Let's bring in senior markets correspondent Kevin Green right away to help set up the action today. Uh KG, can one holiday shorten week turn everything around this month. I'm kidding.I know one week uh can't change everything. Uh but I'm curious to know, you know, kind of how you encapsulate where things stand now. >> Yeah, you never know what's going to happen in a week like this.Obviously, uh we will probably see a lack of liquidity in the market just like we have seen over the last couple of weeks, but w ...

🎯 Key Takeaways:🔹 Enter positions only when your setup is clear, don't chase in volatile conditions.🔹 Reduce leverage to preserve capital during sharp swings.🔹 Monitor macro shifts as the deleveraging cycle continues.Stay disciplined, stay informed! 📊https://t.co/cjfyrkBP7n6/6 ...

3Q25 Earnings Call 19 November 2025 NASDAQ: GDS HKEX: 9698 0 © GDS 2016 DISCLAIMER This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or othe ...

Summary of E.W. Scripps Company FY Conference Call (November 18, 2025) Company Overview - **Company**: E.W. Scripps Company (NasdaqGS: SSP) - **Industry**: Media and Broadcasting Key Points M&A Activity - Sinclair has reported an 8% stake in E.W. Scripps and is considering a merger, described as a "bear hug" by the analyst [3][4] - E.W. Scripps was engaged in discussions with Sinclair regarding a potential merger but did not reach an agreement, leading to the cessation of talks [4][6] - The complexity of transactions involving family-controlled public companies with highly leveraged balance sheets adds challenges to M&A discussions [7] - There is significant financial benefit to be gained from local broadcast consolidation, with potential synergies estimated at $300 million, representing a 30% uplift to combined forward EBITDA [10][11] Advertising and Market Performance - E.W. Scripps reported a strong Q3 performance with a 2% increase and a Q4 guidance of 10%, attributed to effective sales execution and a strong sports strategy [18] - The company anticipates continued growth in the first half of the next year, although potential headwinds are expected in the latter half due to political crowd-out effects [19] - The company is optimistic about the upcoming political advertising cycle, with a strong competitive footprint in key races [20] Retransmission Revenue - E.W. Scripps is preparing for a significant retransmission renewal year in 2026, with 70% of its subscriber base renewing [24] - The company expects to see a decrease in affiliate expenses moving forward, which could positively impact net retransmission revenue [25] Cost Management and Technology - E.W. Scripps has focused on managing expenses, achieving a mid-single-digit reduction in local media expenses year-over-year [46] - The company is leveraging AI and technology to streamline operations and reduce costs, particularly in production and back-office functions [47][48] Balance Sheet and Deleveraging - E.W. Scripps has completed several asset sales, including a $40 million sale of a Fort Myers station and an $83 million sale of an Indianapolis station, generating approximately $123 million gross [50] - The company aims to reduce leverage from the current mid-four range through cash flow generated from political advertising and growth initiatives [56] Sports Strategy - E.W. Scripps has expanded its sports portfolio, securing rights to women's sports leagues and event-driven sports, which are expected to drive growth [37][39] - The company is optimistic about the stability and growth potential of its local business, supported by additional sports content and a strong local news presence [31] Future Outlook - E.W. Scripps is committed to pursuing transformational M&A opportunities while also focusing on smaller strategic deals [12][13] - The company is optimistic about its ability to manage margins and achieve stable or growing bottom-line performance despite top-line pressures [43][45] Additional Insights - The company is navigating a challenging advertising environment, with national advertising spend impacted by economic factors such as interest rates and tariffs [34] - E.W. Scripps is focused on capturing market share in the connected TV space, which has shown significant growth [36]

