Market Signal Briefing

Euronet Worldwide offers double-digit earnings growth and trades at less than 7x next year's earnings, positioning it as a compelling value play. EEFT's diversified revenue streams, margin expansion, and consistent share buybacks support robust free cash flow and financial flexibility. Management anticipates the ATM segment shrinking to 7% of sales by 2034, offset by growth in digital payments and transaction services.

A drone view shows the Netflix logo on one of the company's buildings in the Hollywood neighborhood of Los Angeles, California, December 8, 2025. REUTERS/Daniel Cole/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesNetflix shares drop nearly 6% premarketStreaming giant pauses buybacks to fund deal, reports tens of millions in buyout costsNetflix sees Warner Bros as key to expanding theatrical businessCo-CEO says deal is pro-consumer, pro-workerJan 21 (Reuters) - "YouTube is not just user-generated content and cat videos anymore," Netflix (NFLX.O), opens new tab CEO Ted Sarandos said on ​Tuesday.

Making a compelling case for why the streaming giant wanted Warner Bros Discovery's (WBD.O), opens new tab studio and streaming assets, Sarandos noted how tech giants such ‌as Alphabet's (GOOGL.O), opens new tab YouTube had changed what television viewing meant and forced Netflix to change tack to keep up.

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"TV is not what we grew up on ... Oscars and the NFL are on YouTube. Networks are simulcasting the Super Bowl on linear TV and streaming. Amazon owns MGM. Apple is competing for Emmys and Oscars, and Instagram is coming next," he said.

"They are TV. So we all compete with them in every dimension, for talent, for ad dollars, for subscription dollars, and for all forms of content."

Sarandos ‌and his co-CEO Greg Peters spent a large portion of the post-earnings call talking effusively about how strong and complementary Warner ​Bros' services were, a sharp change from the long-held company credo: build, don't buy.

Having offered $82.7 billion in cash to buy Warner Bros' film and television studios, its extensive content library and major entertainment franchises - including "Game of Thrones" and "Harry Potter" - Netflix is embroiled in a bidding war with Paramount Skydance (PSKY.O), opens new tab.

Netflix's co-CEOs had not thought ‍they would make an offer for the assets when they first started the due diligence process on Warner Bros, they said. "When we got into the hood, there were several things we saw that were just really exciting," Peters said.

"We have often in our Netflix history debated building a theatrical business, but we were busy investing in other areas, and it never ⁠became our priority. But now with Warner Bros, they bring a mature, well-run theatrical business with amazing films, and we're super excited about that addition," he ‍said, in a reversal of Netflix's former position that theaters were an outdated model with audiences preferring stay-at-home streaming.

"And then you get to the streaming side of things, HBO. It ‌is an ‌amazing brand. It says prestige TV is better than almost anything. Customers know it. They love it. They know what it means," Peters said, adding that Warner's television studio was also a healthy business and complemented Netflix's own, expanding its production capability.

INVESTORS ARE NOT CONVINCEDWith the expensive deal hanging over its head, Netflix delivered a tepid revenue beat for what is usually one of its strongest quarters, and forecast equally dull prospects for the new year. The company's stock fell nearly 6% ⁠premarket on Wednesday.

Chart shows Netflix and Paramount price declines as they pursue WBD's acquisitionWhile a strong content ⁠line-up, including the final season of ​hit sci-fi series "Stranger Things," helped revenue growth, high costs associated with the Warner Bros acquisition have made people apprehensive about the long-term payoff, analysts said.

Netflix said previously that it had obtained commitments for a $59 billion bridge loan to support the Warner Bros' deal. On Tuesday, it increased the bridge loan commitment by $8.2 billion to support its all-cash $27.75 per share offer.

Netflix also ‍told investors it would pause share buybacks to help fund the Warner Bros' deal, and that it has already incurred $60 million in costs related to securing financing.

The deal is expected to face considerable scrutiny from lawmakers and competition regulators as high-profile acquisitions threaten to monopolize the market and leave consumers with fewer choices.

But Sarandos on Tuesday moved to ease those concerns by reiterating ​the deal would be "pro-consumer" and "pro-worker", and that the acquired businesses would require new teams and would ‍allow more opportunities for creatives.

The deal "allows us to gain access to 100 years of Warner Bros deep content and IP for development and distribution in more effective ways that will benefit consumers and ​the industry as a whole," he said.

Reporting by Zaheer Kachwala in Bengaluru; Editing by Sayantani Ghosh and Anil D'Silva

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

U.S. stock futures rose on Wednesday following Tuesday’s sharp sell-off. Futures of major benchmark indices were higher.

On Tuesday, the S&P 500 index recorded its worst session since October 2025, dipping more than 2% during the session as risk-off sentiment intensified following President Donald Trump's aggressive new trade stance toward Europe.

Trump threatened several European countries with additional tariffs starting Feb. 1 if negotiations over Greenland control fail, with duties potentially rising to 25% from June.

