Market Signal Briefing

Analyst’s Disclosure:I/we have a beneficial long position in the shares of NNN, SHORT NNN PUTS 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.

Gold and oil prices rose after the U.S. ousted Venezuelan President Nicolás Maduro in a surprise military operation this weekend, while Asian equities were helped higher by defense-related stocks on expectations of increased military spending.

HomeETFs and Funds AnalysisETF Analysis

SummaryDYNF is an actively managed factor rotation ETF with a 0.26% expense ratio and $31B in assets under management. Factor emphasis is assigned based on the perceived economic regime.Currently, DYNF appears in the "expansion phase" of the economic cycle, where momentum and growth are favored. However, it's not an "all-or-nothing" system. DYNF also slightly emphasizes value right now.I like its current factor mix, and I anticipate solid returns moving forward. However, DYNF's track record is mixed, and through September 2022, it lagged SPY by 3.45% per year.This article walks readers through its strategy, performance, and current fundamentals compared to SPY, and explains my "hold" rating. Suphachai Panyacharoen/iStock via Getty Images

Investment Thesis The iShares U.S. Equity Factor Rotation ETF has easily beaten the SPDR S&P 500 ETF (SPY) over the last three years, but when considering its total returns since its March 2019 inception, it's

Analyst’s Disclosure:I/we have a beneficial long position in the shares of SPY 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.

Samsung Electronics plans to double this year the number of its mobile devices with AI features powered by Google's Gemini, its co-CEO said, which would give the U.S. firm an edge over rivals as the global race in artificial intelligence hots up.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of CMCSA, DIS 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.

NEW YORK, Jan. 04, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of DeFi Technologies, Inc. (NASDAQ: DEFT) between May 12, 2025 and November 14, 2025, both dates inclusive (the “Class Period”), of the important January 30, 2026 lead plaintiff deadline.

SO WHAT: If you purchased DeFi Technologies securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the DeFi Technologies class action, go to https://rosenlegal.com/submit-form/?case_id=48771 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 30, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) DeFi Technologies was facing delays in executing its DeFi arbitrage strategy, which at all relevant times was a key revenue driver for DeFi Technologies; (2) DeFi Technologies had understated the extent of competition it faced from other digital asset treasury (“DAT”) companies and the extent to which that competition would negatively impact its ability to execute its DeFi arbitrage strategy; (3) as a result of the foregoing issues, DeFi Technologies was unlikely to meet its previously issued revenue guidance for the fiscal year 2025; (4) accordingly, defendants had downplayed the true scope and severity of the negative impact that the foregoing issues were having on DeFi Technologies’ business and financial results; and (5) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the DeFi Technologies class action, go to https://rosenlegal.com/submit-form/?case_id=48771 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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

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

Contact Information:

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

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.

HomeETFs and Funds AnalysisETF Analysis

SummaryWisdomTree Cloud Computing Fund ETF is currently fairly valued around $34-$35, with negligible over- or undervaluation based on both absolute and relative metrics.WCLD's small- and mid-cap focus offers low overlap with broad tech benchmarks, mitigating concentration risk and aligning with growth-oriented strategies.A neutral Double Calendar options strategy is favored, targeting a profitability range between ~$32 and ~$43, with an estimated ROI of up to 98% if WCLD reaches $39.Risks include illiquid options and downside exposure; tactical adjustments and continuation strategies are planned if WCLD moves outside the targeted range. PM Images/DigitalVision via Getty Images

Article Thesis My last article about WisdomTree Cloud Computing Fund ETF (WCLD) was in April, when it was trading a little under $31. Based on about 15% estimated undervaluation and with an expected CAGR somewhere between

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.

I have a neutral position through options on WCLD.

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.

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.

Oakley Capital has agreed to buy a majority stake in debt administration services firm Global Loan Agency Service (GLAS) in a 1 billion pound ($1.35 billion)deal, Sky News reported on Sunday.

Oneok is an ideal passive income investment.

Oneok (OKE +1.01%) is a high-octane income producer. The pipeline company currently has a 5.6% dividend yield. That's several times higher than the S&P 500, which only yields about 1.1% these days.

Here's a look at how many shares of this passive income gold mine you'd need to own to generate $1,000 of dividend income each year.

Image source: Getty Images.

A passive income machine
Oneok's extensive pipeline operations generate very stable cash flow backed primarily by long-term, fixed-fee contracts. That enables the energy company to pay a very predictable dividend. Oneok has delivered more than a quarter-century of dividend stability and growth.

