Market Signal Briefing

With major cryptocurrencies dropping in prices, long-time gold advocate Peter Schiff and crypto investor Andrew Kang have seized the moment to argue that recent declines vindicate their warnings about the valuations and misplaced optimism surrounding Bitcoin and Ethereum respectively.

The recent market backdrop has given voice to skeptics. Ethereum has slipped below $4,000, and Bitcoin has shed some of its recent gains. This has caused the total cryptocurrency market capitalization to fall by more than 6.6%. 

Analysts continue to disagree on whether this marks the start of a longer downturn or if it’s just a “bear trap” within a continuing cycle.

Schiff reignites long-standing skepticism
Schiff, chief economist and strategist at Euro Pacific Capital, has for years dismissed Bitcoin as “digital fool’s gold.” He renewed his critique this week by highlighting the decline in Michael Saylor’s Strategy (formerly Microstrategy with the ticker $MSTR). 

“Few have noticed that $MSTR is down 45% from its Nov. 2024 high. This is going to be a brutal bear market for Bitcoin treasury companies. I’m not sure if any, including MSTR, will survive it,” he posted on X.

He recently pointed out that Bitcoin was down about 20% against gold, calling it evidence of a bear market.

Crypto bulls under attack
Kang’s posts came as a result of Tom Lee’s recent comments on Ethereum. Tom Lee, co-founder of Fundstrat and chairman of BitMine, at a recent event, said that Ethereum could as high as up to $12,000–$15,000 by the end of 2025, driven by adoption on Wall Street and support from a crypto-friendly Trump administration. 

As reported by Cryptopolitan, Lee described Ethereum as a “neutral chain” capable of attracting both banks and regulators, and argued that its role in tokenized assets, stablecoins and even artificial intelligence would usher in a decade-long “super cycle.”

Lee’s company, BitMine, has restructured its balance sheet around Ethereum and now holds 2.15 million ETH, the largest treasury in the world. The bet has lifted its market capitalization from $37.6 million in June to $9.45 billion by September.

His claims saw people on the bullish and bearish sides of the Ethereum aisle chip in with their opinions. Kang, the co-founder of Mechanism Capital, was one of the loudest voices as he launched a detailed rebuttal on X, dismissing Lee’s thesis as “one of the most financially illiterate arguments” he had seen from a high-profile analyst.

Andrew Kang launches counteroffensive
Kang claims that Ethereum’s fundamentals do not support such lofty valuations. While tokenization of real-world assets and stablecoin volumes have risen “100 to 1,000-fold” since 2020, he noted that network fee revenue has not scaled accordingly. 

According to him, efficient upgrades, the migration of activity to rival chains such as Solana and Arbitrum, and the low turnover of tokenized bonds and securities have limited fee growth. “You could tokenize a trillion dollars’ worth of assets, but if that’s not moving around much, then it maybe would only add $100k worth of value to ETH,” Kang wrote.

He also rejected Lee’s claim that institutions would accumulate ETH to secure the network, stating that no major banks have yet purchased or staked the asset.

Technically, Kang suggested Ethereum is more likely to remain trapped in a range between $1,000 and $4,800 than to break out to new highs. 

In a later post, he went further, branding Ethereum “Luna 2.0” — a reference to the Terra blockchain whose collapse in 2022 wiped out billions in investor capital. He has also reportedly put his money where his mouth is, placing put options to bet on further declines for Ethereum. 

However, it’s worth noting that Kang is quite bullish on Bitcoin and has long been bearish on Ethereum. Some of his predictions about ETH’s impending doom have failed in the past, too.

Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.

Ethereum set to boost gas limit to 60 million in upcoming Fusaka upgrade Oluwapelumi Adejumo · 10 seconds ago · 2 min read

Ethereum prepares for its third gas limit increase this year to address rising demand for block space amid network growth.

2 min read

Updated: Sep. 26, 2025 at 3:14 pm UTC

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Ethereum’s developers have approved a plan to lift the network’s gas limit to 60 million during the impending Fusaka upgrade.

On Sept. 25, Ethereum Foundation contributor Tim Beiko confirmed that the decision was reached during the All Core Devs Execution (ACDE) #221 call.

He also revealed that Fusaka’s testnet activations will begin in October, with a mainnet release expected soon after. Notably, the developers had previously tentatively scheduled the update for December.

Meanwhile, these decisions signal a coordinated attempt to boost the volume of transactions processed in each block as demand for block space grows.

Former Galaxy Digital researcher Christine Kim described the timing as “an impressive lift,” noting that developers expect Fusaka to deliver a 33% boost in Layer-1 performance alongside a 133% increase in Layer-2 capacity before the end of the year.

Gas limit increaseThe impending gas limit increase is not Ethereum’s first revision of the year.

The threshold climbed to roughly 36 million units in February, then to 45 million in July.

So, Fusaka’s proposed 60 million limit would mark the third increase in 2025, underlining how scaling remains central to the project’s roadmap.

Gas on Ethereum measures the computational power needed to execute on-chain actions, such as sending tokens, swapping assets, or deploying contracts.

According to Everstake, a leading staking provider, higher gas limits enable “more transactions per block, higher throughput, and better efficiency” across both Layer-1 and Layer-2 systems.

It added that once a majority of validators, at least 50%, signal approval, the new cap will be activated automatically under Ethereum’s consensus rules. Already, data from Gaslimits shows that 17% of the blockchain network validators support increasing the limit to 60 million.

However, any potential adjustment isn’t without controversy.

Some community members, including Ethereum co-founder Vitalik Buterin, have long supported gradual increases to ease congestion.

On the other hand, some caution that pushing limits too high or quickly could place heavier loads on nodes. According to them, this could widen the gap between professional validators and smaller participants.

Mentioned in this articleLatest Ethereum StoriesLatest Alpha Market Report

TL;DR

Market shift: Vesting NFTs on BNB Chain generated $12.4M in daily sales, briefly surpassing legacy collections like CryptoPunks and Pudgy Penguins, and pushing BNB Chain ahead of Ethereum in overall daily NFT volume.
Liquidity model: UNCX Network’s Vesting NFTs wrap locked tokens into tradable vouchers, letting holders exchange them while still respecting vesting schedules.
Utility trend: Courtyard’s tokenized collectibles and DMarket’s in-game NFT marketplace highlight how utility-driven projects are gaining traction.

Vesting NFTs on BNB Chain have surged to the forefront of the nonfungible token market, briefly overtaking established collections in daily sales volume. According to data from CryptoSlam, these specialized NFTs generated more than $12.4 million in sales, highlighting growing demand for liquidity solutions tied to token lockups. The spike not only placed Vesting NFTs ahead of legacy projects like CryptoPunks and Pudgy Penguins but also propelled BNB Chain to the top of the daily NFT sales rankings.

