slightbourne@noblecapitalmarkets.com, Author at Channelchek

Gold Near Record Highs as Analysts Lift Year-End Price Targets to $5,400

Posted on January 22, 2026January 22, 2026 by slightbourne@noblecapitalmarkets.com

Gold prices continue to hover near record territory as bullish momentum in the precious metals market shows little sign of slowing. Spot gold recently traded above $4,870 per ounce, extending a powerful rally that has already delivered gains of roughly 11% year to date and follows a nearly 65% surge in 2025. The sustained strength has prompted analysts to raise year-end 2026 price targets to as high as $5,400 per ounce, reflecting growing confidence in gold’s long-term demand outlook.

Market analysts point to a notable shift in demand dynamics as a key driver behind the higher forecasts. While central bank buying fueled much of gold’s advance in 2023 and 2024, private-sector investors are now emerging as a dominant force. This influx of capital has intensified competition for limited physical supply, reinforcing upward price pressure and reducing the likelihood of meaningful pullbacks in the near term.

Analysts also note that many of these private buyers — including institutional investors, high-net-worth families, and asset managers — are positioning gold as a strategic allocation rather than a short-term trade. As a result, selling pressure remains muted, even as prices approach historic highs.

Why Gold Is Rallying

Several structural and cyclical factors continue to support gold’s ascent:

Central bank accumulation: Global central banks remain steady buyers of gold as they diversify reserves away from traditional fiat currencies and hedge against geopolitical risk.
Private-sector diversification: Investors are increasing exposure through ETFs and physical bullion as portfolio diversification becomes a priority amid market uncertainty.
Monetary policy tailwinds: Federal Reserve rate cuts and expectations of looser financial conditions have lowered real yields, making non-yielding assets like gold more attractive.
Currency debasement concerns: Persistent fiscal deficits and long-term inflation risks have renewed interest in gold as a store of value, particularly among wealthy investors.
Geopolitical uncertainty: From trade disputes to shifting global alliances, gold has consistently rallied during periods of heightened geopolitical tension, reinforcing its safe-haven appeal.

Although gold futures briefly dipped overnight following recent political developments, prices quickly rebounded toward record levels as buyers returned. Analysts say this pattern of shallow pullbacks followed by rapid recoveries reflects strong underlying demand and limited downside risk.

Gold has now gained roughly 11% year to date, building on its nearly 65% advance in 2025. The metal has responded positively to nearly every major geopolitical headline this year, underscoring its role as a hedge against both financial and political instability.

Looking ahead, analysts see risks to their updated forecasts as skewed to the upside, particularly if global policy uncertainty persists or investor diversification accelerates further. While volatility remains possible, gold’s structural support appears firmly in place.

For investors, gold’s performance highlights its evolving role beyond crisis protection. Increasingly, it is being treated as a core portfolio component — valued not only for downside protection, but also for its ability to preserve purchasing power and deliver long-term resilience in an uncertain global environment.

Trump’s NATO Deal Opens Greenland to US Missiles and Mining

Posted on January 22, 2026January 22, 2026 by slightbourne@noblecapitalmarkets.com

President Donald Trump’s abrupt de-escalation of tariff threats against Europe came with a significant strategic tradeoff: a NATO-centered framework that would dramatically expand the United States’ military and economic footprint in Greenland. While the agreement stops short of addressing sovereignty, it lays the groundwork for US missile deployments, expanded NATO activity in the Arctic, and American access to critical mineral resources—moves aimed squarely at countering Russian and Chinese influence in the region.

The outlines of the deal emerged after Trump met NATO Secretary General Mark Rutte at the World Economic Forum in Davos. According to European officials briefed on the talks, the framework focuses on Arctic security cooperation, including stationing US missile systems in or around Greenland and granting the US preferential mining rights to prevent Chinese firms from gaining a foothold. In exchange, Trump agreed to suspend planned tariffs on European nations that had threatened to fracture transatlantic relations.

For NATO, the agreement reflects growing urgency around the Arctic. Melting ice is opening new sea lanes that could provide strategic access between the Pacific and Atlantic, raising alarms about potential military and commercial exploitation by rival powers. Rutte has emphasized that Greenland sits at the center of this shift, making it critical to alliance defense planning. Strengthening NATO’s presence there would help monitor emerging routes, protect undersea infrastructure, and deter hostile activity.

