The stock market opened on a strong note, lifting the S&P 500 (+0.1%) and Nasdaq Composite (+0.4%) to fresh intraday record highs. With little news to drive action amid the ongoing government shutdown, the market moved sideways for most of the day, but some late afternoon buying interest helped the major averages notch record closing highs as well.

DOW closed higher at 46520 (+0.17%). Nasdaq closed higher at 22844 (+0.39%). S&P 500 closed higher at 6715 (+0.06%). Action came on higher than average volume for Nasdaq, but not NYSE (NYSE 1,132 mln vs avg. of 1,190 mln; NASDAQ 9,733 mln vs avg. of 9,318 mln), with advancing/declining volume for NYSE (531 mln/580 mln) and Nasdaq (6962 mln/2669 mln). Decliners led advancers on NYSE, but not on Nasdaq (NYSE 1337/1417; NASDAQ 2704/1962) with new 52-week highs outpacing new lows (NYSE 128/41, NASDAQ 395/96).

Relative Strength:

Uranium-URA +4%, Uranium & Nuclear Energy-NLR +3.18%, Rare Earth Metals-REMX +2.12%, Argentina-ARGT +2.11%, South Korea-EWY +2.03%, S&P Metals & Mining-XME +1.54%, Global X Lithium-LIT +1.48%, Semiconductors-SMH +1.36%, Short Term Futures-VXX +1.27%, HealthCare Providers-IHF +1.24%

Relative Weakness:

Vietnam-VNM -2.91%, U.S. Oil-USO -2.15%, S&P Oil & Gas Expl & Prod-XOP -1.97%, U.S. Gasoline-UGA -1.86%, Oil Services-OIH -1.75%, Turkey-TUR -1.46%, U.S. Nat Gas-UNG -1.32%, GSCI Commodity-GSG -1.07%, Energy Select-XLE -1.03%, Brazil-EWZ -1.01%

• On September 29, 2025, the U.S. Department of Commerce's Bureau of Industry and Security issued a new rule that expands the list of companies subject to U.S. export restrictions. Co expects that the BIS Affiliates Rule will further restrict its ability to export certain products and provide certain parts and services to specific China-based customers without a license.
• Co currently estimates that the impact of the BIS Affiliates Rule will reduce its net revenue for the fourth quarter of fiscal 2025 by approximately $110 million. In addition, Applied currently expects that the impact of the BIS Affiliates Rule will reduce its net revenue for fiscal 2026 by approximately $600 million.

The stock market opened on a strong note, lifting the S&P 500 (+0.1%) and Nasdaq Composite (+0.4%) to fresh intraday record highs. With little news to drive action amid the ongoing government shutdown, the market moved sideways for most of the day, but some late afternoon buying interest helped the major averages notch record closing highs as well.

The DJIA (+0.2%) notched a record closing high, though it failed to surpass its all-time high level from last Tuesday. Meanwhile, the small-cap Russell 2000 (+0.7%) outperformed, and the S&P Mid Cap 400 (+0.1%) captured a modest gain after spending most of the day in negative territory. 

Only four S&P 500 sectors finished in positive territory, though a healthy gain in the top-weighted information technology sector (+0.5%) masked broader losses and contributed to the Nasdaq Composite's outperformance. 

Chipmakers fueled much of the move, propelling the PHLX Semiconductor Index (+1.9%) to another record high, while Fair Isaac (FICO 1784.68, +271.97, +17.98%) topped the S&P 500 leaderboard after unveiling a direct license program that allows tri-merge resellers to calculate and distribute FICO Scores directly to clients.

The materials (+1.1%), communication services (+0.3%), and industrials (+0.2%) sectors also finished with gains.

The energy sector (-1.0%) widened its week-to-date loss to 4.0% (the worst among the eleven S&P 500 sectors), as crude oil futures settled today's session $1.31 lower (-2.1%) at $60.48 per barrel. Occidental Petro (OXY 44.23, -3.49, -7.31%) moved lower after news that Berkshire Hathaway Inc. (BRK-B 495.96, -2.24, -0.45%) entered into an all-cash agreement to acquire the company's chemical unit, OxyChem, for $9.7 billion. 

Tesla (TSLA 435.97, -23.49, -5.11%) also moved lower today after reporting over 497,000 vehicles delivered in Q3. The headline figure was record-setting, but it was largely pulled forward by the expiration of the $7,500 EV tax credit, raising questions around Q4 demand. The consumer discretionary sector retreated 0.7% in response despite broader strength throughout its other components.

On the macro front, Senate Majority Leader Thune said that it is unlikely that the Senate will have enough votes over the weekend to reopen the government, meaning the shutdown is on course to continue into next week. The shutdown has done little to keep the major averages from pushing further into record territory so far, though the blackout of key economic data today certainly added to the lethargy of today's action.

Nonetheless, the data that the market did receive before the nearly cemented odds of another rate cut later this month, keeping the market trending higher as earnings season approaches.

U.S. Treasuries finished Thursday with modest gains, pressuring yields on 5s, 10s, and 30s to their lowest closing levels in two weeks. The 2-year note yield settled up one basis point to 3.55%, and the 10-year note yield settled down two basis points to 4.09%.

• Nasdaq Composite: +18.3% YTD
• S&P 500: +14.2% YTD
• Russell 2000: +10.2% YTD
• DJIA: +9.3% YTD
• S&P Mid Cap 400: +5.1% YTD

• Co announces it delivered 62 aircraft in 3Q25. The result represented a marginal improvement compared to 2Q25 and 3Q24, when 61 and 59 jets were delivered, respectively.
• During 3Q25, 20 new commercial jets were delivered -- more than half of them (11) were E195-E2 models, Embraer's largest aircraft currently in production in the segment.
• In the period, the Commercial Aviation business unit outperformed 2Q25 as well as 3Q24, which recorded 19 and 16 deliveries, respectively.
• Embraer Executive Jets recorded 41 deliveries, compared with 38 jets delivered in 2Q25 and 41 in 3Q24.
• The highlight of the quarter was the Phenom 300, the fastest light jet in production and market leader for 13 consecutive years, with 20 units delivered.
• In Defense & Security, the company delivered 1 unit of its multi-mission military transport aircraft, the KC-390 Millennium, completing the overall total of 62 deliveries by the company in the quarter.
• Embraer's deliveries estimates for the year are between 77 and 85 in Commercial Aviation in 2025 (midpoint 10% above year-over-year), and 145 to 155 jets in Executive Aviation (midpoint 15% above year-over-year).

• Co announces that Ken Hahn will transition from his role as Chief Financial Officer, effective October 29, 2025. Hahn will participate in the third quarter 2025 earnings conference call and continue serving in an advisory role for 12 months to ensure a seamless transition.
• The company has a search process underway to find a permanent successor.
• Co reaffirms guidance for Q3 (Sep), sees Q3 (Sep) revs of 188-192 mln vs. $190.29 mln FactSet Consensus, adjusted EBITDA of $10 to $14 million.
• Co reaffirms guidance for FY25 (Dec), sees FY25 (Dec) revs of 738-746 mln vs. $744.38 mln FactSet Consensus.

• Under the terms of the agreement, Martin Marietta will acquire aggregates operations with annual production of approximately 20 million tons across Virginia, Missouri, Kansas and Vancouver, British Columbia, as well as $450 million in cash.
• In exchange, Quikrete will receive the Company's Midlothian cement plant, associated cement terminals, and ready-mixed concrete assets in North Texas.

• Co announces it is collaborating with Lavorro Inc., a pioneer in Generative AI for semiconductor manufacturing, to enable mutual customers to access the latest engineering documentation of the semiconductor fab they manage, to enable quicker and more effective implementation of actions and manufacturing equipment control.
• PDF Solutions is working with Lavorro to transform the way fab operators can leverage real time, clean process data and access the latest in context engineering knowledge, in an effort to make and implement the best yield enhancing decisions.

• Co announces a strategic partnership with Perplexity, the AI-powered answer engine. The partnership includes several initiatives, including the integration of Perplexity's AI-powered tools to drive more discoverability on Rumble.com, the introduction of a new subscription bundle combining Rumble Premium with Perplexity Pro, and the promotion of Perplexity's new product Comet across the Rumble ecosystem, including the Rumble Advertising Center.
• The collaboration addresses a fundamental product challenge in digital video: helping users discover relevant content in an increasingly crowded media landscape.
• By integrating Perplexity's AI search technology into Rumble.com, the partnership aims to improve content discoverability for both creators seeking to reach their audiences and viewers looking for specific topics or discussions.

• The multi-year agreement consists of a Base contract with Option periods. The Base period funding of $58 mln over 24 months supports the onshoring of CD388 manufacturing to the United States as an addition to the initial commercial supply chain.
• This initial funding will also be used to conduct a clinical trial to demonstrate the comparability of a higher-concentration formulation and different presentations of CD388, further characterize its activity against pandemic influenza strains in non-clinical models and initiate the development of clinical trial protocols for expanded populations.
• The Option periods funding up to $281 mln, if requested by Cidara and exercised by the U.S. government, would support additional clinical and non-clinical studies of CD388 in specific populations, as a complement to the company's plans for potential Biologics License Application submission to the U.S. Food and Drug Administration

• Guardian awarded capacity to five shippers totaling 328,103 Dth per day with a targeted in-service date of November 1, 2028. The newly awarded capacity, combined with expansion capacity previously awarded in July 2025, totals 536,903 Dth per day of expansion capacity on Guardian which is an approximately 40% increase from Guardian's current capacity.
• "The strong interest in this expansion capacity is an indication of the growing demand for natural gas in Wisconsin and the Upper Midwest region where our pipelines are well-positioned," said David Slater, President and CEO.

• The contract, which runs until Oct. 26, 2029, delivers a five-per-cent wage increase in the first year, followed by three-per-cent increases in each of the next three years.
• Members will also receive a $3,500 signing bonus within four weeks of ratification.
• The agreement includes significant pension gains, stronger health and safety provisions, and new protections for fairness in the workplace.
• It recognizes the National Day for Truth and Reconciliation as a statutory holiday, boosts shift premiums and meal allowances, and strengthens job posting and vacation rights.

• Google is making a multi-billion investment in the State of Arkansas to support the development of a new data center in West Memphis. This new data center will create hundreds of new operations jobs and thousands of construction jobs in the region.
• Google is constructing the advanced data center campus in West Memphis across a site of more than 1,000 acres. The campus will include a data center facility, office buildings, a substation facility, and other infrastructure.

• The catalyst was a resounding beat-and-raise Q3 (Jul) earnings report in early September.
• Ciena is benefitting from the rapid buildout of AI infrastructure. 
• Ciena also said it has visibility well into FY26, which provides investors with confidence that the company can hit those numbers.
• The stock has run more than 50% just since the Q3 report.

Longer Tenors Overcome Early Softness

• U.S. Treasuries finished Thursday with modest gains, pressuring yields on 5s, 10s, and 30s to their lowest closing levels in two weeks. Treasuries faced some pressure during the opening hour of today's session, which lacked the customary release of the weekly Initial Claims report. Investors received the September Challenger Job Cuts report (-25.8% yr/yr; prior +13.3% yr/yr) earlier in the morning, which is not known for getting a reaction from the market, but given the current lack of official employment data, the report likely received some attention, contributing to the early dip. However, the early pressure was short lived, as Treasuries started rising off their lows about 30 minutes after the open. The bounce was led by the long bond, which outperformed from the start and remained slightly ahead into the close. The intraday bounce in Treasuries took place alongside another resilient showing from equities, while commodities were generally lower with gold futures reversing from a record high while silver backed down from its highest level since May 2011. Crude oil fell for the fourth day in a row, reaching its lowest level since late May, while the U.S. Dollar Index climbed 0.2% to 97.86.
• Yield Check:
  • 2-yr: +1 bp to 3.55%
  • 3-yr: UNCH at 3.56%
  • 5-yr: -1 bp to 3.67%
  • 10-yr: -2 bps to 4.09%
  • 30-yr: -2 bps to 4.70%

• News:
  • Senate Majority Leader Thune said that it is unlikely for the Senate to have enough votes over the weekend to reopen the government, meaning the shutdown is on course to continue into next week.
  • Treasury Secretary Bessent told CNBC that he expects a "pretty big breakthrough" in talks with China that will take place later this month.
  • Shipper Maersk said that China's container shipments to Latin America, Africa, and Europe increased markedly while shipments to North America are down about 15% yr/yr.
  • Japan's Agriculture Minister Shinjiro Koizumi is reportedly a slight favorite to win Saturday's LDP leadership vote.
  • British food retailer Tesco increased its guidance while discount air carrier Ryanair reported strong metrics for September.
  • The British government may exempt new listings on the London Stock Exchange from paying stamp duty amid growing concerns about falling competitiveness of British markets.
  • There was some speculation that the Swiss National Bank could cut its policy rate into negative territory after cool September CPI.
  • Japan's September Monetary Base was down 6.1% yr/yr (expected -3.8%; last -4.1%). September Household Confidence rose to 35.3 from 34.9 (expected 35.1).
  • South Korea's September CPI was up 0.5% m/m (expected 0.4%; last -0.1%), rising 2.1% yr/yr (expected 2.0%; last 1.7%).
  • Hong Kong's August Retail Sales rose 3.8% yr/yr (last 1.8%). 
  • Australia's August trade surplus reached AUD1.825 bln (expected surplus of AUD6.130 bln; last surplus of AUD6.612 bln).
  • Eurozone's August Unemployment Rate rose to 6.3% from 6.2% (expected 6.2%).
  • France's August government budget deficit reached EUR157.5 bln (last deficit of EUR142.0 bln).
  • Italy's August Unemployment Rate rose to 6.0% from 5.9%, as expected.
  • Spain's September unemployment decreased by 4,800 (expected +15,400; last +21,900)
  • Swiss September CPI was down 0.2% m/m, as expected (last -0.1%) and up 0.2% yr/yr (expected 0.3%; last 0.2%).
• Today's Data:
  • Weekly natural gas inventories increased by 53 bcf after increasing by 75 bcf a week ago.
• Commodities:
  • WTI crude: -2.1% to $60.48/bbl
  • Gold: -0.8% to $3868.50/ozt
  • Copper: +1.4% to $4.95/lb
• Currencies:
  • EUR/USD: -0.1% to 1.1725
  • GBP/USD: -0.2% to 1.3449
  • USD/CNH: +0.1% to 7.1308 
  • USD/JPY: +0.1% to 147.16
• The Day Ahead:
  • 9:45 ET: Final September S&P Global U.S. Services PMI (prior 53.9)
  • 10:00 ET: September ISM Services (Briefing.com consensus 51.7%; prior 52.0%)

The following are some of today's most notable large cap movers of interest ($10 bln - $200 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

• FICO (1827.77 +20.83%): The Co. launches direct license program for mortgage lending.
• ASTS (66.04 +15.95%): BCE Inc's (BCE) Bell and AST SpaceMobile complete Canada's first successful space-based direct-to-cell VoLTE voice call, broadband data and video streaming .
• BLSH (66.86 +9.95%): Higher after announcing plan to launch crypto options trading, coupled with strength in Bitcoin.

Large Cap Losers

• TRU (74.08 -9.94%): Plunge lower after Fair Isaac (FICO) announces new program that lets lenders and mortgage resellers license FICO credit scores directly.
• RIVN (13.49 -7.70%): The Co. reports Q3 deliveries; produced 10,720 vehicles at its manufacturing facility in Normal, Illinois and delivered 13,201 vehicles.
• OXY (44.29 -7.19%): Berkshire Hathaway (BRK.B) announces definitive agreement to acquire Occidental's (OXY) chemical business, OxyChem, in an all-cash transaction for $9.7 bln. Occidental Petro also releases OxyChem presentation. Lastly, the Company announces that its Board of Directors has promoted Richard A. Jackson to Senior Vice President and Chief Operating Officer.