The pipeline company currently pays a quarterly dividend of $1.03 per share ($4.12 annualized). At that rate, you'd need to own almost 243 shares to generate $1,000 of annual dividend income from Oneok. With its stock price recently around $73.50 apiece, you'd need to invest roughly $17,840 into Oneok to produce $1,000 of annual dividend income. That's considerably less than the more than $87,700 you'd need to invest in an S&P 500 index fund to produce the same amount of annual dividend income.

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Oneok's income stream should steadily rise each year. The pipeline company boosted its payout by 4% in early 2025. That aligns with its target of raising its dividend by 3% to 4% annually. Oneok has plenty of growth coming down the pipeline. The company is investing in several high-return expansion projects, including a new LPG export terminal and a natural gas pipeline that should enter commercial service in 2028. These and other growth drivers should provide Oneok with ample fuel to continue increasing its high-yielding dividend, making it an ideal investment for passive income.

Matt DiLallo has the following options: short January 2026 $65 puts on Oneok. The Motley Fool recommends Oneok. The Motley Fool has a disclosure policy.

White House and State Department officials have told U.S. oil executives in recent weeks that they would need to return to Venezuela quickly and invest significant capital in the country to revive the damaged oil industry if they wanted compensation for assets expropriated by Venezuela two decades ago, according to two people familiar with the outreach.

With equities crowding the same trades, one advisor quietly leaned harder into income and flexibility, and the numbers explain why.

On November 14, Missouri-based Larson Financial Group disclosed a third-quarter purchase of 167,756 shares of JBND, contributing to an estimated $9.30 million position increase.

What HappenedLarson Financial Group disclosed a purchase of 167,756 shares of JPMorgan Active Bond ETF (JBND 0.13%) in its quarterly report to the U.S. Securities and Exchange Commission, filed on November 14. The transaction brought the fund's total JBND position to 547,165 shares valued at $29.63 million as of September 30.

What Else to KnowThe purchase raised JBND to 1.0% of fund AUM, which places it outside the fund's top five holdings.

Top holdings after the filing: 

NYSEMKT:SPYM: $162.85 million (6.1% of AUM)NASDAQ:AAPL: $109.19 million (4.1% of AUM)NASDAQ:DGRW: $79.59 million (3.0% of AUM)NYSEMKT:QGRO: $79.50 million (3.0% of AUM)NYSEMKT:VOO: $78.98 million (3.0% of AUM)As of Friday, JBND shares were priced at $54.00, up about 3% over the past year, compared to a 17% gain for the S&P 500.

ETF OverviewMetricValueAUM$4.26 billionPrice (as of market close Friday)$54.00Yield4.3%1-year total return7%ETF SnapshotJBND's investment strategy seeks to outperform the Bloomberg U.S. Aggregate Bond Index over a 3–5 year market cycle through active bond selection and portfolio management.As a matter of non-fundamental policy, under normal circumstances, the fund will invest at least 80% of its assets in bonds.The fund structure is an actively managed ETF with an annualized dividend yield of about 4%.JPMorgan Active Bond ETF (JBND) is a large-scale, actively managed fixed income fund. The ETF aims to deliver superior risk-adjusted returns versus its benchmark by leveraging JPMorgan’s research-driven bond selection and dynamic portfolio allocation strategies. With a focus on broad diversification and active risk management, JBND is positioned to serve institutional and income-oriented investors seeking exposure to U.S. investment-grade bonds while targeting outperformance over a full market cycle.

Foolish TakeWhile equity markets pushed higher and most portfolios leaned further into risk, this allocation signals a deliberate pivot toward income, volatility control, and active bond selection at a moment when rates still matter.JBND is an actively managed bond ETF designed to outperform the Bloomberg U.S. Aggregate Index over a full market cycle by leaning into security selection and sector rotation rather than duration bets.

As of late November, the fund offered a roughly 4.4% SEC yield, backed by a diversified portfolio of more than 1,300 investment-grade holdings and an average duration just over six years. That matters for investors who want yield without swinging for credit risk. The portfolio’s heavy weighting toward Treasuries and agency mortgage-backed securities adds a strong foundation, while corporate exposure provides incremental income without drifting into junk.

More broadly, this fund sits alongside broad equity ETFs like VTI and VEA and growth stocks like Apple, suggesting it plays a stabilizing role rather than a return-chasing one. For long-term investors, the takeaway isn’t that bonds are suddenly exciting. It’s that selective, actively managed income is becoming a strategic choice again, not a placeholder.

GlossaryActively managed ETF: An exchange-traded fund where managers select investments, aiming to outperform a benchmark index.

Assets under management (AUM): The total market value of assets a fund or investment firm manages on behalf of clients.

Dividend yield: Annual dividends paid by an investment, expressed as a percentage of its current price.

