Market Signal Briefing

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Synopsys' EDA dominance, deep client integration, and IP portfolio ensure resilience; recent weakness stems from execution timing, not competitive or structural erosion. Rising chip complexity, AI-driven design, and the Ansys acquisition expand long-term TAM across automotive, aerospace, and industrial markets, sustaining durable multi-year growth visibility. Current softness in IP merely reflects short-term operational missteps, not decay.

Not for distribution to U.S. news wire services or dissemination in the United States. VANCOUVER, BC / ACCESS Newswire / October 21, 2025 / ATHA Energy Corp. (TSX.V:SASK)(FRA:X5U)(OTCQB:SASKF) ("ATHA" or the "Company"), is pleased to announce that, further to its press releases dated September 18, 2025 and August 11, 2025, the Company has filed its annual information form for the fiscal year ended December 31, 2024 (the "AIF"), and a preliminary short form prospectus (the "Prospectus") with the securities commissions in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and New Brunswick, in connection with the proposed qualification of up to 18,838,752 units (the "Units") of the Company issuable upon the exercise or deemed exercise of 17,126,138 special warrants ("Special Warrants") of the Company issued in connection with its previously announced private placement.

CNBC's MacKenzie Sigalos with the latest on a report that Anthropic is in early talks to expand its compute footprint with Google Cloud.

XRP's October bloodbath may have been sparked by whale deposits surging 43,000 transactions.

Ripple’s (XRP) rebound above $2.5 just days after dropping below $1.90 was rather short-lived as it currently trades near $2.4.

Data now suggests massive whale movements toward Binance confirm profit-taking and panic-selling patterns.

XRP Holders Unload Their Bags
Since the start of October, XRP whales have shown a notable change in behavior amidst growing selling pressure. Data from the Whale to Exchange Flow chart for Binance, shared by CryptoQuant, found a sharp rise in whale deposits beginning October 1st, which maintained steady momentum until October 17th.

The inflow reached its highest level on October 11th, with Whale to Exchange Transactions surging to 43,000. This is a clear indication of significant XRP transfers to centralized exchanges. Such large-scale movements typically mean that whales are preparing to liquidate holdings, realize profits, or mitigate risk in the backdrop of market uncertainty. This on-chain activity is closely in line with XRP’s price performance during the same period.

As the whale deposits accelerated, XRP’s price experienced a steep decline as it dropped from above 3 to around 2.3. The correlation between increased exchange inflows and the falling price strongly supports the view that increased whale activity on Binance contributed to the mounting selling pressure throughout the first half of October.

Whales were not the only cohort driving XRP’s sell pressure in October. Data revealed that smaller investors also played a crucial role in the market downturn. The month recorded a steady uptick in XRP transfers to Binance, especially in the ~1,000 XRP transaction group. Additionally, there were occasional inflows from larger 100K and 1M XRP tranches. These inflows reached their highest levels since last June and coincided with XRP’s price decline from near $3.0 to the $2.3-$2.6 range by mid-month.

The surge in small tranche deposits points to increased activity from retail investors or, potentially, the splitting of larger holdings into smaller batches before selling. Such a pattern reflects a broader distribution phase, where selling pressure originates from a wide base of participants.

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Retail Pessimism
Attention has now turned to how smaller traders are responding to the crypto asset’s turbulent price swings. According to Santiment, XRP is currently seeing widespread retail pessimism. On-chain data revealed that a large portion of the crowd has been selling at a loss, accompanied by a noticeable uptick in fear, uncertainty, and doubt (FUD) across social channels.

Historically, such conditions have often preceded bullish reversals, as prices tend to move contrary to retail sentiment. When traders capitulate or express excessive fear, it often means that market bottoms are near and that stronger hands are accumulating.

A pro-XRP software developer sparked fresh debate this week by saying it takes “serious conviction” to hold volatile coins like XRP through long, wild swings. Related Reading: Bitcoin Whale Goes Big — $255M Longs Opened Before Trump–China Summit Vincent Van Code said holding XRP all the way to $1,000 — let alone $10,000 — would take “mental illness.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is under selling pressure once again, testing a critical support level as the broader crypto market continues to struggle for bullish momentum. Altcoins are losing strength across the board, and growing concern among traders has fueled renewed talk of a potential bear market. The recent downturn has pushed Ethereum closer to its key technical levels, with investors closely watching whether it can maintain support or if another leg down is imminent.

However, not everyone is bearish. On-chain data from Lookonchain reveals that Bitmine, one of the largest Ethereum holders, just made a massive purchase — acquiring 63,539 ETH worth approximately $251.6 million. Large, timely purchases during drawdowns don’t guarantee a reversal, but they often reveal where deep-pocketed participants think value sits. At a minimum, it injects fresh demand at a moment when sentiment is fragile and reactive.

From here, the tape matters. If ETH can hold this support and compress into a higher low, the market may start to treat the recent selloff as a shakeout rather than a regime shift. Lose it decisively and the “bear market” calls will likely get louder. For now, Ethereum sits at a crossroads—pressure building, skepticism rising, and one sizable buy hinting that the story isn’t finished yet.

Bitmine Adds Ethereum Amid Market Weakness
According to Lookonchain, Ethereum whale Bitmine made a major move just eight hours ago — three newly created wallets received a total of 63,539 ETH, worth approximately $251.6 million, from Kraken and BitGo. The on-chain activity sparked renewed discussion among analysts, as such large-scale transfers during a period of selling pressure often reflect institutional accumulation rather than routine repositioning.

Bitmine on-chain transactions | Source: Lookonchain
This addition pushes Bitmine’s holdings to 3,299,553 ETH, valued at around $13.07 billion, representing roughly 2.73% of Ethereum’s total circulating supply. The sheer scale of this position places Bitmine among the most influential holders of ETH, capable of impacting both sentiment and liquidity across the network. Analysts often interpret these types of movements as confidence signals, particularly when they occur in periods of heightened volatility.

At a time when Ethereum is struggling to maintain key support levels and broader market confidence is fragile, such accumulation could serve as a stabilizing force — or at least a psychological one. Historically, similar whale activity has preceded local price recoveries as supply tightens and market participants reassess short-term bearish bias.

Still, the broader context cannot be ignored. Ethereum remains vulnerable to macro headwinds, and on-chain flows alone may not offset systemic selling. What’s clear, however, is that Bitmine’s latest accumulation stands out as a show of conviction — an assertive move that suggests some large holders still view current price levels as a long-term opportunity rather than a signal of deeper decline.

