According to HTX market data, alongside HYPE’s rally, Kinetiq, a liquid staking protocol in the Hyperliquid ecosystem, its token KNTQ has broken above $0.5, rising over 15% in the past six hours, with its market cap hitting a new high of over $156 million.
Relevant content
Canton plans to launch tokenized US stock trading as early as November 2, and is expected to become the first such case under the SEC's new rules.
Nasdaq-listed Canton Strategic Holdings (CNTN) announced an agreement with TSV, a permissioned tokenized securities trading platform on the Canton Network, to offer its common stock for trading in issuer-initiated tokenized form. The target launch date is as early as November 2, and the company expects this to become the first compliant tokenized onshore U.S. equities case under the U.S. Securities and Exchange Commission (SEC)’s Innovation Exemption Framework. The tokenized shares are issued by Fairmint, an SEC-registered on-chain transfer agent that maintains ownership records, with holders entitled to the same rights as Nasdaq stockholders. The trading will run via the Tradecraft protocol as an automated market maker (AMM), enabling nearly 24/7 trading and atomic settlement. Participants must complete identity verification and sanctions screening. The issuer-initiated model avoids the objection and notification processes typical of third-party tokenization schemes.
3 hours ago
HYPE continues its rally, breaking through $97, and is just $1 away from hitting a new all-time high.
According to HTX market data, HYPE has continued its rally, breaking through the $97 mark, surging over 20% in 7 hours, and is only $1 away from hitting a new all-time high. Earlier news, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to partner with Trade.xyz to introduce perpetual contract products into the U.S. regulated market.
3 hours ago
Strategy Perpetual Preferred Stock (STRC) rises to $99.95.
Strategy’s third-quarter financial results are upcoming, and its perpetual preferred stock STRC has climbed to $99.95, its highest level in 165 days. STRC is designed to trade around $100 via a floating dividend mechanism. When STRC nears par value, the company can raise capital through at-the-market (ATM) share issuances to purchase bitcoin — a route the market commonly dubs the "bitcoin money printer". Previously, after STRC fell below par value, such ATM offerings were temporarily halted.
3 hours ago
Axis Robotics Responds to AXIS Token Sell-Off: Suspects Over-the-Counter (OTC) Counterparties Defaulted on Sell Orders, Team and Investor Tokens Remain Untouched
Axis Robotics has issued a statement addressing the massive on-chain sell-off of AXIS tokens that took place between October 28 and 29. The project clarified that a total of 835 million AXIS tokens—accounting for 83.5% of the total supply, held by its core team, investors, and other locked allocations—remain stored in a vesting contract co-managed with Binance, which is verifiable on-chain. No tokens from these locked pools will be unlocked before the 12-month cliff period, and the recent sell-off was not driven by the team or investors exiting positions.
The project added that the sold tokens originated from the initial circulating supply outlined in its publicly released token economics, part of the ecosystem allocation. Given that some ecosystem recipients are not crypto-native users, the allocation was delivered via a single over-the-counter (OTC) counterparty under a written agreement with lock-up clauses. The sales were processed through exchange deposit routes and executed across hundreds of new addresses within hours of delivery. The project suspects the counterparty likely offloaded the tokens on the open market.
Earlier, on-chain detective ZachXBT disclosed that insider addresses linked to Axis Robotics (AXIS) dumped tokens, triggering a roughly 40% plunge in the token’s price.
3 hours ago
The Canadian government and Nvidia have participated in Cohere's financing round, with the latter's valuation exceeding $20 billion.
Canadian AI model startup Cohere is undertaking a large-scale financing round, with a valuation of $20.5 billion — roughly triple its value a year ago. Cohere announced Thursday that it has completed the first tranche of this financing round, with a total expected size of up to $50 billion. It has secured investment commitments from backers including the Canadian government and NVIDIA, and the $6 billion investment from European retail giant Schwarz Group, previously disclosed, is also included. The Canadian government has agreed to invest up to $1.14 billion in Cohere. Canadian Prime Minister Mark Carney stated that Cohere plans to retain its headquarters in Canada and expects to build new computing infrastructure in the country by 2030, with an investment of around $1.2 billion. If the financing round is successfully completed, it will become the largest private financing in Canadian history, far exceeding previous records.
3 hours ago
Alphabet’s quarterly report filings disclose its AI exposure exceeds $1 trillion, with over one-third of the growth in its unfulfilled cloud contracts coming from joint ventures.
According to Bloomberg, Google parent company Alphabet's quarterly filing submitted on Thursday revealed artificial intelligence-related risk exposures not covered in the prior day's earnings call, and showed its AI risk exposure surpassed $1 trillion. Alphabet cited rapid growth in cloud service demand, with the expansion of its unfulfilled cloud contracts as evidence. Bloomberg noted that over a third of the growth in the quarter's unfulfilled cloud contracts came from a joint venture in which Alphabet holds a partial stake.
The BHYP fund, which holds and stakes HYPE tokens, drew heavy early volume on NYSE Arca
The Bitwise Hyperliquid ETF traded more than $40 million in its first three hours of trading.
What BHYP actually holds The fund trades on NYSE Arca under the ticker BHYP. It carries CUSIP 09175T106, for anyone who likes their identifiers precise.
BHYP holds HYPE directly. HYPE is the native token of Hyperliquid, a blockchain built for trading derivatives.
The fund stakes approximately 70% of its holdings, with that share subject to monthly liquidity reviews.
Staking means locking up tokens to help secure a network in exchange for rewards. It works a bit like earning interest on a deposit, except the bank is a blockchain and the interest is paid in more tokens.
The roughly 30% left unstaked serves a practical purpose. ETFs need to handle redemptions, and staked tokens can’t always be pulled out instantly.
In-house staking and a 0% net fee Bitwise handles staking through its own unit, Bitwise Onchain Solutions. According to the research findings, that makes BHYP the first US-based spot ETF to include in-house staking through that arm.
The fund lists a sponsor fee of 0.34%, but a net expense ratio of 0% after waivers.
Why Hyperliquid, and why now Hyperliquid is not a sleepy corner of crypto. The network recorded around $2.9 trillion in onchain derivatives trading volume in 2025.
Hyperliquid also holds a significant share of open interest in onchain derivatives.
The research findings characterize investor interest as strong relative to peer altcoin ETF launches. The first-session volume figure fits that picture.
What this means for investors and issuers The $40 million figure measures trading volume, not net new money. Volume counts every share that changed hands, including market makers seeding liquidity and traders flipping positions within the same session.
The staking structure adds another layer for investors to weigh. The 70% staked figure, and the monthly reviews governing it, will be worth watching. If redemptions surge, Bitwise’s liquidity buffer becomes the fund’s most important feature.
The fee waiver deserves attention too. A 0% net expense ratio is a strong hook, but waivers can expire, and the 0.34% sponsor fee sits underneath.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Elon Musk called the Hyperliquid and TradeXYZ partnership "interesting" Thursday, reposting Stan Druckenmiller’s comments and sending HYPE up as much as 17%.
Why Musk’s Repost Added Fresh Fuel to the RallyMusk posted a single word, "interesting," on X while reposting Druckenmiller’s endorsement of TradeXYZ’s new deal with Intercontinental Exchange to bring regulated perpetual futures on Hyperliquid to US traders.
As Benzinga reported Thursday, Druckenmiller said he’s an investor in TradeXYZ and looks forward to using the product to enhance his own investment process, a comment that initially pushed Hyperliquid Strategies (NASDAQ:PURR) up 10% to 11%.
Following Musk’s repost, HYPE extended those gains further, climbing to roughly 16% to 17% on the day.
Intercontinental Exchange (NYSE:ICE) confirmed the partnership Thursday, announcing it will operate US regulated versions of TradeXYZ’s existing Hyperliquid markets.
The new venue runs separately from ICE’s institutional futures business and targets retail participation specifically, offering 24/7 trading across crypto, equities, commodities and forex once regulatory approvals clear.
Why Trump’s Earlier Support Set the StageAs Benzinga reported earlier, President Donald Trump first put Hyperliquid in the spotlight at an Aug. 20 White House crypto meeting, saying his administration was "working hard" to bring the decentralized exchange to the US market "in a fully compliant and legal fashion."
That comment alone sent Hyperliquid Strategies shares up 33% that day, and the stock gained 94% for the month of August overall, according to Benzinga Pro data.
Trump reiterated his support for a compliant US regulatory structure in the weeks that followed, and the stock surged again after each round of comments.
Former Binance CEO Changpeng Zhao said at the time that the move could set a precedent for how other decentralized platforms pursue U.S. market access, framing it as a broader regulatory signal beyond just Hyperliquid itself.
Hyperion DeFi (NASDAQ:HYPD) CEO Hyunsu Jung told Benzinga in September that Trump’s endorsement was "extremely positive," specifically citing the CFTC’s willingness to clear a regulatory path for Hyperliquid in the US.
What This Means for HYPE’s Momentum NowThursday’s ICE and TradeXYZ announcement builds directly on that regulatory groundwork Trump’s administration helped establish earlier this year.
With Druckenmiller’s investor backing and now Musk’s public nod, Hyperliquid continues drawing attention from high-profile market figures as it pushes toward full US regulatory approval for its perpetual futures products.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
Hyperliquid’s native token HYPE surged about 20% Thursday after New York Stock Exchange owner Intercontinental Exchange (ICE) announced plans for US perpetual futures with Trade[XYZ], whose investors include billionaire Wall Street investor Stanley Druckenmiller.
HYPE traded above $96 at the time of writing, up by around 20% in the past 24 hours, according to CoinGecko, flirting with September’s all-time record of $97.96.
Perpetual futures allow traders to take positions on asset prices without an expiration date. Hyperliquid is the largest decentralized exchange in the world to trade such instruments, DefiLlama data shows.
HYPE surged about 20% on Thursday. Source: CoinGeckoThe companies said Thursday they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities and currencies. The proposed market would target retail traders. ICE said it would operate separately from its institutional futures business, with a dedicated clearing structure.
More than 99% of participation in its markets is institutional, ICE said, with the separate clearing structure intended to shield existing customers from retail counterparty risks.
The proposal would give US retail traders a regulated route to Hyperliquid-based perpetual futures, and ICE a new route into retail trading. President Donald Trump said on Aug. 19 that Commodity Futures Trading Commission (CFTC) Chair Michael Selig was working to bring Hyperliquid into the country in a “fully compliant and legal fashion.”
Druckenmiller investment draws Musk reaction“I am excited to be an investor in trade(xyz),” Druckenmiller wrote on X, adding that he looked forward to using its products.
Elon Musk also drew attention to the agreement, sharing Druckenmiller’s post with the one-word comment “Interesting.”
ICE is taking a minority stake in Trade[XYZ], but disclosed neither the investment amount nor a launch date. Cointelegraph reached out to ICE and Trade[XYZ] for comment but had not received a response by publication.
Customers would undergo identity and Anti-Money-Laundering checks and trade through participating futures brokers.
Distribution is expected through ICE’s joint venture with OKX, pending separate approvals. ICE invested in OKX at a $25 billion valuation in March.
OKX venture faces issuer objectionsMeanwhile, ICE’s separate tokenized stock venture with OKX has disclosed objections from 38 companies, up from 26 reported by Cointelegraph on Oct. 27.
Its Oct. 28 notice adds Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna. However, those objections concern tokenized shares, while the Trade[XYZ] proposal involves perpetual futures and remains subject to separate regulatory approvals.
The regulatory opening remains conditional. The CFTC approved Kalshi’s Bitcoin perpetual contract in May, but said perpetuals referencing other asset classes should receive case-by-case review.
Magazine: HYPE price could suffer as Binance takes its revenue: Alice Liu
Hyperliquid’s native token HYPE surged about 20% Thursday after New York Stock Exchange owner Intercontinental Exchange (ICE) announced plans for US perpetual futures with Trade[XYZ], whose investors include billionaire Wall Street investor Stanley Druckenmiller.
HYPE traded above $96 at the time of writing, up by around 20% in the past 24 hours, according to CoinGecko, flirting with September’s all-time record of $97.96.
Perpetual futures allow traders to take positions on asset prices without an expiration date. Hyperliquid is the largest decentralized exchange in the world to trade such instruments, DefiLlama data shows.
HYPE surged about 20% on Thursday. Source: CoinGeckoThe companies said Thursday they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities and currencies. The proposed market would target retail traders. ICE said it would operate separately from its institutional futures business, with a dedicated clearing structure.
More than 99% of participation in its markets is institutional, ICE said, with the separate clearing structure intended to shield existing customers from retail counterparty risks.
The proposal would give US retail traders a regulated route to Hyperliquid-based perpetual futures, and ICE a new route into retail trading. President Donald Trump said on Aug. 19 that Commodity Futures Trading Commission (CFTC) Chair Michael Selig was working to bring Hyperliquid into the country in a “fully compliant and legal fashion.”
Druckenmiller investment draws Musk reaction“I am excited to be an investor in trade(xyz),” Druckenmiller wrote on X, adding that he looked forward to using its products.
Elon Musk also drew attention to the agreement, sharing Druckenmiller’s post with the one-word comment “Interesting.”
ICE is taking a minority stake in Trade[XYZ], but disclosed neither the investment amount nor a launch date. Cointelegraph reached out to ICE and Trade[XYZ] for comment but had not received a response by publication.
Customers would undergo identity and Anti-Money-Laundering checks and trade through participating futures brokers.
Distribution is expected through ICE’s joint venture with OKX, pending separate approvals. ICE invested in OKX at a $25 billion valuation in March.
OKX venture faces issuer objectionsMeanwhile, ICE’s separate tokenized stock venture with OKX has disclosed objections from 38 companies, up from 26 reported by Cointelegraph on Oct. 27.
Its Oct. 28 notice adds Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna. However, those objections concern tokenized shares, while the Trade[XYZ] proposal involves perpetual futures and remains subject to separate regulatory approvals.
The regulatory opening remains conditional. The CFTC approved Kalshi’s Bitcoin perpetual contract in May, but said perpetuals referencing other asset classes should receive case-by-case review.
Magazine: HYPE price could suffer as Binance takes its revenue: Alice Liu
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The native token of the DeFi ecosystem Hyperliquid (HYPE) demonstrated a rapid surge, recording a daily gain of 20%. In Thursday trading, the asset's price settled at $95.49, stopping one step away from its all-time high.
The large-scale rally was unexpectedly triggered by Elon Musk, namely his reaction to a tweet by Druckenmiller, which, no less unexpectedly, became the Wall Street legend's first-ever post on the former Twitter, now X, which Musk owns. The platform's owner quoted the post with the laconic word "Interesting."
Why a Wall Street legend needs decentralized financeIn his debut post, Stanley Druckenmiller, who managed billion-dollar funds in the traditional market, announced that he had become an investor in the fintech startup trade[xyz]. The reason for the deal was the project's agreement with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).
The partners intend to launch regulated round-the-clock (24/7) trading of perpetual futures contracts (perpetuals) in the U.S. Druckenmiller emphasized that, as an active market participant, he plans to personally use this product in his trading processes to optimize investment decisions.
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The news instantly brought HYPE's daily trading volume to $796 million, lifting Hyperliquid's capitalization above $24.2 billion (9th place in the global ranking). The project fundamentally stands out with its Zero-VC model (without the participation of classic venture funds), where more than 76% of the supply is distributed to the community.
5-minute HYPE/USD price chart showing a vertical rally following Elon Musk's tweet, Source: TradingViewThe synergy of entering the U.S. market through ICE, Druckenmiller's authority and Musk's attention allowed the asset to test peak price values with an FDV of $90.7 billion.
What Elon Musk's artificial intelligence has to do with itThe founder of trade[xyz], under the pseudonym shadow, publicly responded to Musk's comment, proposing that the head of X combine onchain derivatives infrastructure with the algorithms of his AI company xAI. The developer stated that the emergence of strong AI (AGI) in capital markets is inevitable, and live trading will become its main benchmark.
According to shadow, a transparent distributed ledger in the style of Hyperliquid is the optimal mathematically secure environment for a superintelligent search for the fair price.
Yan, a notable figure in the cryptocurrency sector, has expressed confidence in Hyperliquid’s growth, highlighting Wall Street’s increasing involvement as a catalyst for expansion. This statement aligns with recent trends where institutional investors are reportedly increasing their capital allocation to onchain activities, particularly in decentralized finance (DeFi) protocols like Hyperliquid. The Hyperliquid protocol, known for its decentralized perpetual-futures platform, has seen its native token, HYPE, priced between $79 and $96. This price range is set against a backdrop of a reported market capitalization of $20 billion to $26 billion and significant daily volumes.
Key Takeaways Market activity suggests Yan’s statement is consistent with support for a YES outcome in the Hyperliquid prediction market. The 83.5% YES pricing for Hyperliquid reaching $100 by December 31, 2026, indicates strong market confidence in upcoming growth. Wall Street’s entry into the DeFi space is seen as a major indicator of increased capital flow into Hyperliquid. What to Watch Observers will closely monitor institutional moves and any official announcements regarding increased Wall Street participation in DeFi. Developments such as partnerships or strategic investments in Hyperliquid could further influence market sentiment. Additionally, fluctuations in the HYPE token’s price, particularly any movement towards the $100 mark, will be key indicators of market confidence in Yan’s growth expectations.
