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.
NobleCon21. On December 3rd, the company presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation was conducted by Mark Goldston, Executive Chairman, Carl Daikeler, Co-founder and CEO, and Brad Ramberg, CFO. The team highlighted its favorable digital fitness and nutrition businesses and the successful completion of a multi-year operational turnaround. A replay of the presentation can be viewed here.
Digital. The digital fitness segment is supported by 900,000 subscribers and roughly 140 programs, with over 10,000 hours of content. This segment provides predictable recurring revenue, with gross margins in the high 80% range, efficient customer acquisition, and cross-selling leverage as the company expands into retail distribution and repositions its nutrition business.
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.
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.
Exploration Licenses Granted in Brittany. Aurania, through a wholly owned French subsidiary, has been granted three new exploration licenses for polymetallic metals, including gold, in the Brittany Peninsula of northwestern France. It represents a new opportunity for Aurania in a stable mining jurisdiction with developed infrastructure. Initial mining inventory studies conducted by the French Geological Survey (BRGM) confirmed the presence of gold associated with strategic metals over more than 150 kilometers along a shear zone.
Precious and Strategic Metals. The permits allow Aurania to explore the South American Shear Zone, a major crustal fault where mineralization, including antimony, tungsten, tin, zinc, and copper, accompanied by gold and other metals, have been deposited. The Brittany Peninsula is a highly prospective area that can be considered a greenfield district. Aurania will proceed with stakeholder engagement, while advancing preparations for an airborne geophysical survey and subsequent field activities.
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.
SpaceX’s potential IPO is shaping up to be one of the most pivotal market events of the decade, with implications that reach far beyond the company itself. Analysts estimate that a SpaceX listing could help unlock nearly $3 trillion worth of value tied up in large private companies that have avoided the public markets for years. The anticipation surrounding this single event is already pushing investors, bankers, and late-stage startups to rethink the divide between private and public valuations.
After the blockbuster IPO wave of 2021, the market grew unusually quiet. Many of the world’s most valuable private companies, including SpaceX, Stripe, and ByteDance, chose to continue raising funds privately. This allowed them to grow far larger than the typical public-market debutant while sidestepping the scrutiny of quarterly reporting. SpaceX sits at the top of this group, with private valuations ranging from $800 billion to a possible $1.5 trillion. A listing of that size would instantly become the largest in history and would test the limits of both investor appetite and market infrastructure.
Despite the concerns, the demand appears strong. SpaceX is viewed as a company that combines scale, technological leadership, and global relevance. Its advancements in reusable rockets, crewed orbital launches, and satellite internet have created capabilities unmatched in the private sector. Starlink alone now provides high-speed connectivity to millions of users, and the company’s planned direct-to-cell network has gained additional momentum through strategic spectrum acquisitions.
The company’s revenue trajectory adds to the optimism. Estimates place 2025 revenue at roughly $15 billion, with expectations of reaching more than $22 billion the following year. These figures put SpaceX among the highest-earning private firms in the world, though some observers argue that such revenue still leaves questions about trillion-dollar valuations. For many investors, the financials need to support not only growth but also profitability and scale under the discipline of the public markets.
Governance is another area under scrutiny. SpaceX operates in a unique position, driven by an aggressive engineering culture and long-term missions that include the development of Starship and eventual human flights to Mars. These projects are capital-intensive and often involve timelines that do not align naturally with short-term shareholder expectations. Going public would introduce new oversight, regulatory obligations, and investor influence, potentially altering the company’s traditionally independent operating style.
Another open question is what path SpaceX might take to enter the public markets. A traditional IPO would require raising tens of billions of dollars if even a small percentage of the company were sold. Some market participants believe a direct listing could be more practical, especially for a company that does not need to raise fresh capital and already has a large institutional shareholder base.
Regardless of the route, a SpaceX listing in 2026 would represent a watershed moment. It could reopen the window for many large private firms that have delayed going public and force a reevaluation of how extreme private-market valuations translate to public markets. If successful, it may trigger a wave of mega-IPOs that reshape market dynamics for years to come.
Ms. Ishak brings more than 25 years of corporate legal and strategic leadership experience in the life sciences industry
CHATHAM, N.J., Dec. 09, 2025 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated commercial-stage biotechnology company today announced the appointment of Irina Ishak as General Counsel, effective December 8, 2025. Ms. Ishak will lead Tonix’s legal, corporate governance, and compliance functions.