• CL00-USA Crude Oil futures settled today's session $1.31 lower (-2.1%) at $60.48/barrel
• NG00-USA Nat Gas settled today's session $0.04 lower (-1.2%) at $3.44/MMBtu
• RB00-USA RBOB Gasoline settled today's session $0.04 lower (-2.1%) at $1.85/gallon
• HO00-USA Heating oil futures settled today's session $0.06 lower (-2.6%) at $2.24/gallon

• GC00-USA gold settled today's session $29.30 lower (-0.8%) at $3,868.50/ozt
• SI00-USA silver settled today's session $1.27 lower (-2.7%) at $46.39/ozt
• HG00 copper settled today's session $0.07 higher (+1.4%) at $4.95/lb

The following are some of today's most notable mid cap movers of interest ($2 bln - $10 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Mid Cap Gainers

• ONDS (9.17 +25.44%): The Co. places initial order for Wasp Attritable drones from Rift Dynamics for distribution to U.S. defense markets.
• WRD (11.22 +8.72%): The Co. launches Robotaxi and Robobus Pilots into third UAE Emirate.
• DOCN (38.50 +7.33%): The Co. announced a significant expansion of its AI offerings within the DigitalOcean AI Ecosystem and the formal introduction of the DigitalOcean AI Partner Program. Unveiled at its Deploy London conference, these initiatives bring together leading technology innovators, systems integrators, venture firms, and AI-native startups to create a comprehensive, flexible, and powerful environment for building the next generation of AI applications.

Mid Cap Losers

• FRMI (30.12 -7.41%): The Co. announces admission to trading on the London Stock Exchange.
• NXE (8.77 -3.41%): The Co. announces upsized AUD $600 mln equity offering in Australia.
• GRND (14.47 -2.76%): The Co. appoints John North as CFO, effective immediately.

• Equifax (EFX) and Transunion (TRU) are trading sharply lower because Fair Isaac (FICO) announced a major change to its business model, allowing lenders and mortgage resellers to license FICO credit scores directly, bypassing the traditional distribution through credit bureaus like EFX and TRU.
• This move threatens the credit bureaus' longstanding role and the significant markups they charge for FICO scores, potentially eroding their revenue and profit margins.
• Investors are reacting to the risk of disintermediation and competitive price pressure in the core mortgage credit segment.
• In contrast, FICO's shares are trading sharply higher as the new direct licensing program is seen as a growth opportunity, allowing FICO to capture more value directly from lenders and resellers while increasing its strategic relevance in the credit ecosystem.

• Study and red-teaming exercise led by Microsoft brought together consortium of scientific and industry experts.
• Twist remains at the forefront of biosecurity innovation, demonstrating leadership in both policy engagement and technical solutions.

• The energy company announced a $3.1 bln investment in two additional power projects to support grid-constrained markets, which makes sense as demand growth from data centers and AI drives the need for reliable infrastructure.
• The pullback may reflect investor caution around the increased leverage, though the projects are backed by 10-year fixed-price agreements, providing revenue visibility.

• This decision reinforces Matthews' longstanding leadership in the design, development, and manufacturing of continuous process machinery for battery electrode production, including its proprietary dry battery electrode solutions.
• For more than two decades, Matthews has delivered advanced rotary manufacturing technologies that streamline production of energy storage devices, helping to reduce cost and increase performance.
• The Federal Court's recent decision also further strengthens Matthews' position as a trusted partner in the global energy transition.

The S&P 500 (-0.1%) remains modestly lower with nine sectors in the red and energy (-0.9%) at the bottom of the sector leaderboard.

Key factors driving today's performance include:

• Continued pressure from a lower price of oil, as WTI crude falls for the fourth consecutive day, dropping $1.30, or 2.1%, to $60.47/bbl, its lowest level since late May with the 2025 low (55.12) not far away.
• Weak leadership from Occidental Petroleum (OXY 44.05, -3.67, -7.69%) after the company agreed to sell its petrochemicals business to Berkshire Hathaway (BRK.B 494.09, -4.11, -0.83%) for $9.7 bln.
• Continuation of last week's reversal from a level not seen since early April. The sector has given up 3.9% since Friday, underperforming the remaining ten groups.

Notable movers:

• Occidental Petroleum (OXY 44.05, -3.67, -7.69%): weakest performer in the sector, falling past its 50-day (45.57) and 200-day (45.37) moving averages to a six-week low. Company agreed to sell its petrochemicals business to Berkshire Hathaway (BRK.B 494.09, -4.11, -0.83%) for $9.7 bln. Separately, Board promoted Richard A Jackson to Senior Vice President and COO.
• Coterra Energy (CTRA 23.19, -0.77, -3.19%): giving back yesterday's gain after finding resistance at its 50-day moving average (23.93).
• SLB (SLB 34.19, -0.90, -2.56%): falling back below its 50-day moving average (34.62).
• Devon Energy (DVN 34.47, -0.85, -2.41%): returning to its 50-day moving average (34.36). Brent J. Smolik joined the company's Board.
• Valero (VLO 163.87, -3.80, -2.27%): deepening last week's reversal from its best level since April 2024.
• ConocoPhillips (COP 93.35, -2.11, -2.22%): falling back below its 50-day (94.88) and 200-day (94.85) moving averages.
• Exxon Mobil (XOM 111.34, -0.65, -0.58%): returning to its 50-day moving average (111.02).
• Chevron (CVX 153.90, -0.68, -0.44%): climbed above its 50-day moving average (156.18) before giving back its gain.
• Williams Companies (WMB 64.42, +0.73, +1.14%): hit a fresh record high before narrowing its gain. Company plans to invest $3.1 bln in two power innovation projects.
• EQT Corp (EQT 56.99, +0.83, +1.48%): on track for its eighth gain over the past nine days.
• Texas Pacific Land (TPL 974.33, +16.35, +1.71%): best performer in the sector, rising to its best level since late July.

The stock market has moved in a sideways fashion after a brief opening rally resulted in new record highs for the S&P 500 (flat) and Nasdaq Composite (+0.3%). 

The DJIA is also flat just after midday as the market meanders amid a lack of directional drivers.

A strong first half from the information technology sector (+0.6%) underpins the outperformance of the Nasdaq Composite over its peers.

The sector benefits from strength in its chipmaker components, sending the PHLX Semiconductor Index (+1.9%) to a fresh record, while Fair Isaac (FICO 1827.95, +315.24, +20.84%) leads all S&P 500 names after launching a direct license program for mortgage lending, giving tri-merge resellers the option to calculate and distribute FICO Scores directly to their customers.

Elsewhere, the materials sector (+0.7%) trades higher after closing with the widest loss yesterday. 

Though nine S&P 500 sectors trade in negative territory at this juncture, none hold losses wider than 0.8%. 

The ongoing government shutdown prevented the release of this morning's economic data, contributing to today's underwhelming action. Even if the market had received today's jobless claims data, yesterday's weaker-than-expected September ADP Payrolls Report (-32k; Briefing.com consensus: 40k) increased the odds of a 25-basis point rate cut in October to an almost certainty, leaving little runway for easing expectations to act as a catalyst in the near term. 

Corporate headlines are also slim today, though there have been a few stock-specific developments. 

Berkshire Hathaway Inc. (BRK-B 494.68, -3.52, -0.71%) has entered into an all-cash agreement to acquire Occidental Petro (OXY 44.14, -3.58, -7.49%) chemical unit, OxyChem, for $9.7 billion, marking its biggest transaction since the $11.6 billion Alleghany acquisition in 2022.

Tesla (TSLA 444.02, -15.44, -3.36%) Q3 delivered over 497,000 vehicles in Q3, though this figure was largely pulled forward by the expiration of the $7,500 EV tax credit, raising questions around Q4 demand.

Mega-cap names are putting up mixed performances, leaving the Vanguard Mega Cap Growth ETF with a slight 0.1% gain.

Smaller-cap names are also on a flattish trajectory today, with the Russell 2000 unchanged for the day while the S&P Mid Cap 400 (-0.3%) holds a modest loss. 

• Bullish (BLSH) is trading sharply higher on the back of strength in Bitcoin and broader cryptocurrency markets, coupled with the company's announcement that it will launch crypto options trading on October 8.
• The new offering will be supported by a consortium of leading day-one trading partners, providing deep liquidity and robust market access, which is expected to attract active traders and institutional participants.
• This development builds on yesterday's rollout of spot, margin, perpetual, and dated futures, expanding BLSH's full-suite trading ecosystem and enabling cross-product strategies that could boost trading volumes and fee revenue.
• Investors are reacting positively because options trading adds higher-margin products and positions BLSH as a more comprehensive crypto trading platform.
• Together, these moves could materially accelerate growth and strengthen BLSH's competitive position in the digital-asset exchange market.
  

• Healthcare: TLRY (87.56 mln -0.31%), PFE (41.19 mln -1.23%)
• Materials: BTG (25.14 mln -1.3%)
• Industrials: AAL (35.47 mln +1.46%)
• Consumer Discretionary: TSLA (77.73 mln -2.5%), NIO (48.27 mln +1.5%), F (37.36 mln -0.81%), AMZN (19.21 mln +0.49%)
• Information Technology: NVDA (83.44 mln +1.05%), INTC (78.12 mln +3.32%), AMD (36.26 mln +4.13%), AAPL (20.36 mln +0.94%)
• Financials: SQQQ (64.9 mln -0.59%), TQQQ (28.13 mln +0.7%), BBD (23.26 mln -2.01%), QQQ (22.39 mln +0.24%)
• Energy: OXY (24.47 mln -6.68%), RIG (23.48 mln +2.01%)
• Consumer Staples: ABEV (36.73 mln -1.36%)

• Healthcare: ANGO (5.72x +7.14%), GLPG (1.8x +2.68%), GSK (1.4x -2.44%), EDIT (1.33x +5.63%), HUM (1.28x +4.34%), TLRY (1.24x -0.31%)
• Industrials: EFX (3.65x -8.12%), TRU (2.93x -10.09%), MATW (1.65x +1.43%)
• Consumer Discretionary: MELI (1.4x +1.12%)
• Information Technology: FICO (3.64x +19.78%), LPSN (1.96x -8.59%)
• Financials: SLQD (2.64x -0.03%), PUK (1.86x -2.65%), FV (1.58x -0.17%), BFZ (1.51x -0.73%), BGB (1.22x +0.21%)
• Energy: OXY (2.7x -6.68%)
• Utilities: EXC (1.22x -0.34%)

• Today's top 20 % gainers
  • Healthcare: SRPT (22.38 +15.84%), CASI (1.89 +11.66%), FOLD (8.29 +7.46%), ANGO (11.86 +7.14%), NTLA (19.95 +6.34%), ACHC (26.09 +6.27%), EDIT (3.75 +5.63%), TDOC (8.2 +5.06%), CRSP (69.49 +5.03%)
  • Materials: CE (44.81 +5.81%)
  • Industrials: AVAV (362.88 +4.85%)
  • Consumer Discretionary: IRBT (4.02 +9.54%)
  • Information Technology: FICO (1811.94 +19.78%), VSAT (30.95 +5.56%), GLOB (59.58 +4.75%)
  • Financials: AMBC (8.82 +8.49%), RILY (6.18 +4.57%)
  Today's top 20 % losers
  • Healthcare: FATE (1.16 -7.21%), ANAB (30.08 -5.91%), HALO (70.66 -5.71%), CIVI (33.65 -5.05%), CYH (2.99 -4.47%), URGN (17.02 -4.46%), STIM (2.6 -4.41%), ARRY (8.73 -4.23%)
  • Materials: NG (9.49 -6.19%), MUX (16.06 -4.27%), AG (11.75 -4.16%)
  • Industrials: TRU (73.96 -10.09%), EFX (233.22 -8.12%), ERJ (57.3 -5.38%)
  • Consumer Discretionary: FNKO (3.15 -4.98%)
  • Energy: OXY (44.53 -6.68%), GTE (4.31 -6.3%), AR (33.5 -4.23%)

Small Cap Gainers

• TSHA (4.81 +51.26%): The Co. announces FDA breakthrough therapy designation and provides positive regulatory update on TSHA-102 in Rett Syndrome.
• CAN (1.33 +27.88%): The Co. secures a purchase order from a U.S.-based bitcoin miner for more than 50,000 of its latest-generation Avalon A15 Pro mining machines.
• KDK (6.95 +16.61%): Soros Fund discloses 5.7% stake.

Small Cap Losers

• CRSR (7.91 -8.55%): initiated with a Neutral at B. Riley.
• DVS (4.75 -7.77%): The Co. announced C$30 million bought-deal financing.
• SKE (17.18 -6.53%): The Co. announces approximately C$125 mln bought deal financing.

Buyers:

• REFI Executive Chairman bought 7,500 shares at $12.43 worth approximately $93K.

Sellers:

• AGX Directors (3) sold 29,944 shares combined at $268.60 - $274.73 worth approximately $8.1 mln.
• CYTK President & Chief Executive Officer sold 5,000 shares at $55.05 worth approximately $275K.
• PSTG Chief Accounting Officer sold 9,091 shares at $84.91 - $84.92 worth approximately $772K.

For regular updates on our insider summaries and commentary, please add Briefing ticker INSID to ticker alerts. Transactions exclude pre-arranged trading plans. Sales exclude option-related sell-offs.

• Rivian Automotive (RIVN) is selling off today despite a strong Q3 delivery report, where the EV maker delivered 13,201 vehicles, up 24% qtr/qtr and above analysts' expectations. Unlike Tesla (TSLA), RIVN didn't truly benefit from the $7,500 federal EV tax credit, as its vehicles were only eligible if leased, making the Q3 performance more purely operational.
• The selloff is largely tied to RIVN's narrowed FY25 delivery guidance of 41,500-43,500 vehicles, which is lower by 500 at the midpoint versus its previous forecast and represents a nearly 16% drop from 2024 sales.
• RIVN had initially expected 46,000-51,000 vehicles but has been trimming guidance amid tariff pressures and other headwinds.
• Looking ahead, 2026 will be pivotal for the company as it prepares to launch the R2 SUV, its most affordable model, which could drive broader adoption and volume growth.

• CNC +2.9%, OSCR +2.6%, ELV +2.1%, CI +1.7%, MOH +1.7%, UNH +1.3%

• 2026 Medicare Advantage Star Ratings:
  • Based on preliminary 2026 Medicare Advantage (MA) Star Ratings data provided by the Centers for Medicare and Medicaid Services (CMS), which was inadvertently accessible on CMS Plan Finder for a period of time on October 1, 2025, Humana has approximately 1.2 million, or 20%, of its members currently enrolled in plans rated 4 stars and above for 2026, with an average Star rating of 3.61, consistent with the Company's 2025 average MA Star Rating. The Company also has 14% of members in 4.5 star plans in 2026, up from 3% in 2025. Importantly, the Company's preliminary 2026 MA Star Ratings are generally in line with the assumptions utilized in its multiyear financial planning. As a result, there is no change to the 2025 to 2028 incremental earnings potential detail shared at the Company's 2025 Investor Conference on June 16, 2025.
  • As a reminder, the Company had a short period of time to impact 2026 Star Ratings performance once the 2025 Star Ratings were released in the fall of 2024. While the Company is not satisfied with its 2026 Star Ratings, it is pleased with the tactical operational improvements made during the final months of the 2026 measurement period, creating a solid foundation for the Company's expected return to Top Quartile results for the 2027 Star Ratings.
  • Finally, the Company is executing on a MA contract diversification strategy, beginning with the 2026 Annual Election Period beginning on October 15, 2025. As a result, the percent of members expected to be enrolled in contracts rated 4 stars and above in 2027 (the payment year impacted by 2026 MA Star Ratings) is meaningfully higher than the approximately 20% noted above, which is based on current MA membership and contract distribution. This contract diversification strategy, which is also expected to positively impact 2026, was contemplated in the Company's multiyear financial planning and the detail shared at its recent Investor Conference.
• 2027 Medicare Advantage Star Ratings Progress Update: After incorporating the 2026 MA Star Rating thresholds into its forecasting process, the Company continues to anticipate a return to Top Quartile results for the 2027 MA Star Ratings. The Company's confidence in a return to Top Quartile results is supported by the solid operational progress made for the 2026 MA Star Ratings, combined with further improvements made for the 2027 MA Star Ratings. These improvements reflect a fundamental shift in the Company's Stars program, based in strategic choices, data and analytics, and an "always-on" approach to Stars improvement.
• 2026 Individual Medicare Advantage Pricing and Benefit Design: Based on all information available to date, the Company remains confident in its 2026 Individual MA pricing and benefit design, including the expectation that it will double individual MA pre-tax margin in 2026 (excluding Stars), and believes it is positioned to return to membership growth in 2026.
• 2025 Earnings Guidance: Humana affirms its guidance of approximately $13.77 in diluted earnings per common share ("EPS"), or approximately $17.00 in adjusted earnings per common share (vs. $17.03 FactSet Consensus). This guidance is consistent with the guidance issued in the Company's press release dated July 30, 2025.
  

