Mortgage rates fell below 6% this week for the first time in three and a half years, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 5.98% from last week's reading of 6.01%. The average rate on a 30-year loan was 6.76% a year ago. It was most recently under 6% on Sept. 8, 2022, at 5.89%. Rent Becoming More Affordable For Many Americans As Market Stabilizes "This rate, ...

Fermi Inc. (NASDAQ:FRMI) is among the 11 Newly-Listed NASDAQ Stocks to Buy Now. Fermi Inc. (FRMI) Highlights Progress in its Strategic Partnership with Hyundai Engineering & Construction Co., Ltd. On February 11, 2026, Fermi Inc. (NASDAQ:FRMI), operating as Fermi America, highlighted progress in its strategic partnership with Hyundai Engineering & Construction Co., Ltd. to advance large-scale nuclear construction in the United States. The companies are continuing Front-End Engineering Design work for fou ...

Financial Data and Key Metrics Changes - In Q4 2025, consolidated shipments totaled approximately 140,000 tons, a decrease from the prior quarter due to line loss in Iceland [18] - Net sales for the quarter were $634 million, a $2 million increase sequentially, primarily due to higher realized LME and Midwest Premium, partially offset by lower shipments [18] - Net income reported was $1.8 million or $0.02 per share, with adjusted net income at $128 million or $1.25 per share, excluding exceptional items [19] - Adjusted EBITDA for Q4 increased by $70 million to $171 million, driven by higher LME and regional premiums, as well as improved operating expenses [19][20] Business Line Data and Key Metrics Changes - Performance at Grundartangi improved with a quicker restoration of stability following the outage of Potline 2, while Mt. Holly returned to expected strong performance [9] - Jamalco faced challenges due to Hurricane Melissa but is nearing completion of a major capital improvement project with the installation of a new on-site power generation turbine [11] - Grundartangi's Line 2 is expected to restart by the end of April, about six months sooner than originally anticipated, allowing for a return to close to full production by the end of July [13] Market Data and Key Metrics Changes - Aluminum prices rose to a four-year high of $3,325 in January, with spot prices around $3,100 [14] - The Midwest premium increased to $1.04 per pound, while the European premium rose to $365 per ton [16] - Global deficits of aluminum units are projected for 2026, leading to further contraction of global inventories [15] Company Strategy and Development Direction - Century Aluminum is focused on expanding U.S. aluminum production, with significant investments planned for the Mt. Holly and Oklahoma smelter projects [4][5] - The Oklahoma Smelter project, in partnership with EGA, aims to integrate advanced smelting technology and is expected to improve production capacity by over 20% [6] - The company is also redeveloping the Hawesville site into a digital infrastructure campus, which will support job creation and provide a cash inflow of $200 million [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand conditions and the unique opportunity to add production in a market facing shortages [33] - The completion of the TG-4 power turbine at Jamalco is expected to lower energy costs and improve the overall cost structure [35] - The company anticipates a historic year in 2026, with all assets operating at full capacity and benefiting from high spot aluminum prices [35] Other Important Information - The company ended Q4 with a cash balance of $134 million and reduced net debt to $421 million [19][24] - Insurance coverage for business interruption losses in Iceland has been confirmed, with expected reimbursements of approximately $40 million in Q1 [23][24] - Capital expenditures for 2026 are expected to be in the range of $115 million to $125 million, focusing on sustaining and investment projects [31] Q&A Session Summary Question: Clarification on Q1 guidance and EBITDA recognition from Grundartangi - Management confirmed that the Q1 guidance includes the EBITDA that would have been recognized from Grundartangi [38] Question: Earnings power in varying price environments and capital allocation - Management provided insights on earnings sensitivity to LME and Midwest Premium changes, indicating potential uplifts in revenue [40][41] Question: Progress on energy contracts for the Oklahoma project - Management stated they are finalizing the power contract with EGA and PSO, emphasizing the importance of an attractive energy contract for investment returns [45][46] Question: Next milestones for the new smelter and financing options - Key milestones include finalizing the power contract and completing engineering work, with various financing options being explored [51][52] Question: Capacity utilization expectations for Grundartangi in H1 2026 - Management indicated that until Line 2 is operational, Grundartangi will produce about a third of its normal volume, with full production expected by August [60] Question: Use of the put option on the Hawesville data center ownership - Management sees the put option as a liquidity option but expects significant cash flow from regular operations to cover financing needs for the new smelter [62][63]

Core Insights - NuScale Power Corporation is recognized as one of the best nuclear energy stocks to buy, with a focus on its unique position as the only small modular reactor developer approved by the U.S. Nuclear Regulatory Commission [1] Group 1: Company Ratings and Price Targets - Texas Capital initiated coverage of NuScale with a Buy rating and a price target of $23, emphasizing its low-enriched uranium fuel choice as a key differentiator that reduces supply chain risk [1] - Bank of America upgraded NuScale from Underperform to Neutral, setting a price target of $28, down from $34, citing the recent stock pullback as aligning deployment expectations closer to its base case [2] Group 2: Strategic Partnerships and Technology - In Q3 2025, TVA and ENTRA1 announced an agreement for the potential deployment of up to 6 gigawatts of new nuclear capacity using NuScale's SMR technology, highlighting the company's advanced position in the small modular reactor market [3] - NuScale's technology centers on the NuScale Power Module, a light-water reactor design capable of generating 77 megawatts per unit, positioning the company as a leader in the SMR space [3] Group 3: Market Context and Challenges - Texas Capital noted that NuScale offers differentiated exposure to advanced nuclear development with lower regulatory, supply chain, and execution risks compared to peers [1] - Bank of America indicated that 2026 is expected to be a screening year for small modular reactors, suggesting that while policy momentum is improving, it does not significantly accelerate deployment timelines [2]