“Irina is a highly accomplished corporate and commercial attorney whose experience spans public and private life sciences companies, as well as advising life sciences investors,” said Seth Lederman, M.D., President and Chief Executive Officer of Tonix. “Her deep background in complex transactions, public company matters, and governance will be a significant asset as we commercialize our marketed products, advance our pipeline, manage our partnerships, and continue to execute on Tonix’s long-term strategy.”
Ms. Ishak joins Tonix from Lowenstein Sandler LLP, where she served since 2013 as Senior Counsel, and has advised Tonix since 2017 in structuring and negotiating financings, licensing and other strategic transactions, key commercial agreements, and employment-related contracts, and advising senior management and the Board of Directors on corporate strategy, governance, risk, and securities offerings and filings. In addition to Tonix, Ms. Ishak acted as outside general counsel, corporate secretary, and advisor to certain other public and private life sciences companies, as well as to investors. Previously, she was Senior Director, Legal and Assistant Corporate Secretary at Savient Pharmaceuticals, Inc., which developed, won US Food and Drug Administration (FDA) approval for, and launched KRYSTEXXA® (pegloticase), a biologic treatment for chronic gout in adults. Earlier in her career Ms. Ishak was a corporate associate at Fried, Frank, Harris, Shriver & Jacobson LLP. She received her J.D. from New York University School of Law and her B.A., with highest honors, from Rutgers College in New Brunswick, N.J.
“I am honored to join Tonix as General Counsel at such a pivotal moment in the Company’s evolution,” said Ms. Ishak. “Tonix has just launched the first therapy approved by the FDA for treating fibromyalgia in more than 15 years. Now the company is maximizing that science to expand into other conditions. It’s an exciting time at Tonix and there is immense opportunity to make a valuable contribution. I look forward to working closely with Seth, the leadership team, and the Board to support the Company’s next phase of growth.”
Tonix Pharmaceuticals Holding Corp. Tonix Pharmaceuticals is a fully-integrated biotechnology company with marketed products and a pipeline of development candidates. Tonix markets FDA-approved TONMYA™, a first-in-class, non-opioid analgesic medicine for the treatment of fibromyalgia, a chronic pain condition that affects millions of adults. TONMYA is the first new prescription medicine approved by the FDA for fibromyalgia in more than 15 years. TONMYA was investigated as TNX-102 SL. Tonix also markets two treatments for acute migraine in adults: Zembrace® SymTouch® (sumatriptan injection) and Tosymra® (sumatriptan nasal spray). Tonix’s development portfolio* is focused on central nervous system (CNS) disorders, immunology, immuno-oncology, rare disease and infectious disease. TNX-102 SL is being developed to treat acute stress reaction and acute stress disorder under an Investigator-Initiated IND at the University of North Carolina in the OASIS study funded by the U.S. Department of Defense (DoD). TNX-102 SL is also in development for major depressive disorder. Tonix’s immunology development portfolio consists of biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a Phase 2- ready Fc-modified humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. Tonix’s rare disease portfolio includes TNX-2900, intranasal oxytocin potentiated with magnesium, in development for Prader-Willi syndrome and expected to start a potential pivotal Phase 2 study in 2026. Tonix’s infectious disease portfolio includes TNX-801, a vaccine in development for mpox and smallpox, as well as TNX-4800, a Phase 2- ready long-acting humanized monoclonal antibody for the seasonal prevention of Lyme disease. Finally, TNX-4200 for which Tonix has a contract with the U.S. DoD’s Defense Threat Reduction Agency (DTRA) for up to $34 million over five years, is a small molecule broad-spectrum antiviral agent targeting CD45 for the prevention or treatment of high lethality infections to improve the medical readiness of military personnel in biological threat environments. Tonix owns and operates a state-of-the art infectious disease research facility in Frederick, Md.
* Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication under development.
This press release and further information about Tonix can be found at www.tonixpharma.com.
Forward Looking Statements Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to successfully launch and commercialize Tonmya and any of our approved products; risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2025, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
INDICATION TONMYA is indicated for the treatment of fibromyalgia in adults.
