Market Signal Briefing

January 28, 2026 15:00 ET  | Source: Townsquare Media Inc.

PURCHASE, N.Y., Jan. 28, 2026 (GLOBE NEWSWIRE) -- Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare” or the “Company”) announced today details related to its conference call to discuss fourth quarter financial results as well as Townsquare’s participation in an upcoming investor conference.

Fourth Quarter 2025 Conference Call
The Company will release fourth quarter 2025 financial results before the market opens on Monday, March 16, 2026. The Company will host a conference call to discuss certain fourth quarter 2025 financial results on Monday, March 16, 2026 at 8:00 a.m. Eastern Time.

The conference call dial-in number is 1-800-717-1738 (U.S. & Canada) or 1-646-307-1865 (International) and the conference ID is “Townsquare.” A live webcast of the conference call as well as the press release disclosing the Company’s results will be available on the investor relations page of the Company’s website at www.townsquaremedia.com.

A telephone replay of the conference call will be available through March 23, 2026. To access the replay, please dial 1-844-512-2921 (U.S. & Canada) or 1-412-317-6671 (International) and enter confirmation code 1134751. A web-based archive of the conference call will also be available on the investor relations page of the Company’s website.

Noble Capital Markets’ Emerging Growth Virtual Equity Conference
Management will present at Noble Capital Markets’ Emerging Growth Virtual Equity Conference on Wednesday, February 4, 2026. The presentation will be held at 10:30 AM Eastern Time and will feature a fireside style Q&A session with questions welcome from the live virtual audience. Scheduled 1x1 meetings with management are also available for registered, qualified investor attendees.

Attendees interested in viewing the live presentation can register for this event, at no cost, here: Virtual Equity Conference Registration.

Qualified investors wishing to meet 1x1 with management can reach out to Giorgia Pigato, from Noble Capital Markets, at [email protected].

A video webcast of the presentation will be available following the event on the investor relations page of Townsquare's website at www.townsquaremedia.com, and as part of a complete catalog of presentations available on Channelchek, www.channelchek.com, the investor portal created by Noble. The webcast will be archived on the Company's website and on Channelchek.com for 90 days following the event.

About Townsquare Media, Inc.
Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S. Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SAAS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com, and www.townsquareignite.com.

About Noble Capital Markets
Established in 1984, Noble Capital Markets is an SEC / FINRA registered full-service investment bank and advisory firm with an award-winning research team and proprietary investor distribution platform. We deliver middle market expertise to entrepreneurs, corporations, financial sponsors, and investors. Over the past 40 years, Noble has raised billions of dollars for companies and published more than 45,000 equity research reports.

About Channelchek
Noble launched www.channelchek.com in 2018 – an investor community dedicated exclusively to public emerging growth companies and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 7,000 public emerging growth companies are listed on the site, and content including equity research, webcasts, and industry articles.

Investor Relations
Claire Yenicay        
(203) 900-5555
[email protected]

, /PRNewswire/ -- AIxCrypto Inc. (NASDAQ: AIXC, "AIxC" or the "Company"), an advanced interactive platform bridging Web2 to Web3 with Embodied AI (EAI) and Real World Asset (RWA), today announced that total registered wallets on AIxC Hub have exceeded 1.1 million, coinciding with the launch of Tenki, a new AI-powered interactive game now available within the platform's Playground section.

Tenki: AI Agent–Driven Interactive Entertainment

Tenki is an AI agent–driven interactive game designed for entertainment, inspired by culturally rooted metaphysical themes and cyberpunk aesthetics.
Designed as a lightweight and immersive interactive game, Tenki invites users into a narrative-driven, AI-powered experience while also serving as a strategic stepping stone for enhancing user retention and supporting the continued development of AIxC Hub's Embodied AI (EAI) architecture.

Tenki represents the first release in a broader lineup of interactive games planned for the AIxC Hub Playground, with additional AI-powered experiences expected to be introduced over time.

Strong Engagement Across the Web3 Community

Since its launch, Tenki has generated strong engagement across the Web3 community, with multiple key opinion leaders (KOLs) actively sharing and discussing the experience across social platforms.

Key engagement highlights include:

The official Tenki launch announcement on AIxC's X (formerly Twitter) account recorded over 86,000 reads The accompanying Tenki launch video surpassed 54,000 views On the day of the launch announcement, AIxC's official X account ranked among the top Chinese Web3 discussion leaderboards, reaching #7 and reflecting growing visibility across high-growth Asian markets. AIxC Hub Ecosystem Reaches New Scale

Alongside the launch of Tenki, AIxC Hub continued to demonstrate rapid ecosystem growth. As of the announcement date:

1,100,00+ registered wallets 100,000+ users have linked Discord accounts 90,000+ users have linked X (Twitter) accounts 6,700+ total registered teams These milestones underscore the increasing scale, engagement intensity, and community-driven nature of the AIxC Hub platform.

Expanding the AIxC Hub Playground

The introduction of Tenki reflects AIxC's continued strategy to combine AI-driven interaction, entertainment, and large-scale user participation. By expanding the Playground with AI agent–based interactive experiences, the Company aims to enhance user engagement while supporting the long-term development of AI systems informed by real-world behavioral interaction.

AIxC expects the Playground to continue evolving with additional interactive games and modules as part of its broader product roadmap.

About AIxCrypto:  

AIxCrypto is a U.S.-Nasdaq listed company dedicated to building a world-leading ecosystem that integrates AI and blockchain while bridging Web2 and Web3. Its core products include the BesTrade DeAI Agent and the AIxC ecosystem products.  

FORWARD LOOKING STATEMENTS: 

This press release contains "forward-looking statements", including statements regarding AIxCrypto Holdings, Inc. ("AIxCrypto") within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All of the statements in this press release, including financial projections, whether written or oral, that refer to expected or anticipated future actions and results of AIxCrypto are forward-looking statements. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements reflect our current projections and expectations about future events as of the date of this presentation. AIxCrypto cannot give any assurance that such forward-looking statements and financial projections will prove to be correct.   

The information provided in this press release does not identify or include any risk or exposures of AIxCrypto that would materially and adversely affect the performance or risk of the company. By their nature, forward-looking statements and financial projections involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements and financial projections. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: business, economic and capital market conditions; the heavily regulated industry in which AIxCrypto carries on business; current or future laws or regulations and new interpretations of existing laws or regulations; the inherent volatility and regulatory uncertainty associated with cryptocurrency investments; legal and regulatory requirements; market conditions and the demand and pricing for our products; the availability of reaching an agreement for the purchase of FFAI common shares; our relationships with our customers and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers' needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; failure of counterparties to perform their contractual obligations; systems, networks, telecommunications or service disruptions or failures or cyber-attack; ability to obtain additional financing on reasonable terms or at all; litigation costs and outcomes; our ability to successfully maintain and enforce our intellectual property rights and defend third party claims of infringement of their intellectual property rights; and our ability to manage our growth. Readers are cautioned that this list of factors should not be construed as exhaustive.   