Vesting NFTs Lead Daily Sales
CryptoSlam reported that Vesting NFTs on BNB Chain recorded over $12.4 million in daily sales, surpassing traditional digital art collections. This surge pushed BNB Chain’s total daily NFT sales to approximately $14 million, nearly doubling Ethereum’s $7 million. The momentum underscores how investors are increasingly drawn to utility-driven NFT products rather than purely collectible assets.

How Vesting NFTs Work
The Vesting NFTs are operated by UNCX Network, a decentralized service provider. The project allows users to wrap vested tokens into tradable NFT vouchers. These NFTs grant holders the right to claim the underlying tokens according to their programmed vesting schedule. By enabling liquidity without breaking vesting agreements, the model provides a novel solution for token holders who would otherwise be locked out of trading opportunities.

Billion-Dollar Potential in Token Lockups
Vesting is a common mechanism in crypto projects to prevent early investors and team members from selling tokens prematurely. Tokenomist data revealed that in September alone, about $15 billion in vested tokens were released into the market, with another $10 billion expected to unlock in the following two months. While Vesting NFT volumes are currently in the millions, the scale of locked tokens suggests a significant long-term opportunity for this model to expand into a billion-dollar use case.

Utility-Based NFTs Gain Ground
Beyond Vesting NFTs, other utility-focused projects also ranked highly on CryptoSlam’s charts. Courtyard, a platform that tokenizes real-world collectibles, recorded nearly $500,000 in daily sales and previously reached $22.3 million in a single week. DMarket, which enables gamers to trade interoperable NFTs representing in-game items, also featured among the top performers. These examples indicate that NFTs are evolving beyond speculation, with utility-based models increasingly driving adoption and sales.

SINGAPORE, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Davis Commodities Limited (Nasdaq: DTCK) announced today that it is analyzing the deployment of an AI-driven arbitrage engine designed to supercharge its Real Yield Token (RYT) ecosystem by optimizing yield returns across commodity, stablecoin, and cross-chain liquidity pools.

In recent months, decentralized finance has demonstrated that algorithmic yield optimization strategies can drive annualized incremental returns of 3% to 12% in mature markets. Davis Commodities aims to bring this capability to its tokenized commodity-finance infrastructure in emerging market corridors.

Preliminary scenario estimates (subject to further validation) include:

USD 300 million in incremental yield enhancement potential across RYT pools within 24 months.Automated rebalancing between commodity derivatives, stablecoin arbitrage, and cross-border liquidity routes.Enhanced capital efficiency, reducing idle token balance ratios by 30%–50%.Integration of ESG risk metrics to dynamically adjust token weights in portfolio allocations. “Our vision is that every token should be working harder than ever. With AI arbitrage optimization layered on our RYT system, we believe we can unlock additional yield without sacrificing core capital stability,” said Ms. Li Peng Leck, Executive Chairwoman of Davis Commodities. “This is where digital commodities, finance, and algorithmic capital converge.”

Davis Commodities is collaborating with AI quant teams, blockchain protocol engineers, and institutional liquidity providers to validate strategy models. Any public deployment will occur after achieving regulatory alignment and completing infrastructure testing.

About Davis Commodities Limited

Based in Singapore, Davis Commodities Limited is an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products in various markets, including Asia, Africa and the Middle East. The Company sources, markets, and distributes commodities under two main brands: Maxwill and Taffy in Singapore. The Company also provides customers of its commodity offerings with complementary and ancillary services, such as warehouse handling and storage and logistics services. The Company utilizes an established global network of third-party commodity suppliers and logistics service providers to distribute sugar, rice, and oil and fat products to customers in over 20 countries, as of the fiscal year ended December 31, 2024.

For more information, please visit the Company’s website: ir.daviscl.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, relating to the fundraising plans of Davis Commodities Limited. These forward-looking statements generally can be identified by terms such as “believe,” “project,” “predict,” “budget,” “forecast,” “continue,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “could,” “should,” “will,” “would,” and similar expressions or negative versions of those expressions.

Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, therefore, subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release. The Company’s filings with the SEC identify and discuss other important risks and uncertainties that could cause events and results to differ materially from those indicated in these forward-looking statements.

Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance upon forward-looking statements. Davis Commodities Limited assumes no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Costco (NASDAQ: COST) completed fiscal 2025 (August fiscal year) with a solid quarter, slightly surpassing expectations and highlighting the strengths that distinguish it. Its Q4 earnings of $5.87 per share, a rise of 11% year-over-year, on $86.2 billion in revenue, an increase of 8%, exceeded forecasts.

, /PRNewswire/ -- Vaycaychella, Inc. (OTC Pink: VAYK) ("VAYK") today announces that its management team and major investors will refrain from selling any shares during the company's transitional period in applying its cryptocurrency and blockchain strategy. This includes its CEO, Chairman, other members of board of directors, and all current holders of its convertible notes. 

Two days ago, the company announced its name change to Great Estate Blockchain Inc, and will apply a new business plan aiming to monetize the intangible assets of historic landmarks, a category of assets worth tens of billions to hundreds of billions, by applying blockchain/cryptocurrency technology in combination of a short-term rental business model for historic landmark properties.

"There are one and a half million properties on the National Register as historic landmarks, and probably 10 times more on state and local registers as historic landmarks. Each of them may have an intangible value ranging from tens of thousands of dollars to a few million dollars," explained Jason Armstrong, CEO of Vaycaychella. "If the average intangible value of a National Register historic landmark is around $100,000, the total value of their intangible assets will be over one hundred billion. The total value of intangible assets of historic landmarks, therefore, may reach a trillion dollars."

Prominent historic landmarks can usually monetize their intangible value from tourism and sales of franchised commodities, such as books, videos, and souvenirs. However, for the majority of historic landmark properties that lack prominent status, their intangible value is usually under-monetized or not monetized at all.

In the past two years, Vaycaychella management has been working with its partners and potential investors to develop a business model, which will combine a cryptocurrency strategy with a short-term rental strategy to monetize the intangible value of these historic landmarks.

The company believes that it is ready to launch this new business model. Besides the name change, the company is expanding its portfolio of historic landmarks. The company is currently under agreement to renovate and manage the famous Rufus Rose house, a multi-million dollar historic landmark in downtown Atlanta. The company is also in negotiation to acquire the intangible rights to a multi-million dollar historic landmark located in New York City.

"In order to create a stable capital structure for the company to execute its business plan, our management team and major investors have decided not to sell any shares during this transitional period," declared Armstrong.

