slightbourne@noblecapitalmarkets.com, Author at Channelchek

Figma Skyrockets 242% in IPO Debut, Hits $55 Billion Market Cap

Posted on August 1, 2025August 1, 2025 by slightbourne@noblecapitalmarkets.com

Key Points:
– Figma’s IPO surged 242%, pushing its market cap near $55B.
– AI-powered tools, 46% revenue growth, and strong margins fuel investor demand.
– CEO Dylan Field retains control and eyes future expansion, including M&A.

Figma Inc. stunned Wall Street on Thursday with a meteoric debut on the New York Stock Exchange, soaring 242% above its IPO price and closing in on a $55 billion valuation. The design software company raised $1.2 billion in its offering, marking one of the most explosive IPO launches in recent tech history.

Shares opened at $33 but quickly surged to over $112 before being halted twice for volatility. Demand was extraordinary—the IPO was more than 40 times oversubscribed, with many institutional investors receiving no allocation. The excitement vaulted Figma’s valuation well past the $20 billion figure from its canceled merger with Adobe in 2023, which had been derailed by regulatory scrutiny.

Founded in 2012 by Dylan Field and Evan Wallace, Figma has revolutionized web-based design tools, offering real-time collaboration across browsers. Over time, the platform has evolved beyond interface design to support development workflows, workplace collaboration, and, more recently, AI-driven prototyping. Its latest tool, Figma Make, turns user prompts into functioning design prototypes using artificial intelligence.

The IPO included 12.47 million shares sold by the company, while major early investors like Index Ventures and Greylock Partners offloaded 24.46 million shares. Based on the last trading price before halts, Figma’s fully diluted valuation—including employee stock options—exceeds $65 billion.

CEO Dylan Field, who controls over 74% of the company’s voting power through Class B shares, now holds a stake worth nearly $4.9 billion. His recently awarded 10-year “moon-shot” compensation package begins to vest only if the stock maintains a 60-day average above $60. At current prices, he’s well on his way to surpassing even the highest $130 performance hurdle.

Figma’s first-quarter performance was impressive, with 46% year-over-year revenue growth and a net income of $44.9 million on $228 million in revenue. Despite a full-year net loss of $732 million in 2024—largely due to increased R&D and expansion efforts—its 92% gross margin puts it ahead of many of its SaaS peers, giving it ample runway for aggressive growth.

With its public debut, Figma signals a revival in the IPO market, becoming the first major U.S. software company to go public since SailPoint in early 2025. Its successful auction-style order-taking process and investor enthusiasm are seen as green lights for other venture-backed tech firms contemplating IPOs this year.

As Figma eyes expansion, Field says M&A is on the table—but only if the team and culture align. “We’re just getting started,” he noted, emphasizing that public listing is not the end goal but a launchpad for broader ambitions.

The company now trades under the ticker symbol FIG on the NYSE. With demand red-hot and the AI design space heating up, Figma’s future appears as sharply defined as the interfaces it helps bring to life.

Microsoft Joins $4 Trillion Club After Blockbuster Earnings

Posted on July 31, 2025July 31, 2025 by slightbourne@noblecapitalmarkets.com

Key Points:
– Microsoft surpasses $4 trillion in market cap after strong earnings and $75B Azure revenue.
– Azure’s 34% growth highlights Microsoft’s central role in cloud and AI.
– Tech rally continues as Nvidia, Meta, and Microsoft drive markets to new highs.

Microsoft has officially joined Nvidia in the exclusive $4 trillion market cap club, marking a historic milestone for the software giant and underlining the tech sector’s relentless momentum in 2025. Shares surged over 5% following a robust earnings report, which included impressive revenue growth and a major new disclosure: Azure, Microsoft’s cloud platform, generated more than $75 billion in annual revenue—a 34% jump year-over-year.

This leap not only reflects the growing dominance of cloud computing, but also Microsoft’s deepening foothold in artificial intelligence. Azure has become the backbone for countless AI tools and large language models developed by Microsoft, OpenAI, and other industry titans. It’s the first time Microsoft has reported Azure’s revenue in dollar terms, a move that underscores confidence in its scale and transparency.

