Core Insights - Woodward, Inc. is a key player in the aerospace and industrial sectors, recognized for its innovative energy control and optimization solutions [1] - The company has received a price target of $305 from Truist Financial, indicating a potential increase of 5.63% from its current price [1][5] Financial Performance - In Q4 fiscal 2025, Woodward reported a 48% year-over-year increase in adjusted net earnings per share (EPS), reaching $2.09, exceeding the Zacks Consensus Estimate by 14.2% [2][5] - Quarterly net sales rose by 16% year-over-year to $995 million, surpassing the consensus estimate by 6.4% [2] Annual Results - For the full fiscal year, Woodward's net sales reached $3.6 billion, marking a 7% increase from the previous year [3] - The adjusted EPS for the year rose by 13% to $6.89, supported by the acquisition of Safran's North American Electromechanical Actuation business [3] Strategic Initiatives - Woodward executed a divestiture and launched a $1.8 billion share repurchase program, positively impacting its outlook for 2026 [4] - The stock price increased by 10.93% to $289.72, reflecting investor confidence in the company's growth trajectory [4][5]

Core Viewpoint - Clearfield, Inc. has increased its share repurchase program from $65 million to $85 million, reflecting the Board's belief that the current share price does not fully represent the company's long-term potential [2]. Group 1: Share Repurchase Program - The Board of Directors has authorized an increase in the share buyback program, allowing for an additional $20 million in repurchases, bringing the total available for repurchase to approximately $28.4 million when combined with the remaining $8.4 million as of September 30, 2025 [2]. - The repurchase program will be executed through various methods, including open-market transactions and block trades, in accordance with relevant securities regulations [2][3]. - The program does not obligate Clearfield to repurchase a specific amount of stock during any period and will be funded by cash on hand [3]. Group 2: Company Overview - Clearfield, Inc. specializes in designing, manufacturing, and distributing fiber optic management, protection, and delivery products for communications networks [4]. - The company serves a diverse range of markets, including traditional and alternative carriers, cable TV companies, utilities, enterprises, data centers, and military sectors [4]. - Clearfield is headquartered in Minneapolis, MN, and deploys over one million fiber ports annually [4].

Core Viewpoint - Antalpha Platform Holding Company has announced a share repurchase program of up to $10 million, reflecting strong operational performance and financial flexibility to enhance shareholder value [1][2]. Group 1: Share Repurchase Program - The board of directors has authorized a share repurchase program of up to $10 million, effective through December 31, 2026 [1]. - The repurchases may occur on the open market, in privately negotiated transactions, or through block trades, depending on market conditions [2]. Group 2: Financial Performance - Antalpha has demonstrated strong operating momentum with accelerating revenue growth and expanding margins [2]. - The company is experiencing growing institutional interest in its risk-management measures, which provide clients with liquidity amid crypto volatility [2]. Group 3: Strategic Investments - Antalpha's anchor investment in Aurelion, a Tether-Gold-RWA-focused company, is expected to enhance balance sheet resilience [2]. - The investment will enable Antalpha Prime to expand its loan offerings, including XAU₮-backed loans, to help clients manage market volatility [2]. Group 4: Company Overview - Antalpha is a leading fintech company that specializes in financing, technology, and risk management solutions for institutions in the digital asset industry [3]. - The company offers Bitcoin supply chain and margin loans through its Antalpha Prime technology platform, allowing customers to manage their digital asset loans and monitor collateral positions in near real-time [3].

