Market Signal Briefing

Shares in Denny’s jumped 50% Tuesday after the 71-year-old diner chain — long known for its “Grand Slam” breakfasts and 24/7 service — agreed to go private in a $322 million deal.

The deal is being led by TriArtisan Capital Advisors, a New York-based private equity firm that also owns Chinese food chain PF Chang’s, the parent company of Hooters and burger place TGI Fridays.

Investment firm Treville Capital Group and Yadav Enterprises, one of Denny’s largest franchisees, are working with TriArtisan to buy out the restaurant chain.

Shares in Denny’s jumped 50% Tuesday after the diner chain agreed to go private in a $322 million deal. Getty Images
Stockholders will receive $6.25 a share in cash for each share – a 52% premium compared to its closing stock price on Monday.

Denny’s board of directors has unanimously approved the deal, which is expected to close in the first quarter of 2026.

The company conducted a review of strategic alternatives, reaching out to more than 40 potential buyers and receiving multiple offers, Denny’s Chief Executive Kelli Valade said.

For years, one of Denny’s biggest draws was its 24/7 service – including around-the-clock breakfast favorites.

But it paused those hours during the pandemic.

About a quarter of its 1,600 restaurants have not yet returned to those hours. Denny’s has eased up on the requirement, even though it was a fan-favorite among customers.

Over the past two years, Denny’s has shuttered 180 locations and launched a turnaround effort. scandamerican – stock.adobe.com
It’s also struggling to win over customers stunned by sticker shock, as more Americans choose to eat at home to save on cash.

Over the past two years, Denny’s has shuttered 180 locations and launched a turnaround effort including new menu items and restaurant remodels. 

Same-store sales slid 2.9% in the third quarter, the company said Monday.

Its revenue and earnings figures also missed Wall Street estimates.

Prior to Tuesday’s jump, the stock had fallen about 34% so far this year. It hit a 12-year low in February after a dismal decline in quarterly sales.

Key Takeaways ALL's Q3 EPS estimate of $8.20 is more double the prior-year quarter's reported figure.Growth in policies in force and investment income may drive revenue growth.Catastrophe losses and rising claims may pressure Allstate's underwriting margins.
The Allstate Corporation (ALL - Free Report) is scheduled to release third-quarter 2025 results on Nov. 5, after the closing bell. The Zacks Consensus Estimate for earnings is pegged at $8.20 per share, which has more than doubled from the prior-year quarter’s reported figure. 

The third-quarter earnings estimate has witnessed four upward revisions against no downward movement over the past 30 days. Meanwhile, the consensus mark for revenues is pegged at $17.4 billion, implying 5.9% growth from the year-ago quarter’s figure.

Image Source: Zacks Investment Research

ALL’s Earnings Surprise HistoryAllstate’s bottom line beat estimates in each of the trailing four quarters, the average surprise being 57.67%. This is depicted in the chart below:

What Our Quantitative Model Unveils for ALLOur proven model does not conclusively predict an earnings beat for Allstate this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that’s not the case here, as you see below.

Earnings ESP: Allstate has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

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

Factors Likely to Shape Allstate’s Q3 ResultsAllstate’s revenues are expected to have gained on the back of improved net premiums earned as a result of higher policies in force. Policies in force are likely to have received an impetus from the acquisition of National General and improved direct sales. We estimate net earned premiums to grow 8.3% year over year to $15.5 billion in the third quarter. 

Net investment income is likely to have been driven by higher fixed income yields. The Zacks Consensus Estimate for net investment income is pegged at $832 million, which indicates a 6.3% improvement from the prior-year quarter’s reported figure. 

The Property-Liability segment is likely to have been aided by higher earned premiums, which, in turn, are expected to have stemmed from higher policies in force and new business growth. The consensus mark for the unit’s net premiums earned stands at $14.8 billion, suggesting 7.8% growth from the year-ago quarter’s reported number. 

However, continued incidence of catastrophe losses is expected to have hurt the overall underwriting results of Allstate in the third quarter. Management forecasts pre-tax catastrophe losses to be $558 million in the third quarter. 

The Protection Services segment is expected to have been aided by the strength in Allstate Protection Plans. The Zacks Consensus Estimate for the unit’s revenues is pegged at $899 million, which indicates an 8.1% improvement from the prior-year quarter’s reported figure. We expect the unit’s revenues to rise 7.6% year over year to $895.5 million. 

In the third quarter, underwriting results in the auto insurance and homeowners insurance businesses are expected to improve. 

Additionally, Allstate’s margins are likely to have suffered a blow due to elevated property and casualty insurance claims and claims expenses. We expect the abovementioned cost to increase 2.7% year over year to $10.7 billion.  

Stocks to ConsiderHere are some companies from the insurance space, which according to our model, have the right combination of elements to beat on earnings this time around:

HCI Group, Inc. (HCI - Free Report) has an Earnings ESP of +87.40% and a Zacks Rank of 2 at present. The Zacks Consensus Estimate for HCI’s third-quarter earnings is pegged at $2.35 per share, indicating a fivefold increase from the year-ago quarter’s figure.

HCI Group’s earnings beat estimates in each of the trailing four quarters, the average surprise being 41.70%.

Primerica, Inc. (PRI - Free Report) has an Earnings ESP of +2.27% and a Zacks Rank of 2 currently. The Zacks Consensus Estimate for PRI’s third-quarter earnings is pegged at $5.51 per share, indicating 3% decline from the year-ago quarter’s number.

Primerica’s earnings beat estimates in each of the trailing four quarters, the average surprise being 7.72%.

Essent Group Ltd. (ESNT - Free Report) has an Earnings ESP of +4.20% and a Zacks Rank of 3 currently. The Zacks Consensus Estimate for ESNT’s third-quarter earnings is pegged at $1.75 per share, indicating a 6.1% improvement from the year-ago quarter’s figure.

Essent Group’s earnings beat estimates in two of the trailing four quarters and missed the mark twice, the average surprise being 2.09%.

Information in Investor’s Business Daily is for informational and educational purposes only and should not be construed as an offer, recommendation, solicitation, or rating to buy or sell securities. The information has been obtained from sources we believe to be reliable, but we make no guarantee as to its accuracy, timeliness, or suitability, including with respect to information that appears in closed captioning. Historical investment performances are no indication or guarantee of future success or performance. Authors/presenters may own the stocks they discuss. We make no representations or warranties regarding the advisability of investing in any particular securities or utilizing any specific investment strategies. Information is subject to change without notice. For information on use of our services, please see our Terms of Use.

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Macro tailwinds are blowing for the likes of Lockheed Martin, RTX, and others

Managing Editor

Nov 4, 2025
at 1:13 PM

Defense stocks came out of earnings season unscathed

Subscribers to Chart of the Week received this commentary on Sunday, November 2.

We’re more than halfway through earnings season, yet there’s only one sector out there that’s wrapped up its quarterly reports. Large cap defense contractors have stepped in and out of the earnings confessional, and the results – and long-term conclusions -- are worth unpacking.

Remember the two B’s when talking defense stocks: backlogs and budget. Backlogs signal future revenue potential and long-term stability. Think of it like knowing you have your best players locked up on long-term contracts, the excitement about the team increases, right? All of these companies reported backlogs at or near record-high levels.