Market Overview - The S&P 500 has experienced a fourth consecutive day of losses, indicating a bearish trend in the market [1][2] - Defensive trades are becoming more prominent, with utilities and consumer staples showing some resilience [3][4] Technical Analysis - The S&P 500 has broken below the 6,600 level, with a potential drop to 6,550 being a critical support area [5][6] - A bearish cross has been observed on the S&P 500 weekly chart, suggesting further downside potential [5][6] Sector Performance - Utilities have shown some positive performance, although they have recently turned negative; they remain a favored sector for investors seeking safety [3][20] - Traditional utility companies are becoming more attractive as interest rates decline, leading to increased inflows into this sector [21][22] Employment Data - The ADP report indicated a loss of 2,500 jobs, but hiring activity is reportedly increasing in the leisure and hospitality sectors [15][18] - Initial jobless claims were reported at 232,000, aligning closely with the four-week moving average, while continuing claims rose slightly to 1.95 million [17][18] Cryptocurrency Insights - Bitcoin futures have crossed below the 90,000 level, with discussions around potential deleveraging in the market [9][10] - The next major support level for Bitcoin is at 80,000, with bearish indicators present on the weekly chart [12][13]

GIBRALTAR TO ACQUIRE OMNIMAX INTERNATIONAL November 17, 2025 DISCLAIMER Forward-Looking Statements Certain information set forth in this presentation, other than historical statements, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about Gibraltar Industries, Inc.'s (the "Company" or "Gibraltar") business, and management's beliefs about future ...

Core Points - The Baltic Horizon Fund is convening an extraordinary General Meeting on December 8, 2025, to discuss the issuance of new units to strengthen its balance sheet [1][4][6] - The Fund Manager proposes to issue up to 169,147,497 new units at a price of EUR 0.1478 per unit, which represents a 30% discount to the closing price on November 13, 2025 [6][16] - Existing investors will have a pre-emptive right to subscribe for new units in proportion to their current holdings to avoid dilution [6][7] Meeting Details - The General Meeting will take place at the office of Advokaadibüroo Sorainen OÜ in Tallinn, Estonia, starting at 14:00 local time, with registration beginning at 13:30 [1][2] - Investors can join the meeting online via a webinar, and a recording will be made available on the company's website [2][17] - Participation is limited to those registered as unit-holders by November 28, 2025 [9] Agenda Items - The primary agenda item is the resolution on the issuance of new units during Q1 2026 to address the fund's unsustainable leverage and reduce expensive debt [4][6] - Investors are encouraged to submit questions or comments regarding the agenda item by December 1, 2025 [4] Voting and Representation - Investors can issue a power of attorney to authorize a representative for voting purposes, with specific requirements for documentation [11][12][14] - A copy of the power of attorney must be submitted along with the notice of participation [12][13] Financial Context - The total number of units and votes in the Baltic Horizon Fund is 143,562,514 [3] - Proceeds from the new unit issuance will be used for deleveraging the fund's portfolio and asset enhancement expenditures [16]

Financial Data and Key Metrics Changes - The company reported revenue of $438 million for Q3 2025, representing a 14% year-over-year increase, with year-to-date revenue of $1.27 billion also up 14% [19] - Adjusted EBITDA for Q3 was $111 million, a 16% increase year-over-year, while year-to-date adjusted EBITDA reached $330 million, up 13% [20] - Net income for Q3 was $33 million, a significant improvement from a loss of $6 million in the prior year, with adjusted net income for the quarter at $48 million, up 47% [21] Business Line Data and Key Metrics Changes - North America revenue in Q3 was $331 million, an increase of 14%, driven by robust growth across all three end markets [22] - International revenue was $107 million, a 12% increase, with growth balanced across mature and developing markets [24] - Adjusted EBITDA in North America grew to $95 million, or 13% year-over-year, while international adjusted EBITDA rose to $26 million, reflecting a 9% increase [23][25] Market Data and Key Metrics Changes - The U.S. commercial laundry market is estimated to be a $6 billion market, with over 20,000 retail locations [7] - The company holds approximately 40% market share in North America, making it the number one pure-play commercial laundry manufacturer globally [8] - Emerging markets are seen as having significant growth potential, with the company leveraging its first-mover advantage [15] Company Strategy and Development Direction - The company focuses on producing high-quality, reliable commercial laundry systems that drive repeat business and market share gains [14] - A commitment to innovation is emphasized, with recent product launches including a cashless payment technology for laundromats [17] - The company aims to maintain a disciplined approach to capital allocation, prioritizing deleveraging and investing in growth initiatives [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the laundry industry, noting its essential nature and ability to provide downside protection during economic downturns [6] - The company anticipates a moderation in growth for Q4 2025, projecting mid-single-digit revenue growth, but remains optimistic about long-term prospects [29] - Management highlighted the importance of digital solutions and service-based revenue as key areas for future growth [46] Other Important Information - The company successfully reduced its net leverage ratio to approximately 3.1x following the IPO, enhancing its financial flexibility [22][27] - A one-time non-cash charge of approximately $16 million is expected in Q4 related to stock compensation from the IPO [30] Q&A Session Summary Question: How have competitors responded to the tariffs? - Management noted that one small Asian competitor increased prices by 16.5%, but overall, there has been little notable activity in response to tariffs [36] Question: What are the strategic benefits of acquiring distributors? - The company highlighted that acquiring distributors allows for closer customer relationships and opportunities for outsized growth in dense urban markets [38] Question: How is the company managing supply chain challenges? - Management reported no significant supply chain issues, maintaining sufficient inventory and alternate sources of supply [45] Question: What is the outlook for the CIH segment given consumer spending headwinds? - Management indicated strong demand for their commercial-grade products, with no changes in delivery timelines [52] Question: What are the plans for further deleveraging? - The company aims to continue deleveraging through strong free cash flow and will provide more guidance in early 2026 [80] Question: What are the margin drivers moving into 2026? - Management emphasized the importance of product mix and ongoing cost-down initiatives as key margin drivers [84] Question: What is the M&A pipeline looking like? - The company remains capable of pursuing M&A opportunities but is currently focused on organic growth [90]