Microsoft now joins Nvidia, which crossed the $4 trillion threshold earlier this month, as the top two performers on the tech leaderboard. The rise of both companies has displaced Apple from its long-standing top spot. Apple currently holds a market cap around $3.2 trillion, weighed down by concerns that it’s lagging in AI innovation—a stark contrast to the explosive growth seen at Microsoft and Nvidia.

The earnings report revealed Microsoft’s fastest revenue growth in over three years, up 18%, fueled largely by AI-integrated services across its ecosystem—from Azure to Copilot. This momentum helped push the Nasdaq and S&P 500 to fresh record highs, with Microsoft and Meta among the day’s biggest gainers.

Investor confidence in Microsoft is also riding high as the broader AI boom reshapes the market. Microsoft’s strategic investments and partnerships in generative AI, including its alliance with OpenAI, continue to pay dividends. The company is widely seen as a foundational player in AI infrastructure, not just through its software, but via the massive cloud computing power needed to support this new wave of intelligence-driven applications.

Meanwhile, Nvidia remains the biggest hardware beneficiary of the AI surge. Its GPUs power the vast majority of AI models and cloud-based inference engines, including those used by Microsoft. The synergy between the two companies has made them central pillars of this new technological era, where compute power and software intelligence go hand-in-hand.

The broader tech rally was also fueled by Meta, which saw its shares jump over 11% on strong earnings and guidance. The “Magnificent Seven” mega-cap tech firms continue to dominate market headlines and investor portfolios, with Microsoft and Nvidia at the forefront of this reshaping.

Looking ahead, Microsoft’s strong positioning in AI, continued cloud growth, and investor optimism could drive further gains. With tech still attracting the bulk of growth capital, and AI becoming more embedded in daily life and business, Microsoft’s $4 trillion valuation may just be the beginning of a new market era.

MustGrow Biologics Corp. (MGROF) – An Offering and Other Changes to Capital Structure

Posted on July 31, 2025July 31, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, July 31, 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.

Capital Structure. MustGrow announced a series of changes to be made to its capital structure including (i) a non-brokered private placement of up to 4,285,715 units of the Company (ii) the proposed repricing of outstanding share purchase warrants issued pursuant to its January 16, 2025 private placement and (iii) its intention to offer shares for debt settlement to all holders of unsecured convertible debentures issued pursuant to its January 16, 2025 private placement.

“LIFE” Offering. The 4,285,715 units will be offered at a price of CAD$0.70 per unit for gross proceeds of up to $3.0 million. Each unit will consist of one common share and one common share purchase warrant exercisable for 60 months at an exercise price of $0.90 per warrant. Net proceeds will be used for inventory production of TerraSante, inventory for agricultural products to sell via its Canadian distribution platform, NexusBioAg, and working capital and general corporate purposes.

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.

FAT Brands (FAT) – Reports 2Q25 Results

Posted on July 31, 2025July 31, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, July 31, 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.

2Q25 Results. Revenue of $146.8 million declined 3.4% y-o-y, but was above our $141 million estimate. The revenue decline was driven by a decrease in restaurant revenue resulting from the closure of five underperforming Smokey Bones locations, the temporary closure of one Smokey Bones location for conversion into a Twin Peaks lodge, and lower same-store sales, partially offset by the opening of new Twin Peaks lodges. FAT Brands reported a net loss of $54.2 million, or a loss of $3.17/sh, compared to a net loss of $39.4 million, or a loss of $2.43/sh, last year. We had projected a net loss of $46 million or a loss of $2.56/sh.

Pipeline and Openings. The development pipeline remains robust with roughly 1,000 signed deals. Eighteen new locations opened during the quarter, with FAT Brands well positioned to see 100 locations open in 2025. The opening of new locations will help drive go-forward adjusted EBITDA for the Company.

Get the Full Report

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

Eledon Pharmaceuticals (ELDN) – Abstract From A Single Patient Is Not A Safety Concern

Posted on July 31, 2025July 31, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, July 31, 2025

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.

