Author: slightbourne@noblecapitalmarkets.com

Mortgage Rates Drop to Three-Year Low Following Trump’s $200 Billion Bond Purchase Plan

Posted on by slightbourne@noblecapitalmarkets.com

In a dramatic market shift that caught many economists off guard, mortgage rates have tumbled to their lowest point since September 2022, following President Trump’s bold announcement that government-sponsored enterprises Fannie Mae and Freddie Mac would purchase $200 billion in mortgage bonds.

The average 30-year fixed mortgage rate dropped to 6.06% this week, down from 6.16% the previous week, according to Freddie Mac data. The 15-year rate similarly declined to 5.38% from 5.46%, marking a significant milestone for prospective homebuyers and homeowners considering refinancing.

The president’s January 8th social media post declaring he was “instructing my Representatives to BUY $200 BILLION DOLLARS IN MORTGAGE BONDS” sent immediate ripples through financial markets. The announcement specifically targeted mortgage-backed securities, driving up demand for these bonds and subsequently pushing their yields downward—a direct pathway to lower consumer mortgage rates.

Market response was swift and substantial. The Mortgage Bankers Association reported a 16% surge in home purchase applications and a remarkable 40% jump in refinancing applications through the following Friday. These numbers suggest Americans are eager to capitalize on improved borrowing conditions after years of elevated rates that have kept many potential buyers sidelined.

“With mortgage rates much lower than a year ago and edging closer to 6 percent, MBA expects strong interest from homeowners seeking a refinance and would-be buyers stepping off the sidelines,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association.

However, industry experts are tempering expectations about a rapid housing market recovery. While lower rates provide relief, significant affordability challenges persist. Home prices remain elevated in many markets, and a substantial number of existing homeowners hold mortgages with rates far below current levels—creating what economists call the “lock-in effect” that discourages moving.

Hannah Jones, senior economic research analyst at Realtor.com, projects mortgage rates will hover in the low-6% range throughout 2026, potentially supporting “modestly improving home sales.” Yet she emphasizes that any recovery will likely be “gradual rather than rapid” given persistent affordability constraints.

The policy move represents an unconventional approach to economic stimulus, directly targeting housing market conditions through government-sponsored enterprise balance sheets. While the immediate effect on rates has been clear, longer-term implications for the housing market, federal housing finance policy, and the broader economy remain subjects of intense debate among economists and policy analysts.

For now, Americans looking to enter the housing market or refinance existing mortgages have a window of opportunity that hasn’t existed since rates began their historic climb in late 2022.

Nicola Mining Inc. (HUSIF) – Preparing for Growth: Expanding Milling Capacity

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, January 15, 2026

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.

Upsized Private Placement Financing. Due to strong support from shareholders and new institutional investors, Nicola Mining upsized its previously announced non-brokered private placement from C$1.0 million to C$3.0 million with the issuance of up to a total of ~3.3 million units at a price of C$0.90 per unit, including ~1.1 million issued during the first closing on the same terms. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of C$1.10 per share for a period of three years following the closing of the offering. The expiry of the warrants may be accelerated subject to certain conditions.

Use of Proceeds. Nicola’s Merritt Mill is the sole facility in British Columbia permitted to receive and process third-party gold and silver feed from across the province. Funds generated from the financing will be used for the purchase and installation of milling equipment to expand Merritt Mill processing capacity from ~200 tonnes per day to ~500 tonnes per day, the addition of a secondary ball mill, supplementary cleaner flotation cells, and associated pumping infrastructure. Spare bowl and mantle assemblies may be procured to support routine crusher maintenance and ensure operational reliability.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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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. 

Taiwan’s $500 Billion Chip Deal: A Game-Changer for Small and Mid-Cap Suppliers

Posted on by slightbourne@noblecapitalmarkets.com

The semiconductor industry just witnessed what could be its most significant announcement in decades. Commerce Secretary Howard Lutnick revealed Thursday that Taiwan has committed to a staggering $500 billion investment in U.S. semiconductor manufacturing—$250 billion from Taiwanese companies and another $250 billion from the island’s government. For investors focused on small and mid-cap stocks, this massive capital deployment represents a potential goldmine of opportunities that extends far beyond the headline-grabbing chip manufacturers.