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.

VAYK Contact:

[email protected]

SOURCE Vaycaychella, Inc.

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DUBAI, United Arab Emirates, Sept. 26, 2025 (GLOBE NEWSWIRE) -- WeRide (Nasdaq: WRD), a global leader in autonomous driving technology, secured a self-driving vehicle trial permit from Dubai's Roads and Transport Authority (RTA) earlier this month to conduct Robotaxi trials in the city.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, with Dr. Tony Han, Founder and CEO of WeRide

The company also won first place at the Dubai World Challenge for Self-Driving Transport, securing almost US$1 million in prize money for its leading tech competence and ongoing contributions to Dubai's autonomous driving ecosystem. The award was presented at the 2025 Dubai World Congress for Self-Driving Transport (DWC), where His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, visited WeRide's Robotaxi GXR display and reaffirmed the company’s role in shaping Dubai’s future smart mobility.

WeRide Robotaxi GXR in Dubai

WeRide's initial Robotaxi GXR trial service will cover core areas including Jumeirah's key commercial districts and the residential communities of Za’abeel First, Al Manara, Umm Suqeim, and Al Safa. Future operations will extend to Sheikh Zayed Road, Dubai International Airport, and additional downtown areas.

The rollout will start with 50 Robotaxi GXRs in Dubai, with plans to expand the Middle East fleet to 1,000 vehicles and ultimately deploy tens of thousands of Robotaxis by 2030. With this permit, Dubai becomes the 11th city worldwide and the second in the UAE to deploy WeRide Robotaxis.

Earlier this year, WeRide obtained the first batch of Dubai road test licenses and has already started testing in the city's core areas. In the next phase, WeRide will commence trials with an on-board safety officer on the Uber platform within the year, with fully driverless commercial operations targeted for 2026.

At DWC, WeRide also signed a Memorandum of Understanding (MoU) with RTA, outlining collaboration on the Dubai Autonomous Zone. The agreement reinforces WeRide's commitment to supporting Dubai's transformation into a global innovation hub for autonomous technology across passenger transport, logistics, and urban mobility.

WeRide continues to be a global leader in autonomous mobility, with Robotaxi testing or operations across 11 cities in five countries — Dubai, Abu Dhabi, Beijing, Guangzhou, Nanjing, Suzhou, Ordos, Riyadh, Zurich, Shanghai, and Singapore.

Beyond Dubai, WeRide is conducting fully driverless Robotaxi testing in Abu Dhabi, marking the first and only fully driverless Robotaxi testing and soon operation outside of China and the US. This represents a crucial step toward fully unmanned commercial operations and underscores WeRide’s leadership not only in the Middle East but also on the global stage.

About WeRide
WeRide is a global leader and a first mover in the autonomous driving industry, as well as the first publicly traded Robotaxi company. Our autonomous vehicles have been tested or operated in over 30 cities across 11 countries. We are also the first and only technology company whose products have received autonomous driving permits in seven markets: China, the UAE, Singapore, France, Saudi Arabia, Belgium, and the US. Empowered by the smart, versatile, cost-effective, and highly adaptable WeRide One platform, WeRide provides autonomous driving products and services from L2 to L4, addressing transportation needs in the mobility, logistics, and sanitation industries. WeRide was named to Fortune's 2025 Change the World and 2025 Future 50 lists.

Media Contact
[email protected]

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about WeRide’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in WeRide’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release. WeRide does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/7535483c-5983-4680-8909-a1f2ca0ddfbd

https://www.globenewswire.com/NewsRoom/AttachmentNg/dbe88e42-1cfd-46b0-95d8-b0e5b5b2db2e

Tesla Inc.'s (NASDAQ: TSLA) market cap has hit $1.1 trillion after a sharp share price rebound from March, when Elon Musk's relationship with President Trump fell apart.

, /PRNewswire/ - MDA Space Ltd. (TSX: MDA), a trusted mission partner to the rapidly expanding global space industry, today announced it has been named one of Canada's Top Growing Companies by The Globe and Mail's Report on Business for the second consecutive year. 

The prestigious ranking recognizes Canadian companies with outstanding three-year revenue growth, celebrating entrepreneurial achievement and business excellence. MDA Space earned its place in the Technology category with verified growth of 126% from 2021 to 2024.

"We are honoured to be recognized once again as one of Canada's Top Growing Companies," said Mike Greenley, CEO of MDA Space. "This achievement is a testament to the dedication of our team, the trust of our customers, and the strength of our strategy as we continue to enable the next generation of space missions and technologies. Our sustained growth reflects the increasing global demand for advanced space solutions, and our commitment to delivering innovation that drives progress for our customers and the industry."

The growth of MDA Space has been driven by its market-leading expertise in next-generation digital satellite systems, world-renowned robotics and space operations – including the iconic Canadarm technology – and advanced geointelligence solutions that deliver critical insights for customers around the globe. The company remains committed to expanding its technology portfolio, recruiting and developing top-tier talent, and delivering mission-critical solutions that meet the evolving demands of both commercial and government space customers worldwide.

The full list of winners, and accompanying editorial coverage, will be published in the October issue of Report on Business magazine and online at tgam.ca/TopGrowing.

About MDA Space

Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The global MDA Space team of more than 3,800 space experts has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that's been in our DNA since day one. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, we'll take you there. For more information, visit www.mda.space.

SOCIAL MEDIA
LinkedIn:         linkedin.com/company/mdaspace
X:                    twitter.com/MDA_space
Facebook:      facebook.com/MDAspace
YouTube:        youtube.com/c/mdaspace
Instagram:      instagram.com/MDA_space

SOURCE MDA Space

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Key Takeaways GSAT projects $260-$285M for 2025 revenues, with ~50% EBITDA margins. IRDM eyes $1B service revenues by 2030, led by STL, IoT and Direct-to-Device services.GSAT stock rose 22.8% in a month, while IRDM declined 30.4% over the same period.
Globalstar, Inc. (GSAT - Free Report) and Iridium Communications Inc. (IRDM - Free Report) operate in the satellite communications industry, rapidly emerging as a key component of global connectivity. Satellite services are helping to expand connectivity in remote regions where terrestrial networks cannot reach, thereby bridging the digital divide.

According to a Grand View Research report, the global satellite communication market is expected to witness a CAGR of 10.2% from 2025 to 2030, reaching $159.6 billion.

This uptrend in spending benefits both GSAT and IRDM. However, their strategies, partnerships and execution capabilities reveal key differences that are crucial for investors to understand. So, if an investor wants to make a smart buy in the satellite space, which stock stands out?