Bloomberg U.S. Aggregate Bond Index: A widely used benchmark measuring the performance of U.S. investment-grade bonds.

Fixed income fund: A fund that primarily invests in bonds or other debt securities to provide regular income.

Reportable assets: Assets that must be disclosed in regulatory filings, typically above a certain threshold.

Market cycle: The recurring phases of growth and decline in financial markets, often spanning several years.

Risk-adjusted returns: Investment returns evaluated in relation to the amount of risk taken to achieve them.

Portfolio allocation: The process of dividing investments among different asset classes or securities.

Investment-grade bonds: Bonds rated as relatively low risk of default by credit rating agencies.

Annualized: Converted to a yearly rate based on a shorter period's results, for easier comparison.

Top holdings: The largest individual investments in a fund, ranked by their value or percentage of assets.

Oil prices slipped in early Asian trade on Monday on ample supply despite concerns about political upheaval in OPEC member Venezuela disrupting shipments.

, /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Bitdeer Technologies Group ("Bitdeer") (NASDAQ: BTDR) on behalf of those who purchased or otherwise acquired Bitdeer securities between June 6, 2024, and November 10, 2025, inclusive (the "Class Period"). The lead plaintiff deadline is February 2, 2026.

CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP (KTMC):
If you suffered losses related to Bitdeer, contact KTMC at:
https://www.ktmc.com/new-cases/bitdeer-technologies-group?utm_source=PR_Newswire&mktm=PR

You can also contact KTMC attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at [email protected]. 

DEFENDANTS' ALLEGED MISCONDUCT:
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material facts about Bitdeer's business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) issues with Bitdeer's SEAL04 chip design progress caused a delay in production; (2) Bitdeer decided to take a "dual-track approach" and create two independent designs in an attempt to make-up for its lost progress; (3) despite this, Bitdeer continued to reassure the public that the SEAL04 production and its operations timeline was still on track; and (4) as a result of the foregoing, Defendants' statements about the company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

THE LEAD PLAINTIFF PROCESS:
Bitdeer investors may, no later than February 2, 2026, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP encourages Bitdeer investors who have suffered significant losses to contact the firm directly to acquire more information.

SIGN UP FOR THE BITDEER CASE AT: https://www.ktmc.com/new-cases/bitdeer-technologies-group?utm_source=PR_Newswire&mktm=PR

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal's Plaintiff's Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group's Honor Roll of Most Feared Law Firms, The Legal Intelligencer's Class Action Firm of the Year, Lawdragon's Leading Plaintiff Financial Lawyers, and Law360's Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com. 

CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected] 

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.

SOURCE Kessler Topaz Meltzer & Check, LLP

Gold rose in early Asian trade amid increased geopolitical risks after the ouster of Venezuelan President Maduro, which could enhance the safe-haven appeal of the precious metal.

January 04, 2026 19:00 ET

 | Source:

HUTCHMED (China) Limited

HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Jan. 05, 2026 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“HUTCHMED”) (Nasdaq/AIM:​HCM; HKEX:​13) today announces that it has initiated the Phase III part of the Phase II/III trial to evaluate the efficacy of the combination of surufatinib, camrelizumab, nab-paclitaxel and gemcitabine as a first-line treatment for patients with metastatic pancreatic ductal adenocarcinoma (“PDAC”) in China. The first patient received the first dose on December 30, 2025.

PDAC is a highly aggressive form of cancer, representing over 90% of pancreatic cancer cases. Globally, an estimated 511,000 people were diagnosed with pancreatic cancer, leading to approximately 467,000 deaths in 2022, with an average five-year survival rate of less than 10%. In China, an estimated 119,000 people were diagnosed with pancreatic cancer, causing approximately 106,000 deaths in 2022.1 Treatments such as chemotherapy, surgery and radiation are commonly employed, but have not shown significant improvement in patient outcomes. Under 20% of metastatic pancreatic cancer patients survive for more than a year. 2

The trial is a multicenter, randomized, open-label, active-controlled Phase II/III study to evaluate the efficacy and safety of surufatinib combined with camrelizumab, nab-paclitaxel and gemcitabine (“S+C+AG”) versus nab-paclitaxel plus gemcitabine (“AG”) in adults with metastatic pancreatic cancer who have not previously received systemic anti-tumor therapy. A total of 62 patients were enrolled in the Phase II part, with plans to enroll approximately 400 additional patients in the Phase III part. The primary endpoint for the Phase III part is overall survival (OS). Secondary endpoints include progression-free survival (“PFS”), objective response rate (“ORR”), duration of response (DoR), disease control rate (“DCR”), quality of life and safety. Professor Shukui Qin of China Pharmaceutical University Nanjing Tianyinshan Hospital and Professor Jihui Hao of Tianjin Medical University Cancer Institute and Hospital are the leading principal investigators of this study. Additional details may be found at clinicaltrials.gov, using identifier NCT06361888.