We Look Forward To Data At The World Transplant Congress. Eledon is scheduled to present interim data from its Phase 1b study at the World Transplant Congress (WTC), to be held August 2 to 6. We have also seen an abstract discussing a single patient in the Phase 2 BESTOW trial that had an unrelated fungal infection. While we do not consider the abstract to be significant, it may have raised safety concerns for investors.

WTC Abstract From One Patient May Have Been Misinterpreted. The abstract discusses “a unique case of pulmonary mucomycosis” in a patient enrolled in the Phase 2 BESTOW trial. Four weeks after receiving a kidney transplant and the tegoprubart regimen, he developed fever due to a rare fungal infection that was treated and resolved. “The patient remained on tegoprubart infusions and showed evidence of clinical improvement, without evidence of rejection or infection at follow-up visits”, stated the abstract.

Get the Full Report

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

Aurania Resources (AUIAF) – Promising Target Zone Identified at the Awacha Copper Target

Posted on July 31, 2025July 31, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, July 31, 2025

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.

Mapping program at Awacha. In 2024, an Anaconda-style mapping program was completed over a 17-square kilometer area at the Awacha porphyry copper target in Ecuador. A total of more than 2,200 outcrops were studied and described by field geologists and subsequently compiled into a database. Interpretation of the data was finalized in early June, and the company engaged porphyry copper expert Dr. Steve Garwin to review the mapping data and identify the most promising porphyry targets in the Awacha area. Dr. Garwin has been associated with several major discoveries, including the Alpala porphyry copper-gold deposit at the Cascabel project in Ecuador.

Large zone of interest. Following the mapping program, a large zone of hydrothermal alteration that is greater than six kilometers by four kilometers was revealed during a review and interpretation of the data. The area of interest, coincident with magnetic and conductive anomalies that indicate the potential for porphyry mineralization, warrants additional field work to refine hole locations for a future drill program.

Get the Full Report

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

Divided Federal Reserve Stands Firm on Rates Despite Trump Pressure

Posted on July 31, 2025July 31, 2025 by slightbourne@noblecapitalmarkets.com

Key Points:
– The Fed kept interest rates steady at 4.25%–4.5% for the fifth time in a row, signaling ongoing caution.
– Governors Waller and Bowman dissented, citing concern over employment and downplaying inflation risks.
– Trump intensified public pressure on the Fed, demanding steep rate cuts ahead of the September meeting.

The Federal Reserve voted once again to hold interest rates steady, maintaining its benchmark range at 4.25% to 4.5% for the fifth consecutive meeting. The decision, made despite visible pressure from President Trump, revealed growing internal division among Fed leadership. Two of the central bank’s governors, Christopher Waller and Michelle Bowman—both Trump appointees—dissented, calling for a quarter-point rate cut. Their disagreement marks the first time in over 30 years that two sitting Fed governors have opposed a monetary policy decision.

The Fed’s decision underscores a delicate balancing act as it navigates slowing economic growth, sticky inflation, and intensifying political scrutiny. While GDP rebounded to 3% in the second quarter—after contracting by 0.5% in the first quarter—much of that surge was attributed to importers rushing to beat new Trump-imposed tariffs. Policymakers downgraded their economic outlook, describing growth as having “moderated,” a step down from June’s “solid” assessment.

Still, the labor market remains resilient. Fed officials reiterated their view of job growth as “solid,” even as they acknowledged inflation remains “somewhat elevated.” That language signals continued caution as the central bank tries to determine the longer-term effects of trade policy on consumer prices and employment.

The political pressure from the White House, however, is intensifying. President Trump, who has long pushed for lower rates to stimulate borrowing and reduce debt costs, called for a three-point rate cut just hours before the Fed’s latest announcement. He accused Fed Chair Jerome Powell of being too slow, saying, “Too late. Must now lower the rate.”

This public campaign has added to tensions between the executive branch and the Fed, raising concerns over the independence of the central bank. Powell has so far maintained a measured tone, calling for patience and more data before making any policy changes. Traders now expect the first rate cut to come in September, contingent on upcoming inflation and employment reports.