Given this backdrop, let’s scrutinize closely to find out which of these two stocks currently holds the edge, and more importantly, which might be the smarter bet now.

The Case for GSATGlobalstar operates a Low Earth Orbit ("LEO") satellite constellation infrastructure to deliver mobile satellite services (MSS) and voice and data communications services to customers across various sectors, including retail, business and governments. Its terrestrial spectrum consists of Band 53 and its 5G variant, n53, and XCOM RAN. GSAT’s globally harmonized and licensed spectrum is a great asset for the company. On the last earnings call, management highlighted that owning proprietary spectrum is the key differentiator in the satellite communications space, as it provides a long-term competitive advantage.

GSAT stands to gain from multiple tailwinds. Globalstar is benefiting from continued growth in wholesale capacity services and commercial IoT revenues. Commercial IoT is witnessing an increase in the average number of subscribers, driven by robust growth in gross activations in the trailing 12 months. The company is witnessing growing traction in the government, especially U.S. federal agencies and defense markets. It reiterated its 2025 revenue outlook of $260-$285 million and expects adjusted EBITDA margins around 50%.

GSAT is advancing new innovative platforms, such as the RM200 two-way module and XCOM RAN, which could drive the top line further. The RM200M module is the first satellite module to feature integrated GNSS, Bluetooth, an accelerometer and an application processor, enabling advanced two-way communication. It is witnessing growing traction across verticals such as oil & gas, defense and MVNOs, and has been tested by over 50 partners.

With XCOM RAN, GSAT is eyeing entry into terrestrial wireless markets, significantly broadening its total addressable market. The platform will also enable next-gen hybrid satellite-terrestrial network architectures, thereby further expanding business opportunities.

Globalstar is in the midst of a comprehensive infrastructure upgrade and recently launched its global ground infrastructure program for its next-generation Extended MSS Network, or the C-3 system. Under this program, it will add about 90 antennas across 35 ground stations in 25 countries, significantly boosting network capacity and resiliency. As a part of this expansion, it recently announced the construction to double the size of its existing ground station in Estonia to support the 3rd generation of its C-3 constellation. Before that, it had announced the construction of another gateway infrastructure at its current ground station at OTE S.A.’s commercial teleport in Nemea, Greece. Last month, it announced the construction of an expansion to its Singapore ground station.

The Case for IRDMIridium operates one of the largest commercial constellations with a mesh architecture of 66 operational LEO satellites to route traffic using radio frequency crosslinks. The architecture provides strong performance by minimizing the need for ground infrastructure.

Iridium continues to deliver growth across key segments like commercial IoT, voice and data, and the government segment. Iridium’s 25-year relationship with the U.S. Department of Defense is a significant moat. The company continues to secure new DoD contracts and expects $108 million in revenues for 2025 from government business, which includes the final step-up in the EMSS contract.

A major step in Iridium's growth strategy was the acquisition of Satelles, a company specializing in highly secure satellite-based time and location services. This new business line, known as Iridium Satellite Time and Location (“STL”), is a Positioning, Navigation and Timing (“PNT”) service that offers a resilient alternative to GPS and other GNSS systems, which can be vulnerable to jamming or spoofing. Interest in this solution has grown significantly, and the STL business is targeted to generate more than $100 million in service revenues per year by 2030.

The company expects to generate about $1 billion in service revenues by 2030. To achieve this long-term goal, management is focused on developing several services, including Direct-to-Device (Iridium NTN Direct), IoT (Iridium Certus IoT products) and satellite-based personal communication devices in addition to STL. It recently teamed up with Deutsche Telekom to integrate Iridium’s NTN Direct service into Deutsche Telekom’s terrestrial global IoT infrastructure. Iridium NTN Direct is built to complement terrestrial networks such as Deutsche Telekom’s, delivering seamless worldwide coverage and extending the reach of their existing infrastructure.

While the company maintained its long-term outlook, it lowered the full-year 2025 service revenue growth guidance from 5-7% to 3-5%. The decrease is mainly due to three factors: the transition of maritime broadband to a companion service, voice subscriber losses related to canceled USAID funding noted in the first quarter and a delay in PNT revenues, now expected in 2026. However, it forecasts OEBITDA at $490 million to $500 million, up from $470.6 million in 2024.

Share Performance for GSAT & IRDMOver the past month, GSAT has gained 22.8% while IRDM has declined 30.4%.

Image Source: Zacks Investment Research

Valuation for GSAT & IRDMIn terms of the forward 12-month price/sales ratio, GSAT shares are trading at 14.52X, higher than IRDM’s 2.06X.

Image Source: Zacks Investment Research

How Do Zacks Estimates Compare for GSAT & IRDM?Analysts have significantly revised their earnings estimates upward for GSAT’s bottom line for the current year.

Image Source: Zacks Investment Research

For IRDM, there has been a marginal downward revision over the past 60 days.  

Image Source: Zacks Investment Research

GSAT or IRDM: Which is a Smarter Pick?Both companies are well-positioned to gain from the rapidly growing satellite and communications market.

IRDM carries a Zacks Rank #3 (Hold) at present, while GSAT flaunts a Zacks Rank #1 (Strong Buy). Consequently, in terms of Zacks Rank, GSAT seems to be a better pick at the moment.

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

Key Takeaways Jabil's supply chain network helps it navigate geopolitical tensions and trade challenges.The company will invest $500M in the Southeast U.S. to expand the AI hardware supply chain.JBL stock is up 66% in a year, trading at 18.94 forward earnings versus the industry's 24.75.
Jabil Inc. (JBL - Free Report) is benefiting from its strong supply chain network. Over the last few years, growing geopolitical unrest in several parts of the world has significantly impacted the supply chains of multiple companies. Wars in Eastern Europe and the situation in the Middle East have often disrupted supply chains, forcing suppliers to change their shipment delivery routes, leading to higher expenses. This supply instability often led to a situation where either the company faced supply shortages of critical components, ultimately causing client dissatisfaction, or held excess inventory. High inflation, expenses and inventory challenges put pressure on margin.

Moreover, trade-related uncertainties, tariffs and sanctions under the current administration in U.S. also aggravated the supply chain issue. Amid this backdrop, the major organizations worldwide are aiming to source their components from suppliers who are more resilient to these threats. Jabil has a strong presence more than 25 countries worldwide. The company’s worldwide connected factory network enables it to scale production according to evolving market dynamics.

Its multi-region presence has boosted its reliability to its customers. Jabil is focusing on localizing its manufacturing units to cater to regional demands. It is set to invest $500 million over the next several years in the Southeast U.S. region. This strategic investment will strengthen Jabil’s position in the AI hardware supply chain.