European officials warned of retaliation that could affect up to 25% of U.S. exports to Europe, potentially including services, and floated the possibility of reducing Treasury holdings.

On Wednesday, the spotlight shifts to the World Economic Forum in Davos, where Trump is scheduled to deliver a keynote address and hold discussions with foreign nations regarding Greenland.

Meanwhile, the 10-year Treasury bond yielded 4.27%, and the two-year bond was at 3.58%. The CME Group's FedWatch tool‘s projections show markets pricing a 95% likelihood of the Federal Reserve leaving the current interest rates unchanged in January.

IndexPerformance (+/-)Dow Jones0.19%S&P 5000.27%Nasdaq 1000.23%Russell 20000.33%The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Wednesday. The SPY was up 0.24% at $679.18, while the QQQ advanced 0.14% to $608.93.

Stocks In Focus Johnson & Johnson (NYSE:JNJ) was 0.33% lower in premarket on Wednesday as it is projected to post quarterly earnings of $2.46 per share on revenue of $24.16 billion before the opening bell. Benzinga's Edge Stock Rankings shows that JNJ maintains a stronger price trend over the short, medium, and long term, with a poor growth ranking.

GameStop GameStop Corp. (NYSE:GME) rose 2.70% after CEO Ryan Cohen disclosed a massive purchase of the stock. According to an SEC filing, Cohen purchased 500,000 additional shares of GameStop at a weighted average price of approximately $21.12 per share. Benzinga's Edge Stock Rankings indicate that GME maintains a strong price trend over the short term but a weak trend in the medium and long terms, with a robust value ranking.

Netflix Netflix Inc. (NASDAQ:NFLX) tumbled 5.48% despite reporting better-than-expected fourth-quarter financial results. However, it sees first-quarter revenue of $12.16 billion versus a Street consensus estimate of $12.19 billion. Also, it expects a first-quarter earnings per share of 76 cents, below a consensus estimate of 81 cents per share. It maintains a weaker price trend over the short, medium, and long term with a strong quality ranking, as per Benzinga's Edge Stock Rankings.

United Airlines Holdings United Airlines Holdings Inc. (NASDAQ:UAL) was 4.10% higher after the carrier followed a fourth-quarter earnings beat with a bullish first-quarter forecast of $1 to $1.50 per share, topping the analyst estimates. UAL maintains a stronger price trend over the short, medium, and long terms with a solid growth ranking, as per Benzinga's Edge Stock Rankings.

Intel Intel Corp. (NASDAQ:INTC) rose 2.88% after upgrades from HSBC and Seaport Research, according to a Motley Fool report. INTC maintains a stronger price trend over the short, medium, and long terms with a moderate value ranking, as per Benzinga's Edge Stock Rankings.

Cues From Last SessionWhile consumer staples stocks bucked the trend to close higher, information technology, consumer discretionary, and financial stocks recorded the biggest losses on Tuesday as most S&P 500 sectors finished on a negative note.

IndexPerformance (+/-)ValueDow Jones-1.76%48,488.59S&P 500-2.06%6,796.86Nasdaq Composite-2.39%22,954.32Russell 2000-1.21%2,645.36Insights From AnalystsProfessor Jeremy Siegel believes the stock market is undergoing a significant transition, looking past “headline inflation noise” to drive a rotation from large-cap growth into small-cap and value stocks. According to Siegel, unlike previous brief reversals, this shift “appears more durable.”

He points to a roughly 10% to 12% pullback in large-cap growth stocks relative to value as investors reassess “concentration risk” after years of AI-driven dominance.

Meanwhile, the economic backdrop remains supportive. Siegel argues that growth data is “impressively resilient” and labor markets show “no stress,” creating a safety net for equities.

Crucially, Siegel sees the Federal Reserve's policy trajectory as a tailwind. With the direction of policy clear for the year, he asserts that small-cap stocks do not require “heroic earnings growth” to perform well, given their current valuations.

He concludes that the current landscape, defined by stabilizing earnings and a gradual Fed pivot, is “the kind of environment where diversification finally pays off”.

Upcoming Economic DataHere's what investors will be keeping an eye on Wednesday.

The delayed report of October’s construction spending, along with December’s pending home sales data, will be released by 10:00 a.m. ET. Commodities, Gold, Crypto, And Global Equity MarketsCrude oil futures were trading lower in the early New York session by 1.18% to hover around $59.65 per barrel.

Gold Spot US Dollar rose 2.24% to hover around $4,870.22 per ounce. Its last record high stood at $4,888.13 per ounce. The U.S. Dollar Index spot was 0.02% lower at the 98.6180 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 1.64% lower at $89,347.25 per coin.

Asian markets closed mixed on Wednesday, as China’s CSI 300, Hong Kong's Hang Seng, and South Korea's Kospi indices rose. While Japan's Nikkei 225, India’s Nifty 50, and Australia's ASX 200 fell. European markets were lower in early trade.