All information contained in this press release is provided as of the date of the press release issuance and is subject to change without notice. Neither AIxCrypto, nor any other person undertakes any obligation to update or revise publicly any of the forward-looking statements and financial projections set out herein, whether as a result of new information, future events or otherwise, except as required by law. This is presented as a source of information and not an investment recommendation. This press release does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. AIxCrypto reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof.   

Readers are advised not to place undue reliance on forward-looking statements, as there is no guarantee that the plans, intentions, or expectations they are based on will be realized. While management believes these statements are reasonable at the time of preparation, actual results may differ materially. These forward-looking statements reflect the Company's expectations as of the date of this presentation and are subject to change without notice. The Company is not obligated to update or revise these statements, unless required by law.  

Forward-looking statements are often identified by words such as "may," "could," "would," "might," or "will," indicating possible future actions, events, or outcomes. These statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ significantly from what is expected.   

Actual results may differ materially due to factors such as the ability to secure financing, complete transactions, meet exchange requirements, consumer demand, competition, and unexpected costs. These forward-looking statements are based on assumptions that may prove incorrect, and the Company does not assume any obligation to update them except as required by law. Given the uncertainties involved, readers should not place undue reliance on these statements.  

You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this news release, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  

SOURCE AIxCrypto Inc.

Central Pacific Financial Corp. (CPF) Q4 2025 Earnings Call January 28, 2026 1:00 PM EST

Company Participants

Jayrald Rabago
Arnold Martines - Chairman, President & CEO
David Morimoto - Vice Chair & COO
Dayna Matsumoto - Executive VP & CFO
Ralph Mesick - Senior EVP & Chief Risk Officer

Conference Call Participants

Matthew Clark - Piper Sandler & Co., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division
David Feaster - Raymond James & Associates, Inc., Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Central Pacific Financial Corp. Fourth Quarter 2025 Conference Call. [Operator Instructions]

As a reminder, this call is being recorded and will be available for replay shortly after its completion on the company's website at www.cpb.bank.

I would like to turn the call over to Mr. Jayrald Rabago, Senior Strategic Financial Officer. Please go ahead.

Jayrald Rabago

Thank you, John, and thank you all for joining us as we review the financial results of the fourth quarter of 2025 for Central Pacific Financial Corp. With me this morning are Arnold Martines, Chairman, President and Chief Executive Officer; David Morimoto, Vice Chairman and Chief Operating Officer; Ralph Mesick, Senior Executive Vice President and Chief Risk Officer. Dayna Matsumoto, Executive Vice President and Chief Financial Officer; and Anna Hu, Executive Vice President and Chief Credit Officer.

We have prepared a supplemental slide presentation that provides additional details on our earnings release and is available in the Investor Relations section of our website at ir.cpb.bank. During the course of today's call, management may make forward-looking statements. While we believe these statements are based on reasonable assumptions, they involve risks that may cause actual results to differ materially from those projected. For a complete discussion of the risks related to our forward-looking statements, please refer to Slide

HomeEarnings AnalysisTech 

SummaryASML Holding N.V. is upgraded to Buy as a robust semiconductor capex cycle materializes for 2027-28, supported by recent earnings and guidance beats.Q4 bookings hit a record €13.2B, nearly double expectations, with FY26 revenue guidance of €36.5B at midpoint, above consensus.Management authorized a €12B buyback through 2028 and raised the 2025 dividend by 17% to €7.50 per share.Valuation remains elevated and China revenue poses risk, but positive earnings revisions and operating leverage support a buy-and-hold thesis. Sundry Photography/iStock Editorial via Getty Images

I’ve been a long-term skeptic about ASML Holding N.V.’s (ASML) prospects, with the arguments being presented on that first coverage. That skepticism has been consistent across my Seeking Alpha coverage.

However, I think we

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

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

Appian Corporation is rated a buy, supported by enhanced service offerings, improved cost control, useful cash flow generation and a compelling long-term risk-reward profile. APPN's recent agentic AI launch and its enhanced go-to-market productivity will drive solid EBITDA growth while organic cash generation is on the up with a decent FCF yield of +3%. Despite a 27x forward EBITDA multiple and 75% premium to PEGA, APPN's superior +30% EBITDA growth helps justifies the valuation (PEGA is set to grow at 17%).

Toronto, Ontario--(Newsfile Corp. - Le 28 janvier/January 2026) - Stock Trend Capital Inc. (PUMP) has announced a symbol change to STCQ. Shares will begin trading under the new symbol on February 2, 2026.

Disclosure documents are available at www.thecse.com

Please note that all open orders will be cancelled at the end of business on January 30, 2026. Dealers are reminded to re-enter their orders.

_________________________________

Stock Trend Capital Inc. (PUMP) a annoncé un changement de symbole pour STCQ. Les actions commenceront à être négociées sous le nouveau symbole le 2 février 2026.

Les documents de divulgation sont disponibles sur www.thecse.com

Veuillez noter que toutes les commandes ouvertes seront annulées à la fin des activités le 30 janvier 2026. Les concessionnaires sont priés de saisir à nouveau leurs commandes.

Issuer/Émetteur : Stock Trend Capital Inc. Old symbol/Vieux symbole : PUMP New symbol/ Nouveau symbole : STCQ Effective Date/Date d'entrée en vigueur : Le 2 février/February 2026 Source: Canadian Securities Exchange (CSE)

Prosperity Bancshares, Inc. (PB) Q4 2025 Earnings Call Transcript

Stifel Financial is rated a "Buy" due to attractive 13x forward earnings, a robust capital position, and ongoing business momentum. SF's wealth management and institutional businesses posted double-digit revenue growth, with fee-based assets up 16% and advisory revenue up 46%. Management guides for 12% revenue growth in 2026, aggressive balance sheet expansion, and continued capital returns via dividends and buybacks.

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, 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, makes it pretty easy to find cutting-edge growth stocks.

New Gold (NGD - 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.

Research shows that stocks carrying the best growth features consistently beat 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.

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

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 New Gold is 29%, investors should actually focus on the projected growth. The company's EPS is expected to grow 112.3% this year, crushing the industry average, which calls for EPS growth of 45.1%.

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 New Gold is 41.6%, which is higher than many of its peers. In fact, the rate compares to the industry average of 14.4%.

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 15.6% over the past 3-5 years versus the industry average of 15.4%.

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 New Gold have been revising upward. The Zacks Consensus Estimate for the current year has surged 14.8% over the past month.

Bottom LineNew Gold 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 #1 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 New Gold well for outperformance, so growth investors may want to bet on it.

Key Takeaways WY's Q4 earnings likely felt pressure from weak housing, remodeling and soft wood products demand.Wood Products sales are projected to fall 9.7%, with EBITDA plunging 96.2% year over year.Timberlands revenue may rise 2.9%, aided by stable U.S. South demand despite export and Western softness. Weyerhaeuser Company (WY - Free Report) is slated to report fourth-quarter 2025 results on Jan. 29, after the closing bell.

The quarter is expected to reflect a continuation of the challenging housing and wood products environment seen through the back half of 2025.

In the last reported quarter, the company’s adjusted earnings topped the Zacks Consensus Estimate by 185.7%, and net sales topped the same by 4.1%. On a year-over-year basis, the top and bottom lines decreased 2.1% and 20%, respectively.