How Are Competitors Faring?Jabil faces stiff competition from Celestica, Inc. (CLS - Free Report) and Flex Ltd. (FLEX - Free Report) . With a presence across 16 countries worldwide, Celestica’s diversified manufacturing network and resilient supply chain are effectively mitigating the effects of geopolitical volatility and tariff-related uncertainties. The company is expanding capacity and capabilities at its facilities in Richardson, United States, Thailand and Malaysia to support the growing demand for its industry-leading AI data center products. Efficient inventory management is also a major component of Celestica’s supply chain resilience.

Flex’s global manufacturing scale is one of its most significant competitive advantages. The company operates more than 49 million square feet globally, including 7 million square feet in the United States and 9 million in Mexico, giving it one of the largest advanced manufacturing footprints in North America. Flex is focusing on localized manufacturing to boost resilience across its supply chain.

JBL’s Price Performance, Valuation and EstimatesJabil has gained 66% in the past year compared with the Electronic-Manufacturing Services industry’s growth of 120.4%.

Image Source: Zacks Investment Research

Going by the price/earnings ratio, its shares currently trade at 18.94 forward earnings, lower than 24.75 for the industry.

Image Source: Zacks Investment Research

The company’s earnings estimate for 2025 has increased over the past 60 days.

Image Source: Zacks Investment Research

Jabil carries a Zacks Rank #4 (Sell) at present.

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

ABT gains momentum with strong FreeStyle Libre sales and Diagnostics growth but global macro headwinds weigh on performance.

SINGAPORE, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Davis Commodities Limited (Nasdaq: DTCK) today announced that it is exploring the development of a multi-asset tokenization exchange hub aimed at converging its Real Yield Token (RYT) platform with carbon credits, renewable energy certificates, and ESG agricultural products.

The proposed hub would enable institutional and accredited investors to seamlessly allocate capital across tokenized portfolios backed by real-world commodities and environmental assets—establishing a new form of programmable ESG yield infrastructure.

Early modeling suggests the following potential impacts (pending regulatory and market alignment):

USD 1.2–1.8 billion in token issuance capacity during Year 1.Yield curves dynamically derived from commodity arbitrage, energy production margins, and carbon credit trading.Settlement throughput across traded assets accelerated by up to 70% compared to legacy systems.A liquidity bridging layer to connect ESG projects in Asia, Africa, and Latin America. “We believe the next frontier in digital finance is not a single token, but an interoperable ecosystem of yield-backed assets across commodities, carbon, and renewables,” said Ms. Li Peng Leck, Executive Chairwoman of Davis Commodities. “By leveraging our RYT backbone, this hub could offer sustainable capital flows into global ESG initiatives while preserving transparency and efficiency.”

Davis Commodities is currently engaging with environmental registries, carbon credit platforms, and custody providers to evaluate pilot structures. No formal launch timeline has been committed.

About Davis Commodities Limited

Based in Singapore, Davis Commodities Limited is an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products in various markets, including Asia, Africa and the Middle East. The Company sources, markets, and distributes commodities under two main brands: Maxwill and Taffy in Singapore. The Company also provides customers of its commodity offerings with complementary and ancillary services, such as warehouse handling and storage and logistics services. The Company utilizes an established global network of third-party commodity suppliers and logistics service providers to distribute sugar, rice, and oil and fat products to customers in over 20 countries, as of the fiscal year ended December 31, 2024.

For more information, please visit the Company’s website: ir.daviscl.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, relating to the fundraising plans of Davis Commodities Limited. These forward-looking statements generally can be identified by terms such as “believe,” “project,” “predict,” “budget,” “forecast,” “continue,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “could,” “should,” “will,” “would,” and similar expressions or negative versions of those expressions.

Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, therefore, subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release. The Company’s filings with the SEC identify and discuss other important risks and uncertainties that could cause events and results to differ materially from those indicated in these forward-looking statements.

Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance upon forward-looking statements. Davis Commodities Limited assumes no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."

Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase, investors find themselves invested in shares that have limited to no upside or even a downside. So, betting on a stock just by looking at the traditional momentum parameters could be risky at times.

It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.

There are several stocks that currently pass through the screen and Constellium (CSTM - Free Report) is one of them. Here are the key reasons why this stock is a great candidate.

A dash of recent price momentum reflects growing interest of investors in a stock. With a four-week price change of 3%, the stock of this aluminum company is certainly well-positioned in this regard.

While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. CSTM meets this criterion too, as the stock gained 2.8% over the past 12 weeks.

Moreover, the momentum for CSTM is fast paced, as the stock currently has a beta of 1.7. This indicates that the stock moves 70% higher than the market in either direction.

Given this price performance, it is no surprise that CSTM has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.

In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped CSTM earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Most importantly, despite possessing fast-paced momentum features, CSTM is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. CSTM is currently trading at 0.27 times its sales. In other words, investors need to pay only 27 cents for each dollar of sales.

So, CSTM appears to have plenty of room to run, and that too at a fast pace.

In addition to CSTM, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.

This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.

However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.

Click here to sign up for a free trial to the Research Wizard today.

Investors in Brookfield Infrastructure Corporation (BIPC - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Oct 17, 2025 $20.00 Put had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Brookfield Infrastructure shares, but what is the fundamental picture for the company? Currently, Brookfield Infrastructure is a Zacks Rank #4 (Sell) in the Utility - Gas Distribution industry that ranks in the Bottom 24% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from earnings of $1.59 per share to a loss of $3.33 in that period.

Given the way analysts feel about Brookfield Infrastructure right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Looking to Trade Options?Check out the simple yet high-powered approach that Zacks Executive VP Kevin Matras has used to close recent double and triple-digit winners. In addition to impressive profit potential, these trades can actually reduce your risk.

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The trade war with China was tough on Nvidia Corp. (NASDAQ: NVDA) investors.

Microsoft (NASDAQ: MSFT) closed Thursday at $507.03, down 0.61% on the session. The stock is still up 21.1% year-to-date, ahead of the S&P 500’s 12.54% rise over the same period.

MSFT YTD stock price chart. Source: Google Finance 
On September 15, Microsoft announced a quarterly dividend increase of 9.6%, raising its payout to $0.91 per share. 

The move marked the company’s 23rd consecutive year of dividend growth, representing a 10% increase from the prior quarter. At recent levels, the yield stands near 0.7%. The next payment is scheduled for December 11, 2025, to shareholders of record as of November 20. 

This week, the company confirmed that it would end its cloud services to the Israeli military following an internal review.