Crucially, the framework avoids any discussion of transferring sovereignty over Greenland, a semi-autonomous territory of Denmark. That omission marks a notable shift from Trump’s earlier rhetoric, which repeatedly suggested US acquisition of the island. Danish Prime Minister Mette Frederiksen has been firm that Greenland is not for sale, stressing that any arrangement must respect international law and Danish sovereignty. NATO officials have echoed that position, framing the deal as a security partnership rather than a territorial negotiation.

Still, Trump has portrayed the outcome as a decisive win. In interviews following the Davos meeting, he claimed the US would gain “total access” to Greenland for security purposes, with no clear time limits. While the details remain vague, officials say the framework could involve updating a 1951 defense agreement that already grants the US broad latitude to operate militarily in Greenland under NATO auspices.

Beyond missiles and bases, mining rights represent a key economic dimension. Greenland holds significant deposits of rare earths and other critical minerals essential to advanced manufacturing, clean energy, and defense systems. By securing access for US or allied companies, the deal would aim to keep Chinese interests—currently dominant in global rare-earth supply chains—out of the Arctic resource race.

The agreement, however, is far from finalized. Danish leaders have cautioned that NATO’s secretary general has no mandate to negotiate on Denmark’s behalf, and Greenland’s own government remains wary. Trump’s earlier threats and aggressive language have fueled anxiety among Greenlanders, with local leaders warning residents to remain vigilant even if the likelihood of conflict is low.

For investors and policymakers alike, the emerging framework underscores how geopolitics, critical minerals, and defense strategy are converging in the Arctic. Whether the deal evolves into a durable alliance agreement or stalls amid political backlash will shape not only NATO’s northern posture, but also the balance of power in one of the world’s fastest-changing strategic frontiers.

Energy Fuels to Acquire Australian Strategic Materials, Creating Largest Ex-China Rare-Earth Producer

Posted on January 21, 2026January 21, 2026 by slightbourne@noblecapitalmarkets.com

Energy Fuels Inc. (NYSE: UUUU) announced plans to acquire Australian Strategic Materials Limited (ASX: ASM) in a move that will create what the company touts as the largest fully integrated rare-earth element (REE) producer outside of China. The transaction, valued at approximately US$299 million (A$447 million), positions Energy Fuels as a vertically integrated “mine-to-metal & alloy” REE champion, addressing critical gaps in global supply chains for magnets used in automotive, robotics, energy, and defense applications.

The acquisition will combine ASM’s operating Korean Metals Plant (KMP) and its planned American Metals Plant (AMP) with Energy Fuels’ existing REE oxide production at the White Mesa Mill in Utah, the only U.S. facility capable of separating monazite concentrates into both light and heavy REE oxides. ASM’s KMP is one of the few facilities outside China producing REE metals and alloys, including neodymium-praseodymium (NdPr), dysprosium (Dy), and terbium (Tb), along with neodymium-iron (NdFeB) and dysprosium-iron (DyFe) alloys.

By combining low-cost REE separation with downstream metal and alloy conversion, Energy Fuels expects to enhance vertical integration, margin capture, and market share across the rare-earth value chain. The acquisition addresses one of the most persistent vulnerabilities in ex-China REE supply chains: limited downstream refining and alloy production capacity.

Energy Fuels will also gain access to ASM’s Dubbo REE Project in New South Wales, Australia, further expanding its pipeline of REE development projects. These include the Donald project in Victoria, Australia, the Vara Mada project in Madagascar, and the Bahia project in Brazil, all aimed at supplying feed materials for the White Mesa Mill expansion. Post-expansion, White Mesa is planned to produce 6,000 tonnes per annum (tpa) of NdPr oxides, 240 tpa of Dy, and 66 tpa of Tb oxides, while the planned AMP in the U.S. is expected to produce 2,000 tpa of REE alloys.

Mark S. Chalmers, CEO of Energy Fuels, emphasized the strategic rationale, stating, “The proposed acquisition of Australian Strategic Materials brings us much closer to our goal of creating the largest fully integrated producer of REE materials outside of China. This transaction expands our suite of REE products, strengthens our ex-China supply chain position, and provides increased margins, cashflows, and market share for our shareholders.”