While giants like TSMC will dominate news coverage, the real story for small-cap investors lies in the extensive supply chain required to build and operate semiconductor fabrication facilities. Each new fab requires specialized equipment manufacturers, chemical suppliers, industrial gas producers, precision tooling companies, and advanced materials providers—many of which operate in the small to mid-cap range. Companies producing ultra-pure chemicals, photoresist materials, silicon wafers, and specialty gases could see order books expand dramatically. The construction phase alone will create demand for specialized contractors, clean room equipment manufacturers, and industrial automation providers that may currently fly under Wall Street’s radar.

The scale of this investment means new facilities will require substantial infrastructure development. Regional utilities, water treatment specialists, and industrial real estate developers in semiconductor-friendly states like Arizona, Texas, and Ohio stand to benefit significantly. Small-cap engineering firms with expertise in fab construction and environmental systems could see their prospects transform overnight. The ongoing operational needs of these facilities create sustained demand for maintenance services, logistics providers, and specialized workforce training companies—sectors where nimble mid-market players often excel.

Semiconductor manufacturing requires thousands of specialized components and systems. While industry leaders like Applied Materials and Lam Research will capture major contracts, numerous smaller suppliers provide niche equipment for testing, metrology, wafer handling, and process control. These companies often trade at more attractive valuations than their large-cap counterparts while offering leveraged exposure to industry growth. The hiring demands from a $500 billion investment will be extraordinary as well. Technical staffing agencies, specialized recruiters, and workforce development companies could experience substantial growth. Communities hosting these facilities will need expanded housing, services, and infrastructure—benefiting regional banks, homebuilders, and service providers in those markets.

Savvy small-cap investors should begin identifying companies with existing relationships in the semiconductor supply chain, particularly those with capacity to scale rapidly. Look for firms with proprietary technologies, high switching costs, and strong balance sheets capable of supporting growth. However, investors should remain mindful of execution risks. Not all suppliers will secure contracts, and the timeline for this investment will likely span years rather than quarters. Patience and selectivity will be essential.

Taiwan’s historic commitment to U.S. semiconductor manufacturing represents more than geopolitical realignment—it’s a catalyst that could reshape the small and mid-cap investment landscape for the next decade. While mega-cap chip stocks may grab headlines, the most compelling risk-reward opportunities often emerge further down the supply chain, where smaller companies can leverage this unprecedented capital influx into outsized growth. For investors willing to dig deeper, the $500 billion question isn’t just about chips—it’s about identifying tomorrow’s winners today.

Metals at Record Highs: A Warning Sign for the Economy?

Posted on by slightbourne@noblecapitalmarkets.com

When virtually every metal on the commodities board flashes red-hot price signals simultaneously, savvy investors know to pay attention. Today’s market presents exactly that scenario, with precious and industrial metals alike reaching or approaching all-time highs—a phenomenon that historically precedes significant economic turbulence.

Gold continues setting fresh records, trading around $4,650 per ounce today after gaining roughly 73% over the past year. But gold’s ascent tells only part of the story. Silver has exploded to around $92 per ounce, marking an extraordinary 200% year-over-year surge. Platinum has climbed to approximately $2,411 per ounce, up 158% from last year, while palladium has nearly doubled, rising about 100% to trade near $1,907 per ounce.

The industrial metals complex mirrors this feverish activity. Copper smashed through $13,300 per metric ton today, marking a 38-40% year-over-year gain and setting new all-time highs. The surge reflects both AI-driven infrastructure demand and tariff-induced inventory stockpiling, with U.S. COMEX inventories ballooning from under 100,000 metric tons to over 500,000 metric tons in just one year.

When both safe-haven metals and industrial commodities rally simultaneously, it signals a dangerous market dynamic. Precious metals typically surge when investors flee traditional assets, seeking refuge from inflation, currency devaluation, or geopolitical instability. Industrial metals, conversely, usually rise on strong economic demand. Their concurrent ascent suggests investors are hedging against economic chaos while supply disruptions create artificial scarcity.

Base metal prices fall by around 30% on average during recessions, according to analysis from major financial institutions. The current recession risk for 2025 stands at 60%, with tariff-driven cuts to economic growth forecasts prompting analysts to turn bearish on near-term base metals prices. The mining sector itself appears to be pricing in recessionary conditions already.

