Market Overview - The Dow Jones Industrial Average closed above 50,000 for the first time, rising about 2.5% to 50,115.66, while the S&P 500 and Nasdaq Composite also saw significant gains of 1.97% and 2.18% respectively [1][3] Key Market Movers - Semiconductor companies, particularly Nvidia, led a strong rebound in AI hardware, with Nvidia's stock increasing by 8.01% [2] - MicroStrategy, which is heavily exposed to cryptocurrency, surged approximately 26.11% as Bitcoin rebounded to over $70,000 [2][5] - In contrast, Amazon's stock fell by 5.49% due to a substantial capital expenditure plan for 2026, and Micron Technology's stock decreased by 3.08% due to lowered expectations for HBM4 memory chips [2][4] Investor Sentiment - The overall market rally has reinforced confidence in the ongoing bull market, suggesting that it may not be nearing an end [3] - Despite the positive momentum, a prior sell-off earlier in the week resulted in a loss of $1.5 trillion from high-performing tech stocks, indicating mixed sentiment among investors [4]

■加拿大总理马克·卡尼当地时间5日宣布一项电动汽车发展新战略，通过拨款、财政补贴和税收优惠等 措施对该领域给予大力支持。同时，加拿大还将与中国合作推动加拿大本土生产和出口电动汽车。 ■据国家医保局消息，目前全国范围内已实现生育津贴直接发放至个人。 ■6日，国家卫生健康委、国家市场监督管理总局等部门就预制菜国家标准等征求意见，明确预制菜的 术语和定义、原料要求、食品添加剂使用要求、营养品质要求、如何自主明示等。 ■据国家林草局6日消息，目前我国拥有世界自然遗产15项、自然与文化双遗产4项，数量居世界首位。 ■6日，由中国航天科技集团九院研制的全国首款航天造电动垂直起降低空飞行器，在重庆永川大安机 场首飞成功，圆满完成各项性能验证。 ■商务部相关负责人表示，已向消费新业态新模式新场景试点城市拨付首批财政支持资金86亿元，为加 快培育服务消费新增长点注入强劲动力。 ■中国物流与采购联合会6日发布的数据显示，1月份全球制造业采购经理指数为51%，较上月上升1.5个 百分点，结束连续10个月50%以下的运行趋势。 ■2020年至2025年，中国居民人均服务性消费支出年均增长8.5%，展现出强劲的增长动能；人均服务性 消 ...

