Lucky Strike Entertainment (LUCK) – Core Trends Improve, Deleveraging Takes Focus


Friday, November 06, 2026

Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

A modest top-line beat. Fiscal Q1 revenue increased 3.5% to $302.6 million, modestly above our $299.0 million estimate. Adj. EBITDA of $72.1 million was in line with our $72.5 million estimate and roughly flat with the prior-year period. Acquired water parks and entertainment centers drove revenue growth, while same-store revenue was down 2.6%. 

Core trends improve. Acquired water parks generated $27.6 million of revenue, up from $6.5 million in the prior-year period, lifting amusement and other revenue 15.8% to $82.1 million. Meanwhile, same-store sales improved from a 4% decline in July to 2% growth in September. Event revenue matched or exceeded prior-year levels for six consecutive months through October, led by corporate events.


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InPlay Oil (IPOOF) – Strong Third Quarter Sets Stage for 2027 Growth


Friday, November 06, 2026

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

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

Third-quarter financial results. InPlay Oil reported third-quarter 2026 production of 19,254 barrels of oil equivalent per day (boe/d), up 3% sequentially and 1% year over year. Oil and natural gas sales increased 50% year over year to C$118.8 million, while adjusted funds flow (AFF) increased 92% to C$51.4 million, or C$1.86 per basic share. Sequentially, AFF increased 15% despite softer realized commodity prices, benefiting from lower realized hedging losses.

Favorable outlook. InPlay increased its 2026 AFF guidance to C$178 million to C$184 million from C$161 million to C$169 million, while maintaining production guidance of 18,900 to 19,400 boe/d. Preliminary 2027 guidance calls for production of 20,100 to 21,000 boe/d, AFF of C$206 million to C$218 million, and free adjusted funds flow (FAFF) of C$101 million to C$123 million. The outlook reflects an expanded oil-weighted development program and contributions from recently acquired assets.


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EuroDry (EDRY) – Updating Estimates Ahead of Earnings


Friday, November 06, 2026

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

Richard Magnusen, Research Analyst, Noble Capital Markets, Inc.

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

Updating estimates. We have adjusted our third-quarter 2026 adj. EBITDA, net income, and adj. EPS estimates to $10.5 million, $6.0 million, and $1.91 from $10.2 million, $5.8 million, and $1.70, respectively, driven by lower estimates for voyage expenses and management fees. We are maintaining our $19.1 million net revenue estimate. For FY 2026, we forecast net revenue, adj. EBITDA, net income, and adj. EPS of $69.0 million, $36.7 million, $18.6 million, and $5.91, respectively, compared to our previous estimates of $68.9 million, $36.4 million, $18.3 million, and $5.77. 

Market strength continued into Q3. Strength in dry bulk shipping, supported by demand for iron ore, grain, and bauxite, continued into the third quarter. The historically low global orderbook, limited shipyard capacity, aging global fleet, and environmental regulations are expected to support shipping rates in 2026. As demand trends in the first half of 2026 have leveled off, freight markets could be less favorable through the remainder of 2026, emphasizing the importance of EuroDry’s ability to adjust its charter coverage as market conditions evolve.


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Conduent (CNDT) – Cost Reductions Fuel Margin Recovery


Friday, November 06, 2026

Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Q3 Operating Results. The company reported Q3 revenue of $534 million, down 11.7% year over year but up slightly from $531 million in Q2, as contract losses and lower client volumes continued to weigh on results. Adj. EBITDA increased 16.1% to $36 million, with margins expanding 160 basis points to 6.7%, reflecting cost reductions that more than offset the impact of lower revenue.

Underlying Business Trends. Commercial revenue declined 16% to $308 million, reflecting the completed wind-down of the company’s largest Commercial customer. Government revenue declined 5% to $226 million due to completed implementations, lost business, and lower volumes. Despite these headwinds, Government adj. EBITDA margins expanded 230 basis points to 27.9%, supported by cost-efficiency initiatives.