What Price Will Hyperliquid Hit Before 2027
Contract Odds Δ since publish Volume 24h December 31 82.5% -2¢ $40K View market → January 1 2027 2.4% 0.0¢ $29 View market → January 1 2027 1.3% 0.0¢ — View market → January 1 2027 2.9% 0.0¢ — View market → January 1 2027 1% 0.0¢ — View market → January 1 2027 5.6% 0.0¢ — View market → January 1 2027 3.4% 0.0¢ $30 View market → January 1 2027 2.5% 0.0¢ $310 View market → January 1 2027 6.5% 0.0¢ $2K View market → January 1 2027 8% 0.0¢ $4K View market → January 1 2027 22.5% 0.0¢ $1K View market → January 1 2027 14.5% +1.5¢ $2K View market → January 1 2027 31% -2.5¢ $4K View market → January 1 2027 49.5% 0.0¢ $2K View market → When Will Bitcoin Hit 150k
Contract Odds Δ since publish Volume 24h December 31, 2026 2.4% 0.0¢ $13 View market → Updated 7min ago
Hyperliquid’s native token HYPE surged 20% within a single day, trading at $95.49 during Thursday’s session. This move brought HYPE to within close reach of its all-time high, fueled by a confluence of high-profile comments on X and major developments in the decentralized finance (DeFi) sector.
Wall Street giant Druckenmiller backs DeFi ventureStanley Druckenmiller, a renowned American investor and former hedge fund manager, made his debut on X by announcing his investment in fintech startup trade[xyz]. Druckenmiller has steered billion-dollar funds throughout his career and is widely regarded for his market expertise. He explained that his investment followed an agreement between trade[xyz] and Intercontinental Exchange (ICE), which owns the New York Stock Exchange.
Through this partnership, trade[xyz] and ICE plan to launch regulated, round-the-clock trading of perpetual futures contracts for the US market. Druckenmiller noted his intention to personally use this new product, underscoring the innovation’s appeal for investment strategy optimization.
In Druckenmiller’s view, the collaboration with ICE allows for regulated 24/7 trading of onchain perpetuals in the US, a move he intends to leverage in his own market operations.
Hyperliquid stands out in the DeFi landscape with a Zero-VC approach, meaning it forgoes traditional venture capital funding. More than 76% of HYPE’s total supply is allocated directly to the community, highlighting its decentralized distribution model.
As news of Druckenmiller’s involvement spread, Hyperliquid’s trading volume rapidly climbed to $796 million, pushing the project’s market capitalization beyond $24.2 billion. This milestone placed Hyperliquid ninth globally among digital assets. The entry into the US through ICE, Druckenmiller’s endorsement, and a boost from Elon Musk on X saw the token’s fully diluted valuation rise to $90.7 billion.
MetricBefore SurgeAfter SurgeDaily Trading VolumeN/A$796 millionMarket CapBelow $24.2 billion$24.2 billionGlobal Crypto RankN/A9thFully Diluted Valuation (FDV)Below $90.7 billion$90.7 billionMini dictionary: Intercontinental Exchange (ICE) is a leading American operator of global exchanges and clearing houses, best known as the parent company of the New York Stock Exchange.
Elon Musk, xAI, and DeFi integrationShortly after Druckenmiller’s post, Elon Musk, owner of X and founder of companies such as SpaceX and Tesla, responded to the announcement with a succinct “Interesting,” drawing immediate attention to the development.
In response, shadow, the pseudonymous founder of trade[xyz], invited Musk to explore merging onchain derivatives infrastructure with technology from Musk’s artificial intelligence company, xAI. Shadow suggested that artificial general intelligence (AGI), or highly autonomous AI, will become essential to capital markets and sees live trading as a prime benchmark for AGI evolution.
According to shadow, a transparent and distributed ledger architecture like Hyperliquid’s offers a mathematically secure setting for AGI-driven price discovery in financial markets.
Shadow argued that with the rise of superintelligent systems, onchain platforms such as Hyperliquid provide the optimal environment for fair and transparent price finding.
Mini dictionary: xAI is an artificial intelligence startup founded by Elon Musk, focused on developing advanced AI models with opportunities for integration across multiple technologies and platforms.
TLDR ICE has partnered with TradeXYZ to introduce regulated Hyperliquid perpetual futures in the United States. The HYPE price surged about 15% to $91.21 following the October 29 announcement. ICE will operate the proposed regulated markets, while TradeXYZ will develop the contracts. Hyperliquid’s HIP-3 technology will support perpetual futures linked to cryptocurrencies and traditional assets. ICE is taking a minority stake in TradeXYZ as part of the agreement. Intercontinental Exchange (ICE), parent of the New York Stock Exchange, has partnered with TradeXYZ to propose regulated U.S. perpetual futures on Hyperliquid. The October 29 announcement lifted the HYPE price, but the market still needs regulatory approval.
ICE Sets Out Plans for U.S. Trading ICE would operate the exchange and its clearing system, which settles trades. TradeXYZ would develop contracts, while Hyperliquid would provide HIP-3 technology. Markets could cover cryptocurrencies, stocks, indices, commodities, and foreign currencies.
ICE will take a minority stake in TradeXYZ. The investment amount remains undisclosed. The company plans to keep retail trading separate from its institutional futures business.
The agreement follows Payward’s proposal for regulated Hyperliquid trading on October 26. Payward, Kraken’s parent, plans to use its Bitnomial exchange and clearinghouse for U.S. markets. That project also awaits approval.
How the Proposed Perpetual Markets Work Perpetual futures have no expiry date, unlike standard futures contracts. Traders can keep positions open while meeting margin rules. Leverage can increase both profits and losses. TradeXYZ already offers around-the-clock contracts on traditional assets outside the United States.
U.S. customers would face identity and anti-money-laundering checks. ICE expects access through registered brokers and its OKX joint venture. The joint venture still needs separate U.S. regulatory approvals.
ICE CEO Jeffrey Sprecher said, “We see these perp markets as additive to our futures markets, not a replacement for them.”
Separately, Hyperliquid co-founder Jeff Yan described the network as shared infrastructure, not a direct exchange rival.
HYPE Price Advances After ICE Announcement The HYPE price rose about 15% to $91.21 following the announcement. The token remained below its September record of $97.96. ICE and TradeXYZ have not announced a launch date for the regulated U.S. service.
TradeXYZ reports more than $650 billion in trading volume across its Hyperliquid markets in just over a year. Those figures cover its existing business, not the proposed U.S. operation. Billionaire investor Stanley Druckenmiller also said he had invested in TradeXYZ and wanted to use its products.
In a recent assessment of HYPE’s competition, BitMEX co-founder Arthur Hayes warned that HYPE could trail Ether and Zcash, even with demand for decentralized perpetual futures. The comments preceded Thursday’s announcement. The Commodity Futures Trading Commission issued guidance and limited relief concerning certain perpetual contracts in May.
Stanley Druckenmiller’s recent investment announcement has catalyzed a significant surge in Hyperliquid Strategies shares, which rose by 19% following the news. The prominent investor’s decision to back Trade[XYZ], a partner with Intercontinental Exchange, has brought attention to Hyperliquid’s Layer-1 blockchain technology. This development underscores a growing institutional interest in crypto-linked stocks, especially those involved with innovative financial products like perpetual futures. The investment move appears to have substantially boosted confidence in Hyperliquid, impacting both its stock and native HYPE token.
Key Takeaways
The announcement of Stanley Druckenmiller’s investment in Trade[XYZ] appears to have driven Hyperliquid Strategies shares up by 19%.
Market pricing suggests that this investment has increased confidence in Hyperliquid, with a significant shift in odds for Hyperliquid reaching $100 by year-end.
Hyperliquid’s HYPE token has also seen a price increase, reflecting the broader impact of Druckenmiller’s endorsement on the market.
What to Watch
Watch for any further developments in the partnership between Trade[XYZ] and Intercontinental Exchange, which could further influence Hyperliquid’s market performance. Regulatory decisions regarding the U.S. launch of perpetual futures could also be a critical factor in determining future price movements. Additionally, any follow-up announcements from prominent investors like Druckenmiller could provide further momentum to Hyperliquid’s competitive position.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of TENB 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.
Shares of Tenable Holdings Inc (NASDAQ:TENB) reversed course Thursday after opening lower following third-quarter financial results released Wednesday after the market close. Tech analyst Dan Ives could be one of the reasons for the reversal.
Key Takeaways Quanta's Q3 adjusted EPS surged 82% to $6.06, beating estimates by 20.5%, while revenues jumped 57.4%.Electric segment revenues soared 58.8% to $9.80 billion, while total backlog hit a record $63.7 billion.PWR raised its 2026 revenue outlook to $41.30-$41.60 billion and adjusted EPS guidance to $17.90-$18.30.
Quanta Services, Inc. (PWR - Free Report) reported impressive third-quarter 2026 results, with adjusted earnings and revenues surpassing the Zacks Consensus Estimate. Performance benefited from robust demand for grid, power generation and technology infrastructure, increased self-performed project scope, efficient resource utilization and strong execution across both segments.
Shares of this leading provider of specialty contracting and infrastructure solutions gained more than 5% following its earnings release.
PWR's Earnings and Revenue DiscussionQuanta reported adjusted earnings of $6.06 per share for the third quarter of 2026, representing an 82% increase from $3.33 in the year-ago period. The figure surpassed the Zacks Consensus Estimate of $5.03 by 20.5%.
Revenues surged 57.4% year over year to $12.01 billion from $7.63 billion, exceeding the consensus estimate of $10.99 billion by 9.4%. Strong demand across infrastructure markets and contributions from acquisitions supported the top-line growth.
Organic revenues increased 37.1% year over year, reflecting robust demand for grid, power generation, technology and load center solutions. Meanwhile, total backlog reached a record $63.7 billion, supported by broad-based customer demand and new project awards.
Adjusted EBITDA advanced 68.8% year over year to $1.45 billion from $858.3 million. GAAP earnings increased 103.1% to $4.55 per share from $2.24. Net income attributable to common stock climbed 104.7% to $694.9 million.
Quanta's Electric Segment Leads GrowthElectric Infrastructure Solutions (81.6% of quarterly revenues) generated revenues of $9.80 billion, up 58.8% year over year. Organic revenues increased approximately 39%, while businesses acquired over the past 12 months contributed approximately $1.20 billion. Growth reflected sustained demand across grid, generation, technology and load center solutions.
Segment operating income increased 75.9% to $1.24 billion from $703.8 million. Operating margin expanded to 12.6% from 11.4%, driven by increased project scope, self-performed solutions, efficient resource utilization and solid execution.
Underground Utility and Infrastructure Solutions (18.4% of quarterly revenues) reported revenues of $2.22 billion, increasing 51.8% year over year. Organic revenue growth was 29%, while acquisitions over the past 12 months contributed approximately $335 million.
Segment operating income rose 70.2% to $208.0 million from $122.2 million. Operating margin improved to 9.4% from 8.4%, primarily reflecting strong performance in industrial and mechanical operations.
Quanta's Operating Margins ExpandConsolidated operating income increased 98.5% year over year to $1.03 billion from $517.2 million. Operating margin widened to 8.5% from 6.8%, benefiting from improved profitability across both operating segments.
Corporate and non-allocated costs increased to $419.5 million from $308.8 million. These included amortization expenses of $188.6 million compared with $133.2 million and non-cash stock-based compensation of $67.9 million compared with $46.9 million a year earlier.
PWR's Record Backlog Strengthens VisibilityElectric segment backlog reached a record $51.9 billion, supported by broad-based customer demand. The quarter included a major power generation and grid infrastructure program with NiSource, although this program did not account for most of the backlog increase.
Underground and Infrastructure backlog reached a record $11.8 billion, including approximately $1.30 billion associated with third-quarter acquisitions. Consolidated 12-month backlog climbed to $38.4 billion, while remaining performance obligations reached $41.8 billion, supporting multi-year revenue visibility.
Quanta Generates Strong Cash Flow and LiquidityCash provided by operating activities increased to $1.45 billion from $563.5 million a year earlier. Free cash flow improved to $1.20 billion from $438.1 million, supported by favorable working-capital dynamics, particularly across technology and load center and power generation projects.
Quanta ended September with $2.32 billion in cash and approximately $5.20 billion of liquidity. Its net debt-to-EBITDA ratio improved to 1.30X from 1.95X at 2025-end. During the quarter, PWR issued $2 billion in senior notes and prepaid its outstanding term loan balance of $618.8 million.
PWR Raises Its 2026 Financial OutlookQuanta raised its full-year 2026 revenue expectations to $41.30-$41.60 billion, representing a $1.95 billion midpoint increase from its previous guidance. Adjusted earnings are now projected to be $17.90-$18.30 per share, while adjusted EBITDA is expected to be between $4.40 billion and $4.49 billion.
Electric segment revenues are projected to be $33.60-$33.80 billion, with operating margins of 10.8%-11.1%. Underground and Infrastructure revenues are expected to be between $7.70 billion and $7.80 billion, with margins of approximately 9%. Free cash flow guidance increased to $2.50-$3.00 billion.
Management also anticipates strong double-digit adjusted earnings growth in 2027, supported by continued backlog expansion and broadening demand across utility, power generation, industrial and technology markets.
PWR’s Zacks RankQuanta currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Some Recent Construction ReleasesMasco Corporation (MAS - Free Report) reported third-quarter 2026 adjusted earnings of $1.19 per share, surpassing the Zacks Consensus Estimate of $1.01 by 17.8%. The bottom line increased 22.7% from 97 cents a year ago. Net sales rose 2.6% year over year to $1.97 billion, beating the consensus mark of $1.93 billion by 1.8%.
Masco raised its 2026 adjusted earnings guidance to $4.65-$4.75 per share from the previous range of $4.40-$4.60, citing strong operational performance year to date. Reported earnings are projected to be between $4.51 and $4.61 per share.
Comfort Systems USA, Inc. (FIX - Free Report) delivered impressive third-quarter 2026 results, with earnings and revenues surpassing the Zacks Consensus Estimate and increasing sharply year over year. The quarterly performance reflected robust demand across technology-related projects, strong execution and continued expansion in construction activity. Backlog reached $17.81 billion, reinforcing management's confidence in sustained growth and profitability.
Comfort Systems also paid dividends of 90 cents per share during the quarter compared with 50 cents a year ago. Share repurchases totaled $340.9 million, reflecting continued shareholder returns alongside investments in business expansion.
United Rentals, Inc. (URI - Free Report) reported third-quarter 2026 results, with adjusted earnings per share and total revenues beating the Zacks Consensus Estimate and increasing year over year. URI’s adjusted earnings of $15.55 per share topped the Zacks Consensus Estimate of $13.83 by 12.4% and grew 32.9% year over year from $11.70 per share. URI’s total revenues rose 15.7% year over year to $4.89 billion and surpassed the consensus estimate of $4.69 billion by 4.3%.
United Rentals management raised its revenue outlook to $18-$18.2 billion from $17.5-$17.8 billion. Adjusted EBITDA is now projected to be $8.3-$8.4 billion compared with $7.98-$8.13 billion previously.
Key Takeaways HII's Q3 earnings surge 48.9% to $5.48 per share, beating estimates, while revenues climb 10.8% to $3.54B.Higher submarine, aircraft carrier and amphibious assault ship volumes drive HII's quarterly revenue growth.HII raises its 2026 shipbuilding revenue outlook to $10.5-$10.7B and reaffirms $500-$600M in free cash flow.
Huntington Ingalls Industries, Inc. (HII - Free Report) reported third-quarter 2026 earnings of $5.48 per share, up 48.9% year over year and 24.3% above the Zacks Consensus Estimate of $4.41.
HII’s RevenuesRevenues rose 10.8% to $3.54 billion and beat the consensus mark of $3.39 billion by 4.5%. Higher submarine and aircraft carrier volumes at Newport News Shipbuilding, along with increased amphibious assault ship volumes at Ingalls Shipbuilding, drove growth.
New contract awards totaled $32.4 billion during the quarter, lifting year-to-date awards to $43.1 billion.
Operational PerformanceHuntington Ingalls reported segmental operating income of $262 million compared with $179 million in the third quarter of 2025. The segmental operating margin expanded 180 basis points from the prior-year figure to 7.4%.
HII Segmental PerformanceNewport News Shipbuilding remained the largest revenue contributor. Revenues increased to $1.91 billion from $1.62 billion, driven by higher submarine and aircraft carrier volumes. Segment operating income rose to $132 million from $80 million, while margin improved to 6.9% from 4.9% on contract adjustments and incentives in the Virginia-class submarine program, along with stronger submarine and aircraft carrier volumes.
Ingalls Shipbuilding revenues advanced to $876 million from $828 million, primarily due to higher amphibious assault ship volumes. Segment operating income declined to $59 million from $65 million, while margin fell to 6.7% from 7.9%, primarily due to lower performance in surface combatants.
Mission Technologies revenues increased slightly to $792 million from $787 million. Higher Unmanned Systems volumes more than offset lower Global Security volumes. Segment operating income improved to $71 million from $34 million, while margin expanded to 9.0% from 4.3%, primarily due to a successful milestone achievement, higher Unmanned Systems volumes and increased equity income from nuclear and environmental joint ventures.
