Group 1 - RBC Capital Markets reiterated its Outperform rating and $250 price target on Boeing, citing progress on regulatory approvals for key aircraft programs [1] - The Federal Aviation Administration has permitted Boeing to resume issuing airworthiness certificates for the 737 MAX and 787 models, which is seen as a positive signal for investor confidence [1] - Although production ramp-up to 42 per month for the MAX has not yet been authorized, the update is viewed positively by RBC [1] Group 2 - RBC adjusted its model to account for an anticipated charge on the 777X program and its impact on free cash flow in 2026–2027 [2] - Despite the adjustments, Boeing's fundamentals are considered strong, justifying the Outperform rating and $250 price target [2]

Key Points In its 13-year history, XRP has never traded higher than $3.84. The launch of new spot XRP ETFs may have less impact than many investors originally thought. Prediction markets currently give XRP a 1-in-3 chance of hitting $4 this year. 10 stocks we like better than XRP › Twice this year, XRP (CRYPTO: XRP) has made a run at the $4 price level. And twice the rally has fallen just short. In July, for example, XRP topped out at $3.65, a new 52-week high. So investors are understandably ...

Group 1: Regulatory Approval and Expansion - BitGo has received regulatory approval from Germany's BaFin to expand into digital asset trading, making it one of the few firms in Europe licensed for custody, staking, and trading under a single framework [1][2] - The approval allows BitGo Europe to offer both over-the-counter (OTC) and electronic trading for a variety of cryptocurrencies and stablecoins, positioning it alongside competitors like Coinbase and Kraken [2][3] Group 2: Business Model and Market Position - The new authorization builds on BitGo's Markets in Crypto-Assets (MiCA) license obtained in May 2025, enabling institutions to trade digital assets directly through BitGo's regulated platform while ensuring asset security in MiCA-compliant cold storage [3][4] - BitGo aims to provide deep liquidity and reliable execution for institutions, reducing friction for European pension funds and asset managers by allowing them to trade within its ecosystem without needing multiple exchange accounts [4] Group 3: Partnerships and IPO Plans - Earlier in the year, BitGo partnered with custody specialist Copper to create an "in-custody" trading network, facilitating asset transfers within a regulated environment [5] - BitGo filed for an initial public offering (IPO) in August, indicating a renewed interest in the digital asset sector, following similar moves by other crypto firms like Gemini and Grayscale [6] Group 4: Financial Background and Valuation - BitGo raised $100 million at a valuation of $1.75 billion in August, marking its first external funding round since 2017 [6][7] - The company previously attempted to go public in 2021 through an acquisition by Galaxy Digital, which was later terminated, leading to a lawsuit for breach of contract [8][10] Group 5: Strategic Collaborations - Despite a $100 million lawsuit between BitGo and Galaxy Digital, the two companies have reached an agreement for Galaxy to provide its blockchain staking services to BitGo Trust, allowing BitGo's institutional clients to earn staking rewards [9]

ETF Filings - Grayscale filed S-1 for Hedera ETF and S-3 filings to convert Litecoin and Bitcoin Cash Trusts into ETFs [1] - The goal is to provide investors with easier access to altcoins through regulated exchanges like NYSE Arca and Nasdaq [2] - These filings mirror Grayscale's strategy of converting Bitcoin and Ethereum Trusts into spot ETFs in 2024 [1] Regulatory Landscape - Nasdaq submitted a 19b-4 earlier this year to list the Hedera product [2] - Litecoin and Bitcoin Cash filings depend on proposed Generic Listing Standards awaiting SEC approval [2] - The SEC has not yet approved any of the new products [3] Industry Trends - Other issuers like Fidelity and VanEck have also proposed altcoin ETFs [2] - Bloomberg analysts suggest Litecoin has strong odds among altcoin ETF candidates [3] - If regulators approve, investors could gain mainstream exposure to Hedera, Litecoin, and Bitcoin Cash alongside Bitcoin and Ethereum [3]