Budgets matter and are as apolitical as they come. The total US national defense budget for fiscal year (FY) 2024 was $874 billion. The proposed budget for FY 2026 is over $1 trillion, with the Department of Defense requesting $1.01 trillion. There’s plenty of money to go around.

Unfortunately, it’s a good time to be a defense contractor. You’ve got the Russia-Ukraine conflict slogging on, a shaky ceasefire with Israel and Hamas, persistently icy tensions between China and Taiwan, and a Trump administration content with missile strikes on Venezuelan boats.

It’s no surprise that every name on this table below reported an earnings beat, and all of the War 4 RTX Corp (NYSE:RTX), Lockheed Martin Corp (NYSE:LMT), Northrop Grumman Corp (NYSE:NOC), General Dynamics Corp(NYSE:GD) hiked their full-year outlooks.

Blue chip LMT battling its year-to-date breakeven is interesting, especially as the rest of the sector soars. It’s also interesting that 14 of the 22 brokerages covering the stock maintain “hold” or worse ratings. With the U.S. Golden Dome project looming in 2026, will analysts suddenly change their tune?

Fellow Dow name RTX is consolidating below record highs, a move that’s resulted in new highs in the past.

GD, L3Harris Technologies Inc (NYSE:LHX), and Kratos Defense and Security Solutions Inc (NASDAQ:KTOS) are all on similar paths, with the latter two testing their respective bottom rails. NOC has fallen out of that same uptrend channel.

If you’re looking for exciting contrarian potential, keep moving. Ain’t nobody betting against these guys. Short squeeze potential is nonexistent with these established giants save for KTOS. Plus, there are no 14-Day relative strength indexes (RSI) in overbought or oversold territory.

With quarterly reports out of the way, post-earnings volatility crushes have options premium affordably priced, save for KTOS.

Huntington Ingalls Industries Inc (NYSE:HII) — the largest shipbuilder in the U.S. — gapped higher by nearly 7% on Thursday after a top-line beat and has that same price action as its larger peers. Yet eight of 11 analysts are on the sidelines with “hold” or “sell” ratings. Considering HII’s 12-month price target of $313.59 is a 1.4% discount to its current perch, overdue bull notes could keep the wind at the equity’s back.

Options traders are bearish on two names; GE, and NOC. Their respective 10-day put/call volume ratio of 1.05 and 1.07 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) rank in the 76th and 85th percentile of their annual ranges.

Honeywell’s spinoff of its specialty materials business occurred on Thursday, with the separation of its automation and aerospace arms on track for completion by the second half of 2026.

Factor in the encouraging backlogs across the board, and the U.S’ eagerness to spend on weapons, and there’s a lot to like about defense stocks going forward. But: if everyone is outperforming and has favorable technical setups, then who do you target?

It may feel like a cop out after this deep dive, but the iShares U.S. Aerospace & Defense ETF (ITA) and Global X Defense Tech ETF (SHLD) are up 70% and 82% year to date, respectively, and have exposure to all of the names outlined below.

Sometimes, when an entire sector looks great, and the differences between the players are semantics, you choose them all.

Pretty boring stuff, right? Buy and hold defense stocks through thick and thin? If you’re craving that sweet volatile price action, the outsized moves, let’s talk drones, or unmanned aerial vehicles (UAVs), or electric vertical take-off and landing aircraft (eVTOLs).

Drone demand is a multi-billion opportunity, valued at $15 billion in 2025 and projected to reach $29.8 billion by 2030.

For industry standard AeroVironment Inc (NASDAQ:AVAV) the shares are 10% off their Oct. 9 record high of $417.86, forming a flag pattern above their 30-day moving average. The drone maker won’t report earnings until Dec. 3, has 7% of its total available float sold short, and a buildup of options traders targeting puts.

Drones are the speculative side of defense stocks right now. Northrop and Kratos have invested considerable amounts of cheddar in their aeronautics systems, but if you want to take a big swing on some heavily-shorted names, specialists like AVAV, Joby Aviation (JOBY), Draganfly (DPRO), Red Cat Holdings (RCAT), Archer Aviation (ACHR), ZenaTech (ZENA), and EHang Holdings (EH) are all worth familiarizing with.

But that’s a deeper dive for another time.

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DETROIT — Challenges are mounting for all-electric vehicle manufacturers Rivian Automotive and Lucid Group as the companies try to sell investors on a brighter, more profitable future to come.

But things could get worse before they get better as both automakers are set to report third-quarter results this week, starting with Rivian after the bell Tuesday, followed by Lucid on Wednesday.

Both "pure EV" companies are expected to report notable growths in revenue and narrowed adjusted earnings losses amid record third-quarter U.S. EV sales. But investors are also expecting the manufacturers to give updates on future growth opportunities as well as impacts from more challenging market conditions.

"Both of these are really challenged," RBC Capital Markets analyst Tom Narayan told CNBC during an interview, saying he's cautious about much near-term upside for investors. "To me, it's all about the underlying profitability."

Both automakers have already cut vehicle production guidance due to more challenging market conditions, while Rivian also has negatively changed its adjusted earnings and gross profit expectations for 2025.

EV manufacturers face industrywide issues such as increasing costs due to tariffs and slower forecasted sales of EVs, as well as company-specific problems that include new product challenges, and regulatory changes that are negatively impacting sales and profits, including the end of consumer federal incentives.

Stock Chart IconStock chart icon

Rivian, Lucid and Tesla stocks in 2025

The Trump administration this fall got rid of federal incentives of up to $7,500 for the purchase of an EV. In addition to that, it also ended the practice of fining automakers for failing to meet fuel efficiency rules. That hurts EV manufacturers, which had been counting on selling credits to legacy automakers that could offset some penalties.

Rivian this summer cut its expected earnings from credit sales from $300 million to $160 million. In connection to the change, Rivian also lowered its gross profit guidance for the year to roughly breakeven from a modest profit. It also has conducted layoffs this year to cut costs.

"While we believe deeply in the long-term value drivers of our business, the policy environment continues to be complex and rapidly evolving," Rivian CEO RJ Scaringe said during the company's last quarterly results call in August. "Changes to EV tax credits, regulatory credits, trade regulation and tariffs are expected to have an impact on the results and the cash flow of our business."

Rivian has maintained that it has enough cash to get it through the launch of its new "R2" product during the first half of next year, but the ongoing changes don't assist the company by any means.

Tariffs are hitting the automaker to the tune of "a couple thousand dollars per unit" this year, Rivian has said. Lucid also said tariff costs are hurting its profit margins this year, including $54 million during the second quarter.

"We expect the loss of the credit to be a headwind for the market in the coming quarters. Our prior elasticity of demand analysis implied that the loss of IRA [Inflation Reduction Act] credits could equate to a double-digit percent headwind to industry volumes, all else equal," Goldman Sachs analyst Mark Delaney said in an Oct. 3 investor note on Rivian and Tesla.

Tesla, which has also sold automotive regulatory credits, reported revenue from those credits in the third quarter fell 44% to $417 million from $739 million.

Pull ahead, Q3 resultsThe third quarter is expected to be the peak of EV sales for the foreseeable future, as customers rushed to purchase new models ahead of the federal credits ending in September.

As a result, the companies are expected to spend more time touting future products and technology opportunities to investors during their third-quarter calls this week rather than their near-term core businesses of producing and selling EVs.