Financial UpdateCash flow improved in the third quarter. Net cash provided by operating activities was $520 million compared with $118 million in the year-ago quarter. Free cash flow was $429 million against $16 million a year earlier. Net capital expenditures, after grant proceeds, totaled $91 million in the quarter.
HII ended September 2026 with $387 million in cash and cash equivalents compared with $774 million as of December 2025. The company paid $163 million in dividends during the first nine months of 2026.
2026 GuidanceManagement raised its full-year shipbuilding revenue outlook while reaffirming its shipbuilding operating margin and free cash flow expectations. For 2026, HII now projects shipbuilding revenues of $10.5-$10.7 billion, up from the previous range of $10.2-$10.4 billion, with a shipbuilding operating margin of 6.0-6.5%.
Mission Technologies revenues are still expected at $3.0-$3.2 billion, with a segment operating margin of approximately 6%, up from the previous expectation of around 5%. The company now expects Mission Technologies EBITDA margin of approximately 9% compared with its earlier range of 8.4-8.6%.
HII reiterated free cash flow guidance of $500-$600 million.
Capital expenditures are now projected at approximately $500 million.
The company also set a cumulative 2026-2027 free cash flow target of $1.2-$1.3 billion.
Zacks RankHuntington Ingalls currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense ReleasesNorthrop Grumman Corporation (NOC - Free Report) reported third-quarter 2026 adjusted earnings of $7.89 per share, which beat the Zacks Consensus Estimate of $7.22 by 9.3%. The bottom line also increased 2.9% from the year-ago quarter’s level of $7.67.
NOC’s total sales of $11.12 billion in the third quarter beat the Zacks Consensus Estimate of $11.06 billion by 0.6%. The top line also improved 6.7% from $10.42 billion reported in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2026 adjusted earnings of 50 cents per share, which improved 35.1% from the year-ago quarter’s figure of 37 cents. The bottom line also surpassed the Zacks Consensus Estimate of 48 cents by 4.2%.
The company’s net sales totaled $496.4 million, which missed the Zacks Consensus Estimate of $500 million by 0.8%. The top line, however, witnessed an improvement of 8.8% from the year-ago quarter’s figure of $456.2 million.
RTX Corporation’s (RTX - Free Report) third-quarter 2026 adjusted earnings per share of $2.26 beat the Zacks Consensus Estimate of $1.78 by 27%. The bottom line improved 32.9% from the year-ago quarter’s level of $1.70.
Revenues rose 11.1% year over year to $24.97 billion and beat the consensus mark of $24.01 billion by 4%. Growth was supported by higher commercial aftermarket and defense demand.
Huntington Ingalls Industries, Inc. (HII) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT
Company Participants
Christie Thomas - Vice President of Investor Relations
Christopher Kastner - President, CEO & Director
Andy Green
Thomas Stiehle - Executive VP & CFO
Conference Call Participants
Scott Mikus - Melius Research LLC
John Godyn - Citigroup Inc., Research Division
Noah Poponak - Goldman Sachs Group, Inc., Research Division
Seth Seifman - JPMorgan Chase & Co, Research Division
Benjamin Tomick - Wells Fargo Securities, LLC, Research Division
Gautam Khanna - TD Cowen, Research Division
Ronald Epstein - BofA Securities, Research Division
Emilee Deutchman - Wolfe Research, LLC
Presentation
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter 2026 HII Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]
I would now like to hand the call over to Christie Thomas, Vice President of Investor Relations. Mrs. Thomas, you may begin.
Christie Thomas
Vice President of Investor Relations
Thank you, operator, and good morning, everyone. Welcome to the HII Third Quarter 2026 Conference Call. Matters discussed on today's call that constitute forward-looking statements, including our estimates regarding the company's outlook, involve risks and uncertainties and reflect the company's judgment based on information available at the time of this call. These risks and uncertainties may cause our actual results to differ materially. Additional information regarding these factors is contained in today's press release and the company's SEC filings.
We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including reconciliations to comparable GAAP measures, please see the slides that accompany this webcast, which are available on the Investor Relations page of our website at ir.hii.com.
On the call today are Chris Kastner, President and Chief Executive Officer; Andy Green, Executive Vice President and President of Mission Technologies; and
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.
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Huntington Ingalls (HII - Free Report) reported $3.54 billion in revenue for the quarter ended September 2026, representing a year-over-year increase of 10.8%. EPS of $5.48 for the same period compares to $3.68 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $3.39 billion, representing a surprise of +4.46%. The company delivered an EPS surprise of +24.26%, with the consensus EPS estimate being $4.41.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Huntington Ingalls performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Sales and Service Revenues- Ingalls: $876 million compared to the $852.42 million average estimate based on nine analysts. The reported number represents a change of +5.8% year over year.Sales and Service Revenues- Newport News: $1.91 billion versus $1.79 billion estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +18.1% change.Sales and Service Revenues- Mission Technologies: $792 million versus the nine-analyst average estimate of $780.92 million. The reported number represents a year-over-year change of +0.6%.Sales and Service Revenues- Intersegment eliminations: $-41 million compared to the $-39.76 million average estimate based on nine analysts. The reported number represents a change of +2.5% year over year.Sales and Service Revenues- Newport News- Other: $145 million versus $155.67 million estimated by three analysts on average.Sales and Service Revenues- Newport News- Aircraft carriers: $970 million versus $910.59 million estimated by three analysts on average.Sales and Service Revenues- Ingalls- Other: $3 million compared to the $4.17 million average estimate based on three analysts.Sales and Service Revenues- Ingalls- Surface combatants and coast guard cutters: $429 million versus $464.98 million estimated by three analysts on average.Sales and Service Revenues- Ingalls- Amphibious assault ships: $444 million compared to the $412.96 million average estimate based on three analysts.Sales and Service Revenues- Newport News- Submarines: $795 million compared to the $685.65 million average estimate based on three analysts.Sales and Service Revenues- Mission Technologies- All-domain operations and warfare systems: $516 million compared to the $672.91 million average estimate based on two analysts.Sales and Service Revenues- Mission Technologies- Global security, unmanned systems, and other: $276 million versus $125.28 million estimated by two analysts on average.View all Key Company Metrics for Huntington Ingalls here>>>
Shares of Huntington Ingalls have returned +4.6% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Key Takeaways BOOT's Q2 EPS rose 22.6% to $1.68, beating estimates, while sales climbed 15.1% but missed expectations.Gross margin expanded 80 basis points to 37.2%, aided by lower freight costs and tariff refunds.Boot Barn cut its fiscal 2027 sales and EPS outlook but raised its store-opening target to 75-80 locations.
Boot Barn Holdings, Inc. (BOOT - Free Report) reported second-quarter fiscal 2027 results, wherein net sales fell short of the Zacks Consensus Estimate, while earnings surpassed the same. Both metrics increased year over year. The western and workwear retailer benefited from new-store expansion, positive comparable sales and merchandise margin improvement, aided by lower freight costs and tariff refunds.
Quarterly earnings of $1.68 per share beat the Zacks Consensus Estimate of $1.63 and increased 22.6% year over year, excluding tariff refunds. Reported earnings were $1.73 per share, including a 5-cent benefit from tariff refunds. Net sales rose 15.1% to $581.8 million, missing the consensus estimate of $585 million.
BOOT Benefits From Store Expansion and Positive CompsConsolidated same-store sales increased 1.4% compared with 8.4% growth in the year-ago quarter. Retail store comparable sales rose 1%, supported by a 2% increase in average unit retail, partly offset by lower transactions. E-commerce comparable sales advanced 5.2% compared with 14% growth in the prior-year period.
Boot Barn opened 19 stores during the quarter, bringing its total to 584 locations across 49 states. The company opened 46 stores in the first half of fiscal 2027. Management noted that its 126 newest stores are on track to generate approximately $3.4 million in average first-year sales, exceeding initial projections by $200,000.
Boot Barn Sees Mixed Merchandise Category TrendsMen's and women's apparel continued to perform well, with denim registering positive comparable sales despite challenging year-ago comparisons. Cowboy hats and ball hats also delivered strong growth. Work boots and work apparel maintained momentum, with sales trends improving for the sixth consecutive quarter.
However, men's western boot comparable sales were slightly negative, while women's western boots remained a drag on overall performance. Management attributed the weakness partly to difficult comparisons and pricing pressures. Boot Barn is refreshing its women's boot assortment with new styles and colors ahead of the holiday season.
BOOT Expands Margins on Lower Freight CostsGross profit increased 17.6% year over year to $216.5 million, with the gross margin expanding 80 basis points to 37.2%. Merchandise margin improved 190 basis points, reflecting a 130-basis-point benefit from lower freight expenses, 40 basis points from tariff refunds and 20 basis points of product-margin expansion. These gains were partly offset by 110 basis points of deleverage in buying, occupancy and distribution costs.
Selling, general and administrative expenses rose 14.5% to $146.2 million, representing 25.1% of sales compared with 25.3% a year earlier. Operating income increased 24.5% to $70.2 million, while the operating margin expanded to 12.1% from 11.2%.
Boot Barn Strengthens Capital Allocation FlexibilityBoot Barn ended the quarter with $97.4 million in cash and no outstanding borrowings under its $500-million revolving credit facility. Inventory totaled $975.3 million, increasing approximately 14% year over year, reflecting investments in new stores, exclusive brands and volume purchases.
Operating cash flow for the first six months increased to $123.7 million from $99.6 million a year earlier. Capital expenditures totaled $97.7 million. The company repurchased 240,937 shares for $35 million during the quarter. Its board authorized an additional $400 million for share repurchases, bringing the remaining authorization to approximately $468 million.
BOOT Updates Fiscal 2027 OutlookBoot Barn lowered its fiscal 2027 sales outlook to $2.565-$2.593 billion from the previous projection of $2.580-$2.625 billion. Earnings are now expected between $8.72 and $9.00 per share compared with the earlier guidance of $8.80-$9.23, including an estimated 45-cent benefit from tariff refunds.
Consolidated same-store sales are projected to grow 0.8-2%, with retail store same-store sales growth of 0.5-1.7% and e-commerce same-store sales growth of 3-4%. Merchandise margin is now expected between $1.343 billion and $1.357 billion, or approximately 52.3% of sales, up 140 basis points year over year. The expansion includes 70 basis points from tariff refunds, 50 basis points from product-margin improvement and 20 basis points from lower freight costs.
BOOT forecasts fiscal 2027 gross profit between $985 million and $999 million, or approximately 38.4-38.5% of sales. The company expects operating income between $351 million and $362 million, or approximately 13.7-14% of sales.
Management raised its fiscal 2027 store-opening target to 75-80 locations from 70, supported by strong new-store productivity and an expanding real estate pipeline. The company now expects capital expenditures, net of estimated landlord-tenant allowances of $54.4 million, between $135 million and $140 million for fiscal 2027.
Boot Barn Prepares for Holiday DemandFor the third quarter, Boot Barn expects sales of $785-$802 million, implying year-over-year growth of 11-14%. Consolidated same-store sales are projected to range from a 1% decline to 1% growth, with both retail store same-store sales and e-commerce same-store sales ranging from down 1% to up 1%. The company plans to open approximately 20 new stores during the third quarter. Earnings are anticipated between $3.03 and $3.19 per share, including an estimated 2-cent benefit from tariff refunds.
Boot Barn expects third-quarter merchandise margin between $404 million and $413 million, or approximately 51.5% of sales, up 90 basis points year over year. The expansion includes 10 basis points from tariff refunds, 50 basis points from product margin improvement and 30 basis points from lower freight costs.
Gross profit is projected between $311 million and $319 million, implying approximately 39.6-39.8% of sales. The company envisions operating income between $123 million and $130 million, or approximately 15.7-16.2% of sales.
Management noted that consolidated comparable sales increased just 0.4% during the first four weeks of October, reflecting challenging comparisons and unusually warm weather. Nevertheless, the company remains focused on its expanded national holiday marketing campaign, refreshed merchandise assortments and the relaunch of Boot Barn Workforce. The business-to-business initiative generated approximately $100 million in sales last fiscal year and offers additional opportunities to expand its workwear customer base.
Shares of this Zacks Rank #3 (Hold) company have fallen 17.2% over the past three months compared with the industry’s decline of 9.1%.
Stocks Looking Red HotVince Holding Corp. (VNCE - Free Report) , a leading global luxury apparel and accessories brand, sports a Zacks Rank of 1 (Strong Buy). VNCE delivered a trailing four-quarter earnings surprise of 561.4%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Vince Holding’s current fiscal-year sales and EPS calls for growth of 14% and 175%, respectively, from the year-ago figures.
Designer Brands Inc. (DBI - Free Report) , one of the world's largest designers, producers and retailers of footwear and accessories, currently sports a Zacks Rank #1.
The Zacks Consensus Estimate for Designer Brands’ current fiscal-year sales and earnings calls for growth of 0.6% and 225%, respectively, from the year-ago actuals. DBI delivered a trailing four-quarter average earnings surprise of 108.1%.
Abercrombie & Fitch Co. (ANF - Free Report) , a global, digitally led, omnichannel specialty retailer of apparel and accessories, carries a Zacks Rank #2. ANF delivered a trailing four-quarter earnings surprise of 13.6%, on average.
The Zacks Consensus Estimate for Abercrombie & Fitch’s current fiscal-year sales and EPS implies growth of 4.8% and 15.8%, respectively, from the year-ago figures.
Enterprise Products Partners L.P. Common Units (EPD) Q3 2026 Earnings Call October 29, 2026 10:00 AM EDT
Company Participants
Joseph Theriac - Vice President of Finance & Investor Relations
A. Teague - Co-CEO & Director of Enterprise Products Holdings LLC
W. Fowler - Co-CEO & Director of Enterprise Products Holdings LLC
Corey Johnson - Senior Vice President of Fundamentals & Commodity Risk Assessment
Tyler Cott - Senior Vice President of Hydrocarbon Marketing
Tug Hanley - Executive VP & Chief Commercial Officer
Carrie Weaver - Vice President of Commercial & Evolutionary Technology
Justin Kleiderer - Senior Vice President of Pipelines & Terminals
Zach Strait - Senior Vice President of Unregulated NGLs
James Bany - Senior Vice President of Crude Oil Pipelines & Terminals
F. D'Anna - Senior Vice President of Petrochemical Services
Conference Call Participants
Jean Ann Salisbury - BofA Securities, Research Division
Theresa Chen - Barclays Bank PLC, Research Division
Spiro Dounis - Citigroup Inc., Research Division
Manav Gupta - UBS Investment Bank, Research Division
John Mackay - Goldman Sachs Group, Inc., Research Division
Keith Stanley - Wolfe Research, LLC
Brandon Bingham - Scotiabank Global Banking and Markets, Research Division
Jason Gabelman - TD Cowen, Research Division
Presentation
Operator
Thank you for standing by, and welcome to Enterprise Products Partners L.P.'s Third Quarter 2026 Earnings Conference Call.
[Operator Instructions]
I would now like to hand the call over to Joe Theriac, VP of Finance and Investor Relations. Please go ahead.
Joseph Theriac
Vice President of Finance & Investor Relations
Thanks, Latif. Good morning, and welcome to the Enterprise Products Partners conference call to discuss third quarter 2026 earnings. Our speakers today will be Co-Chief Executive Officers of Enterprise's General Partner, Jim Teague and Randy Fowler. Other members of our senior management team are also in attendance for the call today.
During this call, we will make forward-looking statements within the meaning of Section 21E of the
Key Takeaways CRH's Q3 adjusted EPS fell 7.9% to $2.09, while revenues rose 3% to $11.4 billion but missed estimates.Arcosa strengthens CRH's U.S. aggregates portfolio, with $175 million in expected annual cost synergies.CRH cut 2026 adjusted EBITDA guidance to $7.8-$8 billion amid inflation and weak housing demand.
CRH plc (CRH - Free Report) reported lower-than-expected third-quarter 2026 results, with adjusted earnings and total revenues missing the Zacks Consensus Estimate. Year over year, the bottom line declined while the top line grew.
Positive pricing and acquisitions supported sales despite the softer housing market and rising input costs. CRH completed nine acquisitions for $500 million during the third quarter.
After the quarter ended, it closed the Arcosa acquisition on Oct. 23 at an enterprise value of approximately $8.5 billion. The transaction will strengthen its U.S. aggregates and critical infrastructure portfolio, with expected annual run-rate cost synergies of about $175 million by the third year.
CRH stock declined 5% during today’s pre-market trading session after the financial results release. Lowered 2026 guidance is likely to have muted investors’ optimism regarding the stock.
CRH’s Q3 Earnings & Sales DiscussionCRH’s adjusted earnings of $2.09 per share missed the Zacks Consensus Estimate of $2.14 by 2.3%. The quarterly earnings also declined 7.9% from $2.27 in the year-ago quarter.
Total revenues increased 3% from a year ago to $11.4 billion but missed the consensus mark of $11.72 billion by 2.8%.
Product revenues rose to $8.46 billion from $8.09 billion, while service revenues eased to $2.94 billion from $2.98 billion.
CRH's Materials Business Benefits From PricingAmericas Materials Solutions revenues grew 6% to $5.99 billion from $5.64 billion a year earlier. Essential Materials revenues climbed 19% on stronger aggregates pricing and contributions from the Eco Material Technologies acquisition. Aggregates prices advanced 5%, while cement prices declined 2%.
