ONE Group Hospitality (STKS) – Third Quarter Results


Monday, November 10, 2025

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. Third quarter results were below expectations as operations were impacted by factors that temporarily reduced traffic in certain markets. Rising commodity costs outpaced pricing adjustments, impacting margins. The Benihana integration continues to exceed management expectations, and the new Benihana prototype is delivering strong results.

3Q25 Results. Revenue was $180.2 million, down from $194 million in 3Q24 and our $193.5 million estimate. Adjusted EBITDA totaled $10.6 million, down from $14.9 million in 3Q24 and below our $17.6 million estimate. ONE Group reported a GAAP loss of $85.3 million, or a loss of $2.75/sh, versus a loss of $16.4 million, or $0.53/sh last year.


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MariMed Inc (MRMD) – Implementing the Expand the Brand Strategy


Monday, November 10, 2025

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.

Brand Strength. To illustrate the strength of MariMed’s brands, during the quarter in Illinois, the Company experienced a 23% sequential sales increase despite sales being down statewide 1.5%, according to Hoodie. In Massachusetts, MariMed sales increased 5% sequentially, compared to a 2% decline in the state, again according to Hoodie.

Wholesale. In terms of Wholesale, MariMed has achieved 75% penetration across all of its markets, excluding Missouri, leaving significant white space for future growth. The next step is to increase the breadth of relationship with customers, garnering additional shelf space for MariMed product.


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Kelly Services (KELYA) – A Miss, But Some Positives


Monday, November 10, 2025

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.

Overview. Kelly reported 3Q25 results below expectations, even after scrubbing away a number of one-time events. Lower demand from the federal government and a few large customers negatively impacted results. Nonetheless, Kelly continued to capture growth in certain markets. 

3Q25 Results. 3Q25 revenue fell 9.9% to $935 million from $1.04 billion last year. Consensus was $973 million, and we were at $975 million. Adjusted EBITDA was $16.5 million, or a 1.9% margin, compared to $26.2 million, or a 2,5% margin, in 3Q24. Consensus was $33 million, and we were at $33.5 million. Adjusted EPS was $0.18 vs $0.21 last year. Consensus was $0.42, we were at $0.45.


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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. 

FAT Brands (FAT) – Third Quarter Results


Monday, November 10, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.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.

Overview. While the restaurant industry continues to face headwinds, FAT Brands did see some positives from the operating side. Most encouraging is the momentum in same-store sales performance. The Company narrowed the SSS decline to just 3.5%, down from 4.2% in the second quarter, representing the strongest quarterly performance so far this year.

3Q25 Financials. Quarterly revenue totaled $140 million, a 2.3% decrease from $143.4 million in last year’s quarter. The decline was driven primarily by the closure of 11 underperforming Smokey Bones locations as planned. Adjusted EBITDA was $13.1 million, compared to $14.1 million a year ago. The Company reported a GAAP net loss of $58.2 million versus a net loss of $44.8 million a year ago. Adjusted net loss was $45.4 million, or $2.67/sh, compared to adjusted net loss of $38.0 million, or $2.34/sh, in 3Q24.


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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. 

E.W. Scripps (SSP) – Standing Tall Among Its Peers


Monday, November 10, 2025

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

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.

Q3 Core outperforms peers. Core advertising increased 2%, outperforming its peers, which on average declined 2% in the quarter. In addition, the company overachieved adj. EBITDA on better than expected expense savings on employee costs across both operating segments. 

Q4 core outlook outperforms peers as well. Management guided core advertising to increase 10% in Q4, significantly better than its peers, with most guiding flat to down as much as 5%. The biggest disappointment is in its Scripps Networks division, with Q4 revenues guided down low double-digits, impacted by the absence of Political and Medicare enrollment advertising due to the government shutdown. 


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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. 

CoreCivic, Inc. (CXW) – Attractive Risk/Reward Opportunity


Monday, November 10, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.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.