"It remains to be seen how long the EV hangover will last in the US, though we suspect 3Q EV penetration will likely be the highest mark for quite some time," Barclays analyst Dan Levy said in an Oct. 13 investor note.

Rivian last month reported vehicle deliveries of 13,201 vehicles during the third quarter, a 32% increase from a year earlier.  Lucid reported deliveries of 4,078 units, up 47% from 2,781 units from the third quarter of 2024.

Even with an uptick in sales, both companies are expected to report notable losses, albeit narrowed from a year ago and smaller than the second quarter.

Rivian is expected to report an adjusted earnings per share loss of 72 cents on revenue of $1.5 billion, based on average analysts' estimates compiled by LSEG. That would compare to an adjusted EPS loss of 99 cents on revenue of $874 million a year earlier.  

When reporting its second-quarter results, Rivian said it expected its adjusted core loss to be between $2 billion and $2.25 billion this year, compared with $1.7 billion to $1.9 billion previously forecast. Analysts also have expressed concerns about Rivian's previous goal to be profitable on an earnings before interest, taxes, depreciation, and amortization basis by 2027.

Lucid is expected to report a $2.27 adjusted EPS loss for the third quarter, down from $2.80 a year earlier (based on recalculated results following a reverse stock split), on a roughly 90% increase in revenue to $379.1 million, according to LSEG.

Narayan and other analysts have largely focused on improvements in the gross profits of the companies as proof of progress. Such results are a key indicator of a business's profitability before operating expenses, interest, and taxes deductions.

"[Investors] will want to see what that gross profit number is in Q3, but they also have a high bar to pass over with where consensus already is," Narayan said.

Rivian is expected to report a gross loss of $39 million during the third quarter, according to average estimates compiled by FactSet. Lucid, meanwhile, is expected to report a $255 million gross loss, according to the estimates.

Shares of Rivian are off less than 5% this year, while Lucid's stock is off roughly 45%, including a 1-for-10 reverse stock split in September.

Product and tech promisesBoth Rivian and Lucid have tried to sell investors on the success of their future vehicles as well as technologies to save the companies from continued losses.

Rivian's future heavily relies on its new "R2" vehicles that are expected to begin production for customers the first half of next year. The roughly $45,000 midsize vehicle, per Rivian, is expected to cut build material costs in half, reduce production complexity and significantly grow demand and sales.

"I'm more bullish on this vehicle than any product we've developed. I believe that the product market fit is incredible. The packaging, the technology and overall value proposition set R2 up for meaningful share," Scaringe said in August.

However, the R2 will launch in a challenging market ripe with plenty of vehicle competition — many of which are expected to have longer EV ranges at a similar, if not lower, price.

Barclay's Levy earlier this year did an analysis of the potential total addressable market of the R2, questioning the company's bullishness on the product amid "risks" of weaker expected U.S. EV demand, additional costs and a more competitive market.

Narayan and other analysts also have questioned the company's sales targets for the vehicle: "It's a very competitive market, and you have this EV slowdown in full effect. What are the volumes they're going to get on R2 going up against all this competition? … [General Motors] can barely get to hundreds of thousands," Narayan said in the interview.

Rivian also has touted its potential for revenue with new technologies, such as the $5.8 billion deal it struck with Volkswagen for its software and electrical architecture.

Rivian has said the next generation of technology also is expected to help it become a leader in advanced driver-assistance systems, or ADAS, despite the automaker trailing many other systems.

The story is similar at Lucid. The company has placed significant importance on the launch of its Gravity SUV, which Lucid has described as challenging, as well as a future midsize vehicle platform to broaden its market reach.

"We are not simply building electrical vehicles. We are pushing the boundaries of what EVs can be," Lucid interim CEO Marc Winterhoff said during the company's second-quarter call in August. "From the record-breaking performance and efficiency of the Lucid Air to the game-changing Lucid Gravity, to our upcoming midsize platform, our technology continues to redefine what's possible."

More recently, Lucid also has touted future ADAS technologies and the potential of personal autonomous vehicle capabilities as part of its future, despite a history of underwhelming capabilities in its current luxury models.

Lucid signed a $300 million deal with Uber in July that included the ride-hailing platform acquiring and deploying more than 20,000 Lucid Gravity SUVs that will be equipped with autonomous vehicle technology from startup Nuro over the next six years.

Other topics investors will be watching include any updates to Rivian's timeline for its R2 production or Lucid's production of the Gravity SUV as well as cash flows and profitability outlooks for both companies.

"We are not where we want to be with Lucid Gravity production relative to our target at this point in the year," Winterhoff said in August. "We believe we will significantly increase production [in] the second half of the year."

Key Takeaways Civitas Resources is slated to release Q3 2025 results on Nov. 6, with earnings estimated at $1.36 per share.Revenues are projected to fall 6.9% year over year, reflecting weaker volumes and asset sales.CIVI targets cost savings of $40M in 2025 and $100M in 2026 from efficiency and new transport initiatives.
Civitas Resources, Inc. (CIVI - Free Report) is set to release third-quarter 2025 results on Nov. 6. The Zacks Consensus Estimate for earnings is pegged at $1.36 per share on revenues of $1.2 billion.

Let us delve into the factors that are likely to have influenced the oil and gas producer’s performance in the to-be-reported quarter. But it is worth taking a look at Civitas Resources’ previous-quarter performance first.

Highlights of CIVI’s Q2 Earnings & Surprise HistoryIn the last reported quarter, this Denver, CO-based independent oil and gas company missed the consensus mark due to lower oil price realizations. Civitas Resources reported adjusted earnings per share of 99 cents, which missed the Zacks Consensus Estimate of $1.12.  Also, the company’s quarterly revenues of $1.1 billion missed the consensus estimate by 5.2%.

CIVI’s earnings beat the Zacks Consensus Estimate in two of the last four quarters and missed in two, resulting in a negative surprise of 2%, on average. This is depicted in the graph below:

CIVI’s Trend in Estimate RevisionThe Zacks Consensus Estimate for the third-quarter bottom line has been revised 2.3% upward in the past seven days. The estimated figure indicates a 31.7% year-over-year decline. The consensus estimate for revenues indicates a 6.9% decrease from the year-ago period.

Factors to Consider Ahead of CIVI’s Q3 ResultsCIVI's total revenues are expected to have suffered in the quarter to be reported. The company operates in two highly productive U.S. regions: the Denver-Julesburg (DJ) Basin in Colorado and the Permian Basin, which stretches across Texas and New Mexico.

The Zacks Consensus Estimate projects third-quarter revenues to decrease from the year-ago quarter’s $1.3 billion. With the sale of the DJ Basin assets, the company’s production volumes are expected to have decreased. For the second quarter, CIVI reported a year-over-year decline in earnings per share, and this trend is likely to continue in the to-be-reported quarter.

On a positive note, CIVI is targeting $40 million in cost savings in 2025 and $100 million in 2026, driven by efficiency initiatives, improved oil differentials from new transportation agreements, and sequentially lower lease operating and general and administrative costs.

What Does Our Model Predict for CIVI?The proven Zacks model does not conclusively predict an earnings beat for Civitas Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here.

Earnings ESP of CIVI: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -1.84%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

CIVI’s Zacks Rank: CIVI currently carries a Zacks Rank of 4 (Sell).