Road Solutions revenues increased 2%. Asphalt prices climbed 7%, but volumes dipped 2% amid adverse weather and divestitures. Segment adjusted EBITDA grew 1% to $1.58 billion, although the margin narrowed 130 basis points to 26.3% as cost inflation offset some pricing benefits.
CRH's Building Solutions Feel Residential PressureAmericas Building Solutions revenues declined 3% to $1.75 billion from $1.8 billion. Building & Infrastructure Solutions revenues increased 16%, supported by energy and water infrastructure demand and the Axius Water acquisition.
Outdoor Living Solutions revenues dropped 15% due to divestitures and subdued residential demand. Segment adjusted EBITDA fell 18% to $353 million from $432 million, and the margin contracted 390 basis points to 20.1%. The absence of a prior-year gain on land disposals and higher costs weighed on results.
CRH plc's International Business Expands MarginsInternational Solutions revenues increased 1% to $3.66 billion from $3.64 billion as pricing and acquisitions outweighed divestitures. Essential Materials revenues rose 9%. Aggregates and cement volumes increased 9% and 1%, respectively, while prices grew 5% and 6%.
Road Solutions revenues advanced 1%, helped by higher activity in certain markets. Ready-mixed concrete volumes climbed 10%, while asphalt pricing rose 16%, benefiting from geographic mix. Adjusted EBITDA increased 6% to $754 million, and the margin expanded 110 basis points to 20.6%.
CRH's Higher Costs Squeeze Quarterly ProfitabilityGross profit improved to $4.42 billion from $4.31 billion, but gross margin slipped 10 basis points to 38.8%. Energy costs rose 19%, while labor costs advanced 2%. Selling, general and administrative expenses increased 3% to $2.37 billion, reflecting a 14% rise in haulage expenses.
Adjusted EBITDA was nearly flat at $2.68 billion, while the corresponding margin contracted 80 basis points to 23.5%. Net income fell 22% to $1.18 billion, reflecting $178 million in impairments, primarily involving the Philippines, compared with $40 million a year earlier.
CRH's Cash Position & Shareholder ReturnsCash and equivalents totaled $5.11 billion as of Sept. 30, 2026, up from $4.10 billion at 2025-end. Total debt increased to $19.62 billion from $17.65 billion, while net debt advanced to $15.04 billion from $14.15 billion.
Operating cash flow for the first nine months declined to $2.27 billion from $2.71 billion. Capital expenditure was $1.83 billion compared with $1.89 billion a year earlier. CRH repurchased $693 million of shares and paid $781 million in dividends during that period. It also announced a new $6 billion buyback authorization through 2030 and a quarterly dividend of 39 cents per share, up 5%.
CRH Lowers 2026 Outlook on Inflation and HousingCRH cut its full-year net income forecast to $3.1-$3.3 billion from $3.9-$4.1 billion and adjusted EBITDA guidance to $7.8-$8.0 billion from $8.1-$8.5 billion. GAAP earnings guidance fell to $4.63-$4.85 per share from $5.60-$6.05.
Management introduced adjusted earnings guidance of $5.37-$5.59 per share and reduced its capital expenditure forecast to $2.6-$2.8 billion from $2.7-$2.9 billion. The revisions reflect cost inflation, weaker residential demand and Arcosa's earlier-than-expected closing. Looking to 2027, CRH expects infrastructure and reindustrialization activity to support demand despite continued near-term residential weakness.
CRH Stock’s Zacks Rank & Recent Construction ReleasesCRH currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Masco Corporation (MAS - Free Report) reported third-quarter 2026 adjusted earnings of $1.19 per share, surpassing the Zacks Consensus Estimate of $1.01 by 17.8%. The bottom line increased 22.7% from 97 cents a year ago. Net sales rose 2.6% year over year to $1.97 billion, beating the consensus mark of $1.93 billion by 1.8%.
Masco’s results benefited from pricing actions, cost-saving initiatives and lower year-over-year tariff costs, partially offset by higher commodity and employee-related expenses. Masco raised its 2026 adjusted earnings guidance to $4.65-$4.75 per share from the previous range of $4.40-$4.60, citing strong operational performance year to date. Reported earnings are projected to be between $4.51 and $4.61 per share.
Comfort Systems USA, Inc. (FIX - Free Report) delivered impressive third-quarter 2026 results, with earnings and revenues surpassing the Zacks Consensus Estimate and increasing sharply year over year. The quarterly performance reflected robust demand across technology-related projects, strong execution and continued expansion in construction activity. Backlog reached $17.81 billion, reinforcing management's confidence in sustained growth and profitability.
Comfort Systems' management maintained a positive outlook, supported by strong customer demand, an expanding project pipeline and consistent operating execution. During the third quarter, Comfort Systems acquired Boys Electrical Contractors in Florida and a Texas-based modular construction business, strengthening its presence across electrical services and customized building components. FIX expects to sustain organic growth, high profitability and solid cash generation through the remainder of 2026 and into 2027.
United Rentals, Inc. (URI - Free Report) reported third-quarter 2026 results, with adjusted earnings per share and total revenues beating the Zacks Consensus Estimate and increasing year over year. Strong rental demand and operating efficiencies supported the results. Fleet productivity, which combines rental rates, time utilization and mix, improved 6.5% year over year.
United Rentals raised its revenue outlook to $18-$18.2 billion from $17.5-$17.8 billion. Adjusted EBITDA is now projected at $8.3-$8.4 billion compared with $7.98-$8.13 billion previously. Operating cash flow is expected at $6.25-$6.85 billion, up from $5.85-$6.65 billion. Management cited customer confidence, backlogs and large-project momentum as support for the raised outlook.
CRH plc (CRH) Q3 2026 Earnings Call October 29, 2026 8:00 AM EDT
Company Participants
Jim Mintern - CEO & Director
Danilo Juvane - Head of Investor Relations
Randy Lake - Chief Operating Officer
Aylwyn Bryan - Chief Financial Officer
Conference Call Participants
Angel Castillo Malpica - Morgan Stanley, Research Division
Trey Grooms - Stephens Inc., Research Division
Adrian Huerta - JPMorgan Chase & Co, Research Division
Kathryn Thompson - Thompson Research Group, LLC
Colin Sheridan - Davy, Research Division
Joseph Nolan - Longbow Research LLC
Presentation
Operator
Good day, and welcome to the CRH Third Quarter 2026 Results Presentation. My name is Krista, and I will be your operator today. [Operator Instructions] At this time, I'd like to turn the conference over to Jim Mintern, CRH Chief Executive Officer, to begin the conference. Please go ahead, sir.
Jim Mintern
CEO & Director
Hello, everyone. Jim Mintern here, CEO of CRH, and you're all very welcome to our Q3 2026 results presentation and conference call. Joining me on the call is Aylwyn Bryan, our CFO; Randy Lake, our COO; and Danilo Juvane, our Head of Investor Relations. Before we get started, I'll hand over to Danilo for some opening brief remarks.
Danilo Juvane
Head of Investor Relations
Thanks, Jim, and hello, everyone. I'd like to draw your attention to Slide 2 shown here on the screen. During our presentation, we will be making some forward-looking statements relating to our future plans and expectations. These are subject to certain risks and uncertainties, and actual results and outcomes could differ materially due to factors outlined on this slide. For more details, please refer to Slide 2 and to our filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q, which are available on our website. We will also refer to certain non-GAAP financial measures. Definitions and reconciliations are included in the appendix to the
DoorDash Inc. agreed to buy rival Instacart in a deal that values the company at about $17 billion. The transaction is expected to close near the end of next year, the deal is still pending.
DoorDash plans to keep Instacart's brand after the $17 billion acquisition wins federal approval.
Michael Nagle/Bloomberg via Getty Images
Gig workers could see changes to how they make deliveries if DoorDash's $17 billion deal for Instacart goes through.
The companies announced the acquisition on Thursday after several years of considering a deal. It would give DoorDash, long one of the dominant names in restaurant delivery, a much stronger position in grocery delivery.
The acquisition would also bring together millions of gig workers who make deliveries for both companies.
Here's what we know so far about how the deal would affect delivery workers:
DoorDash plans to keep the Instacart appIf the deal wins federal approval, DoorDash doesn't plan to fold Instacart's brand into its own.
That means that the apps will continue to function on a stand-alone basis, DoorDash executives said on a call on Thursday to discuss the deal.
"I think Instacart has built a great brand, and it is a very unique brand where their audience is very loyal to that brand," DoorDash CEO Tony Xu said on the call.
Gig workers will be able to take both restaurant and grocery ordersDoorDash plans to cross-list merchants on the two different apps, CFO Ravi Inukonda said.
Restaurants represent one obvious opportunity, he said. "We are going to be able to list our restaurant platform on Instacart, which is going to drive top-line growth," Inukonda said.
Access to more kinds of orders means that gig workers will have "more choice over when and how they earn, whether that's grocery orders on a quiet day, restaurant orders at peak times, or both," the company said in its deal announcement.
DoorDash says the deal could mean 'greater earning opportunities'Many of Instacart's grocery partners are looking to compete with bigger companies, Xu said on the call. Amazon and Walmart are both expanding their delivery networks, especially for same-day delivery and fresh food, and many smaller chains will turn to the combined company to offer delivery.
That could mean "faster delivery times, more affordable prices for everyone, greater earning opportunities for shoppers," Xu said, referring to gig workers who shop and deliver orders.
Whether those opportunities result in more pay for workers remains to be seen.
Instacart workers make about $13 an hour, while those working for DoorDash average about $11 an hour, according to gig worker pay data from analytics company Gridwise published in March. Both rates were lower than rival delivery services, such as Amazon Flex and Uber Eats.
Do you have a story idea about DoorDash and/or Instacart? Contact this reporter at [email protected] or via encrypted messaging app Signal at 808-854-4501. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.
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Alex Bitter is a senior retail reporter covering Uber, Lyft, DoorDash, Instacart, and related companies. His coverage ranges from the experiences of gig workers to what's happening inside the world's biggest ride-hailing and delivery companies.Alex has also written about the retail and food industries. Convenience store chain Sheetz ended its "smile policy" after his reporting. Alex lives in the Washington, DC, area, where you can find him studying ancient coins or searching for Civil War artifacts with his metal detector in his free time.Got a tip? Reach out at [email protected] or via encrypted messaging app Signal at +1 (808) 854-4501.
Costco Ends Its Fiscal Year on a High Note, Eyes Big ExpansionDoorDash NASDAQ: DASH executives emphasized the company’s proposed acquisition of Instacart, product investments and continued momentum in its core restaurant and new-verticals businesses during its third-quarter 2026 earnings call.
Co-founder, Chair and CEO Tony Xu said the combination with Instacart is intended to help grocers and retailers compete through improved technology, logistics and fulfillment capabilities. DoorDash expects the transaction to add delivery density, broaden product offerings and support investments in faster, more affordable grocery delivery.
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Instacart deal centers on grocery capabilities
DoorDash's Drone Certification Could Reshape Its Delivery MarginsXu said grocery delivery remains “just a fraction” of its potential because consumers are often asked to pay a premium for imperfect delivery. He highlighted inventory management as a central challenge, saying DashMart orders are nearly perfect in delivery accuracy while orders fulfilled through third-party stores are in the low 90% range.
DoorDash has sought to address that gap by holding inventory through DashMarts and managing thousands of items for retail partners including Giant Eagle and Albertsons, Xu said. However, managing inventory is a fixed-cost business where scale is important.
The Bank of Mom and Dad Is Booming—3 Stocks to Watch“The added density in the last mile network brings fulfillment efficiencies to offer faster delivery as well as lower cost throughout the system,” Xu said of the planned Instacart combination.
Xu said the combined company would bring together Instacart’s software tools for grocers’ first-party online channels with DoorDash’s first-party logistics capabilities, including DoorDash Drive. The company expects those capabilities to help retailers operate loyalty programs, maintain their own customer relationships and offer faster delivery.
DoorDash expects a positive response from grocery customers, Xu said, arguing that the combination would give retailers more tools to compete with larger companies that have invested heavily in technology, delivery and fulfillment models.
Synergies expected to exceed $500 million by year three
CFO Ravi Inukonda said DoorDash expects a multiyear path to $500 million or more in annual synergies, net of planned investments. The company expects to reinvest more than 100% of total synergies in the first year after the deal closes, make progress in year two, and deliver $500 million in incremental bottom-line synergies by year three.
Inukonda identified several potential sources of growth and efficiency:
Cross-listing merchants and categories across the DoorDash and Instacart platforms, including listing DoorDash restaurants on Instacart.
Expanded advertising opportunities as consumer packaged goods advertisers gain access to more consumers.
Cross-selling Instacart’s first-party software products to DoorDash grocers and DashMart Fulfillment Services across both platforms.
Improved Dasher and shopper density, which DoorDash expects to increase fulfillment-network efficiency.
Potential savings in sales and marketing, customer support and other operating functions.
Inukonda said the company’s goal is to reinvest some of the increased profit dollars into improving products for consumers and grocers, following a playbook DoorDash has used in its core marketplace and acquisitions including Wolt and Deliveroo.
Addressing the consideration mix for Instacart, Inukonda said Instacart wanted stock in the transaction to participate in the combined company’s potential upside. He said DoorDash still values its shares highly and that its approach to buybacks has not changed: the company expects to remain conservative and opportunistic when returns warrant repurchases.
Core marketplace growth and new-verticals progress
Inukonda said DoorDash’s restaurant business accelerated from the second quarter to the third quarter, with its sequential growth rate in the third quarter representing the fastest seen in more than five years. He also said new verticals, Wolt and Deliveroo each accelerated from the second quarter.
DoorDash’s U.S. restaurant growth has been stable for the past four years, he said, supported by product improvements, increased selection and subscription growth. Paid subscribers continue to set all-time records, according to Inukonda.
The CFO said growth is being driven by user growth and subscription growth, while customer order rates, order frequency and basket sizes have improved. He also said that DoorDash’s new-verticals portfolio is nearing gross-profit breakeven and remains on track to become gross-profit positive by the end of the year.
Executives pointed to improving behavior among grocery cohorts, including higher monthly active users, larger basket sizes and growing engagement. Inukonda said the recent addition of Costco to DoorDash’s platform was off to a strong start, while more DashPass subscribers continue to use categories beyond restaurants.
DashMart, technology platform and AI
Xu said DoorDash’s long-term DashMart vision is to build local infrastructure for last-mile delivery across cities, encompassing merchant software, new fulfillment models and logistics. He said existing grocery stores already provide much of the real estate and inventory needed, but stores were generally designed for browsing rather than delivery.
DoorDash intends to use greater network density and scale to reduce costs, expand the range of items it can manage and eventually bring more of a store’s selection to consumers quickly, Xu said. He described that effort as a sequencing process involving technology, operations and people rather than a purely digital change.
The company’s single technology-stack project is on track in both cost and timing, Inukonda said. Several modules are already live, with merchants onboarding faster and customer support beginning to improve in areas using the new system. DoorDash expects the overall re-platforming project to be completed in the first half of 2027.
Xu said the new infrastructure is designed to make future integrations and product development faster, including the potential integration of Instacart after the transaction closes.
On artificial intelligence, Xu said third-party AI agents have generated only several hundred orders in total so far. DoorDash is evaluating features that could create incremental orders through third-party assistants while continuing to build its own tools, including Ask DoorDash and Text DoorDash. He said consumers still predominantly come directly to DoorDash for everyday food ordering, while AI may be more useful for longer-consideration purchases or proactive tasks.
About DoorDash (NASDAQ:DASH)DoorDash, Inc NASDAQ: DASH operates a local commerce platform that connects consumers with restaurants, grocery stores, convenience retailers and other merchants. Through its website and mobile applications, customers can browse products, place orders for delivery or pickup, and access related services.
The company provides merchants with ordering, delivery, logistics, marketing and payment tools. Its offerings include the DoorDash Marketplace, subscription programs such as DashPass, and delivery infrastructure that merchants can use through services including DoorDash Drive.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here. This is a general announcement and marketing communication. Products and services referred to here may not be available in your region.
Fellow Binancians,
From 2026-10-30 00:00 (UTC), Binance will continue the airdrop campaign rewarding all eligible users who hold World Liberty Financial USD (USD1) on our platform. Eligible users will share rewards from a grand prize pool of 120 million World Liberty Financial (WLFI) tokens and up to 2.5 million USD1 tokens.Please note that WLFI rewards and USD1 rewards are stackable and follow different reward schedules:
WLFI rewards: Accrue during the Campaign Period between 2026-10-30 00:00 (UTC) and 2026-11-27 00:00 (UTC), distributed weekly every Friday;USD1 rewards: Eligible users must complete their qualifying deposit during the enrollment window between 2026-10-16 00:00 (UTC) and 2026-11-27 00:00 (UTC) (the enrollment window is extended), while USD1 holdings will continue to be evaluated through the applicable payout dates on 2026-12-11 and 2027-01-08.
WLFI Rewards:
To qualify for the WLFI Rewards, eligible users must hold and maintain at least 0.01 USD1 in balance (net assets), in any of the following account categories on Binance:
Spot Account;Funding Account;Margin Account (USD1 as Collateral in Cross Margin, Isolated Margin, or Portfolio Margin); USDⓈ-M Futures Account (USD1 as Collateral in USDⓈ-M Futures Accounts, Multi-Assets mode is included).
