Market Signal Briefing

In the latest close session, DocuSign (DOCU - Free Report) was up +2.62% at $57.50. The stock outpaced the S&P 500's daily gain of 0.55%. Elsewhere, the Dow gained 0.63%, while the tech-heavy Nasdaq added 0.91%.

Heading into today, shares of the provider of electronic signature technology had lost 19.54% over the past month, lagging the Computer and Technology sector's gain of 0.04% and the S&P 500's gain of 0.71%.

The investment community will be closely monitoring the performance of DocuSign in its forthcoming earnings report. In that report, analysts expect DocuSign to post earnings of $0.95 per share. This would mark year-over-year growth of 10.47%. Our most recent consensus estimate is calling for quarterly revenue of $827.15 million, up 6.56% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.79 per share and revenue of $3.21 billion, indicating changes of +6.76% and +7.83%, respectively, compared to the previous year.

It's also important for investors to be aware of any recent modifications to analyst estimates for DocuSign. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.91% higher. DocuSign is currently a Zacks Rank #3 (Hold).

Looking at its valuation, DocuSign is holding a Forward P/E ratio of 14.8. This valuation marks a discount compared to its industry average Forward P/E of 23.12.

Also, we should mention that DOCU has a PEG ratio of 1.04. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Internet - Software industry stood at 1.39 at the close of the market yesterday.

The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 73, finds itself in the top 30% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Builders FirstSource (BLDR - Free Report) closed at $125.25 in the latest trading session, marking a -1.24% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.55%. Elsewhere, the Dow gained 0.63%, while the tech-heavy Nasdaq added 0.91%.

The stock of construction supply company has risen by 21.91% in the past month, leading the Retail-Wholesale sector's gain of 4.28% and the S&P 500's gain of 0.71%.

Analysts and investors alike will be keeping a close eye on the performance of Builders FirstSource in its upcoming earnings disclosure. The company's earnings report is set to go public on February 17, 2026. In that report, analysts expect Builders FirstSource to post earnings of $1.31 per share. This would mark a year-over-year decline of 43.29%. Our most recent consensus estimate is calling for quarterly revenue of $3.44 billion, down 9.93% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of $7.07 per share and a revenue of $15.27 billion, demonstrating changes of -38.84% and 0%, respectively, from the preceding year.

Investors should also pay attention to any latest changes in analyst estimates for Builders FirstSource. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Builders FirstSource is currently a Zacks Rank #3 (Hold).

In terms of valuation, Builders FirstSource is currently trading at a Forward P/E ratio of 20.49. Its industry sports an average Forward P/E of 15.22, so one might conclude that Builders FirstSource is trading at a premium comparatively.

It is also worth noting that BLDR currently has a PEG ratio of 15.41. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. BLDR's industry had an average PEG ratio of 8 as of yesterday's close.

The Building Products - Retail industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 199, placing it within the bottom 19% of over 250 industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

C3.ai, Inc. (AI - Free Report) ended the recent trading session at $12.97, demonstrating a +2.77% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily gain of 0.55%. On the other hand, the Dow registered a gain of 0.63%, and the technology-centric Nasdaq increased by 0.91%.

Shares of the company have depreciated by 10.11% over the course of the past month, underperforming the Computer and Technology sector's gain of 0.04%, and the S&P 500's gain of 0.71%.

Market participants will be closely following the financial results of C3.ai, Inc. in its upcoming release. The company's upcoming EPS is projected at -$0.29, signifying a 141.67% drop compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $75.82 million, showing a 23.24% drop compared to the year-ago quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$1.2 per share and a revenue of $298.63 million, representing changes of -192.68% and -23.24%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for C3.ai, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.12% increase. C3.ai, Inc. is currently a Zacks Rank #3 (Hold).

The Computers - IT Services industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 67, placing it within the top 28% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Veeva Systems (VEEV - Free Report) ended the recent trading session at $225.28, demonstrating a +2.53% change from the preceding day's closing price. The stock exceeded the S&P 500, which registered a gain of 0.55% for the day. Elsewhere, the Dow gained 0.63%, while the tech-heavy Nasdaq added 0.91%.

Prior to today's trading, shares of the provider of cloud-based software services for the life sciences industry had lost 1.53% lagged the Medical sector's gain of 0.19% and the S&P 500's gain of 0.71%.

Analysts and investors alike will be keeping a close eye on the performance of Veeva Systems in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.92, reflecting a 10.34% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $808.89 million, indicating a 12.21% increase compared to the same quarter of the previous year.

VEEV's full-year Zacks Consensus Estimates are calling for earnings of $7.93 per share and revenue of $3.16 billion. These results would represent year-over-year changes of +20.15% and +15.13%, respectively.

Investors should also note any recent changes to analyst estimates for Veeva Systems. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Right now, Veeva Systems possesses a Zacks Rank of #3 (Hold).

In terms of valuation, Veeva Systems is presently being traded at a Forward P/E ratio of 27.72. For comparison, its industry has an average Forward P/E of 27.72, which means Veeva Systems is trading at no noticeable deviation to the group.

One should further note that VEEV currently holds a PEG ratio of 1.17. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. VEEV's industry had an average PEG ratio of 2.32 as of yesterday's close.

The Medical Info Systems industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 157, finds itself in the bottom 36% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Newmont Corporation (NEM - Free Report) ended the recent trading session at $121.69, demonstrating a +2.34% change from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.55%. Elsewhere, the Dow gained 0.63%, while the tech-heavy Nasdaq added 0.91%.

Prior to today's trading, shares of the gold and copper miner had gained 13.54% outpaced the Basic Materials sector's gain of 9.86% and the S&P 500's gain of 0.71%.

The investment community will be closely monitoring the performance of Newmont Corporation in its forthcoming earnings report. The company is scheduled to release its earnings on February 19, 2026. It is anticipated that the company will report an EPS of $1.81, marking a 29.29% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $5.75 billion, showing a 1.78% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $6.34 per share and a revenue of $21.6 billion, demonstrating changes of +82.18% and 0%, respectively, from the preceding year.

It is also important to note the recent changes to analyst estimates for Newmont Corporation. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.16% higher. Right now, Newmont Corporation possesses a Zacks Rank of #3 (Hold).

Looking at its valuation, Newmont Corporation is holding a Forward P/E ratio of 15.39. This signifies a premium in comparison to the average Forward P/E of 13.23 for its industry.

Also, we should mention that NEM has a PEG ratio of 0.9. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Mining - Gold industry was having an average PEG ratio of 0.43.

The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 42, putting it in the top 18% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

First Western (MYFW - Free Report) came out with quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.47 per share. This compares to earnings of $0.28 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -27.66%. A quarter ago, it was expected that this company would post earnings of $0.38 per share when it actually produced earnings of $0.32, delivering a surprise of -15.79%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

First Western, which belongs to the Zacks Banks - Midwest industry, posted revenues of $26.66 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 3.77%. This compares to year-ago revenues of $23.37 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

First Western shares have added about 1.7% since the beginning of the year versus the S&P 500's gain of 0.4%.

What's Next for First Western?While First Western has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for First Western was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.46 on $27.4 million in revenues for the coming quarter and $2.25 on $115.4 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Midwest is currently in the bottom 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, UMB Financial (UMBF - Free Report) , has yet to report results for the quarter ended December 2025. The results are expected to be released on January 27.

This bank holding company is expected to post quarterly earnings of $2.71 per share in its upcoming report, which represents a year-over-year change of +8.8%. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level.

UMB Financial's revenues are expected to be $678.95 million, up 54.1% from the year-ago quarter.

HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on January 28, 2026 based on the Trust’s calculation of net profits generated during November 2025 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). As further described below under “Update on Estimated Asset Retirement Obligations,” based on information from PCEC, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. As further described below under “Status of the Dissolution of the Trust”, because the annual cash proceeds received by the Trust from its net profits interests (the “Net Profits Interests”) and 7.5% overriding royalty interest (the “Royalty Interest”) totaled less than $2.0 million for each of 2020 and 2021, the amended and restated trust agreement governing the Trust (the “Trust Agreement”) provides that the Trust is to be dissolved and wound-up. All financial and operational information in this press release has been provided to the Trustee by PCEC.