• He replaces Marshall Witt, who is leaving the company to assume a role outside the organization.
• Jordan, who has served as Americas CFO since 2021, joined TD SYNNEX in 2014 and has held a variety of senior finance roles across the organization. David brings to the role strong commercial acumen, M&A experience and focus on capital optimization, along with a deep experience in financial planning, investor engagement and operational leadership.

• FCA US sales rose 6% yr/yr to 324,825 vehicles, its first quarterly increase this year, with September marking the company's highest monthly U.S. market share in 15 months.
• Strength was broad-based across Jeep (+11%), Ram retail (+26%), Chrysler (+45%), and FIAT (+2%), led by gains in Wrangler, Gladiator, Pacifica, Voyager, and Durango.
• Perhaps investors are viewing the stronger-than-expected results as helping ease tariff concerns, particularly given Stellantis's significant presence outside the U.S.

• Its quarterly dividend inched up only slightly to $0.62/sh from $0.61/sh.
• However, we think there was more of a psychological benefit.
• Last week, SBUX announced a restructuring plan, which includes the closure of 500 North American locations.
• The significant number of store closures is a bit of a risk. However, we think investors are interpreting the dividend increase perhaps as a vote of confidence by management that their changes will improve results going forward. Also, perhaps the dividend increase calms some nerves.

• September Nonfarm Payrolls due out Friday at 8:30 ET (Briefing.com consensus 39K; Prior 22K)
• September Nonfarm Private Payrolls due out Friday at 8:30 ET (Briefing.com consensus 40K; Prior 38K)
• September Unemployment Rate due out Friday at 8:30 ET (Briefing.com consensus 4.3%; Prior 4.3%)
• September Avg. Hourly Earnings due out Friday at 8:30 ET (Briefing.com consensus 0.3%; Prior 0.3%)
• September Average Workweek due out Friday at 8:30 ET (Briefing.com consensus 34.2; Prior 34.2)
• September S&P Global U.s. Services PMI - Final due out Friday at 9:45 ET (Prior 53.9)
• September ISM Services due out Friday at 10:00 ET (Briefing.com consensus 51.7%; Prior 52.0%)

Upcoming Fed/Treasury Events:

• Fed's Jefferson October 3 at 13:40 ET

• Eni and its partners CNPC, ENH, Kogas, and XRG have reached the Final Investment Decision to develop the Coral North FLNG project, deepwater offshore Cabo Delgado, north of Mozambique. The signing took place in Maputo today, at the presence of the President of Mozambique Daniel Francisco Chapo, and Eni CEO Claudio Descalzi.
• The project will put in production the gas volumes from the northern part of Area's 4 Coral gas reservoir, in the Rovuma basin, through a state-of-the-art floating LNG facility. The project will be implemented by the Joint Venture formed by Eni (50%), CNPC (20%), Kogas (10%), ENH (10%) and ADNOC's subsidiary XRG.

The stock market has seen a steady retreat after opening gains sent the S&P 500 (-0.2%) and Nasdaq Composite (+0.1%) to fresh record highs.

The DJIA (-0.3%) slightly trails its peers, while the smaller-cap Russell 2000 (-0.2%) and S&P Mid Cap 400 (-0.5%) also trade lower. 

Sector strength has eroded throughout the session, leaving only the materials (+0.4%) and information technology (+0.3%) sectors with modest gains. 

The slight advance in the technology sector is supported by relative strength in chipmakers, sending the PHLX Semiconductor Index (+1.5%) to a fresh record after OpenAI announced a deal to purchase a massive amount of chips from Samsung and SK Hynix, sending a positive signal about demand for high-bandwidth memory.

Elsewhere in the sector, Fair Isaac (FICO 1874.00, +361.29, +23.88%) trades sharply higher after launching a direct license program for mortgage lending.

While losses today are broad-based, they are modest, as no sectors have retreated more than 0.7%.

The ongoing government shutdown has left the market without today's scheduled economic releases, adding to the sluggish tone of a session devoid of catalysts.

The S&P 500 (-0.1%) trades just below its flat line after giving up its early gain. Nine sectors are in the red at this juncture while top-weighted technology (+0.4%) is fighting to sustain its higher start.

Key factors driving today's performance include:

• Strong leadership from Fair Isaac (FICO 1913.41, +400.70, +26.49%) after the company launched a direct license program for mortgage lending.
• Relative strength in chipmakers sending the PHLX Semiconductor Index (+1.3%) to a fresh record after OpenAI announced a deal to purchase a massive amount of chips from Samsung and SK Hynix, sending a positive signal about demand for high-bandwidth memory.

Notable movers:

• Fair Isaac (FICO 1913.41, +400.70, +26.49%): best performer in the sector, soaring past its 200-day moving average (1760.60) to its highest level since early July after launching a direct license program for mortgage lending.
• Microchip (MCHP 65.78, +1.67, +2.60%): climbed above its 50-day moving average (65.77) before narrowing its gain.
• AMD (AMD 168.26, +4.25, +2.59%): rising past its 50-day moving average (165.93) to a five-week high.
• First Solar (FSLR 230.22, +5.40, +2.40%): rising to its best level since October.
• Lam Research (LRCX 144.52, +1.73, +1.21%): rising to a fresh record high.
• Teradyne (TER 142.68, +1.56, +1.11%): hit its best level since July 2024 before narrowing its gain. Company launched its Titan HP system level test platform.
• NVIDIA (NVDA 189.22, +1.98, +1.06%): rising to a fresh record high.
• Applied Materials (AMAT 219.97, +2.23, +1.02%): hit its best level since July 2024 before narrowing its gain.
• Intel (INTC 36.23, +0.29, +0.81%): rising to its best level since July 2024.
• Apple (AAPL 256.17, +0.72, +0.28%): rising toward its record high from December (260.10). Company is delaying upgrades to its headset to focus on AI-powered glasses, according to Bloomberg. FT reported that the U.K. is demanding access to encrypted cloud backup data. Morgan Stanley raised its target for the stock to $298 from $240.
• Micron (MU 182.04, -0.11, -0.06%): hit a fresh record high before turning negative.
• Seagate (STX 254.05, -2.79, -1.09%): hit a fresh record high before turning negative.
• Western Digital (WDC 128.76, -1.83, -1.41%): hit a fresh record high before turning negative.
• Dell (DELL 145.63, -4.05, -2.71%): hit its best level since June 2024 before turning negative.
• Arista Networks (ANET 142.44, -6.83, -4.57%): weakest performer in the sector, giving back gains from the past two days.

• The early results showed treatment was well-tolerated with an 85% disease control rate and 69% objective response rate, including six complete responses.

• The investment will support expanded operations in Wilson, generating economic activity in the community, reinforcing PMI U.S.'s long-term commitment to American manufacturing, and advancing PMI's mission of ending cigarette smoking by providing legal-age adults who smoke with better, smoke-free alternatives.
• Wilson facility expansion supports the business's mission to deliver a smoke-free future by providing legal-age adults who smoke with better alternatives.
• Reinforces PMI U.S.'s broader Invested in America platform to increase U.S. manufacturing and innovation capacity through strategic investment.

• Co announced the renewal of its long-standing partnership with the Canadian Olympic Committee, extending through the 2032 Olympic Games.
• This milestone reflects Bell's continued commitment to empowering Canadian athletes and inspiring Canadians from coast to coast. With this renewal, Bell remains the Official Telecommunications Partner of Team Canada for the 2026, 2028, 2030 and 2032 Olympic Games.
  

Taking an early look at the options market, we found the following names that may be worth watching throughout the day for further indication of investor expectations given their options volume and implied volatility movement.

Stocks seeing volatility buying (bullish call buying/bearish put buying):

Calls:

• TLRY Weekly Oct10 2 calls are seeing interest with the underlying stock up 8% with 3.2K contracts trading vs. open int of 30.2K, pushing implied vol up around 11 points to ~173%. Co is expected to report earnings early November.
  

Puts:

• NFLX Weekly Oct03 1100 puts are seeing interest with 1.2K contracts trading vs. open int of 1.8K, pushing implied vol up around 8 points to ~44%. Co is confirmed to report earnings October 21 after the close.
  

Stocks seeing volatility selling:

• ANGO implied vol is lower following earnings/guidance

Sentiment: The CBOE Put/Call ratio is currently: 0.77, VIX: (16.13, -0.16, -0.9%).
October 18 is options expiration -- the last day to trade October equity options.
*Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments. Data provided by LiveVol.com.

• The Detour East claims were the subject of an existing earn-in agreement between Wallbridge and Agnico Eagle.
• The transaction provides immediate liquidity to Wallbridge and will allow it to focus on the continued exploration and development of its Detour-Fenelon Gold Trend Property located in the northern Abitibi region of Quebec.

• This new engagement will deliver integrated Merchant Services, further strengthening a relationship built on shared values of innovation, service, and community impact.
  
• Over the past year, Peoples Bank has been deepening its relationship with Deluxe, choosing to place a portion of its promotional business with Deluxe in January, its check business in March, and now its Merchant Services offerings. This progression reflects the power of One Deluxe, with cross-functional teams coming together to deliver a unified, enterprise-grade experience that supports the bank's commercial client strategy.
  
• By partnering with Deluxe, Peoples Bank continues to transform transactional services into strategic assets that strengthen customer loyalty, improve operational efficiency, and drive non-interest income.

The stock market's opening gains sent the S&P 500 (+0.1%) and Nasdaq Composite (+0.2%) to new record high levels, while the DJIA (+0.3%) currently trades above its all-time closing high. 

The early action comes on mixed sector strength, with five S&P 500 sectors holding on to modest gains. The information technology sector (+0.4%) is among the sectors moving in the right direction, supported by strength across chipmaker names sending the PHLX Semiconductor Index 1.2% higher. 

Fair Isaac (FICO 1950.00, +437.29, +28.91%) makes a sharp move upwards after launching a direct license program for mortgage lending. 

Elsewhere, the materials sector (+0.7%) has advanced the furthest so far after closing yesterday's session with the widest loss. 

Losses are modest so far today, with only the utilities sector (-0.5%) retreating more than 0.4%.

• AAR CORP. (AIR) subsidiary Airinmar has been awarded a new multi-year support services agreement to provide Malaysia Airlines, the nation's flag carrier, aircraft warranty management and value engineering services.
• Digital Realty (DLR) announces a strategic collaboration with Dell Technologies and DXC to help solve enterprise AI challenges, streamline deployments and accelerate outcomes. The collaboration can bring AI directly to customers' data, on their terms, through a combination of validated use cases, private AI solutions and expert-led implementation and end-to-end management.
• Vuzix Corporation (VUZI) announces a strategic partnership with BUNDLAR, a no-code augmented reality content management system platform. The collaboration positions both companies to capitalize on accelerating global demand for extended reality solutions across enterprise and government markets.
• Viant Technology (DSP) announces an expanded partnership with Tubi, Fox Corporation's (FOXA) free ad-supported streaming service. With a new, powerful ID sync between Viant and Tubi, who offers the world's largest Hollywood collection, thousands of creator-led stories and hundreds of Tubi Originals, advertisers can reach addressable audiences-spanning more than 100 million monthly active users and over 300,000 movies and TV episodes-with greater accuracy and scale.

• The acquisition adds over 500 kiosks to Bitcoin Depot's network, further solidifying its leadership as North America's largest Bitcoin ATM operator and accelerates the Company's mission to provide accessible, secure, and convenient Bitcoin access to communities nationwide.
• This acquisition marks the latest in a series of momentum-driving announcements for Bitcoin Depot in 2025, including strategic retail partnerships, asset acquisitions, multiple executive appointments, and a series of BTC treasury updates.
• This acquisition had no material impact on the Company's recently reported third quarter preliminary results.
• Financial terms were not disclosed.

• This expansion builds on SoFi's comprehensive investing offering and provides members with foundational investment strategies and tools to build portfolios that align with their financial goals. SoFi members approved for options trading will be able to access Options Level 1 strategies, including covered calls and cash-secured puts, in addition to the Options Level 2 strategies already available.
• SoFi is also removing fees associated with options exercise and assignment in order to deliver a more transparent trading experience, eliminate friction, and reduce costs for active options traders.
• SoFi also introduced alternative funds from ARK, KKR (KKR), Carlyle (CG), and Franklin Templeton (BEN), covering private credit, real estate and pre-IPO firms, and relaunched its robo-advisor in partnership with BlackRock (BLK), featuring portfolios that include alternative assets.

• BlackRock's (BLK) Aladdin Wealth is introducing Gen AI-driven functionalities designed to help financial advisors deliver more personalized, insightful, and efficient client service. The new "Auto Commentary" feature turns complex portfolio analytics and client-level investment preferences into concise insights, helping financial advisors craft relevant narratives to deepen client relationships by delivering more meaningful, differentiated conversations.
• Pattern Group (PTRN) announced the launch of their Generative Engine Optimization Scorecard, a free, self-service tool that empowers brands to understand how conversational AI platforms like ChatGPT showcase their products. The tool delivers concrete recommendations to help brands outperform the competition.
• Teradyne (TER) announced the launch of its Titan HP system level test (SLT) platform, designed specifically for the artificial intelligence (AI) and cloud infrastructure markets. This innovative solution addresses the increasing demands of today's advanced technologies as process nodes become smaller and new architectures emerge.

The stock market is poised for a higher open this morning as several key mega-cap names trade higher in the pre-market. 

Tesla (TSLA 473.60, +14.14, +3.1%) is an early standout after the company announce in Q3 that it produced over 447,000 vehicles, delivered over 497,000 vehicles and deployed 12.5 GWh of energy storage products-a record for both deliveries and deployments.

The major averages are once again on the precipice of fresh record highs after steadily trading higher throughout yesterday's session. Notably, the S&P 500 eclipsed and closed above the 6,700 mark for the first time. 