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1-800-Flowers.com (FLWS) – Recovery Begins to Take Shape


Friday, November 06, 2026

Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Q1 results. The company reported fiscal first-quarter 2027 revenue from continuing operations of $171.4 million, an 11.1% decline from $192.7 million in the prior-year period. Notably, despite the revenue decline, the adjusted EBITDA loss was essentially unchanged at $31.9 million, compared with $31.7 million a year ago. A $10.3 million reduction in operating expenses largely offset weaker sales and a 120-basis-point contraction in gross margin.

Improving Demand Trends. E-Commerce revenue declined 12.3%, as weakness at smaller websites and in B2B operations outweighed improving demand at 1-800-Flowers.com and Harry & David. Net order demand at these primary websites declined 8.0% during the quarter, compared with 36.0% at smaller websites. Following quarter-end, the decline at the primary websites moderated to 3.4% in October, providing early support for the company’s strategy of concentrating investment on its core brands.


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Oil Prices Rebound After Worst Three-Day Drop Since 2021, but Energy Stocks Continue to Struggle

Oil prices rebounded Thursday after suffering their steepest three-day decline in nearly five years, but energy stocks failed to follow crude higher as investors weighed the possibility of easing tensions between the United States and Iran following the 2026 midterm elections.

West Texas Intermediate (WTI) crude futures climbed approximately 2% during Thursday’s trading session, recovering some losses after plunging roughly 15% between October 30 and November 4. The selloff pushed U.S. crude from above $104 per barrel to approximately $88, its lowest settlement since late August.

Despite Thursday’s recovery, shares of major energy companies remained under pressure, highlighting growing uncertainty about the outlook for oil producers and the broader energy sector.

The Energy Select Sector SPDR Fund (XLE), which tracks major U.S. energy companies, declined even as crude prices advanced. Exxon Mobil (XOM) and Chevron (CVX) showed little movement, while Baker Hughes (BKR) and Williams Companies (WMB) traded lower.

The divergence reflects investors’ concerns that oil prices could face additional downward pressure if geopolitical tensions ease and disrupted supplies return to global markets.

Much of the recent volatility stems from changing expectations surrounding the U.S.–Iran conflict. Following Tuesday’s midterm elections, which resulted in Democrats gaining control of Congress, investors began reassessing Washington’s willingness to continue military operations in the Middle East.

Vice President JD Vance publicly attributed Republicans’ election losses to the war, reinforcing expectations that political pressure could encourage diplomatic efforts and reduce the risk of further escalation.

That possibility triggered Wednesday’s sharp decline in crude prices as traders began removing some of the geopolitical risk premium built into oil markets.

However, uncertainty remains considerable. Iran’s oil exports have reportedly fallen from approximately 1.8 million barrels per day to nearly zero during the conflict, according to Apollo Global Management chief economist Torsten Sløk.

Any meaningful restoration of those exports could increase global supplies and place additional pressure on prices, while renewed military tensions could quickly reverse the recent decline.

The relationship between oil and the broader stock market has also become increasingly unusual.

According to Yahoo Finance calculations, crude oil and the S&P 500 have recorded a daily correlation of approximately negative 0.44 in 2026, their strongest inverse relationship since at least 2001.

Higher energy prices have weighed on equities by increasing transportation, manufacturing, and operating costs while complicating the Federal Reserve’s efforts to control inflation. Conversely, falling crude prices have supported expectations for lower inflation and potentially more favorable interest-rate conditions.

Wednesday illustrated that relationship, with the S&P 500 gaining more than 1.5% as crude oil plunged more than 8%.

For small-cap energy investors, the changing environment presents both risks and opportunities.

Smaller exploration and production companies can be particularly sensitive to fluctuations in crude prices because lower commodity revenues may quickly affect cash flow, drilling budgets, and debt repayment capacity.