Results from the Phase II part were recently presented at the 2025 European Society for Medical Oncology (ESMO) Asia Congress.3 As of the data cut-off of July 24, 2025, the median PFS follow-up duration was 8.15 months. The S+C+AG regimen demonstrated a median PFS of 7.20 months compared to 5.52 months for the AG arm (stratified hazard ratio [HR] 0.499, log-rank p=0.0407), representing a 50.1% reduction in the risk of progression or death. Consistent benefits were observed across other key efficacy endpoints, including ORR (67.7% vs 41.9%, p=0.0430) and DCR (93.5% vs 71.0%, p=0.0149). Although overall survival data were immature at the time of analysis, a favorable trend was observed (not reached vs 8.48 months, unstratified HR 0.555), with 9 events in the S+C+AG arm (N=31) and 15 events in the AG arm (N=31). The safety profile was manageable. Treatment-emergent adverse events (TEAEs) of grade 3 or above occurred in 80.6% of patients in the S+C+AG arm compared to 61.3% in the AG arm.

About Surufatinib

Surufatinib is a novel, oral angio-immuno kinase inhibitor that selectively inhibits the tyrosine kinase activity associated with vascular endothelial growth factor receptors (VEGFRs) and fibroblast growth factor receptor (FGFR), which both inhibit angiogenesis, and colony stimulating factor-1 receptor (CSF-1R), which regulates tumor-associated macrophages, promoting the body’s immune response against tumor cells. Surufatinib is marketed in China by HUTCHMED under the brand name SULANDA®. HUTCHMED currently retains all rights to surufatinib worldwide.

About Camrelizumab

Camrelizumab (SHR-1210) is a humanized monoclonal antibody targeting the programmed death-1 (PD-1) receptor. Camrelizumab has been approved in China for multiple indications in areas such as lung cancer, liver cancer, esophageal cancer, nasopharyngeal cancer and cervical cancer. Camrelizumab is marketed in China by Hengrui Pharma under the brand name AiRuiKa®.

About HUTCHMED

HUTCHMED (Nasdaq/AIM:​HCM; HKEX:​13) is an innovative, commercial-stage, biopharmaceutical company. It is committed to the discovery and global development and commercialization of targeted therapies and immunotherapies for the treatment of cancer and immunological diseases. Since inception it has focused on bringing drug candidates from in-house discovery to patients around the world, with its first three medicines marketed in China, the first of which is also approved around the world including in the US, Europe and Japan. For more information, please visit: www.hutch-med.com or follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect HUTCHMED’s current expectations regarding future events, including its expectations regarding the therapeutic potential of surufatinib for the treatment of PDAC and the further development of surufatinib in this and other indications. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding the timing and outcome of clinical studies and the sufficiency of clinical data to support a new drug application submission of surufatinib for the treatment of PDAC or other indications in China or other jurisdictions, its potential to gain approvals from regulatory authorities on an expedited basis or at all, the efficacy and safety profile of surufatinib, HUTCHMED’s ability to fund, implement and complete its further clinical development and commercialization plans for surufatinib and the timing of these events. In addition, as certain studies rely on the use of other drug products such as camrelizumab, nab-paclitaxel and gemcitabine as combination therapeutics with surufatinib, such risks and uncertainties include assumptions regarding the safety, efficacy, supply and continued regulatory approval of these therapeutics. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. For further discussion of these and other risks, see HUTCHMED’s filings with the US Securities and Exchange Commission, The Stock Exchange of Hong Kong Limited and on AIM. HUTCHMED undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Medical Information

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

CONTACTS

Investor Enquiries+852 2121 8200 / [email protected]  Media Enquiries FTI Consulting –+44 20 3727 1030 / [email protected] Atwell / Tim Stamper+44 7771 913 902 (Mobile) / +44 7421 898 348 (Mobile)Brunswick – Zhou Yi+852 9783 6894 (Mobile) / [email protected]  Panmure LiberumNominated Advisor and Joint BrokerAtholl Tweedie / Emma Earl / Rupert Dearden+44 20 7886 2500  CavendishJoint BrokerGeoff Nash / Nigel Birks+44 20 7220 0500  Deutsche NumisJoint BrokerFreddie Barnfield / Jeffrey Wong / Duncan Monteith+44 20 7260 1000 ______________________________

