Market Signal Briefing

Over $3.16 billion worth of Bitcoin and Ethereum options are set to expire on Friday at 08:00 UTC on Deribit, marking the final major derivatives settlement before Christmas.

With liquidity thinning out as the holiday period approaches and positioning tightly clustered around key price levels, traders appear cautious, waiting for a clearer catalyst before committing to a direction.

Sponsored

What to Expect as Nearly $3 Billion Bitcoin Options ExpireBitcoin accounts for the bulk of the expiry, with roughly $2.69 billion in notional value rolling off. At the time of writing, BTC was trading at $87,194, representing a 0.54% increase over the past 24 hours.

The max pain level for today’s expiring Bitcoin options sits at $88,000, placing the spot price just below the strike. This is where the greatest number of options expire worthless.

Meanwhile, open interest data suggests a relatively balanced but slightly defensive stance. Bitcoin call open interest stands at 17,506 contracts, compared with 13,309 puts, resulting in a total open interest of 30,815 contracts and a put-to-call ratio of 0.76.

Expiring Bitcoin Options. Source: DeribitWhile calls still dominate numerically, the concentration of positioning near $88,000 points to limited upside momentum unless the spot decisively breaks higher. Deribit analysts highlighted this dynamic in a market update.

“BTC open interest is concentrated around 88K, with slightly heavier put positioning, pointing to a relatively contained expiry unless spot breaks range,” they wrote.  

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The commentary reinforces the view that Bitcoin could remain range-bound through settlement, especially amid pre-holiday caution.

Over $470 Million Ethereum Options Expire Today: What Investors Should KnowEthereum presents a different setup. Approximately $473 million in ETH options are expiring, with the asset trading at $2,928, representing a 3.37% increase in the last 24 hours. ETH’s max pain level is higher, at $3,100, leaving spot price meaningfully below the key strike.

Ethereum’s open interest profile is more evenly split, with 78,524 call contracts versus 83,547 puts. This results in a put-to-call ratio of 1.06 and a total open interest of 162,071 contracts.

Sponsored

Expiring Ethereum Options. Source: DeribitUnlike Bitcoin, ETH positioning is spread across a wider range of strikes, indicating greater uncertainty about the near-term direction.

“ETH positioning is more distributed across strikes, with notable upside interest above 3.4K, keeping larger moves in play if volatility reaccelerates,” Deribit analysts indicated.

The analysts added that positioning suggests patience into settlement, which happens at 08:00 UTC today, with traders waiting for a clearer catalyst rather than forcing direction.

Beyond today’s options expiry, attention is already shifting to December 26 and early 2026 positioning.

Sponsored

“December 26 85k Put OI now ~15k ($1.25bn notional) on Deribit, and bears+FUD currently in control with ATM 86k,” Deribit Insights noted.

At the same time, upside bets appear less aggressive in the near term, with analysts observing that “the Dec26 100k+ $1.75bn Call condor feels a distant punt now.”

However, longer-dated flows tell a more constructive story, with recent flows continuing to show upside bias into 2026. According to the analysts, this suggests that while short-term sentiment remains cautious, longer-horizon traders are still positioning for a renewed bullish phase.

As the final options expiry before Christmas approaches, both Bitcoin and Ethereum appear caught between near-term restraint and longer-term optimism, leaving their next decisive move unresolved.

Traders and investors may experience some volatility, which the BOJ’s interest rate decision could exacerbate. However, markets tend to stabilize as traders adjust to new market conditions.

While people in the industry like Adam Back maintain that quantum threats are still decades away, others say the lack of visible contingency planning is creating uncertainty. In contrast, networks like Aptos are taking proactive steps by proposing opt-in post-quantum signature schemes, as part of the industry shift toward preparation rather than debate as quantum research accelerates.

Quantum Computing Fears Quietly Weighing on BitcoinConcerns over quantum computing are re-emerging as a source of tension in the Bitcoin ecosystem, with some crypto industry executives arguing that the way developers are responding to the issue is beginning to weigh on price action and capital flows. While most Bitcoin developers see the risk as a distant and largely theoretical problem, critics say investor perception matters a lot, regardless of whether the threat is imminent.

Adam Back, a long-time cypherpunk and co-founder of Bitcoin infrastructure firm Blockstream, wanted to downplay the urgency of the debate in a series of posts on X. Back said it is sensible for Bitcoin to be “quantum ready,” but argued that quantum computing poses no realistic threat for decades. 

According to Back, the technology is still extremely early, with unresolved research and development challenges, and is unlikely to present any meaningful risks in the next ten years. He also pointed out that Bitcoin’s core security model does not rely solely on encryption in a way that would allow coins to be easily stolen even if certain cryptographic components were weakened.

Despite those assurances, some investors and analysts argue that the dismissive tone taken by parts of the developer community is itself becoming a problem. Nic Carter, a partner at Castle Island Ventures, said it is “extremely bearish” that influential developers seem to flatly deny the existence of any quantum risk at all. 

Carter argued that there is a growing gap between developers and capital allocators, with investors actively looking for solutions while developers are perceived as being in denial. According to him, this disconnect is already contributing to downward pressure on Bitcoin’s price.

Similar concerns were shared by Craig Warmke, a fellow at the Bitcoin Policy Institute, who said quantum risk is slowing capital inflows and encouraging larger holders to diversify their exposure. Warmke explained that non-technical investors may express their worries imprecisely, but said it is counterproductive for technical experts to dismiss those concerns outright. Instead, he argued that developers should focus on addressing how perceived quantum risk is influencing real-world investment behavior.

While many in the Bitcoin community believe banks, governments, and other centralized systems will be targeted long before Bitcoin in any quantum breakthrough scenario, critics point out that major corporations and nation-states are already pouring a lot of resources into quantum computing. The involvement of artificial intelligence in also accelerating research.

Warmke and Carter both argue that the most constructive path forward is not panic, but preparation. Even if the true risk is close to zero for now, they say the Bitcoin ecosystem would benefit from clearer contingency plans.

Aptos Prepares for a Post-Quantum FutureAptos is taking early steps toward quantum-resistant security. On Thursday, the layer-1 blockchain outlined a proposal to introduce post-quantum signatures, to help strengthen how accounts and transactions are secured as quantum research accelerates.

In a post on X, Aptos Labs said quantum computing is no longer a purely theoretical risk, and pointed to early discussions around quantum scaling by IBM and the rollout of post-quantum cryptography standards by the US National Institute of Standards and Technology. While existing cryptographic schemes are still secure against classical computers, sufficiently powerful quantum machines could one day forge current digital signatures, which could  potentially expose account ownership and transaction authorization models.

Aptos X post

To address this, Aptos developers have put forward AIP-137, an Aptos Improvement Proposal authored by in-house cryptographers. If approved through governance, the proposal would add support for SLH-DSA, a hash-based digital signature scheme standardized under FIPS 205, as an optional account-level signature type. 

(Source: X)

The feature would be opt-in only, leaving existing accounts unchanged while allowing users who are concerned about future quantum risks to adopt post-quantum accounts. If implemented, Aptos would become one of the first production blockchains to natively support post-quantum signatures.

Aptos’ proposal is part of a broader shift in the industry toward precautionary action. Solana recently tested quantum-resistant transactions on a dedicated testnet, while parts of the Bitcoin community are debating quantum-resistant upgrades like BIP-360. Although many developers argue that practical quantum threats are still years away, Aptos’ approach proves that some networks are choosing to prepare early rather than wait for consensus on when the risk becomes immediate.

Q2: 2025-12-17 Earnings SummaryEPS of $1.10 beats by $0.07

 |

Revenue of

$4.86B

(-7.24% Y/Y)

beats by $78.14M

General Mills, Inc. (GIS) Q2 2026 Earnings Call December 16, 2025 7:00 PM EST

Company Participants

Jeff Siemon - Vice President of Investor Relations & Treasurer
Jeffrey Harmening - Chairman & CEO
Kofi Bruce - Chief Financial Officer

Presentation

Jeff Siemon
Vice President of Investor Relations & Treasurer

Good morning. This is Jeff Siemon, Vice President of Investor Relations and Corporate Finance. Thank you for listening to General Mills prepared remarks for our fiscal 2026 second quarter earnings. Later this morning, we will hold a separate live question-and-answer session on today's results, which you can hear via webcast on our Investor Relations website.