Overview. With four new contracts during the quarter, CoreCivic made substantial progress in contracting to use a significant portion of its idle facility capacity in the quarter. The four new contracts effective in the third quarter are expected to generate approximately $320 million of annual revenue once the facilities achieve stabilized occupancy. Notably, CoreCivic’s detention populations and revenues have been unaffected by the government shutdown.

3Q25 Results. Revenue of $580.4 million rose 18.1% y-o-y, driven by increased populations. We were at $550 million. CoreCivic recorded adjusted EBITDA of $88.8 million, up 6.6% y-o-y, but slightly below our $91.8 million estimate. Adjusted EPS was $0.24, up 26.3% y-o-y and in-line with our $0.27 estimate. Normalized FFO was $0.48, up 11.6% y-o-y and in-line with our $0.48 estimate.


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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. 

Bit Digital (BTBT) – Monthly Ethereum Metrics


Monday, November 10, 2025

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.

Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of October 2025. As of October 31, 2025, the Company held approximately 153,547 ETH, versus 121,187 ETH at the end of September. Included in the ETH holdings were approximately 15,139 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,132 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 10/31/25. The Company’s total staked ETH was approximately 132,480 as of October 31st.

Yield and Value. Staking operations generated approximately 249 ETH in rewards during October, representing an annualized yield of approximately 2.93%. Based on a closing ETH price of $3,845.79, as of October 31, 2025, the market value of the Company’s ETH holdings was approximately $590.5 million.


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Rumble to Acquire Northern Data in Major AI Infrastructure Expansion

Rumble Inc. announced plans to acquire Northern Data AG, a European leader in artificial intelligence and high-performance computing infrastructure, marking a transformative moment for the company’s growing cloud division. The agreement represents a bold step in Rumble’s “Freedom-First” vision—an initiative centered on building technology that prioritizes privacy, independence, and resilience over centralized control.

Under the terms of the deal, Rumble will launch a voluntary public exchange offer to Northern Data shareholders, granting them newly issued Rumble shares in return. Once completed, the transaction will give Rumble access to one of Europe’s largest GPU fleets—approximately 22,000 Nvidia units, including the latest H100 and H200 chips—and a globally distributed network of data centers. This infusion of infrastructure will allow Rumble to expand its cloud services dramatically while strengthening its foothold in the global AI ecosystem.

The acquisition also accelerates Rumble’s international growth strategy, extending its reach beyond North America into major European markets such as Germany, Sweden, Norway, Portugal, the Netherlands, and the United Kingdom. Northern Data’s energy-efficient data centers and liquid-cooled GPU technology will provide Rumble with a strong foundation to compete in high-performance computing and AI training at scale.

A major backer of the deal is Tether, which made a $775 million strategic investment in Rumble earlier this year. Tether’s continued involvement underscores the growing alignment between decentralized finance and digital infrastructure, and the company is expected to serve as a key customer following the transaction’s completion. Together, Rumble, Northern Data, and Tether aim to form a vertically integrated AI ecosystem designed to challenge the dominance of established technology giants.

In addition to its infrastructure assets, Northern Data brings expertise in managing complex compute operations and optimizing power efficiency—critical advantages as demand for GPU-based AI processing surges worldwide. The company’s Maysville, Georgia facility alone is expected to deliver up to 180 megawatts of capacity once complete, contributing significantly to Rumble’s total data center output.

Beyond scaling capacity, Rumble expects the acquisition to fuel innovation across its video, creator, and advertising businesses. Access to advanced AI hardware will accelerate the company’s efforts to integrate machine learning into content delivery, recommendation systems, and advertising solutions. The move also supports Rumble’s broader ambition to develop complementary services such as AI chatbots, cloud productivity tools, and financial applications under the Rumble Wallet brand.

The exchange offer is expected to close in the second quarter of 2026, pending regulatory approvals. Northern Data shareholders will own roughly 30% of the combined company after the transaction, reflecting the strategic significance of the merger. Once finalized, Northern Data plans to delist its shares, with no separate offer required since it is not traded on a regulated market.