• BILL (BILL) announced the launch of BILL Cash Account, a high-yield, best-in-class operating account that helps SMBs put their money to work. BILL is making it easier for businesses to strengthen cash positions by bringing yield, speed, simplicity and security together in one seamless account. This new account redefines how businesses manage their money-delivering higher returns, stronger cash flow and smarter financial management.
• Worthington Steel (WS) announced that its Tempel Steel subsidiary has developed Full Surface Bonding, a process for bonding electrical steel laminations which, when stacked together, form a motor core. The patent-pending technology is designed to improve performance and manufacturing efficiency in automotive and industrial motor applications.
• JetBlue (JBLU) unveiled Isla del Bluencanto, a vibrant new aircraft livery designed by Puerto Rican artist Juan Gutirrez Rovira, also known as The Stencil Network. Selected by public vote in March, the bold design of the newly unveiled Airbus A320 celebrates Puerto Rico's rich culture and spirit while showcasing iconic symbols of Puerto Rican heritage.
• The U.S. Rehabilitation Act requires federal agencies, state and local governments, and their contractors to ensure all websites, applications, and digital services are accessible to individuals with disabilities. SHI International, one of North America's largest IT solutions providers, has released a comprehensive Section 508 compliance solution developed in collaboration with Hewlett Packard Enterprise (HPE), NVIDIA (NVDA), and Kamiwaza.

• The cos announced the beginning of mass production of an advanced interior sensing system for a premium European carmaker. It integrates a wide field-of-view camera able to see in daylight and at night with next-level driver and occupant monitoring, pushing the boundaries of user experience and safety.
• Tobii's and ST's integrated approach allows automotive OEMs to install just one camera inside the cabin, providing the most mature, efficient, and cost-effective solution available on the market.

The S&P 500 futures currently trade 17 points above fair value. 

Equity indices in the Asia-Pacific region ended Thursday on a higher note with South Korea's Kospi (+2.7%) reaching a fresh record while markets in China and India were closed for holidays. The outperformance in South Korea was supported by strength in Samsung and SK Hynix after they announced a deal with OpenAI. Shipper Maersk said that China's container shipments to Latin America, Africa, and Europe increased markedly while shipments to North America are down about 15% yr/yr. Japan's Agriculture Minister Shinjiro Koizumi is reportedly a slight favorite to win Saturday's LDP leadership vote.

• In economic data:
  • Japan's September Monetary Base -6.1% yr/yr (expected -3.8%; last -4.1%). September Household Confidence 35.3 (expected 35.1; last 34.9)
  • South Korea's September CPI 0.5% m/m (expected 0.4%; last -0.1%); 2.1% yr/yr (expected 2.0%; last 1.7%)
  • Hong Kong's August Retail Sales 3.8% yr/yr (last 1.8%)
  • Australia's August trade surplus AUD1.825 bln (expected surplus of AUD6.130 bln; last surplus of AUD6.612 bln)

---Equity Markets---

• Japan's Nikkei: +0.9%
• Hong Kong's Hang Seng: +1.6%
• China's Shanghai Composite: HOLIDAY
• India's Sensex: HOLIDAY
• South Korea's Kospi: +2.7%
• Australia's ASX All Ordinaries: +1.1%

Major European indices trade in the green while the U.K.'s FTSE (unch) lags after hitting a fresh record high earlier in the session. British food retailer Tesco increased its guidance while discount air carrier Ryanair reported strong metrics for September. The British government may exempt new listings on the London Stock Exchange from paying stamp duty amid growing concerns about falling competitiveness of British markets. There was some speculation that the Swiss National Bank could cut its policy rate into negative territory after cool September CPI.

• In economic data:
  • Eurozone's August Unemployment Rate 6.3% (expected 6.2%; last 6.2%)
  • France's August government budget deficit EUR157.5 bln (last deficit of EUR142.0 bln)
  • Italy's August Unemployment Rate 6.0%, as expected (last 5.9%)
  • Spain's September Unemployment Change -4,800 (expected 15,400; last 21,900)
  • Swiss September CPI -0.2% m/m, as expected (last -0.1%); 0.2% yr/yr (expected 0.3%; last 0.2%)

---Equity Markets---

• STOXX Europe 600: +0.8%
• Germany's DAX: +1.2%
• U.K.'s FTSE 100: UNCH
• France's CAC 40: +1.3%
• Italy's FTSE MIB: +0.2%
• Spain's IBEX 35: +0.1%

• The main focus lies on joint efforts in securing and qualifying skilled workers as well as collaboration in laboratory services and quality assurance.
  
• Further cooperation areas are being evaluated by both companies, including local services and rail logistics at the Guben site.

• Originally expected to offer 3.7 mln shares.

• Co announced it has placed its initial order of 500 Wsp drones from Rift Dynamics to launch U.S. defense market distribution through its American Robotics subsidiary.
• The Wsp is a combat-ready, NDAA-compliant, attritable drone system designed to meet the growing demand from the U.S. Department of War for "mass affordable" strike and perimeter defense platforms. With its modular architecture, NATO interoperability, and battlefield validation, Wsp strengthens Ondas' layered defense portfolio alongside the Optimus autonomous aerial system and Iron Drone Raider counter-UAS solution.

• As previously announced, each registered shareholder as of the Record Date will receive one (1) warrant for every ten (10) shares of Company common stock held, rounded down to the nearest whole warrant. Each warrant will entitle the holder to purchase one share of common stock at an exercise price of $15.50, until the warrants expire on October 7, 2026, unless the "Alternate Expiration Date Price Condition" is met. The Alternate Expiration Date Price Condition is satisfied if the common stock equals or exceeds $18.60 for at least 20 trading days out of a 30-trading day period, at which point the Company has the right but not the obligation to accelerate the expiration date of the warrants to the business day immediately following the Alternate Expiration Date.
• Company expects to distribute the warrants on or around Tuesday, October 7, 2025, and the warrants will be eligible to be exercised upon the date that a registration statement on Form S-3 registering the issuance of the shares upon exercise of the of the warrants has been declared effective by the SEC.
• Warrant Terms: Shareholders must be a shareholder of record on the October 2, 2025 Record Date to receive warrants. Ratio - stockholders will receive one (1) warrant for each ten (10) shares of common stock held as of the Record Date of October 2, 2025, rounded down to the nearest whole number for any fractional warrant. Exercise Price - Each warrant will entitle the holder to purchase one share of the Company's common stock at an exercise price of $15.50. Expiration - warrants will expire at 5 p.m. ET on October 7, 2026, unless the Alternate Expiration Date Price Condition is triggered. Alternate Expiration Price Condition - If the Company's common stock equals or exceeds $18.60 for at least 20 trading days out of a 30-trading day period, the Company has the right but not the obligation to accelerate the expiration date of the warrants to the business day immediately following the Alternate Expiration Date. Exercisability -  The warrants are exercisable beginning as of the date a registration statement on Form S-3 registering the issuance of the shares upon exercise of the of the warrants has been declared effective by the SEC and may be exercised at any time through the Expiration Date.

• Log'ins, the social joint venture between global logistics leader GXO (GXO) and the nonprofit group ARES, has announced the renewal of its long-term contract with Recyclivre, a committed player in the online second-hand book market.
• Daiichi Sankyo (DSNKY) has established Daiichi Sankyo Research Institute in San Diego, representing the third research institute established outside of the company's flagship research center in Japan since the opening of locations in Boston and Munich in 2024.
• Lantronix (LTRX) announces that its NDAA/TAA-compliant solution has been selected by Gremsy, a leading global manufacturer of advanced camera gimbal stabilizers for drones and unmanned aerial vehicles. Leveraging its strong history in camera applications, Lantronix continues to increase its momentum in the drone market with this breakthrough solution, which provides improved power efficiency for longer drone operational times while consuming less energy when processing tasks.
• EPAM Systems (EPAM) announces its strategic collaboration with BOSS on a revolutionary immersive spatial experience, powered by Apple Vision Pro, that redefines motorsport fandom. This innovation brings fans into the adrenaline-fueled immersion and the heart of the race action.
• KULR Technology Group (KULR) announces the launch of its next generation KULR-developed Battery Management System - an advanced solution engineered to set a new industry benchmark for reliability, safety, and energy efficiency.

• Company successfully completed a human factors validation study at Johns Hopkins Hospital.
• Anticipates submitting a 510(k) premarket notification to the FDA in the fourth quarter of 2025.
• If the FDA determines that the SSi Mantra can be marketed in the United States, the Company believes that such clearance could occur in the first half of 2026 based on standard review timelines, excluding time required by the Company to respond to any additional information requests.
  

• The five-year facility replaces Alliance's previous asset-based lending facility and will provide Alliance with enhanced financial flexibility to support its operations, growth initiatives, and working capital needs.
• Key Terms:
  
  • Facility Size: $120 million senior secured revolving credit facility
    
  • Term: Five years
    
  • Interest Rate: SOFR plus 150 basis points through March 2026, and thereafter at SOFR plus 162.5 basis points
    
  • Loan Balance: $68.5 million at closing (October 1, 2025), with total undrawn availability at $51.5 million

• A portion of the acquisition consideration was financed with a $35 million increase to the Company's $1.0 billion broadly syndicated term loan.
  
• Priority acquired substantially all of the assets, including the revenue agreements and customer relationships of DMS, a leading vertically focused reseller in the auto and truck dealership sector, in the transaction. The Dealer Merchant Services leadership team of Amberly Allen and Laura Sherman will join Priority.

• Co announced production and delivery totals for the quarter ending September 30, 2025. The company produced 10,720 vehicles at its manufacturing facility in Normal, Illinois and delivered 13,201 vehicles during the same period.
• Delivery results for the quarter are in line with Rivian's outlook. Today the company is narrowing its 2025 delivery guidance range to 41,500 to 43,500 vehicles.

Equity futures point to a mostly higher open, with the S&P 500 futures currently trading 20 points above fair value.

Markets were slated to see the release of weekly Initial Claims (Briefing.com consensus 220,000; prior 218,000) and Continuing Claims (prior 1.926 mln) at 8:30 ET, followed by August Factory Orders (Briefing.com consensus 0.8%; prior -1.3%) at 10:00 ET, but all of these data points have been postponed due to the ongoing government shutdown.

In the absence of the data, futures are trading in a relatively stable range amid a dearth of corporate news this morning. 

• Merck Animal Health, known as MSD Animal Health outside of the United States and Canada, a division of Merck & Co., Inc., Rahway, N.J., USA (MRK) announced Health Canada's approval of BRAVECTO QUANTUM (fluralaner for extended-release injectable suspension) -- a new, once-yearly injectable product.
• BRAVECTO QUANTUM is indicated for the treatment and prevention of flea infestations (Ctenocephalides felis) and for the treatment and control of tick infestations with Ixodes scapularis (black-legged tick), Dermacentor variabilis (American dog tick), and Rhipicephalus sanguineus (brown dog tick) for 12 months in dogs and puppies 6 months of age and older.

• Co announces that the Company and certain shareholders, including entities beneficially owned and controlled by Mr. Cheong Shing Ku, Chairman of the Board, and Mr. Hoi Hung Chan, Director and Chief Executive Officer, have entered into voluntary lock-up agreements.
• These agreements cover all shares of the Company's share capital or securities convertible into, exchangeable, or exercisable for any shares of the Company's share capital directly or indirectly owned by the participating shareholders.
• The lock-up period commenced on September 30, 2025 and will expire on March 31, 2026.
• In aggregate, the Voluntary Lock-Ups cover 4,811,800 Class A ordinary shares and 7,000,000 Class B ordinary shares, representing approximately 26.7% of the Company's total issued and outstanding Class A ordinary shares and 100% of the total issued and outstanding Class B ordinary shares as of the date of this announcement.

• Angel Oak Financial Strategies Income Term Trust (FINS) reported that Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC, the investment adviser of the Fund. The Transaction is not expected to result in any material change in the day-to-day management of the Fund.
• LifeVantage Corporation (LFVN) announced the closing of its previously announced acquisition of LoveBiome, a pioneering direct sales company dedicated to comprehensive microbiome care and wellness solutions. Under the terms of the completed transaction, LifeVantage has acquired LoveBiome's critical operating assets essential to the microbiome health business, including the retention of key LoveBiome personnel.
• Pattern Group Inc. (PTRN) announced the launch of their Generative Engine Optimization Scorecard, a free, self-service tool that empowers brands to understand how conversational AI platforms like ChatGPT showcase their products. The tool delivers concrete recommendations to help brands outperform the competition.
• Terra Innovatum Srl, a developer of micro-modular nuclear reactors, and GSR III Acquisition Corp. (GSRT), a publicly traded special purpose acquisition company, today announced that it has accelerated its go-to-market plans for life-saving cancer isotope production with the SOLO micro-modular reactor. Terra Innovatum is developing collaborative business models and frameworks to engage with leading isotope producers and distributors such as NorthStar, ANSTO, BWXT Medical, IRE, NRG, NTP Radioisotopes, and Nordion to broaden access, strengthen partnerships, and expand global market reach.

• New card modernizes small business banking through simplicity, speed, and safety - across high-growth markets.

• Multiple endometrial carcinoma abstracts to be presented, including long-term follow-up data for lenvatinib plus pembrolizumab in advanced disease from Study 309/KEYNOTE-775.
• Final bone metastases subgroup analysis from pivotal Phase 3 CLEAR study in advanced renal cell carcinoma among data presented.
• Pipeline data for E7386, a CBP/-catenin interaction inhibitor, will also be highlighted.

• Co announces that its merger partner CoinShares International Limited announced yesterday the acquisition of Bastion Asset Management Limited, a London-based, FCA-regulated crypto-focused alternative investment manager.
• The acquisition significantly strengthens CoinShares' actively managed capabilities, as the firm continues its evolution into a comprehensive digital asset management platform.
• Following completion of the acquisition, Bastion will be fully integrated into CoinShares, with its strategies, team, and capabilities becoming part of the expanded CoinShares platform. The acquisition is subject to regulatory approval from the UK Financial Conduct Authority.

• Co announced that its Board of Directors has approved a $400 million share repurchase authorization, commencing October 1, 2025, through October 1, 2026, subject to market and other conditions. Under the repurchase program, the company can repurchase Class A and Class B common shares for cash in open market purchases, block transactions, purchases made in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and privately negotiated transactions, in accordance with applicable laws and regulations.

• FG Nexus and Securitize, a platform for tokenizing real-world assets, have entered into an agreement to implement a program to allow shareholders to elect to natively tokenize the co's common and preferred stock on the Ethereum blockchain. FG Nexus is among the first NASDAQ-listed companies to offer shareholders the choice to tokenize its shares on Ethereum.

• ABBV-CLS-628, an anti-PAPP-A monoclonal antibody, was developed by Calico in collaboration with AbbVie Inc.
• The therapy is currently in a Phase 2 clinical trial evaluating its safety and efficacy in patients with ADPKD.

• Co announces that the Peak Gold JV has completed its third production campaign for 2025, with Contango's share of production equal to approximately 17,000 ounces of gold.
• The Company is also pleased to report that the Peak Gold JV made a cash distribution to Contango in the amount of $33 mln, bringing the total cash distributions from the Peak Gold JV to $87 mln for Contango's share received year to-date.

• As part of this effort, Cardlytics reduced its workforce by approximately 120 full-time employees and contractors, representing about 30% of its total workforce. Cardlytics expects to incur $2.3 mln in severance and related expenses in connection with this reduction, most of which will be recognized in the fourth quarter of 2025.
• The cost savings initiative comprises a series of actions across employees, third-party spend, real estate, and operations. Collectively, these actions are expected to deliver annualized cash savings of at least $26 mln. The company remains committed to achieving positive adjusted EBITDA for the full year 2025 and 2026.

• "Combined with the recently completed sale of our containerboard business, these cash proceeds are expected to put our leverage ratio below 1.2x, strengthening our balance sheet and providing significant interest savings heading into fiscal 2026."

• Co announces a collaboration with Essent, one of the largest residential energy providers in the Netherlands. The collaboration enables eligible Enphase customers with solar to expand their systems with IQ Batteries and participate in Essent's Smart Steering program, designed to help households increase self-consumption and lower energy bills.
• As the Netherlands transitions away from net energy metering (NEM) in 2027, households will rely more on batteries to avoid export fees, boost solar utilization, and capture greater long-term value. Programs like Essent's Smart Steering further enhance that value with predictable monthly incentives tied to intelligent battery management.