On October 23, 2024, a terminated employee of PCEC filed a complaint, styled Brendan Potyondy v. Pacific Coast Energy Company, LP, in the U.S. District Court for the Central District of California alleging that PCEC retaliated against him for engaging in protected whistleblowing activities in violation of federal and state laws. The plaintiff alleges that he filed certain reports with several federal and state agencies alleging violations of law by PCEC. Among the agencies plaintiff has contacted or alleges to have contacted are the U.S. Securities and Exchange Commission (“SEC”), the U.S. Department of Labor’s Occupational Safety and Health Administration (“OSHA”) the California Occupational Safety and Health Administration, the California Geologic Management Division, and the California Department of Fish and Wildlife. In his complaint to the SEC, the plaintiff alleges, among other things, that PCEC had purposefully provided false data to the Trustee and to the Trust’s independent registered public accounting firm regarding PCEC’s operations, including the calculation of its asset retirement obligations. On November 22, 2024, Mr. Potyondy filed an amended complaint, which removed all claims alleging violation of state law and all allegations of alleged reports to state agencies. On January 28, 2025, the Court granted PCEC’s motion to dismiss Mr. Potyondy’s remaining claim, but granted him until February 11, 2025 to file an amended complaint to attempt to fix the defects the Court identified in Mr. Potyondy’s complaint. On February 6, 2025, Mr. Potyondy filed his second amended complaint. PCEC moved to dismiss the amended complaint on February 18, 2025. The Court heard the motion on March 21, 2025, and on April 11, 2025, denied PCEC’s motion to dismiss in its entirety; therefore, Mr. Potyondy’s federal suit against PCEC will proceed. PCEC has indicated to the Trustee that it maintains the plaintiff’s allegations are without merit and that PCEC will defend against these allegations. On May 23, 2025, OSHA notified Mr. Potyondy that the agency was closing Mr. Potyondy’s administrative complaint because there was insufficient evidence that PCEC was aware that Mr. Potyondy had filed complaints with outside agencies or were notified of such complaints. Mr. Potyondy has appealed the dismissal of his administrative complaint, and a hearing on his appeal has been set for April 2, 2026. Meanwhile, the Trustee is in the process of independently investigating the relevant allegations made in the SEC complaint.

The Current Month’s distribution calculation for the Developed Properties reflected operating income of approximately $340,000, as revenues from the Developed Properties were approximately $1.9 million, lease operating expenses including production taxes were approximately $1.6 million, and development costs were approximately $24,000. The average realized price for the Developed Properties was $50.71 per Boe for the Current Month, as compared to $48.81 per Boe in October 2025 (the “Prior Month”). The cumulative net profits deficit for the Developed Properties increased from $11.8 million in the Prior Month to approximately $11.9 million in the Current Month, as further discussed below under “Update on Estimated Asset Retirement Obligations”.

The Current Month’s calculation included approximately $43,000 from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $50.52 per Boe for the Current Month, as compared to $48.45 per Boe for the Prior Month. The cumulative net profits deficit for the Remaining Properties decreased from $142,000 in the Prior Month to approximately $139,000 in the Current Month, as further discussed below under “Update on Estimated Asset Retirement Obligations”.

The monthly operating and services fee of approximately $116,000 payable to PCEC, together with Trust general and administrative expenses of approximately $135,000 exceeded the payment of approximately $43,000 received from PCEC with respect to the Remaining Properties, creating a shortfall of approximately $208,000.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:

Underlying Properties

Sales Volumes

Average Price

(Boe)

(Boe/day)

(per Boe)

Developed Properties (a)

38,256

1,275

$50.71

Remaining Properties (b)

12,509

417

$50.52

  (a) Crude oil sales volumes represented 99% of sales volumes

(b) Crude oil sales volumes represented 99% of sales volumes

Update on Amounts Owed to PCEC by the Trust

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the Trust Agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Although PCEC has continued to loan funds to the Trust as required under the Trust Agreement, the reduced ability to transport production from the Orcutt properties as discussed below under “Cancellation of Connection Agreement with Phillips 66”, as well as recent declines in crude oil prices, have affected PCEC’s ability to loan on a timely basis the full amount of the funds requested by the Trustee in recent periods. As of the date of this press release, PCEC has fulfilled its obligations to loan all requested funds to the Trust. Under the Trust Agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC has loaned funds to the Trust pursuant to a promissory note to pay shortfalls related to previous months and to pay this month’s shortfall of approximately $208,000.

As of the end of the Current Month, the Trust owed PCEC approximately $12.5 million (which includes the amount drawn from the letter of credit, amounts borrowed under the promissory note, and in each case, net accrued interest).

Loans made to the Trust and amounts drawn from the letter of credit, together with interest thereon, will be repaid from proceeds, if any, payable to the Trust pursuant to the Net Profits Interests and the Royalty Interest, and from any proceeds from a sale of the Trust’s assets in connection with the dissolution of the Trust. Consequently, no further distributions may be made until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full. Given the outstanding amount borrowed by the Trust to date, there may not be any net proceeds from a sale of the Trust’s assets to be distributed to the Trust unitholders.

Update on Estimated Asset Retirement Obligations

As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the recognition related to net present value of future plugging and abandonment costs that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020.

PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification (“ASC”) 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $5.1 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $288,000, net to the Trust’s interest. PCEC previously informed the Trustee that PCEC has recognized additional asset retirement obligations for the year ended December 31, 2021, in the amount of approximately $1.2 million, of which approximately $0.4 million relates to the Developed Properties, while approximately $0.8 million relates to the Remaining Properties. Net to the Trust’s interests, this represents an upward ARO revision of approximately $0.3 million and approximately $0.2 million for the Developed Properties and the Remaining Properties, respectively.

In June 2023, PCEC engaged Cornerstone Engineering, Inc. (“Cornerstone”) to perform an ARO evaluation for the West Pico and Orcutt Hill fields. Based on Cornerstone’s report, Moss Adams has provided PCEC with an updated ARO valuation that reflects an upward adjustment in the ARO values as of December 31, 2022, of approximately $13.7 million discounted to December 31, 2022, with a cumulative increase in the accretion for the first three quarters of 2023 of approximately $1.0 million net to the Trust’s interests. The adjustment in the ARO values as of December 31, 2022, and accretion was recorded as a single adjustment during September for the calculated difference between the previously recorded ARO values and the new value including accretion through September 2023. These adjustments were reflected in the net profits interest calculations for September 2023.

PCEC has informed the Trustee that in the net profits calculation for the Current Month, PCEC reflected upward adjustments in the ARO of approximately $455,000 ($364,000 net to the Trust’s 80% net profits interest) for the Developed Properties and approximately $139,000 ($35,000 net to the Trust’s 25% net profits interest) for the Remaining Properties related to accumulated accretion on the ARO. PCEC has informed the Trustee that it expects to continue to make accretion adjustments monthly going forward.

The net profits deficit for the Developed Properties increased from approximately $11.8 million to approximately $11.9 million in the Current Month, while the net profits deficit for the Remaining Properties decreased from $142,000 in the Prior Month to $139,000 in the Current Month. The net profits deficit for the Developed Properties must be recouped from proceeds otherwise payable to the Trust from the 80% Net Profits Interest. The Trust is not responsible for the payment of the deficit, which will continue to be repaid out of the proceeds from the Net Profits Interests following the sale thereof in connection with the dissolution of the Trust. Proceeds from such sale would be used to repay amounts drawn from the letter of credit and borrowed from PCEC and to pay the expenses of the Trust, including any estimated future remaining expenses, with any remaining net proceeds to be distributed to the Trust unitholders; sale proceeds will not be reflected in any monthly net profits interest calculation and therefore would not be applied to repayment of any net profits deficit in existence at the time of such sale.

Based on PCEC’s estimate of its ARO attributable to the Net Profits Interests, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.

As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020, provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all actions reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.

Status of the Dissolution of the Trust

As described in more detail in the Trust’s filings with the SEC, the Trust Agreement provides that the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and the Royalty Interest total less than $2.0 million for each of any two consecutive calendar years. Because of the cumulative net profits deficit—which PCEC contends is the result of the substantial reduction in commodity prices during 2020 due to the COVID-19 pandemic and PCEC’s deduction of estimated ARO beginning in the first quarter of 2020—the only cash proceeds the Trust has received from March 2020 has been attributable to the Royalty Interest, other than the period from August 2022 through February 2023, when the net profits deficit with respect to the Remaining Properties had been eliminated. As a result, the total proceeds received by the Trust in each of 2020 and 2021 were less than $2.0 million. Therefore, the Trust had been expected to terminate by its terms at the end of 2021.

Evergreen Arbitration

As previously disclosed in the Trust’s Current Report on Form 8-K filed on December 23, 2021, on December 8, 2021, Evergreen Capital Management LLC (“Evergreen”) filed an Amended Class Action and Shareholder Derivative Complaint alleging a derivative action on behalf of the Trust and against PCEC in the Superior Court of the State of California for the County of Los Angeles (the “Court”).

On December 10, 2021, Evergreen filed a motion for temporary restraining order and for preliminary injunction, seeking to (1) enjoin the Trustee from dissolving the Trust, (2) enjoin PCEC from dissolving the Trust, (3) direct PCEC to account for all monies withheld from the Trust on the basis of ARO costs since September 2019, and (4) direct PCEC to place such monies in escrow. On December 16, 2021, the Court granted Evergreen’s application for a temporary restraining order only to the extent of enjoining the dissolution of the Trust. Accordingly, the Trust did not dissolve at the end of 2021 and commence the process of selling its assets and winding up its affairs.