Joining me for this morning's presentation are Jeff Harmening, our Chairman and CEO; and Kofi Bruce, our CFO.

Before I hand things over to them, let me first touch on a few housekeeping items. First, on our website, you'll find our press release that posted this morning, along with a copy of the presentation and a transcript of these remarks. Please note that today's remarks include forward-looking statements that are based on management's current views and assumptions. The second slide in today's presentation lists several factors that could cause our future results to be different than our current estimates.

And with that, I'll turn it over to Jeff for some prepared remarks.

Jeffrey Harmening
Chairman & CEO

Thank you, Jeff, and good morning, everyone. Let me kick off by summarizing our key messages for today. Our primary focus this year is investing to strengthen the remarkability of our brands. because we know that delivering greater remarkability to consumers is the key to restoring organic sales growth for our business.

During Q2, our team continued to execute exceptionally well against that goal while navigating a volatile operating environment. We finalized base price adjustments across 2/3 of our North America Retail business. Launched into

Investors would need to have over $330,000 invested in this Vanguard dividend ETF.

The beauty of passive income is that you can earn money in your sleep with virtually no effort. Yes, it may take some work to get to that point, but once it's set up, the income continues to flow.

In the stock market, the primary source of passive income is through dividends. You invest in a dividend stock or exchange-traded fund (ETF) and get rewarded for simply holding on.

Any amount of passive income is welcome, but if $10,000 sounds appealing, there are straightforward ways to make it happen in the stock market. There's one dividend ETF in particular that has shown it has the historical returns and dividend payout to get you to the five-figure mark. It won't be instant for most people, but it's very much attainable.

Image source: Getty Images.

The Vanguard High Dividend Yield ETF is a good go-to
The Vanguard High Dividend Yield ETF (VYM 0.17%) is one of the top dividend ETFs on the market, with over $70 billion in assets under management. It has been around since November 2006 and tracks the FTSE High Dividend Yield Index, which selects companies with high forecast dividends over the next 12 months (excluding REITs).

This ETF includes companies from all major U.S. sectors, but the top five most represented are financials (21%), technology (14.3%), industrials (12.9%), healthcare (12.8%), and consumer discretionary (9.7%). From a sector standpoint, it's much more diversified than indexes like the S&P 500 and Nasdaq Composite, which have become very top-heavy with large tech companies.

Below are its top 10 holdings:

CompanyPercentage of the ETFBroadcom8.69%JPMorgan Chase4.06%ExxonMobil2.34%Johnson & Johnson2.32%Walmart2.24%AbbVie1.88%Bank of America1.69%Home Depot1.66%Procter & Gamble1.62%Cisco Systems1.43%
Data source: Vanguard. Percentages as of Nov. 30.

Dividend payouts from the Vanguard High Dividend Yield ETF will fluctuate because its holdings pay out their respective dividends at different times, but its past four payouts have been: $0.84 (November), $0.86 (June), $0.85 (March), and $0.96 (December 2024).

How $10,000 in passive income is possible with this ETF
Over the past decade, the Vanguard High Dividend Yield ETF has averaged a 3% dividend yield. Dividend yields fluctuate inversely with stock prices, but for the sake of illustration, let's assume it maintains its 3% average yield. In that case, you would need around $333,334 invested in this ETF to generate $10,000 in passive income.

VYM Dividend Yield data by YCharts

At the time of this writing on Dec. 16, the ETF's price is $144.82, meaning you would need to purchase 2,302 shares if you were starting from scratch.

Let time do the heavy lifting
Admittedly, most people don't have $333,000 just sitting around waiting to be invested, so the "buy all the shares at once to make it happen" scenario is far-fetched. What's not far-fetched, though, is using consistency and the power of compound earnings to make it happen.

Compound earnings occur when the money you make on an investment begins to make money on itself. It's a snowball effect that grows over time, turning relatively small investments into much larger ones.

NYSEMKT: VYMVanguard Whitehall Funds - Vanguard High Dividend Yield ETF

Today's Change

(

-0.17

%) $

-0.25

Current Price

$

143.81

To see it in action, let's assume the ETF averages 11% annual total returns going forward (it has averaged 11.5% over the past decade). By investing $500 a month, you could reach $333,000 in about 19 years. If you doubled your contributions to $1,000, you could reach the mark in around 14 years. Even with more modest $250 monthly investments, it can be done in 25 years, with only $75,000 invested personally during that time.

These results will, of course, vary based on returns and investments, but the greater point is how consistency and time can do a lot of heavy lifting to get you to where you're trying to be.

JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Stefon Walters has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie, Cisco Systems, Home Depot, JPMorgan Chase, Vanguard Whitehall Funds-Vanguard High Dividend Yield ETF, and Walmart. The Motley Fool recommends Broadcom and Johnson & Johnson. The Motley Fool has a disclosure policy.

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.

December 18, 2025 21:00 ET

 | Source:

Chesapeake Financial Planners

Forest Hill, MD, Dec. 18, 2025 (GLOBE NEWSWIRE) -- Chesapeake Financial Planners is scaling up. The firm has added new team members, broadened its service capabilities, and launched a fully redesigned website in mid-December, all in response to increased client demand over the past year.

Jeff Judge, Managing Partner of Chesapeake Financial Planners

The expansion comes at a time when more individuals and families are seeking professional guidance to navigate increasingly complex financial landscapes. From volatile markets to evolving tax regulations and retirement planning uncertainties, the demand for structured, objective financial advice has grown considerably.

"We've seen a notable uptick in individuals and families looking for structured help with complex financial decisions," said Jeff Judge, CFP® and Managing Partner. "This growth prompted us to invest in both our team and our technology to ensure we can continue delivering the level of attention our clients expect."

A Redesigned Digital Experience

The firm's new website, launched in mid-December, represents a significant upgrade from its previous online presence. The redesign focuses on transparency and usability, giving visitors a clearer picture of how Chesapeake Financial Planners operates, what the engagement process looks like, and how to schedule an initial consultation.

Judge noted that transparency was a central priority in the redesign. Prospective clients should understand exactly what working with the firm entails before their first conversation from the planning methodology to fee structures and what to expect at each stage of the relationship.

"We wanted to remove any ambiguity," Judge explained. "When someone visits our site, they should walk away with a clear sense of who we are, how we work, and whether we might be a good fit for their situation."

Growing the Team to Maintain Service Quality

In addition to the digital updates, Chesapeake Financial Planners has brought on new team members to support its expanding client base. The firm emphasized that this growth is intentional and measured, designed to increase capacity without compromising the personalized service that existing clients have come to expect.

The new hires will support various aspects of the firm's operations, from client service and planning support to administrative functions. This expanded infrastructure positions the firm to handle increased planning volume while maintaining consistency in its processes and responsiveness.

Financial Planning for Business Owners, Tech Management and Execs, as well as Retirees and Pre-Retirees

Who the Firm Serves

Chesapeake Financial Planners works primarily with business owners, technology executives and managers, and individuals approaching or already in retirement. These clients often face multifaceted financial situations that require careful coordination across investments, tax planning, risk management, and long-term wealth preservation.

The firm operates as a fiduciary, meaning advisors* are legally obligated to act in clients' best interests in advisory relationships. This standard sets Chesapeake Financial Planners apart from firms that operate under less stringent suitability requirements.

Recognition and Credentials

Judge has received the Five Star Wealth Manager award annually from 2017 through 2026, a recognition based on objective criteria including professional credentials, industry experience, and assets under management. Wealth managers do not pay a fee to be considered for this recognition.

As the firm's sole CFP® designee, Judge brings the rigorous training and ethical standards associated with the Certified Financial Planner certification to every client engagement. The CFP® designation requires extensive education, examination, experience, and ongoing continuing education requirements.