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Item 1 of 2 Ryanair CEO Michael O'Leary speaks at a press conference on his feud with Elon Musk over installing Musk's Starlink internet service on Ryanair aircraft, in Dublin, Ireland, January 21, 2026. REUTERS/Clodagh Kilcoyne

[1/2]Ryanair CEO Michael O'Leary speaks at a press conference on his feud with Elon Musk over installing Musk's Starlink internet service on Ryanair aircraft, in Dublin, Ireland, January 21, 2026.... Purchase Licensing Rights, opens new tab Read more

DUBLIN, Jan 21 (Reuters) - Ryanair (RYA.I), opens new tab would welcome an investment from Elon Musk, said its group chief executive Michael O'Leary, in the latest round of a public spat between the pair, which O'Leary said had helped boost his airline's bookings by 2-3%.

"We're a publicly owned company. He's free to do so at any time, but non-European citizens cannot own a majority of European airlines," O'Leary told a press conference on Wednesday.

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"If he wants to invest in Ryanair, we would think it's a very good investment."

Reporting by Conor Humphries, writing by Sarah Young, editing by Paul Sandle

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

Safe Pro Group is a high-risk, high-upside play on AI-driven threat detection and drone services, with recent investments bolstering its capital position. SPAI's upside depends on rapid revenue ramp-up and successful commercialization of its AI platform, amid intense competition and currently unscalable revenues. Recent capital raises, including over $20 million from Ondas, significantly reduce near-term dilution risk and signal confidence in SPAI's growth prospects.

January 21, 2026 05:30 ET  | Source: IO Biotech

NEW YORK, Jan. 21, 2026 (GLOBE NEWSWIRE) -- IO Biotech (Nasdaq: IOBT), a clinical-stage biopharmaceutical company developing novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines, today announced that the company intends to explore a range of strategic alternatives to maximize stockholder value. Strategic alternatives that may be evaluated include, but are not limited to, a merger, a business combination, a sale of assets or other strategic transaction or a liquidation and dissolution. The company is also evaluating a further reduction-in-force and other efforts to significantly reduce the company’s operating expenses while the company explores a range of strategic alternatives.

No timetable has been established for the completion of this process, and the company does not expect to disclose developments unless and until the Board of Directors has concluded that disclosure is appropriate or required. No agreement providing for any transaction has been reached and there can be no assurances that this process will result in the company pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms.

About IO Biotech

IO Biotech is a clinical-stage biopharmaceutical company developing novel, immune-modulatory, off-the-shelf therapeutic cancer vaccines based on its T-win® platform. The T-win platform is based on a novel approach to cancer vaccines designed to activate T cells to target both tumor cells and the immune-suppressive cells in the tumor microenvironment. IO Biotech is headquartered in Copenhagen, Denmark and has US headquarters in New York, New York. For further information, please visit www.iobiotech.com. Follow us on our social media channels on LinkedIn and X (@IOBiotech).

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including regarding the nature, timing or outcome of a review of strategic alternatives, and the company’s financial position or cash runway, are based on IO Biotech’s current assumptions and expectations of future events and trends, which affect or may affect its business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Except to the extent required by law, IO Biotech undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.

Contact:
Maryann Cimino, Director of Investor Relations & Corporate Communications
IO Biotech, Inc.
617-710-7305
[email protected]

The streaming giant still dominates, but growth is slowing and getting more expensive.

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

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

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

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

CNBC's Jim Cramer thinks Micron and Sandisk can maintain their momentum because of an unprecedented memory chip supply shortage.

CNBC's Jim Cramer, a former hedge fund manager who earned returns of 24% annually during a 14-year period, recently talked about the unprecedented memory chip supply shortage that has caused stocks such as Micron Technology (MU +0.62%) and Sandisk (SNDK +9.55%) to skyrocket.

Micron has added 625% since January 2023, and Sandisk has advanced 1,050% since the company split from Western Digital in February 2025. But Jim Cramer says they still have room to run. "Can these stocks keep going higher?" he asked rhetorically. "The answer is yes, in large part because we don't have enough equipment to expand production of these chips."

Here's what investors should know.

Image source: Getty Images.

Micron Technology Micron develops memory and storage solutions for personal computers, mobile devices, data center servers, and automotive systems. The company sells DRAM (dynamic random access memory) products, including high-bandwidth memory (HBM) created by stacking DRAM chips, and NAND flash memory products.

Importantly, Micron is not the market leader in DRAM or NAND products, but the company is gaining market share in both categories and its primary competitors (Samsung and SK Hynix) are losing market share. Particularly important, Micron gained 10 percentage points of market share in HBM over the past year. HBM is critical for artificial intelligence (AI).

Micron reported impressive financial results in the first quarter of fiscal 2026 (ended Nov. 27), beating expectations on the top and bottom lines. Revenue increased 20% to $13.6 billion, non-GAAP gross margin expanded 17 percentage points in a clear display of pricing power, and adjusted earnings increased 167% to $4.78 per diluted share.