On January 11, 2022, PCEC and Evergreen filed an agreed stipulation to stay the prosecution of Evergreen’s derivative claims pending an arbitration of such claims. On January 13, 2022, the Court signed an Order dissolving the December 16, 2021, temporary restraining order and entering a new temporary restraining order to preserve the status quo until a tribunal of three arbitrators appointed pursuant to the Trust Agreement could rule on any request by Evergreen for injunctive relief. On April 11, 2022, PCEC notified the Court, at the arbitrators’ request, that the arbitration panel had issued an order on April 7, 2022, denying Evergreen’s request for injunctive relief. On April 13, 2022, Evergreen notified the Court that Evergreen had filed a motion for reconsideration with the arbitration panel that same day, which was denied on May 26, 2022. On August 30, 2022, the arbitration Panel issued a Partial Final Award dismissing with prejudice Evergreen’s derivative claims against PCEC, including Evergreen’s application for an injunction. On December 5, 2023, the California Superior Court confirmed that Partial Final Award.

On June 20, 2022, Evergreen filed an amended pleading in the arbitration, adding the Trustee as a party to that proceeding. In early September 2022, Evergreen informed the Trustee that it was going to seek a preliminary injunction while its claims against the Trustee were pending. At the request of the arbitration panel, the Trustee agreed to take no steps toward the sale of the Trust corpus until the Panel decided Evergreen’s application for a preliminary injunction. On September 12, 2022, the Trustee filed a motion to dismiss Evergreen’s claims against the Trustee. On September 22, 2022, Evergreen filed an opposition to the Trustee’s motion to dismiss. On September 15, 2022, Evergreen filed a motion to enjoin the Trustee from selling the Trust assets or dissolving the Trust during the pendency of the arbitration. The Trustee and PCEC filed a response in opposition to Evergreen’s motion on September 22, 2022. Both motions were heard by the Panel on October 24, 2022. On October 31, 2022, the Panel granted the Trustee’s motion and dismissed Evergreen’s claims against the Trustee with prejudice, which mooted Evergreen’s request for injunctive relief.

Evergreen has sought appeal of each of the judgments. Those appeals were consolidated in the Second Appellate District on November 1, 2023. On March 20, 2025, the California Court of Appeals heard oral arguments in the appeal, and on May 21, 2025, the Court of Appeals issued its decision affirming the arbitration awards that dismissed Evergreen’s claims with prejudice.

Subject to the outcome of the Trustee’s investigation of the relevant allegations in the whistleblower complaint against PCEC described above, the Trustee plans to move forward with the winding up of the Trust in accordance with the provisions of the Trust Agreement, which will include selling all of the Trust’s assets and distributing the net proceeds of the sale to the Trust unitholders after payment, or reasonable provision for payment, of all Trust liabilities, including the establishment of cash reserves in such amounts as the Trustee in its discretion deems appropriate for the purpose of making reasonable provision for all claims and obligations of the Trust, including any contingent, conditional or unmatured claims and obligations, in accordance with the Delaware Statutory Trust Act.

PCEC Arbitration

On March 31, 2023, PCEC submitted a demand for arbitration against the Trustee, as trustee of the Trust, seeking, among other things, (1) an order compelling the Trustee to commence the process of dissolving the Trust pursuant to the provisions of the Trust Agreement, (2) a declaration that the Conveyance permits the legal fees and costs that PCEC, as operator, incurred in defending the Evergreen litigation and arbitration proceedings described above to be deducted from the proceeds from the Net Profits Interests, and (3) a declaration that the Trust must repay, with interest, the legal fees and costs that PCEC paid on behalf of the Trust to defend claims against the Trustee in the Evergreen proceedings or, alternatively, that PCEC may deduct such legal fees and costs from the proceeds from the Net Profits Interests.

The hearing before the arbitration panel was concluded on August 2, 2023, and on September 28, 2023, as previously disclosed, the arbitration panel issued its Partial Final Award, in which the panel found as follows:

The Trustee is not required to immediately commence the marketing and sale of the Trust’s assets; PCEC is entitled to deduct from the net profits its own legal fees and the Trustee’s legal fees paid by PCEC in connection with the Evergreen proceedings; and PCEC is not entitled to reimbursement of such legal fees from the proceeds of the sale of the Trust’s assets. In its Final Award issued on October 24, 2023, the arbitration panel set forth its finding of fact that pursuant to the termination provisions of the Trust Agreement, the triggering event for the dissolution of the Trust occurred on January 1, 2022 and the Trust is dissolved, and that the Trustee’s remaining duties are as specified in Sections 2.02 (Purpose) and 9.03 (Disposition and Distribution of Assets and Properties) of the Trust Agreement.

In light of the arbitration panel’s finding that the Trustee is not required to immediately commence the marketing of the Trust’s assets, the Trustee has continued to work with PCEC and, until its resignation on July 11, 2025 as previously disclosed in the Trust’s Current Report on Form 8-K filed on July 17, 2025, the Trust’s independent auditor to complete the audits of the Trust’s financial statements for the years ended December 31, 2019 through December 31, 2024 and the reviews of the Trust’s quarterly financial statements for the years 2023, 2024 and 2025 and to prepare a comprehensive annual report on Form 10-K as part of the Trust’s efforts to become current in its filing obligations under the Securities Exchange Act of 1934, as amended. The Trust expects to file the comprehensive annual report with the Securities and Exchange Commission as soon as possible after completion of the audits, at which point the Trustee expects to commence the marketing and sale process; however, additional delays in the completion and filing of the comprehensive annual report will occur due to the Trustee’s search for a new independent auditor of the Trust, and as a result of the Trustee’s investigation of the relevant allegations in the whistleblower complaint against PCEC described above. In the meantime, the Trustee will continue to communicate material information to unitholders via press releases and Forms 8-K.

Meanwhile, because the Partial Final Award confirmed PCEC’s right to deduct from the net profits its own legal fees and the Trustee’s legal fees paid by PCEC in connection with the Evergreen proceedings, PCEC deducted approximately $4.0 million of PCEC legal fees (plus approximately $0.4 million in interest), or approximately $3.5 million net to the Trust’s 80% net profits interest, under the net profits interest calculations for September 2023, which reflected PCEC legal fees paid through September 30, 2023. Through the end of the Current Month, PCEC had further deducted a total of $2.1 million of PCEC legal fees, including adjustments, or approximately $1.7 million net to the Trust’s 80% net profits interest, and a total of $1.8 million of the Trustee’s legal fees paid by PCEC in connection with the Evergreen proceedings, or approximately $1.5 million net to the Trust’s 80% net profits interest. PCEC has indicated to the Trustee that PCEC continues to incur fees and expenses related to Evergreen’s appeal of its loss in the litigation and arbitration and will continue to deduct those amounts under the monthly net profits interest calculation as provided in the Conveyance, which could result in further increases to the net profits deficit for the Developed Properties.

The Trust has borrowed funds from PCEC sufficient to pay the approximately $0.9 million of legal fees of the Trustee incurred in connection with the PCEC arbitration, as well as approximately $59,000 representing the Trust’s share of the fees of the arbitration panel.

Replacement of the Trustee

As previously disclosed, at a special meeting of the unitholders of the Trust held on July 12, 2023 (the “Special Meeting”), a majority of the unitholders voted to remove The Bank of New York Mellon Trust Company, N.A. as trustee of the Trust. A successor trustee was not nominated for approval at the Special Meeting. Under Section 6.05 of the Trust Agreement, if a new trustee has not been approved within 60 days after a vote of unitholders removing a trustee, a successor trustee may be appointed by any State or Federal District Court having jurisdiction in New Castle County, Delaware, upon the application of PCEC, any Trust unitholder, or the Trustee.

On September 11, 2023, PCEC filed a petition with the Court of Chancery of the State of Delaware (the “Court”) seeking to appoint Province, LLC as successor trustee.

On September 12, 2023, unitholders Evergreen Capital Management LLC, Shipyard Capital LP, Shipyard Capital Management LLC, Cedar Creek Partners LP, Eriksen Capital Management LLC and Walter Keenan (collectively, the “Unitholder Petitioners”) jointly filed a petition with the Court seeking to appoint Barclay Leib as temporary trustee and as successor trustee as of January 1, 2024. As Section 6.05 of the Trust Agreement requires that any successor trustee must be a bank or trust company having combined capital, surplus and undivided profits of at least $100,000,000, the Unitholder Petitioners requested that the Court modify the Trust Agreement to remove that requirement. Subsequently, the Unitholder Petitioners elected not to proceed and filed a stipulated dismissal of their petition on October 17, 2023, which was signed by the Court that day.