For Rumble, the acquisition represents far more than an infrastructure upgrade—it signals an intent to redefine how technology infrastructure is built and governed. By merging AI computing power, distributed data networks, and financial independence, the company aims to create a sustainable foundation for a new era of digital freedom.

Bitcoin Slides 20% From Record High as Market Faces Correction Pressure

Bitcoin prices are facing their sharpest correction in months, with the cryptocurrency falling nearly 20% from its record high above $126,000 in early October. After briefly slipping below the key $100,000 threshold, Bitcoin is now trading near its lowest level in six months, leaving investors wondering whether the current downturn signals a temporary pullback or the start of a longer bear phase.

Analysts point to a combination of factors driving the decline, including profit-taking by early adopters and large-scale liquidations of leveraged positions. Data from Compass Point shows that long-term holders have sold more than 1 million Bitcoin since late June, marking one of the most significant waves of distribution in recent history. The selloff has weakened key support levels around $117,000 and $112,000, triggering stop-loss cascades and forcing many leveraged traders to unwind positions.

Market strategists caution that sentiment remains fragile. Markus Thielen of 10X Research noted that Bitcoin has failed to reclaim previous support zones, suggesting that the market may still have room to correct further before finding stability. According to Thielen, the next few weeks could be pivotal as investors reassess risk amid tightening liquidity and shifting macroeconomic dynamics. His firm warns that a drop below $93,000 could open the door to deeper losses, potentially testing the $70,000 level if liquidation pressures intensify.

The broader macro backdrop has also turned less favorable. The U.S. dollar has staged a rebound in recent weeks, exerting downward pressure on risk assets, including cryptocurrencies. Historically, Bitcoin tends to struggle when the dollar strengthens, as it reduces international purchasing power and dampens speculative demand. Additionally, the ongoing U.S. government shutdown has tightened liquidity conditions across financial markets, further weighing on investor sentiment.

Still, not all analysts are pessimistic. Some see this correction as a healthy reset in a long-term uptrend that remains intact. JPMorgan recently suggested that much of the forced deleveraging that triggered October’s decline has already played out. The bank’s analysts argue that rising volatility in gold has made Bitcoin relatively more attractive to investors seeking alternative stores of value. Their projections suggest Bitcoin could rebound to as high as $170,000 over the next 6 to 12 months, especially if market confidence stabilizes and macro conditions improve.

Potential catalysts could come from the policy side. A possible Federal Reserve rate cut in December and speculation about a more dovish leadership change when Chair Jerome Powell’s term expires in May could inject new optimism into markets. Similarly, the eventual resolution of the government shutdown may bring renewed liquidity into the system, which some believe could spill over into digital assets.

For now, the crypto market remains caught between optimism about long-term adoption and the short-term realities of profit-taking and tightening liquidity. While Bitcoin’s resilience near the $100,000 mark shows that investor interest remains strong, the coming weeks will likely determine whether this pullback marks a buying opportunity or the start of a more prolonged consolidation phase.

Consumer Sentiment Falls to Three-Year Low as Shutdown Weighs on U.S. Economy

Consumer confidence in the United States has dropped to its lowest level in three years as the ongoing government shutdown weighs heavily on Americans’ views of the economy and their own financial situations. The University of Michigan’s preliminary consumer sentiment index for November fell to 50.3, marking a six percent decline from October and nearly a 30 percent decrease compared to the same month last year.

The latest reading reflects widespread unease among households. Many are increasingly worried about the effects of the prolonged government shutdown, which has now stretched past a month and become the longest in U.S. history. The shutdown has disrupted access to key government data on inflation, employment, and growth, leaving businesses and consumers uncertain about the true state of the economy.

Without fresh official data, Americans are relying on private reports that paint a concerning picture. Job cuts have surged, and labor market conditions appear to be softening. A report from Challenger, Gray & Christmas indicated that October saw the highest number of announced layoffs in more than two decades. Job openings have slowed, and many unemployed workers are finding it harder to secure new positions. Together, these trends suggest that confidence in the labor market is fading.