Testing A Pivotal Price Level
On the 3-day chart, Ethereum (ETH) is attempting to stabilize after a period of sharp selling pressure, currently trading around $3,871. The broader structure still shows an uptrend, but recent candles reveal a clear slowdown in bullish momentum. After peaking near $4,800, ETH entered a correction that brought price back toward the 50-period moving average (blue line), which now serves as a key short-term support level.

Ethereum consolidates around a key level | Source: ETHUSDT chart on TradingView
This zone has historically acted as a pivot during mid-cycle consolidations, and holding above it would keep Ethereum within a healthy market structure. However, if ETH loses this level, the next significant support lies between $3,400 and $3,500, where the 100-period (green) and 200-period (red) moving averages converge — an area that often attracts long-term buyers.

To the upside, ETH needs a decisive close above $4,000–$4,200 to regain momentum and potentially retest the $4,500 resistance, which has been a strong rejection level since late September.

Overall, the 3D chart paints a picture of short-term weakness within a broader bullish framework. Ethereum’s ability to defend its mid-range support will determine whether this correction evolves into accumulation or signals the start of a deeper market retrace.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Fetch.ai CEO alleges Ocean Protocol misused 286M FET before ASI merger.Bubblemaps shows 270M FET moved to Binance and GSR Markets.Binance ends OCEAN support as legal and community pressure intensifies.Fetch.ai CEO Humayun Sheikh has offered a $250,000 bounty for information on OceanDAO’s multisignature wallet signers. The announcement reignited tensions with Ocean Protocol over alleged misuse of alliance-linked funds before their 2024 merger.

The dispute dates back to token conversions made before the Artificial Superintelligence (ASI) Alliance—an initiative uniting Fetch.ai, Ocean Protocol, and SingularityNet—took effect.

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Ocean Protocol Accused of Pre-Merger TransfersSheikh offered a $250,000 bounty to anyone providing information linking OceanDAO’s multisig wallet signers to the Ocean Protocol Foundation. A multisig wallet requires multiple users’ signatures to authorize a single crypto transaction, making it a common security mechanism for shared control.

According to on-chain analytics platform Bubblemaps, Ocean Protocol converted 661 million OCEAN into 286 million FET before the ASI merger occurred. Blockchain data indicates 270 million FET were later transferred to exchanges, including 160 million to Binance and 109 million to GSR Markets.

Sheikh alleged the conversions violated the alliance’s spirit of trust. “Funds intended for the community were diverted,” he wrote on X, urging Binance and GSR to investigate.

Ocean Protocol has denied the allegations, calling them “unfounded,” and announced it will issue a formal response.

Binance had already ended support for OCEAN deposits on October 15, days before Sheikh’s public statement. The exchange did not cite the dispute as a cause, but the timing raised speculation.

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Also, Sheikh has since pledged to finance class-action lawsuits in multiple jurisdictions to hold Ocean Protocol accountable.

Legal Fallout and Market ImplicationsAnalysts say the feud could reshape investor confidence in AI-token alliances. Once valued at over $7 billion, the ASI merger aimed to consolidate decentralized AI development but now faces reputational strain.

Sheikh’s bounty move may prompt deeper scrutiny of multisignature governance and token custody across crypto alliances. Legal proceedings could set precedents for future consortium-based blockchain projects, especially those involving asset conversions.

Ocean Protocol officially withdrew from the ASI alliance on October 9, yet it offered no clarification regarding the disputed token movements. The escalating conflict underscores the fragility of trust in joint crypto ventures that lack transparent governance mechanisms.

FET performance over the past year / Source: CoingeckoAs of October 21, Fetch.ai’s native token FET was trading around $0.25, reflecting a 9% decline over the previous 24 hours amid heightened market volatility and community uncertainty. FET reached an all-time high of $3.45 in late March 2024, meaning the current price represents a decline of roughly 92% from that peak.

OCEAN performance over the past year / Source: CoingeckoOcean Protocol’s native token OCEAN also fell 4% from the previous day to around $0.25. Its all-time high was $1.93 in mid-April 2021, meaning the current price is roughly 87% below that peak.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

TL;DR

Bitcoin fails in two attempts to regain momentum and retreats to the $104,000‑$110,000 range, showing exhaustion in buying pressure.
Whale flows on Binance increased with inflows of 1,000‑10,000 BTC, but long-term netflows turned negative, limiting the bulls’ strength.
BTC outflows from the exchange indicate long-term accumulation, while some short-term traders exit, setting the stage for the next market phase.

Bitcoin tried to regain momentum on two occasions, but the failed rallies cast doubt on its strength and show that the market is pausing.

After reaching a high of $124,000, the price pulled back to the $104,000‑$110,000 range, leaving Bitcoin below its 30-day Fair Value. The momentum index remains below 45, confirming that buying pressure has weakened and recovery attempts failed to hold.

Flows from major investors, known as whales, rose significantly last week. Between 1,000 and 10,000 BTC entered Binance, reaching levels not seen since July. These movements may reflect portfolio adjustments or profit-taking. However, long-term netflows turned negative, indicating that despite whale activity, institutional buyers still lack sufficient strength to push BTC higher.

The market reacted immediately: the October 13 and 20 rallies failed to sustain the price, and short-term sentiment shows signs of fatigue. Analysts note that the second rally lacked real strength from the start, while the first lost momentum quickly. This dynamic suggests the market may be rebalancing before deciding the direction of its next move.

Mixed Signals in the Bitcoin Market
Despite apparent weakness, there are signs of accumulation. Bitcoin netflows on Binance turned negative, showing that more BTC is leaving the exchange, likely for long-term storage. This indicates that long-term investors are taking positions while short-term traders step back. This creates a tension between active liquidity and strategic accumulation that could form the foundation for a shift.

The involvement of whales and long-term holders will be crucial in determining Bitcoin’s future direction. The outlook shows that, although immediate momentum has faded, the network of strategic buyers retains the ability to support levels and prepare the market for the next phase

After a brief recovery earlier this week, XRP has once again shifted from bullish optimism to renewed bearish momentum. The cryptocurrency dropped by nearly 1.7% in the past 24 hours, failing to sustain its position above the critical $2.50 resistance level. This sharp reversal signals that sellers are regaining control, leaving investors cautious about XRP’s short-term prospects.

On the daily chart, XRP’s technical outlook remains concerning. Since late August, the token has been moving within a descending channel, consistently forming lower highs—a clear indication of ongoing bearish pressure. The recent rejection near the $2.70 zone, aligning with the 50-day moving average, further confirmed strong resistance in this range. Following this, XRP has slipped below the 200-day moving average, a traditionally bearish indicator suggesting the potential for deeper declines.