USD1 acquired through borrowing of other stablecoins will receive a haircut of 70%, after accounting for liabilities in Margin Accounts from other stablecoins, including USDT, USDC, U, RLUSD, and FDUSD.
WLFI rewards of sub-accounts will be distributed to the Spot Account of the corresponding sub-accounts.
USD1 Rewards:
In the following scenarios, on top of the WLFI rewards, USD1 holdings will receive additional USD1 rewards,
USD1 rewards are distributed only to the master account. Sub-account balances are aggregated at the master account level for calculation.
Group A: First-Time USD1 User Group B: Incremental USD1 Holding Increase vs. Prior 180 DaysEnrollmentNew USD1 deposits have to be made within the following enrollment window, to be qualified as first-time users:2026-10-16 00:00 (UTC) - 2026-11-27 00:00 (UTC)Baseline = The higher of the daily qualifying balances from the previous 180 days immediately before 2026-10-16 00:00 (UTC).If Baseline < 0.1, users are “Group A: First-Time USD1 User”. Incremental Holding Amount (X) = Average qualifying balance held from 2026-10-16 till the Payout Day minus the baseline. Baseline = The higher of the daily qualifying balances from the previous 180 days immediately before 2026-10-16 00:00 (UTC).Phase 1: 2026-10-16 00:00 (UTC) - 2026-12-11 00:00 (UTC)Payout Day on 2026-12-11 Up to 3%* APRUp to 2%* APRPhase 2: 2026-12-11 00:00 (UTC) - 2027-01-08 00:00 (UTC)Payout Day on 2027-01-08Up to 1.5%* APR(between 2026-12-11 and 2027-01-08)Up to 1%* APR(between 2026-12-11 and 2027-01-08)Individual Balance Cap Only the first 50,000 new USD1 per user will receive the USD1 rewardsAny holdings more than 50,000 USD1 will receive WLFI rewards as usual. Only the first 50,000 incremental USD1 per user will receive the USD1 rewards.Any holdings more than 50,000 USD1 will receive WLFI rewards as usual.Total Rewards Pool1.75 million USD1*750,000 USD1**Notes: The rewards are calculated on the average balance held across that phase, and paid only if the balance at the payout date is at least 50% of that average.Final rewards may be adjusted proportionally if the relevant pool is oversubscribed.
Campaign Details:
Distribution: Rewards will be airdropped directly to eligible users’ Binance Spot Accounts. Distribution Frequency: Weekly airdrops during the Campaign Period.
Reward Distribution:
Rewards start accruing from 2026-10-30 00:00 (UTC). Weekly rewards will be distributed by 18:00 (UTC) every Friday in WLFI tokens. Distribution records can be found in Distribution History.
The Weekly Reward Amount will be roughly calculated as follows:
Qualifying Balance of each day = Lowest USD1 balance captured during those hourly snapshots on each day.Weekly Rewards = (7-day average of the Qualifying Balance * Effective APR on the distribution day * 7) / 365
After each weekly distribution, the effective APR for that period will be updated in this announcement. In determining the effective APR on the distribution day, Binance will take into account a number of factors, including, without limitation:
Minimum recorded amount of Open Interest per day;Lowest balance of the snapshots each day;The daily aggregated amount of Qualifying Balances across all eligible holders of USD1;7-day average across all eligible holders of USD1
For USD1 acquired through borrowing other stablecoins:
Eligible balance in Margin Account = USD1 Balance Before Leverage + Leveraged Amount * (1 - 70%):
USD1 Balance before Leverage = MAX [USD1 Balance in Margin Account - Margin Account Liabilities of the Other Stablecoins, 0] Leveraged Amount = USD1 Balance in Margin Account - MAX [USD1 Balance in Margin Account - Margin Account Liabilities of the Other Stablecoins, 0]
Note: ”Other Stablecoins” include USDT, USDC, U, RLUSD, FDUSD.
Case examples:
User A, throughout the 7 days, holds 10,000 USD1 in Spot and 20,000 USD1 as collateral in Margin, and effective base APR is 20%, effective boosted APR is 24%, User A's rewards due to be received at the end of 7 days will be as follows:
[(10,000 * 20% * 7) / 365] + [(20,000 * 24% * 6) / 365] + [(20,000 * 20% * 1) / 365] = 128.21 USD worth of WLFIUser B borrowed 5,000 USD1 from VIP Loan or Margin (“liabilities”). Among this borrowed 5,000 USD1, 4,000 USD1 was used as collateral in Margin, the remaining 1,000 USD1 was held in their Spot Account in week 1. The effective base APR is 20%, effective boosted APR is 24%, User B’s rewards due to be received at the end of week 1 will be as follows:Qualifying Balance = 0 [(0 * 20% * 7) / 365] + [(0 * 24% * 7) / 365] = 0 USD worth of WLFIUser C had 1,000 USD1 in the Margin Account and used it as collateral to borrow 4,000 USDT through Margin (“Liabilities of the other Stablecoins”), then converted this 4,000 USDT to USD1. The user now holds 5,000 USD1 in Margin (“USD1 Balance”) in week 1. The effective base APR is 20%, effective boosted APR is 24%, User C’s rewards due to be received at the end of week 1 will be as follows:Qualifying Balance = MAX[5,000 - 4,000, 0] + {5,000 - MAX[5,000 - 4,000, 0] } * (1 - 70%) = 1,000 + (5,000 - 1,000) * (1 - 70%) = 2,200[(2,200 * 20% * 7) / 365] = 8.43 USD worth of WLFI
Important Notes:
Users’ USD1 Qualifying Balance will be calculated as net assets (assets minus liabilities). USD1 as liabilities (e.g., borrowed from VIP Loans, Margin loan, etc.) will be excluded from the Qualifying Balance for this campaign. Snapshots of user balances and total qualifying balances will be taken at any point of time each hour to get users’ hourly balances in the above mentioned account categories. The lowest USD1 balance captured during those snapshots on each day will constitute their Qualifying Balance and be used to calculate their rewardsFor example, a user’s lowest USD1 balance captured on 2026-10-31 is zero, then their qualifying balance for that day is zero. At any snapshot time, any one of users’ supported assets must be greater than 0.01 USD1 to be included in the calculation.Users are recommended to maintain their USD1 holding throughout the Campaign Period to maximize their rewards. Rewards distributed are rounded down to 2 decimal places. Please note that the distribution time is not guaranteed and may change from time to time.There is no individual cap on rewards. Users’ rewards depend on their qualifying balance relative to the total qualifying balance of all eligible users and other factors. Stay tuned for weekly reward distributions and updates on the Campaign.
Terms and Conditions:
Users may not be eligible for rewards if there are active restrictions on their accounts.WLFI token value for airdrop distribution will be based on the official Binance market closing price one day before the airdrop distribution day.Snapshots of user balances and total pool balances will be taken multiple times at any point of time each hour to get users’ hourly balances in the aforementioned account categories. The lowest USD1 balance captured during those snapshots on each day will constitute the user’s Qualifying Balance and be used to calculate their rewards.At any snapshot time, any one of users’ supported assets must be greater than 0.01 USD1 to be included in the calculation.Broker accounts are not eligible for this campaign. Binance reserves the right to periodically update the rules to accommodate changes in legal, regulatory, or other factors.Users must complete account verification (KYC) and also be from an eligible jurisdiction to participate in the campaign. Currently, users residing in the following countries or regions will not be able to participate in the USD1 campaign (notwithstanding that they may hold USD1): Åland Islands (Finland), Austria, Belgium, Bulgaria, Canada, Crimea (Ukraine – disputed territory), Croatia, Cyprus, Czech Republic, Denmark, Democratic People’s Republic of Korea, Donetsk People’s Republic, Estonia, Faroe Islands, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Guernsey, Hungary, Ireland, Isle of Man, Islamic Republic of Iran, Italy, Japan, Latvia, Lithuania, Luhansk People’s Republic, Luxembourg, Malta, Martinique, Mayotte, Netherlands, Poland, Portugal, Republic of Cuba, Réunion, Romania, Russian Federation, Saint Martin (French part), Slovakia, Slovenia, Spain, Sweden, United Kingdom, United States of America and its territories.Please note that the list of excluded countries provided here is not exhaustive and may be subject to changes due to evolving local rules, regulations, or other considerations. This list may be updated periodically to accommodate changes in legal, regulatory, or other factors.For clarity, references to “USD1” in the content above are not direct acronyms of the “United States Dollar” fiat currency unless otherwise specified.Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments.Binance reserves the right to suspend any user's Margin borrowing at any time, without prior notice, in its sole discretion, if any abnormal or suspicious activity is detected.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise.
Thank you for your support!
Binance Team
2026-10-30
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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. The APR is calculated weekly, and is expressed as an annualised percentage yield for illustrative purposes only. Each APR is not indicative of future results. The APR is likely to fluctuate week-to-week and the estimated rewards may differ from the actual rewards generated. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use, and our Risk Warning. To learn more about how to protect yourself, visit our Responsible Trading page.
Murphy Oil (MUR - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
As such, the Zacks rating upgrade for Murphy Oil is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Murphy Oil imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Murphy OilFor the fiscal year ending December 2026, this oil and gas producer is expected to earn $3.68 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Murphy Oil. Over the past three months, the Zacks Consensus Estimate for the company has increased 17.2%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Murphy Oil to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Key Takeaways Textron reported Q3 adjusted EPS of $1.76, up 13.5% year over year and 23.1% above estimates.Textron Aviation revenues jumped 14% to $1.7B, driven by higher volume and mix, including Citation jets.Textron raised its 2026 adjusted EPS guidance to $6.55-$6.65, above the consensus estimate of $6.51.
Textron Inc. (TXT - Free Report) reported third-quarter 2026 adjusted earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.43 by 23.1%. The bottom line also rose 13.5% from $1.55 in the year-ago quarter.
The company reported GAAP earnings of $1.56 per share compared with $1.31 a year ago.
TXT’s RevenuesThe company reported total revenues of $3.75 billion, which missed the Zacks Consensus Estimate of $3.76 billion by 0.2%. However, the top line increased 4.1% from the year-ago quarter’s level of $3.6 billion.
Segmental Performance of TextronTextron Aviation: Revenues from this segment increased 14% year over year to $1.7 billion. This was primarily due to higher volume and mix, largely reflecting higher Citation jet volume, partially offset by lower commercial turboprop volume.
The segment delivered 51 jets, up from 42 in the year-ago quarter. It also delivered 32 commercial turboprops, down from 39 in the third quarter of 2025.
Order backlog at the end of the reported quarter totaled $8 billion.
Bell: Revenues from this segment amounted to $933 million, down 9% from the year-ago quarter’s registered number. This was primarily attributable to a $59 million decline in military revenues, driven by lower volumes on the MV-75 program.
Bell delivered 29 commercial helicopters compared with 30 in the prior-year period.
Its order backlog at the end of the quarter totaled $7.6 billion.
Textron Systems: This segment’s revenues amounted to $360 million, up $50 million from the prior-year level.
Textron Systems’ backlog at the end of the quarter totaled $3.5 billion.
Industrial: Revenues from this segment increased $4 million to $765 million.
Finance: This segment’s revenues amounted to $13 million compared with $26 million in the year-ago quarter. The decline in revenues and segment profit was primarily attributable to $11 million in gains from the sale of non-captive assets recorded in the third quarter of 2025.
Textron’s FinancialsAs of Oct. 3, 2026, cash and cash equivalents totaled $1.61 billion compared with $1.94 billion as of Jan. 3, 2026.
Net cash from operating activities during the first nine months of 2026 amounted to $640 million compared with $629 million in the year-ago period.
Capital expenditures amounted to $102 million in the third quarter compared with $76 million in the year-ago quarter.
The long-term debt totaled $3.11 billion as of Oct. 3, 2026, compared with $3.53 billion as of Jan. 3, 2026.
TXT’s GuidanceThe company raised its 2026 adjusted earnings guidance to $6.55-$6.65 from its previous projection of $6.40-$6.60. The Zacks Consensus Estimate for earnings is pegged at $6.51 per share, which is lower than the company’s newly guided range.
TXT’s Zacks RankTextron currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Release The Boeing Company (BA - Free Report) incurred an adjusted loss of 34 cents per share in the third quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 21 cents. The reported figure improved from the year-ago quarter’s reported loss of $7.47 per share.
BA’s revenues amounted to $24.19 billion, which marginally missed the Zacks Consensus Estimate of $24.28 billion by 0.4%. However, the top line increased 3.9% from the year-ago quarter’s reported figure of $23.27 billion.
Lockheed Martin Corporation (LMT - Free Report) reported third-quarter 2026 adjusted earnings of $7.97 per share, which beat the Zacks Consensus Estimate of $7.49 by 6.4%. The bottom line increased 14.7% from the year-ago quarter's reported figure of $6.95.
LMT’s net sales were $20.71 billion, which beat the Zacks Consensus Estimate of $20.44 billion by 1.4%. The top line inched up 11.3% from $18.61 billion reported in the year-ago quarter.
Northrop Grumman Corporation (NOC - Free Report) reported third-quarter 2026 adjusted earnings of $7.89 per share, which beat the Zacks Consensus Estimate of $7.22 by 9.3%. The bottom line also increased 2.9% from the year-ago quarter’s level of $7.67.
NOC’s total sales of $11.12 billion beat the Zacks Consensus Estimate of $11.06 billion by 0.6%. The top line improved 6.7% from $10.42 billion reported in the year-ago quarter.
Key Takeaways BROS' Q2 2026 revenues rose 32% to $550.9 million, with same-shop sales up 8.3%.BROS raised its 2026 revenue guidance to $2.10-$2.13 billion and expects at least 185 new shops.WEN's U.S. same-restaurant sales fell 7%, pressured by a 12.5% traffic decline.
Competition in the restaurant industry is intensifying as brands seek to attract customers through differentiated offerings, compelling value, menu innovation and convenient experiences. Against this backdrop, Dutch Bros Inc. (BROS - Free Report) and The Wendy’s Company (WEN - Free Report) are taking different approaches to strengthening their market positions. Dutch Bros is expanding its beverage-led business and Wendy’s is working to restore traffic and improve restaurant performance.
BROS is benefiting from strong customer engagement, innovative beverages, expanded food offerings and rapid store expansion. Wendy’s, meanwhile, is focused on reinforcing the quality and value proposition, improving restaurant execution and revitalizing its brand to bring customers back. With one company pursuing an aggressive growth strategy and the other working through a turnaround, which restaurant stock offers greater investment potential?
Let’s dive deep and closely compare the fundamentals of the two stocks to determine which one is a better investment now.
The Case for BROS StockThis Oregon-based drive-thru beverage chain is benefiting from strong customer demand, menu innovation and continued expansion into new markets. In the second quarter of 2026, Dutch Bros reported revenue growth of 32% year over year to $550.9 million, while company-operated same-shop sales increased 8.3%, supported by transaction growth and the continued success of its sales initiatives. The company also delivered its eighth consecutive quarter of transaction growth, reflecting the appeal of the customizable beverages, customer-focused service and distinctive brand experience.
Dutch Bros is creating additional growth opportunities by expanding its menu, strengthening customer engagement and opening new shops. The company completed the rollout of its food program across approximately 750 system shops during the quarter, giving customers more reasons to visit during morning hours. BROS’ new Myst Energy Refreshers platform also performed strongly, prompting management to make it a permanent menu offering alongside Rebel.
Dutch Bros opened 48 shops during the quarter and has approximately 90% of the development pipeline needed to reach its target of 2,029 shops by 2029. Strong performance in newer markets, including Chicago, Atlanta, Charlotte and Tampa, further supports its national expansion strategy.
However, Dutch Bros faces cost pressures from higher coffee prices and expenses associated with its expanding shop base and food program. Management expects these factors to weigh on margins, while tougher transaction comparisons and lower effective pricing could moderate same-shop sales growth in the second half of 2026. Maintaining strong customer demand while managing these costs will be important as the company continues to expand.
Looking ahead, Dutch Bros expects to sustain growth through new shop openings, beverage innovation and initiatives that encourage more frequent customer visits. Management raised the 2026 revenue guidance to $2.10-$2.13 billion from the previous estimate of $2.05-$2.08 billion, reflecting confidence in the company’s growth trajectory. Dutch Bros also expects to open at least 185 system shops during the year. With a growing national footprint, strong customer engagement and further opportunities to expand the food and beverage offerings, the company is positioned to build on its momentum in the competitive restaurant market.
The Case for WEN StockThis Ohio-based quick-service restaurant chain is working to restore growth by strengthening its food quality, value proposition and customer experience. In the second quarter of fiscal 2026, Wendy’s global systemwide sales declined 6.5% year over year, while U.S. same-restaurant sales fell 7%, reflecting persistent traffic weakness. Despite these challenges, the company retains a recognizable brand built around fresh, never-frozen beef, made-to-order hamburgers and a broad franchise network. New leadership is now focused on using these strengths to improve restaurant performance and rebuild customer loyalty.
Wendy’s is prioritizing menu improvements, more effective marketing and a better digital experience to attract customers and strengthen its competitive position. Management plans to simplify and improve its value offerings, reinforce food quality and establish a more consistent brand message.
