Tucows (NasdaqCM:TCX) Q4 2025 Earnings call February 25, 2026 04:00 PM ET Company ParticipantsDavid Woroch - President and CEONone - Company RepresentativeNoneWelcome to Tucows question and answer dialogue for Q4 2025. David Woroch, President and Chief Executive Officer of Tucows and Tucows Domains, will be responding to your questions. For your convenience, this audio file is also available as a transcript in the investors section of our website, along with our Q4 2025 financial results and updated reports ...

Tucows (NasdaqCM:TCX) Q4 2025 Earnings call February 25, 2026 04:00 PM ET Company ParticipantsDavid Woroch - President and CEONone - Company RepresentativeNoneWelcome to Tucows question and answer dialogue for Q4 2025. David Woroch, President and Chief Executive Officer of Tucows and Tucows Domains, will be responding to your questions. For your convenience, this audio file is also available as a transcript in the investors section of our website, along with our Q4 2025 financial results and updated reports ...

BY TYLER DURDEN FRIDAY,FEB 20,2026-02:25 AM 当前的交易环境中，有好消息、坏消息，还有糟糕的消息。 尽管对冲基⾦在1⽉份取得了强劲的回报，但近⼏周的表现变得更加波动（尤其是在美国）。 ⼤约两周前，我们指出了对冲基⾦的去杠杆化以及反弹的可能性。反弹确实发⽣了，但（对于标普 500指数⽽⾔）再次在7000点左右的"伽⻢墙"附近遇阻…… ⾼盛警告称，尽管对冲基⾦出现历史性去杠杆，但 痛苦交易尚未结束 2026/2/20 09:51 Goldman Warns Pain-Trade Not Over Despite Historic Hedge Fund Degrossing | ZeroHedge 那么我们现在处于什么位置？ 好消息——去总规模化已经开始 ⾼盛交易员指出，在业绩背景更具挑战性且技术⾯更严峻的情况下，对冲基⾦已转向更具防御性的 策略，本⽉迄今净卖出美国股票的速度达到2025年3⽉以来最快。 过去⼏天，波动率指数（VIX）的到期似乎让昨⽇上午出现了1%的短暂反弹，但这波反弹在6900 点戛然⽽⽌。 在6900点时，我们看到标普看涨期权出现⼤量抛售，这最终在下午中 ...

Group 1 - Western Digital plans to swap its SanDisk shares with debt held by Morgan Stanley and Bank of America affiliates, with approximately 5.8 million shares priced at $545 each, reflecting a 7.7% discount from SanDisk's closing price [1] - The transaction is expected to complete by February 19, and is part of Western Digital's strategy to de-leverage ahead of the one-year anniversary of its spin-off [1] - Analyst Amit Daryanani from Evercore ISI noted that this transaction could accelerate Western Digital's de-leveraging efforts and potentially lead to a net cash position, with an expected 4% to 6% increase in earnings per share in the short to medium term [1] Group 2 - Multiple institutions have given Western Digital a "buy" rating, with Bank of America raising its target price to $257 and Morgan Stanley to $306, indicating confidence in the company's capital allocation flexibility [4] - Proceeds from the sale are intended for further debt reduction, enhancing Western Digital's strategic focus on its HDD business [4] - Since the spin-off, SanDisk's stock has surged over 1500%, with a 148.8% increase in 2026 alone, while Western Digital's stock has risen 65%, ranking third in the S&P 500 [4]

来源：环球市场播报 西部数据（Western Digital）正寻求通过出售其大约一年前分拆的闪迪（Sandisk）的股票来套现。 闪迪周二宣布30.9亿美元的股票转售，这些股票将由其前母公司西部数据出售。西部数据打算进行一次 债转股交易，在发行完成前，该公司将用股票交换摩根大通（J.P． Morgan）和美国银行（Bank of America）关联公司持有的部分债务。 闪迪股价在周二盘后交易中下跌1.6%，而西部数据的股价小幅上涨。 鉴于西部数据在上次财报电话会议上发表的评论，此举应该不会令闪迪或西部数据的投资者感到太意 外。 首席财务官克里斯．塞纳萨尔（Kris Sennesael）在该电话会议上表示："你们可能知道，我们仍持有750 万股闪迪股票，我们打算在分拆满一周年之前将这些股票变现。" 他指出，所得款项将用于进一步削减债务。 根据去年向美国证券交易委员会（Securities and Exchange Commission）提交的一份注册文件，该公司 必须在2月21日之前出售这些股票，才能免于承担税务后果。 Evercore ISI分析师阿米特．达里亚纳尼（Amit Daryanani）写道，该 ...

Sendas Distribuidora (NYSE:ASAI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsAymar Giglio Jr. - CFOBelmiro Gomes - CEODanniela Eiger - Head of Equity ResearchIrma Sgarz - Managing DirectorConference Call ParticipantsAndrew Ruben - Research AnalystJoseph Giordano - Stock AnalystJoão Soares - Senior AnalystLucas Steves - Senior Equity AnalystRodrigo Gastim - Equity Research AnalystTales Granello - Equity AnalystNone - AnalystOperatorHi, everyone. Good morning, ladies and gentlemen. ...

