Market Overview - The Dow Jones Industrial Average rose by 651.37 points, or 1.36%, closing at 48,709.12, marking an intraday record high, while the S&P 500 gained 14.34 points, or 0.21%, ending at 6,902.19. In contrast, the Nasdaq Composite fell by 60.30 points, or 0.25%, to 23,597.26 [6][8][9] Federal Reserve Impact - The Federal Reserve lowered borrowing costs by 25 basis points and indicated a pause on further easing, which was perceived positively by investors. The Fed's dot plot still shows two potential rate cuts, balancing elevated inflation with signs of labor market weakness [2][4][8] Sector Performance - Financial stocks led the market rally, with notable gains from Visa, JP Morgan, and Goldman Sachs. In contrast, communications services and technology stocks, including Broadcom and Oracle, faced declines due to concerns over Oracle's financial performance and its heavy reliance on debt financing [6][7][8][9] Company-Specific Developments - Walt Disney announced a $1 billion equity investment in OpenAI, which may alleviate some concerns regarding the AI sector. However, Oracle's shares dropped after its quarterly forecasts fell short of expectations, raising fears about its AI cloud computing strategy and increasing the cost of insuring its debt against default [7][8][9] Labor Market Data - Jobless claims rose to 236,000 for the week ending December 6, exceeding estimates of 220,000, highlighting ongoing concerns in the labor market [4][8]

Core Insights - Siebert Financial Corp. has initiated a partnership with Kakao Pay Securities to provide daily U.S. market commentary to approximately 8 million account holders, enhancing the investment experience for Korean retail investors [1][2][3] Group 1: Initiative Overview - The initiative involves translating and publishing the Chief Investment Officer's (CIO) column four to five times per week, aligned with the Korean trading day, covering key global investment drivers [2][3] - The translation process utilizes a hybrid model combining AI-generated translations with professional human editorial review to ensure quality and clarity [3] Group 2: Strategic Importance - This collaboration is seen as a significant step towards creating a seamless global investing experience, equipping Korean investors with insights similar to those used by institutional investors [3][4] - The firms are exploring additional content to provide a comprehensive view of the U.S. market, aiming to bridge the information gap for overseas markets [4] Group 3: Market Impact - The initiative allows both companies to deliver localized U.S. market intelligence consistently, which is expected to enhance investor confidence and participation in global markets [4]

Market Overview - Markets will be closed on Thursday for Thanksgiving and will close early on Friday at 1 pm ET, leading to a shortened trading week with lower volumes expected [6] - Major indexes remain under pressure, with the S&P 500 declining 2% last week and 3.5% for November, while the Nasdaq Composite fell 2.7% last week and is down 6.1% month-to-date [6] Federal Reserve Insights - Investor expectations for a December rate cut have surged, with futures markets now assigning nearly a 70% probability for a quarter-point cut at the December 10 Fed meeting, up from about 44% a week earlier [6] - Goldman Sachs Research supports the case for a December cut, anticipating the Fed's proactive approach to managing potential economic risks and forecasting two additional rate cuts in 2026 amid a cooling labor market [4][6] Economic Data and Market Sentiment - The Bureau of Labor Statistics canceled its October consumer price index (CPI) report and postponed November's CPI release until after the Fed's December meeting, adding to market uncertainty [5][6] - Investor sentiment remains cautious, particularly regarding high valuations in AI-linked stocks that have driven much of the year's market gains, with a noted desire for certainty in the current noisy market environment [5][7] Nvidia and AI Chip Sales - Reports indicate that the US government may allow Nvidia Corp. to resume sales of its advanced AI chips to China after a prior suspension due to export controls, although the review is still ongoing [6]