Looking Ahead

These operational updates reflect Chesapeake Financial Planners' broader commitment to sustainable growth. Rather than pursuing rapid expansion, the firm is focused on building infrastructure that supports long-term client relationships and consistent service delivery.

Visit the new website at chesapeakefp.com

About Chesapeake Financial Planners

Based in Forest Hill, Maryland, Chesapeake Financial Planners provides personalized financial guidance for individuals navigating major financial decisions—from business transitions to retirement planning.

Contact Jeff Judge, Managing Partner [email protected]

*Advisors are only legally obligated to act as a fiduciary in advisory relationships and not in Brokerage Only relationships.

Jeff Judge is the only advisor with Chesapeake Financial Planners LLC who has obtained the CFP Designation.Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors.  Wealth managers do not pay a fee to be considered or placed on the final list of the 2012-2026 Five Star Wealth ManagersSecurities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Great Valley Advisor Group and Chesapeake Financial Planners are separate entities from LPL Financial.

I'm maintaining my Buy rating on One Stop Systems as execution is now clearly visible in the financials. OSS delivered 37% YoY revenue growth in Q3, with both OSS and Bressner segments contributing and margins improving meaningfully. Management raised FY25 revenue guidance to $63–65M, reflecting confidence in sustained momentum and diversified program execution.

Volaris and Viva Aerobus are close to agreeing a merger, sources familiar with the matter said on Thursday, a move that would combine two of Mexico's largest airlines and create a low-cost champion in the country.

HomeEarnings AnalysisConsumer 

SummaryNike fell 10% despite beating estimates, showing that investors care less about short-term EPS beats and more about margins, China's weakness, and the lack of a credible turnaround narrative.Revenue held up thanks to wholesale, but the shift came at the cost of profitability, with gross margins down as tariffs and promotions continue to weigh on earnings power.Valuation remains demanding, with investors pricing a sharp earnings rebound driven mostly by cost efficiency, a scenario that looks optimistic given current execution risks. Wirestock/iStock Editorial via Getty Images

Nike (NKE) keeps bleeding. In the past three months, it lost almost 12%, even though its Q1 FY26 results topped estimates (which, to be fair, were low). Perhaps investors still remember how Nike performed well during the pandemic, with the stock

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

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

By

:

Published: Dec 19, 2025, 02:57 GMT+00:00

Gold prices dipped below $4,350 on profit-taking, but expectations of Fed rate cuts, rising geopolitical tensions, and silver’s strong technical leadership support a renewed bullish outlook for precious metals.

Gold (XAUUSD) prices dropped below $4,350 during early Asian trading on Friday, driven by profit-taking and weak long liquidation from short-term futures traders. The decline follows a strong rally earlier in the week, prompting traders to lock in their gains. However, the retreat appears shallow so far, suggesting that selling pressure remains limited and controlled.

Despite the pullback, gold’s downside may be capped by growing expectations of additional rate cuts from the U.S. Federal Reserve. The November CPI came in at 2.7%, well below the forecast of 3.1%. On the other hand, core CPI also missed estimates. These inflation readings strengthen the case for further easing in 2026.

On the other hand, the geopolitical risks further support gold’s long-term bullish outlook. The increase in tensions between the U.S. and Venezuela, including naval escorts and threats of a blockade, raises fears of broader regional instability. Additionally, strong demand for gold from industrial and investment sectors continues to support the market. Traders will also watch the University of Michigan Consumer Sentiment Index for fresh clues on economic conditions that could influence Fed policy and gold prices.

Gold Technical Analysis
The daily chart for spot gold shows that the price is forming an ascending triangle pattern within a broader ascending wedge. This combination is strongly bullish, suggesting that a break above $4,380 could trigger a significant upward move.

Gold has been consolidating below the $4,350 level for the past five days, indicating price compression and increasing the likelihood of an upside breakout. Additionally, the RSI has reached the 70 level, signaling strong momentum and potentially continuing to rise.

The 4-hour chart for spot gold also shows strong consolidation above the $4,260 support level, which formed after the breakout from a topping pattern. This consolidation reflects bullish price action, increasing the probability of an upside breakout. The market may continue to consolidate before the next move, but the current structure indicates a healthy bullish setup.

Silver Technical Analysis
Despite the strong consolidation in the spot gold market, silver (XAG) is taking the lead. Silver is driving the precious metals rally and recently surged to a high above $66.

The formation of an Adam and Eve pattern, followed by a cup-and-handle pattern, signals strong bullish momentum in silver. Moreover, silver shows strong potential to move much higher after breaking out above the $50 level.

Any correction in the silver market should be seen as a strong buying opportunity. Furthermore, this correction could set the stage for the next potential surge toward the $75 level.

The 4-hour chart for spot silver also shows that the price remains unstoppable after forming strong bullish price action. The emergence of an inverted head and shoulders pattern in November signaled the beginning of a bullish setup. Subsequently, the breakout from a wedge pattern in December confirms sustained upward momentum in the silver market.

US Dollar Index Technical Analysis
The daily chart for the U.S. Dollar Index shows bearish pressure below the 200-day SMA after failing to break above the 100.50 level. This weakness suggests that the index has the potential to move lower.

A break below the 98.00 level would increase the likelihood of a downside trend toward 96.50. However, a decisive move above 100.50 is needed to negate the current bearish price action.

The 4-hour chart for the U.S. Dollar Index shows strong consolidation after a breakout from the neckline at the 99.00 level, followed by the formation of a double top near 100.50. The overall outlook remains bearish, and a break below 98.00 could trigger the next downside move. However, a breakout above 100.50 would increase the likelihood of upward momentum toward the 102.00 level.

Bottom Line
Gold remains supported by a combination of bullish technical patterns, subdued inflation data, and escalating geopolitical risks. While short-term selling has pushed prices below $4,350, the overall structure favors another breakout higher. Silver’s leadership and the weakening U.S. Dollar Index add further strength to the precious metals outlook. As the Fed leans dovish and global tensions rise, both gold and silver are likely to resume their upward momentum in the days ahead.

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Muhammad Umair is a finance MBA and engineering PhD. As a seasoned financial analyst specializing in currencies and precious metals, he combines his multidisciplinary academic background to deliver a data-driven, contrarian perspective. As founder of Gold Predictors, he leads a team providing advanced market analytics, quantitative research, and refined precious metals trading strategies.

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Oracle stock's recent sell-off reflects growing unease about the cost and timing of its AI infrastructure gamble.

If there were any concerns about Oracle's (ORCL +0.88%) growth slowing, the company put those concerns to rest last week. The tech company reported fiscal 2026 second-quarter results that showed another double-digit jump in revenue and accelerating growth in its cloud infrastructure business. Still, the stock dropped sharply as management lifted its data-center spending plans again -- a move that added to growing concerns that the buildout for AI (artificial intelligence) data centers may be too costly to be sustainable.

Oracle shares have had it rough recently. The stock is down about 45% from its all-time high of $345.72 earlier this year, even as Oracle is emerging as a leading capacity provider for large AI workloads.

With all of this in mind, it's a good time to take a look at the stock -- especially after its big pullback.

Is this a buying opportunity?

Image source: Getty Images.

A massive backlog
Oracle's growth profile continued to improve in fiscal Q2. Revenue for the period rose 14% year over year to $16.1 billion.

Oracle's cloud business drove results. Its total cloud revenue, which includes both cloud infrastructure and cloud applications revenue, climbed 34% to $8.0 billion. And its cloud infrastructure business was the main driver of that segment. Cloud infrastructure revenue hit $4.1 billion in the second quarter, up 68% year over year. This marks an acceleration for the important segment. Oracle's cloud infrastructure revenue was $3.3 billion in fiscal Q1 -- up 54% from the year-ago period.

Of course, Oracle's real growth story remains its incredible backlog. The company's remaining performance obligations (RPOs), which represent contracted future revenue, hit $523 billion in the second quarter. While this number is already difficult to comprehend, the growth rate behind it is even more astounding. RPOs are up 438% year over year. Yes, you heard that correctly. That figure reflects long-term commitments from big customers such as Meta and Nvidia.