Core Points - Queen's Road Capital Investment Ltd. has received approval from its Board of Directors to continue its normal course issuer bid (NCIB) for an additional 12 months, known as the 2025 NCIB [1] - The company plans to repurchase up to 1,760,000 common shares, which is approximately 3.45% of its total issued and outstanding shares as of November 13, 2025 [2] - The repurchased shares will be cancelled and returned to treasury, with purchases made through the Toronto Stock Exchange (TSX) and alternative trading systems in Canada [2] Summary by Sections NCIB Details - The 2025 NCIB will commence on November 24, 2025, and will end on November 23, 2026, unless the maximum number of shares is purchased earlier or the NCIB is terminated [3] - The company will determine the timing, amount, and price of purchases based on market conditions, adhering to TSX and regulatory requirements [3] Purchase Limitations - Under TSX rules, a maximum of 3,089 common shares can be purchased on any single trading day, which is 25% of the average daily trading volume over the past six months [4] Previous NCIB Performance - The 2025 NCIB follows the 2024 NCIB, under which the company purchased 257,756 common shares for approximately C$1.8 million at an average price of C$7.05 per share [5] - The 2024 NCIB authorized the purchase of 1,760,000 common shares, with adjustments made for share consolidation effective January 15, 2025 [5] Company Overview - Queen's Road Capital Investment Ltd. is a dividend-paying investment company focused on the global resource sector, investing in both privately held and publicly traded companies [6] - The company aims for long-term capital appreciation, particularly in convertible debt securities and resource projects in politically stable regions [6]

Core Viewpoint - PHH Mortgage Corporation has entered into a strategic partnership with Finance of America Reverse to reposition its role in the reverse mortgage market, transitioning to a subservicer and asset manager while selling reverse mortgage servicing rights for estimated net proceeds of $100 to $110 million [1][5]. Group 1: Transaction Details - PHH will sell reverse mortgage servicing rights (MSRs) for approximately 40,000 Ginnie Mae home equity conversion mortgage (HECM) loans, with an unpaid principal balance of $9.6 billion as of September 30, 2025 [3]. - The transaction includes a three-year subservicing agreement where PHH will act as the subservicer for the sold reverse MSRs [3]. - FAR will acquire PHH's pipeline of reverse mortgage loans and is expected to take on some of PHH's US-based reverse originations employees [4]. Group 2: Financial Implications - The estimated net proceeds from the transaction are projected to be between $100 million and $110 million, subject to adjustments based on asset balances at closing [5]. - The transaction is anticipated to close in the first quarter of 2026, pending regulatory approval and customary closing conditions [5]. - The company plans to use the net proceeds to support growth, reduce debt, and explore a share repurchase program, with expectations that the transaction will be accretive to earnings over the term of the subservicing agreement [6]. Group 3: Strategic Benefits - The partnership with FAR establishes a significant subservicing relationship, simplifying the company's balance sheet by eliminating reverse HECM assets and HMBS liabilities [8]. - This strategic move allows the company to focus on markets and products with greater growth potential, including forward originations and the recently launched FlexIQ product suite [8]. - The transaction is expected to strengthen financial metrics such as liquidity and capital ratio [8].

Financial Performance Overview - Total revenues for Q3 2025 were $180 million, representing a 19% year-over-year increase and a 43% quarter-over-quarter increase [4] - Marketing services revenues were $14 million, down 27% year-over-year and 13% quarter-over-quarter [4] - Online game revenues reached $162 million, up 27% year-over-year and 53% quarter-over-quarter [4] - GAAP net income attributable to Sohu.com Limited was $9 million, compared to a net loss of $16 million in Q3 2024 and a net loss of $20 million in Q2 2025 [4] - Non-GAAP net income attributable to Sohu.com Limited was also $9 million, compared to a net loss of $12 million in Q3 2024 and a net loss of $20 million in Q2 2025 [4] Business Line Performance - Sohu Media platform revenues were $17 million, down from $73 million in the same quarter last year, with an operating loss of $71 million [11] - Changyou revenues were $163 million, up from $129 million in the same quarter last year, with an operating profit of $88 million compared to $62 million in the same quarter last year [11] Market Performance - The advertising revenue showed a sequential rebound, although the overall macroeconomic situation remains challenging, particularly in sectors like auto and IT services [19][35] - The company is leveraging unique marketing campaigns to stabilize advertising revenue despite a deteriorating market [19][35] Company Strategy and Industry Competition - The company is focused on optimizing products and enhancing user experiences through technology integration and premium content generation [5][6] - Sohu is committed to diversifying its gaming portfolio, including new types of games and expanding into global markets [10] - The company is utilizing AI to improve user experience and operational efficiency, particularly in gaming and media services [22][23] Management Comments on Operating Environment and Future Outlook - Management indicated that the strong performance in Q3 was driven by the successful launch of new games, but expressed caution regarding Q4 performance due to natural declines following initial launches [17][32] - The advertising market is under pressure, but the company is finding ways to attract advertisers through innovative offerings [35] Other Important Information - As of November 13, 2025, Sohu has repurchased 7.6 million ADS for approximately $97 million, representing two-thirds of the $150 million program [10] Q&A Session Summary Question: Online game business performance and Q4 guidance - Management confirmed that Q4 performance is in line with expectations, driven by the success of TLBB Return and new servers for TLBB Vintage [17] Question: AI integration and its impact - AI is being used to enhance user experience in gaming and media services, improving productivity without focusing on large language models [22][23] Question: Surprises from TLBB Return and user trends - User spending on TLBB Return exceeded expectations, with stable user retention, but revenues are trending down as promotional activities decrease [30][32] Question: Advertising market sentiment - The overall advertising market is under pressure, particularly in the auto industry, but innovative marketing strategies are helping to stabilize revenue [35]