ASM shareholders will receive 0.053 Energy Fuels shares or CHESS Depository Interests per ASM share, plus a special dividend of up to A$0.13, representing a total implied value of A$1.60 per share. Post-closing, ASM shareholders will own roughly 5.8% of Energy Fuels’ outstanding shares. The transaction remains subject to ASM shareholder approval, regulatory approvals in Australia, and customary closing conditions, with implementation expected by late June 2026.

For small-cap investors, this acquisition highlights the potential value of vertically integrated rare-earth companies in securing strategic market positions. By combining production of REE oxides, metals, and alloys, Energy Fuels not only reduces reliance on China but also enhances its long-term growth potential in a high-demand sector crucial to green energy, electronics, and defense applications.

Power Metallic Mines Inc. (PNPNF) – From Legacy Nickel to District-Scale Polymetallic System

Posted on January 21, 2026January 21, 2026 by slightbourne@noblecapitalmarkets.com

Wednesday, January 21, 2026

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada’s next polymetallic mine. On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~212.86 km² and roughly 50 km of prospective basin margins. Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025. It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s JabalSaid Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Initiating Coverage with an Outperform rating. Power Metallic Mines Inc. (OTCQB: PNPNF, TSXV: PNPN) is a Québec-based mineral exploration company advancing a high-grade polymetallic discovery that has evolved into a district-scale opportunity. Recent discoveries at the Nisk Project have shifted the investment thesis from a legacy nickel-sulphide asset to a high-grade copper-platinum group elements (PGE), nickel, gold, and silver system with emerging scale and continuity. Target metals, including copper, nickel, cobalt, platinum, and palladium, are integral to electrification, industrial manufacturing, and critical mineral markets. Our price target is US$2.65 per share or C$3.65 per share.

Lion Zone Discovery. The investment case is anchored by the Lion Zone, a high-grade, copper-dominant orthomagmatic polymetallic discovery that represents the core value driver within the broader Nisk land package. Drilling at Lion has returned exceptional grades, including 11.6 meters grading 8.3% copper, 9.6 g/t palladium, and 2.6 g/t platinum, materially enhancing the project’s value profile beyond nickel alone. Follow-up drilling at the nearby Tiger Zone has confirmed the presence of similar mineralization along trend, supporting the interpretation that Lion-style mineralization is repeatable rather than isolated.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

NN (NNBR) – Adds a New Director

Posted on January 21, 2026January 21, 2026 by slightbourne@noblecapitalmarkets.com

Wednesday, January 21, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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A Board Addition. NN added T ed White to its Board of Directors, effective immediately. Mr. White is co-founder of Legion Partners Asset Management, one of NN’s largest shareholders, owning approximately 9.55% of the outstanding common as of the date of the agreement, as well as economic exposure to another 5.99% of the Company’s shares. Mr. White will join the Board’s Strategic Committee, which was formed to evaluate a broad range of strategic, financing, and other alternatives to enhance shareholder value.

Cooperation Agreement. In connection with this appointment, the Company entered into a cooperation agreement with Legion Partners. The Legion cooperation agreement contains a customary standstill, voting commitment, and related provisions. Legion’s ownership is capped at 19.9% of the outstanding NNBR shares.

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Trump Walks Back Europe Tariffs After Greenland Talks Yield Deal Framework

Posted on January 21, 2026January 21, 2026 by slightbourne@noblecapitalmarkets.com

President Donald Trump abruptly reversed course on proposed tariffs against European nations on Wednesday, announcing he would suspend the planned measures after reaching what he described as a “framework of a future deal” related to Greenland and broader Arctic cooperation.

In a post on Truth Social, Trump said the agreement-in-principle followed discussions with NATO Secretary General Mark Rutte and would benefit both the United States and its allies. As a result, the tariffs that were scheduled to take effect on February 1 will no longer move forward, easing market tensions that had flared over the past several days.

“This solution, if consummated, will be a great one for the United States of America, and all NATO Nations,” Trump wrote, adding that further details would be released as negotiations progress.

The announcement marked a sharp shift from Trump’s weekend threat to impose 10% tariffs on eight European countries that he claimed were obstructing U.S. efforts to pursue a deal involving Greenland, with rates set to rise to 25% by June if no agreement was reached. The proposed tariffs would have applied broadly to all goods imported from the affected nations, sparking fears of renewed transatlantic trade conflict.