Soaring expenditures
The drawback to having such a wild backlog is the investment required to grow into the opportunity. Oracle spent heavily on data centers in fiscal 2025, with capital expenditures jumping to about $21.2 billion.

Spending has intensified in fiscal 2026. In fiscal Q2, Oracle generated roughly $2.1 billion of operating cash flow but spent about $12 billion on capital expenditures, leaving free cash flow around negative $10 billion for the period. A business that used to throw off cash is now consuming it as the company races to add capacity ahead of AI demand.

Management has also raised its fiscal 2026 spending plan. Earlier this year, Oracle was guiding to capital expenditures of $35 billion for the current fiscal year. But recent disclosures now point to about $50 billion as the company locks in long-term leases and builds new facilities to support surging AI demand. Management's move to boost its full-year capital expenditure guidance by $15 billion highlights how the most capital-intensive part of the AI cycle is still ahead.

A rising debt load
Meanwhile, Oracle's debt is already substantial. Its total debt stood at about $111 billion in November after a fresh $18 billion bond issue. This towers over its cash, cash equivalents, and marketable securities of close to $20 billion at the end of fiscal Q2.

For investors, that leverage amplifies both potential upside and downside outcomes for the stock. If Oracle successfully grows into its backlog, leverage like this could drive exponential growth in earnings. But if demand falters, the company could find itself in trouble.

Today's Change

(

0.88

%) $

1.57

Current Price

$

180.03

The stock's valuation, even after its recent decline, arguably reflects strong confidence that the company will be able to convert its RPOs into real revenue and profits over time. Trading at a price-to-earnings ratio of about 35, shares still aren't cheap. A valuation like this demands that Oracle's AI-driven cloud infrastructure investments will pay off in big profits down the road.

For now, Oracle's AI infrastructure buildout is going well -- and accelerating cloud revenue helps investors maintain confidence in the growth story. But there are risks, including the cash needed to build data centers at the pace Oracle's contracts require. And the pressure is on, as Oracle's free cash flow has already turned negative.

Investors who believe the AI boom will endure, and who are comfortable with Oracle's bet that its cloud platform will remain central to that boom, may see this 40% drawdown as a reasonable moment to build out a small position in the stock. But anyone who buys shares now should keep in mind how risky this business (and the stock) is as Oracle's debt load soars. Personally, I'll watch from the sidelines.

Another quarter of top-line growth is nice. But profit is hurting, and sales are falling sharply in China.

Nike (NKE +0.14%) shares were slammed after the sportswear giant reported its fiscal 2026 second-quarter results on Thursday afternoon. The move lower came as the company delivered shrinking profits and another difficult quarter in China.

Selling everything from running shoes to performance gear under one of the most recognizable brands in the world, Nike still dominates athletic footwear and apparel. And there were some positives in the update, to be sure. Revenue, for instance, grew slightly -- a nice change from the 10% year-over-year revenue decline the company saw in fiscal 2025.

Overall, however, the story for Nike remains one of challenges and uncertainty. But the question now is whether shares have fallen enough to reflect those issues.

Image source: Nike.

Profit pressure
Nike's second-quarter revenue rose 1% year over year to $12.4 billion. This was a huge improvement from the declines that plagued Nike last fiscal year. In addition, it marks the second quarter in a row the company posted growth, building a case that the company's turnaround efforts are working. Revenue grew 1% in the first quarter of fiscal Q1, too.

But the profit picture looked far worse than the top line. Nike's earnings per share fell 32% year over year as gross margin slid 300 basis points to 40.6%.

There were other factors that dragged on Nike's bottom line. One was Nike's "demand creation" spending, which rose 13% year over year. This was driven primarily by growth in marketing expenses.

Nike CEO Elliott Hill tried to frame the quarter as part of a longer process.

"NIKE is in the middle innings of our comeback," Hill said in the company's fiscal second-quarter earnings release. "We are making progress in the areas we prioritized first and remain confident in the actions we're taking to drive the long-term growth and profitability of our brands."

Difficulties in China
Another drag on Nike's business has been China. Indeed, the stock's sell-off after the earnings report was likely driven, at least in part, by Nike's weakness in the key market. Sales in Greater China fell 17% in the second quarter. This was worse than the region's 9% decline in the prior quarter.

It's easy to see why investors are concerned. There was a time when China was a major tailwind for the company. Now, things seem to be moving backward, even as some competitors, like Lululemon, are experiencing strong sales growth in the market.

Another detail in the report that may have spooked investors is the company's direct-to-consumer sales. Nike Direct revenue fell 8% to $4.6 billion, with digital sales down 14%. Direct-to-consumer sales usually carry higher margins because Nike keeps more of each sale for itself, so this channel shift pushes the profit profile the wrong way.

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Unfortunately, management's guidance did not ease concerns. Nike signaled that third-quarter revenue should decline slightly -- and that's a period that includes the key holiday season.

All of this reinforces the idea that fiscal 2026 is still a transition year rather than the start of a clean rebound in growth and profitability.

Overall, tariffs, weak China demand, and a shift away from higher-margin direct sales are challenges investors should take seriously. Sure, earnings could rebound sharply if the company's turnaround efforts work. But with the stock trading at about 30 times earnings, at least moderate success in its turnaround plan is already priced in.

So, are shares a buy on this pullback? I personally don't think so. But if the stock falls far enough to make it a clear bargain, I might consider changing my mind. But we're not there yet.

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.

The bank will pay the largest combined penalties ever secured by Australia's corporate regulator, over risk failures and widespread misconduct including the handling of a $9.26 billion government bond sale.

SHANGHAI--(BUSINESS WIRE)--Mercer, a business of Marsh McLennan (NYSE: MMC) and a global leader in helping clients realize their investment objectives, shape the future of work and enhance health and retirement outcomes for their people, today announced the recipients of the 2025 China Star Employers Awards at its Best Employers Summit. DBS Bank (China) Limited, Domino's Pizza (China), Ingersoll-Rand (China) Investment Company Limited, Shanghai Disney Resort, Starbucks China, and Universal Beij.

Will enable more flights at low fares for passengers, strengthening connectivity in Mexico.Will maintain Volaris and Viva identities, brands and operations (including independent operating certificates), preserving existing choice for passengers.Will advance the democratization of travel in Mexico.Will realize economies of scale, strengthening the financial profile of the new airline group.The transaction is subject to conditions and regulatory approvals in Mexico and other jurisdictions where Volaris and Viva operate.Companies to host investor conference call on 10:00 a.m. ET, Friday, December 19, 2025. MEXICO CITY, Dec. 18, 2025 (GLOBE NEWSWIRE) -- Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (NYSE: VLRS and BMV: VOLAR) (“Volaris” or “the Company”) and Grupo Viva Aerobus, S.A. de C.V. ("Viva") today announced that they have entered into an agreement to create a new Mexican airline group (“the airline group”) under a holding company structure, with the objective of expanding low fare travel and the connectivity within Mexico and abroad.

The two carriers will retain their current operations under their independent operating certificates and unique brands, preserving existing options for passengers while broadening access to point-to-point travel solutions.

The transaction is expected to deliver significant benefits to both Volaris’ and Viva’s employees, passengers, communities, suppliers, and shareholders. Simultaneously, the new group will support investments, jobs, air connectivity, tourism, and economic development across Mexico.

With enhanced economies of scale through this new airline group, Volaris and Viva will benefit from lowered fleet ownership costs, improved access to capital, and a strengthened financial position. This will enable both carriers to expand their offering of low-cost, high-value service that makes air travel more accessible to a broader set of customers, with the goal of improving market reach and encouraging demand.

“We expect the formation of the new airline group will allow us to realize significant growth opportunities for air travel in Mexico, in line with the low fare and point-to-point approach that revolutionized the industry over the last two decades,” said Enrique Beltranena, Volaris’ President and CEO. “The economies of scale and expanded distribution capacity will allow us to compete even more effectively in domestic and international markets by lowering fleet ownership costs. This way, we will be able to offer ultra-low-cost fares to even more passengers as we pursue sustainable growth, benefit from a more efficient fleet, and lower costs.”