Stocks With the Favorable CombinationHere are some firms from the energy space, which, according to our model, have the right combination of elements to post an earnings beat this reporting cycle.

Canadian Natural Resources Limited (CNQ - Free Report) currently has an Earnings ESP of +1.55% and sports a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.

CNQ is scheduled to release earnings on Nov. 6. Notably, the Zacks Consensus Estimate for Canadian Natural’s 2025 revenues indicates 5.2% year-over-year growth. Valued at around $66.8 billion, the company’s shares have lost 6.7% in a year.

Delek US Holdings, Inc. (DK - Free Report) has an Earnings ESP of +98.57% and a Zacks Rank of 3 at present. DK is slated to release earnings on Nov. 7.

Notably, the Zacks Consensus Estimate for Delek US Holdings' 2025 earnings per share indicates 36.4% year-over-year growth. Valued at around $2.3 billion, the company’s shares have soared 145.1% in a year.

Granite Ridge Resources, Inc. (GRNT - Free Report) currently has an Earnings ESP of +3.70% and a Zacks Rank of 3. It is scheduled to release earnings on Nov. 6.

The Zacks Consensus Estimate for Granite Ridge’s 2025 earnings per share indicates 8.8% year-over-year growth. Valued at around $693 million, the company’s shares have lost 10.9% in a year.

Martin Marietta Materials, Inc. (MLM) Q3 2025 Earnings Call November 4, 2025 10:00 AM EST

Company Participants

Jacklyn Rooker - Director of Investor Relations
C. Nye - Chairman, CEO & President
Michael Petro - Senior VP & CFO

Conference Call Participants

Kathryn Thompson - Thompson Research Group, LLC
Trey Grooms - Stephens Inc., Research Division
Anthony Pettinari - Citigroup Inc., Research Division
Philip Ng - Jefferies LLC, Research Division
Esther Osinaiya - Morgan Stanley, Research Division
Adam Thalhimer - Thompson, Davis & Company, Inc., Research Division
Garik Shmois - Loop Capital Markets LLC, Research Division
Keith Hughes - Truist Securities, Inc., Research Division
Andrew Maser - Stifel, Nicolaus & Company, Incorporated, Research Division
David S. MacGregor - Longbow Research LLC
Michael Dudas - Vertical Research Partners, LLC
Ivan Yi - Wolfe Research, LLC
Judah Aronovitz - UBS Investment Bank, Research Division

Presentation

Operator

Ladies and gentlemen, welcome to Martin Marietta's Third Quarter 2025 Earnings Conference Call.

[Operator Instructions] As a reminder, today's call is being recorded and will be available for replay on the company's website. I will now turn the call over to your host, Ms. Jacklyn Rooker, Martin Marietta's Vice President of Investor Relations.

Jacklyn, you may begin.

Jacklyn Rooker
Director of Investor Relations

Good morning. And thank you for joining Martin Marietta's Third Quarter 2025 Earnings Call.

With me today are Ward Nye, Chair and Chief Executive Officer; and Michael Petro, Senior Vice President and Chief Financial Officer.

As a reminder, today's discussion may include forward-looking statements as defined by United States securities laws. These statements relate to future events, operating results or financial performance and are subject to risks and uncertainties that could cause actual results to differ materially.

Martin Marietta undertakes no obligation to publicly update or revise any forward-looking statements, except as legally required, whether due to new information, future developments or otherwise. For additional details, please refer to the legal

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Q3: 2025-11-03 Earnings SummaryEPS of $0.35 beats by $0.04

 |

Revenue of

$866.58M

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misses by $10.80M

Crescent Energy Company (CRGY) Q3 2025 Earnings Call November 4, 2025 11:00 AM EST

Company Participants

David Rockecharlie - CEO & Director
Brandi Kendall - CFO, Investor Relations & Director

Conference Call Participants

Reid Gallagher
Neal Dingmann - William Blair & Company L.L.C., Research Division
John Freeman - Raymond James & Associates, Inc., Research Division
Timothy Rezvan - KeyBanc Capital Markets Inc., Research Division
Michael Scialla - Stephens Inc., Research Division
John Abbott - Wolfe Research, LLC
Michael Furrow - Pickering Energy Partners LP
Hsu-Lei Huang - Tudor, Pickering, Holt & Co. Securities, LLC, Research Division

Presentation

Operator

Greetings, and welcome to the Crescent Energy Q3 2025 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Reid Gallagher, Investor Relations. Thank you. You may begin.

Reid Gallagher

Good morning, and thank you for joining Crescent's Third Quarter 2025 Conference Call. Today's prepared remarks will come from our CEO, David Rockecharlie; and our CFO, Brandi Kendall, the Chief Operating Officer and Executive Vice President of Investment will also be available during the Q&A.

Today's call may contain projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties, including commodity price volatility, global geopolitical conflict, our business strategies and other factors that may cause actual results to differ from those expressed or implied in these statements and our other disclosures. We have no obligation to update any forward-looking statements after today's call. In addition, today's discussion may include disclosure regarding non-GAAP financial measures. For a reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP measure, please reference our 10-Q and earnings press release available under the Investors section on our website.

With that, I'll hand it over to David.

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$379.13M

(11.38% Y/Y)

misses by $130.61M

ONE Gas, Inc. (OGS) Q3 2025 Earnings Call November 4, 2025 11:00 AM EST

Company Participants

Erin Dailey
Robert McAnnally - President, CEO & Director
Christopher Sighinolfi - Senior VP & CFO
Curtis Dinan - Senior VP & COO

Conference Call Participants

Julien Dumoulin-Smith - Jefferies LLC, Research Division
David Arcaro - Morgan Stanley, Research Division
Gabriel Moreen - Mizuho Securities USA LLC, Research Division
William Appicelli - UBS Investment Bank, Research Division
Selman Akyol - Stifel, Nicolaus & Company, Incorporated, Research Division

Presentation

Operator

Good day, and welcome to ONE Gas Third Quarter Earnings Conference Call. Today's conference is being recorded. And at this time, I would like to turn the conference over to Erin Dailey. Please go ahead, Ms. Dailey.

Erin Dailey

Thank you, Elliot. Good morning, and thank you for joining us on our third quarter 2025 earnings conference call. This call is being webcast live, and a replay will be available later today. After our prepared remarks, we're happy to take your questions.

Statements made during this call that might include ONE Gas expectations or predictions should be considered forward-looking statements and are covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933 and the Securities and Exchange Act of 1934, each as amended.

Actual results could differ materially from those projected in any forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings.

Joining me on the call this morning are Sid McAnnally, President and Chief Executive Officer; Chris Sighinolfi, Senior Vice President and Chief Financial Officer; and Curtis Dinan, Senior Vice President and Chief Operating Officer.

And now I'll turn the call over to Sid.

Robert McAnnally
President, CEO & Director

Good morning. We appreciate your interest in ONE

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LOS ANGELES, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP reminds investors of the upcoming November 18, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired KBR, Inc. (“KBR” or the “Company”) (NYSE: KBR) securities between May 6, 2025 and June 19, 2025, inclusive (the “Class Period”).

IF YOU SUFFERED A LOSS ON YOUR KBR INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.