CONTRAINDICATIONS TONMYA is contraindicated:
In patients with hypersensitivity to cyclobenzaprine or any inactive ingredient in TONMYA. Hypersensitivity reactions may manifest as an anaphylactic reaction, urticaria, facial and/or tongue swelling, or pruritus. Discontinue TONMYA if a hypersensitivity reaction is suspected.
With concomitant use of monoamine oxidase (MAO) inhibitors or within 14 days after discontinuation of an MAO inhibitor. Hyperpyretic crisis seizures and deaths have occurred in patients who received cyclobenzaprine (or structurally similar tricyclic antidepressants) concomitantly with MAO inhibitors drugs.
During the acute recovery phase of myocardial infarction, and in patients with arrhythmias, heart block or conduction disturbances, or congestive heart failure.
In patients with hyperthyroidism.
WARNINGS AND PRECAUTIONS Embryofetal toxicity: Based on animal data, TONMYA may cause neural tube defects when used two weeks prior to conception and during the first trimester of pregnancy. Advise females of reproductive potential of the potential risk and to use effective contraception during treatment and for two weeks after the final dose. Perform a pregnancy test prior to initiation of treatment with TONMYA to exclude use of TONMYA during the first trimester of pregnancy.
Serotonin syndrome: Concomitant use of TONMYA with selective serotonin reuptake inhibitors (SSRIs), serotonin norepinephrine reuptake inhibitors (SNRIs), tricyclic antidepressants, tramadol, bupropion, meperidine, verapamil, or MAO inhibitors increases the risk of serotonin syndrome, a potentially life-threatening condition. Serotonin syndrome symptoms may include mental status changes, autonomic instability, neuromuscular abnormalities, and/or gastrointestinal symptoms. Treatment with TONMYA and any concomitant serotonergic agent should be discontinued immediately if serotonin syndrome symptoms occur and supportive symptomatic treatment should be initiated. If concomitant treatment with TONMYA and other serotonergic drugs is clinically warranted, careful observation is advised, particularly during treatment initiation or dosage increases.
Tricyclic antidepressant-like adverse reactions: Cyclobenzaprine is structurally related to TCAs. TCAs have been reported to produce arrhythmias, sinus tachycardia, prolongation of the conduction time leading to myocardial infarction and stroke. If clinically significant central nervous system (CNS) symptoms develop, consider discontinuation of TONMYA. Caution should be used when TCAs are given to patients with a history of seizure disorder, because TCAs may lower the seizure threshold. Patients with a history of seizures should be monitored during TCA use to identify recurrence of seizures or an increase in the frequency of seizures.
Atropine-like effects: Use with caution in patients with a history of urinary retention, angle-closure glaucoma, increased intraocular pressure, and in patients taking anticholinergic drugs.
CNS depression and risk of operating a motor vehicle or hazardous machinery: TONMYA monotherapy may cause CNS depression. Concomitant use of TONMYA with alcohol, barbiturates, or other CNS depressants may increase the risk of CNS depression. Advise patients not to operate a motor vehicle or dangerous machinery until they are reasonably certain that TONMYA therapy will not adversely affect their ability to engage in such activities.
Oral mucosal adverse reactions: In clinical studies with TONMYA, oral mucosal adverse reactions occurred more frequently in patients treated with TONMYA compared to placebo. Advise patients to moisten the mouth with sips of water before administration of TONMYA to reduce the risk of oral sensory changes (hypoesthesia). Consider discontinuation of TONMYA if severe reactions occur.
ADVERSE REACTIONS The most common adverse reactions (incidence ≥2% and at a higher incidence in TONMYA-treated patients compared to placebo-treated patients) were oral hypoesthesia, oral discomfort, abnormal product taste, somnolence, oral paresthesia, oral pain, fatigue, dry mouth, and aphthous ulcer.
DRUG INTERACTIONS
MAO inhibitors: Life-threatening interactions may occur.
Other serotonergic drugs: Serotonin syndrome has been reported.
CNS depressants: CNS depressant effects of alcohol, barbiturates, and other CNS depressants may be enhanced.
Tramadol: Seizure risk may be enhanced.
Guanethidine or other similar acting drugs: The antihypertensive action of these drugs may be blocked.