Those concerns quickly reverberated through financial markets, contributing to volatility as investors weighed the prospect of escalating tariffs between long-standing allies. European leaders responded forcefully, with the European Parliament freezing a ratification vote on a U.S.–EU trade agreement and EU officials reportedly exploring retaliatory tariffs on up to $108 billion worth of American exports.

Trump’s reversal helped stabilize sentiment, at least temporarily, by removing the immediate threat of trade disruption.

The tariff dispute stemmed from Trump’s renewed push for negotiations over Greenland, a Danish territory with growing strategic importance due to its location and natural resources. Speaking earlier Wednesday at the World Economic Forum in Davos, Trump called for “immediate negotiations” while signaling he was ruling out the use of military force.

His comments walked a careful line—pressing European partners for cooperation while stopping short of overt escalation. “You can say yes, and we will be very appreciative, or you can say no, and we will remember,” Trump said, underscoring the pressure campaign that preceded the tariff threats.

While details of the Greenland framework remain scarce, Trump indicated the discussions would extend beyond Greenland itself to include broader Arctic coordination, an area of increasing geopolitical competition.

The episode unfolded against ongoing legal uncertainty surrounding Trump’s global tariff authority. The U.S. Supreme Court has so far declined to issue rulings this year on challenges to the legality and scope of his trade duties, leaving unresolved questions about executive power in trade policy.

Trump said Vice President JD Vance, Secretary of State Marco Rubio, and Special Envoy Steve Witkoff will lead negotiations going forward. He also praised NATO allies for increasing defense spending, a recurring theme in his foreign policy messaging.

For now, the suspension of tariffs offers breathing room for markets and diplomats alike. But with negotiations still incomplete, investors and U.S. allies will be watching closely to see whether the “framework” evolves into a durable agreement—or another flashpoint in an increasingly unpredictable trade landscape.

Netflix Faces Pivotal Earnings Report as $72 Billion Warner Bros. Bid Looms

Posted on January 21, 2026January 21, 2026 by slightbourne@noblecapitalmarkets.com

Netflix is set to report fourth quarter earnings Tuesday afternoon amid one of the most consequential moments in the streaming giant’s history—a high-stakes bidding war for Warner Bros. Discovery that could fundamentally reshape the entertainment landscape.

Wall Street expects Netflix to post revenue of $11.96 billion for the quarter, up from $10.25 billion in the same period last year. Adjusted earnings per share are projected at $0.55, in line with company guidance. For the full fiscal year, analysts anticipate revenue of $45.1 billion alongside adjusted earnings of $2.52 per share. First quarter revenue is expected to reach $10.54 billion with adjusted earnings of $0.66 per share.

However, subscriber growth and content spending metrics may take a backseat to the elephant in the room: Netflix’s amended all-cash offer of $27.75 per share for Warner Bros. Discovery, valuing the deal at $72 billion in equity. The revised proposal comes as Netflix faces stiff competition from Paramount Skydance, which has offered $30 per share, or $108 billion, for the entire company including cable and news assets. Netflix’s bid specifically targets Warner Bros.’ film and streaming properties, excluding the Discovery Global assets.

The acquisition represents a dramatic strategic shift for Netflix, which has historically relied on organic growth and original content production rather than major acquisitions. Manhattan Venture Partners’ head of research Santosh Rao emphasized that as the industry leader, Netflix must maintain its competitive advantage, particularly as its growth rate shows signs of slowing.

The market has responded skeptically to the acquisition plans. Netflix shares have tumbled nearly 27% over the past six months, declining steadily since the company announced its Warner Bros. pursuit in late 2025. Investors appear concerned about the financial burden and integration challenges of such a massive acquisition, particularly as streaming competition intensifies and subscriber growth moderates.

While Netflix no longer discloses subscriber figures, Wall Street estimates total streaming memberships now exceed 325 million—representing approximately 8% year-over-year growth. That’s a significant slowdown from the 16% growth rate posted in the fourth quarter of 2023 and 13% growth between 2022 and 2023. The deceleration underscores why Netflix may be pursuing inorganic growth through acquisition rather than relying solely on its traditional playbook.