The dissent from Waller and Bowman highlights the philosophical divide within the Fed. Both argue that the inflationary impact of tariffs is likely temporary and should not delay monetary easing. Waller insists that trade-induced price spikes are one-offs, and that monetary policy should prioritize employment. Bowman, who previously voted against rate cuts over inflation concerns, now believes downside risks to jobs may outweigh inflation threats.

Meanwhile, Trump’s rhetoric around Powell has continued, even as he pulled back from directly threatening to fire the Fed chair. In a recent public appearance, he labeled Powell’s renovation of the Fed’s Washington, D.C. headquarters a wasteful project and questioned the chair’s leadership.

Looking ahead, the Fed faces mounting political and institutional pressure. GOP lawmakers are pushing for investigations and possible legislative changes to the Fed’s mandate. While immediate changes to the Federal Reserve Act remain unlikely, the calls for internal reviews and oversight reflect growing skepticism from Capitol Hill.

As inflation trends cool and political heat rises, the Fed’s upcoming September meeting may become a turning point. Until then, the central bank remains caught between data-driven caution and an administration demanding urgency.

10-Year Treasury Yield Climbs After Strong GDP Data as Fed Decision Looms

Posted on July 30, 2025July 30, 2025 by slightbourne@noblecapitalmarkets.com

U.S. Treasury yields rose on Wednesday as stronger-than-expected economic growth reinforced expectations that the Federal Reserve will maintain its current interest rate stance, even amid growing political pressure and global market sensitivities.

The benchmark 10-year Treasury yield climbed to 4.368%, reflecting rising investor confidence in the strength of the U.S. economy. The 2-year and 30-year yields also increased, closing at 3.904% and 4.904%, respectively. The moves followed a sharp rebound in second-quarter GDP, which showed the economy growing at an annualized rate of 3% — well above forecasts and reversing a 0.5% decline from the first quarter.

This robust data supports the case for keeping rates steady, at least in the near term, as the Federal Reserve continues to weigh inflation trends, labor market resilience, and long-term growth prospects. The Fed is widely expected to hold its benchmark interest rate between 4.25% and 4.5% during today’s announcement, but all eyes are on Chair Jerome Powell’s comments for insight into what comes next.

Adding complexity to the current environment is an ongoing effort by former President Donald Trump to pressure the Fed into lowering interest rates. Trump has criticized Powell’s leadership and floated the idea of replacing him in a potential second term. Despite this political noise, bond markets appear to be looking past the rhetoric, focusing instead on macroeconomic fundamentals. The continued rise in the 10-year yield suggests investors believe any leadership changes at the Fed would have little immediate impact on market direction.

Moreover, foreign holders of U.S. Treasuries could react to political instability or aggressive fiscal policy by offloading U.S. debt. This would push yields even higher, particularly if confidence in long-term economic or monetary policy erodes. The bond market’s sensitivity to global sentiment means that political pressure campaigns are unlikely to meaningfully influence interest rates without broader structural changes.

Adding further pressure is the threat of new tariffs, a cornerstone of Trump’s proposed economic agenda. Tariffs on imported goods would likely raise costs across the board, fueling inflation and reducing purchasing power domestically. As the U.S. imports many essential goods, any significant tariffs would shift costs onto consumers and businesses. This could complicate the Fed’s effort to keep core inflation within its 2% to 2.5% target range and delay any potential interest rate cuts.

For now, financial markets are signaling confidence in the Fed’s ability to manage the current environment, even if political rhetoric intensifies. Investors appear to be aligning their expectations with strong economic indicators and current inflation data rather than political speculation.

As the Federal Reserve’s decision looms, the upward movement in Treasury yields reflects not just optimism about U.S. growth, but also a more complex web of factors — from global capital flows and inflation expectations to political interference and international trade risks. The road ahead for monetary policy remains uncertain, but the market’s message is clear: economic fundamentals, not politics, will drive yields.