The decision adds Microsoft to the list of tech firms facing questions about how their products are used in sensitive geopolitical settings.

Wall Street’s Microsoft stock price prediction
Morgan Stanley on Friday, September 26, lifted its price target on Microsoft to $625 from $582, reiterating an Overweight rating and naming the stock a top pick in large-cap software.

The bank cited Microsoft’s strong positioning in generative AI, ongoing enterprise cloud adoption, and cybersecurity as reasons for its bullish stance.

On Wall Street, sentiment remains broadly positive, too. According to TipRanks, 34 analysts rate Microsoft a Strong Buy, with an average 12-month price target of $626.88, roughly 23.6% above the latest close. Estimates range from a high of $680 to a low of $550.

Featured image via Shutterstock.

SummaryElevance Health is significantly undervalued, trading at a 41% discount to industry peers, despite strong revenue growth and a 2.11% dividend yield.ELV's recent selloff was triggered by bottom-line contraction and lowered FY2025 EPS guidance, but revenue growth remains robust, especially in its Carelon segment.Despite margin pressures from rising Medicaid and ACA costs, ELV maintains strong profitability, low leverage, and shareholder-friendly capital allocation, supporting a defensive investment thesis.I rate ELV a Buy with a $400 FY2026 price target, implying 23% upside, as the market misprices its growth and resilience amid sector-wide pessimism. J Studios/DigitalVision via Getty Images

Elevance Health, Inc. (NYSE:ELV) is a health insurance provider. The company offers wide coverage plans, which include medical, dental, behavioral health, and other benefits. ELV also operates as a managed care business, which helps to manage services and costs tied

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 ELV 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.

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, /PRNewswire/ -- Quhuo Limited (NASDAQ: QH) ("Quhuo" or the "Company"), a leading gig economy platform focusing on local life services in China, today announced its unaudited financial results for the six months ended June 30, 2025.

Despite a challenging market environment and intense industry competition, the Company continued to advance its dual-track strategy: on the one hand, optimizing on-demand delivery solutions to drive growth, and on the other, accelerating the expansion of housekeeping and accommodation solutions to further enhance profitability.

On-Demand Delivery Solutions: Optimizing Structure to Unlock Potential

Quhuo generated total revenue of RMB1,131.4 million in the first half of 2025. In the second quarter of 2025, competition in China's food delivery market intensified, with rising costs passed down to service providers and strategic adjustments by major clients reshaping the industry landscape.

In response, Quhuo focused on workforce management and operational optimization, leveraging its strong track record and reputation to secure new business opportunities. While new site launches and integrations temporarily increased costs, the Company observed signs of market share gains relative to its key competitor since May 2025, which management believes will lay a foundation for sustainable growth.

Meanwhile, Quhuo streamlined its management structure and reallocated resources by exiting underperforming sites and concentrating on higher-revenue locations, thereby improving overall operational quality. Management expects that economies of scale and profitability in on-demand delivery solutions may begin to materialize in the second half of 2025.

Housekeeping and Accommodation Solutions: Significant Growth in Revenue and Profitability

In the first half of 2025, Quhuo's housekeeping and accommodation businesses delivered robust results, with revenue up 70.8% year over year and gross profit increasing 63.4%, becoming a major driver of the Company's earnings mix.

Chengtu (Homestay Business): Revenue grew 83.6% year over year, while gross profit surged 390.8%, achieving a gross margin of 55.2%. Supported by a scalable operating model and the rollout of its proprietary mini program, Chengtu now provides a seamless, closed-loop service from property search to payment. Looking forward, Chengtu plans to open its platform to more property owners by providing standardized management tools and marketing support, transitioning from a property management service provider into a platform operator.
Lailai (Hotel and Home Services): Revenue increased 63.6% year over year, driven by its partnership with Ke Holdings Inc. ("Beike"), a leading housing transactions and services platform in China. Lailai provides comprehensive property-related services, including pre- and post-listing maintenance, daily housekeeping, and customized solutions for specific resident groups. Leveraging years of expertise in local life services and its proprietary digital dispatch system, Lailai integrates cleaning, repair, and other services on a single platform, ensuring efficient management and high-quality delivery. Its services currently cover Chengdu, Beijing, Shanghai, Ningbo, and Jinan, with plans to expand to Shenzhen, Guangzhou, and other cities. Management expects these initiatives to serve as new growth engines for Quhuo's sustainable development.

New Business Initiatives: Pursuing Stability While Expanding Opportunities

In the first half of 2025, Quhuo continued to optimize its on-demand delivery operations while expanding its housekeeping and accommodation businesses. Recently, the Company entered into a partnership with JD.com to provide on-demand delivery services in select cities, which management believes could generate incremental revenue in China's competitive food delivery market.

In addition, the Company's beef supply chain partnership with NIU World has been progressing since its launch in May 2025, generating approximately RMB14.4 million in revenue. Management views this as an important milestone in Quhuo's transformation from a fulfillment service provider to a supply chain enabler, creating additional value from its core delivery network.

Outlook

Looking ahead, Quhuo will continue to execute its dual-track strategy—strengthening its core operations while accelerating the growth of new business initiatives. With a focus on efficiency, structural optimization, and innovation, the Company aims to deliver more sustainable and stable long-term returns for its shareholders.

About Quhuo Limited

Quhuo Limited (NASDAQ: QH) is a leading gig economy platform focusing on local life services in China. Leveraging Quhuo+, its proprietary technology infrastructure, Quhuo is dedicated to empowering and linking workers and local life service providers and providing end-to-end operation solutions for the life service market. The Company currently provides multiple industry-tailored operational solutions, primarily including on-demand delivery solutions, mobility service solutions, housekeeping and accommodation solutions, and other services, meeting the living needs of hundreds of millions of families in the communities.

With the vision of promoting employment, stabilizing income and empowering entrepreneurship, Quhuo explores multiple scenarios to promote employment of workers, provides, among others, safety and security and vocational training to protect workers, and helps workers plan their career development paths to realize their self-worth.