What Happened?
On June 19, 2025, KBR’s joint venture, HomeSafe Alliance (“HomeSafe”) announced that it had received a notice from the U.S. Department of Defense’s Transportation Command (TRANSCOM) terminating its multibillion-dollar Household Goods contract “for cause due to [HomeSafe’s] demonstrated inability to fulfill their obligations and deliver high quality moves to Service members.”

On this news, KBR’s stock price fell $3.85, or 7.3%, to close at $48.93 per share on June 20, 2025, thereby injuring investors.

What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Despite the knowledge that TRANSCOM had, for months, had material concerns with HomeSafe’s ability to fulfill the Global Household Goods Contract, Defendants claimed that the partnership was without issue, and would ramp up in future quarters; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired KBR securities during the Class Period, you may move the Court no later than November 18, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email:  [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.

E-commerce software provider Shopify is bullish on AI-powered shopping agents, citing AI as an “incredible tool” to enable more entrepreneurs and calling it the “biggest shift in technology since the internet” during its third-quarter earnings call. The company, which partnered with ChatGPT maker OpenAI in September, reported that traffic from AI tools to its online stores is up seven times since January of this year, and purchases attributed to AI-powered search have increased by 11 times.

According to Shopify President Harley Finkelstein, the company’s advantage in the AI era comes from its ability to access the data from millions of merchants and billions of transactions, and its “founder mode” mentality to ship products quickly.

This also includes its internal tools, like Scout, which uses AI to help Shopify employees search hundreds of millions of pieces of merchant feedback to make better product decisions.

“And Scout is just one of many tools we’re developing to turn our own signals, whether it’s support tickets, usage data, reviews, social interactions, or even Sidekick prompts, into fast, informed decisions,” Finkelstein said on the call. “If you take away one thing from this call, let it be this: AI is not just a feature at Shopify. It is central to our engine that powers everything we build.

In addition to ChatGPT, Shopify is working with Perplexity and Microsoft Copilot on other in-chat shopping experiences. A recent Shopify survey found that 64% of shoppers said they’re “likely” to use AI to some extent when making purchases.

“We’ve been building and investing in this infrastructure to make it really easy to bring shopping into every single AI conversation,” Finkelstein said. “The fact that we’re already working with the leaders in the space should, I think, be a testament to the fact that we want to make sure merchants on Shopify are better prepared than those that are not. It’s still obviously very, very early,” he continued. “But what we’re really trying to do is lay the rails for agentic commerce.”

While the company is currently focused on building connections with AI agents, it’s also prepared for the fact that there will be “different permutations” of how agentic commerce will evolve, Finkelstein also noted, which means it needs to be ready for “whichever path wins.”

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“That was the same thing when social commerce started to get a lot of attention, or when [people realized it wasn’t] e-commerce versus physical commerce but . . . this idea of commerce everywhere,” he added.

Separately, Shopify’s Q3 financial results showed revenue up 32% to $2.84 billion, ahead of estimates, and profit of $264 million, or 20 cents per share. However, the stock sagged on news that the company’s operating income of $434 million had missed estimates of $437 million.

Sarah has worked as a reporter for TechCrunch since August 2011. She joined the company after having previously spent over three years at ReadWriteWeb. Prior to her work as a reporter, Sarah worked in I.T. across a number of industries, including banking, retail and software.

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Western Digital (WDC - 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.

The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this maker of hard drives for businesses and personal computers, 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.

Consensus earnings estimates for the next quarter and full year have moved considerably higher for Western Digital, as there has been strong agreement among the covering analysts in raising estimates.

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

12 Month EPS

Current-Quarter Estimate RevisionsThe earnings estimate of $1.85 per share for the current quarter represents a change of +4.5% from the number reported a year ago.

Over the last 30 days, the Zacks Consensus Estimate for Western Digital has increased 8.28% because two estimates have moved higher compared to no negative revisions.

Current-Year Estimate RevisionsFor the full year, the earnings estimate of $7.06 per share represents a change of +43.2% from the year-ago number.

In terms of estimate revisions, the trend for the current year also appears quite encouraging for Western Digital. Over the past month, three estimates have moved higher compared to no negative revisions, helping the consensus estimate increase 5.71%.

Favorable Zacks RankThe promising estimate revisions have helped Western Digital earn a Zacks Rank #1 (Strong 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 LineWestern Digital shares have added 26.1% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.

FormFactor (FORM - Free Report) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company.

Analysts' growing optimism on the earnings prospects of this integrated circuits diagnostic 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 -- is principally built on this insight.

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.

Consensus earnings estimates for the next quarter and full year have moved considerably higher for FormFactor, as there has been strong agreement among the covering analysts in raising estimates.

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

12 Month EPS

Current-Quarter Estimate RevisionsThe earnings estimate of $0.34 per share for the current quarter represents a change of +25.9% from the number reported a year ago.

Over the last 30 days, three estimates have moved higher for FormFactor compared to no negative revisions. As a result, the Zacks Consensus Estimate has increased 28.95%.

Current-Year Estimate RevisionsFor the full year, the earnings estimate of $1.15 per share represents a change of 0.0% from the year-ago number.

In terms of estimate revisions, the trend for the current year also appears quite encouraging for FormFactor. Over the past month, five estimates have moved higher compared to no negative revisions, helping the consensus estimate increase 16.11%.

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

Bottom LineFormFactor shares have added 32.5% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.

Key Takeaways CNQ is set to report Q3 earnings of 54 cents per share on estimated revenues of $6.7 billion.Higher Oil Sands output and new Montney assets may have lifted Q3 production volumes.Rising North Sea, Offshore Africa and Oil Sands expenses could weigh on quarterly profit.
Canadian Natural Resources Limited (CNQ - Free Report) is set to release third-quarter results on Nov. 6. The Zacks Consensus Estimate for earnings is pegged at 54 cents per share on revenues of $6.7 billion.

Let us delve into the factors that might have influenced CNQ’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter.

Highlights of CNQ’s Q2 Earnings & Surprise HistoryIn the last reported quarter, the Calgary-based oil and gas equipment and services company beat the consensus mark, but decreased from 64 cents in the year-ago quarter due to lower realized oil and natural gas liquid prices. CNQ reported adjusted earnings per share of 51 cents, beating the Zacks Consensus Estimate of 44 cents. Total revenues of $6.3 billion beat the Zacks Consensus Estimate by $5 million. The company’s earnings beat the Zacks Consensus Estimate thrice in the trailing four quarters and missed in one, delivering an average surprise of 7.1%. This is depicted in the chart below:

Trend in CNQ’s Estimate RevisionThe Zacks Consensus Estimate for third-quarter 2025 earnings has not witnessed any movement in the past seven days. The estimated figure indicates a 23.9% year-over-year decrease. The Zacks Consensus Estimate for revenues implies a 2.2% increase from the year-ago period.

Factors to Consider Ahead of CNQ’s Q3 ResultsIn July 2025, Canadian Naturals’ Oil Sands Mining and Upgrading production increased considerably, with upgrader utilization of 106%, and the company expects the second half of 2025 to continue to deliver strong operating results. During the third quarter, CNQ closed an acquisition of liquids-rich Montney assets located in the Grand Prairie area and the acquired assets are expected to have provided opportunities for synergies and further add to the production volumes. CNQ’s revenues are likely to have improved in the quarter to be reported. The Zacks Consensus Estimate predicts third-quarter revenues to increase from the year-ago quarter’s $6.5 billion.