CFRA analyst Kenneth Leon has cautioned that the acquisition uncertainty could weigh on the stock for 18 to 24 months, with outcomes remaining unclear. He noted that Netflix would likely need to sell assets to manage the debt load from such a substantial transaction. The concern is valid—a $72 billion all-cash deal would substantially increase Netflix’s leverage and potentially constrain its ability to invest aggressively in content, the very fuel that powered its dominance.

Warner Bros. Discovery’s board has unanimously endorsed the Netflix offer, with leadership highlighting that the all-cash structure provides greater certainty for shareholders while allowing them to participate in the strategic value of the remaining Discovery Global assets. Netflix co-CEO Ted Sarandos has expressed strong confidence that the proposed combination would benefit all stakeholders, from investors to content creators.

Despite near-term headwinds, some analysts maintain a constructive long-term view. Rao acknowledged legitimate concerns about the immediate impact but argued that the acquisition would ultimately strengthen Netflix’s content library, production capabilities, and overall competitive position in an increasingly crowded streaming marketplace.

As Netflix reports earnings, investors will scrutinize not just the quarterly numbers, but management’s commentary on the acquisition rationale, financing plans, and vision for integrating one of Hollywood’s most storied studios into the streaming era’s dominant platform. The results could provide critical insights into whether Netflix can successfully execute this transformative deal while maintaining the operational excellence that made it an industry leader.

GSK’s $2.2 Billion Acquisition of RAPT Therapeutics Highlights Big Pharma’s Appetite for Small-Cap Innovation

Posted on January 20, 2026January 20, 2026 by slightbourne@noblecapitalmarkets.com

GSK’s agreement to acquire RAPT Therapeutics for $58 per share in cash underscores a growing trend in biotech investing: large pharmaceutical companies are increasingly turning to small-cap innovators to fill critical gaps in their pipelines. For small-cap investors, the deal offers a clear example of how differentiated science, even at the clinical-stage level, can command a meaningful premium.

Under the terms of the agreement, GSK will acquire RAPT Therapeutics for an estimated equity value of $2.2 billion, or approximately $1.9 billion net of cash acquired. The transaction is expected to close in the first quarter of 2026, pending customary regulatory approvals and shareholder tender conditions. Shares of RAPT surged following the announcement, reflecting both the attractive takeover premium and validation of the company’s lead asset.

At the center of the deal is ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody currently in Phase IIb development for prophylactic protection against food allergens. IgE is a clinically validated target and is responsible for roughly 94% of severe food allergy reactions, making it one of the most established mechanisms in allergy treatment. However, existing anti-IgE therapies require injections every two to four weeks, creating a significant burden for patients—most of whom are children.

Ozureprubart’s potential differentiator lies in its dosing profile. The therapy is designed to be administered once every 12 weeks, which could dramatically improve patient compliance and expand treatment eligibility to an estimated 25% of patients who are currently unable to use standard therapies. If successful in late-stage trials, ozureprubart could represent a best-in-class option in a market with substantial unmet medical need.

From GSK’s perspective, the acquisition strengthens its Respiratory, Immunology, and Inflammation pipeline and leverages its existing commercial footprint in allergy and immunology. For a company of GSK’s scale, the upfront investment is manageable, while the long-term upside could be significant. In the U.S. alone, more than 17 million people are diagnosed with food allergies, with over 1.3 million experiencing severe reactions that often require emergency care.

For small-cap investors, the RAPT deal is instructive. RAPT was a clinical-stage company without an approved product, yet it attracted a multibillion-dollar buyout based on a single, well-positioned asset targeting a validated pathway. This reinforces the idea that big pharma is willing to pay for de-risked science, especially when it addresses large, underserved markets and fits cleanly into an existing commercial infrastructure.

The transaction also highlights the importance of platform credibility. RAPT’s focus on immunology and its ability to advance ozureprubart into mid-stage clinical development made it a credible acquisition target rather than a speculative bet.

While not every small-cap biotech will see a similar outcome, GSK’s acquisition of RAPT Therapeutics serves as a reminder that disciplined execution, clear differentiation, and alignment with big pharma priorities can create substantial shareholder value—even before commercialization.

