Core Insights - Sands Capital's "Sands Capital Select Growth Strategy" Q3 2025 investor letter indicates a recovery in U.S. large-cap growth equities driven by strong corporate earnings, AI enthusiasm, and expectations for Federal Reserve policy easing [1] - The portfolio achieved a return of 6.3% (net) in the quarter, underperforming the benchmark's 10.5% gain [1] Company Overview - Intercontinental Exchange, Inc. (NYSE:ICE) is highlighted as a significant stock in the Sands Capital Select Growth Strategy, recognized for its market infrastructure, data services, and technology solutions for various entities [2] - As of November 26, 2025, Intercontinental Exchange's stock closed at $156.29 per share, with a market capitalization of $89.464 billion [2] Financial Performance - Intercontinental Exchange reported a 10% increase in sales and a 19% rise in adjusted earnings per share year over year, both exceeding consensus expectations [3] - The company is experiencing strong performance in its Mortgage Technology division, with accelerating refinancing activity contributing to improved profitability [3] Market Position - Intercontinental Exchange is not among the 30 Most Popular Stocks Among Hedge Funds, with 84 hedge fund portfolios holding its stock at the end of Q2 2025, down from 94 in the previous quarter [4] - While the potential of Intercontinental Exchange as an investment is acknowledged, the company is viewed as having less upside compared to certain AI stocks [4]

Group 1 - Sands Capital Global Growth Strategy reported a portfolio return of 21.7% in Q2 2025, outperforming the MSCI ACWI index which returned 11.5% [1] - The second quarter results marked the fourth best performance in both absolute and relative terms since the fund's inception in 2008 [1] Group 2 - Intercontinental Exchange, Inc. (NYSE:ICE) is highlighted as a key stock, with a one-month return of -5.46% and a 52-week gain of 6.31% [2] - As of September 16, 2025, Intercontinental Exchange, Inc. had a stock price of $171.40 and a market capitalization of $98.113 billion [2] - The company operates as one of the largest financial exchanges and clearinghouses, focusing on a diverse range of contracts including crude oil, gas, and agricultural commodities [3] - ICE has developed an integrated platform for mortgage origination, closing, and servicing, which includes datasets for cross-selling to financial service companies [3] - The company is expected to sustain above-average earnings growth through organic growth, margin expansion, capital returns, and strategic mergers and acquisitions [3]

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Core Insights - Reykjavík Energy reported a profit of ISK 4.9 billion in the first half of the year, an increase from ISK 4.3 billion in the same period last year [1][2] - Operating expenses rose by ISK 340 million, while operating revenues increased by ISK 973 million, despite a decline in revenues in Q2 [2] - Significant investments totaling ISK 12.9 billion were made in infrastructure, focusing on utility system maintenance and development [3] Financial Performance - Cash flow from operations increased to ISK 15.9 billion in the first half of the year, aiding in funding investments [4] - High interest expenses on investment loans continue to impact results, but discussions for favorable financing for green projects are ongoing [4] Green Initiatives - ON Power's Hellisheiði Power Plant operations became nearly carbon neutral, contributing to around 10% of Iceland's climate targets [5] - Research into wind energy utilization and further geothermal development is underway, highlighting the company's commitment to sustainable energy [6] Operational Metrics - The company has seen a reduction in accidents per million working hours, with a ratio of 4.5 in the latest reporting period [9] - Hot water distribution reached 61.5 million m³, while electricity distribution was 566 GWh [9] - The company aims to avoid CO2 emissions through its operations, with significant reductions projected in future years [9]

Core Viewpoint - LiveRamp (RAMP) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for LiveRamp for the fiscal year ending March 2025 is projected at $1.72 per share, reflecting an 18.6% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for LiveRamp has risen by 33.8%, indicating a strong upward revision trend [8]. Zacks Rating System - The Zacks Rank system classifies stocks based on earnings estimate revisions, with only the top 20% of stocks receiving a 'Strong Buy' or 'Buy' rating, highlighting their potential for market-beating returns [9][10]. - The Zacks Rank 2 upgrade for LiveRamp places it in the top 20% of Zacks-covered stocks, suggesting a favorable outlook for the stock's price movement in the near term [10]. Impact of Institutional Investors - Changes in earnings estimates significantly influence stock price movements, as institutional investors adjust their valuations based on these estimates, leading to buying or selling actions that affect stock prices [4]. Business Outlook - The upgrade in ratings and rising earnings estimates for LiveRamp suggest an improvement in the company's underlying business, which could lead to increased investor interest and a higher stock price [5].

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on March 31, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GCI Liberty, Inc. (Exact name of registrant as specified in its Charter) Nevada (State or other jurisdiction of incorporation or organization) 4841 (Primary Standard Industrial Classification Code Number) 36-5128842 (I.R.S. Employer Identification No.) 12300 Liber ...