• Co announces a strategic partnership between SEI Investments Limited and Graphene, a U.K.-based Infrastructure-as-a-Service provider, to power the growth of Graphene's offering for wealth managers, family offices, and independent financial advisers. Additionally, SEI Ventures Inc., SEI's venture capital program based in the U.S., made a strategic investment in Graphene.
• Graphene will adopt the SEI Wealth PlatformSM to provide clients with a fully integrated wealth management infrastructure, allowing firms of any size to access institutional-grade operations and technology with the flexibility to build, own, and manage their own data-driven platforms, while also benefiting from a faster onboarding experience.

• Revvity will develop a T1D 4-plex in vitro diagnostic assay based on its existing research-use 3-plex assay.
• The collaboration supports clinical validation and regulatory submissions of the new T1D 4-plex assay on Revvity's GSP instrument using capillary dried blood spot and venous specimens. The GSP instrument's high throughput capability enables population-level screening for early-stage T1D in clinical practice, an important advance in the evolution of the standard of care. Regulatory submissions are planned for the U.S. FDA, IVDR and other major jurisdictions.

• Larger facility with 400bps reduction in interest rate.
• Supported by new bank partners Citizens, TD Bank, Wells Fargo and Texas Capital Bank, as well as expanded commitments from existing lenders, including Bank of Montreal, Valley Bank, CIBC and Israel Discount Bank.
• Further strengthens Pagaya's balance sheet, supports continued growth, and better positions the Company to operate through all market cycles.

Longer Tenors Inch Higher

• U.S. Treasuries are on track for a higher start in longer tenors while the short end is set for a slightly lower open after outperforming yesterday. Treasury futures climbed in early evening action, followed by a brief dip that was then followed by a return to overnight highs. Overnight volume was reduced by holiday closures in China and India while sovereign debt trades generally higher alongside U.S. Treasuries. The market was scheduled to receive the latest weekly Initial Claims (Briefing.com consensus 220,000; prior 218,000) and Continuing Claims (prior 1.926 mln) at 8:30 ET, followed by August Factory Orders (Briefing.com consensus 0.8%; prior -1.3%) at 10:00 ET, but all these reports are being delayed by the ongoing shutdown. Crude oil holds a modest loss while the U.S. Dollar Index is down 0.1% at 97.59.
• Yield Check:
  • 2-yr: +1 bp to 3.55%
  • 3-yr: UNCH at 3.56%
  • 5-yr: UNCH at 3.68%
  • 10-yr: -1 bp to 4.10%
  • 30-yr: -1 bp to 4.71%

• News:
  • Treasury Secretary Bessent told CNBC that he expects a "pretty big breakthrough" in talks with China that will take place later this month.
  • Shipper Maersk said that China's container shipments to Latin America, Africa, and Europe increased markedly while shipments to North America are down about 15% yr/yr.
  • Japan's Agriculture Minister Shinjiro Koizumi is reportedly a slight favorite to win Saturday's LDP leadership vote.
  • British food retailer Tesco increased its guidance while discount air carrier Ryanair reported strong metrics for September.
  • The British government may exempt new listings on the London Stock Exchange from paying stamp duty amid growing concerns about falling competitiveness of British markets.
  • There was some speculation that the Swiss National Bank could cut its policy rate into negative territory after cool September CPI.
  • Japan's September Monetary Base was down 6.1% yr/yr (expected -3.8%; last -4.1%). September Household Confidence rose to 35.3 from 34.9 (expected 35.1).
  • South Korea's September CPI was up 0.5% m/m (expected 0.4%; last -0.1%), rising 2.1% yr/yr (expected 2.0%; last 1.7%).
  • Hong Kong's August Retail Sales rose 3.8% yr/yr (last 1.8%).
  • Australia's August trade surplus reached AUD1.825 bln (expected surplus of AUD6.130 bln; last surplus of AUD6.612 bln).
  • Eurozone's August Unemployment Rate rose to 6.3% from 6.2% (expected 6.2%).
  • France's August government budget deficit reached EUR157.5 bln (last deficit of EUR142.0 bln).
  • Italy's August Unemployment Rate rose to 6.0% from 5.9%, as expected.
  • Spain's September unemployment decreased by 4,800 (expected +15,400; last +21,900)
  • Swiss September CPI was down 0.2% m/m, as expected (last -0.1%) and up 0.2% yr/yr (expected 0.3%; last 0.2%).
• Commodities:
  • WTI Crude: -0.5% to $61.45/bbl
  • Gold: +0.3% to $3909.10/ozt
  • Copper: +1.5% to $4.956/lb
• Currencies:
  • EUR/USD: +0.2% to 1.1752
  • GBP/USD: UNCH at 1.3475
  • USD/CNH: +0.1% to 7.1308
  • USD/JPY: -0.1% to 146.82
• Data out Today:
  • 10:30 ET: Weekly natural gas inventories (prior +75 bcf)

Editor's Note: The original version of this comment said that the weekly Initial Claims report will be coming out at 8:30 ET, but that report is being delayed by the government shutdown.

The stock market is on track for a mostly higher open after yesterday's action pushed the S&P 500 to fresh record highs as investors largely overlooked the current government shutdown. 

Today's economic data will be impacted by the shutdown, as the market will no longer receive the weekly jobless claims data or August factory orders data. 

However, yesterday's release of the September ADP Payrolls (-32k; Briefing.com consensus: 40k) showed an unexpected decline in private payrolls, boosting the odds of further easing from the Fed this year, with the market now fully pricing in a 25-basis point cut later this month.

With the Senate out for the Yom Kippur holiday today, the next vote on a resolution to fund the government will wait until tomorrow. Politico reports that Senate Majority Leader John Thune says he is willing to discuss the shape of future healthcare talks with Democrats, but only if enough Democrats support continuing resolution to reopen the government.

In corporate news:

• The White House is pursuing deals in 20-30 industries before the midterms, with regulatory relief and equity stakes offered in exchange for concessions, according to Reuters.
• Taiwan is considering a high-tech partnership with the U.S., according to Reuters.
• Berkshire Hathaway (BRK.B 496.60, -1.60, -0.3%) is set to purchase Occidental Petroleum's (OXY 48.18, +0.46, +1.0%) OxyChem for $9.7 billion.
• Nike (NKE 74.57, +0.37, +0.5%) was upgraded to Overweight from Sector Weight at KeyBanc, with a target of $90.
• Tesla (TSLA 467.91, +8.45, +1.8%) trades higher in the pre-market ahead of its Q3 deliveries release today. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a higher note with South Korea's Kospi (+2.7%) reaching a fresh record while markets in China and India were closed for holidays. Japan's Nikkei: +0.9%, Hong Kong's Hang Seng: +1.6%, China's Shanghai Composite: HOLIDAY, India's Sensex: HOLIDAY, South Korea's Kospi: +2.7%, Australia's ASX All Ordinaries: +1.1%.

In news:

• The outperformance in South Korea was supported by strength in Samsung and SK Hynix after they announced a deal with OpenAI.
• Shipper Maersk said that China's container shipments to Latin America, Africa, and Europe increased markedly while shipments to North America are down about 15% yr/yr.
• Japan's Agriculture Minister Shinjiro Koizumi is reportedly a slight favorite to win Saturday's LDP leadership vote.

In economic data:

• Japan's September Monetary Base -6.1% yr/yr (expected -3.8%; last -4.1%). September Household Confidence 35.3 (expected 35.1; last 34.9)
• South Korea's September CPI 0.5% m/m (expected 0.4%; last -0.1%); 2.1% yr/yr (expected 2.0%; last 1.7%)
• Hong Kong's August Retail Sales 3.8% yr/yr (last 1.8%)
• Australia's August trade surplus AUD1.825 bln (expected surplus of AUD6.130 bln; last surplus of AUD6.612 bln)

Major European indices trade in the green while the U.K.'s FTSE (unch) lags after hitting a fresh record high earlier in the session. STOXX Europe 600: +0.8%, Germany's DAX: +1.3%, U.K.'s FTSE 100: UNCH, France's CAC 40: +1.4%, Italy's FTSE MIB: +0.3%, Spain's IBEX 35: +0.2%.

In news:

• British food retailer Tesco increased its guidance while discount air carrier Ryanair reported strong metrics for September.
• The British government may exempt new listings on the London Stock Exchange from paying stamp duty amid growing concerns about falling competitiveness of British markets.
• There was some speculation that the Swiss National Bank could cut its policy rate into negative territory after cool September CPI.

In economic data:

• Eurozone's August Unemployment Rate 6.3% (expected 6.2%; last 6.2%)
• France's August government budget deficit EUR157.5 bln (last deficit of EUR142.0 bln)
• Italy's August Unemployment Rate 6.0%, as expected (last 5.9%)
• Spain's September Unemployment Change -4,800 (expected 15,400; last 21,900)
• Swiss September CPI -0.2% m/m, as expected (last -0.1%); 0.2% yr/yr (expected 0.3%; last 0.2%)

• The once-daily modified-release oral tablet exhibits superior pharmacokinetics compared to the current immediate-release oral capsule, enabling once-daily dosing.
• This achievement was confirmed in a Phase 1b clinical trial comparing the two dosage forms (ANAVEX3-71-002 trial). The completed open-label, randomized study evaluated the pharmacokinetics and safety of immediate- and modified release formulations of ANAVEX3-71 administered orally in healthy male and female adults 18 years or older. Study results demonstrated a pharmacokinetic profile supportive of once-daily dosing with a safety profile consistent with prior ANAVEX3-71 studies.

• Co announced the appointment of Joaquin Castrillo to Senior Executive Vice President and Chief Operating Officer (COO), effective November 1, 2025. In this role, Mr. Castrillo will continue to report to Evertec President and Chief Executive Officer Mac Schuessler with revenue and management responsibility for all of Evertec's commercial areas.
  • In addition, Karla Cruz-Jusino, currently Senior Vice President and Chief Accounting Officer, has been appointed to succeed Mr. Castrillo as Executive Vice President and Chief Financial Officer (CFO), effective November 1, 2025. In this role, Ms. Cruz-Jusino will oversee Evertec's financial management functions, including finance and accounting, treasury, tax, and investor relations.
• Additionally, co announced that the Company has closed the previously announced transaction to acquire a controlling stake in Tecnobank Tecnologia Bancria S.A. , a fintech vendor in Brazil's digital vehicle financing contract registration sector, through its wholly-owned subsidiary Evertec Brasil Informtica S.A.

• Q3 2025 highlights across asset classes compared to Q3 2024 include:
  • Interest Rate ADV of 13.4 million contracts U.S. Treasury options ADV increased 7% to 1.4 million contracts 30 Day Fed Funds futures ADV increased 5% to 555,000 contracts
  • Equity Index ADV of 6.3 million contracts
  • Energy ADV of 2.3 million contracts Henry Hub Natural Gas options ADV increased 7% to 227,000 contracts
  • Agricultural ADV of 1.7 million contracts Soybean Meal futures ADV increased 5% to 176,000 contracts
  • Foreign Exchange ADV of 834,000 contracts
  • Metals ADV of 825,000 contracts Micro Gold futures ADV increased 125% to 255,000 contracts Platinum futures ADV increased 22% to 38,000 contracts Record
  • Cryptocurrency ADV of 340,000 contracts ($14.1 billion notional) Record Micro Ether futures ADV of 209,000 contracts Record Ether futures ADV of 236,000 contracts

• Co announces a new wave of mortgage-focused AI innovations designed to accelerate loan origination, reduce underwriting touches and deliver more responsive borrower journeys. These advances build on the co's spring release of Mortgage Advisor and Document Validation, extending AI deeper into the nCino Mortgage Suite.

Major European indices trade in the green while the U.K.'s FTSE (unch) lags after hitting a fresh record high earlier in the session. British food retailer Tesco increased its guidance while discount air carrier Ryanair reported strong metrics for September. The British government may exempt new listings on the London Stock Exchange from paying stamp duty amid growing concerns about falling competitiveness of British markets. There was some speculation that the Swiss National Bank could cut its policy rate into negative territory after cool September CPI.

• In economic data:
  • Eurozone's August Unemployment Rate 6.3% (expected 6.2%; last 6.2%)
  • France's August government budget deficit EUR157.5 bln (last deficit of EUR142.0 bln)
  • Italy's August Unemployment Rate 6.0%, as expected (last 5.9%)
  • Spain's September Unemployment Change -4,800 (expected 15,400; last 21,900)
  • Swiss September CPI -0.2% m/m, as expected (last -0.1%); 0.2% yr/yr (expected 0.3%; last 0.2%)

---Equity Markets---

• STOXX Europe 600: +0.7%
• Germany's DAX: +1.3%
• U.K.'s FTSE 100: UNCH
• France's CAC 40: +1.3%
• Italy's FTSE MIB: +0.4%
• Spain's IBEX 35: +0.2%

---FX---

• EUR/USD: +0.2% to 1.1749 
• GBP/USD: UNCH at 1.3474
• USD/CHF: -0.1% to 0.7959

• Bombardier (BDRBF) announced that its Global 7500 business jet just notched a new performance milestone with its 150th speed record, the most ever set by a single business aircraft type. The latest achievements include key city pair speed records, such as Tokyo to Los Angeles, Toronto to Paris, New York to London and Hong Kong to Montreal. The aircraft averaged a speed in excess of 1,000 km/hr on 20 of its record-setting missions.
• GoDaddy (GDDY) is launching a trusted identity naming system for AI agents. This system is based on proven technologies and protocols, making it easy to find and trust agents that are legitimate. It builds on the company's decades of leadership and experience in helping keep the internet safe with domain names, the Domain Name System (DNS) and Secure Sockets Layer (SSL) certificates.

Gapping up
In reaction to earnings/guidance:

• ANGO +8.3%

Other news:

• FICO +19% (launches direct license program for mortgage lending)
• FRMI +18.6% (continued strength post IPO; announces admission to trading on the London Stock Exchange)
• KDK +13.9% (Soros Fund discloses 5.7% stake)
• NBTX +13.1% (first data from Phase 1 study evaluating JNJ-1900)
• GIFI +8.8% (awarded a fabrication contract)
• STLA +7.1% (reports Q3 FCA US sales)
• MLAC +7.1% (Mountain Lake Acquisition Corp and Avalanche Treasury Co announce $675 million+ business combination with goal to build $1 billion+ ecosystem treasury)
• MRT +5% (announces amendment to extend its share repurchase program)
• ASST +4.4% (Strive held $108.6 million of cash and cash equivalents and 5,886 bitcoins acquired at an average cost of $116,053 per bitcoin as of Sept 30)
• BSY +4.3% (to join S&P MidCap 400)
• LPTH +3.6% (stock offering by selling shareholders)
• QUBT +2.6% (stock offering by selling shareholders)
• WRD +2.3% (launches Robotaxi and Robobus Pilots into third UAE Emirate)
• BLSH +2.1% (to launch crypto options trading with top-tier trading partners)
• OPEN +2.1% (disclosed litigation updates)
• INR +2.1% (increases borrowing base under its credit facility)
• GLDD +2% (discloses awards worth over $130 mln)
• WULF +2% (shareholders approved to increase the maximum number of authorized shares of common stock to 950 mln from 600 mln)
• NBR +1.9% (names new CFO)
• QUIK +1.8% (wins $1 mln eFPGA Hard IP contract for data center ASIC)
• FFAI +1.5% (concludes FX Super One Co-Creation and Sales Event in Seattle)
• RIG +1.2% (announces $243 mln in exercised options for ultra-deepwater drillships)
• GLPG +1.2% (provides update on strategic alternatives for its cell therapy business)
• CURB +1.2% (entered into $250 mln ATM Equity Offering Sales Agreement)
• FSM +1.2% (forms exploration alliance in Guinea with DeSoto Resources)
• GLOB +1.1% (authorizes new $125 mln share repurchase program)
• ALTS +1.1% (disclosed potential spin-off, or similar transaction, of Alyea will not occur with the previously disclosed June 2)
• STSS +1% (new stock repurchase program for up to $100 mln of common stock)
• UMH +0.9% (Q3 operations update)  

Gapping down
In reaction to earnings/guidance:

• NGG -0.8% (H1 guidance)

Other news:

• SKE -4.2% (C$125 mln bought deal financing)
• CCO -3.8% (sells its business in Brazil)
• RKT -3.3% (stock offering)
• GLSI -3.1% (announced the expansion of FLAMINGO-01 clinical trial to Belgium)
• VNDA -2.9% (collaborative framework with FDA to resolve disputes)
• ADSE -2.6% (CFO steps down)
• AMTM -1.2% (stock offering by selling shareholders)
• NXE -0.9% (announced C$400 mln bought deal MJDS prospectus offering and concurrent AUD400 mln offering in Australia)
• BKV -0.8% (files for $1 bln mixed shelf offering; also files for common stock offering by selling shareholders)

• Ms. Clay joins from Cboe Global Markets (CBOE) where she was Executive Vice President and Global Head of Derivatives, responsible for leading the Exchange's global options and futures businesses as well as its Data Vantage business across the U.S., Europe, Asia-Pacific and the Middle East.
• In addition to Dan Draper's departure, Swamy Kocherlakota, Chief Digital Solutions Officer of S&P Global will also leave the company effective December 31, 2025. The company will conduct a search for a technology leader to be announced in due course.

