Core Insights - StubHub shares fell nearly 25%, marking the worst day since its IPO in September, due to the company's decision not to provide guidance for the current quarter [2][3] - Bristol-Myers Squibb's stock declined by 3.4% after the company announced it would halt a trial for a heart drug developed in collaboration with Johnson & Johnson [2] - Netflix shares dropped about 3% following reports that the company is preparing bids to acquire Warner Bros. Discovery [3] Stock Movements - DoorDash stock rose nearly 7%, recovering some losses after its earnings report [4] - Cidara Therapeutics saw its stock more than double in value after Merck announced a deal to acquire the company for $221.50 per share, valuing it at approximately $9.2 billion [3] - Major U.S. equity indexes showed mixed results, with the Dow Jones down 0.3%, S&P 500 up 0.5%, and Nasdaq climbing 0.8% [1]

Core Points - StubHub, one of the largest ticket sales platforms in the U.S., has decided not to provide performance guidance, indicating potential concerns about its performance and market demand [2] - The company reported a net loss of $1.3 billion in Q3, which includes approximately $1.4 billion in expenses related to stock grants to employees during its IPO [2] - StubHub's revenue for the quarter was $468 million, an 8% increase compared to the same period last year when it was still a private company [2] - The total gross merchandise value (GMV) for StubHub was $2.4 billion, reflecting an 11% year-over-year growth; excluding the impact of Taylor Swift's record-breaking "Eras Tour" ticket sales from the previous year, the growth would be 24% [2] - Analysts from JPMorgan downgraded StubHub's target stock price from $24 to $22, interpreting the lack of current quarter guidance as a sign of weak performance; however, they remain bullish on the stock due to sales growth and market share gains shown in the Q3 report [2] Stock Performance - Following the release of its first quarterly report post-IPO, StubHub's stock price dropped significantly [3] - The company did not provide a forecast for the current quarter and plans to offer guidance for 2026 in the next earnings report [3] - StubHub's stock price fell approximately 25% in recent trading, reaching around $14, marking its lowest level since the IPO in September [3] - CFO Connie James informed investors during the earnings call that the company plans to release its Q4 results along with the 2026 outlook in about three months [3]

Core Insights - StubHub's shares fell approximately 25% to around $14 after the company did not provide guidance for the current quarter in its first earnings report as a public entity [1][8] - The company reported a net loss of $1.3 billion in Q3, largely due to a $1.4 billion charge for stock awards related to its IPO, while revenue reached $468 million, an 8% increase year-over-year [4][5] - StubHub's gross merchandise sales totaled $2.4 billion, reflecting an 11% year-over-year increase, or a 24% increase when excluding the impact of ticket sales from Taylor Swift's "Eras Tour" in the previous year [5] Company Performance - StubHub plans to provide a 2026 outlook during its fourth-quarter results report in approximately three months [2] - The decision to withhold current quarter guidance raises concerns about potential performance issues and demand fluctuations [3][5] - Analysts from JPMorgan have reduced their price target for StubHub from $24 to $22, indicating concerns about current quarter softness but maintaining a bullish stance due to sales growth and market share gains [5] Competitive Landscape - StubHub is a major player in the U.S. ticket selling market, competing with platforms such as Live Nation's Ticketmaster, Seatgeek, and Vivid Seats [3]

Group 1 - The article discusses the challenges faced by companies that went public recently, highlighting that many of these IPOs are perceived as risky and have underperformed, such as StubHub's stock dropping by 20% [1] - A lack of guidance from CEOs, including notable figures like Warren Buffett, can negatively impact investor sentiment, especially when the reported quarterly performance is only average [2] - The narrative surrounding a company can be difficult to change once it is labeled as a "busted IPO," despite potential underlying value [3] Group 2 - Live Nation's stock has declined, but there is a belief that it remains a strong investment due to its operational capabilities, despite the current downturn in the experiential economy [5] - The sentiment in the market is affected by external factors such as government shutdowns, which can lead to negative perceptions of travel and related industries [6][7] - Personal experiences during travel disruptions highlight the broader impact of operational inefficiencies on consumer sentiment and spending behavior [8]

Core Viewpoint - StubHub's stock experienced a significant decline of 24% following the company's decision to withhold financial guidance for the current quarter, emphasizing a long-term focus instead [1][2]. Financial Performance - StubHub reported stronger-than-expected third-quarter results, with revenue increasing by 8% year over year to $468.1 million, surpassing the average analyst estimate of $452 million [3]. - Gross merchandise sales rose by 11% year over year to $2.43 billion, exceeding Wall Street's expectation of $2.36 billion [3]. Management Commentary - CEO Eric Baker highlighted that the timing of ticket sales can vary from quarter to quarter, complicating predictions of consumer demand [1]. - Baker stated that demand for live events remains "phenomenal" and indicated that the company plans to provide an outlook for 2026 during the fourth-quarter results announcement [2]. Analyst Reaction - Wedbush analysts expressed surprise at the lack of forward guidance from StubHub executives, noting that this decision could pressure shares and raise investor concerns about near-term visibility [2].