Core Points - Columbia Banking System, Inc. announced a quarterly cash dividend of $0.37 per common share, marking a 3% increase from the previous dividend declaration [1][2] - The dividend is scheduled to be paid on December 15, 2025, to shareholders of record as of November 28, 2025 [1] - The company also revealed a $700 million share repurchase program, indicating a strong commitment to returning capital to shareholders [2] Company Overview - Columbia Banking System, Inc. is headquartered in Tacoma, Washington, and is the parent company of Columbia Bank, which is the largest bank in the Northwest and one of the largest in the West [2] - Columbia Bank offers a comprehensive range of services, including retail and commercial banking, SBA lending, corporate banking, and wealth management [2] - The company emphasizes its commitment to delivering superior, personalized service while combining the resources of a national bank [2]

Core Points - Crédit Agricole S.A. has decided to reduce its share capital by cancelling 22,886,191 treasury shares, which represents approximately 0.75% of the total share capital [1][2] - The cancellation of shares is effective from 13 November 2025, following the authorization from the General Meeting of Shareholders on 22 May 2024 [1] - After the cancellation, the total share capital of Crédit Agricole S.A. will amount to 9,077,707,050 euros, consisting of 3,025,902,350 shares, with 583,317 treasury shares remaining under a liquidity agreement [3] Share Repurchase Program - The treasury shares were acquired under a share repurchase program conducted between 1 October 2025 and 30 October 2025, aimed at offsetting the dilutive effect of a capital increase reserved for employees [2] - The total expenditure for the share repurchase program was 374,414,014 euros, as decided by the Board of Directors on 14 May 2025 [2]

Core Points - Crédit Agricole S.A. has decided to reduce its share capital by cancelling 22,886,191 treasury shares, which represents approximately 0.75% of the total share capital [1] - The cancellation of shares is effective from 13 November 2025, following the authorization from the General Meeting of Shareholders held on 22 May 2024 [1] - The shares were repurchased under a program conducted between 1 October 2025 and 30 October 2025, with a total expenditure of 374,414,014 euros, aimed at offsetting the dilutive effect of a capital increase reserved for employees [2] - After the cancellation, Crédit Agricole S.A.'s share capital will amount to 9,077,707,050 euros, consisting of 3,025,902,350 shares, including 583,317 treasury shares held under a liquidity agreement [3]

Core Viewpoint - Primo Brands Corporation has authorized an increase of $50 million to its existing share repurchase program, raising the total authorization to $300 million [1][2]. Share Repurchase Program - The company has previously repurchased approximately 4.4 million shares of Class A common stock for about $97.7 million, leaving approximately $202.3 million of capacity under the repurchase program after the increase [2][3]. - The repurchase may occur through various methods including open market purchases, block trades, and privately negotiated transactions, with management having discretion over the timing and amount based on market conditions [3]. Company Overview - Primo Brands is a leading North American branded beverage company focused on healthy hydration, offering a diverse range of products distributed across the U.S. and Canada [4]. - The company has a comprehensive portfolio that includes well-known brands such as Poland Spring® and Pure Life®, as well as premium and regional offerings [4]. - Primo Brands operates a vertically integrated distribution network reaching over 200,000 retail outlets and provides direct delivery services to homes and businesses [4]. - The company emphasizes sustainability through reusable packaging and actively manages water resources, conserving over 28,000 acres of land [4].