CEO Sanjay Mehrotra mentioned the supply shortage created by demand for AI. "Over the last few months, our customers' AI data center buildout plans have driven a sharp increase in demand forecasts for memory and storage," he said in prepared remarks. "We believe that the aggregate industry supply will remain substantially short of the demand for the foreseeable future."

Wall Street expects Micron's earnings to increase at 37% annually through fiscal 2029. That makes the current valuation of 32 times earnings look reasonable. I agree with Jim Cramer. Investors should consider buying a small position in this stock today.

Today's Change

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2. Sandisk Sandisk designs and manufactures data storage devices based on NAND flash technology. Importantly, hard drive disks (HDDs) are cheaper but slower and more fragile, while NAND-based solid-state drives (SSDs) are more costly but faster and more resilient. NAND flash memory is used for AI workloads when performance is the top priority, such as training and inference workflows.

Sandisk gained 2 percentage point of NAND market share during the 12-month period that ended in June 2025. The company still ranks fifth, but industry leaders Samsung, SK Hynix, and Kioxia lost at least 2 points of market share. The only other notable share gainer was Micron, according to Counterpoint Research.

Sandisk reported financial results for the first quarter of fiscal 2026 (ended Oct. 3) that beat estimates on the top and bottom lines. Revenue increased 23% to $2.3 billion, fueled by strong sales growth in the data center and edge (personal computers and mobile devices) segments. But non-GAAP earnings still dropped 33% to $1.22 per diluted share.

However, management estimates non-GAAP earnings will nearly triple sequentially in the second quarter. And investors have good reason to think Sandisk will keep gaining market share in NAND flash memory. Two hyperscalers recently began testing its enterprise SSDs, while a third hyperscaler and major storage OEM plan to start testing its SSDs this year.

Wall Street estimates Sandisk's adjusted earnings will increase at 79% annually through fiscal 2029. That makes the current valuation of 170 times earnings look very expensive. Indeed, Sandisk shares have increased 1,050% since being spun off from Western Digital in early 2025. In my opinion, the stock is too hot to touch after that extraordinary run.

AI-enabled cloud services help enterprises scale workloads securely, comply with regulations, achieve sustainability, ISG Provider Lens® report says

FRANKFURT, Germany--(BUSINESS WIRE)--Enterprises in Germany are adopting cloud services designed for AI workloads as they seek the features, computing power and storage capacity to support growing AI deployments, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.

As enterprises move AI from pilots into core operations, they are reassessing the role of cloud platforms in supporting their business. They demand cost optimization, data protection and use cases aligned to their specific industries.

Share The 2025 ISG Provider Lens® Multi Public Cloud Services report for Germany finds that growth in public cloud services is no longer driven primarily by faster time to market or enhanced customer experience. Growth is increasingly shaped by the integration of AI technologies, with enterprises prioritizing scalable infrastructure, security controls and support for sustainability and sovereign cloud requirements.

“As enterprises move AI from pilots into core operations, they are reassessing the role of cloud platforms in supporting their business,” said Matthias Paletta, director at ISG. “They demand cost optimization, data protection and use cases aligned to their specific industries. These expectations are leading providers to deliver greater efficiency and sustained value.”

Sovereign cloud capabilities have shifted from a provider-led initiative to a core enterprise expectation. German enterprises are seeking stronger control over data, compliance and legal certainty, ISG says. This shift has increased demand for cloud solutions that ensure local data residency without sacrificing scalability. Hyperscalers are responding by expanding regional data centers, aligning their offerings with local regulations and strengthening security controls. With these advances, they are allowing enterprises to adopt sovereign cloud models while still enjoying the flexibility, scale and innovation of public cloud infrastructures.

Facing increasing competition, German companies are sharpening their focus on cloud cost optimization, the report says. While scalability and performance remain essential, budget constraints and economic uncertainty are driving demand for greater financial transparency and near-term savings. In response, providers are supporting enterprises with structured cost-management approaches and optimization frameworks. Advisory services help align cloud investments with business priorities, improve return on investment and maintain operational efficiency throughout digital transformations.

Small and midsize German enterprises increasingly seek end-to-end cloud and IT solutions that include strategy, transformation and ongoing operations, ISG says. Organizations in Germany prefer integrated offerings from a single provider that combine advisory capabilities with reliable managed services. To meet these expectations, leading providers are strengthening their industry-specific expertise and realigning their organizations around the needs of specific verticals. These providers are best positioned to address evolving small and midsize business requirements and build long-term customer relationships.

“Enterprises in Germany are increasingly focused on cybersecurity and sustainability as risk exposure and regulatory expectations rise,” said Ulrich Meister, lead author of the report. “Many are partnering with providers on strategies to protect assets, including IoT infrastructure, and meet climate goals.”

The report also explores other trends in German cloud adoption, including the growing demand for interoperable data and AI services across multiple cloud platforms and enterprise efforts to consolidate cloud management partners

For more insights into the cloud-related challenges facing German enterprises, plus ISG’s advice for addressing them, see the ISG Provider Lens® Focal Points briefing here.