“We intend this transaction to enable both Viva and Volaris to provide ultra-low-cost fares and more point-to-point travel to even more cities across Mexico and internationally, benefiting not only passengers, but also local economies and communities,” said Juan Carlos Zuazua, CEO of Viva. “Both airlines, which share a similar low-cost DNA and mindset, have always believed in the importance of making travel more accessible for everyone. Our passengers choose Viva and Volaris for their point-to-point networks, seamless customer service, and low fares, so maintaining our ultra-low-cost strategy is essential not only for sustaining growth, but also for deepening passenger loyalty. Together, we look forward to continuing to deliver more flights at low cost for our passengers.”

Meaningful Expected Benefits for All Stakeholders

For the Mexican Aviation Industry

Increases accessibility to the ultra-low-cost model for more passengers. Mexico’s aviation sector can redefine itself as a catalyst for national prosperity and continue advancing the democratization of air travel.
Generates economies of scale at the holding company level for a stronger foundation. Recent supply chain setbacks and quality concerns with OEMs and engine manufacturers have had disproportionate impacts on ultra-low-cost carriers’ and smaller carriers’ operating costs. As part of the airline group, Volaris and Viva will realize economies of scale to ensure sustainable growth, fleet optimization, and lowered aircraft ownership costs.
Maintains and enhances two leading Mexican brands. Makes Volaris and Viva more resilient and competitive organizations, capable of thriving in dynamic regional markets while still maintaining their ultra-low-cost DNA to stimulate demand.
For Our Passengers

Preserves existing choice for passengers. Both Volaris and Viva will retain their current operations under their independent certificates and titles of concession, preserving existing route offerings for passengers, while expanding distribution capacity and exploring collaboration on perks such as their leading frequent flier programs: Doters and Altitude.
Creates new domestic travel options and expands access. The formation of the airline group will broaden access to affordable air travel and provide passengers with greater choice and convenience through more point-to-point travel solutions, new operational bases, and enhanced connectivity with potential codeshare agreements between both airlines.
Improves international travel capabilities. Volaris and Viva will broaden their reach and continue to deliver ultra-low fares and high standards to communities abroad and tourists visiting Mexico, as well as provide passengers with greater opportunities through global codeshare partnerships and distribution systems.
For Our People

Improves job stability for Volaris and Viva employees. Both Volaris and Viva will maintain their operating certificates and employees’ day-to-day work will continue as usual, preserving and protecting jobs.
Creates new jobs in local communities. For every aircraft of new service added, between 55 and 60 direct jobs are typically created, with an estimated four times as many indirect jobs created in adjacent sectors, while opening new operating bases creates relocation opportunities and new job offerings.
Creates new growth opportunities for Volaris and Viva employees. The new airline group will be well positioned to invest in its fleet, technology, infrastructure, training centers, maintenance facilities, and tools, resulting in the growth of well-paid employment opportunities.
For Our Communities

Transforms economies across Mexico. Volaris and Viva will be able to increase operations in the Mexico City metropolitan area, including at Felipe Ángeles International Airport, and open new operating bases nationwide, driving development at the same rapid pace seen in existing bases such as Monterrey, Guadalajara, Cancun, the Mexico City metropolitan area and Tijuana.
Supports other related industries. Tourism, VFR and business travel will benefit significantly from the establishment of the new airline group, bolstering the hospitality, retail, and tourism sectors, which are vital engines of national growth.
Improves connectivity and broadens access. The airline group’s ultra-low-fare model will play an important role in connecting communities across Latin America, the U.S. and Canada expanding reach in dynamic markets.
For Our Shareholders

Drives lower aircraft ownership costs through a strengthened financial profile. The new airline group expects to have optimized unit costs, low leverage and better access to lower-cost capital.
Provides better opportunities for growth. With lower fleet costs, both Viva and Volaris will continue to pursue sustainable growth driven by customer demand.
Creates significant shareholder value. Volaris and Viva operate with a high degree of compatibility across fleet, airport infrastructure, technology, reservation systems, suppliers, and technical capabilities, driving substantial potential for synergies.
Transaction Details

Volaris and Viva have entered into an agreement to create a new Mexican airline group. Under the terms of the agreement, Viva and Volaris shareholders will combine their holding companies through a merger of equals. Upon closing, Viva shareholders will receive newly issued shares of the Volaris Holding Company, and Volaris shareholders will continue to hold their shares, with each shareholder group owning 50% of the Mexican airline group on a fully diluted basis.

The Boards of Directors of both Volaris and Viva unanimously approved the transaction, which is subject to regulatory approvals, customary closing conditions, and approval by Volaris’ and Viva’s shareholders. The transaction is expected to close in 2026. The shares of the holding company will remain listed publicly on the Bolsa Mexicana de Valores (BMV) and the New York Stock Exchange (NYSE). 

Leadership and Governance

Both Volaris and Viva will continue operating as separate entities, with their current existing leadership structures in place. Upon closing, the airline holding group will be overseen by a Board of Directors comprised of members from both Volaris and Viva. The new airline group will be chaired by Roberto Alcántara Rojas, current chairman of the board of Viva.

Advisors

Morgan Stanley & Co. LLC is serving as financial advisor to Volaris, and Latham & Watkins LLP and Mijares, Angoitia, Cortes y Fuentes, S.C. are serving as legal advisors to Volaris. FTI Consulting is serving as strategic communications advisor to Volaris. Alfaro, Dávila & Scherer and UBS Investment Bank are acting as financial advisors to Viva, and Cleary Gottlieb Steen & Hamilton LLP and Ritch, Mueller y Nicolau, S.C. are serving as legal advisors to Viva.

Conference Call Information

Volaris and Viva will host a joint investor conference call on Friday, December 19, 2025 at 9:00 a.m. Mexico City Time (10:00 a.m. Eastern Time) to discuss the announcement. A live webcast of the call and the replay will be available here and on the Volaris and Viva websites.

More information can be found here.

About Volaris

*Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris” or “the Company”) (NYSE: VLRS and BMV: VOLAR) is an ultra-low-cost carrier, with point-to-point operations, serving Mexico, the United States, Central, and South America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from 5 to more than 222 and its fleet from 4 to 155 aircraft. Volaris offers around 500 daily flight segments on routes that connect 44 cities in Mexico and 29 cities in the United States, Central, and South America, with one of the youngest fleets in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the United States, Central, and South America. For more information, please visit ir.volaris.com. Volaris routinely posts information that may be important to investors on its investor relations website. The Company encourages investors and potential investors to consult the Volaris website regularly for important information about Volaris.

Investor Relations Contact
Liliana Juárez / [email protected]

Media Contact
Jorge Padilla / Tanner Kaufman / Mike Gaudreau
[email protected]
[email protected]

About Viva

Viva is a Mexican ultra-low-cost airline that provides air transport services across Mexico, United States, and other Latin American countries. Founded in 2006, Viva operates one of the youngest aircraft fleets in America. With a clear vision to give all people the opportunity to fly, Viva has democratized air travel by offering low fares and a low cost service, making their flights the best value offer. For more information please visit: https://www.vivaaerobus.com/en-us/

Investor Relations Contact
Marcelo González / [email protected]

Media Contact
Walfred Castro / [email protected]

Forward Looking Statements

Certain statements in this communication, including statements concerning and involving Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris”), Grupo Viva Aerobus, S.A. de C.V. (“Viva”), the proposed transaction (the “Transaction”), including statements about the benefits of the Transaction, and other matters, should be considered forward-looking within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Volaris’ and Viva’s current expectations and beliefs with respect to certain current and future events and anticipated financial and operating performance. Such forward-looking statements are and will be subject to many risks and uncertainties relating to Volaris’ and Viva’s operations and business environment that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Words such as “will,” “expect,” “likely,” “outlook,” “forecast,” “preliminary,” “would,” “could,” “should,” “can,” “project,” “intend,” “plan,” “goal,” “guidance,” “target,” “continue,” “sustain,” “synergy,” “on track,” “believe,” “seek,” “estimate,” “anticipate,” “may,” “possible,” “assume,” “indicate,” “remain,” and other similar expressions are intended to identify forward-looking statements. Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed, or assured.

