slightbourne@noblecapitalmarkets.com, Author at Channelchek

Trump Walks Back Europe Tariffs After Greenland Talks Yield Deal Framework

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Tuesday, January 20, 2026

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

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

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

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

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

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*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.

Information Services Group (III) – AI Acquisition

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

Tuesday, January 20, 2026

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Trump Suggests Using Trade Penalties to Pressure Support for Greenland Plan

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Friday, January 16, 2026

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

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

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

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

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

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

CoreCivic, Inc. (CXW) – Some Model Refinements

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

Friday, January 16, 2026

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.

Model Refinements. Pre fourth quarter earnings, we went over our model and made some modest adjustments, as well as incorporated 2026 quarterly estimates. With the strong new contract awards in 2025, increased detention populations, and potential for additional awards in 2026, we believe CoreCivic is well positioned to post strong 2026 full year results.

Populations Continue to Rise. Overall, the ICE detainee population continues to increase, hitting just under 69,000 at year-end. This is up from approximately 39,000 at the end of 2024. We expect to see ICE detainee populations continue to increase over the course of 2026 as ICE brings on additional enforcement personnel. Increased populations bode well for CoreCivic.

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

Alliance Entertainment Holding (AENT) – Acquires Formidable Technology Company

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

Friday, January 16, 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.

Dynamic acquisition. On December 31, 2025, the company acquired Endstate, a technology company focused on NFC-enabled authentication, digital product identity, and authenticated resale infrastructure for physical goods. Following the acquisition, the company formed a new wholly owned subsidiary, Endstate Authentic LLC. Details of the acquisition were not disclosed.

Vinyl is just the start. Notably, the Endstate technology is currently used by Alliance Authentic for the sale of limited-edition, numbered, blockchain-authenticated vinyl records and a commission-based secondary marketplace that is expected to generate high-margin recurring revenue. Importantly, while the company currently only offers vinyl on this platform, we believe there is a significant opportunity for product category growth, given the company’s large selection of physical media and collectables.

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

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

Posted on January 15, 2026January 15, 2026 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 January 15, 2026January 15, 2026 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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Taiwan’s $500 Billion Chip Deal: A Game-Changer for Small and Mid-Cap Suppliers

Posted on January 15, 2026January 15, 2026 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.