On October 31, 2023, PCEC filed a motion for summary judgment with regard to the appointment of a successor or temporary trustee, and the Trustee filed a response in opposition to that motion on November 14, 2023. The Court denied PCEC’s motion at a hearing held on November 28, 2023. PCEC elected not to proceed at this time and filed a stipulated dismissal of its petition, without prejudice, on February 27, 2024, which was signed by the Court that day.

The Trustee is unable to predict when a successor trustee will be appointed. Until that time, the Trustee will remain as trustee of the Trust and will continue to have the rights and obligations as trustee pursuant to the Trust Agreement.

The Trust has borrowed funds from PCEC sufficient to pay the approximately $0.3 million legal fees of the Trustee incurred in connection with the proceedings initiated by the Unitholder Petitioners, as well as approximately $42,000 representing the Trust’s share of court fees.

Production Update

PCEC has informed the Trustee that PCEC continues to strategically deploy capital to maintain production within export and transportation constraints resulting from the previously disclosed termination of the Phillips 66 pipeline Connection Agreement described in greater detail below. These constraints have led to a curtailment of production at Orcutt, resulting in a decrease of 9,364 Bbls or (17%) for Orcutt in November 2025, as compared to December 2022, the last full month of production prior to the termination of the Connection Agreement.

On December 20, 2024, PCEC announced its plans to terminate oil and gas production at the West Pico Unit. To begin the termination process, PCEC indicates that it expects to submit by the end of the first quarter of 2026 an application for a modification of its conditional use permit (“CUP”) to temporarily use workover rigs to safely and efficiently plug and abandon oil wells on the site, with mandatory termination of all oil and gas operations five years from approval of the CUP modification. Termination of production at the West Pico Unit, when it occurs, will reduce revenues under the Net Profits Interests, while the expected termination could adversely affect the amount of proceeds that may be received by the Trust from the sale of the Net Profits Interests.

Cancellation of Connection Agreement with Phillips 66

As previously disclosed, PCEC has informed the Trustee that on September 22, 2022, PCEC received notice from Phillips 66 of the cancellation of the Connection Agreement between PCEC and Phillips 66 with respect to the three leases located south of Orcutt in Santa Barbara, California, effective upon completion of PCEC’s deliveries in December 2022. As a result of the cancellation, and the subsequent shutdown of the Santa Maria Refinery on January 4, 2023, PCEC no longer has a pipeline interconnection between the Orcutt properties and the Santa Maria Refinery. This pipeline was the sole means by which PCEC transported its crude oil from the Orcutt properties, which relates to approximately 86% and 91% of the production attributable to the Trust’s interests in 2021 and 2022, respectively.

The shutdown of the refinery and the pipeline has adversely affected PCEC’s financial performance, the revenues that may be payable to the Trust, and PCEC’s ability to provide loans to the Trust on a timely basis in the full amounts requested by the Trustee. PCEC previously informed the Trustee that it was able to secure a short-term contract to transport oil from the Orcutt properties commencing on January 4, 2023, albeit at reduced volumes and with a higher differential compared to the terms previously achievable through the Phillips 66 Connection Agreement. This contract was terminated at the end of June 2025, as previously disclosed, and the refinery that had taken the oil produced from the Orcutt properties has since been closed. Effective October 1, 2025, PCEC has made arrangements to sell its oil to other purchasers on a short-term basis. Unlike Phillips 66, which would use its own trucks to transport the oil from PCEC locations, the new purchasers do not have their own trucks and therefore PCEC will be required to incur additional costs for such transportation. Since early 2025, PCEC has incurred additional expenses for transportation from the Orcutt properties and has been deducting from gross profits the portion of those expenses attributable to the Trust’s interests in accordance with the terms of the Conveyance. PCEC will continue to deduct from gross profits the transportation expenses incurred under the new arrangements for the sale of oil from the Orcutt properties. In addition, unlike Phillips 66, which did not reduce the price paid to PCEC for the gravity and quality of the crude oil delivered, the purchasers under the current arrangements adjust the purchase price paid for the crude oil for the gravity, quality, and basic sand and water content of the crude oil delivered.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for the purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders, the outcome of the proceedings relating to the appointment of a successor trustee, expectations regarding the timing of the termination of oil and gas production at the West Pico Unit, uncertainties regarding transportation of oil from the Orcutt properties and the impact of an inability to transport such oil on future payments to the Trust, expectations regarding PCEC’s ability to loan funds to the Trust, expectations regarding future borrowing by the Trust and the impact such borrowing may have on any net proceeds available for distribution following a sale of the Trust’s assets, future legal fees that may be deducted under the monthly net profits interest calculation, expectations regarding the filing of the Trust’s comprehensive annual report on Form 10-K, statements regarding the expected winding down of the Trust, expectations regarding any proceeds that the Trust may receive from a sale of the Trust’s assets, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by low commodity prices, which could remain low for an extended period of time, and possibly decline further, as a result of a variety of factors that are beyond the control of the Trust and PCEC. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, reserves for anticipated future expenses, and difficulties in obtaining alternative arrangements for the transportation of oil produced from the Orcutt properties. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Trust's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K are available over the Internet at the SEC's website at http://www.sec.gov.

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Q4: 2026-01-21 Earnings SummaryEPS of $1.45 beats by $0.08

 |

Revenue of

$56.35M

(-0.21% Y/Y)

beats by $1.32M

Great Southern Bancorp, Inc. (GSBC) Q4 2025 Earnings Call January 22, 2026 3:00 PM EST

Company Participants

Joseph Turner - President, CEO & Director
Rex Copeland - Treasurer

Conference Call Participants

Damon Del Monte - Keefe, Bruyette, & Woods, Inc., Research Division
John Rodis - Janney Montgomery Scott LLC, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Great Southern Bancorp's Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, [Christina Maldonado]. Please go ahead.

Unknown Attendee

Good afternoon, and thank you for joining Great Southern Bancorp's Fourth Quarter 2025 Earnings Call. Today, we'll be discussing the company's results for the quarter and year ended December 31, 2025.

Before we begin, I'd like to remind everyone that during this call, forward-looking statements may be made regarding the company's future events and financial performance. These statements are subject to various factors that could cause actual results to differ materially from those anticipated or projected. For a list of these factors, please refer to the forward-looking statements disclosure in the fourth quarter earnings release and other public filings.

Joining me today are President and CEO, Joseph Turner; and Chief Financial Officer, Rex Copeland. I'll now turn the call over to Joe.

Joseph Turner
President, CEO & Director

Okay. Thanks, Christina, and good afternoon to everybody on the call. We appreciate you joining us today. Our fourth quarter and full year 2025 results reflect the sustained success of our core banking operations and our commitment to long-term tangible book value appreciation despite a volatile economic environment.

Throughout the year, we remain focused on preserving net interest margin, protecting credit quality, controlling noninterest expense and opportunistically repurchasing our stock. For

2026 Discover Boating Minneapolis Boat Show Innovation Award honors Barletta for first-ever pontoon stabilization technology January 22, 2026 17:25 ET  | Source: Winnebago Industries, Inc.

BRISTOL, Ind., Jan. 22, 2026 (GLOBE NEWSWIRE) -- Barletta Pontoon Boats, one of America’s fastest-growing pontoon manufacturers and a wholly owned subsidiary of Winnebago Industries (NYSE: WGO), has won a 2026 Discover Boating® Minneapolis Boat Show® Innovation Award from the National Marine Manufacturers Association (NMMA) and Boating Writers International (BWI) for introducing industry-first stabilization technology for pontoons in partnership with Seakeeper Ride™. 

As part of the Seakeeper collaboration announced earlier this week, Barletta engineered subtle updates to the aft running surface and added a dedicated mounting system — ensuring the technology performs at its best on every equipped model.

The new pontoon-specific software adjusts pitch and roll gains to provide a smoother ride and deliver banked, predictable turns similar to traditional monohulls.

“I’m so proud of the Barletta team for their work on integrating stabilization technology into our lineup with Seakeeper,” said Jeff Haradine, president of Barletta Boats. “Thank you to the Minneapolis Boat Show, NMMA and BWI for this recognition. Winning our fifth Innovation Award represents another meaningful step in our mission to elevate the on-water experience.”

Previously, Barletta Boats was recognized with Innovation Awards for their industry leading interior design and customer-centric floorplans, an industry-first, center-mounted twin engine that enhances performance and safety, and a unique helm design with addressable lighting.

Barletta is committed to redefining the pontoon segment with pioneering, family-focused marine products, and the brand’s latest innovation is the next step in this journey. This marks Barletta’s fifth Innovation Award since its founding nine years ago, making Barletta the first manufacturer to win the award four years in a row.

Seakeeper Ride™ technology will be available on the Lusso 23 and 25 models, with plans to add more models in the future.

To see the award-winning model at the Minneapolis Boat Show, please visit the Erickson Marine booth #1702.