Momentum indicators also paint a gloomy picture. The Relative Strength Index (RSI) remains below 40, showing weak buying interest, while trading volumes indicate increasing sell-side activity. If current market conditions persist, XRP could continue its downward trend, with key support levels near $2.20 and $2.00. A more severe decline toward the psychological level of $1.00 is also possible, where stronger demand might eventually stabilize prices.

Despite broader market uncertainty, XRP’s technical structure appears particularly vulnerable. To reverse its current trajectory, the token must reclaim and sustain levels above the $2.70–$2.80 resistance zone. Until then, the inability to stay above major moving averages reinforces the bearish sentiment. As liquidity shifts and market sentiment evolve, XRP’s future largely depends on whether buyers can regain control before the token experiences a deeper correction.

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Chainlink (LINK) has shown a strong rebound from the key $16 demand zone, a level that has repeatedly acted as a launchpad for major rallies. The price continues to move within a descending channel, where persistent buying at the lower boundary signals increasing investor confidence. This support zone is widely seen as a value range for accumulation, setting the stage for the next bullish move.

Currently, LINK faces critical resistance near $19.95 — a historical pivot level that has often triggered strong breakouts in the past. A decisive move above this barrier could open the path toward $23.6 and potentially $27 by December. The ongoing formation of higher lows and tightening within a long-term symmetrical triangle suggest that a breakout phase may be imminent, aligning with bullish technical patterns observed since 2022.

On-chain data reinforces this positive outlook. Whale investors have accumulated roughly 54.47 million LINK around the $16 region, marking it as one of the most substantial support bases in recent months. This accumulation demonstrates renewed conviction among large holders, who appear to be positioning for further upside.

Meanwhile, exchange flow data from CoinGlass indicates strong bullish sentiment, with over $16.57 million in net outflows recorded on October 21 — one of the largest single-day withdrawals recently. Reduced token supply on exchanges often precedes upward price pressure, as decreasing liquidity can fuel market rallies.

Overall, the $16 support remains the cornerstone of Chainlink’s bullish structure. Whale accumulation, declining exchange reserves, and technical strength all point toward a potential breakout. If LINK sustains momentum above $19.95, analysts expect a continued surge toward $27 in the coming months.

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The Ethereum Foundation has transferred approximately $654 million worth of ETH to a wallet commonly linked to token sales, sparking intense community speculation about its intentions. Such a large-scale move could influence the cryptocurrency market, especially if liquidation occurs soon.

According to Arkham Intelligence, known for uncovering major on-chain movements, this transfer marks one of the Foundation’s most significant in recent history. In the past month, the organization sold smaller ETH amounts—each under $10 million—mainly to support independent DeFi initiatives. However, today’s transaction dwarfs previous ones, prompting questions about whether the Foundation is preparing to sell a portion of its reserves.

Last month’s ETH sale, reportedly used to fund research and development, was 16 times smaller than the latest transfer. Given current challenges surrounding ETH’s price performance and blockchain infrastructure, some investors worry that a large token sale could create additional downward pressure on the market. For now, though, ETH prices remain relatively stable.

Speculation has also turned toward possible internal motives behind the move. The recent resignation of veteran developer Péter Szilágyi, who criticized the Foundation for underpaying core contributors, reignited discussions about fair compensation. Szilágyi revealed that he earned only $625,000 before taxes over six years—despite Ethereum’s meteoric rise to a $450 billion market cap.

Following the backlash, a Co-Executive Director at the Ethereum Foundation acknowledged these concerns, admitting that many early builders were underpaid for their invaluable work. Some analysts now believe the new transfer could be intended to reward long-time developers, though no official confirmation has been provided.

Whether this massive transaction signals a market sale or a long-overdue payout to Ethereum’s core team, the crypto community will be watching closely for its potential impact on ETH’s future.

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The concept of a price battleground in Bitcoin markets refers to a critical price range where the forces of buying and selling pressure are in a fierce and decisive contest. This is where the outcome is expected to determine BTC’s overall direction and confirm a continuation of a bull market or bear market correction.

Why This Zone Will Define Bitcoin’s Next Expansion Phase
In an X post, an institutional-grade reporter, Bitcoin Vector, has highlighted that BTC has entered its decisive battleground between $110,000 and $115,000, which could determine the trajectory of the entire cycle. In the past week, spot demand, which is the engine of sustained rallies, was notably weak and capped by the escalating US-China trade tensions.

As those tensions eased, that spot demand showed signs of returning, allowing BTC to claw its way back above the critical $110,000 level. Despite recovery back into the battleground, momentum remains negative and flat. Without sustained inflow and spot demand, the bullish structure could fade fast, leaving BTC exposed to another pullback.

However, if demand holds and momentum turns up, BTC advances deeper into the battleground. A failure to maintain this range and BTC may risk retreating again and raising the white flag.

BTC at a pivotal moment | Source: Chart from Bitcoin Vector on X
A full-time crypto trader, Sykodelic, has also offered a highly optimistic prediction that Bitcoin will be back to an All-Time High (ATH) by the end of the month. The market is still in uncertainty and fear, where BTC thrives for its next leg higher.

This is the stage of the cycle where disbelief dominates. As a result, traders convince themselves the rally is over, and that’s when BTC starts to move again. By the time BTC approaches its previous highs, traders will finally believe again, which often happens when another long flush clears out late entrants.

Technically, BTC price is moving back above the 4-hour 50-period Simple Moving Average (SMA). Each time, Bitcoin successfully retests this level as support, the price continues to expand higher. “I think the worst is behind us,” Sykodelic noted.

The Supply Battle That Shapes The Next Cycle
The current Bitcoin market is in a supply tug-of-war between two powerful forces. According to the ambassador of MGBX_EN, BitBull, long-term holders (LTHs) have been constantly offloading their coins, while institutions are aggressively absorbing the supply through Spot ETFs and Digital Asset Treasuries (DATs). 

Meanwhile, the treasury holdings have quietly surpassed $120 billion, with BTC still dominating the stack. Spot ETFs alone have absorbed tens of thousands of coins this quarter, proving that institutional demand remains strong. However, LTHs are still selling faster than ETFs, and DATs can absorb. Historically, when this kind of accelerated LTH distribution occurs, BTC tends to lose short-term momentum. 

This is not a bearish setup, but it does imply that the upside remains temporarily capped until the selling pressure fades. Thus, institutions are buying the strength, not the bottoms. Ultimately, the next major breakout hinges on when long-term holders stop distributing and return to accumulation mode.