On a bearish note, Canadian Natural is set to face debt maturities each year out till 2027, exposing it to refinancing risk at a time of unpredictable commodity prices. Additionally, the bottom line in the to-be-reported quarter of the company may get affected due to the rising expenses in the North Sea, Offshore Africa and Oil Sands Mining segments. Our model predicts third-quarter North Sea expenses to rise to $176.9 million from the year-ago quarter’s level of $137 million. The Offshore Africa expenses are anticipated to have increased sequentially to $144.1 million from the previous quarter’s level of $23 million. The Oil Sands Mining expenses are expected to have increased to $2,520.7 million from the year-ago level of $2,306 million.

What Does Our Model Predict for CNQ?Our proven Zacks model predicts an earnings beat for CNQ this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is exactly the case here.

Earnings ESP of CNQ: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is +1.55%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

CNQ’s Zacks Rank: CNQ currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Other Stocks With the Favorable CombinationHere are some other firms from the energy space that you may want to consider, as these too have the right combination of elements to post an earnings beat this reporting cycle.

Northern Oil and Gas, Inc. (NOG - Free Report) currently has an Earnings ESP of +1.83% and a Zacks Rank of 3.

NOG is scheduled to release earnings on Nov. 6. Notably, the Zacks Consensus Estimate for Northern Oil and Gas’ 2025 revenues indicates 4% year-over-year growth. Valued at around $2.2 billion, the company’s shares have lost 39.1% in a year.

Delek US Holdings, Inc. (DK - Free Report) has an Earnings ESP of +98.57% and a Zacks Rank of 3 at present. DK is slated to release earnings on Nov. 7.

Notably, the Zacks Consensus Estimate for Delek US Holdings’ 2025 earnings per share indicates 36.4% year-over-year growth. Valued at around $2.3 billion, the company’s shares have soared 145.1% in a year.

Granite Ridge Resources, Inc. (GRNT - Free Report)  currently has an Earnings ESP of +3.70% and a Zacks Rank of 3. It is scheduled to release earnings on Nov. 6.

The Zacks Consensus Estimate for Granite Ridge’s 2025 earnings per share indicates 8.8% year-over-year growth. Valued at around $693 million, the company’s shares have lost 10.9% in a year.

Key Takeaways Rockwell Automation will report 4Q25 results on Nov. 6 before market open.Estimates indicate $2.94 EPS and $2.21B in sales, suggesting 19% and 8.7% y/y rallies.Price actions and supply-chain optimization are likely to have supported ROK's Q4 margins.
Rockwell Automation Inc. ((ROK - Free Report) ) is scheduled to report fourth-quarter fiscal 2025 results on Nov. 6, before the opening bell.

The Zacks Consensus Estimate for Rockwell Automation’s earnings has moved 1% north in the past 60 days to $2.94 per share. The consensus mark implies 19% growth from the year-ago actual. The consensus estimate for sales is pegged at $2.21 billion, indicating an 8.7% year-over-year rise.

Image Source: Zacks Investment Research

ROK’s Earnings Surprise HistoryRockwell Automation’s earnings beat the Zacks Consensus Estimates in the trailing four quarters, the average surprise being 9.7%.

Image Source: Zacks Investment Research

What the Zacks Model Indicates for Rockwell AutomationOur model predicts an earnings beat for ROK this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is precisely the case here.

Earnings ESP: Rockwell Automation has an Earnings ESP of +1.51%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

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

Factors Likely to Have Shaped ROK’s Q4 PerformanceRockwell Automation reported negative 7.6% organic growth in first-quarter fiscal 2025 and negative 4% in the second quarter of fiscal 2025 due to lower sales volumes across all the company’s segments. Organic growth improved to 4% in the fiscal third quarter, driven by growth in the Software & Control, and Intelligent Devices segments.

Rockwell Automation will continue to benefit from price increase actions to mitigate the impacts of inflationary pressures, which are likely to improve margins. ROK plans to mitigate tariff costs through pricing actions and supply-chain optimization. These tailwinds are likely to have aided growth in the to-be-reported quarter.

Our model, thus, predicts an organic sales improvement of 5.9% for the quarter.

However, the manufacturing sector remained in contraction through the quarter, as reflected in the Institute for Supply Management’s manufacturing index with a 48% reading in July, 48.7% in August and 49.1% in September. The New Orders Index also remained below 50% throughout this period.

Customers have been pulling in orders due to anxiety about continued tariffs and pricing pressures. The impacts of this trend are also likely to get reflected in ROK’s order levels in the quarter under review.

ROK has faced margin headwinds in recent quarters, including higher logistics prices due to increased energy prices and constrained air freight lanes. Additionally, increased spending on talent and growth, an unfavorable mix, and currency are expected to have impacted its margins. The combination of lower sales and elevated costs is anticipated to have led to a decline in its earnings in the quarter.

Q4 Expectations for Rockwell Automation’s SegmentsWe expect the Intelligent Devices segment’s fiscal fourth-quarter sales to improve 3.7% year over year to $981 million. Our prediction for the segment’s operating profit is $197.5 million, indicating a year-over-year rise of 1.1%.

Our model predicts sales of $596 million for the Software & Control segment, indicating 18.8% growth from the prior year’s actual. The segment’s operating profit is pinned at $135 million, which implies a 20.3% plunge from the year-ago quarter’s reported figure.

We expect the Lifecycle Services segment’s sales to be $620 million, indicating 5.5% growth from the prior-year period’s actual. The estimate for the segment’s operating profit is pegged at $138 million, indicating a 35.1% increase from the year-ago quarter’s reported figure.

ROK Stock’s Price PerformanceIn the past year, Rockwell Automation’s shares have gained 40.1% compared with the industry’s 32.4% rally.

Image Source: Zacks Investment Research

Other Stocks That Warrant a LookHere are some other companies with the right combination of elements to post an earnings beat in their upcoming releases.

Lyft, Inc. ((LYFT - Free Report) ), expected to release earnings on Nov. 5, currently has an Earnings ESP of +5.50% and a Zacks Rank of 2.

The consensus estimate for Lyft’s earnings for the third quarter of 2025 is pegged at 30 cents per share, indicating year-over-year growth of 3.5%. LYFT has a trailing four-quarter average surprise of 15.8%.

BILL Holdings, Inc. ((BILL - Free Report) ), slated to release first-quarter fiscal 2026 results on Nov. 6, has an Earnings ESP of +0.85% and a Zacks Rank of 2 at present.

The Zacks Consensus Estimate for BILL Holdings’ first-quarter 2026 earnings is pegged at 51 cents per share, suggesting a year-over-year dip of 19.1%. BILL has a trailing four-quarter average surprise of 28%.

Allient Inc. ((ALNT - Free Report) ) is scheduled to release third-quarter 2025 results on Nov. 5. It has an Earnings ESP of +8.00% and a Zacks Rank of 3 at present.

The Zacks Consensus Estimate for Allient’s third-quarter 2025 earnings is pegged at 50 cents per share, suggesting a year-over-year rise of 61.3%. Allient has a trailing four-quarter average surprise of 31.3%.

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Institutional investors are significantly accumulating XRP and Solana while offloading their Bitcoin holdings. This comes amid the launch of the new altcoin ETFs in the United States (U.S.), which provide spot exposure to these coins. 