The rally’s drivers paint a troubling picture. Supply disruptions from mining accidents and labor strikes have constrained copper output globally. Federal Reserve independence concerns following a criminal investigation into Chair Jerome Powell have driven safe-haven demand. Meanwhile, geopolitical flashpoints from Venezuela to Iran add fuel to the fire. Central bank gold purchases and rate cut expectations signal policymakers’ own concerns about economic stability.

History offers a stark lesson. Similar across-the-board metal rallies preceded the 2008 financial crisis and the early 1980s stagflation. When prices become untethered from fundamental demand and instead reflect fear, speculation, and monetary desperation, corrections inevitably follow—often accompanied by broader economic pain.

For small-cap investors, this environment demands defensive positioning. Companies with strong balance sheets, minimal commodity exposure, and recession-resistant business models deserve premium valuations. The metals market is flashing a warning sign that prudent investors ignore at their peril.

U.S. Tariff Revenue Falls Sharply in December as Trade Volumes Continue to Reset

Posted on by slightbourne@noblecapitalmarkets.com

U.S. tariff revenue declined sharply in December, offering fresh evidence that President Trump’s aggressive trade policies are reshaping global commerce and slowing the flow of goods into American ports. A new report from the U.S. Treasury released Tuesday showed that $27.89 billion in tariff revenue was collected in December, nearly $3 billion less than in November and more than 10% below the October peak.

The December figure caps off a historically lucrative year for tariff collections, with total revenue reaching $264.05 billion in 2025—an unprecedented annual haul. However, it also marks the second consecutive monthly decline after the Trump administration rolled back or adjusted key tariffs late last year. October saw the highest monthly intake at $31.35 billion, followed by $30.76 billion in November before the more pronounced drop in December.

The downturn in tariff revenue reflects broader shifts in U.S. trade flows. Commerce Department data released alongside the Treasury report showed the U.S. trade deficit narrowed to $29.4 billion in November, the lowest level since mid-2009. While the data was delayed due to last fall’s government shutdown, it underscores a clear trend: less trade activity involving the United States, driven largely by sweeping tariff measures.

Administration officials have framed the shrinking trade deficit as a major policy success. Treasury Secretary Scott Bessent recently credited President Trump’s trade agenda for the improvement, noting that the deficit has fallen back to levels not seen since the aftermath of the global financial crisis. When Trump introduced his tariff regime earlier in the year, monthly customs revenues surged dramatically, rising from just $7.25 billion in February and climbing steadily through October.

Yet the recent step-down in revenue highlights the limits of tariffs as a long-term funding source. The Congressional Budget Office has already slashed its projected tariff receipts for the coming decade by roughly $1 trillion, suggesting that trade volumes are adjusting downward faster than policymakers initially anticipated. This has implications for Trump’s broader fiscal ambitions, many of which have leaned heavily on tariff income.

The president has repeatedly suggested that tariffs could fund a wide range of priorities, from tax cuts to infrastructure to national defense. Most recently, Trump argued that tariffs could support a proposed $500 billion annual increase in the U.S. military budget—a figure that exceeds twice the total tariff revenue collected in all of 2025.

Meanwhile, uncertainty continues to loom over global trade in 2026. The White House has issued new tariff threats, including a proposed 25% levy on goods from any country doing business with Iran. At the same time, a closely watched Supreme Court decision on the legality of Trump’s broad “blanket” tariffs could arrive as early as this week.

Trade data underscores the scale of the shift already underway. Shipping analytics firm Project44 reported that U.S. imports from China fell 28% in 2025, while U.S. exports to China dropped 38%, describing the change as one of the sharpest bilateral trade contractions in recent history. While shipping volumes appear to be stabilizing, they are doing so at a markedly lower level.

As the U.S. recalibrates its trade posture, the rest of the world is moving in a different direction. The European Union recently approved a landmark free-trade agreement with Mercosur nations in Latin America, creating one of the world’s largest trade blocs and highlighting a growing divergence in global trade strategies.

Oil Prices Surge to Two-Month High as Iran Tensions Threaten Global Energy Markets

Posted on by slightbourne@noblecapitalmarkets.com

Oil markets are experiencing their sharpest rally in months as geopolitical tensions surrounding Iran send shockwaves through global energy trading. Both Brent crude and West Texas Intermediate have climbed more than 10% over the past week, with prices reaching levels not seen since October.