Weyerhaeuser’s earnings beat the consensus mark in three of the last four quarters and met on one occasion, with the average surprise being 65.7%.

How Are Estimates Placed for Weyerhaeuser?The Zacks Consensus Estimate for the to-be-reported quarter’s loss per share has widened to 13 cents from 12 cents over the past 30 days. In the year-ago quarter, the company had reported an earnings per share (EPS) of 11 cents.

The consensus mark for net sales is pegged at $1.58 billion, indicating a 7.2% year-over-year decline.

Factors Influencing WY’s Q4 ResultsWeyerhaeuser’s fourth-quarter revenues are likely to have been pressured by seasonally softer housing and repair-and-remodel activity, which might have weighed on demand across its Wood Products segment (which accounted for approximately 71.5% of third-quarter 2025 net sales). Management indicated during the third quarter of 2025 earnings call that lumber and oriented strand board, or OSB, pricing remained near historically low levels on an inflation-adjusted basis during the quarter, while demand typically moderates further in the winter months. Reduced production levels, including a roughly 10% sequential decline in lumber output tied to weaker market conditions and the Princeton mill sale, are also expected to have constrained shipment volumes.

Our model predicts the Wood Products segment’s net sales to decline 9.7% year over year to $1.14 billion in the fourth quarter. Adjusted EBITDA is expected to decline 96.2% from a year ago to $6.1 million.

Timberlands revenue (which accounted for approximately 31.2% of third-quarter 2025 net sales) trends were likely mixed. In the Western region, domestic log demand remained soft early in the fourth quarter as mills worked through elevated inventories, leading to moderately lower sales realizations and reduced harvest volumes. Export log volumes to Japan were also expected to decline sequentially in the fourth quarter amid inventory overhangs and housing-related headwinds in that market. These pressures were partially offset by stable log demand in the U.S. South, where delivered log programs helped maintain steady takeaway despite muted sawlog markets.

We expect the Timberlands segment’s net sales to grow 2.9% to $511.4 million. Adjusted EBITDA is expected to decline 6.2% from a year ago to $118.2 million.

In the Real Estate, Energy and Natural Resources (6% of third-quarter sales) segment, while earnings are expected to have declined modestly quarter over quarter due to the timing and mix of sales, underlying demand for higher-and-better-use properties remained healthy, with strong pricing premiums to timber value continuing into year-end. Growth in forest carbon and natural climate solutions is also likely to remain a constructive contributor.

Our model predicts the Real Estate, Energy and Natural Resources segment’s net sales to be $81.8 million, down 4.9% year over year. Adjusted EBITDA is expected to be up 1.7% from a year ago to $77.3 million.

Overall, margin performance in the fourth quarter is expected to remain under pressure, particularly within Wood Products. Persistently weak lumber and OSB pricing, combined with lower operating rates, likely limited margin recovery despite Weyerhaeuser’s best-in-class cost position. Planned annual maintenance outages at OSB mills and lower volumes across engineered wood products likely added to fixed-cost absorption challenges.

That said, several cost offsets were expected to support the bottom line. Log and fiber costs were projected to decline modestly, particularly in lumber, while per-unit log and haul costs and forestry expenses were expected to fall seasonally in Timberlands. The company’s disciplined operating posture, OpEx culture and integrated portfolio were also expected to help cushion earnings volatility in a trough pricing environment.

What Our Model Unveils for WYOur proven model does not conclusively predict an earnings beat for Weyerhaeuser 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. That is not the case here.

Earnings ESP: WY has an Earnings ESP of -27.28%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

Zacks Rank: The company currently carries a Zacks Rank #3.

Stocks With the Favorable CombinationHere are some stocks from the Zacks Construction sector, which, per our model, have the right combination of elements to deliver an earnings beat this time around.

Construction Partners, Inc. (ROAD - Free Report) has an Earnings ESP of +25.62% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Construction Partners’ earnings beat estimates in two of the last four quarters and missed on the other two occasions, the average surprise being 92%. The company’s earnings for the fourth quarter of 2025 are expected to increase 20% year over year.

Owens Corning (OC - Free Report) has an Earnings ESP of +12.59% and a Zacks Rank of 3.

Owens Corning’s earnings beat estimates in each of the last four quarters, the average surprise being 7.3%. The company’s earnings for the fourth quarter of 2025 are expected to decline 58.7% year over year.

AAON, Inc. (AAON - Free Report) currently has an Earnings ESP of +11.73% and a Zacks Rank of 3.

AAON’s earnings beat estimates in two of the last four quarters and missed on the other two occasions, the average negative surprise being 3.3%. The company’s earnings for the fourth quarter of 2025 are expected to increase 50% year over year.

The mandatory tender offer is launched as a consequence of Neinor successfully securing a 79.20% controlling stake in AEDAS through the voluntary tender offer completed in DecemberThe offer price of €24.00 per share, which has the consideration of an equitable price, represents a 12.5% premium over the price of the voluntary tender offerThe acceptance period of the mandatory tender offer will run from 30 January to 27 February, both dates inclusiveThis step completes the roadmap communicated to the market and represents the final stage of the AEDAS acquisition process within the applicable regulatory framework, as established by the CNMV Madrid, 28 January, 2026 – Neinor Homes (“Neinor”), Spain’s leading listed residential developer, announces that the Spanish Securities Market Commission (CNMV) has authorised the launch of the mandatory tender offer (MTO) for the remaining shares of AEDAS Homes (“AEDAS”) at the previously communicated price of €24.00 per share.

This mandatory tender offer follows the successful completion of the voluntary tender offer, through which Neinor acquired a 79.20% controlling stake in AEDAS in December 2025, fulfilling the central milestone of the acquisition roadmap communicated to the market.

The €24.00 per share offer price, which has the consideration of an equitable price, represents a 12.5% premium over the €21.335 per share price paid in the voluntary offer.

The acceptance period will run from 30 January to 27 February, both dates inclusive. Settlement of the transaction is expected to take place shortly after the end of the acceptance period, subject to the terms and conditions set out in the offer documentation.

This mandatory tender offer represents the final step in the acquisition process of AEDAS, allowing the remaining minority shareholders to tender their shares and receive a price that has the consideration of an equitable price for the purposes of the applicable tender offer regulations.

Borja García-Egotxeaga, CEO of Neinor Homes, commented: “This mandatory tender offer is being launched in line with the roadmap we communicated to the market and in accordance with the terms approved by the CNMV. Following the acquisition of control, this step ensures full compliance with all applicable regulatory requirements.”

Jordi Argemí, Deputy CEO and CFO of Neinor Homes, added: “This milestone allows us to move forward on the transaction process and focus on managing Spain’s leading residential development platform, while continuing to pursue disciplined growth in line with our strategy.”

* For the full regulatory announcement please refer to Neinor’s webpage (https://www.neinorhomes.com/en/corporate/investors/market-notifications/other-relevant-information/)

-ENDS-

About Neinor Homes

Neinor Homes is the leading residential property developer in Spain, with a fully owned land bank to develop c11,900 homes, and a GAV to June 2025 of +€1,400mn. This land bank is located in some of the fastest growing regions with the best economic fundamentals in Spain: Madrid, Guadalajara, Western and Eastern Andalusia, Levante, Basque Country and Catalonia.