BTC trading at $107,307 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

XRP's ascent into institutional finance is accelerating as Ripple's top executives unite behind its expanding role in global markets, highlighting new investment flows, regulatory clarity, and a bold vision for XRP's utility in DeFi and capital markets.

For the quarter ended September 2025, Omnicom (OMC - Free Report) reported revenue of $4.04 billion, up 4% over the same period last year. EPS came in at $2.24, compared to $2.03 in the year-ago quarter.

The reported revenue represents a surprise of +0.35% over the Zacks Consensus Estimate of $4.02 billion. With the consensus EPS estimate being $2.15, the EPS surprise was +4.19%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Omnicom performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Total Organic Revenue Growth: 2.6% compared to the 2.8% average estimate based on three analysts.Organic Revenue Growth by Geography- United Kingdom: 3.7% compared to the 1.2% average estimate based on two analysts.Organic Revenue Growth - Healthcare: -1.9% compared to the -0.1% average estimate based on two analysts.Organic Revenue Growth - Commerce & Branding: -16.9% versus the two-analyst average estimate of -5.1%.Revenue by Geography- United States: $2.13 billion versus $2.1 billion estimated by three analysts on average.Revenue by Geography- United Kingdom: $454.2 million compared to the $435.92 million average estimate based on two analysts.Revenue by Geography- Asia Pacific: $462.6 million versus the two-analyst average estimate of $489.03 million. The reported number represents a year-over-year change of -4.6%.Revenue by Geography- Middle East and Africa: $67.4 million versus $71.12 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +6.5% change.Revenue- Commerce & Branding: $144.8 million compared to the $157.1 million average estimate based on two analysts.Revenue- Execution & Support: $215.4 million versus $213.01 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +3.2% change.Revenue- Healthcare: $331.2 million versus $281.98 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -2.2% change.Revenue- Public Relations: $377.2 million versus $420.08 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -9% change.View all Key Company Metrics for Omnicom here>>>

Shares of Omnicom have returned +4.9% over the past month versus the Zacks S&P 500 composite's +1.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Capital One (COF - Free Report) reported $15.36 billion in revenue for the quarter ended September 2025, representing a year-over-year increase of 53.4%. EPS of $5.95 for the same period compares to $4.51 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $14.9 billion, representing a surprise of +3.09%. The company delivered an EPS surprise of +41.67%, with the consensus EPS estimate being $4.20.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Capital One performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency Ratio: 53.8% versus the five-analyst average estimate of 54.1%.Net Interest Margin: 8.4% versus 8.2% estimated by five analysts on average.Average Balance - Total interest-earning assets: $593.25 billion compared to the $577.08 billion average estimate based on four analysts.Net charge-off rate: 3.2% compared to the 3.1% average estimate based on three analysts.Tier 1 Leverage Ratio: 12.6% versus 12.1% estimated by two analysts on average.Net charge-off rate - Credit Card: 4.6% compared to the 4.7% average estimate based on two analysts.Total Capital Ratio: 17.4% versus 16.6% estimated by two analysts on average.Total net revenue- Commercial Banking: $904 million compared to the $1.02 billion average estimate based on three analysts. The reported number represents a change of +1.8% year over year.Total net revenue- Consumer Banking: $2.83 billion compared to the $2.79 billion average estimate based on three analysts. The reported number represents a change of +28.1% year over year.Total net revenue- Credit Card- Domestic: $10.93 billion versus the three-analyst average estimate of $10.66 billion. The reported number represents a year-over-year change of +59%.Total net revenue- Other: $16 million versus the three-analyst average estimate of $-142 million. The reported number represents a year-over-year change of -104.8%.Total net revenue- Credit Card: $11.61 billion versus the three-analyst average estimate of $11.3 billion. The reported number represents a year-over-year change of +60.1%.View all Key Company Metrics for Capital One here>>>

Shares of Capital One have returned -4.7% over the past month versus the Zacks S&P 500 composite's +1.2% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

Cathay General Bancorp (NASDAQ:CATY) Q3 2025 Earnings Call October 21, 2025 6:00 PM EDT

Company Participants

Georgia Lo - Assistant Secretary & Investor Relations
Chang Liu - CEO, President & Director
Heng Chen - Executive VP, CFO & Treasurer

Conference Call Participants

Matthew Clark - Piper Sandler & Co., Research Division
Andrew Terrell - Stephens Inc., Research Division
Gary Tenner - D.A. Davidson & Co., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to Cathay General Bancorp's Third Quarter 2025 Earnings Conference Call. My name is Ashia, and I will be your coordinator for today. [Operator Instructions] Today's call is being recorded and will be available for replay at www.cathaygeneralbancorp.com.

Now I would like to turn the conference over to Georgia Lo, Investor Relations of Cathay General Bancorp. Please go ahead.

Georgia Lo
Assistant Secretary & Investor Relations

Thank you, Ashia, and good afternoon. Here to discuss the financial results today are Mr. Chang Liu, our President and Chief Executive Officer; and Mr. Heng Chen, our Executive Vice President and Chief Financial Officer.

Before we begin, we wish to remind you that the speakers on this call may make forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 concerning future results and events, and that these statements are subject to certain risks and uncertainties that could cause actual results to differ materially.

These risks and uncertainties are further described in the company's annual report on Form 10-K for the year ended December 31, 2024, at Item 1A in particular, and in other reports and filings with the Securities and Exchange Commission from time to time. As such, we caution you not to place undue reliance on such forward-looking statements.

Any forward-looking

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The national security AI specialist shows signs of success after second-quarter setbacks.

Since the seminal arrival of OpenAI's ChatGPT in 2022, governments and organizations around the globe have rushed to adopt artificial intelligence (AI). This has been a boon for AI-focused businesses, such as BigBear.ai (BBAI 5.09%).

BigBear.ai stock is up over 60% in 2025 through the week ending Oct. 17. Even so, shares are below the 52-week high of $10.36 reached in February. Does this signal a buy opportunity for the AI stock?

BigBear.ai's business hit road bumps this year, so the answer isn't straightforward. Seeing if this AI stock is a smart investment requires digging into what's going on with BigBear.ai right now.

Image source: Getty Images.

The hit to BigBear.ai's sales
BigBear.ai specializes in artificial intelligence solutions for national security and infrastructure. For that reason, most of its revenue comes from the U.S. government.

This position should be an advantage, given President Trump's assertion that AI leadership "is of paramount importance to maintaining the economic and national security of the United States."

However, the Trump Administration also pursued spending cuts in what it calls "wasteful spending of taxpayer dollars." This resulted in government contracts being pared back during the second quarter to the tune of several billion dollars.