Core Viewpoint - Siebert Financial Corp. has launched Siebert.Pro, a new trading platform designed for active, self-directed investors, following feedback from a closed beta group of users [1][2]. Group 1: Platform Features - Siebert.Pro aims to empower experienced retail traders with flexible tools and high-touch support from seasoned relationship managers [2][3]. - The platform offers a customizable interface across devices, catering specifically to equity and option traders, and emphasizes a customer-centric approach to risk management [3]. - Pricing includes $0 commissions on U.S. exchange-listed stocks during regular market hours, competitive options fees, and preferred rates for qualifying balances of $1 million and above [3]. Group 2: Leadership and Strategy - The division is led by Joseph Corso, who has prior experience in leadership roles at Morgan Stanley and E*TRADE, emphasizing the importance of speed, control, and expert support for active traders [3][4]. - The company’s strategy focuses on investing in new customer verticals where it can provide significant value, particularly for sophisticated self-directed traders [4]. - Siebert aims to expand across diversified client segments while integrating modern technology into its services [4]. Group 3: Company Background - Siebert Financial Corp. is a diversified financial services company and has been a member of the NYSE since 1967, known for its historical significance in promoting female leadership in finance [5]. - The company operates through various subsidiaries, offering a full range of brokerage and financial advisory services, including securities brokerage and investment advisory [6].

Core Insights - Siebert Financial Corp. reported a 19% increase in revenue to $26.8 million for Q3 2025 compared to the same quarter last year [7] - The company is focusing on scaling quickly and diversifying its offerings, including launching Digital Assets Research and renewing its clearing agreement with NFS for another five years [3][7] Financial Performance - Revenue increased by 19% to $26.8 million compared to the prior-year quarter [7] - Principal transactions rose by 9.7% to $4.6 million [7] - Stock borrow/loan activities surged by 73.7% to $10.0 million [7] - Advisory fees increased by 32.1% to $0.8 million [7] - Operating income decreased by 54.8% to $2.2 million due to investments in new business lines [7] Business Developments - The renewal of the clearing relationship with National Financial Services (NFS) highlights a long-standing partnership focused on innovation and client service [7] - The launch of Digital Assets Research aims to provide institutional-grade coverage in the crypto and blockchain sectors [7] - A new marketing campaign titled "Generation Wealth" was introduced to engage Gen Z through creator-driven content [7]