About Barletta Boats
Barletta Boats is a premium marine manufacturer founded in 2017 with a focus on high-quality, innovative products, unrivaled customer experience and strong dealer relationships. Headquartered in Bristol, Ind., Barletta Boats is one of the fastest-growing companies in the pontoon segment with an expansive network of dealer partners across the United States and Canada. The Barletta Boat lineup includes the Reserve, Lusso, Corsa, Cabrio Aria and Sanza series. Visit www.barlettapontoonboats.com for more information. Barletta Pontoon Boats is a wholly owned subsidiary of Winnebago Industries (NYSE: WGO), a manufacturer of premium outdoor recreation products. For more information visit www.winnebagoind.com.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of premium outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta Boat brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota, and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Media contact: Katlyn Beniek [email protected]

Key Takeaways Intel shares slid in extended trading Thursday after the chipmaker's outlook missed analysts' projections. Executives warned supplies could hit a low this quarter.  Intel wants to sell more products. Can it keep up?

Shares of the chipmaker slid late Thursday after Intel's (INTC) outlook missed analysts' projections. Executives in a statement warned that supplies could hit a low in the current quarter. 

"We expect our available supply to be at its lowest level in Q1 before improving in Q2 and beyond," CFO David Zinsner said in an evening statement, as the company contends with industry-wide supply shortages.

Why This Matters to Investors Intel's weaker-than-expected outlook could dampen enthusiasm for the shares, which have soared in recent weeks amid growing optimism about demand for the company's AI products and ability to win new customers.

Intel has lately warned of supply issues, but investors reacted particularly strongly to the company's description of its effect on its near-term outlook—perhaps indicating valuation concerns given the shares' recent runup. The stock, which edged higher during the regular session, was recently off more than 6% in late action, indicating a return to prices that would reflect a cooling of its red-hot early 2026.

Intel said it expects breakeven adjusted earnings in the first quarter on revenue of $11.7 billion to $12.7 billion, below analysts' projections as compiled by Visible Alpha.

For the fourth quarter, Intel reported adjusted earnings of 15 cents per share on revenue of $13.67 billion, above analysts' estimates.

CEO Lip-Bu Tan said the results showed progress in the company's "journey to build a new Intel," as it looks to "capitalize on the vast opportunity AI presents across all of our businesses."

Shares of Intel had surged in the weeks leading up to the release. They were up nearly 50% for January so far through Thursday's close amid growing optimism about Intel's AI sales.

Do you have a news tip for Investopedia reporters? Please email us at

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, /PRNewswire/ -- BancFirst Corporation (NASDAQ GS:BANF) reported net income of $59.5 million, or $1.75 per diluted share, for the fourth quarter of 2025 compared to net income of $56.5 million, or $1.68 per diluted share, for the fourth quarter of 2024. 

The Company's net interest income for the three-months ended December 31, 2025 increased to $127.7 million in comparison to $115.9 million for the same period in 2024. Higher loan volume and growth in other earning assets were the primary drivers of the change in net interest income. A contributor to the increase in net interest income was also the Company's November 2025 acquisition of American Bank of Oklahoma. Net interest margin improved slightly to 3.71% for the fourth quarter of 2025 from 3.68% for the fourth quarter of 2024. The Company recorded a reversal of provision for credit losses on loans of $2.0 million in the three months ending December 31, 2025 compared to a reversal of $1.4 million for the same period in 2024.

Noninterest income for the quarter totaled $53.3 million compared to $47.0 million last year. The increase in noninterest income was primarily due to a gain on the sale of Visa B-1 stock of $4.5 million. In addition, trust revenue, treasury income, sweep fees and securities transactions each increased when compared to fourth quarter last year.

Noninterest expense grew to $107.4 million for the quarter-ended December 31, 2025 compared to $92.3 million in the same quarter in 2024. The increase in noninterest expense was primarily driven by an increase in net expense from other real estate owned of $5.6 million which largely consisted of an increase in write-downs of other real estate of $4.1 million and other real estate expense of $1.4 million. Also contributing to noninterest expense was growth in salaries and employee benefits of $4.2 million, occupancy expense of $1 million and other noninterest expense of $3.2 million. American Bank of Oklahoma contributed $1.6 million of noninterest expense for the quarter.

At December 31, 2025, the Company's total assets were $14.8 billion, an increase of $1.3 billion from December 31, 2024. Loans grew $511.4 million from December 31, 2024, totaling $8.5 billion at December 31, 2025. Deposits totaled $12.7 billion, an increase of $951.8 million from year-end 2024. Off-balance sheet sweep accounts totaled $4.9 billion at December 31, 2025, down $262.6 million from December 31, 2024. The Company's total stockholders' equity totaled $1.9 billion at December 31, 2025.

Asset quality was strong through the quarter. Nonaccrual loans of $61.1 million represented 0.72% of total loans at December 31, 2025, relatively unchanged from $58.0 million or 0.72% of total loans at year-end 2024. The allowance for credit losses to total loans was 1.22% at December 31, 2025, down slightly from 1.24% at December 31, 2024. Net charge-offs were $1.6 million for the quarter, compared to $985,000 for the fourth quarter last year.

On November 17, 2025, the Company acquired American Bank of Oklahoma ("ABOK"), for aggregate consideration totaling $33 million. ABOK is a community bank headquartered in Collinsville, Oklahoma with six banking locations in Oklahoma. Upon acquisition, ABOK had approximately $413 million in total assets, $244 million in loans and $341 million in deposits. ABOK will continue to operate under its present name until it is merged into BancFirst, which is expected to be in the first quarter of 2026.

BancFirst Corporation CEO David Harlow commented, "The Company reported record net income and record earnings per share for the fifth consecutive year.  Loan growth, a stable net interest margin and solid growth in most all non-interest income categories contributed positively to the year's results. We closed on our previously announced acquisition of American Bank of Oklahoma in the quarter adding the Tulsa MSA communities of Collinsville and Skiatook to the 58 communities across the state that BancFirst serves. Our DFW banks Pegasus and Worthington continue to perform well with growth rates exceeding those of the company as a whole. Asset quality remains solid and charge-offs were in line at historical levels. Our outlook on the economy remains mixed and thus we continue to maintain a healthy allowance for credit losses as a percentage of loans."

BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates four subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 105 banking locations serving 58 communities across Oklahoma, Pegasus Bank, a Texas state-chartered bank with three banking locations in the Dallas Metroplex area, Worthington Bank, a Texas state-chartered bank with three locations in the Fort Worth Metroplex area, one location in Arlington Texas and one location in Denton Texas and American Bank of Oklahoma with six banking locations in Oklahoma. More information can be found at www.bancfirst.bank.

The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management's current expectations or forecasts of future events.  The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time.  Actual results may differ materially from forward-looking statements.

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

2025

2025

2025

2025

2024

4th Qtr  

3rd Qtr  

2nd Qtr  

1st Qtr  

4th Qtr  

 Condensed Income Statements:  

 Net interest income  

$                  127,667

$                  125,615

$                  121,256

$                  115,949

$                  115,917

 Provision for credit losses on loans 

(1,975)

4,222

1,239

1,461

(1,400)

 Provision for off-balance sheet credit exposures

234

216

148

125

-

 Noninterest income:

Trust revenue

5,933

5,850

5,795

5,539

5,551

Service charges on deposits

18,393

18,131

17,741

16,804

18,133

Securities transactions

964

492

(740)

(333)

355

Sales of loans

781

916

830

636

731

Insurance commissions

7,643

8,954

7,920

10,410

7,914

Cash management

10,120

10,338

10,573

10,051

9,221

Other

9,499

5,185

5,929

5,787

5,114

Total noninterest income  

53,333

49,866

48,048

48,894

47,019

 Noninterest expense:

Salaries and employee benefits

58,570

57,681

55,147

54,593

54,327

Occupancy expense, net

6,946

6,434

6,037

5,753

5,977

Depreciation

4,872

4,725

4,691

4,808

4,593

Amortization of intangible assets

836

862

862

886

887

Data processing services

3,041

2,901

2,985

2,892

2,726

Net expense from other real estate owned

12,044

2,778

2,941

2,658

6,446

Marketing and business promotion

3,121

2,126

2,325

2,461

2,719

Deposit insurance

1,692

1,736

1,675

1,725

1,653

Other

16,268

12,829

11,536

16,403

13,007

   Total noninterest expense  

107,390

92,072

88,199

92,179

92,335

 Income before income taxes  

75,351

78,971

79,718

71,078

72,001

 Income tax expense  

15,854

16,317

17,371

14,966

15,525

 Net income  

$                    59,497

$                    62,654

$                    62,347

$                    56,112

$                    56,476

 Per Common Share Data:  