Institutions Buy XRP And Solana While Dumping Bitcoin
A CoinShares report showed that institutional investors bought XRP and Solana while offloading BTC. The SOL funds recorded $421 million in inflows, the second largest on record, thanks to the launch of the U.S. spot Solana ETFs. XRP funds also recorded inflows of $43.2 million. Meanwhile, the Bitcoin ETFs recorded an outflow of $946 million. Notably, BTC was the only crypto asset to record an outflow. 

CoinShares noted that the outflows from the Bitcoin ETFs were likely due to Fed Chair Jerome Powell’s hawkish speech following the FOMC meeting. The Fed Chair stated that a December rate cut was far from certain, which sparked market uncertainty. Meanwhile, the XRP and Solana funds have recorded these inflows amid the launch of the new altcoin ETFs. 

Source: Chart from CoinShares
Bitwise and Grayscale Solana ETFs launched last week and had strong inflows in their first week. SoSoValue data shows that these SOL funds recorded a total weekly net inflow of almost $200 million. Meanwhile, the U.S. spot Bitcoin ETFs saw a weekly net outflow of nearly $800 million. 

Bloomberg analyst Eric Balchunas revealed that Bitwise’s Solana ETF led all crypto ETFs in weekly flows last week. This included BlackRock’s Bitcoin ETF, which he noted had a “rough week.” This also contributed to the significant decline in BTC’s price, which failed to break above the psychological $110,000 level last week. 

XRP ETFs Expected To Launch Soon
Optimism for XRP is also high at the moment, as a spot XRP ETF could launch by November 13. Asset manager Canary Capital has updated its S-1 filing to remove a delay amendment, which allows it to launch on November 13. This is expected to boost inflows into the XRP ecosystem, especially with the firm’s CEO, Steve McClurg, predicting that XRP funds could attract between $5 and $10 billion in their first month. 

It is worth mentioning that Grayscale and Bitwise have also filed amendments for their respective XRP ETFs and could launch shortly after Canary Capital’s XRP ETF goes live. These issuers are looking to take a similar route to the one they took to launch the Solana ETFs. Balchunas noted that the XRP ETF issuers didn’t have back-and-forth comments with the SEC as the Solana ETF issuers did. However, he added that it was worth a try. 

It remains to be seen where the XRP ETFs will rank alongside the Bitcoin, Ethereum, and Solana ETFs. Market expert Nate Geraci expects them to see significant demand, given the demand XRP has enjoyed among institutional investors through CME futures and futures ETFs.

XRP trading at $2.23 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com

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The selloff was driven by heavy volume and over $1.4 billion in long position liquidations, pushing TON through several support zones. Nov 4, 2025, 4:43 p.m.

TON$1.9346 fell sharply over the last 24-hour period, breaking below the key $2 level amid a broader crypto market downturn that saw the CoinDesk 20 (CD20) index retreat 2.57%.

The token dropped 5.5% to $1.97, with volume surging 89% above daily averages.

STORY CONTINUES BELOW

Traders pushed TON through several support zones before it found footing near $1.92, according to CoinDesk Research's technical analysis data model.

The price action came during a broader downturn in crypto markets. Bitcoin BTC$102,675.54 dropped below $102,800, its lowest level since June, as over $1.4 billion in long positions were liquidated across the market, according to CoinGlass, intensifying downward pressure.

The drop triggered a spike in intraday volatility, with the price swinging across an 11.8% range.

TON subsequently showed signs of stabilizing with the price pushed back toward $1.99 on elevated volume. That V-shaped recovery, while modest, suggests interest may still be intact, though the token has since slumped to $1.97.

Traders are now watching the $2 level closely. A sustained move back above that line could shift momentum, but pressure remains high with scrutiny on major TON holders.

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

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What to know:

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HBAR slid 4.2% as heavy technical selling erased ETF-driven gains, with traders prioritizing short-term chart signals over long-term optimism.Updated Nov 4, 2025, 4:50 p.m. Published Nov 4, 2025, 4:50 p.m.

HBAR declined 4.2% in the 24-hour period ending Nov. 4, sliding from session peaks of $0.181 to close at $0.173 as technical selling overwhelmed recent ETF momentum.

The sell-off carved out clear bearish structure with lower highs and lower lows across the session.

STORY CONTINUES BELOW

HBAR traded within a $0.0131 range representing 7.4% volatility. The heaviest selling hit at 05:00 GMT with 171.0 million tokens changing hands—84% above the 24-hour moving average—as prices broke from $0.1775 to $0.1703 and confirmed resistance at $0.1783.

Recent 60-minute data showed HBAR entering volatile two-phase trading. Initial selling pressure drove prices from $0.1755 to $0.1726, followed by a recovery attempt to $0.1763 before renewed distribution pushed prices to session lows of $0.1721. The failure to hold above $0.1740 support signaled broader bearish control despite bounce attempts.

HBAR/USD (TradingView)

Key Technical Levels Signal Consolidation Risk for HBARPrimary support holds at $0.1700 psychological level, with resistance confirmed at $0.1783 after multiple rejection attempts.Volume activity runs 28.69% above 7-day average but remains below 30-day threshold, suggesting routine distribution rather than institutional buying.Downtrend structure forms with lower highs and lower lows, and the $0.1740 support break confirms a bearish momentum shift.Immediate resistance is at $0.1750, with downside risk extending toward $0.1700 support aligned with the previous 24-hour consolidation zone.Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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In 2025, Zcash evolved from niche privacy tech into a functioning encrypted-money network:

Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.View Full Report

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Toncoin Falls Below $2 as Broader Market Conditions Weigh on Price

10 minutes ago

The selloff was driven by heavy volume and over $1.4 billion in long position liquidations, pushing TON through several support zones.

What to know:

Toncoin (TON) fell 5.5% to $1.97, breaking below the key $2 level, amid a broader crypto market downturn.The selloff was driven by heavy volume and over $1.4 billion in long position liquidations, pushing TON through several support zones.TON showed signs of stabilizing with a modest recovery, but pressure remains high, with traders watching the $2 level for a potential shift in momentum.Read full story

Nasdaq-listed Sequans sold 970 bitcoins, cutting its bitcoin reserves to 2,264 BTC and halving its debt load.

The crypto market experienced a major shake-up on Monday as Bitcoin, Ethereum, and Solana prices tumbled between 5% and 10%, leading to over $1.27 billion in leveraged futures liquidations. The sudden downturn erased billions in bullish bets, signaling one of the largest liquidation events in recent months.

Ripple’s latest acquisition has firmly positioned the company within the heart of the US financial market, expanding its influence in the country and drawing attention to the XRP price. The new US-based spot prime brokerage firm, Ripple Prime, signals a pivotal moment not only for Ripple’s ecosystem but for the future of XRP. As analysts weigh in on this groundbreaking launch, attention is shifting to how this new development could redefine XRP’s role within institutional trading, liquidity, and settlement. 

XRP Price In Focus After Ripple Prime US Launch
In an X social media post on Monday, crypto analyst Pumpius announced that Ripple Prime is officially live in the US following the recent acquisition of Hidden Road in October. Through its newly launched Ripple Prime platform, the crypto company has formally entered Wall Street’s playing field, marking a bold step into mainstream financial markets.