Neinor is a fully integrated and well-established residential platform of scale in Spain, covering the entire development value chain from land buying, planning and urban management, product design, delegated development and construction, sales and marketing and rentals. We are committed to creating and delivering attractive risk adjusted returns for shareholders through our disciplined capital allocation strategy and our excellence in operations and risk management.

We are the only listed residential property developer with a multi-sector strategy to market in Spain, and our strategies include Build-to-rent (BTR); Build-to-sell (BTS); and the largely untapped senior living rental market in Spain, which we are progressing.

Neinor’s operational excellence, investment strategy and results achieved since 2019 have enabled us to deliver on our 5-year business plan, launched in March 2023, in a sustainable and capital-efficient manner. This plan combines a €600mn shareholder remuneration plan and an investment of €1,000mn in new opportunistic land acquisitions, half of which are expected to be undertaken in joint ventures with strategic partners through co-investment agreements, with a +20% IRR target.

We offer shareholders attractive risk adjusted returns in a country where there are strong and sustainable supply and demand fundamentals and supported by a resilient macroeconomic environment and outlook. Spain remains one the most attractive and safest residential markets worldwide, with one of the lowest ratios of new supply per capita globally since 2013.

For more information:

NEINOR HOMES
Investor Relations Department
[email protected]

H/ADVISORS MAITLAND
[email protected]
David Sturken                                    +44 7990 595 913
Billy Moran                                         +44 7554 912 008

Press contact
LLYC
[email protected]

UKRAINE - 2024/04/13: In this photo illustration, an Applied Digital logo is seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Applied Digital (APLD) stock has greatly surpassed its competitors over the last year. However, a closer examination of this data center and cryptocurrency infrastructure company indicates substantial revenue growth but ongoing unprofitability, marked by severely negative operating and free cash flow margins. Its elevated valuation, even with lower revenue in comparison to many competitors, implies potential overreach considering its cash burn pattern.

APLD’s -28.0% margin, which contrasts sharply with HUT’s 60.3%, indicates significant AI/HPC infrastructure spending compared to the operational efficiency of established mining.APLD’s 63.0% revenue growth, exceeding some yet trailing others, implies that its AI/HPC contract victories fluctuate relative to its peers’ mining expansion magnitude.APLD’s 538.6% increase, accompanied by a -93.6 PE, reflects investor enthusiasm for its AI data center approach, prioritizing future growth over present earnings.This is how Applied Digital compares across size, valuation, and profitability against major peers.

APLD

Trefis

For additional details on Applied Digital, read Buy or Sell APLD Stock. Below we compare APLD’s growth, margin, and valuation with peers across various years.

Revenue Growth Comparison

APLD

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Operating Margin Comparison

APLD

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PE Ratio Comparison

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Still uncertain about APLD stock? Think about a portfolio approach.

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Individual stocks can be unpredictable. A well-structured portfolio keeps you invested, mitigates downside risks, and offers exposure to upside potential.

The Trefis High Quality (HQ) Portfolio, consisting of 30 stocks, has a history of comfortably surpassing its benchmark, which includes all three indices: the S&P 500, S&P mid-cap, and Russell 2000. The reason? Collectively, HQ Portfolio stocks have delivered better returns with reduced risk compared to the benchmark, demonstrating a smoother trajectory, as visible in HQ Portfolio performance metrics.

Key Takeaways RYAAY's Q3 earnings of 26 cents per share beat estimates, while revenues rose 18.5% year over year.RYAAY saw traffic rise 6% to 47.5 million passengers, with load factor flat at 92% and fares up 4%.RYAAY lifted fiscal 2026 traffic outlook to 208M passengers on strong demand and early Boeing deliveries. Ryanair Holdings plc (RYAAY - Free Report)  reported third-quarter fiscal 2026 (ended Dec. 31, 2025) earnings of 26 cents per share, which beat the Zacks Consensus Estimate of 18 cents but declined on a year-over-year basis. Revenues of $3.74 billion marginally fell short of the Zacks Consensus Estimate by 0.1% but increased 18.5% year over year. The top line benefited from solid October school mid-term and close-in Christmas/New Year bookings.

Traffic grew 6% year over year to 47.5 million passengers during the reported quarter. The load factor of 92% remained flat on a year-over-year basis. Average fares were up 4% year over year.

Operating costs grew 6% year over year, owing to higher air traffic control (ATC) fares and environmental costs. This was partially offset by fuel hedge savings.

RYAAY now anticipates its fiscal 2026 traffic to grow 4% to almost 208 million passengers (prior view: 207 million), owing to solid demand and earlier than expected Boeing deliveries. Unit cost inflation is expected to remain modest during fiscal 2026 as the B-8200 deliveries, fuel hedging and effective cost control should help offset increased ATC charges, higher environmental costs and the roll-off of last year's delivery delay compensation.

Although RYAAY’s fourth quarter does not benefit from Easter, fares are trending above prior-year levels. As a result, full-year fares are likely to surpass the previously guided ranges. RYAAY is expecting fiscal 2026 profit after tax (pre-exceptional) in the range of €2.13bn to €2.23bn, although the final fiscal 2026 outcome remains exposed to adverse external developments in the fourth quarter, rising conflict in Ukraine and the Middle East, macro-economic shocks and any further impact of repeated European ATC strikes & mismanagement.

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

Q4 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report) reported fourth-quarter 2025 earnings (excluding 31 cents from non-recurring items) of $1.55 per share, which beat the Zacks Consensus Estimate of $1.53. Earnings decreased 16.22% on a year-over-year basis due to high labor costs.

Revenues in the December-end quarter were $16 billion, beating the Zacks Consensus Estimate of $15.63 billion and increasing 2.9% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1.2% year over year to $14.6 billion. Revenue growth was impacted by about 2 points due to the government shutdown, mainly in the domestic segment, consistent with the company's disclosure last month.

J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported fourth-quarter 2025 earnings of $1.90 per share, which surpassed the Zacks Consensus Estimate of $1.81 and improved 24.2% year over year.

Total operating revenues of $3.09 billion lagged the Zacks Consensus Estimate of $3.12 billion and were down 1.6% year over year. JBHT’s fourth-quarter revenue performance was hurt by a 2% and 4% decline in revenue per load excluding fuel surcharge revenue in Intermodal (JBI) and Truckload (JBT), respectively, a 1% decrease in average trucks in Dedicated Contract Services (DCS), and a 7% and 2% decline in load volume in Integrated Capacity Solutions (ICS) and JBI, respectively. The decrease in revenue, excluding fuel surcharge revenue, was partially offset by a 15% increase in volume in JBT, a 1% uptick in productivity, excluding fuel surcharge revenue, in DCS, and an increase in revenue per load in ICS. Total operating revenue, excluding fuel surcharge revenue, decreased 2% year over year.