Oilfield service providers could also face reduced demand if producers scale back capital spending in response to sustained price weakness.

Meanwhile, businesses in transportation, manufacturing, and consumer-oriented industries may benefit from lower fuel costs, potentially improving profit margins.

Despite the recent selloff, energy remains one of 2026’s strongest-performing market sectors. XLE had gained approximately 45% year to date through November 4, even after declining roughly 9% from its October 30 high.

The question now is whether Thursday’s rebound marks the beginning of a sustained recovery or simply a temporary pause in a broader decline.

With geopolitical developments continuing to dominate oil markets, investors will be closely monitoring diplomatic signals from Washington, potential changes in Iranian production, and whether energy stocks can regain momentum alongside crude prices.

Nasdaq Plunges Nearly 4% as AI Chip Selloff Erases Post-Election Market Rally

U.S. stocks tumbled Thursday as a sharp selloff in semiconductor and artificial intelligence-related companies reversed much of Wall Street’s post-election rally. The Nasdaq Composite fell nearly 4% during morning trading as investors reassessed the outlook for AI infrastructure spending following the 2026 midterm elections.

The technology-heavy Nasdaq declined approximately 3.8%, while the S&P 500 dropped 2.1% and the Dow Jones Industrial Average fell about 1%. The Philadelphia Semiconductor Index plunged more than 9%, reflecting widespread selling pressure across companies involved in AI chips, memory, and data-center infrastructure.

The downturn came just one day after U.S. stocks rallied following Tuesday’s midterm elections. Wednesday’s gains reflected optimism surrounding the new political landscape, but that sentiment quickly faded as investors evaluated potential challenges facing the artificial intelligence industry.

Semiconductor companies experienced some of Thursday’s steepest declines. Nvidia (NVDA) fell approximately 7%, while Micron Technology (MU) dropped around 12%. Advanced Micro Devices (AMD), Qualcomm (QCOM), and other chipmakers also faced substantial selling pressure.

The declines extended to AI infrastructure providers, including CoreWeave (CRWV) and Nebius Group (NBIS), as concerns intensified over the pace and sustainability of data-center expansion.

Investors are increasingly focused on whether additional regulatory scrutiny, permitting requirements, and infrastructure constraints could delay large-scale data-center projects. Concerns surrounding electricity consumption, water usage, and environmental impacts have already created opposition to new facilities in several communities.

According to Reuters, UBS strategists warned that potential delays could affect approximately 30% of data-center capacity additions expected in 2028.

Such disruptions could have significant implications for semiconductor manufacturers that have benefited from billions of dollars in AI infrastructure spending. Companies supplying processors, memory, electrical equipment, and cooling systems depend heavily on continued investment in computing capacity.

The selloff also reflects broader questions about the profitability of artificial intelligence investments. Major technology companies have committed substantial capital to expanding AI capabilities, but investors are increasingly questioning how quickly those investments will generate sufficient returns.

Qualcomm added to the semiconductor industry’s weakness after issuing a disappointing outlook for smartphone-related chip sales, raising additional concerns about demand across the technology sector.

For small-cap investors, the implications extend beyond major chipmakers.

Smaller businesses involved in data-center construction, power generation, specialized cooling, and computing infrastructure have benefited from AI expansion. However, these companies may face heightened risks if major technology customers delay projects or reduce capital expenditures.

Smaller companies often have fewer financial resources to absorb unexpected changes in demand, making them particularly sensitive to shifts in infrastructure spending and borrowing costs.

The broader market decline also comes amid uncertainty surrounding Federal Reserve policy and economic growth. Wednesday’s ADP employment report showed that private employers added 86,000 jobs in October, suggesting continued labor market resilience despite uneven hiring.

Investors are now awaiting Friday’s government employment report for additional insight into the economy and potential interest-rate decisions.

While Thursday’s selloff highlights growing concerns about AI infrastructure investment, it does not necessarily signal an end to the industry’s long-term growth.