The rally comes as widespread protests continue to rock Iran, prompting President Trump to warn that the country’s ruling regime would face serious consequences. This marks a significant shift in market attention from Venezuela, where oil shipments have recently resumed, back to Iran—what energy experts are calling the nerve center of global oil markets.

Iran’s position in the global oil landscape is uniquely influential for two critical reasons. First, the country produces over 3 million barrels daily and exports approximately 1.5 million barrels per day. Beyond current production, Iran sits atop more than 200 billion barrels of proven reserves, ranking third globally behind only Venezuela and Saudi Arabia. Unlike Venezuelan crude, Iran’s lighter, medium-weight oil is easier to refine and more desirable for buyers.

Second, and perhaps more critically, Iran largely controls the Strait of Hormuz—a narrow waterway that serves as one of the world’s most vital oil chokepoints. Roughly 20 million barrels per day, representing about 25% of global seaborne petroleum trade, flows through this strategic passage. Any closure or disruption would immediately send prices soaring.

Historical precedent underscores this vulnerability. When Israeli forces struck Iranian military and nuclear sites last June, Brent crude jumped 7% in a single day despite the Strait never actually closing.

Energy analysts warn that sustained civil unrest could disrupt Iran’s oil infrastructure. Widespread upheaval might prevent skilled workers from reaching production and export facilities, while basic services like electricity could become unreliable. Experts suggest at least limited production interruptions are likely if tensions continue escalating.

A worst-case scenario would mirror the 1979 Iranian Revolution, when political upheaval cut the country’s oil production nearly in half—from over 5.7 million barrels per day to just 3.2 million barrels. While analysts consider a complete production collapse unlikely, even partial disruptions would significantly impact global supplies.

The Trump administration has intensified pressure on Tehran, announcing immediate 25% tariffs on any country conducting business with Iran. The president has also signaled support for protesters facing violent crackdowns that have reportedly killed thousands amid internet blackouts.

China, which purchases more than 80% of Iranian crude, would feel immediate effects from any export disruptions. Chinese refiners might shift demand toward Russian oil or tap domestic reserves that Beijing has been stockpiling as geopolitical insurance.

Despite the price spike, some analysts urge caution. The global oil market currently faces a supply glut of approximately 3.6 million barrels per day, which could absorb moderate disruptions. However, trading activity tells a different story—Monday saw record volume in Brent crude call options as traders hedge against sudden price spikes, while volatility indicators have reached their highest levels since last summer’s strikes.

For now, markets remain on edge, closely watching whether Iran’s internal turmoil will translate into the sustained supply disruption that could send prices substantially higher.

U.S. Inflation Cools in December as Core Prices Rise at Slowest Pace Since 2021

Posted on by slightbourne@noblecapitalmarkets.com

U.S. inflation showed further signs of cooling in December, offering fresh evidence that price pressures across the economy are continuing to moderate as the year comes to a close. According to the latest Consumer Price Index (CPI) report released Tuesday by the Bureau of Labor Statistics, core consumer prices rose at their slowest annual pace since March 2021, reinforcing expectations that the Federal Reserve will keep interest rates steady in the near term.

On a core basis—excluding the volatile food and energy categories—prices increased 0.2% from November and rose 2.6% compared with a year earlier. That annual reading matched November’s figure and marked the weakest pace of core inflation in nearly five years. Headline inflation, which includes all categories, rose 0.3% month over month and 2.7% year over year, in line with economists’ expectations.

While inflation remains above the Federal Reserve’s long-term 2% target, the steady downward trend over the past year has eased concerns that elevated prices could derail economic growth. Policymakers have increasingly signaled that inflation now poses less of a threat than a potential slowdown in the labor market, a view supported by recent economic data.

Economists pointed to signs that underlying inflation pressures are genuinely cooling. Stephen Brown, an economist at Capital Economics, noted that December’s softer core reading came despite some price rebounds following unusually weak data in October and November. This, he said, suggests that inflation momentum has meaningfully slowed rather than temporarily paused.

The CPI report follows last week’s December jobs data, which showed the unemployment rate pulling back from a four-year high. Together, the inflation and labor market reports have strengthened investor confidence that the Federal Reserve will leave interest rates unchanged at its January 27–28 policy meeting. Futures market data from CME Group now indicate a roughly 95% probability that rates will remain steady.