Safe Harbor 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 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Quhuo's business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will," "may," "potential" and similar expressions intended to identify forward-looking statements. These forward-looking statements are based on Quhuo's current expectations and involve risks and uncertainties. Quhuo's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties related to Quhuo's abilities to (1) manage its growth and expand its operations, (2) address any or all of the risks and challenges in the future in light of its limited operating history and evolving business portfolios, (3) establish in its competitive position in the on-demand food delivery market or further diversify its solution offerings and customer portfolio, (4) maintain relationships with major customers and to find replacement customers on commercially desirable terms or in a timely manner or at all, (5) maintain relationships with existing industry customers or attract new customers, (6) attract, retain and manage workers on its platform, and (7) maintain its market shares in relation to competitors in existing markets and its success in expansion into new markets. Other risks and uncertainties are included under the caption "Risk Factors" and elsewhere in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's latest annual report on Form 20-F. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Quhuo undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

SOURCE Quhuo Limited

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SummaryDespite the difficulties Novo Nordisk's GLP-1 franchise has encountered due to Eli Lilly and manufacturers of compounded versions of semaglutide, demand for Wegovy remains strong.So, its sales amounted to about DKK 19.5 billion in Q2 2025, up 12.5% quarter-on-quarter, thanks in part to strong new data from the SELECT study published on May 13.However, due to the need to rejuvenate and strengthen its portfolio of experimental drugs, Novo Nordisk's management decided not to repurchase shares in Q2 2025.On September 16, Novo Nordisk finally released data from a sub-analysis of the Phase 3 REDEFINE 1 study, which found that cagrilintide 2.4 mg was highly effective in combating obesity.By opening this article, you will understand why I maintain my 'Strong Buy' rating on Novo Nordisk. Deagreez/iStock via Getty Images

Just over 4 months have passed since my last article, "Is Novo Nordisk Immune to President Trump's Drug Price Plans."

What was it about?

In it, I presented an analysis of the clinical development program for

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

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

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RAPID CITY, S.D., Sept. 26, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) announced that it executed a block equity trade through its at-the-market (“ATM”) equity offering program to satisfy its remaining 2025 equity needs.

For the year, the company received net proceeds of $219.6 million, for a total issuance of 3.7 million shares, which are being used to fund its $1.0 billion capital expenditure program in 2025 and for general corporate purposes. The completion of this transaction fulfilled the company’s previously stated 2025 equity issuance range of $215 million to $235 million.   

"Completing our 2025 equity needs supports the execution of our long-term strategic plan," said Linn Evans, president and CEO of Black Hills Corp. "The financing is being used to fund our capital requirements for growth initiatives, including the Ready Wyoming electric transmission expansion project on track to be placed in-service by year-end 2025, the Lange II 99 MW dispatchable generation resource in South Dakota targeted for completion in the second half of 2026, and other safety and integrity investments to provide safe, reliable, and cost-effective energy for our customers."

Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.35 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This news release includes “forward-looking statements” as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events, including future anticipated equity needs, anticipated capital investments, the timing and results of contemplated projects, and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, the risk factors described in Item 1A of Part I of our 2024 Annual Report on Form 10-K filed with the SEC, in our Current Report on Form 8-K filed on Sept. 15, 2025, and in other reports that we file with the SEC from time to time. New factors that could cause actual results to differ materially from those described in forward looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations
Sal Diaz
605-399-5079
[email protected] 

24-Hour Media Relations Line 
888-242-3969

Submission supported by data from the Phase 3 TEMPO program that demonstrated symptomatic improvement across the Parkinson's disease spectrum
Positive results across all three Phase 3 TEMPO trials reinforce the potential of tavapadon, a novel selective dopamine D1/D5 receptor partial agonist, in Parkinson's disease
If approved, tavapadon will enhance AbbVie's leadership in Parkinson's disease by providing patients with a once daily oral treatment option

, /PRNewswire/ -- AbbVie (NYSE: ABBV) today announced that it has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for tavapadon, a novel selective dopamine D1/D5 receptor partial agonist that was studied as a once daily oral treatment for Parkinson's disease.

The submission is based on results from the TEMPO clinical development program that evaluated the efficacy, safety and tolerability of tavapadon across a broad Parkinson's disease population. This includes two Phase 3 trials (TEMPO-1 and TEMPO-2) in early Parkinson's disease, and one Phase 3 trial (TEMPO-3) with tavapadon as adjunctive to levodopa in patients experiencing motor fluctuations. TEMPO-1 and TEMPO-2 demonstrated that patients experienced a statistically significant improvement from baseline in the Movement Disorder Society - Unified Parkinson's Disease Rating Scale (MDS-UPDRS) Parts II and III combined score at week 26.1 TEMPO-3 demonstrated that patients experienced more "on" time, referring to the period when symptoms were well controlled without dyskinesia or involuntary movements.1 The submission is also based on an interim data cut from TEMPO-4, an open-label extension (OLE) trial to assess the long-term clinical benefit of tavapadon.1

"For many people living with Parkinson's disease, today's oral standard of care isn't effective enough to manage symptoms," said Roopal Thakkar, M.D., executive vice president, research and development, chief scientific officer, AbbVie. "We recognize the physical and mental impact that Parkinson's disease can cause and are committed to providing next-generation treatment options that will help individuals regain motor control and independence at all stages of this challenging disease." 

About the TEMPO Clinical Development Program
The submission is supported by results from three placebo-controlled studies: TEMPO-1 and -2 enrolled patients with early Parkinson's disease (with or without an MAO-B inhibitor) and TEMPO-3 enrolled patients who are on fixed-dose levodopa and had motor fluctuations. An open-label extension study (TEMPO-4) is ongoing to assess the long-term safety and efficacy of tavapadon through 58 weeks of treatment. TEMPO-4 enrolled patients who completed participation in TEMPO-1 through 3, as well as patients on stable doses of levodopa who had not been in prior TEMPO trials.

TEMPO-1 was a Phase 3 double-blind, randomized, placebo-controlled, parallel-group, 27-week trial to evaluate the efficacy, safety and tolerability of two fixed doses of tavapadon in early Parkinson's disease. The primary endpoint was the change from baseline in the MDS-UPDRS Parts II and III combined score. Key secondary endpoints included change from baseline in the MDS-UPDRS Parts II score and percentage of responders with "much improved" or "very much improved" on the Patient Global Impression of Change (PGIC). A total of 529 adults between the ages of 40-80 were enrolled in the trial. All had a confirmed diagnosis of Parkinson's disease and had disease duration (from time of diagnosis) of less than three years. Patients were randomized to receive tavapadon titrated to 5 milligrams, tavapadon titrated to 15 milligrams or placebo, orally and once daily.

TEMPO-2 was a Phase 3 double-blind, randomized, placebo-controlled, parallel-group, 27-week trial to evaluate the efficacy, safety and tolerability of flexible doses of tavapadon (5-15 mg QD) in early Parkinson's disease. The primary endpoint was the change from baseline in the MDS-UPDRS Parts II and III combined score. Key secondary endpoints included change from baseline in the MDS-UPDRS Parts II score and percentage of responders with "much improved" or "very much improved" on the PGIC. A total of 304 adults between the ages of 40-80 were enrolled in the trial. All had a confirmed diagnosis of Parkinson's disease and had disease duration (from time of diagnosis) of less than three years. Patients were randomized to receive tavapadon 5-15 mg QD or placebo, orally and once daily.