For Wall Street, the central question is whether the decline represents a temporary reassessment of technology valuations or the beginning of a broader shift away from companies most exposed to the AI investment cycle.

As markets digest the election results and upcoming economic data, semiconductor stocks and AI infrastructure companies will remain important indicators of investor confidence heading into 2027.

Ocugen (OCGN) – 3Q26 Reported With Expected Progress In All Three Trials


Thursday, November 05, 2026

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

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

3Q26 Reported With Start Of OCU410 Phase 2/3 Trial. Ocugen reported a loss of $3.6 million, or $(0.01) per share, including a non-cash gain of $16.6 million from Change In Fair Value of Derivatives. Without this gain, Net Loss would have been $20.2 million, or $(0.06) per share. This adjusted Net Loss is consistent with previous quarters and our estimates for 3Q26. Cash and equivalents were $84.6 million as of September 30, 2026, which we expect to fund operations through 2028.

OCU400 In Retinitis Pigmentosa. The Phase 3 liMeliGhT (pronounced Limelight) trial continues, with data expected to be announced in 1Q2027. The Process Performance Qualification (PPQ) batches for the CMC section of the BLA have been completed. As discussed in our Research Note on September 28, the Bahamas has granted Provisional Approval and Priority Designation for OCU400. We continue to expect submission of the BLA to the FDA and an MAA in Europe, with approval later in FY2027.


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Townsquare Media (TSQ) – Balancing Growth and Financial Flexibility


Thursday, November 05, 2026

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.

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

Q3 Results. Townsquare Media reported third-quarter revenue of $110.9 million, an increase of 3.9% year over year and above our estimate of $108.9 million. Adjusted EBITDA increased 2.7% to $22.6 million, modestly below our forecast of $23.5 million. Results benefited from strong Digital Advertising growth and higher political spending, partially offset by weakness in Interactive and Broadcast.

Mixed Performance Across Digital Businesses. Digital Advertising revenue increased 12.7%, driven by programmatic growth and stronger direct sales of owned-and-operated properties. However, profitability lagged as the expanding Media Partnerships business contributed to lower segment margins. Meanwhile, Interactive’s customer churn remained historically low, and profit margin improved 300 basis points to 36.3%, despite continued weakness in new-customer sales as the company rebuilds its salesforce.


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SelectQuote (SLQT) – Cost Discipline Begins to Pay Off


Thursday, November 05, 2026

Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Q1 Results Exceed Expectations. SelectQuote reported fiscal first-quarter 2027 revenue of $280.0 million, down 14.8% year over year but above our estimate of $270.9 million. The adjusted EBITDA loss narrowed to $17.0 million from $32.1 million in the prior-year period, exceeding our forecast for a $25.4 million loss. The results highlight improving profitability despite continued revenue pressure.

Lower Costs Drive Profitability Improvement. Revenue declined amid lower pharmacy volumes, fewer Medicare Advantage policy sales, and reduced carrier-sponsored payments. However, marketing expenses decreased 25.0%, while improving pharmacy economics helped Healthcare Services adjusted EBITDA increase 55.7% to $11.2 million. In Senior, lower acquisition costs and greater use of internally generated leads narrowed the adj. EBITDA loss to $12.3 million from $21.0 million.


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CoreCivic, Inc. (CXW) – First Look at 3Q26 Results


Thursday, November 05, 2026

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.

Overview. The third quarter was active for CoreCivic, with the Company delivering strong financial results, driven by increased demand from ICE, including higher utilization of recently activated facilities, as well as the contribution from the acquisition of Clinical Solutions Pharmacy earlier this year. In addition, CoreCivic completed the sale of four facilities to the Federal government, generating $2.2 billion in gross proceeds.

