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Core Insights - StubHub's shares fell over 20% to approximately $15 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 last year's Taylor Swift concert ticket sales [5] Company Performance - StubHub plans to provide a 2026 outlook during its fourth-quarter results report in about 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 adjusted their price target for StubHub from $24 to $22, indicating a cautious outlook despite positive sales growth and market share gains [5] Competitive Landscape - StubHub is a major player in the U.S. ticket resale market, competing with platforms like Ticketmaster, Seatgeek, and Vivid Seats [3] - The withholding of guidance may suggest competitive pressures and market uncertainties affecting StubHub's performance [3]

Core Insights - Hess Midstream Partners LP reported revenue of $420.9 million for the quarter ended September 2025, reflecting an 11.2% increase year-over-year, with EPS at $0.75 compared to $0.63 in the same quarter last year [1] - The revenue was slightly below the Zacks Consensus Estimate of $421.33 million, resulting in a revenue surprise of -0.1%, while the EPS exceeded the consensus estimate of $0.73, yielding an EPS surprise of +2.74% [1] Financial Performance Metrics - Gas gathering throughput volumes were reported at 480.00 MMcf/d, slightly above the estimated 478.70 MMcf/d [4] - Crude oil gathering throughput volumes were 123.00 MBbl/d, below the estimated 129.46 MBbl/d [4] - Water gathering throughput volumes were 137.00 MBbl/d, lower than the estimated 144.66 MBbl/d [4] - Crude oil terminaling throughput volumes were 130.00 MBbl/d, compared to the estimated 137.31 MBbl/d [4] - NGL loading throughput volumes were 18.00 MBbl/d, exceeding the estimated 14.97 MBbl/d [4] - Gas processing throughput volumes were 462.00 MMcf/d, slightly below the estimated 463.06 MMcf/d [4] Revenue and EBITDA Analysis - Revenue from gathering was $227.3 million, compared to the average estimate of $229.83 million [4] - Revenue from terminaling and export was $34 million, slightly below the estimated $34.67 million [4] - Revenue from processing and storage was $159.6 million, compared to the average estimate of $176.62 million [4] - Adjusted EBITDA for terminaling and export was $23.4 million, below the estimated $24.63 million [4] - Adjusted EBITDA for gathering was $166 million, exceeding the average estimate of $161.08 million [4] Stock Performance - Shares of Hess Midstream Partners have returned +1% over the past month, compared to the Zacks S&P 500 composite's +1.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - Bank of America reported strong Q3 2025 earnings, exceeding expectations, driven by solid trading and investment banking performance, but faces questions about the sustainability of this positive trend leading up to the next earnings release [1][2]. Financial Performance - Q3 2025 earnings per share were $1.06, surpassing the Zacks Consensus Estimate of 94 cents and up from 81 cents in the prior-year quarter [2]. - Total revenues reached $28.09 billion, exceeding the Zacks Consensus Estimate of $27.28 billion and reflecting a 10.8% year-over-year increase [7]. - Net interest income (NII) grew 9% year-over-year to $15.39 billion, slightly above the estimate of $15.29 billion [7]. - Non-interest income increased 13% year-over-year to $12.86 billion, driven by higher fees and commissions, surpassing the projected $11.66 billion [8]. - Net income applicable to common shareholders rose 26% year-over-year to $8.04 billion, exceeding the estimate of $6.85 billion [6]. Trading and Investment Banking Performance - Trading revenues grew 8.3% year-over-year to $5.35 billion, marking the 14th consecutive quarter of improvement [3]. - Investment banking fees in the Global Banking division increased 47.5% year-over-year to $1.16 billion, with equity and debt underwriting income rising 47% and 42.2%, respectively [4]. Expense and Efficiency Metrics - Non-interest expenses rose 5.2% year-over-year to $17.34 billion, attributed to increases in nearly all cost components [8]. - The efficiency ratio improved to 61.39%, down from 64.64% in the prior-year quarter, indicating enhanced profitability [9]. Credit Quality and Capital Position - Provision for credit losses decreased 16% year-over-year to $1.30 billion, better than the estimated $1.58 billion [10]. - Net charge-offs declined 10.9% year-over-year to $1.37 billion, with non-performing loans as a percentage of total loans dropping to 0.46% from 0.53% [11]. - Book value per share increased to $37.95 from $35.37 a year ago, while tangible book value per share rose to $28.39 from $26.25 [12]. Share Repurchase and Future Guidance - The company repurchased shares worth $5.3 billion during the reported quarter [13]. - Management expects NII for Q4 2025 to be between $15.6 billion and $15.7 billion, indicating an 8% year-over-year growth [14]. Medium-Term Targets - The company anticipates a compound annual growth rate (CAGR) of 5-7% for NII, with loans and deposits expected to grow by 5% or more and 4%, respectively [16]. - The efficiency ratio is projected to improve to the low-60% range over time [15].