As a result, BigBear.ai sales fell 18% year over year to $32.5 million in Q2. That's not all. The government cutbacks caused the company to reduce its 2025 revenue to a range of $125 to $140 million, a double-digit drop from the $158.2 million earned in 2024.

In the first half of 2025, BigBear.ai's sales came in at $67.2 million, down from $72.9 million in 2024. A small consolation is that the company is on track to meet the revised full-year revenue outlook.

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Is BigBear.ai poised to bounce back?
Since the Q2 setback, BigBear.ai has had a streak of wins. In August, the company announced a deal to provide AI-powered security services for cargo passing through the Panama Canal. In September, its biometric solutions were adopted by the Nashville International Airport, adding to a growing list of locations using BigBear.ai for airport security.

Then in October, the company announced a partnership with Tsecond to boost BigBear.ai's edge computing capabilities. This collaboration allows BigBear.ai's battlefield AI tech to function without relying on an internet connection. As the company states, the solution enables "tactical teams to make faster, more informed decisions" in real time.

These successes are encouraging signs. However, how much they help sales bounce back from BigBear.ai's challenging second quarter won't be clear until its Q3 earnings report is released on Nov. 10.

The company also benefits from record high cash of $391 million on its Q2 balance sheet compared to debt of $143 million. This puts BigBear.ai in a net positive cash position for the first time.

However, BigBear.ai doesn't operate a profitable business. Through the first half of 2025, its operating loss stood at $111.5 million.

To buy or not to buy BigBear.ai stock
One factor that could serve as a tailwind to BigBear.ai's business is the passage of the One Big Beautiful Bill Act, which provides a historic level of funding for the U.S. Department of Homeland Security (DHS). The DHS is one of BigBear.ai's customers, and the company's CEO, Kevin McAleenan, ran the agency during President Trump's first term.

These factors and its wins over the past few months helped to buoy BigBear.ai's stock. As a result, its share price valuation is elevated.

You can see this by taking a look at its forward price-to-sales (P/S) ratio, which measures how much investors are prepared to pay for every dollar of projected revenue over the next 12 months, and comparing it to another AI company providing solutions to the federal government, C3.ai.

Data by YCharts.

The chart shows BigBear.ai's P/S ratio was below its competitor earlier this year, but has since risen far higher, making C3.ai stock the better value right now. In fact, given how high BigBear.ai's forward sales multiple has risen recently, the stock is looking pricey.

A comeback story could be imminent for the company after a tough Q2, but this looks as if it's priced into the stock already. Consequently, although BigBear.ai shows promise as an AI investment, the ideal approach is to wait for its Q3 results for signs of revenue recovery before deciding to buy.

ARLINGTON, Va.--(BUSINESS WIRE)--CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology, announced its continued support for Matterport Spaces across all media channels.

Zillow is again engaging in anti-consumer conduct, claiming that CoStar Group has “restricted the use of Matterport 3D virtual tours outside of CoStar-owned sites.” This is untrue. Matterport Spaces—i.e., our 3D virtual tours—purchased through Matterport may be displayed on any site.

If anyone signs up for a Matterport subscription and creates a Matterport 3D virtual tour—what we call a Matterport Space—they can post the Space wherever they like. These Matterport Spaces can be input into all MLSs for distribution on all IDX websites and portals, including Zillow. At least one MLS, CRMLS, has already issued a correction, confirming that its members may continue to use their Matterport Spaces on their listings.

Thousands of businesses leverage Matterport Spaces for a wide variety of uses, ranging from architectural design to construction management, insurance adjustment, industrial operations and manufacturing, and everything in between. Only CoStar Group media created for exclusive use on CoStar Group platforms, such as Matterport Spaces shot by CoStar Group photographers for Homes.com memberships or Apartments.com advertising, remain proprietary.

Gene Boxer, CoStar Group’s General Counsel, said:

“Zillow is trying to mislead agents to divert attention from five lawsuits filed against Zillow in the last four months: (1) Compass sued Zillow for its anticompetitive listing ban; (2) CoStar Group sued Zillow for massive copyright infringement; (3) a class of plaintiffs sued Zillow for their deceptive lead diversion through the use of the ‘contact agent’ button; (4) the FTC sued Zillow for entering into an anticompetitive agreement with Redfin; and (5) five states sued Zillow for the same anticompetitive agreement. Zillow’s recent partnership with ChatGPT is also being questioned by MLSs.

Zillow’s misstatements are a pretext to exclude a superior, competing product from its network. Resorting to these anticompetitive tactics against CoStar Group demonstrates that Homes.com and Matterport are succeeding.”

About CoStar Group

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking, Ten-X, an online platform for commercial real estate auctions and negotiated bids and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted over 141 million average monthly unique visitors in the second quarter of 2025, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

These companies pay very durable and steadily rising dividends.

Dividend stocks are excellent foundational holdings for any portfolio. They provide stable income and a base return. That's a key reason why, historically, dividend stocks have outperformed non-payers with less volatility.

Two companies that exemplify the strength of dividend investing are Coca-Cola (KO +3.91%) and Chevron (CVX 0.36%). Both are rock-solid dividend stocks with attractive payouts that have room to grow.

Image source: Getty Images.

Coco-Cola
For 63 straight years, Coca-Cola has increased its dividend -- one of the longest current growth streaks. This record places Coca-Cola among the Dividend Kings, companies with over 50 years of annual dividend increases. Currently, the company's dividend yields 3%, more than double the S&P 500's 1.2%.

The global beverage giant produces very durable and rising cash flows to support its dividend. It expects to produce about $11.7 billion of cash flow from operations this year. That's more than enough to cover the capital spending needed to maintain and grow its operations and its dividend payment, with room to spare. The company uses its surplus cash to repurchase shares and maintain its fortress balance sheet. Its leverage ratio is at the low end of its 2.0 to 2.5 target range.

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Coca-Cola's growth investments position it to achieve its long-term targets: 4% to 6% annual organic revenue growth and 7% to 9% annual earnings-per-share growth. These growth rates support the company's ability to continue raising its dividend each year.

Additionally, the company uses its balance sheet flexibility to make strategic acquisitions as opportunties arise. Since 2016, acquisitions such as Costa Coffee, Fairlife, and others have contributed a quarter of the company's earnings growth. Future deals would help further enhance the company's ability to grow its dividend.

Chevron
Chevron has increased its dividend for 38 consecutive years -- the second-longest streak in the oil sector. The consistency is impressive, especially given the sector's historical volatility.