A closer look at the report revealed mixed price trends for households. Food inflation remained a notable pressure point, with food prices rising 0.7% in December, outpacing overall inflation. Five of the six major grocery store food categories posted monthly increases, including grains, dairy, fruits, and beverages. Only meat prices declined, slipping 0.2% during the month.

Offsetting some of those pressures were declines in several key core categories. Used car and truck prices fell 1.7% in December, while airline fares dropped 0.5%. Transportation services overall also declined by 0.5%, helping keep core inflation contained.

Energy prices provided additional relief. Gasoline prices plunged 5.3% in December amid falling oil prices, contributing to a 2% monthly decline in the energy index. These declines helped temper headline inflation despite higher food costs.

Nationwide chief economist Kathy Bostjancic described the report as “very encouraging,” adding that it supports expectations that lingering tariff-related pressures on goods prices will fade in 2026. As inflation continues to cool and economic growth remains resilient, markets and policymakers alike appear increasingly confident that the worst of the inflation surge is firmly in the past.

SKYX Platforms (SKYX) – Joining NVIDIA Connect

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, January 13, 2026

Patrick McCann, CFA, 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.

NVIDIA partnership elevates SKYX’s technology profile. SKYX joined the NVIDIA Connect Program, gaining access to NVIDIA’s cloud and AI ecosystem to support development of its All-In-One Smart Platform. Management described the relationship as “game-changing,” reinforcing SKYX’s positioning as a technology platform company.

The Smart Platform is designed to be the ceiling-based hub of the home. The SkyPlatform embeds connectivity, safety, and intelligence into a single ceiling-based hub, combining Wi-Fi, voice and app control, speakers, thermostat functions, emergency lighting, and safety features. The platform is designed to be compatible with leading smart assistants such as Apple’s Siri and Amazon’s Alexa, simplifying how homes adopt and manage connected technology.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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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. 

SelectQuote (SLQT) – Extended Maturities Enhances Balance Sheet Flexibility

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, January 13, 2026

Patrick McCann, CFA, 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.

Extended maturity. The company completed a comprehensive refinance that extends its primary debt maturities to January 2031, removing the prior 2027 overhang. The new $325M senior secured term loan and $90M revolver replace the legacy structure and provide a multi-year runway. We view this as a structural reset that repositions the balance sheet to be better-aligned with the company’s long-term growth strategy.

Cost of capital improvements. The new facility delivers immediate interest savings on the revolver (SOFR + 400 bps versus SOFR + 500 bps previously) and embeds a clear path to lower term-loan pricing. The term loan begins at SOFR + 650 bps, with step-downs to SOFR + 600 bps and ultimately SOFR + 550 bps as leverage and Cash EBITDA improve. Operating performance will now have the potential to directly translate into interest savings.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*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. 

ONE Group Hospitality (STKS) – Releases Preliminary 4Q and FY25 Sales Results

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, January 13, 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.

4Q25. Preliminary total GAAP revenues for 4Q25 are expected to be approximately $207 million, a 6.8% decrease from $222 million in 4Q24 and below the $223 million consensus estimate. This decline was primarily driven by RA Sushi and Kona Grill closures as part of the portfolio optimization and the change in the Company’s fiscal year. The Grill closures are expected to reduce total GAAP revenues by approximately 2.4%, representing 35% of the expected total GAAP revenue decline.

Calendar Impacts. The fiscal calendar change to 4 equal quarters in 2025 created timing differences that impacted quarterly comparisons: 4Q25 had 91 days versus 92 days in 4Q24. Additionally, the New Year’s Eve holiday shifted from fiscal 2025 to fiscal 2026. The exclusion of New Year’s Eve in the current year impacted total GAAP revenues by approximately 2.5%, representing 37% of the expected total GAAP revenue decline. Fourth quarter comparable sales are expected to decrease by approximately 1.8%.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*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. 

Kelly Services (KELYA) – Trust To Sell Controlling Stake; Kelly Adopts Shareholders Rights Plan

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, January 13, 2026

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

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.

A Surprise Sale. Yesterday morning, Kelly Services announced that last Friday, the Terence E. Adderley Revocable Trust K notified Kelly’s Board that it entered into a definitive agreement to sell its entire holding, which constitutes 92.2% of the voting Class B common stock, to a private party. In an amended Schedule 13D filing after the market closed yesterday, the buyer was identified as Hunt Equity Opportunities.