Kratos Defense & Security (KTOS) – A Strong Start to the Year

Posted on January 20, 2026January 20, 2026 by slightbourne@noblecapitalmarkets.com

Tuesday, January 20, 2026

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Raising PT to $145. We are maintaining our Outperform rating and raising our price target on KTOS shares to $145 from a previous $95. KTOS shares are up 72% YTD, compared to 1.4% for the S&P 500, continuing the outperformance seen over the past three years. We believe the abundant opportunities across the business, potential positive increases in the defense budget, and solid execution present strong financial upside potential.

Defense Budget. Interest in the defense sector is partially being driven by the Trump Administration’s goal to increase the 2027 Defense budget by 50% to $1.5 trillion, up from approximately $1 trillion in 2026. Significantly, as relates to Kratos, a key focus of any increased spending will be on drones, autonomous systems, cybersecurity, and space, all key areas of Kratos.

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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Information Services Group (III) – AI Acquisition

Posted on January 20, 2026January 20, 2026 by slightbourne@noblecapitalmarkets.com

Tuesday, January 20, 2026

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

AI Maturity Index. Information Services Group has acquired the AI Maturity Index, a SaaS platform that allows organizations to assess the AI readiness of their workforces and improve their employees’ ability to leverage AI technology. The AI Maturity Index provides ISG with a high-impact, scalable entry point into every client’s AI journey. In its short time on the market, the AI Maturity Index has assessed more than 6,000 individual AI users and collected more than 400,000 data points—adoption that will expand exponentially as the platform gains broader use. Terms of the deal were not released.

Acceleration. The acquisition is part of a broader AI acceleration strategy by ISG that includes the formation of an AI Acceleration Unit that brings an integrated, expert-led approach to helping clients rapidly scale AI, and the upcoming launch of a proprietary insights platform with an AI-powered “intelligence advisor” to give organizations real-time access to highly sought-after ISG data and analysis.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Worthington Steel to Acquire Kloeckner & Co in Transformative $2.4 Billion Deal

Posted on January 20, 2026January 20, 2026 by slightbourne@noblecapitalmarkets.com

Worthington Steel announced it has entered into a business combination agreement to acquire Germany-based Kloeckner & Co, a move that will significantly reshape the North American metals processing landscape. The all-cash transaction positions Worthington Steel as the second-largest steel service center company in North America by revenue and marks a major expansion of its global footprint.

The acquisition brings together two highly complementary metal processing businesses with a combined revenue base of approximately $9.5 billion. Kloeckner & Co operates roughly 110 service center and processing locations across North America and Europe and offers a broad range of products, including carbon flat-roll steel, electrical steel, aluminum, stainless steel, and long products. In recent years, Kloeckner has increasingly focused on higher value-added processing and fabrication, aligning closely with Worthington Steel’s strategic priorities.

Worthington Steel expects the transaction to generate approximately $150 million in annual run-rate synergies, primarily through cost efficiencies, operational improvements, and commercial optimization in North America. These synergies are anticipated to be fully realized by the end of the company’s fiscal year 2028. The deal is expected to be substantially accretive to earnings per share within the first full year of operation.

“This is a strategic and transformative step in Worthington Steel’s growth journey,” said President and CEO Geoff Gilmore. He emphasized that the combination will strengthen customer relationships, expand product offerings, and create new growth opportunities for employees, while reinforcing a shared commitment to safety, quality, and operational excellence.

The transaction values Kloeckner & Co at an enterprise value of approximately $2.4 billion, representing an EV/EBITDA multiple of about 8.5x based on trailing twelve-month results, and roughly 5.5x when factoring in expected synergies. Worthington Steel expects the combined company to maintain margins above 7% while tripling its scale in terms of sales.

The acquisition will be executed through a voluntary public tender offer in Germany, with Kloeckner shareholders receiving €11 in cash per share. The offer is supported by SWOCTEM GmbH, Kloeckner’s largest shareholder, which owns approximately 42% of outstanding shares and has committed to tender its stake. Kloeckner’s management and supervisory boards have expressed support for the transaction, and the current leadership team is expected to remain in place following completion.

Financing for the acquisition will come from a combination of cash on hand and new debt, with the offer fully underwritten and not subject to financing conditions. Worthington Steel expects pro forma net leverage to be around 4.0x at closing, with a stated goal of reducing leverage below 2.5x within 24 months through deleveraging and synergy realization.