United Airlines Holdings, Inc. (UAL - Free Report) reported solid fourth-quarter 2025 results wherein the company’s earnings and revenues beat the Zacks Consensus Estimate.

UAL's fourth-quarter 2025 adjusted earnings per share (excluding 9 cents from non-recurring items) of $3.10 surpassed the Zacks Consensus Estimate of $2.98 but declined 4.9% on a year-over-year basis. The reported figure lies within the guided range of $3.00-$3.50.

Operating revenues of $15.4 billion outpaced the Zacks Consensus Estimate marginally by 0.1% and increased 4.8% year over year. Passenger revenues (which accounted for 90.4% of the top line) increased 4.9% year over year to $13.9 billion. UAL flights transported 45,679 passengers in the fourth quarter, up 3% year over year.

Cargo revenues fell 6% year over year to $490 million. Revenues from other sources rose 9.1% year over year to $981 million.

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

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

Q4: 2026-01-27 Earnings SummaryEPS of $0.60 misses by $0.22

 |

Revenue of

$102.70M

(-0.41% Y/Y)

misses by $4.78M

National Bank Holdings Corporation (NBHC) Q4 2025 Earnings Call January 28, 2026 11:00 AM EST

Company Participants

Emily Gooden - Senior VP, Chief Accounting Officer & Investor Relations Director
Tim Laney - Founder, Chairman & CEO
Nicole Van Denabeele - Executive VP & CFO
John Steinmetz
Aldis Birkans - President
John Finn

Conference Call Participants

Jeff Rulis - D.A. Davidson & Co., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division
Andrew Terrell - Stephens Inc., Research Division
Brett Rabatin - Hovde Group, LLC, Research Division

Presentation

Operator

Good morning, everyone, and welcome to the National Bank Holdings Corporation 2025 Fourth Quarter Earnings Call. My name is Rachel, and I will be your conference operator for today. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.

I will now turn the call over to Emily Gooden, Chief Accounting Officer and Director of Investor Relations.

Emily Gooden
Senior VP, Chief Accounting Officer & Investor Relations Director

Thank you, Rachel, and good morning. We will begin today's call with prepared remarks, followed by a question-and-answer session. I would like to remind you that this conference call will contain forward-looking statements, including, but not limited to, statements regarding the company's strategy, loans, deposits, capital, net interest income, noninterest income, margins, allowance, taxes and noninterest expense. Actual results could differ materially from those discussed today. These forward-looking statements are subject to risks, uncertainties and other factors which are disclosed in more detail in the company's most recent filings with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this call, and National Bank Holdings Corporation undertakes no obligation to update or revise these statements.

In addition, the call today will reference certain non-GAAP measures which National Bank Holdings Corporation believes provides useful information for investors. Reconciliations of these non-GAAP

Key Takeaways VFC posted Q3 EPS of 58 cents and revenues of $2.88B, beating estimates despite earnings falling Y/Y.VFC saw strength from The North Face and Timberland, with the Americas delivering its best results. DTC sales returned to growth and it beat revenue and operating income guidance under the Reinvent program. V.F. Corporation (VFC - Free Report) reported third-quarter fiscal 2026 results, with a sales and earnings beat. While earnings fell year over year, revenues increased. Nevertheless, the company is on track with its Reinvent program and expects to deliver medium-term financial targets. The Reinvent program and VFC’s actions to boost operating profitability appear encouraging.

The company reported adjusted earnings per share (EPS) of 58 cents, beating the Zacks Consensus Estimate of 43 cents. Earnings declined from 62 cents a share in the year-earlier quarter.

Net revenues of $2.88 billion grew 1% year over year and surpassed the consensus estimate of $2.76 billion. Adjusted revenues (excluding Dickies) increased 4% year over year. The adjusted gross margin rose 10 bps to 57%.

V.F. Corp. reported solid third-quarter performance, delivering growth during the peak holiday season and beating revenue and operating income guidance. Strength was led by The North Face and Timberland, while the Americas region posted its strongest results in over three years. Global direct-to-consumer sales returned to growth, reinforcing management’s confidence in achieving its medium-term financial targets.

V.F. Corp.’s Revenue DetailsOn a regional basis, revenues in the Americas rose 2% year over year both on a reported basis and on a constant-currency basis. In the EMEA region, revenues were up 4% on a reported basis and down 4% on a constant-currency basis. Revenues in the APAC region were down 6% on a reported basis and 7% down on a constant-currency basis. The company’s International revenues grew 2% year over year on a reported basis and were down 4% on a constant-currency basis.

Channel-wise, wholesale revenues fell 1% on a reported basis. Direct-to-consumer revenues were up 4% year over year on a reported basis and 1% on a constant-currency basis. Our model estimated the wholesale revenues to fall 0.1% and direct-to-consumer revenues to dip 1% year over year.

In the first quarter of fiscal 2026, V.F. Corp. realigned its reportable segments into two main categories: Outdoor and Active. Operating segments not meeting disclosure thresholds are now grouped under an "All Other" category.

Based on reporting segments, revenues in the Outdoor segment improved 8% year over year on a reported basis and 5% on a constant-currency basis to $1,926 million. In the Active segment, revenues of $671.8 million declined 6% year over year on a reported basis and 9% on a constant-currency basis. Revenues in the All Other segment fell 18% year over year on a reported basis and 20% on a constant-currency basis to $278 million.

Financial Details of VFCV.F. Corp. ended the fiscal third quarter with cash and cash equivalents of $1.5 billion, long-term debt of $3.55 billion and shareholders’ equity of $1.78 billion. Net debt was down $0.5 billion from the year-ago period.

The company’s board has announced a quarterly dividend of 9 cents per share, payable March 19, 2026, to its shareholders of record as of March 10.

Other DetailsThe company announced a definitive agreement on Sept. 15, 2025, to sell the Dickies brand to Bluestar Alliance LLC and completed the divestiture on Nov. 12. Under U.S. GAAP, Dickies’ results remain included in V.F. Corp.’s third-quarter fiscal 2026 results through the date of sale, as the transaction did not qualify for discontinued-operations treatment. To better reflect ongoing performance following the divestiture, VFC also presents results “excluding Dickies” and “adjusted excluding Dickies,” which remove Dickies’ contribution from all periods and are intended to provide clearer insight into V.F. Corp.’s post-sale operating trends.

In the nine months ended December 2025, VFC spent $51 million on its Reinvent transformation program. These costs mainly covered severance and employee-associated gains and costs with respect to the engagement of a consulting firm to boost the company's transformation journey.

The program led to a net tax benefit of $11.9 million in the nine months of fiscal 2026. VFC has spent $207.7 million in restructuring charges under Reinvent, with all the substantial efforts completed by the end of the first quarter of fiscal 2026.

What to Expect From VFC in Q4 & FY26?For the fourth quarter of fiscal 2026, VFC expects revenues to be flat to up 2% in constant currency compared with the prior year. Adjusted operating income is projected to range between $10 million and $30 million. Adjusted gross margin is likely to be flat to slightly up year over year. Adjusted SG&A are likely to be flat to slightly down.