REFERENCES1 The Global Cancer Observatory, China fact sheet. https://gco.iarc.who.int/media/globocan/factsheets/populations/160-china-fact-sheet.pdf. Accessed December 3, 20252 Sarantis P et al. Pancreatic ductal adenocarcinoma: Treatment hurdles, tumor microenvironment and immunotherapy. World J Gastrointest Oncol. 2020;12(2):173-181. DOI:10.4251/wjgo.v12.i2.1733 Qin S et al. 375P - Surufatinib (S) in combination with camrelizumab (C), nab-paclitaxel and gemcitabine (AG) as the first-line treatment in metastatic pancreatic cancer: Results from phase II part of a randomized, open-label, active-controlled, phase II/III study. Annals of Oncology (2025) 36 (suppl_4): S1859-S1939. 10.1016/annonc/annonc1989

-The Phase II study for diabetes is a 13-week, randomized, double-blind, placebo-controlled and multi-center study to evaluate the efficacy, safety, and tolerability of ASC30 in participants with diabetes. Enrollment is expected to begin in the first quarter of 2026.-ASC30 demonstrated placebo-adjusted weight loss of 7.7% in a recently completed 13-week U.S. Phase II study in participants with obesity or overweight, with better gastrointestinal tolerability. No hepatic safety signal was observed.

, /PRNewswire/ -- Ascletis Pharma Inc. (HKEX: 1672, "Ascletis") announces today that it recently received the Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration (FDA) for the Phase II study of its oral small molecule GLP-1, ASC30, in participants with diabetes. The Phase II study is a 13-week, randomized, double-blind, placebo-controlled and multi-center study to evaluate the efficacy, safety, and tolerability of ASC30 in participants with type 2 diabetes mellitus. The primary endpoint of the Phase II study is the mean change from baseline in HbA1c up to 13 weeks in the treatment group compared with the placebo group. Secondary endpoints include the mean change from baseline in fasting blood glucose up to 13 weeks in the treatment group compared with the placebo group, the mean change from baseline in body weight up to 13 weeks in the treatment group compared with placebo group, and safety and tolerability. The Phase II study will enroll approximately 100 participants with type 2 diabetes mellitus at multiple sites across the U.S. Participants will be randomly assigned in a ratio of approximately 2:3:3:2 to 40 mg, 60 mg and 80 mg ASC30 tablets and matching placebo tablets, respectively. ASC30 will be titrated weekly from 1 mg to target doses of 40 mg, 60 mg and 80 mg. Enrollment is expected to begin in the first quarter of 2026.

Ascletis recently completed its 13-week Phase II study evaluating ASC30, an oral small molecule GLP-1 receptor (GLP-1R) agonist for the treatment of obesity (NCT07002905) in 125 participants with obesity or overweight with at least one weight-related comorbidity at multiple sites across the U.S. At the 13-week primary endpoint, ASC30 once-daily tablets showed statistically significant, clinically meaningful and dose-dependent placebo-adjusted mean body weight reductions of 5.4%, 7.0% and 7.7% for 20 mg, 40 mg and 60 mg, respectively. No plateau was observed for weight loss. The vomiting rate of ASC30 titrated weekly to target dose was approximately half of the published vomiting rate observed with orforglipron titrated weekly. The gastrointestinal tolerability of ASC30 titrated weekly was comparable to published results of orforglipron titrated every four weeks in the Phase III ATTAIN-1 study. The total treatment discontinuation rate due to adverse events for the ASC30 Phase II study for obesity or overweight was 4.8%.

ASC30 was discovered and developed in-house at Ascletis as a first and only investigational small molecule GLP-1R fully biased agonist designed to be dosed once daily orally and once monthly to once quarterly subcutaneously for the treatment of obesity, diabetes and other metabolic diseases.

"IND clearance for this Phase II study for diabetes is a significant milestone for Ascletis as we continue to build upon the data for ASC30," said Jinzi Jason Wu, Ph.D., Founder, Chairman and CEO of Ascletis, "Furthermore, the FDA's clearance of our IND expands entry for ASC30 into clinical development for the large diabetes treatment market."

About Ascletis Pharma Inc.Ascletis Pharma Inc. is a fully integrated biotechnology company focused on the development and commercialization of potential best-in-class and first-in-class therapeutics to treat metabolic diseases. Utilizing its proprietary Artificial Intelligence-Assisted Structure-Based Drug Discovery (AISBDD) and Ultra-Long-Acting Platform (ULAP) technologies as well as Peptide Oral Transport ENhancement Technology (POTENT), Ascletis has developed multiple drug candidates in-house, including both small molecules and peptides, such as its lead program, ASC30, a small molecule GLP-1R agonist designed to be administered once daily orally and once monthly to once quarterly subcutaneously as a treatment therapy and a maintenance therapy for chronic weight management; ASC36, a once-monthly subcutaneously administered amylin receptor peptide agonist, ASC35, a once-monthly subcutaneously administered GLP-1R/GIPR dual peptide agonist and ASC37, an oral GLP-1R/GIPR/GCGR triple peptide agonist for chronic weight management. Ascletis is listed on the Hong Kong Stock Exchange (1672.HK).