Core Viewpoint - Citizens Financial Group (CFG) has shown a positive performance with a 6.9% increase in shares since the last earnings report, outperforming the S&P 500 [1][2]. Earnings Performance - For Q3 2025, Citizens Financial reported adjusted earnings per share (EPS) of $1.05, exceeding the Zacks Consensus Estimate of $1.02, marking a 32.9% increase year-over-year [3]. - Net income on a GAAP basis was $494 million, reflecting a 29% rise from the previous year [4]. - Total revenues reached $2.12 billion, surpassing the Zacks Consensus Estimate by 0.9% and increasing 11% year-over-year [5]. Income and Expenses - Net interest income (NII) grew by 9% year-over-year to $1.49 billion, driven by an improved net interest margin [5]. - The net interest margin expanded by 23 basis points year-over-year to 3% due to various factors including fixed-rate asset repricing [6]. - Non-interest income increased by 18% year-over-year to $630 million, primarily from higher capital markets and wealth fees [6]. - Non-interest expenses rose by 6% year-over-year to $1.33 billion, mainly due to higher salaries and technology investments [7]. Loan and Deposit Growth - As of September 30, 2025, total loans and leases were $140.9 billion, up 1% from the prior quarter, while total deposits increased by 3% to $180 billion [8]. Credit Quality - The provision for credit losses was $154 million, down 10% from the previous year, with net charge-offs decreasing by 16% to $162 million [9]. Capital Position - The tier 1 leverage ratio remained at 9.4%, while the common equity tier 1 capital ratio increased to 10.7% from 10.6% [10]. Future Outlook - For Q4 2025, management anticipates NII to be between 2.5-3%, with non-interest income expected to remain stable at $630 million [11]. - The CET1 ratio is projected to be stable at 10.7%, with a share repurchase plan of $125 million in Q4 [12]. - For 2025, NII is expected to rise by 3-5% from $5.6 billion in 2024, while non-interest income is projected to increase by 8-10% from $2.6 billion in 2024 [13]. Medium-Term Targets - The company aims for a CET1 ratio of 10.0-10.5% and a net interest margin of 3.25-3.50% [15]. - A return on average tangible common shareholders' equity is expected to be around 16-18% [16]. Estimate Trends - There has been an upward trend in estimates revisions for Citizens Financial Group over the past month [17][20].

Core Viewpoint - Progressive Corporation's recent earnings report showed mixed results, with earnings per share and operating revenues missing estimates, but year-over-year growth was observed in both metrics [3][4]. Financial Performance - Q3 2025 earnings per share were $4.05, missing the Zacks Consensus Estimate by 20.3% [3]. - Operating revenues reached $22.2 billion, falling short of the Zacks Consensus Estimate by 0.6%, but increased 12.7% year over year [3]. - Net premiums written were $21.3 billion, up 10% from $19.5 billion a year ago [3]. - Net premiums earned grew 14% to $20.8 billion, missing the Zacks Consensus Estimate of $21.1 billion [4]. - The combined ratio deteriorated by 50 basis points to 89.5, exceeding the Zacks Consensus Estimate of 87 [4]. Policy Growth - Policies in force in the Personal Lines segment increased 13% year over year to 36.9 million, aligning with the Zacks Consensus Estimate [5]. - Special Lines improved 8% to 7 million, matching the Zacks Consensus Estimate [5]. - In the Personal Auto segment, Agency Auto rose 13% to 10.6 million, while Direct Auto jumped 17% to 15.6 million [5]. - Commercial Auto segment policies rose 6% year over year to 1.2 million, and the Property business had 3.7 million policies in force, also up 6% [6]. Financial Metrics - Book value per share was $60.45 as of September 30, 2025, up 30.4% from $46.36 a year earlier [7]. - Return on equity was 37.1%, down from 40.2% in the prior year [7]. - The total debt-to-total capital ratio improved by 410 basis points to 16.3 [7]. Estimates and Scores - Estimates revision has flatlined over the past month, with a consensus estimate shift of 6.5% [8]. - Progressive has a strong Growth Score of A but lags in Momentum Score with a D, while holding a B grade on the value side [9]. - The aggregate VGM Score for the stock is A, indicating overall strong performance across multiple investment strategies [10]. Outlook - Progressive holds a Zacks Rank 3 (Hold), suggesting an expectation of an in-line return from the stock in the coming months [11].