The 2025 ISG Provider Lens® Multi Public Cloud Services report for Germany evaluates the capabilities of 100 unique providers across eight quadrants: Consulting and Transformation Services — Large Accounts; Consulting and Transformation Services — Midmarket, Managed Services — Large Accounts; Managed Services — Midmarket, FinOps Services and AI-driven Optimization, Hyperscale Infrastructure and Platform Services, SAP HANA Infrastructure Services, and Secure Enterprise Filesharing Services.

The report names Deutsche Telekom/T-Systems as a Leader in seven quadrants. It names Accenture, Arvato Systems, Atos, CANCOM, Capgemini, DATAGROUP, HCLTech and Microsoft as Leaders in three quadrants each. It names AWS, Claranet, Google, Infosys, Kyndryl, NTT DATA, Rackspace Technology, Skaylink, Syntax, TCS and Wipro as Leaders in two quadrants each. All for One Group, Axians, Box, Brainloop, DRACOON, Dropbox, FTAPI, IBM, idgard, IONOS Cloud, noris network, OVHcloud, plusserver, Reply and STACKIT are named as Leaders in one quadrant each.

In addition, DATAGROUP, Exoscale, GRASS-MERKUR, IBM, LTIMindtree, msg services, NTT DATA and Syntax are recognized as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.

In the area of customer experience, LTIMindtree is named the global ISG CX Star Performer for 2025 among multi public cloud service providers. LTIMindtree earned the highest customer satisfaction scores in ISG's Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.

Customized versions of the report are available from AWS, DATAGROUP, Deutsche Telekom/T-Systems, GRASS-MERKUR, IONOS Cloud, idgard GmbH, Noris Network, and Skaylink.

The 2025 ISG Provider Lens® Multi Public Cloud Services report for Europe is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens® Research

The ISG Provider Lens® Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

About ISG

ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.

More News From Information Services Group, Inc.

FactoryTalk® MES and local support to drive EV production and workforce development in alignment with Saudi Arabia's Vision 2030

, /PRNewswire/ -- Rockwell Automation, Inc. (NYSE:ROK), the world's largest company dedicated to industrial automation and digital transformation, today announced a deepened collaboration with Lucid, maker of the world's most advanced electric vehicles, to support the automaker's expanding manufacturing facility in the Kingdom of Saudi Arabia. The facility, located in King Abdullah Economic City (KAEC), marks a historic milestone as the country's first vehicle manufacturing site.

Rockwell Automation to power Lucid’s EV manufacturing facility in Saudi Arabia with advanced software solutions Lucid will deploy Rockwell Automation's enterprise software solutions, including its FactoryTalk® manufacturing execution system (MES) software, to manage and optimize production operations across all major shops: general assembly, paint, stamping, body, and powertrain. The FactoryTalk MES platform will provide Lucid with real-time visibility, traceability, and control across its operations, helping enable production of the company's future midsize vehicles.

"Lucid's adoption of FactoryTalk MES is a strategic move that will deliver measurable outcomes in operational efficiency, quality, and scalability," said Ahmad Haydar, country leader for Rockwell Automation in Saudi Arabia. "Our software will help Lucid meet its ambitious production goals while ensuring seamless integration with global supply chains and compliance with local standards. This is a proud moment for Rockwell Automation and a testament to our commitment to supporting the Kingdom's Vision 2030 through advanced manufacturing technologies and workforce development."

In addition to software, Rockwell's local team in Saudi Arabia will deliver instructor-led and virtual training programs. By equipping local Saudi talent with cutting-edge EV manufacturing expertise through tailored training, this partnership will cultivate a skilled workforce that will drive sustainable industrial growth and help power the Kingdom's Vision 2030 objectives.

"Rockwell Automation has been a trusted partner throughout our journey, from our Arizona factory to our expansion in Saudi Arabia," said Faisal Sultan, president of Middle East at Lucid. "Their software solutions and local expertise will help us scale production while maintaining the highest standards of quality and innovation our customers have come to expect. We're excited to continue this collaboration as we expand world-class electric vehicle manufacturing in the region."

About Rockwell Automation
Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 26,000 problem solvers dedicated to our customers in more than 100 countries as of fiscal year end 2025. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.

SOURCE Rockwell Automation, Inc.

January 21, 2026 04:02 ET  | Source: INVESTEC BANK PLC

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1.        KEY INFORMATION

(a)        Name of exempt principal trader:Investec Bank plc(b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
        Use a separate form for each offeror/offereeDowlais Group Plc        (c)        Name of the party to the offer with which exempt principal trader is connected:Investec is Broker to Dowlais Group Plc(d)        Date dealing undertaken:20th January 2026 (e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
        If it is a cash offer or possible cash offer, state “N/A”N/A 2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)        Purchases and sales

Class of relevant securityPurchases/ sales Total number of securitiesHighest price per unit paid/receivedLowest price per unit paid/receivedOrdinary sharesPurchases863,456