The company is also looking to improve drive-thru execution through better staffing, training and operating standards, while investing in technology and customer loyalty initiatives to encourage repeat visits. International expansion provides another avenue for growth, with international systemwide sales increasing 3.4% during the fiscal second quarter, supported by new restaurant development.
However, Wendy’s faces significant challenges as declining traffic weighs on sales and restaurant profitability. U.S. same-restaurant sales were pressured by a 12.5% decline in traffic, while higher commodity costs, including beef inflation and labor cost pressures, affected company-operated restaurant margins.
Management expects traffic headwinds and pressure on restaurant margins and adjusted EBITDA to persist in the second half of fiscal 2026. The company has also withdrawn the full-year financial outlook as its new leadership team develops a comprehensive turnaround plan, underscoring the uncertainty surrounding the timing of a recovery.
Looking ahead, Wendy’s is focused on restoring traffic, improving franchisee economics and returning the business to sustainable growth. Its turnaround strategy centers on strengthening menu quality and value, improving marketing, raising operational consistency, enhancing digital engagement and supporting healthier restaurant economics. While these initiatives could help the company make better use of its established brand and franchise network, meaningful improvement will depend on execution and measurable progress in customer traffic and restaurant performance.
Price Performance & Valuation of BROS & WENAs witnessed from the chart below, in the year-to-date ("YTD") period, Dutch Bros’ share price performance has underperformed Wendy’s and the Zacks Retail - Restaurants industry.
BROS vs WEN Price Performance (YTD)
Image Source: Zacks Investment Research
Considering valuation, Dutch Bros has been trading above Wendy’s on a forward 12-month price-to-earnings (P/E) ratio basis.
BROS vs WEN Valuation (P/E F12M)
Image Source: Zacks Investment Research
How Do Estimates Compare for BROS & WEN?Over the past 30 days, the Zacks Consensus Estimates for Dutch Bros 2026 EPS remained unchanged at 98 cents. The projections indicate 30.4% EPS growth on 29% revenue growth in 2026.
Dutch Bros’ EPS Estimate
Image Source: Zacks Investment Research
Conversely, Wendy’s consensus estimate for fiscal 2026 EPS increased from 49 cents to 50 cents over the past 30 days. The company is projected to report a 43.2% decline in earnings, while revenues are expected to increase 1.4%.
Wendy’s EPS Estimate
Image Source: Zacks Investment Research
WEN Emerges as the Better Restaurant Stock to BuyDutch Bros continues to demonstrate strong growth through menu innovation, customer engagement and rapid store expansion. However, Wendy’s offers a potentially attractive turnaround opportunity as management works to restore customer traffic, improve restaurant execution and strengthen its value proposition. While the timing of a recovery remains uncertain, Wendy’s established brand and ongoing turnaround initiatives provide scope for improved performance.
From an earnings perspective, Dutch Bros has stronger growth expectations, but its Zacks Rank #4 (Sell) contrasts with Wendy’s more favorable Zacks Rank #2 (Buy). Considering the relative price performance and valuation of the two stocks, Wendy’s emerges as the more compelling investment at present, provided its turnaround efforts begin to deliver tangible results.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Cipher Digital will report Q3 results on Nov. 2, with revenues expected to decline 45.5% year over year.Black Pearl's rental income may offset lower mining revenues, while Odessa remains the sole operating mine.Barber Lake's phased delivery and Stingray's construction could keep capital spending in focus for CIFR.
Cipher Digital Inc. (CIFR - Free Report) is scheduled to report third-quarter 2026 earnings on Nov. 2.
The Zacks Consensus Estimate for third-quarter revenues is currently pegged at $40.63 million, indicating a 43.34% year-over-year decline.
The consensus mark for loss is pegged at 31 cents per share, unchanged over the past 30 days. This implies a year-over-year deterioration from a loss of one cent.
Cipher Digital’s earnings beat the Zacks Consensus Estimate in one of the trailing four quarters and missed on the remaining three occasions.
Let’s see how things have shaped up for CIFR before the announcement.
Key Factors to Watch Ahead of CIFR’s Q3 ResultsCipher Digital’s third-quarter 2026 results are likely to reflect its business shifting from bitcoin mining toward leased high-performance computing (HPC) facilities. Results are likely to highlight the first rental contributions from its data centers alongside ongoing construction spending.
Black Pearl is expected to have been a key revenue driver. Initial capacity was delivered in August, two months ahead of the original schedule, and rental payments began. This income could partly offset reduced mining revenues following the site's decommissioning. Odessa remained Cipher’s only operating bitcoin mine, exposing revenues to bitcoin production and prices.
Barber Lake is likely to have generated no rental revenues in the quarter. A September agreement extended the site's contracted occupancy to 20 years but revised delivery to a phased schedule beginning in the fourth quarter. Change orders and an updated cost-sharing arrangement mean investors should watch construction spending closely amid revised tenant requirements.
At Stingray, Cipher expected foundation and steel work to begin during the third quarter. The company also began developing natural-gas lateral pipelines in September to support future on-site power generation. Both initiatives signal construction activity rather than near-term rental income, and capital expenditure and project timelines remain especially important indicators this quarter.
Profitability remains another focus. Cipher reported a $30 million adjusted EBITDA loss in the second quarter. New rent may have improved operating performance, but staffing costs, interest expense and noncash warrant-value changes could weigh on reported results. These factors are likely to have shaped the quarter's bottom line.
What Our Model Says About CIFR StockOur proven model does not conclusively predict an earnings beat for Cipher Digital this time around. Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here.
Cipher Digital currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to ConsiderHere are some companies — IREN Limited (IREN - Free Report) , Riot Platforms, Inc. (RIOT - Free Report) and Hut 8 Corp. (HUT - Free Report) — worth considering, as our model shows that they have the right combination of elements to beat on earnings in their upcoming releases:
IREN Limited currently has an Earnings ESP of +36.96% and a Zacks Rank #3. IREN is set to report first-quarter fiscal 2027 results on Nov. 5. You can see the complete list of today’s Zacks #1 Rank stocks here.
Riot Platforms currently has an Earnings ESP of +106.25% and a Zacks Rank #3. RIOT is slated to report third-quarter 2026 results on Nov. 4.
Hut 8 currently has an Earnings ESP of +11.13% and a Zacks Rank #3. Hut 8 is scheduled to report third-quarter 2026 results on Nov. 4.
Plexus Corp. (PLXS) Q4 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Shawn Harrison - Vice President of Investor Relations
Todd Kelsey - President, CEO & Director
Oliver Mihm - Executive VP & COO
David Abuhl - CFO & Senior VP
Conference Call Participants
John Patrick Malloy - Needham & Company, LLC, Research Division
Steve Barger - KeyBanc Capital Markets Inc., Research Division
Melissa Dailey Fairbanks - Raymond James & Associates, Inc., Research Division
Anja Soderstrom - Sidoti & Company, LLC
David Williams - Needham & Company, LLC, Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the Plexus Fourth Quarter 2026 and Fiscal 2026 Earnings Conference Call. [Operator Instructions]
On the call today to answer your questions after the presentation are Todd Kelsey, President and CEO; David Abuhl, CFO and Senior Vice President; and Oliver Mihm, Executive Vice President and COO. I will now hand the conference over to Shawn Harrison, VP of Investor Relations. Shawn, please go ahead.
Shawn Harrison
Vice President of Investor Relations
Good morning, and thank you for joining us today. Some of the statements made and information provided during our call today will be forward-looking statements including, without limitation, those regarding revenue, gross margin, selling and administrative expense, operating margin, other income and expense, taxes, cash cycle, capital allocation and future business outlook.
Forward-looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements. For a list of factors that could cause actual results to differ materially from those discussed, please refer to the company's periodic SEC filings, particularly the risk factors in our Form 10-K filing for the fiscal year ended September 27, 2025, and the safe harbor and fair disclosure statement in our press release.
Key Takeaways PARR's Q3 EPS is estimated at $6.57, up 10.4% year over year, despite one recent downward revision.Higher crude prices may pressure PARR's refining margins by raising feedstock costs for gasoline and diesel.Strong U.S. refinery utilization and resilient fuel demand may help offset the impact of higher crude costs.
Par Pacific Holdings Inc. (PARR - Free Report) is set to report third-quarter 2026 results on Nov. 3, after the closing bell.
In the last reported quarter, PARR reported adjusted earnings of $10.10 per share, beating the Zacks Consensus Estimate of $8.20 per share due to strong refining economics and commercial execution.
The refiner’s earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters and missed it twice, delivering an average surprise of 48.67%. This is depicted in the graph below.
Estimate Trend for PARRThe Zacks Consensus Estimate for third-quarter earnings per share (EPS) of $6.57 has seen one downward revision but no upward revision over the past seven days. The estimated figure indicates a 10.4% improvement from the prior-year reported figure.
The Zacks Consensus Estimate for revenues of $2.16 billion implies a 7.5% increase from the year-ago recorded figure.
Factors to Consider for PARR's Q3 ResultsTo understand how oil prices behaved in the September quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for July, August and September of this year were $80.46 per barrel, $83.90 per barrel and $97.31 per barrel, respectively, per EIA data. Commodity prices were $68.39 per barrel, $64.86 per barrel and $63.96 per barrel in July, August and September of 2025, respectively, according to the EIA.
A constructive oil-price backdrop, driven by the Iran war, is likely to have hurt Par Pacific’s refining business in the third quarter, since input costs to produce final products like gasoline, diesel fuel and others were higher.
However, the high utilization of refineries in the United States to meet resilient demand is likely to have largely offset the negative impacts of high input costs.
Q3 Earnings Whispers for PARR StockOur proven model does not indicate an earnings beat for PARR this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here, as you will see below.
Earnings ESP: PARR has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank: Par Pacific currently sports a Zacks Rank #1.
Stocks to ConsiderHere are some energy stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
ExxonMobil Holdings Corporation (XOM - Free Report) has an Earnings ESP of +6.03% and currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
XOM is scheduled to release third-quarter 2026 earnings on Oct. 30. The Zacks Consensus Estimate for XOM’s earnings is pegged at $3.90 per share, indicating a 107.5% improvement from the prior-year reported figure.
EOG Resources (EOG - Free Report) has an Earnings ESP of +0.79% and carries a Zacks Rank #2 at present. EOG is scheduled to release third-quarter 2026 earnings on Nov. 5.
The Zacks Consensus Estimate for EOG’s earnings is pegged at $4.45 per share, suggesting a 64.2% improvement from the prior-year reported figure.
BP plc (BP - Free Report) has an Earnings ESP of +7.13% and a Zacks Rank #1. BP is scheduled to release third-quarter 2026 earnings on Oct. 30.
The Zacks Consensus Estimate for BP’s earnings is pegged at $2.66 per share, suggesting a 212.9% increase from the prior-year reported figure.
SummaryAvnet earns a buy rating due to record Q4 sales, strong profitability gains, and attractive valuation multiples.Q4 FY26 sales surged 48% YoY to $8.3B, with adjusted EPS up 182% to $2.28, demonstrating significant operating leverage.Both the Electronic Components and Farnell segments posted margin improvements, broadening the recovery and supporting forward profit growth.AVT trades at 8.15x FY1 P/E and 6.71x FY1 EV/EBITDA, offering a margin of safety despite cash flow and cyclical demand risks. Sunshine Seeds/iStock via Getty Images
Thesis Avnet, Inc. (AVT) is one of the global electronic components distribution companies. Its operating results depend on technology manufacturers' demand, supply chain efficiency, and inventory management. In my view, the company is currently in an attractive investment position. After
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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.
Key Takeaways Pinnacle West Capital is set to report Q3 earnings on Nov. 3, with EPS expected to rise 0.29% to $3.40.
PNW's Q3 revenues are expected to rise 6.61% to $1.94 billion on demand growth.
Infrastructure investments and cost controls may aid PNW, while higher financing costs pose risks.
Pinnacle West Capital Corporation (PNW - Free Report) is scheduled to release third-quarter 2026 results on Nov. 3, before the market opens. The company delivered a negative earnings surprise of 4.03% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
PNW’s Q3 ExpectationsThe Zacks Consensus Estimate for earnings is pegged at $3.40 per share, which implies a year-over-year increase of 0.29%.
The Zacks Consensus Estimate for revenues is pinned at $1.94 billion, indicating an increase of 6.61% from the year-ago reported number.
The Zacks Consensus Estimate for total electric sales is pegged at 13,286.6 gigawatt-hours, up 2.43% from the year-ago quarter’s reported figure.
Factors Likely to Have Impacted PNW’s Q3 EarningsPinnacle West Capital’s third-quarter 2026 earnings are expected to have benefited from customer growth, increasing demand from the semiconductor industry, data center and advanced technology operations. Economic expansion across the company's service territory is expected to drive higher electricity demand and sales, supporting third-quarter results.
Pinnacle West's ongoing investments in generation, transmission and distribution infrastructure are also expected to have supported its third-quarter performance. These investments are expected to have improved operational performance, reduce outages, accommodate customer growth and expand the rate base, which is anticipated to support earnings in the upcoming quarter.
The company’s focus on cost management is expected to have helped control operating expenses. These efforts may have supported profitability and are also expected to influence third-quarter performance.
However, higher financing costs are expected to partially offset these positive factors in the third quarter.
What Our Quantitative Model Predicts for PNWOur proven model predicts an earnings beat for Pinnacle West Capital this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here, as you will see below.
Earnings ESP: The company’s Earnings ESP is +2.43%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Pinnacle West Capital carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stock to ConsiderInvestors may also consider the following player from the same industry, as it has the right combination of elements to post an earnings beat this reporting cycle.
Entergy (ETR - Free Report) is set to report third-quarter 2026 results on Nov. 2, and is likely to have come up with an earnings beat. It has an Earnings ESP of +0.92% and a Zacks Rank #3 at present.
ETR’s long-term (three to five years) earnings growth rate is 10.16%. The Zacks Consensus Estimate for third-quarter earnings per share (EPS) is pinned at $1.71, which implies a year-over-year increase of 11.76%.
Evergy (EVRG - Free Report) is scheduled to report third-quarter results 2026 on Nov. 5, and is likely to have come up with an earnings beat. It has an Earnings ESP of +2.90% and a Zacks Rank #2 at present.
EVRG’s long-term earnings growth rate is 9.07%. The Zacks Consensus Estimate for third-quarter EPS is pinned at $2.30 per share, which implies a year-over-year increase of 13.30%.
PPL Corporation (PPL - Free Report) is set to report third-quarter 2026 results on Nov. 6 and is likely to have an earnings beat. It has an Earnings ESP of +0.38% and a Zacks Rank #2 at present.
PPL’s long-term earnings growth rate is 5.26%. The Zacks Consensus Estimate for third-quarter EPS is pinned at 53 cents, which implies a year-over-year increase of 10.42%.
Key Takeaways Hyatt's Q3 adjusted EPS reached $1.27, beating estimates by 84.1%, while revenues fell 2.4%.Gross fees rose 15.2% to $327 million, while comparable system-wide hotel RevPAR increased 7.2%.Hyatt raised its 2026 RevPAR growth outlook to 5-5.5% and expects gross fee growth of 10-11%.
Hyatt Hotels Corporation (H - Free Report) reported third-quarter 2026 results, wherein earnings surpassed the Zacks Consensus Estimate, while revenues missed the same. The top line declined year over year, while adjusted earnings improved from a year-ago loss. Following the results, the company’s shares are up 1.5% in the pre-market trading session today.
Hyatt reported adjusted earnings of $1.27 per share, surpassing the consensus estimate of 69 cents by 84.1%. The company had reported an adjusted loss of 30 cents per share in the prior-year quarter. Revenues of $1,743 million missed the consensus mark of $1,772 million by 1.6% and declined 2.4% year over year. Strong gross fee growth and a 7.2% increase in comparable system-wide hotel RevPAR supported the performance.
H's Fee Business Drives GrowthGross fees increased 15.2% year over year to $327 million. Base management fees rose 10% to $117 million, supported by higher managed hotel RevPAR, strength in the United States, contributions from the Playa Hotels acquisition and new hotel openings.
Incentive management fees advanced 21.9% to $65 million, driven by contributions from the Playa Hotels acquisition and solid performance in Asia Pacific. Franchise and other fees climbed 16.8% to $145 million, benefiting from non-RevPAR fee contributions, U.S. RevPAR growth and new openings.
Net fees increased to $309 million from $249 million in the year-ago quarter. Management and franchising adjusted EBITDA rose to $270 million from $226 million.
Hyatt's RevPAR Benefits From U.S. DemandComparable system-wide hotel RevPAR increased 7.2% year over year to $154.80. Average daily rate rose 5.7% to $210.36, while occupancy improved 1.1 percentage points to 73.6%.
Luxury hotels led RevPAR growth, with leisure transient and group demand registering strong gains. Business transient RevPAR increased in the low-single-digit range. U.S. RevPAR advanced 8.2%, benefiting partly from the FIFA World Cup and the timing of Jewish holidays.
Asia Pacific, excluding Greater China, recorded RevPAR growth of 10.8%. The Americas, excluding the United States, increased 9.2%, while Europe and Greater China registered growth of 4.3% and 2.1%, respectively. Middle East and Africa RevPAR declined 0.7%.
H's All-Inclusive Resorts Face Demand PressureComparable system-wide all-inclusive resort Net Package RevPAR declined 2.5% year over year to $187.19. Occupancy decreased 4 percentage points to 69.6%, while Net Package average daily rate increased 3% to $268.87.