Completion of the transaction is subject to regulatory approvals and a minimum acceptance threshold of 65% of Kloeckner’s shares, with closing expected in the second half of 2026. If completed, the deal will create a more diversified, resilient metals processing leader with expanded geographic reach across North America and Europe, positioning Worthington Steel for accelerated long-term growth.

Trump Suggests Using Trade Penalties to Pressure Support for Greenland Plan

Posted on January 16, 2026January 16, 2026 by slightbourne@noblecapitalmarkets.com

President Donald Trump said Friday that he may impose new tariffs on foreign countries as part of an aggressive effort to pressure allies into supporting U.S. acquisition of Greenland, once again turning to trade penalties as a geopolitical bargaining tool.

Speaking at the White House during a health care–related event, Trump framed Greenland as a national security imperative and suggested tariffs could be used against countries that resist his ambitions. “We need Greenland for national security,” Trump said. “So I may do that. I may put a tariff on countries if they don’t go along with Greenland.”

The comments mark a significant escalation in Trump’s long-running interest in acquiring the Arctic territory, which is an autonomous region of Denmark. While the U.S. already maintains a military base on the island, Trump has increasingly argued that outright ownership is necessary to counter growing influence from China and Russia in the Arctic.

The White House did not immediately clarify which countries could be targeted by the proposed tariffs or what form they might take. However, Trump’s remarks signal that trade policy may once again be deployed as leverage in diplomatic disputes, even those involving close U.S. allies.

Trump’s tariff threat comes amid mounting legal uncertainty surrounding his broader trade agenda. The president has dramatically expanded the use of tariffs since returning to office, pushing the average U.S. tariff rate to an estimated 17%. Many of these levies were imposed under the International Emergency Economic Powers Act (IEEPA), a move that has been repeatedly challenged in court.

Multiple lower courts have ruled that Trump exceeded his authority under IEEPA, and the issue is now before the Supreme Court. A ruling from the high court could come soon and may determine whether the administration can continue imposing wide-ranging tariffs without congressional approval. Trump has warned that his economic agenda would be severely undermined if the court rules against him.

The Greenland comments also follow Trump’s recent use of tariff threats to pressure foreign governments on pharmaceutical pricing. The president has argued that U.S. drug prices should be aligned with lower prices paid overseas and said he warned foreign leaders to raise their prices or face steep tariffs on all exports to the United States.

“I’ve done it on drugs,” Trump said Friday. “I may do it for Greenland too.”

Despite Trump’s rhetoric, both Greenland and Denmark have repeatedly rejected the idea of a sale or transfer of sovereignty. Following meetings in Washington this week with Vice President JD Vance and Secretary of State Marco Rubio, a delegation from Greenland and Denmark said they maintain a “fundamental disagreement” with the president’s position.

Trump has also previously suggested that the U.S. is weighing multiple options to secure Greenland, including economic pressure and, in extreme rhetoric, military considerations. Those statements have alarmed European allies and raised concerns about the long-term implications for NATO unity.

As the Supreme Court weighs the legality of Trump’s tariff powers and global trade partners respond to mounting uncertainty, the president’s Greenland push underscores how central tariffs have become to his foreign policy strategy. Whether the tactic yields concessions—or further strains alliances—may soon be tested.

Ocugen (OCGN) – Preliminary Phase 2 Data From OCU410 Shows Improvements in dAMD Geographic Atrophy

Posted on January 16, 2026January 16, 2026 by slightbourne@noblecapitalmarkets.com

Friday, January 16, 2026

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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Positive Preliminary Data From The OCU410 Trial. Ocugen announced first data from its Phase 2 ArMaDa trial testing OCU410 in Geographic Atrophy associated with dry Age-related Macular Degeneration (GA-dAMD). The announcement included the patients who have reached 12 months after treatment, with 23 out of the total 51 patients enrolled. The data shows an overall 46% reduction in lesion growth compared with controls. We see this as a highly meaningful difference.

OCU410 Is A Single-Treatment Gene Therapy. OCU410 is being developed as gene therapy for patients with GA secondary to dry AMD. A single OCU410 intravitreal injection delivers RORA (retinoid-related orphan receptor alpha), a nuclear receptor that regulates key pathways involved in retinal homeostasis with four mechanisms of action.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).