9392Ordinary sharesSales863,456

93.02592 (b)        Cash-settled derivative transactions

Class of relevant securityProduct description
e.g. CFDNature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short positionNumber of reference securitiesPrice per unitN/AN/AN/AN/AN/A (c)        Stock-settled derivative transactions (including options)

(i)        Writing, selling, purchasing or varying

Class of relevant securityProduct description e.g. call optionWriting, purchasing, selling, varying etc.Number of securities to which option relatesExercise price per unitType
e.g. American, European etc.Expiry dateOption money paid/ received per unitN/AN/AN/AN/AN/AN/AN/AN/A (ii)        Exercise

Class of relevant securityProduct description
e.g. call optionExercising/ exercised againstNumber of securitiesExercise price per unitN/AN/AN/AN/AN/A (d)        Other dealings (including subscribing for new securities)

Class of relevant securityNature of dealing
e.g. subscription, conversionDetailsPrice per unit (if applicable)N/AN/AN/AN/A 3.        OTHER INFORMATION

(a)        Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”None

(b)        Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i)        the voting rights of any relevant securities under any option; or
(ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”None Date of disclosure:21st January 2026Contact name:Priyali BhattacharjeeTelephone number:+91-9768034903 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

DoorDash is trying to retain customers at the higher and lower ends of the income spectrum.

One of the biggest themes driving the U.S. economy and stock market right now is the idea of the "K-shaped economy." In a K-shaped economy, people at the top of the income scale get richer, while lower-income people's purchasing power declines. A widening gap, like two arms of the letter K, develops between higher- and lower-income households.

As of Q2 2025, nearly 50% of U.S. retail spending came from the top 10% of earners. This is a sign that more prosperous households are spending freely, even if lower-income consumers might be cutting back on consumer discretionary spending. In a K-shaped economy, the best retail stocks might be companies that sell to higher-income consumers, while companies that rely on lower-income consumers could see a slowdown in revenues.

Image source: Getty Images.

DoorDash (DASH +0.11%) could be a good investment if the K-shaped economy trend continues. That's because DoorDash is positioned to appeal to households across the income spectrum. Here are a few reasons why.

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DoorDash is expanding its higher-income user base Morning Consult ranked DoorDash as the No. 1 fastest growing brand of 2025, based on the percentage of U.S. adults who said they are considering making a purchase from that brand. Restaurant delivery apps tend to be most popular with younger generations (Gen Z and millennials). But according to the Morning Consult Fastest Growing Brands 2025 report, DoorDash made big gains in purchasing intent among Gen X and younger baby boomers.

Older consumers tend to have higher incomes and more wealth. This could be a sign that higher-income customers are increasingly interested in spending on DoorDash.

During the past year, DoorDash stock is up15.3%, slightly outperforming the S&P 500 index which has returned 13.4%.

DoorDash is focused on affordability But DoorDash doesn't seem to want a reputation for being only for high-income households. If lower income consumers get tired of inflation, they might stop spending money on food delivery.

The company has released survey data saying that DoorDash consumers' household income is "broadly consistent with the U.S. population." As of 2024, 50% of DoorDash consumers had annual household income below $75,000 and 33% had annual household income below $50,000. These income ranges are about the same as the overall U.S. population. Only 14% of DoorDash consumers had incomes greater than $150,000, while 21% of the U.S. population was in this higher-earning level.

DoorDash is trying to retain lower income customers by focusing on affordability. The company's March 2024 survey found that DoorDash consumers with household incomes below $75,000 gave DoorDash high ratings for delivering good value for money. Two-thirds of these middle-to-lower income customers said it's "easy for them to order food through DoorDash on their budget." And 71% agreed that "DoorDash offers good promotions and discounts."

The average DoorDash customer is not rich. Many people at lower income levels use this platform to order restaurant meals, groceries, and other essentials. DoorDash seems well-positioned to serve the top arm of the K in the K-shaped economy, while still including less-affluent households. How can investors know for sure? Look at customer retention as a KPI. If DoorDash is keeping more of its customers, that's a good sign that the affordability strategy is working.

The company doesn't report financial results broken down by customer income levels, but it has recently reported strong consumer retention rates. As of Q2 2025, DoorDash said it was seeing a year-over-year increase in average consumer retention across mature U.S. cohorts.

DoorDash is locking in DashPass memberships One of DoorDash's strategies to retain customers at all levels of income is by promoting its DashPass membership, which costs $9.99 per month or $96 per year. In Q3 2025, DoorDash reported that in the first nine months of 2025, it had already exceeded its full-year goal for U.S. DashPass paid member additions.

DoorDash has also said that its DashPass members have higher retention and higher order frequency. When a platform like DoorDash can deepen its relationship with customers by getting them to sign up for a recurring subscription, the customers tend to be more loyal -- and the company tends to make more money.

If affluent households continue spending freely on consumer discretionary purchases, this could be good news for DoorDash. Lower-income consumers are more vulnerable to ongoing inflation. But even these less-affluent, price-sensitive customers seem to be willing to stick with DoorDash if they can get good deals and discounts. DoorDash seems ready to bridge both sides of the K-shaped economy.