All forward-looking statements in this communication are based upon information available to Volaris and Viva on the date of this communication. Volaris and Viva undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances, or otherwise, except as required by applicable law. There can be no assurance that the Transaction will in fact be consummated.

Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements include: the possibility that Volaris’ shareholders may not approve the adoption of the Business Combination Agreement; the risk that a condition to closing of the Transaction may not be satisfied (or waived); the ability of each party to consummate the Transaction; that either party may terminate the Business Combination Agreement or that the closing of the Transaction might be delayed or not occur at all; possible disruption related to the Transaction to Volaris’ or Viva’s current plans or operations, including through the loss of customers and employees; the diversion of management time and attention from ongoing business operations and opportunities; the response of competitors to the Transaction; a failure to (or delay in) receiving the required regulatory clearances for the Transaction; risks related to investor and rating agency perceptions of each of the parties and their respective business, operations, financial condition and the industry in which they operate; risks related to the potential impact of general economic, political and market factors on the companies or the Transaction; the outcome of any legal proceedings that could be instituted against Volaris, Viva or others relating to the Transaction; the combined company’s ability to realize anticipated cost savings, synergies or growth from the Transaction in the timeframe expected or at all; that the combined holding company’s cash and cash equivalents balances, together with the availability under certain credit facilities made available to the combined company and certain of its subsidiaries under its existing credit agreements, will be sufficient to fund the combined holding company’s operations including capital expenditures over the next 12 months; legislative, regulatory and economic developments affecting the business of Volaris and Viva; the possibility and severity of catastrophic events, including but not limited to, pandemics, natural disasters, acts of terrorism or outbreak of war or hostilities; and other risks and uncertainties detailed in periodic reports that Volaris files with the Securities and Exchange Commission (“SEC”) and period reports that the companies file with the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores; CNBV), as applicable. All forward-looking statements in this communication are based on information available to Volaris and Viva as of the date of this communication. Volaris and Viva each expressly disclaim any obligation to publicly update or revise the forward-looking statements, except as required by law..

Additional Information About the Transaction and Where to Find It

The Transaction is expected to be submitted to shareholders of Volaris and Viva for their consideration. Only shareholders of Volaris’ and Viva’s outstanding common shares registered as of the applicable record date are entitled to vote on the Transaction. Voting will be conducted in Mexico in accordance with Mexican law and each of the companies’ bylaws. Holders of American Depositary Shares (ADSs), Certificados de Participación Ordinarios (CPOs), or other instruments representing common shares are not shareholders of record, do not have voting rights and are not entitled to vote on the Transaction. In connection with the proposed Transaction, Volaris and Viva may prepare, make available and disclose, to shareholders and investors certain materials, including, as applicable, shareholder meeting documentation, proxy or information statements, prospectuses, offering materials, and other communications, which will be distributed in accordance with applicable law. If and when such materials are filed with or furnished to the SEC, the CNBV, the Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV) or the Bolsa Institucional de Valores, S.A. de C.V. (BIVA), they will be made available free of charge on Volaris’ investor relations website and Viva’s investor relations website, for SEC filings, at www.sec.gov, for CNBV filings, at www.gob.mx/cnbv, for BMV filings at www.bmv.com.mx, and for BIVA filings at www.biva.mx. Shareholders of Volaris and Viva are urged to read any such materials carefully if and when they become available before making any voting or investment decision. The proposed Transaction remains subject to customary closing conditions, including receipt of applicable regulatory approvals and shareholder approvals, as described in related announcement materials.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor a solicitation of any vote, approval, or proxy in any jurisdiction.

The information contained herein has not been reviewed or authorized by the CNBV, the BMV or BIVA.

HomeStock IdeasLong IdeasHealthcare 

SummaryMerck is reiterated as a buy, with the price target raised to $114, reflecting robust Q3 results and strong technical momentum.Q3 saw non-GAAP EPS of $2.58 (vs. $2.35 consensus) and revenue of $17.3B, driven by Keytruda, Gardasil, and disciplined cost management.Pipeline strength, including 80 Phase III trials and the Verona Pharma acquisition, positions MRK for growth beyond Keytruda's patent cliff.MRK trades at a modest 12x P/E with a >3.3% dividend yield; technicals confirm a bullish reversal, though resistance is expected near $111. Sundry Photography/iStock Editorial via Getty Images

Merck (MRK) has been one of the major contributors to the S&P 500 Health Care sector’s resurgence in the past handful of months. Since the middle of June, MRK has returned 29%, sharply beating the

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.

KB Home (KBH) Q4 2025 Earnings Call December 18, 2025 5:00 PM EST

Company Participants

Jill Peters - Senior Vice President of Investor Relations
Jeffrey Mezger - Chairman & CEO
Rob McGibney - President & COO
Robert Dillard - CFO & EVP

Conference Call Participants

John Lovallo - UBS Investment Bank, Research Division
Stephen Kim - Evercore ISI Institutional Equities, Research Division
Alan Ratner - Zelman & Associates LLC
Rafe Jadrosich - BofA Securities, Research Division
Michael Dahl - RBC Capital Markets, Research Division
Trevor Allinson - Wolfe Research, LLC
Jade Rahmani - Keefe, Bruyette, & Woods, Inc., Research Division
Richard Reid - Wells Fargo Securities, LLC, Research Division
Andrew Azzi - JPMorgan Chase & Co, Research Division

Presentation

Operator

Good afternoon. My name is John, and I will be your conference operator today. I would like to welcome everyone to the KB Home 2025 Fourth Quarter Earnings Conference Call. [Operator Instructions] This conference call is being recorded, and a replay will be accessible on the KB Home website until January 18, 2026.

I will now turn the call over to Jill Peters, Senior Vice President, Investor Relations. Thank you, Jill. You may now begin.

Jill Peters
Senior Vice President of Investor Relations

Thank you, John. Good afternoon, everyone, and thank you for joining us today to review our results for the fourth quarter and full year of fiscal 2025. On the call are Jeff Mezger, Chairman and Chief Executive Officer; Rob McGibney, President and Chief Operating Officer; Rob Dillard, Executive Vice President and Chief Financial Officer; Bill Hollinger, Senior Vice President and Chief Accounting Officer; and Thad Johnson, Senior Vice President and Treasurer.

During this call, items will be discussed that are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results, and the company does not undertake

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin and Shiba Inu have secured a place in Coinbase’s latest product expansion, a notable moment for meme coins within the regulated crypto derivatives market. Coinbase confirmed the launch of US perpetual-style futures trading in an announcement on X for a range of altcoins on Coinbase Derivatives, available around the clock.

Coinbase Expands Derivatives Access With Meme Coins Included
According to a recent announcement on X, US Perpetual-Style Futures are now live on Coinbase Derivatives. Among a lineup dominated by established layer-one networks and infrastructure tokens, Dogecoin and Shiba Inu stood out as the only meme-based assets included, showing how these tokens are being positioned within institutional-grade trading environments.

The new product rollout allows both retail and institutional traders to access US-regulated perpetual-style futures through approved Futures Commission Merchants. Coinbase is effectively placing both meme coins alongside assets such as Cardano, Chainlink, and Polkadot in its derivatives ecosystem with its extension of this offering to Dogecoin and Shiba Inu. In the case of Shiba Inu, the newly listed futures contract comes with a 1,000x multiplier.

This means that demand for structured exposure to these leading meme coins has grown beyond spot trading, with traders increasingly seeking hedging and leverage tools tied to them.