Graham (GHM) – $25.5 Million Follow-on Order

Posted on July 30, 2025July 30, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, July 30, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

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.

Follow-on Order. Yesterday, Graham Corporation announced the Company was awarded a follow-on order to produce critical hardware for the MK48 Mod 7 Heavyweight torpedo program. This was a sole sourced award. Graham typically receives an annual order for this program once funding is approved for the current year’s supply.

MK48 Program. The follow-on order is valued at approximately $25.5 million. Graham manufactures and tests the alternators and regulators for the MK48 Mod 7 Heavyweight torpedo through its Barber-Nichols subsidiary. We believe there are two more option years remaining under the current program in which 50-120 MK 48s are produced annually.

Get the Full Report

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

Alliance Resource Partners (ARLP) – Solid Second Quarter Performance; Cash Flow Profile Remains Attractive

Posted on July 30, 2025July 30, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, July 30, 2025

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.

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.

Second quarter financial results. Alliance reported second quarter adjusted EBITDA and earnings per unit (EPU) of $161.9 million and $0.46, respectively, compared to $181.4 million and $0.77 during the prior year period. We had projected EBITDA and EPU of $159.8 million and $0.57. Reported earnings per unit include a $25 million non-cash impairment charge. Total revenue amounted to $547.5 million compared to $593.4 million during the prior year period and our $577.4 million estimate. The variance compared to our revenue estimate was largely due to lower coal sales.

Outlook for the remainder of 2025 and 2026. Management increased the top end of 2025 coal tonnage sales guidance, kept overall coal sales price expectations intact, and lowered guidance for segment adjusted EBITDA expense per ton sold. Notably, oil and gas royalty volume expectations were increased, while segment adjusted EBITDA expense as a percentage of oil and gas royalty revenues was decreased to 14% from 15%. While management expects the average coal sales price per ton to trend lower in 2026 due to higher-priced contracts rolling off, longwall moves in 2025 and actions to improve productivity and cost effectiveness are expected to offset the impact of lower prices.

Get the Full Report

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

FAT Brands (FAT) – Charges Dropped

Posted on July 30, 2025July 30, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, July 30, 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.

Charges Dropped. Last night, FAT Brands announced that the United States Attorney for the Central District of California has filed a motion to dismiss all charges against Andrew Wiederhorn, FAT Brands, Rebecca Hershinger, and William Amon. This is a major development in our view, not only removing significant ongoing related legal fees for FAT Brands, but also any lingering reputational risk investors may have had related to the action. It remains to be seen if last night’s action will result in a similar favorable resolution to the SEC civil action.

Background. The original charges from the U.S. District Attorney were filed back in May 2024, while, simultaneously, the SEC filed a civil complaint accusing Mr. Wiederhorn of using FAT cash to fund his lifestyle, while falsely telling the Company’s auditors, Board of Directors, and investors that neither he nor his family members had any direct or indirect material interest in the FAT cash used by Mr. Wiederhorn for personal expenditures.

Get the Full Report

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

CyberArk Shares Soar as Palo Alto Networks Eyes $20 Billion+ Acquisition

Posted on July 30, 2025July 30, 2025 by slightbourne@noblecapitalmarkets.com

In a potential seismic shift in the cybersecurity landscape, shares of CyberArk soared by as much as 18% Tuesday following reports that Palo Alto Networks is in advanced talks to acquire the identity security firm in a deal exceeding $20 billion.

The reported deal, first published by The Wall Street Journal, would mark Palo Alto Networks’ largest acquisition to date, far surpassing its recent spree of cybersecurity buys and signaling a bold bet on the future of identity and cloud security. With a current market cap hovering around $132 billion, Palo Alto has emerged as the dominant force in the cybersecurity space, and a tie-up with CyberArk would only cement that leadership.

CEO Nikesh Arora, who took the helm at Palo Alto in 2018, has aggressively expanded the company’s portfolio in recent years, recently closing its purchase of Protect AI and acquiring Talon Cyber Security, Dig Security, and Zycada Networks in 2023. But a CyberArk deal would be in a league of its own — both in terms of size and strategic value.