For more information, please visit www.ascletis.com.

Contact:
Peter Vozzo
ICR Healthcare
443-231-0505 (U.S.)
[email protected] 

Ascletis Pharma Inc. PR and IR teams
+86-181-0650-9129 (China)
[email protected]
[email protected] 

SOURCE Ascletis Pharma Inc.

Delivery giant UPS has bounced back in recent months, but it's not too late to grab this high-yielding stock at a more-than-reasonable price.

High-yield stocks can be tempting for dividend and value investors alike. However, it's common for stocks with ultra-high dividend yields to ultimately become yield traps.

At first glance, you may suspect that's the situation at hand with United Parcel Service (UPS +1.65%), better known as UPS. Several factors have impacted the delivery giant's fiscal performance and share price. This has led to concerns about an eventual dividend cut or suspension.

However, when you take a closer look, it seems as if UPS' current rate of payout is secure. Already bouncing back, the stock could also experience a further recovery in the coming year.

Image source: Getty Images.

How UPS became an ultra-high yielder
A few years ago, during the early pandemic e-commerce boom, UPS was thriving, achieving record highs in sales and profitability. Since then, however, higher labor costs, softening demand, and, more recently, tariffs, have all put the squeeze on the company's financial performance.

Still, the company has increased its dividend, albeit modestly. Hence, with the share price falling as the payout rose, this stock currently has an ultra-high forward dividend yield of 6.6%.

Yes, alongside this high yield comes a high dividend payout ratio of 87%. However, given recent developments, much suggests that the dividend is safe.

Today's Change

(

1.65

%) $

1.64

Current Price

$

100.83

Buy for the dividend, stay for the turnaround
It's no secret that yield trap and value trap concerns about UPS are waning. Shares have been trending higher since October, when the company reported better-than-expected Q3 2025 results.

However, it may not be too late to profit from the turnaround. UPS continues to cut costs, as well as shift toward higher-margin customers in healthcare and other sectors. Wall Street analysts remain conservative, expecting just 4% earnings growth next year.

Still, based on competitor FedEx's (FDX +1.44%) recent reporting of stronger-than-expected results, who knows? If UPS keeps beating expectations, shares could keep rallying on improved results. The stock could also rerate as investors are willing to pay more for it, catching up to FedEx's forward P/E of 16. Considering UPS' high yield and valuation expansion potential, now may be a great time to buy.

Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends United Parcel Service. The Motley Fool recommends FedEx. The Motley Fool has a disclosure policy.

NEW YORK, Jan. 04, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Alexandria Real Estate Equities, Inc. (NYSE: ARE) between January 27, 2025 and October 27, 2025, both dates inclusive (the “Class Period”) of the important January 26, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Alexandria Real Estate Equities securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Alexandria Real Estate Equities class action, go to https://rosenlegal.com/submit-form/?case_id=48531 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 26, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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

DETAILS OF THE CASE: According to the lawsuit, defendants provided investors with material information concerning Alexandria Real Estate’s expected revenue and funds from operations (“FFO”) growth for the 2025 fiscal year, particularly as it related to the growth of Alexandria Real Estate’s real estate operations. The defendants’ statements included, among other things, confidence in Alexandria Real Estate Equities’ lease activity, occupancy stability, and ability to develop its tenant pipeline.

According to the lawsuit, defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of its Long Island City (“LIC”) property. In particular, Alexandria Real Estate’s claims and confidence about the leasing value of the LIC property as a life-science destination. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Alexandria Real Estate Equities class action, go to https://rosenlegal.com/submit-form/?case_id=48531 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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

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

Contact Information:

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

HONG KONG, Jan. 04, 2026 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced further investment in its Forensic and Litigation Consulting segment in Asia with the appointment of Mavis Tan as a Senior Managing Director.

Ms. Tan specialises in forensic accounting, dispute support and investigations. She rejoins FTI Consulting in Hong Kong from Control Risks, where she led the firm’s forensic services practice for Greater China and North Asia. She will work closely with clients to address allegations involving accounting improprieties, conflicts of interest, misappropriation of assets and circumvention of regulations.

“We are thrilled to welcome Mavis back to FTI Consulting,” said Michael Cullen, Leader of Asia and Latin America for the Forensic and Litigation Consulting segment at FTI Consulting. “Her addition continues to enhance the leadership position we are building in the investigations market in Asia and the capabilities we have globally. That depth is unmatched, allowing us to help clients navigate crisis and opportunities in the region and around the world.”