3Q26 Results. Revenue in 3Q totaled $744.1 million, up 28.2% y-o-y and exceeding our $690 million projections. Adjusted EBITDA in 3Q26 was $117.8 million, up 32.6% y-o-y and above our $109 million estimate. Adjusted EPS was $0.49, up over 100% y-o-y and exceeding our $0.42 per share projection.


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U.S. Job Openings Rise to 7.5 Million, but Slow Hiring Signals Continued Labor Market Uncertainty

U.S. job openings climbed to 7.5 million in September, exceeding economists’ expectations and suggesting that demand for workers remains resilient despite a prolonged slowdown in hiring. However, the latest government data also revealed a labor market where employers remain hesitant to expand payrolls, even as layoffs stay relatively low.

According to the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS), released Tuesday, November 3, job openings increased by approximately 333,000 to 7.523 million in September, compared with a revised 7.190 million in August.

The reading exceeded economists’ forecasts of approximately 7.1 million available positions and marked the highest level of job openings since May.

The job openings rate increased to 4.5% from 4.3% in August, indicating that businesses continue to have positions available even as broader economic uncertainty influences hiring decisions.

Despite the increase in available jobs, actual hiring activity showed only modest improvement.

Employers hired approximately 5.4 million workers during September, up from 5.3 million in August. The national hiring rate edged higher to 3.4% from 3.3%, reinforcing concerns that companies remain cautious about adding employees.

Economists have increasingly described the current employment environment as a “low-hire, low-fire” labor market, characterized by limited recruitment activity alongside relatively few layoffs.

For workers, this combination can create a challenging employment environment. Employees with existing jobs generally face less immediate risk of losing their positions, while unemployed individuals and those seeking career changes may encounter fewer opportunities to secure new employment.

The latest report also showed that layoffs and discharges declined to approximately 1.64 million in September, down from 1.77 million in August. The layoffs rate decreased to 1.0% from 1.1%, suggesting that employers are generally choosing to retain existing workers rather than implement widespread workforce reductions.

Meanwhile, voluntary quits increased to approximately 3.4 million, with the quits rate rising to 2.1% from 1.9% in August.

An increase in voluntary departures can indicate improving worker confidence, as employees may become more willing to leave their current positions when they believe alternative opportunities are available.

Hiring trends varied across industries.

Accommodation and food services recorded an increase of approximately 158,000 hires, reflecting stronger recruitment activity in hospitality-related businesses. State and local government, excluding education, reported an increase of approximately 104,000 job openings.

Manufacturing and other industrial sectors also continued to show demand for workers, although the pace of hiring remained uneven across the broader economy.

The mixed employment picture presents an important challenge for the Federal Reserve as policymakers evaluate inflation, economic growth, and the appropriate path for interest rates.

A labor market with limited layoffs may help sustain household incomes and consumer spending, potentially supporting economic activity. However, persistently slow hiring could eventually weaken wage growth and reduce opportunities for workers entering or returning to the labor force.

For small-cap companies, employment conditions are particularly important because smaller businesses often have fewer financial resources to absorb changes in labor costs, borrowing expenses, and consumer demand.

Companies in retail, hospitality, manufacturing, and business services may benefit from a stable employment environment that supports consumer spending. At the same time, businesses looking to expand could face challenges balancing payroll costs with uncertain demand.

Investors will now turn their attention to Friday’s October employment report for a more comprehensive assessment of labor market conditions.

Economists surveyed by Bloomberg expect the economy to have added approximately 65,000 jobs in October, following an increase of just 29,000 positions in September.

The unemployment rate is expected to remain near 4.2%, suggesting that the labor market continues to avoid a sharp deterioration despite slower job creation.

September’s JOLTS report offers a cautiously encouraging signal that businesses still need workers, but the modest pace of hiring indicates that employers remain reluctant to commit to substantial workforce expansion.

For investors, the central question is whether improving job openings will eventually translate into stronger hiring or whether the economy will remain in a prolonged period of limited employment growth.

