An apparent Google Search (GOOGL) experiment showing mobile real estate listings powered by HouseCanary could raise traffic acquisition costs for portals like Zillow (Z) (ZG), but meaningful disintermediation appears unlikely, similar to Google’s hotel metasearch model, Wells Fargo analyst Alec Brondolo tells investors in a research note. Given Zillow’s limited reliance on organic search and modest marketing spend relative to revenue, any shift from organic to paid traffic is expected to have only a minor ...

RT David (@EffortCapital)I went through the apathy stage of the industry a little over a year ago and made it out on the other side.Im more energized today than I arguably ever have been about crypto.It’s important to have a practical PoV about what transparent, trustless, global financial rails can accomplish.Disintermediation across industries, lower cost of capital, permissionless capital formation and labor participation. This is all very cool stuff.99% of the industry is a zero, but the 1% is severely ...

Core Insights - Eli Lilly's CEO, Dave Ricks, criticized pharmacy benefit managers (PBMs) for inflating insulin prices, claiming they create a detrimental incentive structure that leads to high list prices while the net price remains low [1][2][5] - Ricks highlighted that the list price for Lilly's insulin reached $275, while the actual net price was around $40, indicating a significant disparity caused by PBMs profiting from the price spread [2][3] - The company's response to this issue included launching a low-priced "shadow generic" insulin, which faced pushback from PBMs, prompting the creation of LillyDirect, a direct-to-consumer platform to bypass the PBM system [3][5] Industry Context - Mark Cuban, founder of Cost Plus Drugs, echoed Ricks' sentiments, describing PBMs as having a "stranglehold" on pricing and contributing to inflated healthcare costs [4][5] - Both Ricks and Cuban's criticisms suggest a growing challenge to the PBM business model, which is perceived to inflate costs for vulnerable patients [5] Stock Performance - Eli Lilly's stock closed at $988.62, reflecting a year-to-date increase of 27.06% and a one-year increase of 20.73% [6] - The stock has shown a strong price trend across short, medium, and long terms, despite a poor value ranking [6] PBM and Pharma ETF Performance - Notable performances of PBMs and pharmaceutical ETFs include: - CVS Health Corp. with a year-to-date performance of 80.62% and one-year performance of 47.83% - Cigna Group with a year-to-date performance of -2.36% and one-year performance of -21.15% - UnitedHealth Group with a year-to-date performance of -35.10% and one-year performance of -46.73% [7] - Various pharmaceutical ETFs also showed positive year-to-date performances, with the Invesco Pharmaceuticals ETF at 22.30% and the KraneShares MSCI All China Health Care Index ETF at 37.64% [8]

Financial Data and Key Metrics Changes - IAC reported a 9% digital revenue growth in Q3, marking the eighth consecutive quarter of growth [16][31] - Digital-adjusted EBITDA grew 9% pro forma to $72 million, with margins at 27% [31][32] - The company expects digital revenue growth in the range of 7%-10% for Q4 and adjusted EBITDA guidance for the year has been slightly lowered to $325 million-$340 million [32][33] Business Line Data and Key Metrics Changes - People Inc. achieved a 9% growth in digital revenue, driven by strong performance in licensing and performance marketing [16][31] - The print division saw a 10% decline in adjusted EBITDA and a 15% revenue decline, which was considered acceptable by management [31] - Off-platform audience growth accelerated by 66% year-over-year, contributing significantly to revenue [24] Market Data and Key Metrics Changes - Google Search traffic as a source for core brands decreased from 54% two years ago to 24% in the latest quarter, indicating a shift in traffic sources [22] - Despite challenges from Google, overall audience growth has been maintained, with other traffic sources increasing [22][23] Company Strategy and Development Direction - IAC aims to focus on People Inc. and MGM, divesting non-core assets and reducing overhead [5][6] - The strategy includes reimagining People Inc. from a defensive to an offensive position, leveraging its strong brand portfolio [7][8] - MGM is viewed as a hedge against disintermediation, with a strong position in the Las Vegas market [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong audience engagement and the potential for new business ventures [16][29] - The macroeconomic environment is seen as stable for higher-end consumers, while pressures exist in lower-end markets [66][67] - Management is cautious about asset pricing and intends to focus on share repurchases rather than high-priced acquisitions [15][75] Other Important Information - The company laid off about 6% of its workforce to free up capital for investments [29] - IAC has a cash balance of over $1 billion, which will be enhanced by selling non-core assets [14] Q&A Session Summary Question: Thoughts on MGM's valuation and investor interest - Management believes owning MGM through IAC offers a better value proposition than buying MGM directly, highlighting the combined potential of both assets [39][44] Question: Update on one-time expenses - Management indicated that significant one-time expenses have been cleaned up, and they do not expect further large one-time charges going forward [40][45] Question: State of the business and future outlook - Management expressed confidence in the business's future, citing the Microsoft AI deal and the Feedfeed acquisition as positive indicators [52][56] Question: Macro environment insights - The macro environment is stable for higher-end consumers, with some pressures noted in the corporate benefit sector [66][67] Question: Capital allocation strategy - Management emphasized a focus on opportunistic share buybacks rather than pursuing high-priced acquisitions [75]