Ms. Tan brings more than 20 years of experience as an accountant and has led high-profile and confidential internal and regulatory investigations in the Asia Pacific region. She has assisted high-net-worth individuals and listed multinational companies in responding to complex financial disputes and whistleblower allegations of fraud and corruption, including acting as an expert witness in civil and criminal proceedings.

Ms. Tan also has significant experience conducting forensic due diligence and risk assessments for substantial financial transactions and helping multinationals remediate internal control gaps after an investigation or acquisition.

“I am excited to rejoin FTI Consulting during this pivotal time of transformation and opportunity,” Ms. Tan said. “Renowned for its impact on high-stakes matters globally, FTI Consulting brings together exceptional experts, innovative technology and a culture of integrity to resolve complex financial disputes and uncover the truth. Working alongside industry leaders on headline investigations and disputes allows me to deliver precise, impartial and meaningful results for clients.”

The addition of Ms. Tan continues FTI Consulting’s investment in multidisciplinary expertise in forensic accounting, investigations, data analytics and regulatory compliance in Asia. Within the past six months, the firm has added Rosie Hawes, Andrew Macintosh and Martin Tupila in Singapore.

FTI Consulting’s Asia-based team of forensic accountants, financial experts, data analysts, technologists, statisticians, economists and business intelligence professionals analyse complex data and apply proven investigative and forensic accounting methods to support legal teams and act as independent investigators and experts.

About FTI Consulting
FTI Consulting, Inc. is a leading global expert firm for organisations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of September 30, 2025. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalised and independently managed. The Company generated $3.70 billion in revenues during fiscal year 2024. More information can be found at www.fticonsulting.com.

FTI Consulting, Inc.
555 12th Street NW
Washington, DC 20004
+1.202.312.9100

Investor Contact:
Mollie Hawkes
+1.617.747.1791
[email protected]

Media Contact:
Matthew Bashalany
+1.617.897.1545
[email protected]

Amid a massive run, this quiet infrastructure name is still attracting fresh capital, and the numbers explain why.

Hong Kong-based Alpine Investment Management initiated a new position in Argan (AGX +4.03%) worth approximately $16.20 million, according to a November 12 SEC filing.

What HappenedAccording to a filing with the Securities and Exchange Commission dated November 12, Alpine Investment Management opened a new position in Argan (AGX +4.03%), acquiring 60,000 shares valued at $16.20 million as of September 30.

What Else to KnowArgan now accounts for 13.62% of Alpine Investment Management Ltd’s reportable U.S. equity assets.

Top holdings after the filing include:

NYSE: YMM: $51.88 million (43.6% of AUM)NASDAQ: JOYY: $33.70 million (28.3% of AUM)NYSE: LU: $17.15 million (14.4% of AUM)NYSE: AGX: $16.20 million (13.6% of AUM)As of Friday, AGX shares were priced at $325.96, up 127% over the past year and well outperforming the S&P 500's 17% gain in the same period.

Company OverviewMetricValuePrice (as of market close Friday)$325.96Market capitalization$4.52 billionRevenue (TTM)$915.03 millionNet income (TTM)$119.93 millionCompany SnapshotArgan provides engineering, procurement, construction, commissioning, operations management, maintenance, and consulting services for power generation and renewable energy markets, as well as industrial fabrication and telecommunications infrastructure solutions.The company generates revenue through large-scale project contracts in the power industry, industrial field services, and telecommunications infrastructure, leveraging expertise in design, construction, and project management for energy and utility sectors.It serves independent power producers, public utilities, energy plant construction companies, government agencies, and commercial customers across the United States.Argan is a diversified engineering and construction firm with a focus on the power generation, renewable energy, and infrastructure markets. The company leverages its technical capabilities and project management expertise to deliver complex projects for utility and industrial clients nationwide.

Foolish TakeArgan stock is on a huge tear, and its latest earnings help explain why. In December, the company reported a record project backlog of roughly $3.0 billion, more than double where it stood at the start of the fiscal year, driven largely by new gas-fired power projects in Texas. That backlog translates into years of revenue already spoken for, not projections on a slide.

Financially, the story is getting cleaner, not riskier. Third-quarter net income rose to $30.7 million, or $2.17 per share, while EBITDA climbed to $40.3 million with margins expanding to 16%. For the first nine months of the fiscal year, net income jumped more than 60% year over year, and Argan ended the quarter with over $726 million in cash and investments and no debt. That kind of balance sheet matters when capital intensity rises.

