ounce of $2.20-$2.45 and cost of sales of $3.05-$3.35 per pound for 2026. 

Barrick’s Price PerformanceB’s shares have gained 156.2% in the past year against the industry’s 128.7% rise.

Image Source: Zacks Investment Research

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

Better-ranked stocks worth a look in the basic materials space include Albemarle Corporation (ALB - Free Report) , Coeur Mining, Inc. (CDE - Free Report)  and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .

Albemarle is slated to report fourth-quarter results on Feb. 11. The Zacks Consensus Estimate for earnings is pegged at a loss of 53 cents. ALB beat the Zacks Consensus Estimate in three of the last four quarters while missing once, with the average earnings surprise being 35.28%. ALB sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. 

Coeur is scheduled to report fourth-quarter results on Feb. 18. The Zacks Consensus Estimate for CDE’s fourth-quarter earnings is pegged at 33 cents. CDE beat the Zacks Consensus Estimate in three of the last two quarters and missed once, with the average earnings surprise being 106.61%. CDE currently sports a Zacks Rank #1. 

Avino Silver is slated to report fourth-quarter results on March 11. The consensus estimate for ASM’s earnings is pegged at 6 cents. ASM, carrying a Zacks Rank #2 (Buy), beats the consensus estimate in each of the last four quarters, with the average earnings surprise being 150%.