 Net income-basic  

$                        1.78

$                        1.88

$                        1.87

$                        1.69

$                        1.71

 Net income-diluted  

1.75

1.85

1.85

1.66

1.68

 Cash dividends declared

0.49

0.49

0.46

0.46

0.46

 Common shares outstanding  

33,539,032

33,329,247

33,272,131

33,241,564

33,216,519

 Average common shares outstanding - 

   Basic 

33,423,922

33,310,290

33,255,015

33,232,788

33,172,530

   Diluted 

33,906,434

33,864,129

33,795,243

33,768,873

33,750,993

 Performance Ratios:  

 Return on average assets

1.60 %

1.76 %

1.79 %

1.66 %

1.67 %

 Return on average stockholders' equity

13.02

14.18

14.74

13.85

14.04

 Net interest margin  

3.71

3.79

3.75

3.70

3.68

 Efficiency ratio  

59.33

52.47

52.10

55.92

56.67

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

2025

2025

2025

2025

2024

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr  

4th Qtr

Balance Sheet Data:

Total assets 

$ 14,838,893

$ 14,198,140

$ 14,045,780

$ 14,038,055

$ 13,554,314

Interest-bearing deposits with banks

4,177,406

3,849,736

3,737,763

3,706,328

3,315,932

Debt securities 

924,948

1,015,941

1,104,604

1,167,441

1,211,754

Total loans 

8,544,634

8,287,167

8,124,497

8,102,810

8,033,183

Allowance for credit losses 

(104,299)

(99,511)

(96,988)

(100,455)

(99,497)

Noninterest-bearing demand deposits

3,897,613

3,816,389

3,967,626

4,027,797

3,907,060

Money market and interest-bearing checking deposits

5,610,882

5,393,791

5,301,439

5,393,995

5,231,327

Savings deposits

1,318,062

1,251,394

1,205,602

1,174,685

1,110,020

Time deposits

1,843,836

1,656,813

1,581,525

1,530,273

1,470,139

Total deposits 

12,670,393

12,118,387

12,056,192

12,126,750

11,718,546

Stockholders' equity 

1,854,125

1,782,801

1,728,038

1,672,827

1,621,187

Book value per common share 

55.28

53.49

51.94

50.32

48.81

Tangible book value per common share (non-GAAP)(1) 

49.20

47.71

46.12

44.47

42.92

Balance Sheet Ratios: 

Average loans to deposits 

66.43 %

67.32 %

67.11 %

68.08 %

69.63 %

Average earning assets to total assets 

93.00

93.00

92.97

93.10

93.14

Average stockholders' equity to average assets 

12.33

12.38

12.14

12.00

11.87

Asset Quality Data:

Past due loans

$          7,506

$          7,959

$          7,515

$          5,120

$          7,739

Nonaccrual loans (3)

61,130

57,266

49,878

56,371

57,984

Other real estate owned and repossessed assets

49,116

53,233

53,022

35,542

33,665

Nonaccrual loans to total loans

0.72 %

0.69 %

0.61 %

0.70 %

0.72 %

Allowance to total loans

1.22

1.20

1.19

1.24

1.24

Allowance to nonaccrual loans

170.62

173.77

194.45

178.20

171.59

Net charge-offs to average loans

0.02

0.02

0.05

0.01

0.01

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):

Stockholders' equity 

$   1,854,125

$   1,782,801

$   1,728,038

$   1,672,827

$   1,621,187

Less goodwill

182,739

182,263

182,263

182,263

182,263

Less intangible assets, net

21,357

10,548

11,410

12,272

13,158

Tangible stockholders' equity (non-GAAP)

$   1,650,029

$   1,589,990

$   1,534,365

$   1,478,292

$   1,425,766

Common shares outstanding

33,539,032

33,329,247

33,272,131

33,241,564

33,216,519

Tangible book value per common share (non-GAAP) 

$          49.20

$          47.71

$          46.12

$          44.47

$          42.92

(1)  Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table.

(2)  Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP
financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company.
This measure should not be considered a substitute for operating results determined in accordance with GAAP. 

(3)  Government Agencies guarantee approximately $10.6 million of nonaccrual loans at December 31, 2025.

BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)

Twelve months ended

December 31,

2025

2024

 Condensed Income Statements:  

 Net interest income  

$       490,487

$       446,874

 Provision for credit losses on loans 

4,947

9,004

 Provision for off-balance sheet credit exposures

723

-

 Noninterest income:

Trust revenue

23,117

21,801

Service charges on deposits

71,069

69,564

Securities transactions

383

97

Sales of loans

3,163

2,676

Insurance commissions

34,927

33,428

Cash management

41,082

36,210

Other

26,400

20,799

Total noninterest income  

200,141

184,575

 Noninterest expense:

Salaries and employee benefits

225,991

211,998

Occupancy expense, net

25,170

22,192

Depreciation

19,096

18,135

Amortization of intangible assets

3,446

3,546

Data processing services

11,819

10,758

Net expense from other real estate owned

20,421

13,055

Marketing and business promotion

10,033

9,389

Deposit insurance

6,828

6,350

Other

57,036

51,741

Total noninterest expense  

379,840

347,164

 Income before income taxes  

305,118

275,281

 Income tax expense  

64,508

58,927

 Net income  

$       240,610

$       216,354

 Per Common Share Data:  

 Net income-basic  

$             7.22

$             6.55

 Net income-diluted  

7.11

6.44

 Cash dividends declared

1.90

1.78

 Common shares outstanding  

33,539,032

33,216,519

 Average common shares outstanding - 

   Basic 

33,306,040

33,055,152

   Diluted 

33,837,333

33,617,015

 Performance Ratios:  

 Return on average assets

1.70 %

1.68 %

 Return on average stockholders' equity

13.93

14.23

 Net interest margin  

3.74

3.73

 Efficiency ratio  

55.00

54.98

BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)

Three Months Ended

Twelve Months Ended

December 31, 2025

December 31, 2025

Interest

Average

Interest

Average

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

ASSETS

Earning assets:

  Loans

$        8,361,327

$           145,747

6.92

%

$    8,161,998

$  566,155

6.94

%

  Securities – taxable

990,344

6,269

2.51

1,096,087

26,676

2.43

  Securities – tax exempt

4,523

48

4.17

2,523

103

4.07

  Interest bearing deposits with banks and FFS

4,324,507

43,050

3.95

3,887,286

168,067

4.32

     Total earning assets

13,680,701

195,114

5.66

13,147,894

761,001

5.79

Nonearning assets:

  Cash and due from banks

219,243

212,530

  Interest receivable and other assets

913,585

873,924

  Allowance for credit losses

(102,881)

(99,488)

     Total nonearning assets

1,029,947

986,966

     Total assets

$      14,710,648

$  14,134,860

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest bearing liabilities:

Money market and interest-bearing checking deposits

$        5,529,879

$             39,587

2.84

%

$    5,385,919

$  162,133

3.01

%

  Savings deposits

1,283,474

9,156

2.83

1,209,949

37,193

3.07

  Time deposits

1,745,324

17,342

3.94

1,609,022

65,986

4.10

  Short-term borrowings

13,327

131

3.91

7,046

289

4.10

  Long-term borrowings

9,750

44

1.79

2,458

44

1.79

  Subordinated debt

86,206

1,031

4.74

86,184

4,122

4.78

     Total interest bearing liabilities

8,667,960

67,291

3.08

8,300,578

269,767

3.25

Interest free funds:

  Noninterest bearing deposits

4,027,236

3,937,258

  Interest payable and other liabilities

202,158

170,203

  Stockholders' equity

1,813,294

1,726,821

     Total interest free  funds

6,042,688

5,834,282

     Total liabilities and stockholders' equity

$      14,710,648

$  14,134,860

Net interest income

$           127,823

$  491,234

Net interest spread

2.58

%

2.54

%

Effect of interest free funds

1.13

%

1.20

%

Net interest margin

3.71

%

3.74

%

SOURCE BancFirst

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HomeIndustriesClothing/TextilesThe incident occurred in November and swept up 72 million email addresses, according to a website that tracks data breachesPublished: Jan. 22, 2026 at 5:32 p.m. ET

Athleisure-wear maker Under Armour is looking into a possible cyberattack that may have compromised data for millions of users — although no evidence has emerged yet of stolen financial data or passwords, according to reports.

According to the website Have I Been Pwned, which tracks data breaches and users affected by them, the incident occurred in November, sweeping up 72 million email addresses. Information related to names, birthdates, gender, geographic locations and some purchase details may have also been compromised.

About the Author

Bill Peters is a Los Angeles-based MarketWatch reporter who covers earnings.

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

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

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

SANTA ANA, Calif., Jan. 22, 2026 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI) will hold a conference call on Wednesday, February 4, 2026, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss its fourth quarter and fiscal year 2025 performance, hosted by President & CEO, Edwin Roks, and Executive Vice President & CFO, Dan Boehle.

Access to the conference call will be available by clicking on the registration link TTM Technologies, Inc. Fourth Quarter 2025 Conference Call. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at any time up to the start of the conference call. The conference call will also be simulcast on the company’s website for those who would like to view the live webcast, and this can be accessed by clicking on the link TTM Technologies Fourth Quarter 2025 Webcast. The webcast will remain accessible for one week following the live event.