The decline primarily reflected softer travel demand in certain Mexican destinations, partly offset by growth in the Caribbean and Europe. Net Package RevPAR in the Americas, excluding the United States, fell 5%, while Europe recorded growth of 2.1%.
Distribution adjusted EBITDA declined to $17 million from $21 million. Temporary hotel closures in Jamaica related to Hurricane Melissa and weaker demand in Mexico weighed on segment performance.
Hyatt's Adjusted EBITDA AdvancesAdjusted EBITDA increased 6.2% year over year to $295 million. After adjusting for assets sold in 2025, the metric advanced 19%. Owned and leased adjusted EBITDA declined to $39 million from $70 million, reflecting the impact of asset dispositions.
Adjusted general and administrative expenses declined to $100 million from $103 million. Transaction and integration costs decreased to $8 million from $25 million, while depreciation and amortization expenses fell to $72 million from $83 million.
Net income attributable to Hyatt was $58 million in contrast to a loss of $49 million in the prior-year quarter. Adjusted net income reached $122 million against an adjusted loss of $29 million.
H Expands Development Pipeline and MembershipHyatt opened 3,808 rooms during the quarter. Notable openings included Hyatt Vivid Punta Cana in the Dominican Republic, Beldersoy Resort and SPA in Uzbekistan and Thompson Seville.
The company's pipeline of executed management or franchise contracts reached approximately 158,000 rooms, up 12.1% year over year. Trailing-12-month net rooms growth was 3.8%, or 3.9% excluding certain rooms associated with the Playa Hotels acquisition.
World of Hyatt membership reached approximately 72 million, representing 19% year-over-year growth.
Hyatt Raises Key 2026 Outlook RangesFor 2026, comparable system-wide hotel RevPAR growth is projected between 5% and 5.5%, up from the previous 3.5-4.5% outlook. Net rooms growth is anticipated at approximately 6%.
Gross fees are expected between $1,320 million and $1,335 million, implying growth of 10-11%. Adjusted EBITDA is projected between $1,170 million and $1,200 million, representing growth of 14-17% from the adjusted 2025 baseline.
Adjusted free cash flow is anticipated between $580 million and $630 million. Management expects Net Package RevPAR to return to growth in the fourth quarter as booking trends in Mexico improve.
H's Liquidity and Shareholder ReturnsAs of Sept. 30, 2026, Hyatt had total debt of $4.4 billion and liquidity of $1.8 billion, including $495 million in cash, cash equivalents and short-term investments.
The company repurchased shares worth $147 million during the quarter, bringing year-to-date shareholder returns to $336 million. Hyatt increased the 2026 capital returns outlook to $375-$425 million, with approximately $1.4 billion remaining under its share repurchase authorization.
H currently carries a Zacks Rank #3 (Hold).
Key PicksSome better-ranked stocks from the Zacks Consumer-Discretionary sector are Cinemark Holdings, Inc. (CNK - Free Report) , AMC Entertainment Holdings, Inc. (AMC - Free Report) and Marriott International, Inc. (MAR - Free Report) .
Cinemark presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Cinemark delivered a trailing four-quarter earnings surprise of 10.9%, on average. The stock has surged 67.9% in the year-to-date period. The Zacks Consensus Estimate for CNK’s 2026 sales and EPS implies growth of 17.7% and 155.8%, respectively, from the year-ago levels.
AMC Entertainment presently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 321.7%, on average. The stock has rallied 91.7% in the year-to-date period.
The Zacks Consensus Estimate for AMC’s 2026 sales and EPS indicates an increase of 18.8% and 91.7%, respectively, from the year-ago levels.
Marriott currently carries a Zacks Rank #3. The company delivered a trailing four-quarter earnings beat of 2.5%, on average. The stock has gained 27.1% in the year-to-date period.
The Zacks Consensus Estimate for MAR’s 2026 sales and EPS indicates growth of 6.6% and 17.2%, respectively, from the year-ago period’s levels.
SAN JOSE, Calif.--(BUSINESS WIRE)---- $CALX #calix--BOYCOM transforms their business with Calix, pairing operational excellence with differentiated experiences to drive growth and subscriber loyalty.
TL;DR: Coinbase confirmed on October 28 that Ripple USD, or RLUSD, is available to eligible users on Coinbase Prime, Coinbase Exchange and the consumer application. The market significance is competitive rather than a direct prediction for XRP.
Coinbase confirmed on October 28 that Ripple USD, or RLUSD, is available to eligible users on Coinbase Prime, Coinbase Exchange and the consumer application. The company supports deposits and withdrawals on the XRP Ledger, Base and Ethereum, while dollar-to-RLUSD conversion at one-to-one is part of the initial offering. Coinbase says availability through its Global Exchange and potential use of RLUSD as collateral will follow. Ripple also intends to supply liquidity on Base. This is a distribution expansion for a dollar-referenced token rather than the launch of a new cryptocurrency.
The event and the market response
The announcement matters because exchange access combines functions that stablecoin users frequently need separately: custody, execution and movement across supported networks. An institutional treasury holding stablecoins needs to know not merely where the token trades, but how quickly it can redeem, move and reconcile balances. Coinbase describes the integration as part of its broader effort to offer multiple dollar-denominated instruments, while Ripple pitches RLUSD toward regulated payments, settlement and institutional finance. The supported blockchain list does not mean bridges or conversions are automatically free of costs or risks.
Why the development matters to the crypto market
The market significance is competitive rather than a direct prediction for XRP. RLUSD reaching more traders could deepen stablecoin liquidity and make it more convenient to settle positions without moving back through a bank account. Yet RLUSD and XRP are distinct assets, and rising stablecoin circulation cannot automatically be converted into a price target for the ledger’s native token. The immediate metrics worth following are network-specific balances, trading depth and institutional usage, not promotional language about adoption.
Stablecoin infrastructure sits at the intersection of two financial systems. The blockchain can transfer a token at any hour, while issuers and redemption partners may still rely on banks, securities markets and regulated payment channels. The resulting service is only as dependable as its weakest link. New integrations should therefore explain supported networks, regions and customer types precisely, and be careful about promises of universal instant settlement. A robust design prioritizes transparency, clear failure procedures and the ability to reconcile every token with its intended economic value.
Stablecoins turn out to be less simple in practice than their dollar symbol suggests. A token holder needs a reserve and redemption framework, a supported blockchain, a reliable custodian or wallet and a counterparty willing to accept the particular asset. Interoperability therefore means more than putting the same name on several networks. It also means avoiding address errors, reconciling balances and giving users a usable path back to conventional money. For markets, activity in a stablecoin should be considered separately from speculation on the native token of the blockchain carrying it.
What the headline does not establish
The rollout should not be mistaken for universal availability. Regional eligibility still applies, and Coinbase explicitly marks some Global Exchange functionality for the future. The parties also have different commercial incentives: Coinbase is a distribution and trading venue, while Ripple is an issuer seeking greater usage. Stablecoin holders should check which network they are using, what fees apply and how redemption or customer protections work in their jurisdiction. A dollar peg is a product objective supported by reserves and operations, not a guarantee against every market disruption.
What to watch next
Further confirmation will come from real trading volumes, redemption reliability and whether the announced Global Exchange and collateral features go live. The most durable evidence of success would be recurring payment and treasury activity rather than a brief listing-driven increase in attention.
Ripple and Coinbase have entered into a new partnership to bring Ripple USD (RLUSD), Ripple’s stablecoin, to Coinbase’s retail and institutional platforms, expanding its presence in the U.S. market.
RLUSD debuts on Coinbase platformsEffective immediately, both retail and institutional clients can trade and manage RLUSD through Coinbase Prime, Coinbase Exchange, and the Coinbase retail app. The stablecoin is now accessible to a broad audience of users, allowing direct conversion between U.S. dollars, RLUSD, and other supported USD-denominated stablecoins at a one-to-one rate.
The integration aims to enhance liquidity and provide more options for users across Coinbase’s established trading and custody infrastructure. In addition, there are plans to enable RLUSD as collateral for crypto wallet users on Coinbase Global Exchange, further expanding its use cases.
Network and liquidity supportDeposits and withdrawals for RLUSD are now supported on the XRP Ledger, Ethereum, and Base, Coinbase’s native layer-2 network built on Ethereum. Ripple has committed to supply liquidity on Base to support this integration, offering users more flexibility in moving and utilizing their assets.
This arrangement places Ripple’s stablecoin directly within Coinbase’s execution, settlement, and digital asset custody services, targeting both everyday blockchain participants and larger institutional entities.
Mini dictionary: Base is a layer-2 blockchain solution developed by Coinbase to improve scalability and reduce transaction costs on Ethereum-based networks by offloading transactions from the main Ethereum chain.
Executive perspectives and institutional demandJack McDonald, Senior Vice President of Stablecoins at Ripple, stated that the partnership addresses the clear institutional need for compliant stablecoins, emphasizing their availability on platforms that clients trust. Brett Tejpaul, Co-CEO of Coinbase Institutional, described the listing as part of Coinbase’s broader strategy to become an “everything exchange,” providing clients with a range of assets tailored to various investment strategies in a regulated environment.
Jack McDonald explained that the collaboration between Ripple and Coinbase provides institutional clients with reliable access to compliant stablecoins through platforms they already trust for their digital asset needs.
Ripple USD, introduced in December 2024, has achieved a market capitalization exceeding $2.4 billion. The stablecoin is fully regulated and directly redeemable for U.S. dollars, being supported by reserves primarily in cash, short-term U.S. Treasuries, and other liquid cash equivalents.
Broader reach and next phase of adoptionCoinbase’s integration of RLUSD will span a diverse range of financial products, including spot trading, prime brokerage, derivatives, and applications in decentralized finance (DeFi).
Executives from both companies are scheduled to discuss the next phase of institutional stablecoin adoption at Ripple Swell, an annual industry event hosted by Ripple, taking place in New York on the same day as the announcement.
In brief
Long-term Bitcoin holders own about 4 million BTC bought between $85,000 and $118,000, mostly in 2025, according to on-chain analytics firm Glassnode.
Bloomberg Intelligence puts the average cost basis of U.S. spot Bitcoin ETF holders just under $82,000, with Bitcoin trading around $81,600.
The Federal Reserve held rates at 3.75% to 4.00% on Wednesday in a 10-2 vote, with traders putting the odds of a December hike above 70% beforehand.
Bitcoin's long-term holders are sitting on losses on about 4 million BTC bought between $85,000 and $118,000, and many may sell if the price climbs back toward that level, according to a note from on-chain analytics firm Glassnode.
Glassnode, which defines long-term holders as those holding coins for more than 155 days, said most of that block was bought in 2025. More than half of all long-term holder coins were bought above the current price, according to the note, published Wednesday ahead of the Federal Reserve's rate decision.
$85K keeps turning $BTC back. Since January, Bitcoin has closed above it on only five days, never more than three in a row. It's a truly tough level to break. More in depth analysis in our latest Week on Chain report https://t.co/xy8lE3ilt3
— glassnode (@glassnode) October 28, 2026
That block is worth about $326 billion at Bitcoin's current price of around $81,400, up 1.2% over the past 24 hours but about 35% below its all-time high of $126,080.
Glassnode said a band between $84,000 and $85,000 has turned Bitcoin back four times this year, and that the asset has closed above it on only five days since January. Bitcoin last broke above it in September, peaking at $87,100.
ETF holders are near break-even too. Glassnode puts the average price U.S. spot Bitcoin ETFs paid for their coins at $81,500. Bloomberg Intelligence ETF analyst James Seyffart estimated the figure at just under $82,000 in a tweet on Wednesday, adding that Bitcoin has hovered around that level since the end of August.
Seyffart's chart put ETF holders' average unrealized loss at about $2.63 billion as of Monday. In replies, he said the estimate tracks only fund flows, not what secondary-market buyers paid.
Rates, flows and the carry tradeThe Fed held its benchmark rate at 3.75% to 4.00% on Wednesday in a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a hike. Traders had put the odds of another quarter-point hike in December above 70% before the decision.
Tim Sun, senior researcher at HashKey, argued that a December hike had been priced in to a certain extent. "What truly constrains Bitcoin's performance," he told Decrypt, "is the persistently high U.S. Treasury yields and real interest rates, which are significantly raising the opportunity cost for investors holding risk assets."
The 10-year Treasury yield stood just under 5% at midday on Thursday, according to CNBC, down from 5.05% at Wednesday's close and a 52-week high of 5.37% on October 7.
Sun added that lower funding rates on Bitcoin perpetual futures have squeezed returns on cash-and-carry arbitrage, which pairs spot Bitcoin with short futures. Galaxy Research found that nine hedge funds and banks cut 68,000 BTC worth of spot ETF exposure as that trade dried up, while wealth platforms and sovereign funds added.
ETF flows have picked up this week. U.S. spot Bitcoin ETFs took in about $424 million from Monday to Wednesday, per SoSoValue data, after $635 million left the funds on October 22.
"Any rally above $85,000 could face selling pressure from long-term holders seeking to break even," Sun said, echoing Glassnode.
Both pointed to light selling, however. Glassnode said holders have realized smaller losses with each dip since August: at the August low, realized losses outweighed profits by about $630 million in a day, while around a dip on October 24 the largest daily net loss was about $27 million.
Myriad: How much gold to buy 1 BTC next? Click to make your prediction."The core issue facing the market right now is not panic selling, but rather insufficient new buying interest to support a sustained recovery," Sun said.
On the downside, Glassnode pointed to about $42 million in bids between $78,000 and $79,000 on Binance, and the average cost basis of newer buyers at $75,800.
Sun expects Bitcoin to keep trading between $75,000 and $85,000 in the short term until macro liquidity improves and ETFs resume continuous net inflows. Whether selling pressure near $85,000 can be absorbed "will serve as an important signal to determine whether the market can regain strength," he said.
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Standard Asset Company has announced an anticipated $1.5 billion strategy combining a Coinbase-managed Bitcoin reserve with UAE real estate investments, with a Dubai royal family member among its backers.
Summary
Standard Asset Company plans to combine Bitcoin holdings with investments in UAE real estate. Coinbase Asset Management will exclusively manage the company’s Bitcoin reserve. Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum is among its advisers and shareholders. The company’s published strategy describes phased Bitcoin purchases and managed yield. Standard Asset Company’s announcement, published by Gulf News on Oct. 27, places its headquarters in Abu Dhabi Global Market. The proposed investment portfolio covers both digital assets and property, without specifying the amount allocated to each.
Standard Asset Company appoints Coinbase to manage Bitcoin Coinbase Asset Management has been appointed exclusive manager of SAC’s Bitcoin holdings, according to the announcement.
SAC lists Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, a member of Dubai’s royal family, among its advisers and shareholders. Other participants include former White House chief of staff Mick Mulvaney, Coinbase Institutional co-CEO Brett Tejpaul and British House of Lords member Lord Iain McNicol.
“We are excited to support SAC as their exclusive Bitcoin asset manager,” Tejpaul said in the announcement.
The sheikh said returns from the digital asset strategy would support hospitality and real estate investments in the Emirates.
Bitcoin purchases are planned in phases SAC’s published strategy describes a long-term Bitcoin reserve built through phased purchases, with entry decisions based on valuation and available liquidity. Its proposed managed yield strategy seeks income while accounting for liquidity and counterparty exposure.
Retained proceeds would support further reserve purchases and selected property funding, according to the strategy description. On the real estate side, the company identifies UAE hospitality assets and branded residences as its investment focus.
The strategy describes custody arrangements, reconciliation of assets, and controls over transfers as parts of its Bitcoin oversight. SAC presents yield as an investment objective subject to market and strategy risk, without promising a return.
In its corporate disclosures, SAC identifies Standard Asset Co. as the trading name of Standard Proprietary Company Ltd., with ADGM registration number 32213. The business describes itself as a proprietary investment company managing assets for its own account.
The disclosures state that SAC is not a licensed financial services provider and does not offer investment management or financial advisory services to third parties. They specify that ADGM incorporation does not itself provide financial services authorization or regulatory approval for an investment.
Its website describes the material as information for discussion, without offering securities or recommending an investment product. No public securities offering is contemplated through the website, according to its legal disclosures, which warn that digital asset investors can lose their invested capital.
UAE banks and developers offer other crypto services As crypto.news reported on Oct. 14, Standard Chartered introduced direct cryptocurrency trading for eligible wealthy UAE clients through their existing bank accounts.
The bank’s announcement confirms that the service received licensing approval from Dubai’s Virtual Assets Regulatory Authority and initially targets Professional Investor clients. Customers use the bank’s platform without establishing separate exchange accounts or personal cryptocurrency wallets.
Developed with SC Ventures-backed Zodia Markets, the offering uses a closed-loop model in which Standard Chartered handles custody and settlement. The bank said it plans to bring the service to other markets, without naming locations or setting a launch schedule.
Before introducing direct trading, Standard Chartered offered eligible wealth clients access to cryptocurrency ETFs through its cash equities platform, along with structured products and over-the-counter derivatives, according to its release.
In September 2025, RAK Properties partnered with Hubpay to accept cryptocurrency property payments from international buyers. The arrangement supported Bitcoin, Ether, and USDT, with payments converted immediately into UAE dirhams and deposited in the developer’s accounts.