• Co and Occidental (OXY) announce a definitive agreement for Berkshire Hathaway to acquire Occidental's chemical business, OxyChem, in an all-cash transaction for $9.7 bln, subject to customary purchase price adjustments.
• OxyChem is a global manufacturer of commodity chemicals vital to quality of life, with applications in water treatment, pharmaceuticals, healthcare and commercial and residential development.
• OXY expects to use $6.5 bln of the transaction proceeds to reduce debt and achieve the target of principal debt below $15 bln set following the December 2023 announcement of its CrownRock acquisition.
• An Occidental subsidiary will retain OxyChem's legacy environmental liabilities, and Glenn Springs Holdings Inc. will continue to manage existing remedial projects for that subsidiary.
• The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and other customary closing conditions.

• Co announces that its Singapore investee company Nanyang Biologics Pte. Ltd., together with its subsidiaries and affiliates, entered into a business combination agreement with RF Acquisition Corp II (RFAI), a publicly traded special purpose acquisition company, in a transaction that will result in NYB becoming a publicly listed company.
• Following the closing, the combined company is expected to be listed on Nasdaq under the reserved ticker symbol "NYB".
• The Proposed Transaction gives NYB approximately $1.5 billion in pre-transaction equity value. NYB's existing shareholders, including The9, will roll over 100% of the equity and retain a majority of the Combined Company's outstanding shares, while NYB will also designate a majority of the Combined Company's board of directors.
• The transaction has been approved by the Board of Directors of NYB and RFAI, and its closing is expected to be in the first or second quarter of 2026, subject to shareholders' approval and the satisfaction of customary closing conditions.

• QuickLogic Corporation announced that its eFPGA Hard IP was selected for a new high-performance Data Center ASIC design that will be fabricated on an industry-proven 12 nm process technology. IP delivery for this contract is scheduled for Q4 2025.
• By leveraging the power of its proprietary Australis IP Generator, QuickLogic can deliver customer-specific eFPGA Hard IP in weeks for the many fabrication nodes it has established and for new fabrication nodes, in only four to six months.

• Co announced a groundbreaking milestone in its mission to connect all Canadians: the successful completion of a space-based direct-to-cell 4G voice over LTE call, video call, broadband data connectivity and video streaming using the Bell Fibe TV app to a standard, unmodified smartphone over a Canadian wireless network.
• The demonstration, conducted in New Brunswick over the summer, also included successful SMS messaging and emergency alerts using Bell's powerful and reliable low-band spectrum. This achievement lays the groundwork for Bell's planned deployment of low Earth orbit direct-to-cell service in 2026.

• WisdomTree announced that it has completed its previously announced acquisition of Ceres Partners, LLC, a leading U.S.-based alternative asset manager.
  
• This acquisition marks WisdomTree's first major step into private asset markets, anchored by Ceres' differentiated farmland platform. The transaction expands WisdomTree beyond exchange-traded products, managed models and tokenization, positioning the firm at the intersection of public and private markets. Farmland, one of the largest yet most underpenetrated real asset classes, has historically delivered equity-like returns with low volatility, uncorrelated to traditional markets, offering investors diversification, scale and durable income potential.
• WisdomTree acquired Ceres Partners for consideration consisting of $275 million in cash paid at closing, subject to customary post-closing adjustments, and earnout consideration of up to $225 million, payable in 2030, contingent upon Ceres achieving revenue growth targets. The upfront consideration was funded from WisdomTree's recently completed convertible senior notes offering.

• Co announces that its lenders increased the borrowing base under the Company's credit agreement from $350 million to $375 million, effective October 1, 2025. This increase resulted from the regularly scheduled borrowing base redetermination and was supported by each of the lenders of the Company's credit facility.
• As of June 30, 2025, the Company had $34.4 million of borrowings outstanding under its credit facility, providing $340.6 million of unused capacity on a pro forma basis for the increased borrowing base of $375 million.

• Co announces that Popeyes signs new development agreements with regional franchisees in Mexico. These partnerships mark a significant milestone in its expansion strategy and represent a committed pipeline of over 300 Popeyes restaurants in the next 10 years across the Northwest, West, Central, and Southeast regions in Mexico.
• RBI believes each franchise group brings deep expertise in the foodservice operations, strong local market knowledge, and the ability to scale rapidly.
  • Star Louisiana, a long-standing Popeyes developer, is renewing its commitment to develop the brand in Jalisco in the West region
  • Border Crunch will lead the expansion in the Northwest region
  • Grupo Euro will drive development across the Central region
  • Grupo Berny will oversee growth in the Southeast region

Equity indices in the Asia-Pacific region ended Thursday on a higher note with South Korea's Kospi (+2.7%) reaching a fresh record while markets in China and India were closed for holidays. The outperformance in South Korea was supported by strength in Samsung and SK Hynix after they announced a deal with OpenAI. Shipper Maersk said that China's container shipments to Latin America, Africa, and Europe increased markedly while shipments to North America are down about 15% yr/yr. Japan's Agriculture Minister Shinjiro Koizumi is reportedly a slight favorite to win Saturday's LDP leadership vote.

• In economic data:
  • Japan's September Monetary Base -6.1% yr/yr (expected -3.8%; last -4.1%). September Household Confidence 35.3 (expected 35.1; last 34.9)
  • South Korea's September CPI 0.5% m/m (expected 0.4%; last -0.1%); 2.1% yr/yr (expected 2.0%; last 1.7%)
  • Hong Kong's August Retail Sales 3.8% yr/yr (last 1.8%)
  • Australia's August trade surplus AUD1.825 bln (expected surplus of AUD6.130 bln; last surplus of AUD6.612 bln)

---Equity Markets---

• Japan's Nikkei: +0.9%
• Hong Kong's Hang Seng: +1.6%
• China's Shanghai Composite: HOLIDAY
• India's Sensex: HOLIDAY
• South Korea's Kospi: +2.7%
• Australia's ASX All Ordinaries: +1.1%

---FX---

• USD/JPY: -0.3% to 146.64
• USD/CNH: +0.1% to 7.1294
• USD/INR: +0.1% to 88.70

• The Offeror will conduct the Tender Offer with the objective of supporting the enhancement of I-NET's corporate value by acquiring all of the common shares of I-NET listed on the Tokyo Stock Exchange (excluding treasury shares held by I-NET) and making I-NET a wholly owned subsidiary.
• In connection with the implementation of the Tender Offer, the Offeror has entered into agreements with Ms. Reiko Tamano, the 6th-largest shareholder of I-NET (Ownership Ratio: 3.14%), and N and I Co., Ltd, the 9th largest shareholder of I-NET (Ownership Ratio: 2.08%) (collectively, the "Tendering Shareholders"), pursuant to which the Tendering Shareholders have agreed to tender all of the I-NET shares they hold (Ownership Ratio in aggregate: 5.22%) in the Tender Offer. [Orchid: To be reflected in the final Tender Offer Registration Statement.]

• Devon Energy Corp. (DVN) announced that Brent J. Smolik has joined its Board of Directors effective Oct. 1. Mr. Smolik is the former president and chief operating officer of Noble Energy and president, CEO and chairman of the board of EP Energy Corporation.
• Dollar General (DG) is helping customers celebrate the season with joy, ease and savings through its comprehensive planned holiday promotions. From Harvest to Halloween to Holiday, Dollar General's holiday promotions reflect its ongoing mission of Serving Others, offering budget stretchers, affordable meal solutions, and heartfelt surprises that delight and help to make the season special.

• Co has entered into a definitive agreement for AURELIUS to acquire the assets of its water and heat metering business outside North America.
• The transaction comprises Xylem's international metering business -- a division of the company's Measurement and Control Solutions segment. It includes associated metering assets, products, and facilities serving customers in Europe and select international markets. The division generated approximately $250 million in revenues in 2024 with Adjusted EBITDA margin dilutive to Xylem.
• Xylem will retain its North American smart metering business, which continues to play a strategic role in driving above-market growth and delivering long-term value for customers, employees and shareholders.

• Mr. Stengle succeeds Denise W. Warren, who served as Interim CEO since April of 2025 and who will resume her role as Non-Executive Chairman of the Board. Mr. Stengle, whose appointment is the result of a comprehensive search led by the Board's Search Committee, brings to Brookdale a deep understanding of the senior living, healthcare, and hospitality industries with extensive leadership and operations experience, including in multi-site, geographically dispersed healthcare settings.
• Since 2022, he has served as President and Chief Operating Officer of Gentiva.

• Co announced the closing of their strategic partnership. Brookfield has acquired a majority stake in Angel Oak, adding residential mortgage credit capabilities to Brookfield's $332 billion credit platform. The partnership will accelerate Angel Oak's growth while reinforcing Brookfield's strategy of combining best-in-class credit managers alongside its direct investment capabilities across infrastructure credit, real estate credit, asset-backed finance, and corporate credit.

• Gapping up:
  • FRMI +12.9%, NBTX +12.5%, FICO +10.7%, KDK +8.7%, ANGO +7.9%, BSY +7%, STLA +6.3%, MRT +5%, GIFI +3.5%, QUBT +2.6%, BLSH +2.5%, WRD +2.3%, ALTS +2.3%, RIG +2.2%, FFAI +2.2%, OPEN +2.2%, GLDD +2%, NBR +1.9%, MLAC +1.9%, WGS +1.3%, WULF +1.3%, GLOB +1.1%, ASTL +0.9%, UMH +0.9%, META +0.8%, FSM +0.8%, NNDM +0.7%
• Gapping down:
  • CCO -3.8%, GLSI -3.1%, RKT -3%, VNDA -2.9%, ADSE -2.6%, PRTA -2.5%, SKE -1.9%, NXE -1.8%, AMTM -1%, STEP -1%, GRND -0.9%, BKV -0.8%, EE -0.7%, PFSI -0.7%, HCM -0.7%

• Parsons Corporation announced it has acquired Applied Sciences Consulting, Inc., a Florida-based engineering firm that specializes in water and stormwater solutions for cities, counties, and water management districts across the state.
  • Founded in 2005, Applied Sciences is based in Tampa, Florida, and works closely with agencies across Florida to deliver solutions that protect and advance the region's water infrastructure resilience. The acquisition expands Parsons' water expertise, strengthens its presence in Florida, and is consistent with the company's strategy of completing accretive acquisitions with revenue growth and adjusted EBITDA margins of at least 10%.
  • The acquisition was an all-cash transaction. Applied Sciences will be integrated into Parsons' North America Infrastructure business unit.
    
    

• Co announced an expanded partnership with Apiiro, the leading agentic application security platform. The partnership brings together Akamai's application security platform and Apiiro's agentic application security posture management platform to help enterprises secure applications throughout the entire software development lifecycle.
• Akamai and Apiiro first partnered in 2024 to provide comprehensive visibility into APIs in source code. Since then, enterprise needs have expanded far beyond APIs alone. Our partnership has now evolved to deliver the industry's most comprehensive API security platform, combining full API inventory and discovery, visibility across any environment, posture management, and runtime protection through Akamai API Security and App & API Protector. At the same time, organizations are also seeking to address broader challenges, such as software supply chain risk and fragmented security tools. By integrating Akamai's API security strengths with Apiiro's platform, enterprises can unify governance, accelerate remediation, and give development and security teams a single place to manage application risk at scale.
  

• Avalanche Treasury Co., an ecosystem-aligned digital asset treasury company with an exclusive relationship with the Avalanche Foundation, announced a definitive business combination agreement with Mountain Lake Acquisition Corp. (MLAC) valued at over $675 million. The transaction includes approximately $460 million in treasury assets and is designed to create a leading public vehicle for AVAX exposure. The combined company expects to list on Nasdaq in Q1 2026, subject to regulatory and shareholder approval.
• AVAT launches with an initial AVAX token purchase at a discount to market price and 18-month priority on Avalanche Foundation sales to U.S. digital asset treasury companies. AVAT delivers an entry point of 0.77x multiple of net asset value for investors, a 23% discount compared to buying AVAX directly or through passive ETF alternatives.

• As a result, the board of directors of the Company received a letter of resignation from Mr. Berndt-von Blow, as Chief Financial Officer, effective as of October 1, 2025. Mr. Berndt-von Blow's resignation was not as a result of any disagreement with the Company relating to its operations, policies or practices.
• On October 1, 2025, the Board appointed Torsten Klee, age 62, as Chief Financial Officer, effective immediately.

• Reports Q1 (Aug) loss of $0.10 per share, $0.02 better than the FactSet Consensus of ($0.12); revenues rose 12.1% year/year to $75.7 mln vs the $72.29 mln FactSet Consensus.
• Co issues guidance for FY26, sees EPS of ($0.33)-($0.23) vs. ($0.31) FactSet Consensus and up from ($0.35)-($0.25) prior; sees FY26 revs of $308-313 mln vs. $306.71 mln FactSet Consensus. This is up from prior guidance of $305-310 mln.

• The Pennant Group (PNTG) announced that on October 1, 2025, it acquired certain operations from UnitedHealth Group Incorporated (UNH). The operations were divested pursuant to UnitedHealth's and Amedisys (AMED) antitrust settlement with the United States Justice Department. Pennant is purchasing divested home health, hospice, and personal care services in Tennessee, Georgia and Alabama for a combined purchase price of $146.5 million. The asset package includes 54 locations.
• NIQ (NIQ) announced the launch of its data clean room on Snowflake, designed to enable both data enrichment and outcome measurement for leading marketers worldwide. This marks NIQ's first data clean room dedicated to supporting these critical use cases for marketers, media owners, retail media networks, and ad tech platforms.
• CLEAR (YOU) announced the expansion of CLEAR+ enrollment, enabling travelers from 40 countries across Europe, Asia, and the Americas to join CLEAR+ and enjoy a faster, easier, and more seamless travel experience at U.S. airports. The expansion broadens eligibility for CLEAR+ and gives international visitors to the U.S. a much-needed way to reduce stress and simplify their journeys.
• Target Corporation (TGT) announced an all-new collection inspired by Universal Pictures' "Wicked: For Good." The assortment features nearly 200 new products, with nearly half the assortment exclusive to Target and priced under $20. Fans can shop their favorites and find affordable gift options.