The answer could have significant implications for Federal Reserve policy, consumer confidence, and the performance of small-cap stocks in the months ahead.

Dow Surges More Than 1,000 Points After Midterm Elections as Investors Reassess Washington’s Economic Agenda

U.S. stocks surged Wednesday, November 4, with the Dow Jones Industrial Average climbing more than 1,000 points after Democrats won control of both chambers of Congress in the 2026 midterm elections. The rally reflected investors’ reassessment of the political landscape in Washington, with expectations that divided government could limit sweeping policy changes while creating new opportunities and risks across major sectors.

By late morning, the Dow had gained approximately 1,325 points, or 2.6%, while the S&P 500 advanced 1.5% and the Nasdaq Composite rose 1.7%. The gains followed a volatile period for technology stocks as investors weighed concerns about artificial intelligence spending, corporate earnings, and geopolitical uncertainty.

Tuesday’s election results marked a significant change in Washington, ending two years of unified Republican control of Congress and giving Democrats majorities in both the House of Representatives and Senate.

President Donald Trump will remain in office, creating a divided government in which major legislative proposals may face greater challenges securing congressional approval.

For Wall Street, the prospect of legislative gridlock can sometimes provide reassurance by reducing uncertainty surrounding major changes to tax policy, government spending, and business regulation. However, the implications will depend on how lawmakers approach negotiations over federal budgets, healthcare, energy policy, and other economic priorities.

Several sectors experienced notable moves following the election.

Renewable energy stocks rallied as investors considered whether Democratic control of Congress could influence federal energy policy and oversight. Solar and wind companies attracted renewed attention, while traditional oil producers faced pressure amid declining crude prices and changing expectations for energy legislation.

Healthcare companies also advanced, particularly hospitals and businesses exposed to federal healthcare programs. Investors assessed whether the new congressional balance could affect healthcare funding and previous changes to government assistance programs.

Technology stocks delivered a mixed performance.

Apple and Microsoft helped support the broader market, while several semiconductor companies faced selling pressure amid concerns that new political leadership could increase scrutiny of artificial intelligence infrastructure and data-center construction.

The election also raised questions about the future of federal support for rapidly expanding AI facilities, particularly as concerns grow about electricity consumption, environmental impacts, and the cost of new infrastructure.

For smaller technology companies supplying components, equipment, and services to data centers, potential changes in permitting and infrastructure policy could influence future investment decisions.

Treasury yields declined during Wednesday’s session, with the benchmark 10-year yield falling to approximately 4.92%. Lower yields can improve borrowing conditions and support stock valuations, particularly among companies that depend on external financing.

Small-cap businesses are often more sensitive to changes in interest rates because they generally have less access to capital markets than larger corporations and may rely more heavily on bank loans or floating-rate debt.

The election outcome could also affect federal spending priorities in defense, infrastructure, and healthcare, industries where government contracts and reimbursement policies play an important role in corporate revenue.

However, congressional control does not automatically translate into immediate changes in economic policy.

The president retains significant executive authority over trade, tariffs, and foreign policy, while major legislative changes typically require agreement between Congress and the White House.

Investors must also consider broader economic conditions beyond the election.

Wednesday’s market rally coincided with new employment data showing that U.S. private employers added 86,000 jobs in October, exceeding economists’ expectations and suggesting that hiring activity remains resilient despite concerns about a slowing labor market.

Corporate earnings, inflation trends, and Federal Reserve policy will continue to influence market performance in the months ahead.

Although historical data suggests stocks have frequently performed well following midterm elections, past results do not guarantee future returns.

For investors, Wednesday’s rally demonstrates how quickly markets can respond to political developments, but the longer-term outlook will depend on how the new congressional balance affects economic legislation, corporate investment, and business confidence.

As Washington prepares for a new political environment, attention will increasingly shift from election results to the policies that emerge and their implications for publicly traded companies heading into 2027.