Aircraft and Connectivity - As of December 31, 2025, the company had approximately 4,460 commercial aircraft equipped with in-flight connectivity (IFC) systems, with an expectation of adding 1,100 more under existing agreements[179] - The company provided Ka-band communication services to approximately 13,400 vessels as of December 31, 2025[179] - The company leverages its satellite fleet and partnerships to provide high-quality broadband and narrowband connectivity solutions across various sectors, including aviation, maritime, and government[177] Financial Performance - Total revenues for the three months ended December 31, 2025, increased by $33.3 million to $1,157.0 million, driven by a 2% increase in service revenues and a 6% increase in product revenues[214] - Total revenues for the nine months ended December 31, 2025, increased by $96.5 million to $3,469.0 million, with service revenues up by $42.3 million and product revenues up by $54.2 million[227] - Total revenues for the communication services segment increased by $15.8 million, or 1%, from $2,473.5 million in 2024 to $2,489.4 million in 2025, with service revenues up by $39.1 million[235] - The defense and advanced technologies segment revenues increased by $80.7 million, or 9%, from $899.0 million in 2024 to $979.6 million in 2025, driven by a $77.5 million increase in product revenues[237] Cost and Expenses - Cost of revenues for the three months ended December 31, 2025, rose by $16.3 million to $778.3 million, with a 2% increase in cost of service revenues and a 3% increase in cost of product revenues[215] - Total cost of revenues for the nine months ended December 31, 2025, increased by $48.0 million to $2,295.9 million, with a 7% increase in cost of product revenues[228] - Selling, general and administrative (SG&A) expenses decreased by $16.3 million, or 2%, from $761.6 million in 2024 to $745.3 million in 2025, primarily due to a $13.7 million decrease in selling costs[229] - Independent research and development (IR&D) expenses increased by $10.2 million, or 28%, to $46.9 million, supporting multi-orbit initiatives and next-generation encryption products[217] - Independent research and development (IR&D) expenses increased by $14.7 million, or 14%, from $108.7 million in 2024 to $123.4 million in 2025, driven by efforts supporting next-generation encryption products[230] Debt and Interest - Interest income surged by $147.9 million due to the recognition of $152.5 million from a lump sum payment received from Ligado[219] - Interest expense decreased by $7.0 million, reflecting a reduction in total outstanding indebtedness from $7.2 billion in 2024 to $6.4 billion in 2025[220] - Interest income rose by $128.0 million, primarily due to a $152.5 million recognition from a $420.0 million lump sum payment from Ligado, despite lower interest earned from reduced average invested balance[232] - Interest expense decreased by $34.3 million, attributed to a reduction in total outstanding indebtedness from $7.2 billion in 2024 to $6.4 billion in 2025[233] Taxation - The effective tax rate for the three months ended December 31, 2025, was 63%, compared to an effective tax rate of 7% in the prior year[221] - The company is subject to income taxes in the U.S. and various foreign jurisdictions, with potential changes in tax laws affecting the income tax provision[211] - Cash paid for income taxes during the first nine months of fiscal year 2026 was $79.2 million, down from $174.6 million in the prior year[253] Contracts and Revenue Recognition - Almost all revenues are derived from fixed-price contracts, with a small portion from cost-reimbursement contracts primarily in the defense segment[184] - The revenue recognition model applied is based on the five-step process under ASC 606, impacting how revenues are reported and recognized[189] - U.S. Government contracts typically involve performance-based payments (PBPs) or progress payments, with revenue recognized in excess of billings, leading to unbilled accounts receivable[192] - Revenue for long-term contracts is recognized over time based on the cost-to-cost measure of progress, which requires management estimates of total costs at completion[193] - A one percent variance in future cost estimates on open fixed-price contracts as of December 31, 2025, would change income (loss) before income taxes by an insignificant amount[193] - The evaluation of transaction price for performance obligations may require significant judgments, including estimating variable consideration based on performance metrics and customer discretion[194] - The purchase price for business combinations is allocated to the estimated fair values of acquired assets and liabilities, with goodwill recorded when consideration exceeds fair value[203] Cash Flow and Investments - Cash and cash equivalents stood at $1.3 billion as of December 31, 2025, with no outstanding borrowings and $594.8 million available under the revolving credit facility[245] - Cash provided by operating activities for the first nine months of fiscal year 2026 was $1.3 billion, a $657.8 million increase from $609.7 million in the prior year period[253] - Cash used in investing activities increased to approximately $663.7 million in the first nine months of fiscal year 2026, compared to $524.9 million in the prior year period, reflecting a $138.8 million increase[254] - Cash used in financing activities for the first nine months of fiscal year 2026 was approximately $867.5 million, an increase of $431.6 million from $435.9 million in the prior year period, primarily due to early repayment of debt[255] Strategic Changes and Future Outlook - The company completed the divestiture of its energy services system integration business in December 2024, which had minimal strategic synergies with core growth businesses[180] - The company anticipates future growth opportunities in markets prioritizing technology solutions, although predicting contract awards remains challenging[187] - The firm backlog as of December 31, 2025, totaled $3,967.3 million, with $2,790.8 million in communication services and $1,176.5 million in defense and advanced technologies[240] - Total new awards for the nine months ended December 31, 2025, were approximately $3.7 billion, compared to $3.5 billion for the same period in 2024[242] - The company expects to incur additional operating costs when launching new satellites, similar to the ramp-up period experienced with ViaSat-2[261] - The company anticipates continued investment in IR&D to support leadership in satellite and space technologies, with investment levels depending on various factors[258] Currency Risk Management - The company conducts its business primarily in U.S. dollars but is exposed to fluctuations in foreign currency exchange rates due to international operations[273] - A five percent variance in foreign currencies would result in an insignificant change in income (loss) before income taxes for the three and nine months ended December 31, 2025 and 2024[273] - The company's objective in managing foreign currency risk is to reduce earnings and cash flow volatility associated with exchange rate fluctuations[273] - The company may enter into foreign currency forward contracts to mitigate risks related to foreign currency denominated assets, liabilities, and transactions[273] Asset Valuation and Impairments - No material impairments were recorded for the three and nine months ended December 31, 2025 and 2024, indicating stable asset valuations[204] - The company assesses the realizability of deferred tax assets quarterly, establishing a valuation allowance if it is more likely than not that some deferred tax assets will not be realized[208] - Accruals for uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities[210] Indebtedness - As of December 31, 2025, total outstanding indebtedness was $6.4 billion, including various senior secured notes and term loan facilities[262] - The effective interest rates on outstanding borrowings as of December 31, 2025 were 8.87% for the 2022 Term Loan Facility, 9.34% for the 2023 Term Loan Facility, and 9.55% for the Inmarsat Term Loan Facility[272] - The company recorded a loss of $11.6 million and $11.9 million in (loss) gain on extinguishment of debt for the three and nine months ended December 31, 2025, respectively[251]

Group 1 - Rigetti Computing's stock experienced a significant increase of 18.3%, attributed to a broader tech rally rather than company-specific news [1] - The company's market capitalization stands at $4.9 billion, with a current stock price of $17.66 [3][6] - Rigetti's stock performance is part of a recovery trend in the tech sector, following a decline of nearly 4.5% in the Nasdaq Composite over the previous four days [3] Group 2 - The quantum computing industry, including Rigetti, faces challenges regarding the timeline to commercial viability, which may be further away than current valuations suggest [8] - Rigetti's market cap implies that breakthrough success in quantum computing is expected within a few years, but there are indications that this may not be the case [8] Group 3 - Major tech companies are significantly increasing their capital expenditures, with projections for collective spending by hyperscalers to exceed $560 billion by 2026 [4]

2月6日，贵州瓮马铁路南北延伸线项目控制性工程湘江特大桥顺利合龙。该大桥位于遵义市播州区铁厂 镇与黔南州瓮安县珠藏镇交界处，横跨湘江峡谷，全长723.3米。瓮马铁路南北延伸线北起瓮安延伸至 遵义，南起马场坪延伸至都匀，全长148公里。这是合龙后的瓮马铁路湘江特大桥(无人机照片)。 ...