Co announced today that it is has launched an equity financing comprising:

• an agreement with a syndicate of underwriters led by Merrill Lynch Canada Inc. under which the North American Underwriters have agreed to buy on a bought deal basis 33,112,583 common shares in the capital of the Company at a price of C$12.08 per North American Common Share for gross proceeds of approximately C$400 million; and
• an underwriting agreement with Aitken Mount Capital Partners Pty Ltd under which the Australian Underwriter has agreed to fully underwrite an offering of 30,534,351 common shares in the capital of the Company (the "Australian Common Shares"), to be settled in the form of Australian CHESS Depositary Interests, at the Offering Price for gross proceeds of approximately AUD $400 million. In accordance with a separate appointment letter, Canaccord Genuity (Australia) Limited will jointly lead manage and bookrun (but not underwrite) the Australian Offering.

The Company intends to use the net proceeds from the Offering to advance engineering of the Rook I Project, for Rook I Pre-Production Capital Costs and for general corporate purposes.

• Co announced an amendment to extend its share repurchase program.
• The Company's Board of Directors authorized a six month extension to its share repurchase program under which the Company may repurchase up to $2.5 million of its outstanding Class A ordinary shares until April 9, 2026. The share repurchase program was originally initiated on January 10, 2024 and was previously amended to extend the term until October 9, 2025.
• In addition, the Board maintained the ceiling price of up to $6.00 per share for the share repurchases. As of market close on October 1, 2025, the Company's share price was $2.00.

• The Company is collaborating with Patrick Neven, MD, PhD, at UZ Leuven, who will be serving as the national principal investigator in Belgium for FLAMINGO-01. Dr Neven is Full Professor at the Department of Gynecological Oncology, University Hospitals Leuven, and is a staff member of the Multidisciplinary Breast Centre.
• The Company's application to European regulators has been formally approved, adding Belgium as an approved country in FLAMINGO-01 in addition to Spain, France, Germany, Italy, Poland, Romania, Ireland, Portugal, and the US.

• TotalEnergies (TTE), through its affiliate TotalEnergies E&P Denmark, has entered into a Farm-Down Agreement with CarbonVault, the Danish affiliate of the German cement producer SCHWENK. Under this agreement, TotalEnergies E&P Denmark will hold a 45% interest in the Bifrost Carbon Capture and Storage Project as the operator, alongside CarbonVault (35%) and Nordsfonden (20%). This partnership within the Bifrost Project illustrates how TotalEnergies can contribute to its customers' own emissions reduction by combining the decarbonization roadmap of an industrial emitter with the capabilities of a CCS developer.
• Square (XYZ) supports The JMHG Group, an independent hospitality group operating some of South West London's most recognisable venues. Beyond funding, Square's suite of business tools -- including integrated point-of-sale systems, online ordering, custom reporting, website integration, and event ticketing -- has helped streamline operations across JMHG's diverse set of venues. The data insights from Square allow Jayke and his team to compare performance across locations in real-time, simplify daily operations, and respond quickly to customer demand.
• DigitalOcean (DOCN) announced a significant expansion of its AI offerings within the DigitalOcean AI Ecosystem and the formal introduction of the DigitalOcean AI Partner Program. Unveiled at its Deploy London conference, these initiatives bring together leading technology innovators, systems integrators, venture firms, and AI-native startups to create a comprehensive, flexible, and powerful environment for building the next generation of AI applications.

• Co announced the successful conclusion of its FX Super One Co-Creation and Sales Event in Seattle. The Seattle event was co-hosted with FX Co-Creation partner WeBranding and received strong support from Seattle's largest Chinese golf club, 808, as well as the Chinese Institute of Engineers Seattle. The event attracted dozens of elite professionals from leading companies in the region, including Boeing, Amazon, Microsoft, and Meta's Seattle office. Attendees who experienced the FX Super One provided overwhelmingly positive feedback.
• With the successful completion of the Seattle stop, the FX Super One U.S. Co-Creation and Sales Tour has now covered New York, Boston, Los Angeles, and Seattle. The Company will continue to expand its efforts with similar events planned in other strategic markets, including Texas, New Jersey, Florida, and Nevada.
• In parallel with these sales-related activities, preparations for the FX Super One's production and deliveries are also progressing. On October 28, the Company will host the FX Super One Middle East Final Launch event in the UAE, targeting initial deliveries in the region during the fourth quarter of 2025. Meanwhile, U.S. pre-production work-including crash testing-is progressing.

• Co announced that it has closed its initial investment into IQHQ, a premier life science real estate platform.
• The initial investment totaled $105 million and was comprised of a $100 million investment into a revolving credit facility with the remainder invested in shares of preferred stock of IQHQ.
• The initial investment was funded through cash on hand and draws from the Company's revolving credit facility. Pro forma for this investment, the Company's remaining IQHQ commitments total up to $165 million of preferred stock, which is expected to be funded in multiple tranches between the fourth quarter of 2025 and the second quarter of 2027.

• Co announced the upcoming launch of crypto options trading expected on October 8, bolstered by a consortium of leading day-one trading partners. This new offering will further enhance Bullish's ecosystem of crypto derivatives, providing institutional customers with a comprehensive product suite encompassing spot, margin, perpetual futures, dated futures, and now, options.
• This strategic expansion equips Bullish's customers outside the U.S. with complementary derivative instruments, giving them more opportunities to exchange and tailor risk. By providing a regulated, and capital-efficient venue for options trading beginning with Bitcoin options, Bullish seeks to solve a key market demand, as demonstrated by the early adoption of leading trading partners.

• Co announced that it has acquired the shares of Gateway Computer Corporation, an IT solutions and services provider based in Japan. With over 40 years in operation, Gateway Computer has established strong capabilities and experience in serving non-Japanese customers, offering high value-added products and services from its multi-vendor linecard that encompasses both domestic and international manufacturers.
• Gateway Computer's bilingual workforce of over 80 co-workers is expected to complement TD SYNNEX's operations in Japan, further strengthening its ability to handle global projects centred on the Japanese market. TD SYNNEX's global footprint and vendor relationships will enable Gateway Computer to expand its business and market presence and will strengthen its ability to deliver unparalleled specialized support to their partners and customers.
  

• Nokia's Board of Directors has resolved to issue 120 000 000 new shares in a directed share issuance without consideration to Nokia Corporation to be later used to fulfil the company's obligations under its equity plans that vest in 2025, 2026 and in 2027.
• Nokia expects that the shares are registered with the Finnish Trade Register on or about 2 October 2025 and entered in the book-entry system maintained by Euroclear Finland Ltd on or about 2 October 2025. The total number of Nokia shares following the registration will equal 5 575 850 345. The new shares are expected to commence trading on Nasdaq Helsinki as of 3 October 2025, and on Euronext Paris as of 6 October 2025, together with other Nokia shares (NOKIA). Euronext Paris will publish a separate notice announcing the admission of the new shares to trading on Euronext Paris.
  

• Co announces that all of its issued shares, consisting of 592,797,623 shares of Common Stock, have today been admitted to the Equity Shares (International Commercial Companies Secondary Listing) category of the Official List of the UK's Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange under the ticker "FRMI". Admission to trading on the LSE follows Fermi's listing on Nasdaq on 1 October 2025.

• DoorDash refers to the announcement that the boards of directors of DoorDash and Deliveroo plc agreed on the terms of a final cash offer for the entire issued and to-be-issued ordinary share capital of Deliveroo, as recommended by Deliveroo's Independent Committee.
• The combination with Deliveroo will strengthen DoorDash's position as a global leader in local commerce, enabling the combined entity to better serve businesses, consumers and couriers. Deliveroo will continue to operate as one of the leading local commerce platforms across its key geographies while benefitting from DoorDash's scale, resources and global reach.

• Co announces it has executed a binding Heads of Agreement (HOA) with DeSoto Resources Limited, an Australian-listed gold exploration company, to establish an exploration alliance and joint venture across the highly prospective Siguiri Basin in Guinea. Key Agreement Terms: 
  • The binding HOA establishes an exploration alliance to apply for and acquire new permits in identified areas of interest.
  • A new joint venture company (JVCo) will be formed, with a board of up to four directors, two from each party, with the majority partner holding a casting vote.
  • Project Generation Phase: A 36-month period focused on identifying "Go Projects", meaning significant discoveries warranting further development.
  • Joint Venture Phase: Once a Go Project is agreed upon, JVCo will transition into a formal joint venture in which Fortuna will hold 70 percent and DeSoto will hold
    30 percent, and Fortuna will solely fund exploration until the later of:
    • three years; or
    • $12.5 million in cumulative expenditure across Go Projects.
      

• Co announced the launch of Robotaxi GXR and Robobus pilot operations in partnership with the Ras Al Khaimah Transport Authority (RAKTA).
• This represents WeRide's first deployment in Ras Al Khaimah and its expansion into a third emirate in the UAE. The pilot integrates WeRide's autonomous vehicles (AVs) into Ras Al Khaimah's public transport system, laying the foundation for broader commercialization across the country. As the sole partner selected for the emirate's smart mobility strategy, WeRide is also the first and only AV company with active operations in Ras Al Khaimah.
• Commercial operations are scheduled to begin in early 2026 as part of RAKTA's public transport system. Passengers will be able to book Robotaxi rides and track Robobus locations via RAKTA's digital mobility app. Services will start with a safety officer onboard, with fully driverless operations planned for a later phase pending regulatory approval.

• Overall, the group's performance is in line with co's expectations and, as usual, underlying EPS is expected to be weighted to the second half of the year.
• The profile of half year operating profit is also expected to be broadly consistent with historical periods:
  • In UK Electricity Transmission and UK Electricity Distribution, we anticipate operating profit to be broadly evenly split across the year. As a reminder, H1 of FY25 included the contribution from the Electricity System Operator before it was sold on 1 October 2024.
    
  • In the US regulated businesses, operating profits are expected to be weighted to the second half. Relative to the same period last year there have been fewer storms in  New York business, as well as new electricity distribution rates in New England business. As such, we expect a slightly higher contribution to operating profit from both businesses in the first half relative to the profile last year.
    
  • In National Grid Ventures co expects a roughly even weighting of profitability across the year

• One year after the announcement of its "Winning Ways" strategy, BASF today confirmed its 2028 financial targets and provided an update on its standalone and core businesses as part of a Capital Market Update in Antwerp, Belgium. "The last 12 months have shown that we are focusing on the right topics with our new strategy.
  • BASF plans to keep Environmental Catalyst and Metal Solutions (ECMS) for longer as it considers itself to be the best owner to operate this business, which generated sales of 7.0 billion in 2024. The business, which was carved out in 2023, is expected to generate cumulative cash flows of around 4 billion between 2024 and 2030.
  • In the Battery Materials division, which had sales of 0.6 billion in 2024, BASF has significantly reduced fixed costs and capital expenditures, and agreements have been signed with key customers like CATL to fill existing capacities. BASF is also exploring collaboration opportunities along the value chain.
  • In the Coatings division, the sale of the Brazilian decorative paints business to Sherwin-Williams for a purchase price of $1.15 billion on a cash and debt-free basis was closed effective October 1, 2025. In Q2 2025, BASF approached the market to explore strategic options for the automotive OEM coatings, automotive refinish coatings and surface treatment businesses, which generated sales of 3.8 billion in 2024. A decision is expected in Q4 2025.
  • BASF is targeting IPO readiness in 2027 for a minority share listing of its Agricultural Solutions division, which generated sales of 9.8 billion in 2024. The company is currently making good progress on executing the legal entity separation and implementing an industry-specific ERP system.
• BASF remains committed to attractive shareholder distributions based on achieving the corporate financial targets it announced in September 2024: EBITDA before special items of 10 billion to 12 billion in 2028 assuming mid to upcycle conditions, cumulative free cash flow of more than 12 billion for 2025 to 2028, and return on capital employed (ROCE) of around 10% in 2028.
  • The company confirmed an annual dividend of at least 2.25 per share between 2025 and 2028, totaling around 8 billion over the period. During its Capital Markets Day in September 2024, BASF also committed to repurchasing shares for at least 4 billion between 2027 and 2028. The company now indicated that it may start earlier with its share buyback program, depending on the Coatings transaction.

• Global equity markets are generally higher. The S&P 500 futures (Dec) are up about seven points, trading near 6,769. Wednesday's rebound rally mildly extended into the overnight session. The buying picked up early, setting the low at 6756.00, but bids stalled at 6775.00 before the retracement to the current level.
• Asian stocks advanced on Thursday as a tech-led rally, fueled by enthusiasm for artificial intelligence, lifted sentiment. Mainland Chinese markets remained closed for the National Day holiday. At the same time, Hong Kong's Hang Seng jumped 1.61% to 27,287.12, led by a 3.5% gain in Alibaba after a JPMorgan target-price hike and a nearly 13% surge in SMIC on AI optimism following OpenAI's Sora 2 launch. Japanese equities rebounded after four days of losses, with the Nikkei climbing 0.87% as chip-related shares tracked U.S. peers higher on reports that Intel may add AMD as a foundry customer. Tokyo Electron surged 7.9% and Advantest rose 2.5%, though bank stocks fell 1--2% on profit-taking.
• European stocks are hovering near record highs on Thursday, led by strength in healthcare and chip-related names, as investors bet that a brief U.S. government shutdown would have a limited macroeconomic impact. A surprise drop of 32,000 private-sector jobs in September raised expectations for further Fed easing, while the U.K.'s CBI survey showed financial services activity stabilizing after recent weakness. Semiconductor suppliers ASML (+4.4%) and ASM International (+5.8%) rallied after Samsung and SK Hynix signed an initial supply pact with OpenAI's Stargate project, and healthcare stocks extended gains with Sartorius climbing over 4% on Pfizer's MFN pricing deal. Worldline surged 13% on a partnership with China's YeePay, BASF rose 2% on reaffirmed 2028 targets, Tesco gained 4% after lifting its profit forecast, while National Grid slipped about 1% on in-line trading.

Market Updates

• S&P Futures vs Fair Value: +8.0
• 10 yr Note: 4.097%
• USD/JPY:  146.85   -1.09
• EUR/USD: 1.1751  +0.0016
• Europe: FTSE: +0.6% DAX: +0.4% CAC: +0.5%
• Asia: Hang Seng: +1.6%  Shanghai: CLOSED  Nikkei: +0.9%
• Gold (3900.80 +3.30) Silver (47.610 -0.069) Crude (61.45 -0.33)

• Co provides Q3 guidance. Total steel shipments are expected to be approximately 415-420,000 net tons and Adjusted EBITDA is expected to be negative $(90)-(80) mln.
• "Despite ongoing trade headwinds, we achieved first arc and first steel from our electric arc furnace (EAF) in July-marking a critical milestone in our transformation to low-carbon steelmaking. With enhanced financial flexibility from federal and provincial support, we are prioritizing Canadian market demand with a focused plate and coil product mix.

• Jeep, Chrysler, Ram and FIAT brands all see sales growth.
• Jeep brand total sales increase 11% led by Wrangler, Gladiator and Wagoneer, up 18%, 43% and 122%, respectively.
• Ram brand retail sales increase 26%; HEMI makes powerful return to Ram 1500, with dealerships reporting initial units selling in five days on average, driven by strong consumer anticipation and demand.
• Chrysler brand total sales increase 45%, with Chrysler Pacifica total sales up 49% and Chrysler Voyager total sales up 65% in Q3 year over year.
• Dodge Durango sees its best Q3 in 20 years, up 44% in total sales year over year; brand also revealed SIXPACK-powered 2026 Dodge Charger lineup, with orders for first model starting production this year; 2026 MY two-door High-output Scat Pack selling out to dealers in less than 24 hours.
• FIAT total U.S. sales increase 2% in Q3 over same period last year.

