CALGARY, Alberta--(BUSINESS WIRE)--STEP Energy Services Ltd. ("STEP") (TSX:STEP) and ARC Energy Fund 8 Canadian Limited Partnership, ARC Energy Fund 8 United States Limited Partnership, ARC Energy Fund 8 International Limited Partnership and ARC Capital 8 Limited Partnership (collectively, "ARC Energy Fund 8†), a private equity fund advised by ARC Financial Corp. ("ARC†), are pleased to announce the successful closing of the previously announced take-private transaction involving STEP. The transaction w ...

Core Insights - StepStone Group reported Q3 CY2025 results that exceeded Wall Street's revenue expectations, with a year-on-year sales increase of 35.2% to $282.3 million and a non-GAAP profit of $0.54 per share, surpassing analysts' consensus estimates by 10.6% [1][3][6] Financial Performance - Revenue reached $282.3 million, beating analyst estimates of $265.4 million, reflecting a 35.2% year-on-year growth and a 6.4% beat [6] - Adjusted EPS was $0.54 compared to analyst estimates of $0.49, marking a 10.6% beat [6] - Adjusted Operating Income stood at $112.5 million, exceeding estimates of $108.6 million, with a margin of 39.9% [6] - Operating Margin was reported at -256%, a decline from 24.4% in the same quarter last year [6] - Market Capitalization is currently $4.89 billion [6] Private Wealth Platform - The firm experienced record-breaking subscriptions in its Private Wealth channel, with $2.4 billion in new inflows and over $700 million attracted by the new STPEX private equity interval fund in its first month [7] - Strong institutional fundraising was evident, generating $3.8 billion in managed account additions, with a retention rate above 90% [7] Geographic and Product Expansion - StepStone expanded its global presence by opening offices in the Netherlands, Spain, South Korea, and Saudi Arabia, enhancing its reach across Europe, Asia, and the Middle East [7] Data and Technology Advancements - The launch of Kroll StepStone Private Credit benchmarks and FTSE StepStone Global Private Market Indices was highlighted, providing daily institutional-grade benchmarks and laying the groundwork for future index-based investment products [8] Expense Trends - Operating expenses increased due to higher spending on technology, travel, and expansion projects, with expectations for further cost increases in upcoming quarters related to major industry events and infrastructure investments [8]

Core Insights - StepStone Group reported Q3 CY2025 revenue of $454.2 million, exceeding analyst expectations by 71.1% and achieving a year-on-year growth of 118% [2][5][7] - The company's non-GAAP profit was $0.54 per share, which was 10.6% above the consensus estimates of $0.49 [2][7] - StepStone Group has a market capitalization of $4.92 billion and manages over $100 billion in assets [2] Revenue Growth - Over the last five years, StepStone Group has achieved a compounded annual growth rate of 31.4% in revenue, outperforming the average financials company [3] - The annualized revenue growth over the last two years stands at 42.8%, indicating a recent acceleration in demand [4] Quarterly Performance - The significant revenue growth of 118% in Q3 CY2025 reflects strong demand and effective business strategies [5][7] - The stock price remained stable at $62.24 immediately after the earnings report, suggesting market confidence in the results [7][8]

Core Viewpoint - Burford Capital Limited reported a quarterly loss of $0.09 per share, significantly missing the Zacks Consensus Estimate of $0.30, and down from earnings of $0.61 per share a year ago, indicating a substantial earnings surprise of -130.00% [1][2] Financial Performance - The company posted revenues of $69.8 million for the quarter ended September 2025, which was 45.95% below the Zacks Consensus Estimate and a decrease from $249.11 million in the same quarter last year [2] - Over the last four quarters, Burford Capital has only surpassed consensus EPS estimates once [2] Stock Performance - Burford Capital shares have declined approximately 25.7% since the beginning of the year, contrasting with the S&P 500's gain of 15.1% [3] - The current Zacks Rank for Burford Capital is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is $0.34 on revenues of $129.59 million, and for the current fiscal year, it is $1.18 on revenues of $568.89 million [7] - The trend of estimate revisions for Burford Capital was mixed ahead of the earnings release, which may change following the recent report [6] Industry Context - The Financial - Miscellaneous Services industry, to which Burford Capital belongs, is currently ranked in the top 31% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

Core Insights - Columbia Banking (COLB) reported quarterly earnings of $0.85 per share, exceeding the Zacks Consensus Estimate of $0.66 per share, and showing an increase from $0.69 per share a year ago, resulting in an earnings surprise of +28.79% [1][2] - The company achieved revenues of $582 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.07% and up from $496.38 million year-over-year [2] - Columbia Banking has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.79 on revenues of $721.3 million, and for the current fiscal year, it is $2.85 on revenues of $2.31 billion [7] - The estimate revisions trend for Columbia Banking was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Zacks Industry Rank for Banks - West is currently in the top 8% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - The acquisition of Industry Ventures by Goldman Sachs marks a significant move in the venture capital landscape, highlighting the increasing importance of venture capital in driving growth for Wall Street banks [5][12][10] Group 1: Acquisition Details - Goldman Sachs announced the acquisition of Industry Ventures, a venture capital firm managing $7 billion in assets, for $665 million in cash and stock, with potential additional payments of up to $300 million based on future performance [5][9] - The deal is expected to be completed in Q1 2026, with all 45 employees joining Goldman Sachs, and the CEO and core management team being appointed as partners in Goldman Sachs Asset Management [5][6] Group 2: Strategic Rationale - Goldman Sachs aims to enhance its alternative investment platform, which has a scale of $540 billion, by integrating Industry Ventures into its external investment group, XIG, which manages over $450 billion [6][8] - The acquisition is not intended to position Goldman Sachs as a competitor in the venture capital space but rather to leverage Industry Ventures' expertise in secondary transactions, which are becoming increasingly vital in the private equity market [7][12] Group 3: Market Context - The secondary market for venture capital transactions is projected to reach $61.1 billion from June 2024 to June 2025, surpassing the total IPO exit amount of $58.8 billion during the same period, indicating a shift in exit strategies for investors [9][12] - The acquisition reflects a broader trend where banks are increasingly recognizing the value of venture capital firms in diversifying their investment strategies and meeting complex client needs [12][13] Group 4: Implications for the Industry - The deal signifies a potential increase in venture capital acquisitions by financial institutions, as the secondary market becomes a crucial component of private equity investment strategies [11][12] - The transaction may inspire similar moves in the industry, particularly as the U.S. public market continues to face challenges, leading to a greater focus on private market opportunities [13][14]