TTM Technologies, Inc. will release its fourth quarter and fiscal year 2025 financial results after the market closes on Wednesday, February 4, 2026.

About TTM Technologies
TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced printed circuit boards (“PCB”s). TTM stands for time-to-market, representing how TTM's time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Contact:
Sean K.F. Hannan,
Vice President, Investor Relations
[email protected]
+1 339 466 7737

Tesla CEO Elon Musk said Thursday the company is planning to make its Optimus robots available for sale to the public by the end of 2027.

Musk spoke at the World Economic Forum in Davos, Switzerland, and was asked during a discussion with BlackRock CEO and interim WEF co-chair Larry Fink about when Tesla's Optimus robots will be deployed widely in manufacturing settings.

"Humanoid robotics will advance very quickly. We do have some of the Tesla Optimus robots doing simple tasks in the factory," Musk said. "Probably later this year, by the end of this year, I think they'll be doing more complex tasks and still deployed in an industrial environment."

"By the end of next year, I think we'll be selling humanoid robots to the public. That's when we're confident that it's very high reliability, very high safety, and the range of functionality is also very high. You can basically ask it to do anything you'd like," Musk said.

ELON MUSK'S NET WORTH SOARES, NOW MORE THAN DOUBLE HIS CLOSEST RIVAL'S AS TESLA STOCK CONTINUES TO SURGE

Tesla's Optimus robot is expected to be on sale to the public by the end of next year, Elon Musk said. (Sjoerd van der Wal/Getty Images)

Musk has said that humanoid robots will eventually outnumber humans, explaining that "I think everyone on earth is going to have one and want one."

"Who wouldn't want a robot to, assuming it's very safe, watch over your kids, take care of your pets. If you have elderly parents – a lot of friends of mine have said that for elderly parents, it's very difficult to take care of them," Musk said, noting that elder care can be costly to find due to there being relatively fewer younger workers.

ELON MUSK'S TESLA FACES FRESH CRITICISM FROM 'BIG SHORT' INVESTOR MICHAEL BURRY

Musk sees a future with billions of humanoid robots in use around the world. (Stefani Reynolds/Bloomberg via Getty Images)

On Tuesday, Musk responded to a post on his X social media platform about the production of Cybercab and noted that there remain challenges in ramping up production for Tesla's upcoming robotaxi offering as well as for its Optimus robots.

Musk said it's an "important caveat that initial production is always very slow and follows an S-curve. The speed of the production ramp is inversely proportionate to how many new parts and steps there are." 

"For Cybercab and Optimus, almost everything is new, so the early production rate will be agonizingly slow, but eventually end up being insanely fast," the Tesla CEO said.

TESLA SHAREHOLDERS APPROVE MUSK'S $1T PAY PACKAGE

Ticker Security Last Change Change % TSLA TESLA INC. 449.36 +17.92 +4.15% Industry experts and executives have said that scaling humanoid robots is technically complex, in part because of a lack of data needed to train the AI models that underpin robot behavior.

"For Optimus, what they (the market) need is credible evidence of scalable manufacturing, a regulatory path, and unit economists if possible," said Mahoney Asset Management CEO Ken Mahoney, whose firm is a Tesla shareholder.

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Reuters contributed to this report.

BitGo has made history by becoming the first crypto firm to go public in 2026, a landmark moment in the digital asset industry. 

This comes as the crypto market has shown a modest rise in the last 24 hours, with Bitcoin price hovering around $89,000 and ETH, SOL, ADA, and XRP seeing slight surges. 

Within this market trend, the first significant public offering (IPO) of BitGo has been of great interest and, as such, the company has been positioned to play a large role in the crypto world.

Meanwhile, Circle, the issuer of the USDC stablecoin, has already made progress ever since its initial release in the market in June 2025.

BitGo Makes History as First Crypto Firm to Go Public in 2026 BitGo Holdings officially launched its IPO on January 22, 2026, trading on the New York Stock Exchange (NYSE) under the ticker BTGO. 

The company offered its stocks at a price of $18 per share, collecting nearly $213 million and launching its IPO with a valuation of about $2.08 billion. The share started well at 25% and reflects a strong investor interest.

BitGo was established in 2013 in Palo Alto, California, and it is a company that focuses on providing institutional-level crypto custody services.

Today on NYSE Live | It’s @Bitgo‘s IPO! $BTGO

From fresh growth plans to why now is the perfect moment to list on the NYSE, @BitGo leaders break down the new opportunities ahead as the company goes public! https://t.co/qu6XelYku0

— NYSE 🏛 (@NYSE) January 22, 2026

The company is one of the biggest crypto custodians in the industry, with over 1,550 digital assets and more than 104 billion assets under custody.

The IPO of BitGo is the first of this kind in 2026 and indicates the increased attention to the crypto-related investment even in the volatile market.

Circle Internet Group Sees 2% Dip Despite Recent Gains  in Stock Over the past 24 hours, Circle saw a 2% dip, with its stock price settling at $71.20, even as BitGo experienced a surge. This recent decline notwithstanding, there are signs of recovery in Circle. 

This is a positive trend since the stock has risen by approximately 10% during the past week and almost 20% during the past month.

The company has, however, experienced a lot of volatility. During the last three months, the stock of Circle has been decreasing by approximately 30%, which is an indication of the uncertainty in the market. 

This variation is contributed to a lot by the dependency of the company on the economy of its steadycoin issuance, which is closely linked with the market situations.

BitGo’s Potential to Outperform Circle BitGo has significant potential to outperform Circle in the evolving digital asset space. BitGo has a definite chance to take over the market with its heavy emphasis on institutional custody and secure storage of cryptocurrencies.

Its services, which comprise wallet solutions, staking, and regulated infrastructure to businesses meet the increasing demand for secure and compliant crypto services. 

Its financial strength is secured by the recent IPO, which has raised over 212 million dollars and valued the company at approximately 2 billion.

In contrast to Circle, which makes almost all its profit based on interest on USDC deposits, BitGo depends on the payment of services to institutional clients to generate revenue. 

The approach will enable BitGo to lessen its dependence on the fluctuating asset prices and will provide a more stable and safe growth path.

Frequently Asked Questions (FAQs) BitGo focuses on secure custody and institutional services, while Circle’s revenue is tied to the performance of its stablecoin, USDC.

BitGo’s stable business model based on service fees and institutional custody positions it for long-term growth in the digital asset space.

Bitcoin’s advance toward $90,000 stalled as a wave of coins flowed to exchanges, while on-chain data showed holders slipping into net realized losses for the first time since October 2023.

At the same time, spot market signals have brightened, creating a mixed setup in which rising supply meets tentative demand, according to multiple analytics firms.

Between Jan. 20 and 21, more than 17,000 BTC moved to exchanges, while key profitability metrics dipped below break-even.

Yet spot buying strength on major venues has picked up, hinting at stabilization even as rallies face resistance.

Exchange inflows test $89,000–$90,000 resistance Copy link to section

Bitcoin researcher Axel Adler Jr. noted that exchange inflows totaled over 17,000 BTC across Jan. 20–21, including 9,867 BTC on Jan. 20 and 6,786 BTC on Jan. 21.

That contrasts sharply with January’s average daily netflow range of –2,000 to +2,000 BTC.

Though netflows have since normalized to +296 BTC, the accumulated inflows create a supply overhang near current levels, making the $89,000–$90,000 zone a key test of resistance.

Profitability dips for recent buyers Copy link to section

Short-term holder SOPR, which gauges whether recent buyers are selling at a profit or loss, slipped below the 1.0 break-even mark.

The seven-day SMA sits at 0.996, and at the recent price low near $87,500, SOPR fell to 0.965, implying an average 3.5% loss for short-term holders.

Spot demand improves, but remains light Copy link to section

Glassnode data points to an improving spot environment.

Binance and aggregate exchange cumulative volume delta (CVD) have turned buy-dominant, while selling pressure on Coinbase has eased.

However, the decline in overhead supply has yet to meet strong enough demand. Aggregate spot CVDs reached highs last seen in April 2025, a period that preceded range expansion, but current inflows remain insufficient to force a breakout.

Holders flip to net losses Copy link to section

CryptoQuant data shows Bitcoin holders have entered a net realized loss phase for the first time since October 2023.

Since Dec. 23, investors have collectively realized around 69,000 BTC in losses, signaling a shift away from profit-taking conditions.

Realized profit momentum has weakened steadily since early 2024, posting lower peaks in Jan. 2024, Dec. 2024, July 2025, and Oct. 2025.

Annual realized profits have compressed to roughly 2.5 million BTC from about 4.4 million BTC in October, levels last seen in March 2022.