ETF Filings and Regulatory Landscape - Grayscale filed an S-1 for a Hedera ETF and S-3 filings to convert its Litecoin and Bitcoin Cash Trusts into ETFs [1] - These filings mirror Grayscale's strategy of converting its Bitcoin and Ethereum Trusts into spot ETFs in 2024 [2] - The Litecoin and Bitcoin Cash filings depend on proposed Generic Listing Standards awaiting SEC approval [2] - Other issuers like Fidelity and VanEck also have altcoin ETF proposals, anticipating broader regulatory approval [2] - The SEC has not yet approved any of the new products [3] Market Access and Potential - The goal is to provide investors with easier access to altcoins through regulated exchanges like NYSE Arca and Nasdaq [1] - If regulators approve, investors could gain mainstream exposure to Hedera, Litecoin, and Bitcoin Cash alongside Bitcoin and Ethereum [3] Analyst Perspective - Bloomberg analysts noted that Litecoin has some of the strongest odds among altcoin ETF candidates [3]

This is a really significant piece of new information that we've uncovered. We do know that Shein really has been in a bind in terms of trying to get this IPO off the ground. It hasn't managed to get regulatory approval in New York or London.Now it's trying to IPO in Hong Kong with an approval from China is all the more necessary. But what we also know is that Chinese regulators really see, you know, Sheehan's efforts to sort of pretend that I mean, not pretend, but sort of not be attract, not be perceived ...

Regulatory Approval - Tesla is awaiting regulatory approval to launch FSD (Supervised) in Thailand [1] Company Focus - Tesla's expansion plans include introducing FSD (Supervised) in the Thailand market [1]