A venture capital firm, if you think about it, is an extremely weird acquisition target. VC firms have malleable time horizons that are long (and getting longer), and fundamentally are devoted to high-risk investing that’s reasonably likely to fail. To boot, VC firms getting acquired is an exceptionally rare occurrence—examples exist, but they’re all scattered and odd, like Meta’s half-acquisition of AI two-man-show NFDG this year, or StepStone Group’s 2021 acquisition of Greenspring Associates. There are ...

Core Insights - Analysts at Goldman Sachs have identified 20 stocks with strong upside potential for the upcoming earnings season, suggesting these represent significant opportunities for options traders [1][2] Earnings Season Volatility - The last quarter saw the highest level of earnings-related volatility in US stocks since 2009, with expectations for similar swings in the upcoming season [2] - Goldman Sachs recommends buying call options to capitalize on anticipated volatility and positive earnings results, indicating above-average returns from stocks during this period [2] Highlighted Stocks - **Wynn Resorts (WYNN)**: Year-to-date performance of +46.6%, earnings date on November 6, with an implied stock move of 9.6% [3] - **Suncor Energy (SU)**: Year-to-date performance of +12.8%, earnings date on October 30, with an implied stock move of 1.7% [4] - **StepStone Group (STEP)**: Year-to-date performance of +7.0%, earnings date on November 7, with an implied stock move of 5.2% [5] - **eToro Group (ETOR)**: Year-to-date performance of -40.7%, earnings date on November 10, with an implied stock move of 9.3% [6] - **Citigroup (C)**: Year-to-date performance of +37.5%, earnings date on October 14, with an implied stock move of 5.3% [7] - **Neurocrine Biosciences (NBIX)**: Year-to-date performance of +0.6%, earnings date on October 28, with an implied stock move of 6.1% [8] - **Boston Scientific Corp. (BSX)**: Year-to-date performance of +9.1%, earnings date on October 22, with an implied stock move of 5.1% [9] - **Exelixis (EXEL)**: Year-to-date performance of +13.0%, earnings date on October 29, with an implied stock move of 15.4% [10] - **Huntington Ingalls Industries (HII)**: Year-to-date performance of +53.4%, earnings date on October 31, with an implied stock move of 7.6% [11] - **Johnson Controls (JCI)**: Year-to-date performance of +36.7%, earnings date on November 5, with an implied stock move of 7.3% [12] - **Cameco Corp. (CCJ)**: Year-to-date performance of +65.4%, earnings date on November 5, with an implied stock move of 3.8% [13] - **Air Products & Chemicals Inc. (APD)**: Year-to-date performance of -6.8% [14]

Core Insights - Crowd Street has announced distribution agreements with Nuveen and StepStone, expanding its investment offerings beyond commercial real estate to include various private market asset classes [1][2] - The partnerships signify a strategic shift for Crowd Street, enhancing its commitment to providing diverse investment options and empowering members with self-directed access to private markets [2][5] Company Developments - Nuveen, managing over $1.3 trillion in assets, will launch two funds on Crowd Street's platform, including a $2 billion perpetual-life non-traded investment vehicle focused on U.S. middle market companies [3][4] - StepStone, with approximately $709 billion in total capital, will collaborate with Crowd Street to offer two funds focused on private equity and venture capital, with the initial fund designed for long-term capital appreciation [4][5] Market Impact - The new offerings from Nuveen and StepStone are expected to provide Crowd Street members with access to private credit investments and diversified private market opportunities, enhancing the platform's appeal [3][4] - Crowd Street has facilitated over 800 commercial real estate deals worth more than $4 billion, indicating strong demand for self-directed private market investing [4]

Upgrades Summary - RBC Capital upgraded Nike (NKE) to Outperform from Sector Perform with a price target of $90, increased from $76, citing a "steeper revenue recovery" than market estimates due to new product contributions and World Cup sales [2] - Needham upgraded Amicus (FOLD) to Buy from Hold with a price target of $14, indicating reduced regulatory risk for Amicus' DMX-200 following FDA's decision regarding Travere's Filspari [2] - Goldman Sachs upgraded Stepstone Group (STEP) to Buy from Neutral with a price target of $83, up from $64, expecting a 25% CAGR in management fees from 2024-28 driven by growth in Private Wealth and record levels of shadow AUM [2] - RBC Capital upgraded CSX (CSX) to Outperform from Sector Perform with a price target of $39, increased from $37, viewing CSX shares as well positioned for consolidation scenarios in the railroad sector [2] - Scotiabank upgraded Vale (VALE) to Outperform from Sector Perform with a price target of $14, up from $12.50, anticipating benefits from the upcoming "decarbonization wave" [2]