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The global energy giant has built its business to navigate the sector's unpredictability. It has an integrated business model (upstream oil and gas production assets, midstream infrastructure operations, and downstream refining and chemicals businesses). The downstream assets act as a natural hedge against lower commodity prices while enabling Chevron to maximize the value of its upstream production. Meanwhile, it has the lowest-cost upstream business in the sector with a $30-a-barrel breakeven level. These features enable Chevron to produce more resilient cash flows compared to others in the sector.

Chevron also has one of the strongest balance sheets in the oil industry. It ended last quarter with a sub-15% net debt ratio, well below its 20% to 25% target range. This gives Chevron the flexibility to take on debt during an oil market downturn to fund growth capital projects and shareholder returns.

The company's growth investments should give it plenty of fuel to continue growing its dividend. Recently completed growth capital projects in Kazakhstan and the Gulf of Mexico (also known as the Gulf of America) and other internal initiatives will help add as much as $10 billion to its free cash flow next year. Meanwhile, the company's recently closed acquisition of Hess will add an incremental $2.5 billion to its free cash flow next year, while extending its production and free-cash-flow growth outlook into the 2030s. Chevron is also building out several lower-carbon energy businesses to bolster its long-term growth profile, including recently expanding into the U.S. lithium supply sector.

Unshakable dividend stocks
Over the past several decades, Coca-Cola and Chevron have proven to be two of the most reliable dividend stocks. With resilient cash flows and fortress balance sheets, they continue to protect their dividends and grow their businesses. Looking ahead, their growth potential makes them great dividend stocks to own long term.

OSAKA, Japan & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Takeda (TSE:4502/NYSE:TAK) today announced that it has entered into a license and collaboration agreement with Innovent Biologics (HKEX: 01801) for the development, manufacturing and commercialization of two late-stage oncology medicines, IBI363 and IBI343, worldwide outside of Greater China.* IBI363 is being evaluated in non-small cell lung and colorectal cancers and has shown potential efficacy in additional solid tumor types. IBI343 is being evaluated in gastric and pancreatic cancers. Takeda will also receive an exclusive option to license global rights outside of Greater China for IBI3001, an early-stage investigational medicine.

“IBI363 and IBI343, two next-generation investigational medicines, have the potential to address critical treatment gaps for patients with a range of solid tumors,” said Teresa Bitetti, President, Global Oncology Business Unit, Takeda. “We are energized by the progress made by Innovent to date and look forward to collaborating to unlock the potential of these programs. Our global research and development expertise and commercialization capabilities will enable us to accelerate the delivery of these investigational medicines to patients. These two programs have the potential to be transformative for our oncology portfolio and significantly enhance Takeda’s growth potential post-2030.”

IBI363 is a potentially first-in-class investigational PD-1/IL-2α-bias bispecific antibody fusion protein. In early studies where more than 1,200 patients received IBI363 – including patients who were refractory to PD-1/L1 therapy – it has shown promising clinical activity in several solid tumor types, including squamous non-small cell lung cancer (sqNSCLC), non-sqNSCLC and microsatellite stable colorectal cancer (MSS CRC). The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to IBI363 for the treatment of patients with unresectable, locally advanced or metastatic sqNSCLC that has progressed following anti-PD-(L)1 therapy and platinum-based chemotherapy. IBI363 is being studied globally in an ongoing Phase 1/2 and three ongoing Phase 2 clinical trials across patient segments and lines of therapy in NSCLC and MSS CRC. A global Phase 3 study in second-line sqNSCLC is expected to begin in the coming months. Clinical development in additional indications is planned for IBI363. Takeda and Innovent will co-develop IBI363 globally with a 60/40 (Takeda/Innovent) cost split and co-commercialize it in the U.S. with a 60/40 (Takeda/Innovent) profit or loss split. Takeda will lead co-commercialization efforts in the U.S. and will have the exclusive right to commercialize IBI363 outside of the U.S. and Greater China. Takeda will have global manufacturing rights to supply IBI363 outside of Greater China, with such rights being co-exclusive with Innovent for commercial supply in the U.S.

IBI343 is a next-generation investigational antibody-drug conjugate (ADC) that targets the Claudin 18.2 protein, which is often expressed in gastric and pancreatic cancer cells. IBI343 has shown promising clinical activity in studies in gastric cancer and advanced pancreatic cancer, in which more than 340 patients were treated with IBI343. These cancers have among the lowest five-year survival rates. The U.S. FDA has granted Fast Track designation to IBI343 for the treatment of advanced unresectable or metastatic pancreatic ductal adenocarcinoma (PDAC) that has relapsed and/or is refractory to one prior line of therapy. IBI343 is currently being evaluated in an ongoing Phase 3 clinical trial in previously treated gastric cancer in Japan and China and has completed a global Phase 1/2 trial in previously treated pancreatic cancer. Takeda plans to advance the development of IBI343 and expand into the first-line gastric and pancreatic cancer settings. Under the terms of the agreement, Takeda will develop, manufacture and commercialize IBI343 worldwide, outside of Greater China.

“The addition of these programs strengthens our leadership in oncology and enhances Takeda’s late-stage pipeline. Drawing from our deep experience in oncology and the modalities leveraged by IBI363 and IBI343, we are uniquely positioned to partner with Innovent to accelerate and expand the potential of these investigational medicines in a range of solid tumors,” said Andy Plump, President, Research and Development, Takeda. “We are encouraged by the clinical results these investigational medicines have shown and look forward to working with Innovent to deliver these potentially best-in-class medicines to patients with longstanding unmet needs across a wide range of cancers.”

IBI3001 is a potential first-in-class bispecific ADC designed to target both EGFR and B7H3. It is being studied in an ongoing Phase 1 clinical trial in patients with locally advanced or metastatic solid tumors in the U.S., China and Australia. As part of the agreement, Innovent will be solely responsible for clinical development of IBI3001 prior to potential exercise of the option to license. Should Takeda exercise the option, Takeda will develop, manufacture and commercialize IBI3001 worldwide, outside of Greater China.

“We believe that developing innovative immuno-oncology and ADC therapies will be key for redefining cancer treatment worldwide. We look forward to partnering with Takeda to maximize the potential of our pipeline for patients with a wide variety of cancers,” said Dr. Hui Zhou, Chief R&D Officer for Oncology Pipeline at Innovent Biologics. “These investigational therapies, featuring innovative mechanisms of action, have shown promise for patients who currently have limited treatment options. Our collaboration is poised to advance their development and potential commercialization, moving us closer to offering new options to patients in need.”