TEMPO-3 was a Phase 3 double-blind, randomized, placebo-controlled, parallel-group, flexible-dose, 27-week trial to evaluate the efficacy, safety and tolerability of tavapadon as an adjunctive therapy to LD for advanced Parkinson's disease. Patients were provided with a home diary to assess their motor function status (Hauser diary). The primary endpoint was change from baseline in the total "on" time without troublesome dyskinesia based on the two-day average of the self-completed Hauser diary. Secondary endpoints included change from baseline in total daily "off" time, change from baseline in total "on" and "off" time at earlier timepoints in the trial, and change from baseline in the MDS-UPDRS Part I, II and III scores. A total of 507 adults between the ages of 40-80 were enrolled in the trial. All had a confirmed diagnosis of Parkinson's disease, were experiencing motor fluctuations and were on a stable dose of LD for at least four weeks prior to screening. Patients were randomized to receive either tavapadon adjunctive to LD, tavapadon titrated to 5-15 milligrams, or placebo and LD, orally and once daily.

The majority of adverse events were non-serious and mild or moderate in severity across TEMPO-1 through 3.1 The incidence of SAEs and deaths were low and comparable between placebo and tavapadon groups.1 The most common adverse reactions reported in ≥10% of patients were nausea, headache and dizziness for Parkinson's disease patients without levodopa, and nausea and dyskinesia for patients on adjunctive therapy with levodopa.1

More information on the studies can be found on www.clinicaltrials.gov:
TEMPO-1: NCT04201093
TEMPO-2: NCT04223193
TEMPO-3: NCT04542499
TEMPO-4: NCT04760769 

About Parkinson's Disease
More than 11 million people worldwide are living with Parkinson's disease,2 a progressive and chronic neurological disorder characterized by tremor, muscle rigidity, slowness of movement and difficulty with balance.3 The motor symptoms of Parkinson's disease begin when approximately 60-80 percent of the dopamine-producing cells in the brain are lost, and symptoms continue to worsen slowly over the course of time.4 As Parkinson's disease progresses, patients experience complications, including motor and non-motor fluctuations and dyskinesia. Patients report switching from an "on" state (when symptoms are generally well controlled) to an "off" state, during which symptoms such as tremor and stiffness may reappear and patients have more difficulty moving.5 Patients with advanced Parkinson's disease may also experience dyskinesia (involuntary movements) which can significantly hinder daily activities.5 While there is no known cure for the disease, there are treatments available to help reduce symptoms.4

About Tavapadon
Tavapadon is an investigational, novel selective D1/D5 receptor partial agonist that was studied as a once-daily oral medicine for Parkinson's disease for use both with and without levodopa. Tavapadon is not approved by any health regulatory authority.

About AbbVie in Neuroscience
At AbbVie, our commitment to preserving personhood of people around the world living with neurological and psychiatric disorders is unwavering. With more than three decades of experience in neuroscience, we are providing meaningful treatment options today and advancing innovation for the future. AbbVie's Neuroscience portfolio consists of approved treatments in neurological conditions, including migraine, movement disorders, and psychiatric disorders, along with a robust pipeline of transformative therapies. We have made a strong investment in research and are committed to building a deeper understanding of neurological and psychiatric disorders. Every challenge makes us more determined and drives us to discover and deliver advancements for those impacted by these conditions, their care partners, and clinicians. For more information, visit www.abbvie.com.

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas – immunology, oncology, neuroscience, and eye care — and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com.

Follow @AbbVie on LinkedIn, Facebook, Instagram, X (formerly Twitter) and YouTube.

Forward-Looking Statements  
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2024 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

Contact(s):
U.S. Media:
Kayla Azzato 
+1 (224) 355-5243
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Global Media:
Amber Landis
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Investors:
Liz Shea
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References

1 AbbVie. Data on file ABVRRTI79943.
2 Statistics. Parkinson's Foundation. Available at: https://www.parkinson.org/understanding-parkinsons/statistics. Accessed August 27, 2025. 
3 About Parkinson's: Parkinson's 101. The Michael J. Fox Foundation for Parkinson's Research. Available at: https://www.michaeljfox.org/understanding-parkinsons/i-have-got-what.php. Accessed August 27, 2025.
4 Parkinson's Disease: Hope Through Research. National Institute of Neurological Disorders and Stroke. Available at: https://www.ninds.nih.gov/Disorders/Patient-Caregiver-Education/Hope-Through-Research/Parkinsons-Disease-Hope-Through-Research. Accessed August 27, 2025.
5 "Off" Time in Parkinson's Disease. The Michael J. Fox Foundation for Parkinson's Research. Available at: https://www.michaeljfox.org/time-parkinsons-disease. Accessed August 27, 2025.

US-TAV-250006

SOURCE AbbVie

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Schwab ETFs are known for their low costs, and they've turned into a mainstay of the market, especially for low-cost ETF investing.

Copper supply disruptions have a habit of coming in bunches. The latest is at Grasberg in Indonesia, the world’s second-largest copper mine, where a collapse in early September has forced Freeport-McMoRan to slash production guidance.

The scale is hefty. UBS reckons the mine will deliver about 500,000 tonnes less copper across 2025 and 2026 than previously expected, with output down 200,000 tonnes this year and 260,000 next.

Grasberg should recover by 2027, but in the meantime, the hit is larger than the closure of Cobre Panama two years ago.

That matters because copper balances were already tight. Mine supply growth in 2026 is now pegged at barely 1%, once disruption allowances are factored in.

At the same time, refined output – the metal smelters actually sell – has been running ahead of mine supply, leading to a glut in the US. The Grasberg outage increases the pressure for smelters to cut back, which would shift the refined market into deficit more quickly.

Demand is holding up. China’s grid investment and energy storage systems are soaking up metal, even as solar and appliance demand slows.

In the West, manufacturing and construction remain weak but not worsening, while copper’s role in the energy transition provides a steady floor.

For UK investors, the names to watch are Antofagasta PLC (LSE:ANTO), which remains a pure play on Chilean copper, and Glencore PLC (LSE:GLEN), with its sprawling mining and trading operations.

Anglo American PLC (LSE:AAL) also has copper in the mix, though the recent Teck deal has left the shares more of a conglomerate play.

The result is a familiar story: supply shocks keep arriving, while demand grinds on. For investors, the near-term noise on tariffs and geopolitics is less important than the underlying fact that the market looks tighter heading into 2026.

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