Financial Performance - Total revenue for the three months ended September 30, 2025, was $26.85 million, a 19% increase compared to $22.56 million for the same period in 2024[20] - Net income available to common stockholders for the three months ended September 30, 2025, was $1.62 million, down 58% from $3.83 million in the same period last year[20] - Operating income for the nine months ended September 30, 2025, was $6.85 million, down 56% from $15.52 million in the same period of 2024[20] - As of September 30, 2025, Siebert Financial Corp. reported a net income of $5,566,000, compared to $11,568,000 for the same period in 2024, indicating a decrease of approximately 52.1%[24] - Total revenue for the nine months ended September 30, 2025, was $70,640,000, compared to $63,879,000 for the same period in 2024, reflecting an increase of 10.8%[93] - Total revenues from contracts with customers for the three months ended September 30, 2025, were $16,225,000, an increase from $12,761,000 in the same period of 2024, representing a growth of 27.5%[93] - The company reported total revenue outside the scope of Topic 606 for the nine months ended September 30, 2025, was $30,668,000, compared to $28,867,000 in 2024, marking an increase of 6.2%[93] Assets and Liabilities - Total assets increased to $607.46 million as of September 30, 2025, up from $519.67 million at December 31, 2024, representing a growth of 17%[18] - Total liabilities rose to $515.60 million as of September 30, 2025, up from $434.58 million at December 31, 2024, indicating a growth of 19%[19] - The company reported total stockholders' equity of $90.90 million as of September 30, 2025, an increase of 8% from $84.09 million at December 31, 2024[19] - Cash and cash equivalents decreased to $19.65 million as of September 30, 2025, from $32.63 million at December 31, 2024, a decline of 40%[18] - Securities borrowed increased significantly to $253.30 million as of September 30, 2025, compared to $139.04 million at December 31, 2024, marking an increase of 82%[18] - Total financial assets not measured at fair value amounted to $523,625,000, with cash and cash equivalents at $19,649,000[58] - Total financial liabilities not measured at fair value were $500,672,000 as of September 30, 2025[58] Expenses - Employee compensation and benefits expenses rose to $16.36 million for the three months ended September 30, 2025, compared to $11.89 million in the prior year, reflecting a 37% increase[20] - The company recognized self-insured employee health claims expenses of $83,000 for the three months ended September 30, 2025, compared to $229,000 in 2024, a decrease of 63.8%[130] - Share-based compensation expenses rose to $1,245,000 for the nine months ended September 30, 2025, compared to $460,000 in 2024, representing an increase of about 170.2%[24] - Total depreciation expense for property, office facilities, and equipment was $255,000 for the three months ended September 30, 2025, compared to $222,000 for the same period in 2024[60] - Operating lease costs for the three months ended September 30, 2025, were $290,000, an increase from $236,000 in the same period of 2024, representing a 22.9% increase[70] Investments and Acquisitions - The company made an investment of $2,000,000 in FusionIQ during the nine months ended September 30, 2025, as part of its strategic initiatives[24] - Siebert Financial Corp. acquired BMLG assets for $441,000, contributing to its growth strategy in the financial services sector[24] - The company acquired music masters and associated copyrights to expand its music business line, with the entire cost allocated to the recorded masters intangible asset[48] - The company completed the acquisition of the remaining 32% of RISE for $3.7 million, making it a wholly-owned subsidiary[154] Cash Flow and Capital - The company reported a net cash provided by operating activities of $9,840,000 for the nine months ended September 30, 2025, contrasting with a net cash used of $25,409,000 in the same period of 2024[24] - The company had cash and securities deposits of $187.3 million in special reserve accounts as of September 30, 2025, exceeding the deposit requirement of $170.6 million by $16.7 million[103] - The net capital infusion from Kakaopay in 2023 was approximately $14.8 million, enhancing regulatory capital[205] - As of September 30, 2025, the company's net capital was $65.5 million, exceeding the required net capital of $1.8 million by approximately $63.7 million[100] Tax and Compliance - The effective tax rate for the three months ended September 30, 2025, was 25.8%, differing from the federal statutory rate of 21% due to the utilization of deferred tax assets[95] - The provision for income taxes for the three months ended September 30, 2025, was $564,000, a decrease of $441,000 from the prior year due to a decrease in pre-tax earnings[185] - The company recorded an uncertain tax position of $1,354,000 related to various tax matters as of September 30, 2025[97] Market and Revenue Streams - New revenue stream from NIL negotiation services generated $362,000 in Q3 2025[163] - Total principal transactions and proprietary trading for the three months ended September 30, 2025, amounted to $4,606,000, an increase of $409,000 compared to $4,197,000 in 2024[89] - Stock borrow/stock loan revenue for the three months ended September 30, 2025, was $10,048,000, an increase of $4,264,000 from the prior year, driven by growth in stock locate services[175] Operational Overview - The company operates as a single reportable segment, providing comprehensive brokerage services including custody and clearance of retail accounts and securities lending[133] - The company has 13 branch offices across the U.S. and continues to focus on expanding its operations in Florida, New York, and California[29]