For fiscal 2026, VFC expects adjusted operating income, operating cash flow and free cash flow to increase year over year, while ending fiscal 2026 with leverage at or below 3.5x. These projections reflect the company’s ongoing progress under its Reinvent transformation program, focused on cost reduction, margin improvement and strategic brand repositioning to drive long-term growth.

The Zacks Rank #3 (Hold) company's shares have gained 27.5% in the past three months compared with the industry’s 5.4% growth.

VFC Stock's Price Performance
Image Source: Zacks Investment Research

Key Consumer Discretionary PicksUnder Armour (UAA - Free Report) is one of the leading designers, marketers and distributors of authentic athletic footwear, apparel and accessories for a wide variety of sports and fitness activities in the United States and internationally. The company sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for UAA’s current financial-year sales and EPS indicates declines of 3.9% and 93.9%, respectively, from the year-ago reported figures. Under Armour has a trailing four-quarter earnings surprise of 44.5%, on average.

Ralph Lauren (RL - Free Report) , which is a designer and marketer of premium lifestyle products, currently carries a Zacks Rank of 2 (Buy).

RL delivered a trailing four-quarter earnings surprise of 9.8%, on average. The Zacks Consensus Estimate for RL’s current financial-year sales indicates growth of 25.1% from the year-ago number.

GIII Apparel Group (GIII - Free Report) , which is a designer and manufacturer of apparel and accessories, currently carries a Zacks Rank of 2.

The Zacks Consensus Estimate for GIII’s current financial-year EPS is expected to rise 6.3% from the corresponding year-ago reported figure. GIII Apparel delivered a trailing four-quarter earnings surprise of 64.5%, on average.

In this photo illustration, the Commvault Systems, Inc. logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Commvault Systems (CVLT) shares have decreased by 31% in the past day and are currently priced at $89.13. The sharp drop came after the company’s most recent earnings release. While Commvault reported strong revenue and earnings beats, its forward guidance and growth expectations disappointed investors, who had been pricing in acceleration rather than just in-line forecasts. Concerns about slower near-term growth in subscription revenue and a high valuation multiple also weighed on sentiment, prompting analysts to lower price targets and triggering steep selling pressure.

We believe there is little to worry about with CVLT stock, considering its overall Strong operational performance and financial health. This aligns with the stock's High valuation, which makes us conclude that it is Fairly Priced.

Below is our evaluation:

evaluation

Trefis

You can’t foresee the movements of individual stocks, but you can get ready. Discover how High Quality Portfolio assists you.

Let’s delve into the details of each of the evaluated factors, but first, for a quick background: With $4.0 Bil in market capitalization, Commvault Systems offers data protection and information management software, alongside integrated hardware appliances and related services through strategic collaborations with leading technology firms globally.

MORE FOR YOU

[1] Valuation Appears High

valuation

Trefis

This table illustrates how CVLT is valued compared to the broader market. For additional information, see: CVLT Valuation Ratios

[2] Growth Is Very Strong

Commvault Systems has experienced an average top-line growth of 11.7% over the past 3 yearsIts revenues have increased by 22% from $898 Mil to $1.1 Bil in the last 12 monthsAdditionally, its quarterly revenues rose by 18.4% to $276 Mil in the latest quarter from $233 Mil a year earlier.revenue

Trefis

This table illustrates how CVLT is growing compared to the broader market. For additional details, see: CVLT Revenue Comparison

[3] Profitability Seems Weak

CVLT reported an operating income of $86 Mil in the last 12 months, which corresponds to an operating margin of 7.8%With a cash flow margin of 19.7%, it produced nearly $216 Mil in operating cash flow during this timeframeDuring the same period, CVLT generated nearly $80 Mil in net income, indicating a net margin of approximately 7.3%profitability

Trefis

This table illustrates how CVLT's profitability compares to the broader market. For more information, see: CVLT Operating Income Comparison

[4] Financial Stability Seems Very Strong

CVLT's Debt was $908 Mil at the close of the last quarter, while its current Market Cap is $4.0 Bil. This results in a Debt-to-Equity Ratio of 22.9%CVLT's Cash (including cash equivalents) constitutes $1.1 Bil of $1.9 Bil in total Assets. This gives a Cash-to-Assets Ratio of 55.5%financial stability

Trefis

[5] Downturn Resilience Is Weak

CVLT has performed worse than the S&P 500 index during several economic contractions. We evaluate this based on both (a) the magnitude of the stock decline and (b) the speed of its recovery.

2022 Inflation Shock

CVLT stock decreased by 39.1% from its peak of $83.87 on 3 September 2021 to $51.08 on 15 September 2022, whereas the S&P 500 saw a peak-to-trough decline of 25.4%.Nevertheless, the stock completely rebounded to its pre-crisis peak by 30 January 2024Since that time, the stock has climbed to a peak of $195.41 on 18 September 2025 and is currently trading at $89.13inflation shock

Trefis

2020 Covid Pandemic

CVLT stock dropped 46.0% from its peak of $51.55 on 12 February 2020 to $27.83 on 18 March 2020, compared to a peak-to-trough decline of 33.9% for the S&P 500.Nevertheless, the stock fully rebounded to its pre-crisis peak by 10 December 2020pandemic shock

Trefis

2008 Global Financial Crisis

CVLT stock declined by 65.3% from a high of $22.87 on 6 November 2007 to $7.94 on 20 November 2008, compared to a peak-to-trough decline of 56.8% for the S&P 500.Nevertheless, the stock fully recovered to its pre-crisis peak by 18 December 2009financial crisis

Trefis

However, the risk isn't confined to significant market crashes. Stocks can decline even when market conditions are favorable — consider events such as earnings reports, business updates, or changes in outlook. Refer to CVLT Dip Buyer Analyses to observe how the stock has bounced back from sharp declines in the past.

The Trefis High Quality (HQ) Portfolio, which includes 30 stocks, has a history of comfortably outpacing its benchmark, including all three indices — the S&P 500, S&P mid-cap, and Russell 2000. Why is this the case? As a collective, HQ Portfolio stocks have offered better returns with less risk compared to the benchmark index; it has been a smoother experience, as showcased by HQ Portfolio performance metrics.

Kingsoft Cloud (KC) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

Southern Copper Corporation (SCCO) Q4 2025 Earnings Call January 28, 2026 10:00 AM EST

Company Participants

Raul Jacob - VP of Finance, Treasurer & CFO

Conference Call Participants

Timna Tanners - Wells Fargo Securities, LLC, Research Division
Emerson Vieira - Goldman Sachs Group, Inc., Research Division
Alfonso Salazar - Scotiabank Global Banking and Markets, Research Division
Tingshuai Feng - China International Capital Corporation Limited, Research Division
Matheus Moreira - Banco Bradesco BBI S.A., Research Division
Alexander Hacking - Citigroup Inc., Research Division
Myles Allsop - UBS Investment Bank, Research Division

Presentation

Operator

Good morning, and welcome to Southern Copper Corporation's Fourth Quarter and Year 2025. With us this morning, we have Southern Copper Corporation, Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the company for the fourth quarter and year 2025 as well as answer any questions that you might have.