• New direct-to-reseller license approach streamlines score access, saving lenders up to 50% on per score FICO fees.
• Related stocks: EFX, TRU, EXPGY

• Key features of the agreement include:
  
• The FDA will conduct an expedited re-review of the partial clinical hold preventing long term clinical studies of tradipitant for the treatment of motion sickness by November 26, 2025. The FDA will continue its review of Vanda's New Drug Application for this indication, with the existing Prescription Drug User Fee Act (PDUFA) target action date of December 30, 2025.
• The FDA will conduct an expedited re-review of Vanda's supplemental New Drug Application for HETLIOZ for the treatment of jet lag disorder by January 7, 2026, including consideration of alternative or narrowed indications focusing on the sleep-related aspects of jet lag disorder. During the re-review, Vanda and the FDA will seek a temporary pause of the Part 12 proceedings that result from the D.C. Circuit's recent decision in Vanda Pharmaceuticals v. FDA, No. 24-1049 (D.C. Cir.).
• The FDA and Vanda will seek a temporary pause of the ongoing administrative proceedings before the FDA Commissioner for Vanda's NDA for tradipitant for the treatment of gastroparesis, until January 7, 2026.
• Vanda and the FDA have sought a pause in Vanda's lawsuit challenging the FDA's practice of taking up to 12 months-rather than the statutory 180 days-to decide new drug applications, Vanda Pharms. Inc. v. FDA, Nos. 24-cv-351 and 25-cv-536 (D.D.C.).
• Vanda will dismiss its lawsuit challenging the FDA's partial clinical hold preventing long term studies of tradipitant for the treatment of motion sickness, Linn v. FDA, No. 2:25-cv-32 (M.D. Fla.).
• Vanda will dismiss its lawsuit regarding Vanda's request to provide information to prescribers and patients regarding the efficacy of HETLIOZ in jet lag disorder, Vanda Pharms. Inc. v. FDA, No. 4:25-cv-1648 (S.D. Tex.).

• Co announces that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 5,210,000 common shares at a price of C$24.00 per common share for aggregate gross proceeds of approximately C$125 mln.
• The proceeds raised from the sales of the common shares will be used for continued advancement of cos Eskay Creek gold-silver project and for general corporate purposes.

• Co intends to maintain Versatile's business strategy, management structure, and data integrity, serving numerous other lenders as well as their merchants and providers. Versatile will collaborate with Synchrony to accelerate the technology roadmap for consumer financing solutions. The acquisition is expected to be immaterial to the cos earnings per share.

• Co announces that it has commenced a tender offer for all of the outstanding shares of common stock of 89bio (ETNB) at a price of $14.50 per share in cash, plus a non-tradeable contingent value right (CVR) to receive certain milestone payments of up to an aggregate of $6.00 per share in cash. The tender offer is being made pursuant to the previously announced merger agreement dated as of September 17, 2025.
• The tender offer period will expire at one minute after 11:59 p.m., New York City time on October 29, 2025, unless the offer is extended.
• Following successful completion of the tender offer, any shares not acquired in the tender offer will be acquired in a second-step merger at the same price of $14.50 per share, plus the CVR. The closing of the transaction is expected to take place in the fourth quarter of 2025.

• The purchase price for the transaction was R$80 mln, or approximately US$15 mln.
• "The sale of our business in Brazil marks the exit of our business in Latin America. It is another key step towards simplifying and derisking our business to focus on the strength of our America and Airports businesses in the U.S. while paying down debt."

• Jess Merten, currently Chief Financial Officer, will become President, Property-Liability. He will report to Rizzo.
• John Dugenske will serve as the interim Chief Financial Officer while an external search is underway, along with his current role as President, Investments and Corporate Strategy.

After some early shakiness, the stock market proved to be largely unaffected by the ongoing government shutdown, with today's gains sending the S&P 500 (+0.3%) to new record highs (and past the 6,700 mark), while the DJIA (+0.1%) notched a record closing high, and the Nasdaq Composite (+0.5%) led the cohort. 

Investors steadily bought back the broad-based opening retreat, unfazed by the Senate failing to pass a continuing resolution to fund the government early this afternoon. The senate will leave tomorrow for the Yom Kippur holiday, which means the next votes on a resolution will be Friday and over the weekend. 

While today's resilience suggests the ongoing shutdown will have little effect on the stock market, it will delay the release of the Employment Situation Report, which was set to be released on Friday. Some analysts have expressed concerns that this could murky the market's expectations of further rate cuts from the Fed this year, though today's data reinforced a dovish tone ahead of the blackout.

The September ADP Payrolls report showed a decline of 32k private-sector jobs (Briefing.com consensus: 40k). In response, the CME FedWatch tool now prices a 100% chance of at least a 25-basis-point cut at the October FOMC meeting (up from 96.7% yesterday) and an 87.8% chance of another cut in December (up from 77.3% yesterday).

Stocks steadily traded higher throughout the day, with advancers outpacing decliners by a roughly 8-to-5 ratio on the NYSE and a roughly 4-to-3 ratio on the Nasdaq.

Only four S&P 500 sectors closed with gains, though they were substantial enough to lift the major averages. 

The health care sector (+3.0%) saw another day of impressive gains following yesterday's headline catalyst. Pfizer (PFE 27.23, +1.76, +6.89%) and peers continued to rise after yesterday's announcement of TrumpRx, a government-run platform to lower drug costs. Under the initiative, Pfizer will reduce Medicaid prices and invest $70 billion in U.S. R&D in exchange for a three-year tariff reprieve. 

Eli Lilly (LLY 825.71, +62.71, +8.22%), Thermo Fisher (TMO 531.07, +46.05, +9.49%), and Biogen (BIIB 154.22, +14.14, +10.09%) were just a few of several stocks in the sector to close with gains approaching double digits. 

The information technology sector (+0.7%) also captured a nice gain as strength in its chipmaker components saw the PHLX Semiconductor Index advance 2.1%. 

The consumer discretionary sector (+0.7%) closed similarly, supported by Tesla's (TSLA 459.41, +14.69, +3.30%) rise ahead of what is expected to be an impressive Q3 delivery report tomorrow and Nike's (NKE 74.24, +4.50, +6.46%) strength following its earnings report.

Today's biggest decliners included the materials sector (-1.2%), weighed down by Corteva (CTVA 61.47, -6.16, -9.11%) announcing a planned split into two companies, while the financials sector (-0.9%) saw weakness in its major banking names, and the communication services sector (-0.8%) slipped as most of its components traded lower.

Outside of the S&P 500, smaller cap indices such as the Russell 2000 (+0.2%) and S&P Mid Cap 400 (+0.3%) captured gains similar to that of their larger-cap peers. 

U.S. Treasuries rallied on Wednesday with leadership from the front end after today's weak ADP Employment Change report for September invited more questions about the present state of the labor market. The 2-year note yield settled down six basis points to 3.54%, and the 10-year note yield settled down four basis points to 4.11%.

• Nasdaq Composite: +17.8% YTD
• S&P 500: +14.1% YTD
• Russell 2000: +9.7% YTD
• DJIA: +9.2% YTD
• S&P Mid Cap 400: +4.9% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -12.7%; Prior 0.6%
• September ADP Employment Change -32K (Briefing.com consensus 40K); Prior was revised to -3K from 54K
• September S&P Global U.S. Manufacturing PMI - Final 52.0; Prior 52.0
• September ISM Manufacturing Index 49.1% vs Briefing.com consensus of 49.2%; Prior 48.7%
  • The key takeaway from the report is that the manufacturing sector remains in a state of contraction, with new order activity under pressure from tariff costs and uncertainty.

• Effective September 30, 2025, co has agreed to invest approximately $3.1 bln in two additional power innovation projects to continue to deliver speed-to-market solutions in grid-constrained markets. The projects are anticipated to be completed in the first half of 2027, assuming timely receipt of permits. The projects are backed by 10-year, primarily fixed-price power purchase agreements with an unnamed large, investment-grade counterparty with an option for the customer to extend.
• As a result of these agreements, total power innovation projects committed capital now stands at approximately $5 bln. Co is raising its 2025 growth capex by $875 mln to a new total of between $3.45 bln and $3.75 bln.

• Mr. Rodrigeuz succeeds William Restrepo, whose previously-announced retirement became effective as of September 30, 2025. Prior to joining Nabors, Mr. Rodriguez spent more than 25 years in various finance roles of increasing responsibility at SLB Drilling Group.

• Co announces that it has received an official Award Letter from the Government of Iraq to develop an integrated floating liquefied natural gas (LNG) import terminal, marking a significant milestone in the country's energy diversification strategy.
• The U.S. Department of State's Thomas Lersten, Senior Official to the Office of the Under Secretary for Economic Growth, Energy, and the Environment, attended the meeting and underscored the strategic importance of U.S. LNG to the administration's energy dominance agenda.
• Development of the integrated floating import terminal, which will be led by Excelerate in coordination with the Iraqi government, represents a landmark opportunity to enhance Iraq's energy security and infrastructure.
• The Award Letter is a preliminary step, and development of the terminal remains subject to the successful negotiation and execution of binding commercial agreements.

• Treatment was well-tolerated and injection feasibility was confirmed in 13 patients with locally advanced adenocarcinoma of the esophagus.
• 85% (11/13) disease control rate (DCR).
• 69% (9/13) objective response rate (ORR); 6 complete responses and 3 partial responses.
• Recruitment of 17 additional patients is ongoing as planned.

• Suvinil is a leading provider of architectural paints in Brazil and had sales of approximately $525 million for the year ended December 31, 2024.
• The purchase price represents a low teens EBITDA multiple following anticipated post transaction synergies net of one-time costs.
• SWH expects to end 2025 with a net-debt to EBITDA ratio within its targeted range of 2.0 to 2.5 times.
• SHW expects Suvinil to increase the company's consolidated sales by a low single digit percentage in the fourth quarter of 2025 compared to the fourth quarter of 2024, with an immaterial impact to diluted net income per share in the quarter given transaction closing costs and purchase accounting amortization.

• Concurrent with the execution of the agreements, Annaly agreed to purchase a portfolio of mortgage servicing rights from Pennymac (PFSI).
• Under the agreements, Pennymac will handle all servicing and recapture activities for the MSR sold to Annaly.

• Co announces two acquisitions in the Las Vegas area -- Builder's Door & Trim and Rystin Construction, which had aggregate TTM sales of approximately $48 mln.
• "With no prior BFS millwork operations in the region, these acquisitions fill a critical gap and enhance our ability to deliver comprehensive solutions to customers." 

• Co announces the receipt of seven work awards totaling over $130 mln.
• The awarded work includes:
  • Mississippi River, Baton Rouge to the Gulf, Head of Passes Project (Maintenance, Louisiana, $27.9 million)
  • South Atlantic Division (SAD) Regional Harbor Dredging Contract (Maintenance, North Carolina, $26.9 million)
  • Baltimore Harbor and Channels Cape Henry (Maintenance, Virginia, $25.5 million)
  • Delray Beach Renourishment (Coastal Protection, Florida, $19.2 million)
  • East Rockaway Inlet (Maintenance, New York, $14.0 million)
  • McLellan-Kerr Arkansas River Navigation System Station Dredging Project (Maintenance, Arkansas, and Oklahoma, $11.7 million)
  • Indian River Inlet North Beach Renourishment (Coastal Protection, Delaware, $8.7 million)

• Co announces that it has completed the previously announced acquisition of HomeXpress Mortgage Corp. from certain affiliates of Seer Capital Management's credit fund business and certain management sellers.
• Under the terms of the agreement, Chimera caused its taxable REIT subsidiary, Chimera Funding TRS, to acquire HomeXpress from the Sellers for a combination of cash and 2,077,151 shares of Chimera common stock. The purchase price will be equal to a closing payment of $239.5 mln comprised of estimated book value of $119.5 mln, plus a premium consisting of $120 mlnin cash and 2,077,151 shares of Chimera common stock. HomeXpress will operate as a subsidiary of Chimera and Kyle Walker, the current President and CEO, along with key members of the senior management team will continue to manage HomeXpress.

• Co announces that it has divested all of its legacy Bendix asbestos liabilities, as well as certain non-Bendix asbestos liabilities, to Delticus, a leading institutionally capitalized corporate liability acquisition platform.
• Under the terms of the agreement, HON and Delticus contributed approximately $1.68 bln in cash, as well as certain insurance assets related to these legacy asbestos liabilities, to the newly established structure.
• Delticus assumed full responsibility for administering and resolving all current and future asbestos-related claims associated with the acquired liabilities.
• HON utilized a portion of the approximately $1.6 bln in cash received from the recently announced Resideo Indemnification and Reimbursement Agreement termination transaction to fund the Delticus transaction.
• The transaction allows Honeywell to permanently divest these legacy asbestos liabilities and transfer them to a high-quality partner in Delticus, providing finality and allowing the company to focus on redeploying capital toward core growth priorities.

• Deep Blue announces the closing of its previously announced acquisition of Environmental Disposal Systems from Diamondback Energy (FANG). Deep Blue was formed in 2023 as a joint venture between Diamondback and Five Point Infrastructure. Diamondback maintained a 30% equity interest in Deep Blue and received approximately $695 mln in upfront cash proceeds. Diamondback will also have the potential to receive up to $200 mln of additional cash proceeds through performance-based earnouts until the end of 2028.

• Hubbell (HUBB) financed the acquisition and related transactions with net proceeds from borrowings under a new unsecured term loan facility in the aggregate principal amount of $600 mln and issuances of commercial paper.

• Co announces the launch of BEACONS (Building Evidence and Collaboration for GenOmics in Nationwide Newborn Screening), a multi state collaboration led by Mass General Brigham and Ariadne Labs.
• Funded by a $14.4 million award from the National Institutes of Health (NIH) Common Fund Venture Program, BEACONS will pilot the integration of whole genome sequencing into existing state newborn screening systems. If successful, BEACONS will provide the first national evidence that genome sequencing can be implemented responsibly, fairly, and sustainably through public health newborn screening programs.
• GeneDx will perform genomic sequencing and interpretation for the study.

• Co announces it has been awarded a fabrication contract to support the rebuilding of the Francis Scott Key Bridge in Baltimore, Maryland. Gulf Island will be fabricating structural components for the reconstruction of the iconic bridge, a vital transportation link on the East Coast.
• The Company's expertise in heavy steel fabrication and project execution will play a critical role in delivering high-quality components on an expedited timeline.
• The contract is fixed-price with an estimated value in excess of $35 million (which includes the value of the limited notice to proceed previously announced) and will be included in the Company's new awards and backlog during the third quarter 2025.

• On May 13, co announced it would explore all strategic alternatives for its cell therapy business. As part of its review of strategic alternatives, the co contacted a broad group of both strategic and financial parties to assess their interest in acquiring the Cell Therapy Business.
• As of today's date, co has received a limited number of non-binding offers from consortia, predominantly comprised of financial investors, to acquire the Cell Therapy Business.
• The Board and management continue to work with those potential bidders to finalize their due diligence and to explore whether they are able to raise the necessary financing commitments. The deadline for potential bidders to put forward binding, fully-financed, offers for the Cell Therapy Business is in the coming weeks.
• The Board expects to make a decision as to whether to continue with a divestment process of the Cell Therapy Business or pursue alternative courses of action promptly following receipt of those binding offers, if any. Co expects to make an announcement on the outcome of the review of strategic alternatives for the Cell Therapy Business no later than November 5, 2025, with the release of its Q3 financial results.