Innovent will receive a US$1.2 billion upfront payment upon closing of the transaction, which includes an equity investment of US$100 million in Innovent by Takeda. The upfront payment will be funded through cash on hand. Innovent will also be eligible for potential milestones and royalty payments, and a profit or loss split 60/40 (Takeda/Innovent) solely with respect to IBI363 in the U.S., where Takeda will lead the commercialization effort while Innovent will have a co-commercialization right. If Takeda exercises the option for IBI3001, Innovent will be eligible for an option exercise fee and additional potential milestone and royalty payments. The transaction, including any future exercise of the option, is subject to customary closing conditions, including regulatory approvals.

*Mainland China, Hong Kong, Macau and Taiwan.

About IBI363

IBI363 is a potential first-in-class PD-1/IL-2α-bias bispecific antibody fusion protein. It is designed to block the PD-1/PD-L1 pathway and activate the IL-2 pathway. This IL-2α-biased approach has been shown to target and activate tumor-specific T cells that express both PD-1 and IL-2α, leading to more precise and effective activation and expansion of this T cell subpopulation without activating nor increasing the toxicity related to peripheral T cells. IBI363 has demonstrated encouraging activity preclinically and in early clinical data in solid tumors, including non-small cell lung cancer and colorectal cancer. Clinical studies in China, the United States and Australia are underway to further explore the efficacy and safety of IBI363 in various areas of unmet need, including newly diagnosed cancers and immune-resistant (“cold”) tumors.

About IBI343

IBI343 is a next-generation monoclonal antibody-drug conjugate (ADC) that targets Claudin 18.2-expressing tumor cells. Claudin 18.2 is a protein typically found only in the lining of a healthy stomach, but which is abnormally expressed on the surface of cancer cells in certain tumors, making it a target for new cancer therapies. IBI343 combines an anti-Claudin 18.2 antibody with the cytotoxic agent exatecan, a topoisomerase I inhibitor (TOPO1i). As an innovative TOPO1i ADC, IBI343 has demonstrated tolerable safety and encouraging efficacy signals in Phase 1 and 2 clinical studies in gastric cancer and pancreatic cancer.

About IBI3001

IBI3001 is a potential first-in-class bispecific antibody-drug conjugate (ADC) that comprises a bispecific antibody targeting EGFR and B7H3 antigens and an exatecan payload. Both EGFR and B7H3 promote cancer and are co-expressed in multiple solid tumors. In addition to the cytotoxic effects of the payload and strong bystander killing effect, IBI3001 has been shown to block EGFR signaling. In preclinical testing, it demonstrated in vitro and in vivo anti-tumor activity across multiple cancer types.

About Non-Small Cell Lung Cancer (NSCLC)

Lung cancer is the most common type of cancer and the leading cause of cancer-related death globally, posing a significant public health challenge.1 Non-small cell lung cancer (NSCLC) accounts for at least 85% of all lung cancer cases.1 In recent years, immune checkpoint inhibitors have transformed the treatment landscape for NSCLC.2 However, for patients who lack actionable driver mutations and who progress after immunotherapy, there remains a significant and urgent unmet need for effective treatment options.2

About Microsatellite Stable Colorectal Cancer (MSS CRC)

Colorectal cancer (CRC) is the third most common type of cancer and is the second leading cause of cancer-related death globally.3 Accounting for approximately 80-85% of all colorectal cancers, microsatellite stable (MSS) tumors have low mutation rates, which limit the immune system's ability to recognize and attack them, leading to poor clinical outcomes with immunotherapy.4,5 Without new immuno-oncology treatment options, treatment of MSS CRC is primarily limited to traditional chemotherapy, representing a significant unmet clinical need.6

About Pancreatic Ductal Adenocarcinoma (PDAC)

Pancreatic cancer is one of the most challenging-to-treat tumors of the digestive system; for all stages combined, the 5-year relative survival rate is approximately 13%.7,8 For advanced pancreatic cancer, systemic chemotherapy remains the cornerstone of treatment.8 Claudin 18.2, a protein that can be expressed in certain types of cancer cells and can promote cancer growth, is present in a high percentage of pancreatic cancer patients.9,10

About Gastric Cancer

Gastric cancer is the fifth most common cancer and the fourth leading cause of cancer-related deaths globally.11 The 5-year relative survival rate for patients with gastric cancer is approximately 36%, though this varies according to stage.12 Claudin 18.2, a protein that can be expressed in certain types of cancer cells, is present in a sizable proportion of patients with gastric cancer.13 Claudin 18.2 can promote cancer growth.10

About Takeda

Takeda is focused on creating better health for people and a brighter future for the world. We aim to discover and deliver life-transforming treatments in our core therapeutic and business areas, including gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology, neuroscience and vaccines. Together with our partners, we aim to improve the patient experience and advance a new frontier of treatment options through our dynamic and diverse pipeline. As a leading values-based, R&D-driven biopharmaceutical company headquartered in Japan, we are guided by our commitment to patients, our people and the planet. Our employees in approximately 80 countries and regions are driven by our purpose and are grounded in the values that have defined us for more than two centuries. For more information, visit www.takeda.com.

Important Notice

For the purposes of this notice, “press release” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

Forward-Looking Statements

This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects”, “forecasts”, “outlook” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States and with respect to international trade relations; competitive pressures and developments; changes to applicable laws and regulations, including tax, tariff and other trade-related rules; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic; the success of our environmental sustainability efforts, in enabling us to reduce our greenhouse gas emissions or meet our other environmental goals; the extent to which our efforts to increase efficiency, productivity or cost-savings, such as the integration of digital technologies, including artificial intelligence, in our business or other initiatives to restructure our operations will lead to the expected benefits; and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/sec-filings-and-security-reports/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this press release or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.

Medical Information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

References:

The Lancet Group. Latest advances in treatment for non-small cell lung cancer. Published March 4, 2024. Accessed October 2025. https://www.thelancet.com/infographics-do/non-small-cell-lung-cancer-2024.

Mamdani H, Matosevic S, Khalid AB, Durm G, Jalal SI. Immunotherapy in Lung Cancer: Current Landscape and Future Directions. Front Immunol. 2022;13:823618. doi:10.3389/fimmu.2022.823618.

World Health Organization. Colorectal cancer. Published July 11, 2023. Accessed October 2025. https://www.who.int/news-room/fact-sheets/detail/colorectal-cancer.

Colorectal Cancer Alliance. Microsatellite stability biomarker (MSS) and colorectal cancer. Accessed October 2025. https://colorectalcancer.org/treatment/types-treatment/why-biomarkers-matter/types-biomarkers/microsatellite-stability-biomarker.