责任编辑：陈平 2月12日，在比特币经历了一场惊心动魄的"压力测试"后，尽管 BTC 从 60130 美元的近期低点迅速反弹 14%，并一度触及 72000 美元关口，但市场头部的专业交易员尚未表现出明确的看涨转向。Vatee 表 示，这种"反弹而不加仓"的矛盾现象，正揭示了当前宏观流动性环境下的深层不确定性。 2月12日，在比特币经历了一场惊心动魄的"压力测试"后，尽管 BTC 从 60130 美元的近期低点迅速反弹 14%，并一度触及 72000 美元关口，但市场头部的专业交易员尚未表现出明确的看涨转向。Vatee 表 示，这种"反弹而不加仓"的矛盾现象，正揭示了当前宏观流动性环境下的深层不确定性。 针对衍生品市场的变动，近期杠杆需求的显著下滑是市场进入冷静期的重要标志。数据显示，币安的多 空比指标已触及 30 天低点，从 1.93 快速回落至 1.20；而 OKX 在经历了一场高达 10 亿美元的强制清算 潮后，其多空比例也从 4.3 的极值骤降至 1.7。Vatee 表示，这种数据的剧烈波动更多源于此前过度杠杆 的系统性出清，而非投资者主动看空。从长远来看，这种去杠杆化过程虽然痛苦，却为市场构建了一个 ...

Core Viewpoint - Global markets experienced a significant rebound on February 6 after a sharp sell-off, with Bitcoin recovering to around $70,000 and US equities, gold, and silver also advancing due to technical buying and easing macro fears [1]. Group 1: Market Recovery - The rebound was initiated after key technical levels held across asset classes, particularly the S&P 500 touching its 100-day moving average, which triggered mechanical buying from funds rebalancing risk exposure [2]. - Bitcoin mirrored this pattern, rebounding sharply after a brief fall to $60,000 as forced liquidations slowed and funding rates stabilized, allowing spot buyers to support a short-term recovery [3]. Group 2: Positioning and Selling Pressure - The previous sell-off had cleared excess leverage across markets, particularly in crypto, where derivatives positioning had been heavily skewed toward longs, amplifying downside risks [4]. - By February 6, much of the excess leverage had been flushed out, easing marginal selling pressure and allowing prices to rebound without new bullish catalysts [6]. Group 3: Macro Signals - US macro data released on February 6 showed stronger-than-expected consumer sentiment, marking a six-month high, which helped stabilize market sentiment and reduced fears of sudden economic deterioration [7]. - Bond markets reacted by pricing a slightly higher probability of a near-term rate cut from the Federal Reserve, which pushed short-term yields lower and eased financial conditions, supporting risk assets [8]. Group 4: Safe-Haven Assets - Gold and silver also saw sharp recoveries, reinforcing the view that the prior session's decline was due to liquidity stress rather than a fundamental rejection of safe-haven assets [9].

针对当前复杂交织的金融环境，投资者需要保持高度的警惕与专业判断。Moneta Markets亿汇认为，在 恐惧指数处于11点的极端水位时，市场往往处于非理性抛售阶段，但盲目抄底风险依然巨大。建议投资 者密切关注技术层面的修复力度，特别是关键支撑位的企稳情况，并合理配置资产以对冲跨市场波动带 来的风险。 责任编辑：陈平 2月6日，在美股开盘前的关键交易窗口，加密货币市场遭遇了深度的抛售洗礼，比特币价格正式跌破 70000美元这一核心心理防线。Moneta Markets亿汇认为，当前市场的核心逻辑在于避险情绪的极端 化，恐惧与贪婪指数暴跌至11的警戒水位，这在历史上仅出现过寥寥数次，预示着数字资产领域正经历 一轮剧烈的去杠杆化。尽管比特币在去年曾创下高位，但近期的连续重挫已让市场情绪陷入极度低迷。 2月6日，在美股开盘前的关键交易窗口，加密货币市场遭遇了深度的抛售洗礼，比特币价格正式跌破 70000美元这一核心心理防线。Moneta Markets亿汇认为，当前市场的核心逻辑在于避险情绪的极端 化，恐惧与贪婪指数暴跌至11的警戒水位，这在历史上仅出现过寥寥数次，预示着数字资产领域正经历 一轮剧烈的去杠杆化。尽管 ...

责任编辑：栎树 股票频道更多独家策划、专家专栏，免费查阅>> 2月6日，二倍做空白银（核心股）ETF(ZSL.US)在隔夜收涨39.05%后，盘后再度大涨11%至3.24美元。 消息面上，现货白银（核心股）再度暴跌，继昨日跌近20%后，今早继续走弱，一度再跌近10%至 64.0865美元，创去年12月以来新低。分析人士指出，白银目前的暴跌表明金融市场普遍去杠杆化和抛 售加剧。目前白银已回吐今年全部涨幅，市场陷入自1980年以来未见的剧烈动荡。 ...