USE IN SPECIFIC POPULATIONS Pregnancy: Based on animal data, TONMYA may cause fetal harm when administered to a pregnant woman. The limited amount of available observational data on oral cyclobenzaprine use in pregnancy is of insufficient quality to inform a TONMYA-associated risk of major birth defects, miscarriage, or adverse maternal or fetal outcomes. Advise pregnant women about the potential risk to the fetus with maternal exposure to TONMYA and to avoid use of TONMYA two weeks prior to conception and through the first trimester of pregnancy. Report pregnancies to the Tonix Medicines, Inc., adverse-event reporting line at 1-888-869-7633 (1-888-TNXPMED).
Lactation: A small number of published cases report the transfer of cyclobenzaprine into human milk in low amounts, but these data cannot be confirmed. There are no data on the effects of cyclobenzaprine on a breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for TONMYA and any potential adverse effects on the breastfed child from TONMYA or from the underlying maternal condition.
Pediatric use: The safety and effectiveness of TONMYA have not been established.
Geriatric patients: Of the total number of TONMYA-treated patients in the clinical trials in adult patients with fibromyalgia, none were 65 years of age and older. Clinical trials of TONMYA did not include sufficient numbers of patients 65 years of age and older to determine whether they respond differently from younger adult patients.
Hepatic impairment: The recommended dosage of TONMYA in patients with mild hepatic impairment (HI) (Child Pugh A) is 2.8 mg once daily at bedtime, lower than the recommended dosage in patients with normal hepatic function. The use of TONMYA is not recommended in patients with moderate HI (Child Pugh B) or severe HI (Child Pugh C). Cyclobenzaprine exposure (AUC) was increased in patients with mild HI and moderate HI compared to subjects with normal hepatic function, which may increase the risk of TONMYA-associated adverse reactions.
Please see additional safety information in the full Prescribing Information.
To report suspected adverse reactions, contact Tonix Medicines, Inc. at 1-888-869-7633, or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.
Indication and Usage Zembrace® SymTouch® (sumatriptan succinate) injection (Zembrace) and Tosymra® (sumatriptan) nasal spray are prescription medicines used to treat acute migraine headaches with or without aura in adults who have been diagnosed with migraine.
Zembrace and Tosymra are not used to prevent migraines. It is not known if Zembrace or Tosymra are safe and effective in children under 18 years of age.
Important Safety Information
Zembrace and Tosymra can cause serious side effects, including heart attack and other heart problems, which may lead to death. Stop use and get emergency help if you have any signs of a heart attack:
discomfort in the center of your chest that lasts for more than a few minutes or goes away and comes back
severe tightness, pain, pressure, or heaviness in your chest, throat, neck, or jaw
pain or discomfort in your arms, back, neck, jaw or stomach
shortness of breath with or without chest discomfort
breaking out in a cold sweat
nausea or vomiting
feeling lightheaded
Zembrace and Tosymra are not for people with risk factors for heart disease (high blood pressure or cholesterol, smoking, overweight, diabetes, family history of heart disease) unless a heart exam shows no problem. Do not use Zembrace or Tosymra if you have:
history of heart problems
narrowing of blood vessels to your legs, arms, stomach, or kidney (peripheral vascular disease)
uncontrolled high blood pressure
hemiplegic or basilar migraines. If you are not sure if you have these, ask your provider.
had a stroke, transient ischemic attacks (TIAs), or problems with blood circulation
severe liver problems
taken any of the following medicines in the last 24 hours: almotriptan, eletriptan, frovatriptan, naratriptan, rizatriptan, ergotamines, or dihydroergotamine. Ask your provider for a list of these medicines if you are not sure.
are taking certain antidepressants, known as monoamine oxidase (MAO)-A inhibitors or it has been 2 weeks or less since you stopped taking a MAO-A inhibitor. Ask your provider for a list of these medicines if you are not sure.
an allergy to sumatriptan or any of the components of Zembrace or Tosymra
Tell your provider about all of your medical conditions and medicines you take, including vitamins and supplements.
Zembrace and Tosymra can cause dizziness, weakness, or drowsiness. If so, do not drive a car, use machinery, or do anything where you need to be alert.