Fight Colorectal Cancer. What is MSI and MSS? Published June 15, 2017. Accessed October 2025. https://fightcolorectalcancer.org/blog/what-is-msi-and-mss/.

Sahin IH, Ciombor KK, Diaz LA, Yu J, Kim R. Immunotherapy for Microsatellite Stable Colorectal Cancers: Challenges and Novel Therapeutic Avenues. Am Soc Clin Oncol Educ Book. 2022;42. doi: 10.1200/EDBK_349811.

American Cancer Society. Cancer facts and figures 2024. Accessed October 2025. https://www.cancer.org/content/dam/cancer-org/research/cancer-facts-and-statistics/annual-cancer-facts-and-figures/2024/2024-cancer-facts-and-figures-acs.pdf

Chakrabarti S, Kamgar M, Mahipal A. Systemic Therapy of Metastatic Pancreatic Adenocarcinoma: Current Status, Challenges, and Opportunities. Cancers. 2022 May 24;14(11):2588. doi: 10.3390/cancers14112588.

Wu YY, Fan L, Liao XH, et al. Claudin 18.2 is a potential therapeutic target for zolbetuximab in pancreatic ductal adenocarcinoma. World J Gastrointest Oncol. 2022 Jul 15; 14(7):1252-1264.

Kyuno D, Takasawa A, Takasawa K, Ono Y, Aoyama T, Magara K, Nakamori Y, Takemasa I, Osanai M. Claudin-18.2 as a therapeutic target in cancers: cumulative findings from basic research and clinical trials. Tissue Barriers. 2022 Jan 2;10(1):1967080. doi: 10.1080/21688370.2021.1967080.

Ilic M, Ilic I. Epidemiology of stomach cancer. World J Gastroenterol. 2022 Mar 28;28(12):1187-1203. doi:10.3748/wjg.v28.i12.1187.

National Cancer Institute. Stomach Cancer Survival Rates and Prognosis. Published May 31, 2025. Accessed October 2025. https://www.cancer.gov/types/stomach/survival

Kim M, Woo HY, Kim J and Seo AN. Claudin 18.2 Expression in Gastric Tumors and Other Tumor Types With Gastric Epithelium-like Differentiation. In Vivo. May 2025;39(3):1540-1553. doi: 10.21873/invivo.13954.

NEW YORK, Oct. 21, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of America’s Car-Mart, Inc. (NASDAQ: CRMT) resulting from allegations that America’s Car-Mart, Inc. may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased America’s Car-Mart, Inc. securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=46025 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On September 4, 2025, during market hours, Benzinga published an article entitled “America’s Car-Mart Stock Plunges After Sales Volume Dip, Delinquency Uptick.” The article stated that America’s Car-Mart, Inc. stock was trading “lower after the company reported first-quarter results. The company reported a first-quarter loss of 69 cents per share, compared with a net loss of 15 cents per share in the year-ago period.”

On this news, America’s Car-Mart, Inc. stock fell 18.2% on September 4, 2025.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

By

PYMNTS
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October 21, 2025

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Retailers have begun stocking up on toys and games ahead of the holiday shopping season, having seen growing demand from consumers, Mattel Chairman and CEO Ynon Kreiz said Tuesday (Oct. 21) during the company’s third quarter earnings call.

Mattel’s U.S. business was challenged in the third quarter by a shift in ordering patterns made by retailers in response to the macroeconomic environment and tariffs, but orders from retailers picked up at the start of the fourth quarter, Kreiz said.

Point of sale (POS), or consumer demand, has been growing too, Kreiz said.

“Looking into the balance of the year, we expect a good holiday season for Mattel, strong top-line growth in the fourth quarter, and are reiterating our full-year guidance,” Kreiz said.

The shift in retailers’ ordering patterns has to do with when orders are placed and who handles the importation and warehousing of the products, Mattel Chief Financial Officer Paul Ruh said during the call. The shift moved many orders from the third quarter to the fourth.

Previously, retailers used a direct import model in which they took ownership of the product in the sourcing country and handled the importation and warehousing themselves, Ruh said. By using their own logistics network, they would gain a greater margin.

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For Mattel, that meant the orders were placed a couple of months in advance and in larger quantities, Ruh said.

More recently, retailers shifted to a domestic shipping model in which they take ownership in the destination country after Mattel has handled the importation and warehousing, Ruh said. In this model, the orders are placed later and more frequently, on a just-in-time basis.

Retailers shifted to this model to give themselves more time and flexibility to respond to the macro environment and trade dynamics, Ruh said.

“Given our scale and supply chain capabilities, at the high level, the economics are to us similar for both direct import and domestic, which is actually different for other players in the industry, who are more geared to direct import,” Ruh said during the call.

Now, having gauged consumer demand, retailers are accelerating their domestic orders.

“They see what we are seeing; they see an increase in POS,” Ruh said. “So, they want to be ready for the season and they’re stocking up their inventories to meet the expected consumer demand.”

Rival toys and games company Hasbro is set to deliver its third quarter results Thursday (Oct. 23).

Mattel also continued its efforts to grow its intellectual property-driven toy business and expand its entertainment offering during the third quarter, Kreiz said during the earnings call.

According to a presentation released Tuesday, the company plans to launch its first two self-published digital games next year, is developing two new live-action television series, and is co-developing a live-action movie.

Mattel’s strategic collaboration with OpenAI, which involves embedding artificial intelligence capabilities in the toy company’s products, is “taking shape,” the presentation said.

A sign stands outside Chinese drugmaker Innovent Biologics' office in Shanghai, China July 11, 2025. REUTERS/Andrew Silver Purchase Licensing Rights, opens new tab

CompaniesOct 22 (Reuters) - China's Innovent Biologics

(1801.HK), opens new tab said on Wednesday it had signed an $11.4 billion deal with Japan's Takeda Pharmaceutical Co

(4502.T), opens new tab to accelerate the development of its immuno-oncology and antibody-drug conjugate cancer therapies.

Under the agreement, Innovent is set to receive a $1.2 billion upfront payment from a unit of Takeda. It is also eligible for potential milestone payments totalling up to $10.2 billion, bringing the total deal value to $11.4 billion.

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The Takeda unit has also agreed to invest $100 million in the Chinese innovative medicines developer and producer through a subscription, wherein Innovent will issue shares at a price of HK$112.56 apiece.

The collaboration also aims to explore and maximise the potential of Innovent's late-stage investigational medicine for non-small cell lung cancer and colorectal cancer.

Reporting by Shivangi Lahiri in Bengaluru; Editing by Subhranshu Sahu

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