The firm draws parallels to the 2021–2022 transition, when profits peaked before flipping negative ahead of a bear cycle, describing the pattern as a cautionary sign rather than a forecast.

Underperformance versus gold Copy link to section

CryptoQuant also notes Bitcoin remains in a steep bear trend against gold, with the BTC/XAU ratio extending months of decline.

Historically, such phases can take time to reverse, suggesting prolonged relative weakness may persist.

What to watch next Copy link to section

Key near-term markers include whether exchange inflows continue to ease, if SOPR can reclaim 1.0, and whether buy-dominant spot flows remain intact.

Stablecoin dynamics may also play a role: analyst Darkfost highlighted that the Stablecoin Supply Ratio saw its sharpest drop of the cycle following the recent correction, suggesting Bitcoin’s market cap fell faster than stablecoin liquidity.

Overall, the data points to a market balancing a supply overhang and weakening profit dynamics against early signs of spot stabilization.

Until buying conviction strengthens, rallies near $89,000–$90,000 may attract sellers, keeping volatility elevated.

BitGo’s NYSE debut ended on a positive note, with the stock up nearly 13% near the close as Ondo tokenized the shares across several blockchains.

BitGo, a digital asset custody and security firm serving institutional clients, began trading on the New York Stock Exchange on Thursday after pricing its IPO at $18. The stock opened near $22.4 and briefly surged to $24.1.

Shares later pared gains into the close, ending the session near $20.1, still up roughly 13% from the IPO price on its first day of trading.

Within hours of the debut, Ondo Finance made tokenized BitGo shares available through Ondo Global Markets, allowing users to access the newly listed equity onchain.

The tokenized stock launched across Solana, Ethereum, and BNB Chain, marking one of the first cases where a newly public US company became globally accessible on-chain in near real time.

The rollout follows Ondo Global Markets’ expansion to Solana earlier this week, making BitGo the 205th stock available to users on-chain.

Since launching in September 2025, Ondo Global Markets has grown into the largest tokenized securities platform by total value locked, with about $466 million in TVL and more than $6.4 billion in cumulative trading volume.

Something is clearly brewing beneath the U.S. economy. For instance, U.S. President Donald Trump’s sudden withdrawal of the 10% tariff on the European Union (EU) looks like more than just a random move.

So, what tipped it off? As AMBCrypto noted, rising U.S. Treasury yields are beginning to pressure the bond market, something the U.S. government would rather avoid, especially as mid-year elections draw closer.

That said, while this may sound bullish on the surface, supported by Bitcoin [BTC] rebounding 1.20%, a real breakout still seems far off. After all, the pressure is only just beginning, in what analysts are calling a “capital war.”

Europe’s de-dollarization push raises fresh concerns The U.S. Treasury market is facing an unprecedented shock. 

For years, Asian and European countries have held U.S. Treasuries to earn yield, essentially providing capital that helps the U.S. fund its debt. In fact, European investors alone hold nearly $2 trillion worth of these securities.

However, that trend is starting to change. Lately, foreign investors have begun offloading their Treasury holdings. For example, Denmark’s U.S. Treasury exposure has dropped to $9 billion, the lowest level in 14 years.

Source: Bloomberg

More broadly, the sell-off is accelerating. According to analysts, Europe dumped $150.2 billion worth of U.S. Treasuries. Meanwhile, China sold $105.8 billion, while India offloaded $56.2 billion, hitting multi-year highs.

Against this setup, President Trump’s tariff withdrawal looks more like a response to this pressure as the sell-offs have pushed yields higher, with the 30-year yield jumping near 5%, followed by strength across the curve.

Why does this matter? The U.S. debt burden is growing fast. About 26% of the $39 trillion federal debt is set to mature within the next 12 months, and with yields climbing, refinancing is getting much more expensive.

Notably, analysts are calling this a “capital war,” as foreign investors step back from funding U.S. debt. For risk assets, especially Bitcoin, it appears investors are already factoring in the long-term risks of this conflict.

Bitcoin shows signs of caution as investor confidence weakens Macro volatility is continuing to shape investor sentiment. 

The recent tariff withdrawal and President Trump’s “no hostile” stance on Greenland sparked a risk-on move, sending $50 billion into the market, around 60% of which flowed into Bitcoin, fueling “BTC-led” momentum.

That said, Bitcoin’s Coinbase Premium Index (CPI) remains at -0.1, signaling that U.S. investors are still cautious. In fact, the index has been in the red since the October crash, suggesting confidence hasn’t returned.

Source: CryptoQuant

Historically, Bitcoin’s bull runs have lined up with the CPI topping out, making it a key indicator. Right now, it shows a BTC bull run isn’t priced in yet. Naturally, the question is, what’s keeping U.S. investors cautious?

That’s where the recent Treasury sell-off comes in. With metals rallying together and foreign investors stepping back from U.S. debt, these “coordinated” moves are showing the stress building under the economy.

For investors, it’s a sign to stay on the sidelines while high-yielding bonds look more attractive. As a result, capital flowing into Bitcoin could be limited, keeping its momentum in check until broader confidence returns.

Bullish gold predictions are set to shape Bitcoin’s trajectory We’re not even a month into 2026, and investor preferences are clear. 

With the U.S. deficit under pressure and the ongoing Treasury sell-off, metals like Gold are hitting record highs (up 12% so far) with a near-term target around $5,000/oz, as investors seek protection against rising yields.

For Bitcoin, this rotation has already pushed the BTC/Gold ratio to a two-year low, falling below 18 ounces of gold for the first time since late Q4 2023, highlighting how capital is shifting toward safe-haven assets.

Source: Longtermtrends

That said, analysts see this as just the start. 

For example, Goldman Sachs has “raised” its year-end gold forecast to $5,400 an ounce, citing growing demand. Case in point: Since invading Ukraine, Russia has gained more than $216 billion from rising gold prices.

Meanwhile, India’s silver imports have jumped to a record $5.9 billion over the past four months. In short, countries are stockpiling metals, a move that lines up with their ongoing sell-off of U.S. Treasuries.

Technically, this puts the Bitcoin/Gold ratio at risk of a deeper breakdown, as macro pressure continues to weigh on sentiment and drives capital from risk assets into safe havens, limiting BTC’s breakout potential.

In this setup, keeping a close eye on the U.S. Treasury yields is key.

Final Thoughts Rising Treasury yields and ongoing sell-offs by Europe, China, and India are driving macro stress, pushing investors toward safe-haven assets. The shift is capping Bitcoin’s breakout potential, with the BTC/Gold ratio at risk and Treasury yields emerging as a key metric to watch.

Bitcoin steadied near key support as inflation data clarified policy expectations, reinforcing higher-for-longer rates while strengthening the case for crypto as a macro hedge amid geopolitical shifts and renewed ETF-driven demand.

TL;DR

Nasdaq removed position limits for Bitcoin and Ethereum ETF options. BlackRock’s Bitcoin ETF is now a top-ten U.S. options asset. U.S. Bitcoin ETFs started 2026 with strong net inflows. The Nasdaq market filed a regulatory amendment with the U.S. Securities and Exchange Commission (SEC). The request seeks to remove position limits for options on Bitcoin and Ethereum exchange-traded funds (ETFs). The SEC agreed to waive its usual 30-day waiting period. Consequently, the rule change took effect immediately.

The amendment specifically eliminates the 25,000-contract per-position limit. The affected products include ETFs from BlackRock (IBIT and ETHA), Fidelity, Grayscale, Bitwise, ARK/21Shares, and VanEck. Nasdaq stated the change will allow it to treat these crypto assets the same as all other options qualified for listing.

Until now, options on crypto ETFs operated under stricter restrictions than traditional commodity ETFs. This update corrects that discrepancy. Nasdaq called the proposal “just and equitable,” arguing it prevents unfair discrimination and keeps markets free and open.

The SEC has not yet received public comments on the amendment. A final decision is expected by the end of February. Nasdaq also indicated that similar changes will likely be implemented on other options platforms, standardizing treatment across the industry.

BlackRock’s Bitcoin ETF Is Already Among the Most Active BlackRock’s product, IBIT, did not wait for regulatory clarity to gain traction. It currently ranks ninth among all U.S. assets by open interest in options. It reports over 7.7 million active contracts. The ETF entered the top 10 just over a year after its debut.

Bitcoin ETFs recorded net outflows of $1.58 billion over three consecutive days. BlackRock led the withdrawals with $356.6 million. Fidelity’s FBTC followed with $287.7 million in redemptions.

However, the broader picture for 2026 remains solid. U.S. spot Bitcoin ETFs attracted $1.16 billion in net inflows during the first two trading days of the year. January 5 alone saw an inflow of $697 million, the highest single-day figure since October 2025.

BlackRock’s IBIT has added $888 million since the start of the year. The total assets under management for all Bitcoin ETFs now sit around $134 billion. Analysts note that ETFs are absorbing more than 100% of the newly mined Bitcoin supply.