The decline in sentiment is not evenly spread across the population. Wealthier households, particularly those with large stock portfolios, remain more optimistic thanks to record highs in the equity markets. This contrast highlights the widening gap between those benefiting from strong financial markets and those struggling with everyday costs. The result is a divided economic landscape where prosperity is unevenly distributed, reinforcing the perception of a two-speed economy.

For most Americans, persistent inflation, higher interest rates, and the uncertainty caused by the shutdown are combining to erode financial stability. Even though inflation has eased from last year’s highs, the prices of essential goods and services remain well above pre-pandemic levels. Meanwhile, delays in government services such as Social Security payments and student loan processing are adding frustration and stress to households already under pressure.

The timing of this drop in confidence is particularly concerning as the country heads into the holiday shopping season. Consumer spending drives much of the U.S. economy, and a downturn in sentiment could translate into weaker retail sales. Businesses that rely on end-of-year spending may face slower demand if consumers choose to save rather than spend amid the growing uncertainty.

Economists warn that if the shutdown continues and confidence remains weak, growth could slow in the early months of 2026. The longer the political stalemate drags on, the greater the risk of long-term damage to household finances and business activity.

Overall, the latest sentiment data suggests that Americans are growing increasingly uneasy about both their personal finances and the broader economy. Until the government resolves the shutdown and restores a sense of stability, confidence is likely to remain depressed and the economic recovery may continue to lose momentum.

SelectQuote (SLQT) – Brief Pharmacy Disruption, Trajectory Intact


Friday, November 07, 2025

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.

Mixed Fiscal Q1 results. SelectQuote reported Q1 revenue of $328.8 million, above our estimate of $310.0 million. Adj. EBITDA loss of $32.1 million was slightly wider than expected due to temporary pharmacy reimbursement headwinds. Overall, results showed resilient topline growth despite short-term margin pressure, reflecting solid execution across Healthcare Services and Senior segments in a seasonally lighter quarter.

Healthcare Services headwind. Lower reimbursement rates from one pharmacy benefit manager impacted both revenue and margins in Healthcare Services in the quarter. The reimbursement adjustment, tied to the PBM’s calendar-year 2025 pricing update, will continue through fiscal Q2, when management expects segment adj. EBITDA to reach breakeven before normalizing in the second half.


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Saga Communications (SGA) – Business Stabilizes In Q3


Friday, November 07, 2025

Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.

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.

In-line quarter. Third quarter revenue of $28.2 million was in line with our $28.3 million estimate, representing a modest 1.8% decline against a Political advertising infused prior year period. Adj. EBITDA, excluding an extraordinary music licensing settlement expense, was $3.3 million, in line with our $3.4 million estimate as illustrated in Figure #1 Q3 Results. 

Q3 revenues stabilize. Excluding Political advertising, the strength in Digital advertising more than offset the weakness in its core broadcast advertising. Digital advertising was up roughly 40% in the quarter. Management stated that Digital advertising continues with strong momentum into the fourth quarter, pacing a strong 32%. 


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Ocugen (OCGN) – Clinical and Regulatory Milestones Are On or Ahead Of Expectations


Friday, November 07, 2025

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.

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

Ocugen Reports 3Q25 With Milestones For FY2026. Ocugen reported a 3Q25 loss of $20.1 million or $(0.07) per share and gave updates on its clinical programs. Importantly, all three clinical trials are meeting or beating our expectations for progress toward the BLA filings. We continue to expect “3 filings in 3 years”, with the first approval in mid-2027.

OCU400 Expected To Start Rolling BLA Filing In 1H26. OCU400 received RMAT designation from the FDA, allowing portions of the BLA to be submitted as they are completed rather than waiting to submit the entire BLA at once. The non-clinical portions are planned for submission in early 2026, with clinical trial data submitted in 4Q26. This should start the FDA review earlier and allow for approval in mid-2027.


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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.