The information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions to not place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All results are expressed in full U.S. GAAP. Now I will pass the call on to Mr. Raul Jacob.

Raul Jacob
VP of Finance, Treasurer & CFO

Thank you very much, Gigi. Good morning, everyone, and welcome to Southern Copper's Fourth Quarter and Full Year 2025 Results Conference Call. At today's conference, I'm accompanied by Mr. Oscar Gonzalez Rocha, CEO of Southern Copper and Board member; as well as Mr. Leonardo Contreras, who is also a Board member. In today's call, we will begin with an update on our view of the copper market and then review Southern Copper's key results related to

Apple Inc (NASDAQ:AAPL, XETRA:APC) is set to report its fiscal first-quarter results on Thursday after the bell, with Wedbush expecting a strong performance following the holiday season and growing investor focus on the company’s artificial intelligence strategy.

Wedbush’s Dan Ives believes the market continues to underestimate Apple’s longer-term growth prospects, calling 2026 a potential turning point for the company’s AI ambitions.

“We expect strong results after this holiday season as the Street continues to underestimate what 2026 is going to bring for Apple, as in our view, this will finally be the time that Cook & Co. dive into the deep end of the pool on its AI strategic roadmap,” Ives wrote.

Wedbush maintained its Outperform rating on Apple with a $350 price target, keeping the stock on both its Best Ideas List and IVES AI 30 List.

Ives said consensus revenue expectations of $138.4 billion for the quarter could prove conservative, citing strength in the iPhone 17 cycle and a sharper-than-expected rebound in China.

“We believe the Street’s top line estimate of $138.4 billion is beatable given the strength of iPhone 17 including a major rebound in China despite the heated competition in the region,” Ives said, calling the demand trend a “surprise tailwind” in the current iPhone supercycle.

Ives added that Apple is likely to outperform expectations for iPhone sales, pointing to a large base of users yet to upgrade.

“The iPhone 17 continues to garner interest across geographies with ~315 million of 1.5 billion iPhones not upgrading in the last four years,” he said.

Beyond hardware, Ives expects services revenue to remain a key driver, with growth supported by cloud and payment offerings.

“We also believe that the company will outperform the Street’s Services revenue expectations of mid-teens y/y growth through acceleration from cloud and payment services,” Ives noted.

Investors are also expected to focus closely on Apple’s AI strategy during the earnings call, particularly around plans to revamp Siri and the company’s partnership with Google.

“With the most unrivaled consumer installed base in the world of 2.4 billion iOS devices and 1.5 billion iPhones, we expect Cook and Co. to expand on the company’s AI strategy on the call,” Ives said.

The analyst said Apple’s decision to integrate Google’s Gemini technology into Siri marks a key step in its AI push, setting the stage for a broader rollout in 2026.

“Now it’s about the consumer AI revolution coming through Cupertino,” Ives wrote, adding that Apple is expected to outline a clearer blueprint for its AI roadmap ahead of a Siri refresh this spring and its annual developers conference in June.

While acknowledging execution risks, Ives said Apple’s AI potential is not yet reflected in the stock.

“We believe no ‘AI premium’ which could be worth $75–$100 per share is factored into Apple’s stock at current prices,” he said.

Otis Worldwide Corporation (OTIS) Q4 2025 Earnings Call January 28, 2026 8:30 AM EST

Company Participants

Robert Quartaro - Vice President of Investor Relations
Judith Marks - Chair, President & CEO
Cristina Mendez - Executive VP & CFO

Conference Call Participants

Amit Mehrotra - UBS Investment Bank, Research Division
Joseph O'Dea - Wells Fargo Securities, LLC, Research Division
Nicholas Housden - RBC Capital Markets, Research Division
Christopher Snyder - Morgan Stanley, Research Division
Jeffrey Sprague - Vertical Research Partners, LLC
Nigel Coe - Wolfe Research, LLC
Julian Mitchell - Barclays Bank PLC, Research Division
Robert Wertheimer - Melius Research LLC
Kyle Summers - Rothschild & Co Redburn, Research Division
C. Stephen Tusa - JPMorgan Chase & Co, Research Division

Presentation

Operator

Good morning, and welcome to Otis' Fourth Quarter 2025 Earnings Conference Call. This call is being carried live on the Internet and recorded. Presentation materials are available for download from Otis' website at www.otis.com. I'll now turn it over to Rob Quartaro, Vice President of Investor Relations. Please go ahead.

Robert Quartaro
Vice President of Investor Relations

Thank you, Krista. Welcome to Otis' Fourth Quarter 2025 Earnings Conference Call. On the call with me today are Judy Marks, Chair, CEO and President; and Cristina Mendez, Executive Vice President and CFO. Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding restructuring and significant nonrecurring items.

A reconciliation of these measures can be found in the appendix of the webcast. We also remind listeners that the presentation contains forward-looking statements, which are subject to risks and uncertainties. Otis' SEC filings, including our Form 10-K and quarterly reports on Form 10-Q, provide details on important factors that could cause actual results to differ materially.

Now I'll turn it over to Judy.

Judith Marks
Chair, President & CEO

Thank you, Rob. Good morning, afternoon and evening, everyone. Thank you for

HSBC issued a directive on Jan. 27 for investors to stay aggressively risk-on. The bank recommends overweighting equities, high-yield debt, emerging-market bonds, and gold while underweighting sovereigns, investment-grade credit, and oil.

The call rests on a specific macro view: US growth holds up, rate volatility stays contained, and markets tilt back toward mega-cap tech. Meanwhile, the US dollar hit its lowest level since 2021, trading at 96.206 as of press time.

The confluence raises a question of whether the dollar's multi-year low can create a risk appetite for Bitcoin.

HSBC's thesis is not a currency call in isolation. It's a regime call about volatility and growth, which matters because Bitcoin trades as a high-beta risk asset in some environments and as a liquidity or FX hedge in others.

The current setup requires testing which behavior is operative.

Who else is positioned risk-onHSBC is not alone. JPMorgan's first-quarter 2026 allocation describes a “pro-risk tilt,” with overweights in US, Japanese, and select emerging-market equities alongside an explicit underweight to the dollar and a constructive view on gold.

Invesco's house view for the first quarter maintains a moderate overweight in equities versus fixed income, prefers riskier credit exposure, and also flags an underweight dollar position.

BlackRock's recent bi-weekly market commentary continues to support risk assets at a structural level.

The pattern is consistent: major allocators are positioning for risk appetite while reducing dollar exposure.

That combination theoretically supports assets perceived as both risk proxies and dollar alternatives, and Bitcoin fits both categories at different times. The question is which lens applies now.