CyberArk, based in Israel, specializes in identity management solutions — helping enterprises secure login credentials, privileged access, and sensitive systems. Its technologies are especially relevant in a business environment increasingly shaped by AI acceleration, cloud-first infrastructure, and a rising tide of ransomware threats. The company’s growth has reflected this demand: CyberArk’s first-quarter revenue jumped 43% year-over-year to $318 million, delivering $11.5 million in net income. Its stock has now climbed 29% in 2025, building on a 52% gain in 2024, and recently hit a record high.

Competition in the identity security space remains fierce, with Microsoft, Okta, IBM’s HashiCorp, and SailPoint all vying for enterprise customers. But CyberArk’s consistent performance and deep enterprise integration have made it a standout — and an attractive acquisition target.

As news of the potential deal broke, Palo Alto’s stock dipped 3.5%, likely due to investor concerns over the price tag and dilution. Still, the company’s shares are up nearly 9% year-to-date, reflecting continued confidence in its growth trajectory.

The possible merger comes amid a flurry of mega-deals in the cybersecurity sector. In March, Google announced its largest acquisition ever — a $32 billion purchase of cloud security firm Wiz. Similarly, Cisco shook the market in 2023 by acquiring Splunk for $28 billion, marking its biggest bet on data and threat intelligence tools.

While neither Palo Alto Networks nor CyberArk has officially commented on the acquisition rumors, industry observers suggest that the deal, if finalized, could redefine the competitive map for identity and cloud security in a rapidly evolving threat landscape.

Hiring Hits 7-Month Low as Fed Eyes Soft Landing

Posted on July 29, 2025July 29, 2025 by slightbourne@noblecapitalmarkets.com

Key Points:
– Job openings and hiring rates declined in June, pointing to a cooling labor market.
– Slower labor momentum may support interest rate cuts, benefiting small-cap stocks.
– Wage and recruitment pressure may ease for lean growth-stage companies.

U.S. job openings and hiring took a step back in June, signaling a potential shift in the labor market that middle-market investors should watch closely — not fear. According to the Bureau of Labor Statistics, job openings slid to 7.44 million, while hiring dipped to 5.2 million, the lowest level seen since November 2024.

While the headlines suggest cooling momentum, the broader story may hold more nuanced opportunities, especially for investors focused on small and micro-cap companies. A slower labor market, in combination with steady inflation data, could strengthen the case for the Federal Reserve to hold — or even cut — interest rates in the coming months. That shift would support capital access and investor appetite for growth-stage businesses that have been squeezed by tight monetary policy.

Though hiring dipped, layoffs remain notably low, and the quits rate — a proxy for worker confidence — held steady at 2%. Economists are describing this as a market in “stasis,” but for long-term investors, the pause could be a prelude to renewed acceleration.

For small-cap companies, especially those in labor-sensitive sectors like retail, logistics, and light manufacturing, a cooling hiring pace may relieve wage pressure and improve margins. It also puts less strain on recruitment, potentially helping leaner firms maintain productivity without costly hiring sprees.

Meanwhile, private sector ADP data revealed a loss of 33,000 jobs in June — the first negative reading since March 2023 — and consumer confidence continues to weaken. Yet, this cooling sentiment could signal that wage inflation, a concern for the Fed, is abating. Should that trend continue, it strengthens the case for interest rate cuts by year-end — a move that historically benefits risk assets and small-cap equities more than their large-cap peers.

This week’s data will culminate in Friday’s July jobs report, which economists expect to show 101,000 jobs added and a rise in unemployment to 4.2%. If confirmed, it could validate investor bets on a looser monetary stance and provide a tailwind for undervalued companies that have struggled under high-rate conditions.

For middle-market investors, this is a moment to dig deeper into companies with strong fundamentals but weakened valuations. Lower rates could reignite M&A activity and growth funding in the lower end of the public markets. And while the broader labor market narrative may appear sluggish, it’s precisely this cooling that could set the stage for a more accommodative environment in the quarters ahead.