Core Viewpoint - JPMorgan analysts predict Bitcoin could reach approximately $170,000 within six to twelve months as the deleveraging phase in perpetual futures appears complete and Bitcoin's volatility ratio compared to gold improves [1][3][6] Group 1: Market Dynamics - The crypto market experienced a nearly 20% correction from recent peaks following record liquidations in perpetual futures on October 10, marking the largest in crypto history, with additional smaller liquidations occurring on November 3 due to a $128 million exploit [2][3] - Analysts concluded that the deleveraging phase in perpetual futures has largely ended, with the ratio of open interest in Bitcoin perpetual futures to market capitalization returning to historical norms [3][4] - Perpetual futures are identified as the most critical instruments to monitor in the current market environment, indicating that recent stabilization suggests the deleveraging process is likely behind [4][5] Group 2: Investment Appeal - Rising gold volatility has made Bitcoin more attractive to investors on a risk-adjusted basis, with the Bitcoin-to-gold volatility ratio falling below 2.0, indicating Bitcoin consumes about 1.8 times more risk capital than gold [6] - Analysts estimate that Bitcoin's current market capitalization of approximately $2.1 trillion would need to increase by nearly 67% to align with the total private-sector investment in gold, which is around $6.2 trillion [6][7] - This analysis suggests a significant upside potential for Bitcoin over the next 6-12 months, as it currently trades about $68,000 below JPMorgan's volatility-adjusted fair value relative to gold [7]

Q3 2025 Performance - Celanese reported Q3 2025 Free Cash Flow of $375 million[9] - Adjusted EPS for Q3 2025 was $1.34[9] - Adjusted EBIT for Engineered Materials was $200 million, and for Acetyl Chain was $187 million[9] Q4 2025 Outlook - Celanese anticipates an Adjusted EPS guidance of approximately $0.85 - $1.00 for Q4 2025[14] - The company projects Adjusted EBIT guidance for Engineered Materials to be between $165 million and $175 million, and for Acetyl Chain to be between $165 million and $180 million[15] Strategic Actions and Financial Health - Celanese is on track to achieve a Free Cash Flow target range of $700 million to $800 million for FY2025[27] - The company has a strong liquidity position, including $1.4 billion in cash and cash equivalents, along with a $1.75 billion undrawn revolving credit facility[33] - Celanese plans to use the net proceeds from the Micromax divestiture, valued at approximately $500 million, to pay down debt[22] - Celanese expects cost reduction actions to deliver $120 million in cost savings in 2025, with potential incremental opportunities of $50 million - $100 million[38]