What This Means For DOGE And SHIB Moving Forward
Recent price action for both Dogecoin and Shiba Inu has offered little encouragement. Both cryptocurrencies are currently locked in an extended declining price action and low whale activity, except for a spike in whale activity witnessed by Shiba Inu earlier in the month. This occurred in tandem with a +1.06 trillion net change to the amount of SHIB on exchanges, which is also another sign of the intense selling pressure surrounding the meme coin.

However, behind the scenes, Dogecoin and Shiba Inu might be working towards a bullish momentum in their fundamentals. For one, the availability of perpetual-style futures for Dogecoin and Shiba Inu could add to how traders interact with these assets. Futures markets often attract higher trading volumes and more sophisticated participants, which can influence price discovery and volatility patterns. 

As the largest crypto exchange in the United States, Coinbase provides the best regulated gateway for institutional traders. Therefore, this development may increase institutional visibility for Dogecoin and Shiba Inu in the US market while also providing traders with new ways to manage risk.

At the time of writing, Shiba Inu is trading at $0.000007523, down by 3% in the past 24 hours. Notably, the meme coin is currently trading at its lowest price point in over a year. 

Dogecoin is also trading at its lowest price point in over a year. The king of meme coins is currently trading at $0.1256, down by 3.2% in the past 24 hours.

DOGE trading at $0.12 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

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Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The market is in a state where the drop of larger assets below major support thersholds opens up the possibility for a further downslide. Unfortunatelly, it seems that there will be no recovery in the foreseeable future, and it is a reality investors should accept to keep moving foward. 

Ethereum loses substanceEthereum is winding down; it is no longer trending. The daily chart clearly shows the market structure: ETH failed to maintain its post-rally highs, rolled over below important moving averages and is currently declining in a managed, nonpanic sell-off. This is not a sign of surrender. It is a downward-resolving distribution.

ETH/USDT Chart by TradingViewEthereum is currently acting like an asset that has lost control but not momentum. Every attempt at a bounce has been swiftly sold, and the price is below the short- and mid-term EMAs. This indicates that buyers lack the confidence to defend higher levels, while sellers rely solely on weakness and do not require urgency.

HOT Stories

This is confirmed by the volume, which is muted on green days and elevated on red ones. That is not chaos but traditional bearish pressure. Before $2,500, there is not much in the way, structurally. Former support levels are now serving as overhead resistance, and prior consolidation zones have already been broken or invalidated.

In essence, ETH is trading in a vacuum between areas where demand was previously present and areas where it could conceivably resurface. Technically speaking, $2,500 sticks out as the next region where buyers might reasonably appear. This is not because it is magical, but rather because it fits with longer-term moving averages, psychological pricing and previous accumulation.

Crucially, there is not much that prevents Ethereum from eventually reaching that point. There is no bullish divergence that should be respected, no strong horizontal support above it, and no recovery of trend-defining averages. The idea that ETH is not oversold, and that the market has room to move lower without inciting reflexive buying, is supported by the RSI’s midrange position.

XRP's market weaknessXRP is not dead, but it is weak. The market consistently overlooks that crucial distinction. XRP has not truly lost its macro bottom support, even though the price has been declining and is still trapped below its major moving averages. Right now, that is more important than most short-term indicators.

Rather than being in free fall, XRP is currently acting more like a compressed asset under ongoing sell pressure. Every bounce over the previous few weeks has been sold, the downtrend channel remains intact and the momentum is obviously bearish.  

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However, in spite of all of this, the price is still above the last significant demand zone, which was previously the site of significant selling and earlier reversals. Despite several tests, that level has not been clearly broken. This is not power. It is adaptable. And those two concepts are quite different.

The idea that downward momentum is slowing rather than accelerating is supported by the RSI being close to the lower bound. Although XRP is not extremely oversold, it is close enough to discourage more aggressive selling unless the overall state of the market deteriorates. Although sellers are active, their level of control is lower than it is prior to a breakdown.

It is very possible to bounce from this area. It is merely a reaction, not a drastic reversal or a change in trend. Do not think about recovery but relief. Technically, a return to short-term moving averages or local resistance would be justified without the need for a bullish catalyst. It would just be the market honoring a level that has not failed yet.

It is crucial to have expectations. It is unlikely that XRP will rise significantly if it does. Volume would most likely remain moderate, and price would continue to encounter significant overhead resistance. But before we even talk about strength, survival is important.

Bitcoin's structure stabilizesOne pattern stands out above the others in Bitcoin's current structure: a head-and-shoulders formation on the daily time frame. It is just the most straightforward explanation for the pattern of price action we have observed over the past few months; it is neither a stretch nor a narrative grab.

A decisive loss of trend support, followed by a powerful rally into a blow-off high (the head), and two lower highs that were unable to regain momentum (the shoulders). That is the textbook move.

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Instead of collapsing, Bitcoin is currently acting like an asset going from a trend to a correction. The head-and-shoulders thesis is perfectly supported by the price's failure to regain key moving averages after breaking below them. The fact that this structure has already sustained the majority of its damage is what counts.

Following the right shoulder, there was an aggressive sell-off that appears to be the pattern's resolution rather than its beginning. This is where most people make mistakes. A finished head and shoulders does not always indicate a bearish outlook. In actuality, it frequently creates the conditions for stabilization and recovery once the pattern is completed and weak hands are flushed.

Markets reset rather than trending continuously. This pattern serves as a reset method. A basing phase around current levels, with volatility compressing as sellers lose urgency, might occur next.

When the RSI is close to the lower range, it indicates that the downward momentum is cooling rather than accelerating. There is no longer any indication of panic, only the unwinding of heavy positioning. That is precisely what one would anticipate following the resolution of a structural pattern.

In brief
Project Eleven deployed a quantum-resistant Solana testnet after completing a threat assessment.
Solana’s work built on earlier opt-in protections, including the Winternitz Vault for user wallets.
Aptos proposed adding an optional post-quantum signature scheme through a governance vote.
As quantum computing shifted from distant theory to a practical risk in 2025, Solana developers say they have begun testing quantum-resistant cryptography to prepare for a future in which today’s technology may no longer hold up.

On Tuesday, the Solana Foundation said it had worked with post-quantum security firm Project Eleven to evaluate whether Solana’s cryptographic systems could hold up against future quantum computers, amid growing concern that advances in quantum computing could eventually undermine how blockchains secure transactions and validators.

“Quantum computers aren't here yet, but Solana Foundation is preparing for the possibility,” the Solana Foundation wrote on X. “To that end, we've consulted with Project Eleven to assess our quantum readiness.”

Developers on blockchains, including Bitcoin, Ethereum, and Zcash, are discussing how their networks could address quantum computing risks. The Solana Foundation says its first step is deploying post-quantum digital signatures on a Solana testnet.

While traditionally focused on the quantum threat to Bitcoin, Project Eleven conducted a threat assessment and deployed a Solana testnet using post-quantum digital signatures. The testnet was used to evaluate whether quantum-resistant transactions could run at the network layer using current technology without disrupting the network.

“Our responsibility is to ensure Solana remains secure not just today, but decades into the future,” Vice President of Technology at the Solana Foundation, Matt Sorg, said in a statement.

The new work built on earlier efforts by Solana developers to reduce exposure to potential quantum risks. In January, the network introduced the Solana Winternitz Vault, an optional wallet feature that uses a hash-based signature scheme to protect individual user funds. The system generates new cryptographic keys for each transaction and requires users to opt in, rather than altering the protocol.

"The Solana ecosystem's culture of shipping will continue with the release of a second client and state-of-the-art consensus mechanism this year,” Sorg wrote. “Efforts like Project Eleven's reflect early, concrete steps to strengthen the network and stay at the forefront, ensuring Solana's resiliency long-term."

Other blockchain ecosystems were pursuing similar preparations. On Aptos, a proposal known as AIP-137 would introduce the network’s first post-quantum signature option if approved by token holders. The proposal would add support for SLH-DSA, a stateless, hash-based digital signature scheme standardized by researchers at the U.S. National Institute of Standards and Technology.

According to Aptos Labs, if approved, the proposal would not require a network-wide migration, and Ed25519, which Aptos uses for transaction authentication, would remain the default signature scheme, with SLH-DSA offered as an optional account type for users who want post-quantum protections.