Financial Performance - Quarterly Net Income was $4 million, or $0.25 per share, a decrease of $0.3 million, or $0.02 per share, compared to the same period in 2024[9] - Quarterly Adjusted Net Income was $4.7 million, or $0.29 per share, an increase of $0.4 million, or $0.02 per share, compared to the same period in 2024 when excluding transaction costs[9] - Year-to-Date Net Income was $31.5 million, or $1.94 per share, consistent with Net Income but $0.02 lower earnings relative to the first six months of 2024[9] - Year-to-Date Adjusted Net Income was $33.1 million, or $2.03 per share, an increase of $1.6 million, or $0.07 per share, compared to the first six months of 2024 when excluding transaction costs[9] Acquisitions and Growth - Bangor Natural Gas ("BNG") acquisition was completed in January 2025[9] - Maine Natural Gas ("MNG") and Aquarion acquisitions are expected to close by the end of 2025[9] - Acquisitions are expected to support earnings growth towards the upper-end of the guidance range over the next five years[9] - The company anticipates a long-term EPS growth rate of 5% - 7% and a long-term rate base growth of 6.5% - 8.5%[9] - The company projects a five-year capital investment of approximately $980 million, which is 46% higher than the prior five years[46] Customer Base and Regulatory Matters - The company has 86,600 natural gas customers[3, 28, 29, 55, 59, 61, 75] - A temporary electric rate award of $7.8 million was approved as-requested in New Hampshire[9]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $1.01 per share, a significant increase from a loss of $0.14 per share a year ago, reflecting growth across all business segments [7][8] - Adjusted earnings for the third quarter totaled $4.1 million, an increase of over $8 million compared to the previous year [18] Business Line Data and Key Metrics Changes - The Gas Utilities segment had an adjusted loss of $10 million in the third quarter, which was $1 million better than the prior year, driven by higher contribution margin at Spire Missouri [18] - Earnings in the Gas Marketing segment increased by over $4 million, indicating strong performance [19] - The Midstream segment saw strong earnings growth due to additional capacity and asset optimization at Spire Storage, despite higher operating costs [19] Market Data and Key Metrics Changes - Year-to-date capital expenditures totaled $700 million, with a nearly 20% increase in utility CapEx year-over-year, focusing on upgrading distribution infrastructure [20] - The capital investment target for fiscal 2025 has increased to $875 million, reflecting a $10 million increase in Midstream and a $25 million increase in Spire Missouri [21] Company Strategy and Development Direction - The company is committed to a long-term EPS growth target of 5% to 7%, supported by a ten-year $7.4 billion capital investment plan [11][22] - The recent acquisition of the Piedmont Natural Gas business in Tennessee is seen as a strategic move to enhance scale and diversify the regulated utility portfolio [12][13] - The company aims to maintain a strong balance sheet while supporting long-term adjusted EPS growth and dividend growth [14][27] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial and operational goals, emphasizing the importance of delivering safe and reliable natural gas service [26][28] - The company is focused on achieving constructive regulatory outcomes and strengthening recovery mechanisms to support continued investment [27] Other Important Information - A unanimous stipulation and agreement has been filed for an annual revenue increase of $210 million in Missouri, pending approval [10][15] - The company anticipates adjusted earnings at the Utility segment to be significantly higher in 2026 due to new rates and improved regulatory frameworks [24] Q&A Session Summary Question: Is the FFO to debt target of 15% to 16% still applicable? - Management confirmed that these targets remain relevant, although achieving them may be slower during the acquisition transition [34] Question: How much of the midstream results is attributable to storage expansion? - Approximately 90% of the increase in midstream results year-over-year is attributed to storage [39] Question: Will the strong marketing results continue into Q4? - Management indicated that Q4 is typically quieter, but they feel confident about the operations and targets for the marketing business [41] Question: Does the long-term 5% to 7% growth rate include impacts from the Missouri rate case? - The growth rate is primarily based on capital deployment, with potential catch-up from previous recovery delays in Missouri [57] Question: How does the company plan to manage O&M expenses going forward? - The target is to keep O&M expenses at or below the rate of inflation, with current year-to-date O&M running less than 1% higher than the prior year [61]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $0.01 per share, a significant improvement from a loss of $0.14 per share a year ago, reflecting growth across all business segments [7][18] - Year-to-date capital expenditures totaled $700 million, with a nearly 20% increase in utility CapEx year over year [20] Business Line Data and Key Metrics Changes - The Gas Utilities segment had an adjusted loss of $10 million, which was $1 million better than the prior year, driven by higher contribution margin at Spire Missouri [18] - Earnings in the Gas Marketing segment increased by over $4 million, indicating strong performance [18] - The midstream segment saw strong earnings growth, attributed to additional capacity and asset optimization at Spire Storage [18] Market Data and Key Metrics Changes - The company is focused on a long-term EPS growth target of 5% to 7%, supported by a ten-year $7.4 billion capital investment plan [11][22] - The company expects to deliver within its fiscal 2025 earnings guidance of $4.4 to $4.6 per share [11][22] Company Strategy and Development Direction - The company announced the acquisition of the Piedmont Natural Gas Tennessee business, which is expected to enhance its scale and expand its regulated utility footprint [12][13] - The acquisition is projected to add $900 million to the five-year capital plan, focusing on system modernization and infrastructure resilience [13] - The company aims to maintain a strong balance sheet while supporting long-term adjusted EPS growth and dividend growth [13][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong operational performance and financial discipline, emphasizing the importance of regulatory transparency and customer affordability [25][28] - The company is actively pursuing regulatory approvals for the acquisition and advancing integration planning [28] Other Important Information - A unanimous stipulation and agreement has been filed for an annual revenue increase of $210 million, pending approval by the Missouri Public Service Commission [9][15] - The company is committed to maintaining a strong focus on customer affordability through disciplined cost management [25] Q&A Session Summary Question: Is the FFO to debt target of 15% to 16% still applicable? - Management confirmed that these targets remain the right framework, although progress may be slower during the acquisition transition [31][32] Question: How much of the midstream results is attributable to storage expansion? - Management indicated that about 90% of the increase in midstream results was due to storage, with a 75% to 25% split on net income basis [35][36] Question: Does the long-term 5% to 7% growth rate include impacts from the Missouri rate case settlement? - Management clarified that the growth rate is based on capital deployment and does not directly include the impacts of the rate case [51][52] Question: How does the company see O&M expenses evolving? - Management stated the target is to keep O&M expenses at or below the rate of inflation, with current year-to-date O&M run rate being less than 1% higher than the prior year [55]