Core Insights - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company focuses on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive's news team delivers insights across various sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Technology Adoption - Proactive is a forward-looking company that enthusiastically adopts technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Insights - U.S. stock futures are lower, with Dow futures down approximately 100 points [1] - Red Cat Holdings Inc reported disappointing third-quarter results, leading to a significant drop in its stock price [2] Company Performance - Red Cat Holdings Inc's third-quarter revenue was $9.65 million, falling short of analyst expectations of $16.68 million [2] - The company reported a loss of 16 cents per share, which was worse than the anticipated loss of 10 cents per share [2] - Red Cat's shares fell by 15.1%, reaching $6.57 in pre-market trading [2] Other Companies' Performance - TSS Inc experienced a 40.2% decline, with shares dropping to $9.10 after reporting a year-over-year decrease in financial results [4] - StubHub Holdings Inc's shares fell 18.8% to $15.28 following disappointing third-quarter EPS results [4] - WhiteFiber Inc's stock decreased by 13.4% to $17.21 after reporting worse-than-expected financial results [4] - Anavex Life Sciences Corp. saw a decline of 12.3%, with shares at $4.99 after an 18% drop the previous day [4] - Verastem Inc's shares dipped 9.4% to $7.35 due to the announcement of a $90 million public offering [4] - POET Technologies Inc fell 8.5% to $4.30 following weak quarterly results [4] - Solaris Energy Infrastructure Inc declined 5.8% to $42.32 in pre-market trading [4]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential opportunities for traders before the market opens [1] Premarket Gainers - Cidara Therapeutics, Inc. (CDTX) is up 91% at $203.18 - Binah Capital Group, Inc. (BCG) is up 45% at $2.07 - Invivyd, Inc. (IVVD) is up 42% at $2.52 - Omeros Corporation (OMER) is up 15% at $7.25 - The Oncology Institute, Inc. (TOI) is up 12% at $3.47 - AlphaVest Acquisition Corp (ATMV) is up 11% at $7.99 - ARB IOT Group Limited (ARBB) is up 7% at $7.31 - Hyperion DeFi, Inc. (HYPD) is up 6% at $5.27 - TruGolf Holdings, Inc. (TRUG) is up 6% at $2.02 - Boqii Holding Limited (BQ) is up 5% at $2.24 [3] Premarket Losers - TSS, Inc. (TSSI) is down 40% at $9.12 - StubHub Holdings, Inc. (STUB) is down 20% at $15.02 - ESS Tech, Inc. (GWH) is down 20% at $3.38 - Red Cat Holdings, Inc. (RCAT) is down 17% at $6.38 - WhiteFiber, Inc. (WYFI) is down 15% at $16.81 - New Era Energy & Digital, Inc. (NUAI) is down 13% at $3.66 - NET Power Inc. (NPWR) is down 11% at $2.62 - Korro Bio, Inc. (KRRO) is down 9% at $5.90 - Anavex Life Sciences Corp. (AVXL) is down 8% at $5.20 - Interactive Strength Inc. (TRNR) is down 5% at $2.47 [4]

Group 1: RLX Technology Inc - RLX Technology Inc reported quarterly earnings of 3 cents per share on sales of $158.600 million [1] - Shares of RLX Technology rose 6% to $2.47 in pre-market trading following the earnings report [1] Group 2: Other Stocks in Pre-Market Trading - Cidara Therapeutics, Inc. surged 92% to $203.50 after a Schedule 13D Amendment revealed beneficial ownership of 3.37 million shares [4] - Binah Capital Group, Inc. gained 52.2% to $2.17 after posting stronger-than-expected third-quarter results [4] - Expion360 Inc. rose 42.4% to $1.81 following its third-quarter results [4] - Aspire Biopharma Holdings, Inc. surged 31.2% to $0.1380 in pre-market trading [4] - Invivyd, Inc. gained 28.8% to $2.28 after reporting better-than-expected third-quarter financial results [4] - Milestone Scientific Inc. surged 26.3% to $0.4801 after reporting better-than-expected third-quarter sales [4] - Lazydays Holdings, Inc. gained 23.3% to $1.85 after a previous surge [4] - Omeros Corp gained 12.5% to $7.08 following a narrower-than-expected quarterly loss [4] - Nouveau Monde Graphite Inc rose 10% to $3.25 after a decline the previous day [4] Group 3: Declining Stocks in Pre-Market Trading - TSS Inc tumbled 40.2% to $9.10 after reporting a year-over-year decrease in third-quarter results [4] - enVVeno Medical Corp declined 35.8% to $0.42 after an unfavorable FDA appeal decision [4] - Nuvve Holding Corp fell 29.3% to $0.34 after announcing third-quarter results [4] - ESS Tech Inc shares dipped 24.2% to $3.22 after reporting weak quarterly sales [4] - Direct Digital Holdings Inc fell 18.8% to $0.23 after a significant gain the previous day [4] - StubHub Holdings Inc fell 18.8% to $15.28 after worse-than-expected third-quarter EPS results [4] - Mangoceuticals Inc dipped 17.7% to $0.98 after a decline the previous day [4] - Red Cat Holdings Inc dipped 15.1% to $6.57 after worse-than-expected financial results and a lowered FY25 sales guidance [4] - WhiteFiber Inc fell 13.4% to $17.21 after reporting worse-than-expected financial results [4] - Sobr Safe Inc fell 12.4% to $2.21 after a decline the previous day [4]