2月6日，在西康高铁建设现场安康西站段，随着最后一对钢轨精准落位并完成锁定，西安至安康高速铁 路全线铺轨完成。西康高铁建成通车后，西安至安康的铁路运行时间将由现在的3小时左右缩短至1小时 以内，大幅缩短关中平原城市群与陕南秦巴山区的时空距离。这是施工人员在西康高铁安康西站段铺轨 现场作业。 ...

凛冬将至，中国期货市场迎来一场交易所主导的"压力测试"与"参数预调"，预示着一个波动常态化、风控精细化的新阶段。春节的脚步越来越近，市场却依 然暗流涌动，上海期货交易所（以下简称"上期所"）在2月5日收盘后发布重磅通知，再次拧紧了期货市场的"安全阀"，投资者们面临着更为严苛的资金考 验。 让我们把时间拨回到2026年初，全球大宗商品市场正经历着一轮惊心动魄的"过山车"行情。黄金价格一度逼近历史新高，白银市场更是上演了单日涨跌超过 30%的罕见景象。国内市场，沪铜等有色金属也频频刷新价格纪录。极端的价格波动，如同一把双刃剑，在带来机遇的同时，也使得市场风险急剧积聚，产 业链上的实体企业面临着前所未有的风险管理压力。 东证衍生品研究院的分析认为，适度放宽涨跌停板限制，是交易所市场成熟度提升的表现，有利于发挥期货市场的价格发现功能。 上期所选择在春节长假前夕实施此次调整，其稳定市场、防范长假期间外盘剧烈波动风险的意图不言而喻。顾冯达认为，在海外不确定性高企的关键节点， 这一举措体现了监管层"稳字当头、以我为主"的风控思路，是对防范金融风险、服务实体经济的一贯坚持。 那么，这次调整的核心内容究竟是什么？根据上期所的通 ...

Core Insights - The introduction of the National Commission on Robotics Act signifies a bipartisan effort to enhance U.S. competitiveness in robotics, emphasizing the importance of autonomous systems for national security and industrial reshoring [1] - The proposed commission is expected to provide actionable policy recommendations within two years, coinciding with the convergence of AI and robotics in the market narrative [1] Robotics and AI Exposure via ETFs - The ROBO Global Robotics and Automation Index ETF (ROBO) offers broad exposure to the hardware sector, featuring top holdings such as Teradyne Inc. and Rockwell Automation, which may benefit from federal initiatives aimed at strengthening the domestic industrial base [1] - The ROBO Global Artificial Intelligence ETF (THNQ) focuses on the AI aspect, including semiconductor companies like Taiwan Semiconductor Manufacturing Co. and Nvidia, which are crucial for modern robotics [1] - Both ETFs represent strategic investment options for advisors looking to capitalize on emerging technologies in robotics and AI [1]

Core Viewpoint - Lexicon Pharmaceuticals has successfully closed a public offering of 32 million shares of common stock and a concurrent private placement of 22.4 million shares of common stock and 367,145 shares of Series B Convertible Preferred Stock, with the offerings closing on February 2, 2026 [1]. Group 1: Offering Details - The public offering price for the common stock was set at $1.30 per share, while the Series B Convertible Preferred Stock was sold at $65 per share [1]. - An additional 30-day option has been granted to underwriters to purchase up to 4.8 million shares of common stock at the public offering price [2]. - The Private Placement Purchaser has the option to buy an additional 94,855 shares of Series B Convertible Preferred Stock, convertible into 4,742,744 shares of common stock, at the same price of $65 per share [2]. Group 2: Use of Proceeds - Lexicon intends to utilize the net proceeds from the offerings for the continued research and development of its drug candidates, as well as for working capital and other general corporate purposes [4]. Group 3: Regulatory Information - A shelf registration statement related to the public offering was filed with the SEC on August 2, 2024, and was declared effective on August 15, 2024 [5]. - The shares issued in the private placement have not been registered under the Securities Act and may not be offered or sold in the U.S. without proper registration or exemption [5]. Group 4: Company Overview - Lexicon Pharmaceuticals is a biopharmaceutical company focused on developing medicines that transform patients' lives, with a pipeline targeting neuropathic pain, hypertrophic cardiomyopathy, obesity, metabolism, and other indications [7].

NEW YORK--(BUSINESS WIRE)--Cantor Equity Partners VI, Inc. (Nasdaq: CEPS) (the "Company†) announced today that it closed its initial public offering of 11,500,000 Class A ordinary shares at $10.00 per share, including 1,500,000 shares pursuant to the full exercise of the underwriter's over-allotment option. The shares began trading on the Nasdaq Global Market under the symbol "CEPS†on February 5, 2026. Of the proceeds received from the consummation of the initial public offering and a simultan. ...