CoreWeave launched its IPO last March.

CoreWeave (CRWV 5.94%) has been one of the most-watched artificial intelligence (AI) stocks around over the past year. The company launched an initial public offering last March, has reported explosive revenue growth -- and has the backing of AI market star, Nvidia.

All of this has helped CoreWeave attract the eyes of investors, and the stock jumped more than 300% in the months following its IPO. But CoreWeave has encountered some rough patches along the way, and that's put a bit of a brake on the momentum. The stock today is down 40% from its peak back in June. Is this AI player a buy on the dip? Let's find out.

Image source: Getty Images.

What AI customers need right now First, let's take a quick look at CoreWeave's business model. The company sells AI customers access to something they need greatly right now, and that's capacity for workloads. CoreWeave operates in the GPUs-as-a-service (GPUaaS) market, meaning it allows customers to rent graphics processing units (GPUs) to power their projects. They love this as it offers them flexibility -- they can rent by the hour or for longer periods of time. And it also may save them time and money, as by using CoreWeave's infrastructure, they don't have to invest in their own.

Meanwhile, CoreWeave, thanks to its close ties to Nvidia, has been first to bring the chip giant's latest platforms to customers -- here, I'm talking about Blackwell and Blackwell Ultra, each rolled out over the past year. Nvidia is a CoreWeave shareholder, and this may also offer us reason to be optimistic about CoreWeave: Nvidia, as a key player in the AI market, is well-positioned to understand which companies may emerge as winners as the AI story unfolds.

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An element you shouldn't ignore In recent quarters, CoreWeave's revenue has taken off -- for example, in the latest period, the company's revenue more than doubled to $1.3 billion. All of this sounds fantastic, but there is one element to keep in mind -- and this element may determine whether you buy the stock. To keep up with market demand, CoreWeave must heavily invest in GPUs, and this has led to increasing debt levels.

This equals risk because any slowdown in AI spending or other market headwinds could weigh on demand for CoreWeave's services -- and hurt the stock price. And another risk is that investors, who have worried about valuations of AI stocks recently, may shift to long-established tech companies that are profitable and less dependent on borrowing to grow.

So, is CoreWeave a buy on the dip? Cautious investors should hold off and seek out safer AI stocks -- but if you're an aggressive investor, now is a great time to pick up a few shares of this AI growth stock.

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

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

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

Kindly note that our content on Seeking Alpha and other platforms doesn't constitute financial advice. Instead, we set the tone for a discussion panel among subscribers. As such, we encourage you to consult a registered financial advisor before committing capital to financial instruments.

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.

21 January 2026 - Fleet utilisation for December 2025 was 100%. In Brazil, Safe Eurus, Safe Notos, and Safe Zephyrus continued to operate at full capacity in December, delivering near 100 % commercial uptime.

Company announcement
for ROCKWOOL A/S
Release no. 05 – 2026
to Nasdaq Copenhagen        

21 January 2026

ROCKWOOL A/S – transactions in connection with share buy-back programme

As mentioned in announcement no. 07/2025, ROCKWOOL A/S has initiated a share buy-back programme which will run from 7 February 2025 until 5 February 2026. During this period, the Company will buy own shares for up to a maximum of 150 MEUR.

The programme is implemented in accordance with EU Commission Regulation No 596/2014 of 16 April 2014 and EU Commission Delegated Regulation No 2016/1052 of 8 March 2016, which together constitute the “Safe Harbour” regulation.

The following transactions have been executed during the period 14 – 20 January 2026:

DateNumber of B sharesAverage purchase price
B shares (DKK)Aggregate amount,
B shares (DKK)[Accumulated, last announcement]4,254,500 1,099,765,03614 January 202625,000206.845,171,00015 January 202623,000208.134,786,99016 January 20265,000209.481,047,40019 January 20267,000204.091,428,63020 January 20265,000204.361,021,800Accumulated under the programme (B shares)4,319,500 1,113,220,856 With the transactions stated above, ROCKWOOL A/S owns 4,766,356 B shares corresponding to 2.25 percent of the Company’s total share capital.

An overview showing the transaction data for the period 14 – 20 January 2026 is enclosed.

Further information:        

Kim Junge Andersen
Senior Vice President, CFO
ROCKWOOL A/S
+45 46 55 80 15

SE-2026-05_EN SE-2026-05_Transactions B shares

Kuaishou Technology's AI video-generation tool has reached over 12 million monthly active users, according to people familiar with the matter, as more Chinese tech companies bet on artificial-intelligence to give them an edge.

InterDigital shares are down 15% over three months as analysts price in slower revenue and EPS growth following unusually strong catch-up licensing in recent years. Despite near-term normalization, annualized recurring revenue reached a record $588 million, driven by new and renewed smartphone licenses and expanding CE/IoT contributions. Licensing timing, not demand weakness, explains earnings volatility, as catch-up revenue inflates prior results while future guidance assumes only visible, recurring income.