By using Ripple Prime, institutional investors in the US will be able to execute Over-the-Counter (OTC) Spot transactions across major digital assets and stablecoins, including XRP and RLUSD for the first time. Pumpius asserted that this is not a pilot program or limited rollout, but Ripple’s full-scale institutional entry into the US financial system and markets. 

Additionally, the analyst emphasized that Ripple Prime is built to serve as a regulated brokerage infrastructure, offering deep multi-asset liquidity and on-demand settlement powered by XRP and RLUSD. He explained that these features place XRP at the centre of institutional trading, settlement, and liquidity aggregation. Moreover, with this integration, the XRP price, currently trading at $2.26, could experience further upward pressure, as consistent demand beyond retail usage fuels greater institutional adoption. 

Ripple has confirmed through its official website that the new Ripple Prime will expand institutional access to not just digital assets but derivatives, swaps, fixed income instruments, and others—all under one unified system. In addition, Pumpius has stated that Ripple Prime represents the “missing piece” that connects traditional capital markets to digital finance. 

XRP Moves From Retail Coin To Institutional Asset
Crypto commentator BD also shared his thoughts on the newly launched Ripple Prime on X, highlighting that the spot brokerage firm could transform XRP’s market perception. According to him, Ripple Prime gives US institutional clients direct access to XRP through the same infrastructure used for Foreign Exchange (FX) and commodities. 

BD emphasized that with this new development, XRP is no longer just a “retail coin” but is becoming institutional money. This means that XRP could potentially attract a new layer of demand, which could support its price by creating steadier trading volumes and stronger liquidity. 

Notably, Ripple announced its Ripple Prime US launch on Monday, November 3, via X. The crypto company confirmed that the new brokerage firm will help enable cross-margining of OTC spot holdings with the rest of clients’ digital asset portfolios, including OTC swaps, Chicago Mercantile Exchange (CME) futures, and options. 

Price struggles against bears | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

Chainlink Introduces CRE to Fast-Track Institutional TokenizationCRE enables smart contracts that work across blockchains and tap into legacy financial messaging standards, with access to Chainlink's services. Nov 4, 2025, 5:00 p.m.

Chainlink has launched the Chainlink Runtime Environment (CRE), a new software platform designed to let institutions deploy smart contracts across public and private blockchains with built-in tools for compliance, privacy, and data integration.

Unveiled during Chainlink’s SmartCon, CRE is part of the platform's push to become core infrastructure for financial institutions moving into blockchain-based rails.

STORY CONTINUES BELOW

Chainlink positioned CRE as a foundation for the tokenization shift, pointing out that major institutions including Swift, Euroclear, UBS, and Mastercard are adopting it “to capture the $867 trillion tokenization opportunity.”

CRE was first unveiled a year ago, where Chainlink likened the platform’s significance to that of Java’s development environment for the internet era.

Unlike previous blockchain tooling, CRE offers a single environment where developers can write smart contracts that work across multiple blockchains, tap into legacy financial messaging standards like ISO 20022, and comply with regulatory requirements.

CRE also includes access to Chainlink's existing services such as price feeds and proof-of-reserve systems.

A number of major players are already using the platform. JPMorgan’s Kinexys and Ondo completed a cross-chain settlement using CRE, while UBS Tokenize and DigiFT leveraged it for the first-ever on-chain redemption of a tokenized fund.

“Smart contracts have evolved into a more complex form, requiring synchronization across chains, connectivity to data and identity, as well as synchronization with many other existing systems,” said Chainlink co-founder Sergey Nazarov.

“These advanced institutional smart contracts have previously taken months to years to get right, and with the launch of CRE we can now reduce that down to weeks or even just days,” Nazarov added.

Chainlink plans to add privacy features in early 2026, including confidential computing for institutions that require secure handling of proprietary data. CRE is now live on multiple blockchains and open to developers.

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Inside Zcash: Encrypted Money at Planetary Scale

22 hours ago

A deep dive into Zcash's zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.

What to know:

In 2025, Zcash evolved from niche privacy tech into a functioning encrypted-money network:

Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.View Full Report

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Social Engineering Scams Top Crypto Threats in 2025: WhiteBit

Oct 30, 2025

Technical wallet hacks, including phishing and malware, are the second most common threat, making up 33.7% of incidents.

What to know:

Social engineering scams, such as fake investment offers and impersonation tactics, remain the leading threat to crypto users, accounting for 40.8% of all crypto security incidents this year.Technical wallet hacks, including phishing and malware, are the second most common threat, making up 33.7% of incidents.To counter these risks, crypto exchanges and users must prioritize proactive security measures, such as secure storage of assets, regular audits, and vigilant user practices.Read full story

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Berachain Launches Emergency Hard Fork

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Berachain Issues Update on BEX Exploit With Emergency Hard Fork Planned

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Berachain Halts HONEY Minting and BEX Liquidity Pools Sparking User Concerns

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CZ’s Trump Pardon Could Push BNB to New Highs, treasury CEO Says

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Berachain Community Pushes for Near-Instant Transactions With New Proposal

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WazirX celebrates legal victory with trading restart scheduled for tomorrow

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Bitcoin Careens Toward $100K as Morning Bounce FailsEther, XRP, dogecoin and solana are all lower by 15%-20% over the past week. Nov 4, 2025, 5:10 p.m.

Bitcoin BTC$104,608.94 continued to slide on Tuesday U.S. hours, falling below $102,000 and taking out the lows of the October 10 crash.

The largest crypto plunged 4.5% over the past 24 hours and 11.8% over the past seven days to near $101,900, its weakest since late June.

STORY CONTINUES BELOW

Ethereum's ether ETH$3,495.36 also fell below the crash lows at around $3,410, the lowest in three months and down nearly 6% today. XRP$2.2489, BNB BNB$932.19, Solana's SOL SOL$158.87, DOGE$0.1623 and Cardano's ADA ADA$0.5346 declined 5%-7% during the same period. The whole group is down by 15%-20% over the past week.

Crypto-related stocks weren't spared either. Strategy (MSTR), the largest corporate BTC owner, tumbled another 5% to its weakest price since April. Crypto exchange Coinbase (COIN) and digital asset investment firm Galaxy (GLXY) declined by similar amounts.

Investor sentiment deteriorated alongside the price action. The well-followed sentiment indicator, the Fear & Greed Index, fell to 21, indicating "extreme fear" on the market. That's the metric's most depressed reading since early April, when BTC fell below $75,000 during the tariff tantrum.

The collapse of the bitcoin treasury company bubble continues to reverberate, with those previous accumulators of BTC having begun turning sellers. Paris-based Sequans early Tuesday announced the sale of 970 BTC in order to help pay down previously accumulated debt.

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Inside Zcash: Encrypted Money at Planetary Scale

22 hours ago

A deep dive into Zcash's zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.

What to know:

In 2025, Zcash evolved from niche privacy tech into a functioning encrypted-money network:

Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.View Full Report

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HBAR Drops 4.2% to $0.173 as ETF Buzz Fades on Technical Selling

21 minutes ago

HBAR slid 4.2% as heavy technical selling erased ETF-driven gains, with traders prioritizing short-term chart signals over long-term optimism.

What to know:

HBAR fell from $0.181 to $0.173, breaking key support at $0.1740 levelTrading volume jumped 28.69% above weekly averages during selloff wavesSEC sets November 12, 2025 deadline for Grayscale HBAR ETF decisionRead full story