Group 1 - Texas Capital initiated coverage of Oklo Inc. (NYSE:OKLO) with a Buy rating and a price target of $138, highlighting it as the best vehicle for advanced nuclear solutions [1] - Bank of America upgraded Oklo to Buy from Neutral, raising its price target to $127 from $111, following a binding agreement with Meta Platforms Inc. for a 1.2-gigawatt advanced nuclear campus [2] - The partnership with Meta, announced on January 9, 2026, involves deploying up to 1.2 gigawatts of clean baseload power, with Meta prepaying for power and funding to advance project certainty [3] Group 2 - Oklo Inc. focuses on deploying advanced nuclear power plants and recycling nuclear fuel to deliver clean, reliable energy at scale [3]

Company Performance - Fermi Inc. (NASDAQ:FRMI) experienced a significant decline in share prices, dropping by 8.94 percent to close at $9.22 amid overall market pessimism due to ongoing trade tensions between the United States and the European Union [1] - Despite receiving a "buy" recommendation and a price target of $23 from Texas Capital Securities, which indicates a 149 percent upside potential from its latest closing price, Fermi's share prices did not rise [4] Market Context - The decline in Fermi's stock was influenced by President Donald Trump's threats to impose 10 percent tariffs on eight countries opposing his proposed takeover of Greenland, with the potential increase to 25 percent if no agreement is reached [2] - The European Union announced plans to retaliate with $108 billion in taxes on American goods, contributing to a negative sentiment in global markets, particularly affecting Wall Street's main indices, which all finished lower, with the Nasdaq down 2.39 percent [3] Strategic Positioning - Texas Capital Securities expressed optimism regarding Fermi's Project Matador, which is described as the world's largest hybrid energy and data center campus, suggesting that it allows hyperscalers to bypass long interconnection queues and achieve high reliability standards [5]

Core Insights - Provident Bank has announced the appointment of two new executives and the promotion of two leaders, emphasizing its commitment to sustainable growth, technology investment, customer experience, and community impact [1] Executive Appointments and Promotions - Satish Harikrishnan has been promoted to Senior Vice President, Chief Technology Officer, responsible for the bank's technology strategy, operational efficiency, and cybersecurity [3] - Shyam Nair has joined as Senior Vice President, Head of Data, Analytics, and Data Governance, tasked with defining and executing the organization's data strategy [7] - Linda Martin has been promoted to Senior Vice President, Regional Sales Manager for the Central Region, focusing on branch and regional sales goals and customer experience [11] - Andrew Markey has joined as Senior Vice President, Team Leader, Commercial Real Estate, responsible for originating and structuring commercial real estate transactions [15] Achievements and Contributions - Under Harikrishnan's leadership, the bank has strengthened its technology foundation, including the establishment of a Network Operations Center and the Enterprise Architecture function [4][5] - Nair brings over 20 years of experience in technology strategy and transformation, having previously modernized Texas Capital's data and analytics ecosystem [8][9] - Martin has demonstrated exceptional leadership since joining Provident in 2023, focusing on team and customer needs [12][13] - Markey has over 30 years of experience in commercial real estate lending, previously growing the loan portfolio at Valley Bank [16][17] Company Overview - Provident Bank, founded in 1839, is the oldest community-focused financial institution in New Jersey, with assets of $24.83 billion as of September 30, 2025 [18]

Core Viewpoint - Texas is becoming a hub for ETFs focused on companies based in the state, driven by favorable business conditions and tax incentives [2][4]. Group 1: ETF Developments - Three issuers have launched or filed for Texas-focused ETFs, including Horizon Kinetics and iShares, with funds designed to invest primarily in Texas-based securities [2]. - The iShares Texas Equity ETF (TEXN) launched in June and is currently down 1.8%, while the Texas Capital Texas Equity Index ETF (TXS) is up 9% year to date [7]. - The Texas Capital's small cap equity index fund (TXSS) is down 3% year to date [7]. Group 2: Business Environment - Texas has no state income taxes for individuals or corporations, and its business laws are generally favorable, contributing to a conducive environment for companies [4]. - The state boasts more Tier 1 research universities than any other state, providing a strong talent pipeline for businesses [4]. - The cost of living in Texas is significantly lower compared to states like New York and California, attracting both companies and individuals [4]. Group 3: Economic Trends - The Texas economy is heavily reliant on oil production, which is currently experiencing slowing growth, posing potential risks for Texas-focused funds [4]. - The New York Stock Exchange launched the NYSE Texas, aimed at companies in the southwestern US, and the Texas Stock Exchange (TXSE) is set to launch next year, indicating a growing interest in Texas-based investments [5].

Core Points - The Federal Home Loan Bank of Dallas (FHLB Dallas) has awarded a $2 million grant through Texas Capital to support the Journey Home Housing project, aimed at addressing chronic homelessness in Tarrant County, Texas [1] - The Journey Home Housing at Crowley Road is a new permanent supportive housing community designed for individuals facing chronic homelessness [1] - The grand opening of the development was celebrated by local leaders and advocates, highlighting community support for affordable housing initiatives [1]

Core Insights - San Antonio entrepreneurs are receiving a boost from $30,000 in grant funds from the Federal Home Loan Bank of Dallas and Texas Capital [1] - The funds are awarded through the Partnership Grant Program to The Maestro Entrepreneur Center, which supports small businesses aiming to scale beyond the $1 million threshold [1] Company and Industry Summary - The Maestro Entrepreneur Center provides resources and tools to assist small businesses in their growth [1] - The grant presentation highlights the collaboration between financial institutions and local entrepreneurial support organizations [1]