Financial Data and Key Metrics Changes - IAC reported a 9% digital revenue growth in Q3 2025, marking the eighth consecutive quarter of growth, with strong performance in licensing and performance marketing offsetting a decline in advertising revenue [23][44] - Digital adjusted EBITDA grew 9% to $72 million, with margins at 27% and incremental margins at 26% [24][46] - The company expects digital revenue growth in the range of 7% to 10% for Q4 2025, with adjusted EBITDA guidance for the year slightly lowered to $325 million to $340 million [47] Business Line Data and Key Metrics Changes - People Inc. is the core asset, with a focus on diversifying revenue sources and audience growth, achieving significant traction in off-platform audience growth, which accelerated by 66% year-over-year [35][24] - The print division saw a 10% decline in adjusted EBITDA and a 15% revenue decline, which was considered acceptable by management [46] - The emerging and other segments reported a negative $20 million EBITDA due to legal expenses, but the rest of the segment remains profitable [49] Market Data and Key Metrics Changes - Google search traffic as a source for core brands decreased from 54% two years ago to 24% in the latest quarter, but overall audience scale has been maintained [32] - Ad revenue declined by 3% in Q3, primarily due to volume-related issues rather than rate-related [33] - Off-platform revenue, which is the fastest-growing revenue stream, accounted for over a third of the quarter's revenue [35] Company Strategy and Development Direction - The company aims to streamline its assets and reduce overhead, focusing on People Inc. and MGM as core components of its strategy [6][5] - IAC plans to divest non-core holdings and increase share repurchases, with a total of $300 million in shares bought back year-to-date [20][50] - The management is optimistic about evolving People Inc. into a more proactive business model, leveraging its iconic brands and exploring new business opportunities [13][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges posed by Google and the broader market, emphasizing a strong relationship with audiences and advertisers [70][72] - The macroeconomic environment is perceived as stable for middle and upper segments, while some pressures exist in lower segments, particularly in corporate spending [80][81] - The company is optimistic about future growth, particularly in off-platform revenue and new initiatives like the Microsoft AI deal [68][39] Other Important Information - The company laid off about 6% of its workforce to free up capital for investments and maintain profitability goals [42] - IAC's cash balances exceed $1 billion, which will be enhanced by selling non-core assets [20] Q&A Session Summary Question: Thoughts on MGM's valuation and investor interest - Management believes that owning MGM through IAC offers a cheaper entry point and that the combined assets provide additional value [53][60] Question: Onetime expense cleanup in Q3 - Management indicated that significant cleanup has occurred, with no expectation of large one-time charges continuing in the future [60][61] Question: Update on People Inc. and Google litigation - Management expressed confidence in the future of People Inc. and highlighted the ongoing litigation against Google, seeking significant damages [73][75] Question: Macro environment and capital allocation - The macro environment is stable, with a focus on stock buybacks and cautious approach to acquisitions due to high prices [80][87] Question: Corporate costs trajectory - Corporate costs are expected to decrease as the company continues to rationalize its operations [113]

So you’re telling me the market nuked because of fears around banking fraud and sub prime debt?Literally running back the 2008 GFC.The entire reason Bitcoin was created in the first place.Crypto has never been better placed to disintermediate the rot.HIGHER. https://t.co/BUQjTgG3ka ...