The post-quantum scheme relies on SHA-256, a hash function already used across the network, limiting the need for new cryptographic assumptions. The tradeoff is efficiency: the signatures are larger and take longer to verify, which could increase network load if adoption expands.

Aptos Labs framed the proposal as a cautious, long-term preparation rather than a response to an immediate threat.

“Thoroughly researched and drafted by Aptos Labs’ own Head of Cryptography [Alin Tomescu], we believe that AIP-137 will empower the Aptos network to better respond to future developments in quantum computing–all while remaining in the driver’s seat, rather than under time pressure or technological surprise,” Aptos Labs wrote on X.

The Solana test and broader concerns about quantum computing stem from the possibility that sufficiently powerful machines could eventually allow attackers to derive private keys from public keys and forge signatures. While devs across the blockchain industry are looking at ways to prepare for a quantum future, researchers and developers continue to debate how soon that point could be reached.

“I think the risks are nil in the short term. This whole thing is decades away,” Blockstream co-founder and cryptographer Adam Back wrote on X. “It’s ridiculously early, and there are massive R&D challenges across every area of the applied physics required to even determine whether it’s possible at a useful scale. That said, it’s reasonable to be quantum-ready.”

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Markets

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DOT Sinks After Breaking Key Support

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Journalist

Posted: December 19, 2025

Curve DAO token saw a 6.6% increase in Open Interest in the past 24 hours, according to Coinalyze stats. Generally, increased speculative activity points toward strong momentum.

During this period, Curve DAO [CRV] prices have gone down 2.63%. The token has also shed 9.9% over the past week.

The wider market was bearish as well, with Bitcoin [BTC] facing rejection at the $90k level on Wednesday.

Does this mean it is time to enter short positions on CRV?

AMBCrypto investigated the higher timeframes to determine if a bullish reversal or bearish continuation is likely next.

Multi-timeframe analysis hints at this CRV move next

Source: CRV/USDT on TradingView

The weekly chart showed a bearish swing structure after falling below $0.49. Additionally, the March support at $0.37 has also failed to hold back the bears.

The A/D indicator was sliding lower over the past month, showing increased sell pressure. The MACD also underlined heavy downward momentum on the weekly timeframe.

Source: CRV/USDT on TradingView

Zooming in on the 6-hour timeframe, Curve DAO token showed a short-selling opportunity. The trend was bearish and there have been two quick-fire bearish structure breaks on this timeframe.

Additionally, the fair value gap, or imbalance, overhead up to $0.38 (white box) was tested before a bearish continuation.

Discussing the invalidation point for the bears
The structure, momentum, and volume indicators across the two timeframes showed that bears have the upper hand.

Traders going short would have their idea invalidated upon a CRV price bounce past the imbalance at $0.38.

Traders’ call to action – Here’s the next target
Using the weekly chart, the next bearish target can be determined.

It is the $0.243 support, where the Curve DAO token was trading from July to November 2024. On the way, the $0.329 and $0.298 would be short-term support levels that could halt a bearish move.

Final Thoughts

The increased speculative interest in CRV alongside a price drop suggested strong bearishness in the market.
The weekly and 6-hour chart gave a trade setup with a clear invalidation favoring the downside.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

XRP Ledger operators are staring down a familiar kind of “deadline drama” on Thursday, after one community tracker warned that a large chunk of XRPL servers are about to get amendment blocked, basically pushed to the sidelines until they upgrade.

“In about ~10 hours 418 (!!) out of 999 XRPL servers will go DOWN as they become amendment blocked!” wrote X user Krippenreiter, adding that amendment-blocked rippled servers can’t “determine the validity of a ledger,” “submit transactions,” “process transactions,” or “participate in the consensus process.”

XRP validator and node upgrade status | Source: X @krippenreiter
Will This Impact The XRP Ledger?
That sounds catastrophic if you’ve never watched XRPL governance do its thing. But the important nuance is right there in the name: amendment blocking is a safety feature, not a network failure mode. When new protocol rules activate, old software can’t reliably interpret ledgers anymore, so the network forces those servers into a non-participating state rather than letting them guess.

So does “almost half the servers” going amendment-blocked matter if activity spikes? “Not at all,” Krippenreiter replied to one user. “All dUNL validators are safe, so all ‘trusted’ validators will continue to validate as expected. (and behave under load)… For everything else there is ‘FeeEscalation’.” The point he’s making: consensus comes from a trusted validator set, and fee escalation is designed to push transaction costs higher as the ledger gets busy, throttling spam and overload attempts.

Other XRPL watchers mostly treated it as routine maintenance, not an existential moment. “Is this unusual or dangerous? No. This happens almost every amendment cycle,” another user wrote, listing prior change windows and noting that lagging nodes typically upgrade later. The XRPL amendment process itself is built around a long lead time: an amendment needs sustained supermajority support from trusted validators for two weeks before it flips on.

Still, the optics aren’t nothing. Having hundreds of public servers fall behind at once can be a real-world nuisance for wallets, explorers, and businesses that lean on third-party infrastructure. Even if consensus is fine, fewer up-to-date nodes can mean less redundancy at the edges — more brittle public endpoints, more support tickets, more “why is my transaction not going through?” posts.

And there is a concrete upgrade path. XRPL.org’s release notes for rippled 2.6.2 describe a new fixDirectoryLimit amendment plus a critical bug fix — the kind of stuff you don’t want to procrastinate on if you run production infrastructure.

The short version: no, XRPL isn’t “going down.” But if you’re still running old rippled in late 2025, the network is about to remind you that upgrades aren’t optional.

At press time, XRP traded alongside the broader market wide sentiment, down -1.5% over the past 24 hours.

XRP remains below key support zone, 1-week chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

TL;DR

Polymarket experienced a brief outage due to a technical bug on Polygon PoS and a wider Cloudflare disruption.
The team indicated that building a custom Layer 2 (L2) is now a top priority.
This follows repeated network stability issues affecting Polygon’s transaction execution layer (Bor).

Polymarket went offline for a short period as Polygon PoS dealt with technical trouble around the same time. Users who tried to access accounts saw an outage notice and a prompt to reload the page.

Downdetector logged a sharp spike in reports tied to Polymarket. The breakdown showed 86% of reports flagged website problems, 11% flagged login trouble, and 3% flagged “website test not starting.” As a result, Downdetector triggered an incident alert because report volume rose far above normal levels.

Posts on X later said service returned and key functions resumed. Meanwhile, user reports and network telemetry pointed to a broad Cloudflare disruption that affected routing and content delivery across multiple regions, an issue that often knocks many sites offline at once.

Talk of a Polymarket L2 rises after repeated outages
A Discord message from a team member named Mustafa claimed the team now treats a custom Layer 2 (L2) as the top priority. The message aimed to calm users, yet it included no plan details and no timeline. The same Discord chatter tied L2 work to long-running discussion around a $POLY token and a possible airdrop.

Polygon’s own update described a bug on Polygon PoS that affected some nodes and reduced RPC availability across several providers. Polygon said engineers found the bug quickly and shipped a patch that restored full functionality. Validators continued syncing, and the network rebuilt toward quorum.

The disruption hit Bor, the block-producing and transaction execution layer. Polygon said multiple nodes stalled and weakened RPC access, while the block producer kept running and continued producing blocks, so the chain stayed live. Still, partial RPC disruption continued during the recovery window even as transactions kept flowing.

Polygon also referenced earlier slowdowns
On December 12, Polygon said some transactions appeared stuck or missing and advised users to resubmit with a gas price at least 10% higher. On December 13, Polygon shipped a fix and started monitoring results. A similar episode in September delayed block finality by several minutes for some Bor and Erigon nodes, which temporarily disrupted certain validators and providers.

For Polymarket, the outage underlined a clear dependency chain: RPC health, node stability, and major internet plumbing all shape uptime. A dedicated L2 would give Polymarket more control over infrastructure and reduce exposure to external failures, although the team has not published an official plan.