Contextually, this position fits alongside other concentrated bets in industrial and China-linked names, suggesting a preference for hard assets and cash generation rather than momentum tech. Ultimately, Argan’s stock has done very well recently, but its backlog, margins, and liquidity suggest the business has more room to run.

Glossary13F reportable assets: Assets that institutional investment managers must disclose in quarterly SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Position: The amount of a particular security or asset held by an investor or fund.
Net position change: The difference in the number or value of shares held in a security after recent buying or selling.
Fund downsizing: A reduction in the total assets or holdings managed by an investment fund, often due to redemptions or sales.
Outperforming: Achieving a higher return compared to a benchmark index or peer group.
Market capitalization: The total value of a company's outstanding shares, calculated as share price times shares outstanding.
Engineering, procurement, construction (EPC): A contracting arrangement where a company designs, procures materials, and builds projects for clients.
Commissioning: The process of testing and verifying that a new facility or project operates as intended before it becomes fully operational.
Independent power producers: Companies that generate electricity for sale to utilities or end users, but are not regulated utilities themselves.
Project management: The discipline of planning, organizing, and overseeing resources to achieve specific project goals within constraints.
TTM: The 12-month period ending with the most recent quarterly report.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Ripple USD trading launches on OSL, marking a regulated push to expand stablecoin adoption with fee-free access, institutional-grade compliance, and new onramps for dollar-pegged digital payments and settlement activity.

MicroStrategy continues to rewrite the rules of private equity and capital markets, leveraging Bitcoin to achieve what traditional funds have pursued, and largely failed to do, for over a decade.

According to Chaitanya Jain, MicroStrategy’s Bitcoin Strategy Manager, the company has successfully addressed two persistent challenges in private equity.

Sponsored

MicroStrategy Turns Bitcoin into Perpetual Capital, Outpacing Traditional Private EquityJain explains that MicroStrategy (now Strategy) has raised capital directly from retail investors and established permanent, perpetual funding structures.

“Since the last decade, Private Equity has been trying to (i) raise directly from retail and (ii) build continuation or perpetual funds,” Jain said. “Strategy has achieved both. Permanent capital via publicly listed securities on Nasdaq. Digital Equity and Digital Credit backed by $BTC.”

By leveraging publicly listed securities instead of closed-end PE structures, MicroStrategy has effectively democratized access to alternative investment products. At the same time, it has created a funding model that does not rely on cyclical capital raises.

Central to this approach are what Jain calls “Digital Equity” and “Digital Credit.” Both products are backed by Bitcoin, repositioning the pioneer crypto as an institutional-grade collateral.

Digital Equity allows investors to gain leveraged exposure to Bitcoin through MicroStrategy’s capital structure. Meanwhile, Digital Credit provides BTC-backed credit facilities.

Sponsored

In essence, the company has converted its Bitcoin reserves into a perpetual capital engine that functions like a public-equity version of a private equity continuation fund.

Jain describes 2025 as “Year 0” for Digital Credit, a period focused on building, launching, and scaling BTC-backed credit products during a tepid Bitcoin market.

In 2025, Strategy raised approximately $21 billion through a combination of common equity issuances, preferred stock offerings (including a notable $2.5 billion perpetual preferred stock issuance described as the largest US IPO by gross proceeds that year), and convertible debt.

Sponsored

These funds supported aggressive Bitcoin acquisitions. As of this writing, Strategy holds 672,497 BTC, acquired at a total cost of approximately $50.4 billion (with an average price of around $75,000 per BTC), and has a market value of roughly $61.4 billion (based on Bitcoin prices near $91,000).

MicroStrategy BTC Holdings. Source: Bitcoin TreasuriesThe company employs significant leverage through debt and preferred stock (totaling approximately $15–16 billion across various sources), creating a highly leveraged exposure to Bitcoin. This explains why analysts say the firm could trigger the next black swan of crypto in 2026.

Nonetheless, the model has transformed Strategy from a traditional software company into what analysts widely describe as the world’s largest corporate Bitcoin treasury company or a leveraged Bitcoin investment vehicle. It uses perpetual capital raises to continuously accumulate BTC while offering investors varying degrees of exposure to its performance.

Sponsored

According to Jain, 2026 marks “Year 1” for MicroStrategy, signaling a transition from experimentation to full-scale deployment.

The shift reflects growing Bitcoin liquidity, a stronger market infrastructure, and increasing investor familiarity with crypto-backed financial instruments.

By bridging the gap between retail access and permanent funding, MicroStrategy is challenging the private equity orthodoxy and demonstrating how crypto can underpin sustainable, institutional-grade investment models.

Nevertheless, even as the firm enters this next phase, MicroStrategy’s potential MSCI exclusion remains an overhanging concern.