Core Insights - Siebert Financial Corp. has announced a strategic partnership with Academy Veteran Bond ETF (VETZ) to enhance veteran-focused investment solutions and financial literacy initiatives for U.S. service members, veterans, and their families [1][2][3] Group 1: Partnership Details - The partnership will integrate Academy's Veteran Bond ETF into Siebert's newly launched Patriot Portfolio and will involve targeted allocations across various advisory and investment programs [2] - Siebert and Academy will collaborate on co-branded financial education and storytelling initiatives, utilizing Siebert's media platforms, including the podcast Tactical Wealth [2][4] Group 2: Leadership Statements - Mark Malek, Chief Investment Officer of Siebert, emphasized the partnership's commitment to providing impactful investment opportunities for veterans, stating that including VETZ in the Patriot Portfolio aligns with the mission to help the veteran community build long-term wealth [3] - Seth Rosenthal, Chief Investment Officer of Academy, expressed enthusiasm for the partnership, highlighting the shared mission to support the military community through investment access and employment [4] Group 3: Company Background - Siebert Financial Corp. is a diversified financial services company and has been a member of the NYSE since 1967, known for its commitment to clients, shareholders, and employees [5][6] - The company operates through various subsidiaries, offering a full range of brokerage and financial advisory services, including investment banking and capital markets services [6]

Core Insights - Siebert Financial Corp. has opened a new office in Washington, D.C. to enhance its Capital Markets and Investment Banking operations [1][2] - The new office aims to strengthen relationships with policy, regulatory, and industry stakeholders, aligning with opportunities from new administration initiatives [2][3] Company Expansion - The Washington, D.C. office is located at 3000 K Street, N.W., Suite 245 and will be led by Daniel M. Ondeck, Head of Institutional Sales, and Brandon Fry, Managing Director, Debt Sales [1] - This expansion is part of Siebert's strategy to be closer to decision-makers in the capital, facilitating faster responses to market changes [3] Strategic Focus - The D.C. team will collaborate with colleagues in New York and Miami to support issuance, private placements, and structured solutions for corporate and institutional clients [3] - The focus will be on origination, disciplined distribution, and consistent coverage for issuers and investors, translating policy signals into actionable capital solutions [3]

Core Insights - Siebert Financial Corp. and Next Securities have entered into a strategic agreement to combine AI technology with financial infrastructure, aiming to enhance trading ease and market insights for investors [1][2][3] Company Overview - Siebert Financial Corp. is a diversified financial services company with a history dating back to 1967, known for its brokerage and financial advisory services [7][9] - Next Securities is a Korean fintech and broker-dealer focused on AI-driven user experience in brokerage services, aiming to transform investment engagement [10] Strategic Agreement Details - The agreement leverages Next Securities' AI expertise and Siebert's financial infrastructure to create a platform that integrates trading convenience with high-quality financial information [3][4] - Both companies plan to explore further opportunities for collaboration, including technology integration and global expansion efforts [4][5] Leadership Perspectives - John J. Gebbia, CEO of Siebert, emphasized the importance of integrating technology and insights for investors, highlighting the potential for richer, AI-enabled experiences [4] - Seungyeon Kim, CEO of Next Securities, noted that the partnership will empower investors with innovative tools and reshape engagement with financial markets [5]

Core Insights - Siebert Financial Corp. has launched Digital Assets Research within its Capital Markets division, appointing Brian P. Vieten as Research Analyst to provide institutional-grade research on cryptocurrency and blockchain-related sectors [1][2]. Group 1: Company Developments - The new Digital Assets Research group aims to publish research on cryptocurrency, blockchain infrastructure, Web3 applications, and public companies with significant exposure to digital assets, enhancing Siebert's research capabilities [1][4]. - Brian P. Vieten, with nearly a decade of equity research experience and eight years in the crypto space, previously worked at Needham & Company focusing on Crypto Assets and Blockchain [2][4]. - The initiative is part of Siebert's broader strategy to expand its institutional services and support clients in navigating the evolving digital asset landscape [4][6]. Group 2: Market Trends - There is a growing client demand for rigorous digital asset research, indicating a shift in market focus towards cryptocurrency and blockchain technologies [2][3]. - The integration of tokenization and decentralized finance (DeFi) is blurring the lines between traditional finance (TradFi) and the digital ecosystem, highlighting the need for informed research [3][4]. - Digital assets are increasingly recognized as a significant factor reshaping market structures and investor behaviors, moving beyond being a niche topic [4].