Reporting on the agreement identified Hubpay and its VARA-licensed partners as the transaction processors. The initiative targeted international purchasers, including buyers in RAK Properties’ Mina Al Arab community in Ras Al Khaimah.
Kevin Kilty, Hubpay’s chief executive, described the partnership as a way for the developer to reach global buyers through regulated payment infrastructure. RAK Properties’ chief financial officer, Rahul Jogani, said accepting digital assets would help the business engage customers already investing in cryptocurrency.
Coinbase’s US mortgage partnership uses Bitcoin collateral In the United States, Coinbase and Better Mortgage announced general availability of their Bitcoin-backed home financing product on Aug. 26. Better originates and services the loans, while Coinbase supplies infrastructure for transferring and holding the cryptocurrency collateral.
The product combines a conventional first-lien mortgage with a separate Bitcoin-secured loan that supplies the down payment. Reporting on the terms showed applicants needed Bitcoin worth at least 250% of the down payment amount.
Borrowers cannot trade or withdraw the pledged coins while Better controls the collateral. According to the published terms, daily Bitcoin price changes do not trigger margin calls, but Better can liquidate the collateral once loan payments become 60 days delinquent.
Better’s announcement made eligible Coinbase One members entitled to a lender-funded closing credit equal to 1% of their mortgage value, capped at $10,000. The offer covers qualifying standard mortgages, home equity lines of credit, and refinancing products, with Better paying the credit and recording it on the borrower’s closing disclosure.
Bitcoin rose above $80,000 following the release of the latest US inflation data, which came in line with market expectations for September. The price action unfolded as investors reacted to both macroeconomic data and ongoing uncertainty regarding US Federal Reserve policy and tensions between the US and Iran.
US inflation and Fed’s interest rate stanceThe Bureau of Economic Analysis reported that the Personal Consumption Expenditures (PCE) price index rose 0.5% in September and 3.6% compared to the same period last year. This measure, closely watched by the US central bank, rose from August’s annual reading of 3.4%.
Headline PCE inflation also climbed, matching economists’ forecasts. The core PCE index, which excludes volatile food and energy prices, increased by 0.3% on the month and 3.1% year over year. Despite aligning with predictions, these figures remained well above the Federal Reserve’s 2% target.
The Federal Reserve maintained its policy rate between 3.75% and 4.00% on October 28, citing persistent inflation and a need to review further economic indicators before making additional adjustments.
According to the latest Fed statement, two members supported a further quarter-point interest rate hike. This followed the previous 25-basis-points increase in September. While the central bank’s decision initially provided a brief boost to Bitcoin’s price, investors remain uncertain about the Fed’s next moves.
IndicatorSeptember ValueAugust ValueFed TargetHeadline PCE YoY3.6%3.4%2%Core PCE YoY3.1%3.1%2%Fed Funds Rate3.75%-4.00%3.75%-4.00%N/AVolatility in Bitcoin and liquidation eventsBitcoin’s price experienced sharp swings around the inflation release and the Fed announcement. The cryptocurrency initially climbed above $80,000, briefly made a run at $84,000 resistance, but was unable to hold above that level.
CoinGlass data recorded $342.38 million in liquidations during the day, with 83,748 traders involved. Of the total, long positions accounted for about 65% of the liquidation value.
Some analysts linked this volatility to investment flows shifting toward interest-bearing assets, which could become more attractive as rates rise.
Mini dictionary: CoinGlass is a cryptocurrency data and analytics platform that provides real-time information on derivatives liquidations, open interest, funding rates, and market sentiment for major cryptocurrencies.
Analyst perspectives and technical outlookMichaël van de Poppe, a well-known crypto market analyst, discussed Bitcoin’s inability to break strong resistance near $84,000 and pointed to a series of lower highs forming in the price charts.
Van de Poppe’s chart identified primary support and resistance levels for Bitcoin, highlighting $80,920 and $82,938 as upside targets, while $79,172, $78,416, and $76,269 were key downside zones in case of further selling.
At the time of publication, Bitcoin hovered near $80,000 but had not achieved a decisive break through resistance. The analyst emphasized that reclaiming $80,920 would be necessary for a clear bullish reversal in the short term. Without this, the technical outlook remained uncertain.
Ethereum market dynamics and whale activityEthereum was trading around $2,322, reflecting a decline of about 1.7% from the previous session and failing to maintain its recent move above $2,400.
Analyst Ali Martinez reported that large holders, often referred to as whales, reduced their Ethereum holdings by approximately 160,000 ETH, worth over $348 million, in the previous days. Martinez also observed a further 100,000 ETH increase in exchange balances, potentially raising the supply available for sale.
SoSo Value indicated that weekly outflows from Ethereum ETFs reached about $170 million as Bitcoin made its recovery attempt, suggesting shifting investor sentiment.
The technical chart provided by Martinez signaled a breakdown from an ascending broadening formation, suggesting that the next key support for Ethereum could lie just above the $2,000 level.
Traditional markets and geopolitical factorsMajor US technology stocks were also under pressure, with Alphabet’s earnings report falling short of analyst forecasts. The company reported $127.58 billion in quarterly earnings compared to expectations, and its operating income came in at $40.58 billion, below projections.
Samsung’s stock also declined after disappointing results from its semiconductor division.
Investors continued to monitor developments around potential US-Iran negotiations, though no progress toward a peace agreement had been confirmed.
Standard Asset Company opened headquarters in Abu Dhabi to run a Bitcoin plan combined with UAE real estate. Coinbase Asset Management will act as the sole manager of the firm’s Bitcoin holdings. A member of Dubai’s ruling family is listed among the company’s advisers and shareholders. The company has not said how much Bitcoin it owns or plans to buy. Standard Asset Company (SAC), a UAE proprietary investment firm that counts a member of Dubai’s ruling family among its shareholders, has appointed Coinbase Asset Management as the exclusive manager of its Bitcoin holdings. The firm announced on October 27 that it had opened its headquarters in Abu Dhabi Global Market (ADGM) to lead an anticipated $1.5 billion Bitcoin plan that pairs a BTC reserve with hotels and branded residences in the Emirates. That $1.5 billion describes the planned size of the whole platform, and SAC has published no figure for the share going into BTC.
A Dubai Royal and a Coinbase Co-CEO Hold Stakes The legal entity behind the brand is Standard Proprietary Company Ltd., founded by Sakhib Waseem, Adam Ali and Mason Borda. Waseem, who serves as managing director, and Ali both come from advisory firm Verdant Partners, while Borda founded Tokensoft, a platform companies use to issue digital tokens. According to the company, the three have advised on more than $7 billion in transactions and helped bring over $1 billion in digital asset offerings to market, numbers that describe their past work and say nothing about capital SAC controls today.
Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, a member of Dubai’s ruling family and chairman of Alpha MBM Investments, is listed as an adviser and shareholder. In the announcement he said the Coinbase arrangement would bring institutional discipline to the firm’s digital asset holdings, with returns meant to flow into UAE hospitality and property. His involvement is personal, and nothing in the release links Dubai’s government or any sovereign fund to the money behind the plan.
The same list of advisers and shareholders names Mick Mulvaney, former acting White House chief of staff, Lord Iain McNicol of the UK House of Lords, and Brett Tejpaul, co-CEO of Coinbase Institutional, who praised SAC’s model in the release. A senior executive of the manager therefore holds equity in the client, a relationship that becomes more relevant once the fees and scope of the Coinbase mandate are made public.
How Bitcoin Is Meant to Fund Hotels Coinbase Asset Management, headed by president Anthony Bassili, a former BlackRock executive, takes charge of the Bitcoin side. Company materials point to phased BTC purchases and a managed yield strategy, with retained proceeds recycled either into more Bitcoin or into property. Bitcoin produces no income simply by sitting in a wallet, so any yield has to come from putting the coins to work, typically by lending them, posting them as collateral or selling options against them. Each of those routes adds counterparty or liquidity risk, and SAC has not said which ones it plans to use. Coinbase Asset Management already has experience on this front through the Coinbase Bitcoin Yield Fund, which it launched in May 2025 for investors outside the US to earn a conservative return paid in BTC.
The real estate leg works in the opposite direction. Hotels and branded residences generate rental and operating cash flow, though they also absorb capital for maintenance, staffing and refurbishment. Corporate Bitcoin buyers have mostly financed their holdings through share sales, debt or spare operating cash. SAC is trying to attach the reserve to property that pays its own way, which in theory makes the structure less dependent on the BTC price alone.
The Figures SAC Has Not Published Question Status Bitcoin share of the $1.5B Not disclosed Current BTC holdings Not disclosed Capital fully raised Not confirmed Purchase schedule Phased, no dates Target properties None named Bitcoin manager Coinbase Asset Management Based on SAC’s announcement and website
SAC describes itself as a proprietary company investing its own capital and states that it is not a licensed financial services provider, so its ADGM address should not be read as proof that it holds an asset management licence. Waseem said in the release that ADGM’s regulatory clarity made it the natural base for the firm.
What Would Turn the Plan Into Real BTC Demand For the Bitcoin market, the announcement creates no measurable buying pressure yet, because there is no confirmed allocation or acquisition schedule to model. The first verifiable signal would be a disclosed purchase or a published holdings figure, followed by the terms of the Coinbase mandate, including whether it covers discretionary trading, lending or custody. A named hotel or residential acquisition would show whether the property side is moving at the same pace.
For Coinbase, the deal extends its asset management arm into a separately managed mandate tied to Gulf property, a different line of work from its exchange and custody business. SAC is arriving as competition for wealthy UAE clients intensifies, with Kraken’s parent Payward securing approval from Dubai’s Virtual Assets Regulatory Authority this month. SAC’s choice of Abu Dhabi over Dubai, despite its Dubai royal shareholder, also places its future disclosures under ADGM’s framework rather than VARA’s.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
Bitcoin logo (public domain, Grayliptrot) via Wikimedia Commons
The yield on the U.S. Treasury’s 7-year note reached 4.894% ahead of a significant $44 billion auction. This increase in yield comes as a critical indicator of market sentiment towards intermediate-duration U.S. government debt. The previous auction saw a high yield of 5.085% on September 24, highlighting a fluctuating demand for these securities. As yields influence broader financing conditions, their rise suggests potential shifts in economic expectations, possibly affecting other asset classes, including cryptocurrencies.
The increase in the 7-year Treasury yield is being closely monitored by market participants as it hints at a tightening monetary environment. This development may impact Bitcoin markets, which are sensitive to changes in macroeconomic indicators. Current activity shows a significant shift in sentiment towards Bitcoin’s price movements, with participants adjusting their expectations for the coming days.
Key Takeaways
The rise in the 7-year Treasury yield to 4.894% appears to suggest a tightening monetary policy environment.
Market participants are observing the yield movement as a potential indicator of economic conditions impacting Bitcoin prices.
Bitcoin markets reflect this development, with a notable shift in sentiment towards the likelihood of a price dip.
What to Watch
Watch for the outcome of the Treasury auction, as it may further influence yields and economic expectations. Additionally, any statements from the Federal Reserve regarding interest rates could provide further context for market movements. Bitcoin markets may see continued volatility if macroeconomic indicators suggest a shift in monetary policy stance.
In brief
About $11 billion in Bitcoin options, roughly 135,000 BTC and a third of Deribit's Bitcoin options open interest, expire on Friday.
Max pain, the price where option sellers pay out the least, sits at $78,000 against a market price near $81,500, and about 86% of the contracts are out of the money.
The Fed held rates at 3.75% to 4% on Wednesday in a 10-2 vote with two dissenters favoring a hike, and the 10-year Treasury yield closed at 5.05%.
About $11 billion in Bitcoin options expire on Friday on Deribit, a crypto options exchange, with Bitcoin trading near $81,500 a day after the Federal Reserve held interest rates steady while two of its officials voted to raise them.
Even people who never touch options have a stake, because the traders who sold these contracts must buy or sell real Bitcoin to hedge as the price moves, which can add to swings without any news behind them.
Myriad: Where does Bitcoin go next? Click to make your prediction.An option is a contract that gives its holder the right, but not the obligation, to buy (a call) or sell (a put) Bitcoin at a fixed price, called the strike, by a set date. Friday’s batch covers about 135,000 Bitcoin in contracts, roughly 88,700 calls and 46,500 puts, per Deribit’s data.
That equals about a third of all Bitcoin options open on the exchange and roughly 70% more than the $6.4 billion that expired in August. The put-to-call ratio, which compares bets on a drop with bets on a rally, is 0.52, so calls outnumber puts nearly two to one, which means there’s optimism in terms of price going up.
The $11 billion is notional value, the face value of the contracts at today’s price, not money changing hands. About 86% of the contracts are out of the money, meaning they would be worthless at current prices, and settling at today’s level would move roughly $130 million, about 1% of the headline figure.
Traders watch the Bitcoin options expiry day as one of the key events for their fundamental analysis. Another catalyst to consider is the Federal Reserve’s policy on rates. The Fed yesterday held firm at 3.75% to 4.00%, with expectations rising for another hike this year. Interest rates impact the whole economy as investment in risky assets and businesses would be less attractive than lending giving your money to the government through Treasuries.
Traders also watch max pain, the price at which the most contracts expire worthless and sellers pay out the least. Deribit’s open interest puts it at $78,000, about $3,500 below the market, though it describes positioning and does not predict where Bitcoin will settle. After all, this is crypto, and wild movements are not a strange occurrence.
The heaviest call bets sit at $95,000 and $100,000, about 16% and 23% above the current price, while the biggest put cluster is at $70,000, about 14% below. Friday’s expiry also saw the most trading of any Bitcoin options expiry on Deribit over the past 24 hours, with more than 6,000 contracts changing hands
Friday’s batch is smaller than the $15 billion expiry in March, but about three times the $3.6 billion expiry from April 2021.
The next test is December 25, when about 135,500 Bitcoin in options are already set to expire, roughly the same size as Friday’s and about two weeks after the Fed meets December 8-9.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Bitcoin (CRYPTO: BTC) may face downside to $76,300 as stock market weakness, macro uncertainty and U.S. midterms threaten its early bull market recovery.
Why Is $76,300 Critical For Bitcoin’s Bull Market?The DeFi Report’s in-house analyst Mike on Wednesday said that Bitcoin remains in an early bull market, identifying its 50-week EMA near $76,300 as critical support.
A drop to this level would mark a 12% correction from Bitcoin’s Oct. 4 high of $86,500, compared with two 17% corrections during the 2023 early bull market.
Mike noted that roughly 25% of Bitcoin’s supply changed hands between $78,000 and $92,000, signaling significant accumulation.
He also highlighted stronger profit absorption and fewer realized losses than in 2023, suggesting resilient holders and weakening selling pressure.
Multiple weekly closes below $76,300 could invalidate his bullish outlook.
Is a ‘Stealth Bear Market’ Threatening Crypto?Mike warned that nearly 60% of S&P 500 stocks have fallen more than 20% from their highs, while 41% are down over 30%, despite AI stocks supporting the broader index.
He described this as a “stealth bear market” but suggested the weakness could signal an approaching market bottom rather than a prolonged downturn.
The Nov. 3 midterm elections could trigger further volatility, although the S&P 500 has gained in the 12 months following each of the past 10 midterms.
While a Democratic sweep could raise policy uncertainty, increased deficit spending could strengthen Bitcoin’s long-term investment case.
Can Bitcoin and Altcoins Stage a Recovery?Mike sees improving crypto market conditions despite weak prices, noting that Bitcoin ETF holdings rose 6% between mid-August and late September before stabilizing in October.
Bitcoin’s hash rate also remains within 5% of its all-time high, signaling sustained mining activity.
Meanwhile, the share of top 50 altcoins outperforming Bitcoin has plunged from 96% to 12%, reflecting widespread weakness.
Ethereum (CRYPTO: ETH) also continues to underperform, with the ETH/BTC ratio near 0.029, down 28% from last year’s high.
Mike believes the correction could create opportunities in stronger altcoins if Bitcoin maintains its bullish structure.
Image: Shutterstock
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Investors explore Bitcoin's potential as a safe-haven asset amid AI stock volatility and shifting rate expectations.
Bitcoin clawed its way back above $81K on Thursday, recovering from an overnight plunge below $80K even as US equities cratered and Treasury yields pulled back from their recent highs.
The Nasdaq fell 1.5% as investors punished anything adjacent to artificial intelligence spending.
Google parent Alphabet saw its stock crater 12% on disappointing results. ServiceNow dropped 23% after missing forecasts. Even Microsoft, which actually beat estimates, still lost about 1%. Caterpillar fell 8% after narrowly missing revenue expectations, partly because of its exposure to data-center construction.
The 10-year Treasury yield fell seven basis points to 4.98%, dipping below the psychologically important 5% threshold. The two-year yield dropped 7.5 basis points to 4.66%. Odds of a December rate hike slipped below 80% after approaching 90% just the day before.
Into that environment, Bitcoin did something mildly surprising. Rather than tracking the Nasdaq straight down, it bounced. Some capital that fled equities appeared to rotate into crypto, providing what looked like early evidence of demand for Bitcoin during periods of market stress.
US-listed spot Bitcoin ETFs had logged three consecutive days of inflows, totaling roughly $424M, with Tuesday alone accounting for $176M. BlackRock’s iShares Bitcoin Trust (ticker IBIT) continued to dominate.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