Core Viewpoint - Morgan Stanley's Q3 2025 earnings report showed strong performance, with earnings per share significantly exceeding estimates and a notable year-over-year increase in net income and revenues [2][6][7]. Financial Performance - Q3 2025 earnings were $2.80 per share, surpassing the Zacks Consensus Estimate of $2.08, and increased by 49% from the prior year [2]. - Net income applicable to common shareholders reached $4.45 billion, a 47% increase from the previous year, exceeding the estimate of $3.12 billion [6]. - Quarterly net revenues were $18.22 billion, an 18% increase year-over-year, and also beat the Zacks Consensus Estimate of $16.4 billion [7]. Revenue Breakdown - Institutional Securities segment saw pre-tax income rise to $3.18 billion, a 67% increase year-over-year, with net revenues of $8.52 billion, up 25% [9]. - Wealth Management segment reported pre-tax income of $2.5 billion, a 21% increase, with net revenues of $8.23 billion, up 13% [10]. - Investment Management segment's pre-tax income climbed to $364 million, a 40% increase, with net revenues of $1.65 billion, growing 13% [11]. Trading and Investment Banking - Investment banking fees increased by 44% to $2.11 billion, driven by a surge in advisory fees and capital-raising activities [4]. - Equity trading revenues rose 35% to $4.12 billion, while fixed-income trading income increased by 8% to $2.17 billion [5]. Capital Position - As of September 30, 2025, book value per share was $62.98, up from $58.25 a year ago, and the Tier 1 capital ratio improved to 17.6% from 16.9% [12]. Share Buyback - In the reported quarter, Morgan Stanley repurchased 7 billion shares for $1.1 billion [13]. Future Outlook - The company anticipates a modest sequential gain in net interest income for Q4 2025 and expects an effective tax rate of 24% for the same period [14]. - Estimates for the stock have been trending upward, with a consensus shift of 8.99% recently, indicating a positive outlook [15][17].

Core Insights - Synchrony Financial reported strong Q3 2025 earnings, with adjusted EPS of $2.86, exceeding estimates by 28.8% and showing a year-over-year increase of 47.4% [2][3] - The company experienced a 2.4% year-over-year growth in net interest income, totaling $4.7 billion, which also surpassed consensus estimates [2][3] Financial Performance - Improved purchase volume, net interest margin, and increased interest and fees on loans contributed to the strong quarterly results [3] - Total loan receivables decreased by 2% year-over-year to $100.2 billion, missing the consensus estimate of $100.3 billion [4] - Total deposits fell by 2% year-over-year to $79.9 billion, below the estimate of $83 billion [5] - Provision for credit losses was $1.1 billion, down 28.2% year-over-year, lower than the estimate of $1.5 billion [5] Purchase Volume and Loan Receivables - Synchrony's purchase volume rose by 2.3% year-over-year to $46 billion, driven by improved consumer spending [5] - Interest and fees on loans totaled $5.5 billion, slightly down by 0.2% year-over-year, missing estimates by 0.4% [6] - Average active accounts decreased by 3% year-over-year to 68.3 million, missing estimates [7] Segment Performance - Home & Auto loan receivables decreased by 6.3% year-over-year, with purchase volume down 1.4% [8] - Digital loan receivables increased by 1.5% year-over-year, with purchase volume up 5.2% [9] - Health & Wellness loan receivables inched up by 0.1% year-over-year, with purchase volume rising by 2.8% [11] - Lifestyle loan receivables decreased by 2.7% year-over-year, with purchase volume falling by 2.8% [12] Financial Position - As of September 30, 2025, Synchrony had cash and equivalents of $16.2 billion, up from $14.7 billion at the end of 2024 [13] - Total assets decreased to $117 billion from $119.5 billion at the end of 2024 [13] - Total equity increased to $17.1 billion from $16.6 billion at the end of 2024 [13] Capital Deployment - Synchrony returned $861 million through share buybacks and paid $110 million in dividends during Q3 [15] - The company has a remaining capacity of approximately $2.1 billion under its share buyback authorization [15] Guidance and Outlook - The company expects flat period-end loan receivables and net revenues between $15 billion and $15.1 billion, below previous expectations [16] - Management projects net charge-offs between 5.6% and 5.7%, with an efficiency ratio expected to remain between 33% and 33.5% [17] - Synchrony holds a Zacks Rank 3 (Hold), indicating an expectation of in-line returns in the coming months [21]

Core Insights - Forge Global Holdings, Inc. reported $21.26 million in revenue for Q3 2025, a year-over-year increase of 10.6% [1] - The EPS for the same period was -$1.35, an improvement from -$1.50 a year ago [1] - Revenue fell short of the Zacks Consensus Estimate by 20.52%, which was $26.75 million [1] - The EPS also missed the consensus estimate of -$1.01 by 33.66% [1] Financial Performance - Key metrics indicate that Forge Global's shares have returned +155.4% over the past month, significantly outperforming the Zacks S&P 500 composite's +1.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Revenue Breakdown - Trading Solutions reported 875 trades, slightly below the two-analyst average estimate of 878 [4] - Custodial administration fees generated $9.1 million, close to the average estimate of $9.16 million [4] - Marketplace revenues were $12.16 million, significantly lower than the estimated $16.78 million [4]

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