IPO and Stock-Based Compensation - The company completed its IPO on September 18, 2025, selling 34,042,553 shares at a public offering price of $23.50 per share, resulting in net proceeds of approximately $758.0 million after underwriting discounts and commissions of $42.0 million[198]. - The company recognized $1,400.7 million in stock-based compensation expense related to RSUs, stock options, and restricted stock in connection with the IPO[199]. - Stock-based compensation expense recognized as a result of the IPO was $1.405 billion for the three months ended September 30, 2025[221]. Revenue and Sales Performance - Revenue for the three months ended September 30, 2025, was $468.1 million, an increase of $34.3 million or 7.9% compared to $433.8 million in the same period of 2024[221]. - Revenue for the nine months ended September 30, 2025, was $1.296 billion, an increase of $58.8 million or 4.8% compared to $1.237 billion in the same period of 2024[222]. - Gross Merchandise Sales (GMS) grew by 11% year-over-year to $2,434.8 million for the three months ended September 30, 2025, driven by market share growth in North America and international markets[249]. - The number of buyers making two or more purchases grew 2.0x faster year-over-year compared to those making only one purchase, indicating strong repeat purchasing behavior[201]. Expenses and Costs - Cost of revenue (exclusive of depreciation and amortization) for the three months ended September 30, 2025, was $100.5 million, an increase of $20.9 million or 26.3% compared to $79.6 million in the same period of 2024[223]. - Cost of revenue (exclusive of depreciation and amortization) for the nine months ended September 30, 2025, was $238.1 million, an increase of $32.2 million or 15.6% compared to $205.9 million in the same period of 2024[224]. - Sales and marketing expenses for the three months ended September 30, 2025, were $281.1 million, an increase of $60.2 million or 27.2% compared to $221.0 million in the same period of 2024[228]. - General and administrative expenses for the three months ended September 30, 2025, were $1.426 billion, an increase of $1.326 billion or 1,335.0% compared to $99.4 million in the same period of 2024[230]. - Operations and support expenses for the three months ended September 30, 2025, were $22.5 million, an increase of $6.9 million or 44.4% compared to $15.6 million in the same period of 2024[225]. Net Loss and Cash Flow - Net loss for the three months ended September 30, 2025, was $1.295 billion, compared to a net loss of $33.0 million in the same period of 2024[221]. - The net loss for the three months ended September 30, 2025, was $1,294.6 million, a significant increase of 3,822% compared to the same period in 2024[249]. - Free cash flow for the three months ended September 30, 2025, was $(4.6) million, a decrease of 143% compared to the same period in 2024[249]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $181.4 million, down from $410.9 million in the same period of 2024[265]. - The decrease in free cash flow for the nine months ended September 30, 2025, was primarily due to changes in the timing of cash receipts and payments associated with ticket sales[266]. Financial Position and Debt - As of September 30, 2025, the company had cash and cash equivalents of $1,392.5 million, excluding $16.6 million of restricted cash[270]. - The company made an early principal payment of $750.0 million on the 2024 USD Term Loan, reducing the remaining principal amount to $1,154.2 million[271]. - As of September 30, 2025, the company had $1,685.6 million outstanding under its term loan Credit Facilities, with no amounts drawn on the Revolving Credit Facility[279]. - Total interest payments on outstanding debt for the three months ended September 30, 2025, were $39.6 million[265]. Adjusted EBITDA and Performance Metrics - Adjusted EBITDA increased by $11.7 million (21%) for the three months ended September 30, 2025, reaching $67.5 million[249]. - Adjusted EBITDA for the three months ended September 30, 2025, was $67.5 million, representing 14% of revenue, compared to $55.8 million (13% of revenue) in the same period of 2024[260]. - During the nine months ended September 30, 2025, Adjusted EBITDA decreased to $169.8 million from $194.3 million in the same period of 2024, with Adjusted EBITDA as a percentage of revenue dropping from 16% to 13%[260]. Interest and Currency Impact - Interest income increased by $1.9 million (16.9%) for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher cash and cash equivalent balances[234]. - Interest expense decreased by $12.2 million (25.6%) for the three months ended September 30, 2025, mainly due to a one-time reclassification of $18.4 million and lower variable interest rates[236]. - Foreign currency losses decreased by $18.4 million (94.2%) for the three months ended September 30, 2025, primarily due to the remeasurement of the Euro Term Loan obligation[238]. - A hypothetical 10% change in the euro to U.S. dollar exchange rate would have resulted in a $53.1 million change to foreign currency losses related to the 2024 Euro Term Loan[299]. - Currency exchange rate movements impact the remeasurement of net asset or liability positions of foreign operations[300].