Rowena Smith
CEO, MD & Director

Thank you very much, and welcome to everybody who's on the call. This is an exciting day for both ASM and Energy Fuels, and we are very happy to be presenting to you today together on the announcement that we've had this morning of Energy Fuels' offer to acquire Australian Strategic Materials.

We do have a disclaimer, which I would encourage you to read at your own leisure. And I'm going to go straight into what, for me, is a very exciting day as we are really delivering on what we've been working on here in ASM since we listed in mid-2020 to deliver on our mine-to-metal strategy.

What we've got here with this transaction, we believe, is an opportunity in combination with Energy Fuels to deliver a near-term Western mine to metal and alloy rare earth champion. And again, we are very excited about it.

The transaction overview is that we have entered into a scheme implementation deed with Energy Fuels that has an implied value as at Friday of AUD 1.60 per ASM share.

Under the scheme, what ASM shareholders will be entitled to receive is a fixed ratio of Energy Fuels' shares. That ratio is 0.053. And I think this has been important for us within ASM that we wanted to make sure that shareholders had the opportunity, the ASM shareholders had the opportunity to be able to benefit from the synergies that we know that we're going to be able to create in the combined assets of ASM and Energy Fuels.

So it is a fixed-ratio deal as at Friday

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) has raised $150 million through a bond offering in the United States to help fund development of its Bilboes gold project in Zimbabwe, a move the company says puts it on track to begin major procurement later this year.

The Jersey-based miner said the debt sale attracted strong demand from American investors, with total orders exceeding $600 million.

The company initially aimed to raise $100 million but increased the size of the deal twice during marketing, eventually closing on $150 million after underwriters exercised their full option to purchase extra notes.

Mark Learmonth, Caledonia’s chief executive, said: “Receiving more than $600 million of demand from high-quality North American investors is a tremendous endorsement of our strategy, the quality of our assets, our operational track record, and the long-term prospects of the company.”

The deal was led by Cantor Fitzgerald and consisted of convertible senior notes, a form of debt that pays interest but can also be converted into shares under certain conditions.

The notes will mature in 2033 and pay annual interest of 5.875%. Caledonia also bought options that limit how much equity it would need to issue if the bonds are converted into shares, a tactic known as a capped call.

After fees and hedging costs, the company said it would retain about $130 million in net proceeds.

The fundraising forms part of a broader four-part financing plan to bring the Bilboes mine into production. Caledonia acquired the project in 2022 and published a feasibility study in November last year.

Alongside the convertible bond issue, the company has locked in a minimum gold price of $3,500 per ounce on 3,000 ounces per month of production from its existing Blanket Mine.

This hedging arrangement runs until the end of 2028 and is intended to protect revenues during Bilboes’ development phase.

A third plank of the funding strategy is a planned interim facility of up to $150 million from regional banks in Zimbabwe and South Africa, which Caledonia hopes to secure by mid-2026. The facility would be backed by Blanket Mine’s cash flows.

Finally, the company expects to launch a formal process for long-term project finance later this quarter, in talks with both regional and international lenders. That process, which typically includes independent technical reviews, could take more than a year.

Learmonth said the staged approach would allow Caledonia to begin ordering long lead equipment for Bilboes in the third quarter, while maintaining “prudent capital discipline”.

He added: “This structured approach allows us to manage risk, minimise dilution and position Bilboes as the next large scale, long life, gold production hub in Zimbabwe.”

Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the British battery technology company, has received its first commercial order from Cirtec Medical for components used in its miniature solid-state batteries — a deal that marks the company’s move from R&D into revenue-generating production.

The order, announced today, covers the supply of electrodes, conductive elements at the heart of Ilika’s Stereax batteries, and follows more than two years of development work with Cirtec, a US-based manufacturer of implantable medical devices. Ilika delivered initial prototypes in December.

Cirtec will use the electrodes to ramp up manufacturing of its Stereax M300 batteries, which are designed for powering a new generation of medical implants, including neurostimulators, orthopaedic and orthodontic devices, and implanted sensors.

Ilika said the order signals “the commercial transition of this strategic partnership”.

The companies first formalised their relationship in 2023, with Ilika retaining some production capability at its UK facility to support Cirtec, which manufactures the batteries at its site in Massachusetts. Ilika will now act as a supplier of key materials for scaled-up production.

The Stereax M300 battery is currently being tested by 21 customers in the medical technology sector, according to the company.

Graeme Purdy, Ilika’s chief executive, said: “The receipt of this first commercial electrode order validates the strong market momentum building behind our Stereax technology and demonstrates the successful execution of our production strategy.”

Shawn Martin, vice-president at Cirtec Medical, added: “This marks an important transition from the earlier stages of technology transfer to commercial production coordinated from our facility here in the USA.”

The two companies are expected to showcase the technology at industry events in the US over the coming weeks, including the North America Neuromodulation Society’s annual meeting in Las Vegas and the MD&M West medical device conference in California.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in LXP.PR.C over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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