A Large Premium. Hunt is purchasing the 3,039,940 B shares held by the Trust for $106 million, or the equivalent of $34.87/sh. The B shares closed on Friday at $8.86. Historically, the A and B shares have traded in tandem, although there have been periods in which one class has outpaced the other. There is a potential $15.2 million additional payout if the market capitalization of Kelly is equal to or greater than $1.2 billion at any time over the next 48 months. The deal is expected to close by the end of January.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*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. 

Alliance Entertainment Holding (AENT) – Another Exclusive Partnership

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, January 13, 2026

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

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

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

Amazon MGM Studios partnership. Notably, on January 12, the company announced an exclusive multi-year home entertainment licensing agreement with Amazon MGM Studios Distribution. Furthermore, the partnership positions the company as the sole physical media distributor for Amazon MGM titles across DVD, Blu-ray, UHD/4K, and premium collector options in the U.S. and Canada.

Extensive catalog. Notably, Amazon MGM Studios has a number of favorable releases this year, including Fallout Season 2 and Mercy. Additionally, the new releases build on an extensive content catalog, which includes globally recognized franchises such as James Bond and Rocky, as well as several other popular titles, including The Silence of the Lambs and Legally Blonde.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*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. 

DOJ Opens Case Against Fed Chair Powell

Posted on by slightbourne@noblecapitalmarkets.com

Federal Reserve Chair Jerome Powell revealed Sunday that the U.S. Department of Justice has issued grand jury subpoenas to the Federal Reserve, opening a case that could potentially lead to a criminal indictment against him. The development marks a dramatic escalation in tensions between the central bank and the Trump administration, with Powell characterizing the move as part of an ongoing pressure campaign over interest rate policy.

According to Powell, the subpoenas are tied to his testimony before the U.S. Senate Banking Committee in June, where he addressed scrutiny surrounding cost overruns in the Federal Reserve’s headquarters renovation project. Powell has consistently disputed claims that the renovation involved luxury features or legal violations, stating that public reports and political accusations have been inaccurate and misleading.

In a recorded statement released Sunday night, Powell suggested the DOJ’s action goes beyond a factual dispute over his testimony. Instead, he framed the case as a response to the Federal Reserve’s refusal to align interest rate decisions with political demands.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public,” Powell said, “rather than following the preferences of the President.”

Powell emphasized that the issue at stake is whether monetary policy will continue to be guided by economic data and evidence, or whether it will be shaped by political pressure and intimidation. He defended his tenure at the Fed, noting that he has served under both Democratic and Republican administrations and has consistently followed the Fed’s congressional mandate to promote maximum employment and stable prices.

The DOJ subpoenas come after months of increasingly public conflict between Powell and President Trump. The president has repeatedly criticized the Fed for not cutting interest rates aggressively enough, despite the central bank beginning to ease policy in late 2025. After holding rates steady for much of the year, the Fed implemented three quarter-point rate cuts in September, October, and December, bringing the benchmark rate to a range of 3.5% to 3.75%.

The dispute has also centered on the Federal Reserve’s headquarters renovation in Washington, D.C. Trump has accused Powell of mismanagement and suggested the project’s cost ballooned to more than $3 billion — a figure Powell disputes. In July, Trump made a rare visit to the Fed’s headquarters, publicly clashing with Powell over the scope and cost of the renovations.

Powell testified to lawmakers that there were no luxury additions such as special elevators, rooftop gardens, or water features, countering allegations from administration officials that the project was “ostentatious” or unlawful.

President Trump told NBC News Sunday night that he was unaware of the DOJ probe. However, he reiterated criticism of Powell’s leadership, arguing that interest rates remain too high. When asked whether the investigation was intended to pressure the Fed, Trump denied the suggestion.

Market analysts warn that the case could have broader implications. Krishna Guha of Evercore ISI described the situation as an unprecedented confrontation, noting that how policymakers, investors, and Congress respond could determine whether Federal Reserve independence remains firmly protected.

The Justice Department has not publicly commented on the subpoenas. For now, Powell says he intends to continue leading the central bank as confirmed by the Senate, warning that the use of criminal investigations in monetary policy disputes could undermine institutional credibility.

“Public service sometimes requires standing firm in the face of threats,” Powell said, as the case places the Fed at the center of a historic legal and political clash.