InstitutionOverweightUnderweightStated driverBTC implicationHSBCEquities; high-yield credit; EM debt; goldSovereign bonds; investment-grade credit; oilMarkets driven by US rates + growth (not geopolitics); rate vol contained; rotate toward mega-cap techBTC tends to behave like a risk-beta if vol stays containedJPMorganEquities (US, Japan, parts of EM); (constructive) goldUS dollar“Pro-risk tilt” with equities leadership; Fed cuts / macro backdrop seen as supportive; gold as diversifierSupports BTC via risk-on channel more than USD-hedge channelInvescoEquities vs fixed income; credit risk (riskier credit exposure)US dollarModerate equity OW vs FI; prefers credit risk; flags UW USDBTC upside more likely if the regime stays risk-on (equity/credit friendly)BlackRockRisk assets / US equities (structural risk-on framing)(Often) long-duration gov’t bonds as less preferred vs equities; uses gold tacticallyPro-risk stance tied to macro regime (policy/rates backdrop); gold as tactical diversifier/hedgeBTC tends to track equities/liquidity when risk appetite is supported and vol stays lowDollar weakness has two facesA falling dollar can occur in two distinct macro regimes with opposite implications for high-beta assets.

In a risk-on regime consisting of global growth accelerating, carry trades working, and financial conditions easing, dollar weakness supports high-beta assets because capital flows toward growth and yield.

In a risk-off regime characterized by US growth scare, policy uncertainty, and rising volatility, dollar weakness can reflect capital rotating away from US assets even as risk appetite collapses.

In the second case, a falling dollar and falling risk assets move together.

HSBC's call assumes the first regime: contained volatility and stable growth. If that assumption holds, Bitcoin should benefit from both the dollar's decline and the broader risk-on posture.

If volatility picks up or growth disappoints, the dollar's weakness becomes irrelevant or even a negative signal. The distinction matters because Bitcoin's sensitivity to each factor shifts over time.

Testing Bitcoin's dollar and risk-on sensitivityThe disciplined way to assess whether the dollar's decline matters for Bitcoin is to measure rolling correlation between Bitcoin daily returns and a dollar index proxy over the past 60 to 90 days.

A meaningfully negative correlation, which translates to below -0.3, tells that the dollar weakness provides a mechanical tailwind. On the contrary, if the correlation is near zero or positive, the “dollar down, Bitcoin up” relationship is not operative, and the dollar's level becomes noise.

As of press time, the 60-day rolling correlation between Bitcoin and DXY was at -0.036. Meanwhile, the 90-day rolling correlation was at +0.004. In this scenario, the dollar movement does not signal an upward movement and is just chatter.

Yet, historical periods show this correlation swings significantly. During liquidity-driven rallies, Bitcoin often exhibits a strong negative correlation with the dollar as both respond to global liquidity conditions.

During risk-off episodes, the relationship can invert or collapse entirely. The current correlation determines whether the dollar's four-year low functions as a tailwind or a red herring.

The second test pairs Bitcoin's returns against a clean risk proxy, consisting of the S&P 500 and Nasdaq, over the same rolling window.

The 60-day rolling correlation between Bitcoin and the S&P 500 is +0.536 as of press time, rising to +0.591 over the 90-day window. For Nasdaq, the 60-day and 90-day correlations registered +0.544 and +0.586, respectively.

Bitcoin's 60-day rolling correlation with the dollar index sits near zero as of Jan. 27, while correlations with the S&P 500 and Nasdaq remain elevated above 0.5.Bitcoin's stronger correlation with equities than with the dollar suggests HSBC's “risk-on with contained volatility” thesis becomes the dominant driver.

This distinction is critical because HSBC's call is conditional. The bank's risk-on stance assumes rate volatility stays low and growth holds up.

However, if either assumption breaks, with events such as rate volatility surges, or growth data disappoints, the entire regime call flips.

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Bitcoin could then face headwinds from rising volatility, even if the dollar continues to fall.

Microstructure layer and what the dollar signalsBitcoin's internal market structure as of Jan. 27 shows mixed signals that complicate the macro tailwind narrative.

Data from Farside Investors shows that spot ETF flows turned net negative for the month at -$110.3 million, indicating institutional demand has cooled despite the broader risk-on setup.

Funding rates sit near neutral, with OI-weighted at 0.0068% and volume-weighted at 0.0061%, suggesting leverage is neither stretched long nor positioned defensively.

CoinGlass shows that options open interest stands at $36.49 billion, reflecting active derivatives positioning but without a clear directional bias from the funding data alone.

The most constructive signal from the microstructure comes from exchange balances: 2.47 million BTC remain on exchanges, near the lowest level in the past year.

Declining exchange reserves typically indicate reduced selling pressure as holders move coins to cold storage, a behavior associated with longer time horizons and lower urgency to liquidate.

Combined with neutral funding, this suggests the positioning is not stretched too far, meaning there is room for the macro tailwind to translate into upside without triggering immediate supply constraints from overleveraged longs unwinding.

The spot ETF outflows present a tension. Institutional allocators are not adding exposure aggressively despite Wall Street's risk-on positioning, which could mean Bitcoin is not yet viewed as a core beneficiary of the regime or that flows lag the narrative.

Either way, the microstructure does not show defensive positioning that would block macro transmission, but it also does not show the enthusiastic positioning that would amplify it.

MetricLatest (Jan 27)SignalWhy it mattersSpot ETF flows (MTD)-$110.3MHeadwindNet outflows suggest institutional bid cooled despite risk-on tonePerps funding (OI-weighted)+0.0068%NeutralNear-neutral leverage; no crowded long positioning to unwindPerps funding (vol-weighted)+0.0061%NeutralConfirms funding neutrality across higher-volume venuesOptions open interest$36.49BNeutralElevated positioning, but direction unclear without skew/IV contextExchange balances2.47M BTCSupportiveLower exchange supply implies reduced near-term sell pressureThe regime Bitcoin actually facesThe dollar's decline to levels last seen in 2021 occurs in a hybrid regime rather than the clean risk-on environment HSBC assumes.

Financial conditions are easing, which is the clearest tailwind for high-beta assets. Volatility remains contained in both equity and bond markets, supporting risk appetite. Yet global growth is not reaccelerating, but rather expanding at the slowest pace in six months.

US growth shows strong GDP estimates, but they are offset by deteriorating consumer confidence and weak job gains. Policy uncertainty remains elevated and volatile, adding a layer of friction that can disrupt even favorable financial conditions.

This places Bitcoin in a complex position. The dollar is falling in a loose financial conditions environment with contained volatility, both of which are supportive of Bitcoin as a high-beta risk asset.

However, the absence of growth acceleration and the presence of policy uncertainty mean the macro backdrop is more fragile than HSBC's framework suggests.

Bitcoin benefits from easier financial conditions and low volatility, but faces headwinds from mixed growth signals and policy noise that could trigger sudden regime shifts.

The trade works as long as volatility stays contained and financial conditions remain loose, and these are two conditions currently met but not guaranteed, especially given elevated policy uncertainty that can disrupt both quickly.

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Circle will offer USDC payments in Europe and India through an integration with Saber, enabling settlement in local currencies. Payments are settled in euros via SEPA and in rupees via IMPS, RTGS, and NEFT, under a single-integration model that avoids signing bilateral banking agreements. Saber integrated as a Beneficiary Financial Institution with 24/7 fiat off-ramps. Circle expanded its Circle Payments Network to add new payment rails with local settlement in Europe and India. The expansion is being implemented through an integration with Saber money, allowing businesses to send USDC onchain while recipients receive fiat currency directly into local bank accounts.

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