Zembrace and Tosymra may cause serious side effects including:
changes in color or sensation in your fingers and toes
sudden or severe stomach pain, stomach pain after meals, weight loss, nausea or vomiting, constipation or diarrhea, bloody diarrhea, fever
cramping and pain in your legs or hips; feeling of heaviness or tightness in your leg muscles; burning or aching pain in your feet or toes while resting; numbness, tingling, or weakness in your legs; cold feeling or color changes in one or both legs or feet
increased blood pressure including a sudden severe increase even if you have no history of high blood pressure
medication overuse headaches from using migraine medicine for 10 or more days each month. If your headaches get worse, call your provider.
serotonin syndrome, a rare but serious problem that can happen in people using Zembrace or Tosymra, especially when used with anti-depressant medicines called SSRIs or SNRIs. Call your provider right away if you have: mental changes such as seeing things that are not there (hallucinations), agitation, or coma; fast heartbeat; changes in blood pressure; high body temperature; tight muscles; or trouble walking.
hives (itchy bumps); swelling of your tongue, mouth, or throat
seizures even in people who have never had seizures before
The most common side effects of Zembrace and Tosymra include: pain and redness at injection site (Zembrace only); tingling or numbness in your fingers or toes; dizziness; warm, hot, burning feeling to your face (flushing); discomfort or stiffness in your neck; feeling weak, drowsy, or tired; application site (nasal) reactions (Tosymra only) and throat irritation (Tosymra only).
Tell your provider if you have any side effect that bothers you or does not go away. These are not all the possible side effects of Zembrace and Tosymra. For more information, ask your provider.
This is the most important information to know about Zembrace and Tosymra but is not comprehensive. For more information, talk to your provider and read the Patient Information and Instructions for Use. You can also visit https://www.tonixpharma.com or call 1-888-869-7633.
You are encouraged to report adverse effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.
Michael Burry, the famed investor known for predicting the 2008 housing market crash, is once again at the center of attention — this time for a surprisingly bullish stance on Fannie Mae and Freddie Mac. In a lengthy blog post published Monday, Burry revealed he holds sizable positions in both government-sponsored enterprises and believes their long-awaited return to public markets may be close. The disclosure has fueled excitement among investors who have followed the Fannie and Freddie saga for more than a decade.
According to Burry, a relisting of the mortgage-finance giants is “nearly upon us.” His detailed post explored the political, regulatory, and financial steps that must occur before the companies can be fully released from government control. Both Fannie Mae and Freddie Mac were placed into conservatorship during the 2008 crisis, and since then, multiple administrations have debated how to reform or privatize them. Burry argues that conditions are finally shifting toward a path back to Wall Street.
Michael Burry’s renewed interest in the housing-finance sector is significant given his historical role in identifying weaknesses in the mortgage market before the financial collapse. He reminded readers of this history by including excerpts from an older note in which he criticized the agencies and described his earlier investments in credit-default swaps tied to their debt. This time, however, Burry says he did not become bullish on their common stock until after Donald Trump’s presidential win last year, which he believes increased the likelihood of policy changes that benefit shareholders.
In the post, Burry stated that he owns both Fannie Mae and Freddie Mac common stock “in good size,” and suggested that the offering price in any IPO will play a major role in determining their true intrinsic value. He highlighted three major changes regulators would need to make before a public offering could occur: easing capital requirements, converting certain preferred shares into common stock, and reducing the government’s senior claims on future profits. Without addressing the last issue, Burry warned that common shares could be “worthless.”
Despite the optimism, he also cautioned that the path to an IPO remains “steep, windy, and rocky,” noting that the political process could still slow progress. Shares of Fannie Mae and Freddie Mac reacted positively to his commentary, rising more than 3% on Tuesday and gaining over 15% so far this month. The stocks, which trade over-the-counter, remain highly volatile as investors digest shifting expectations.
Burry’s views arrive shortly after longtime shareholder Bill Ackman proposed a plan on social media to relist the companies on the New York Stock Exchange. Meanwhile, analysts such as Bose George at Keefe Bruyette & Woods remain cautious, arguing that common shareholders still face significant downside risks if reforms stall or if the government opts to convert preferred shares in a way that dilutes existing holders.
Whether Michael Burry’s thesis proves correct remains to be seen, but his involvement has injected new momentum into one of the most closely watched restructuring stories in U.S. finance.
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.
NobleCon21. We had the pleasure of hosting NN CFO Chris Bohnert and COO Tim French for NobleCon21. Highlights of the presentation include the ongoing transformation, an expanded TAM, and a reduced reliance on the U.S. auto business. The presentation can be found at https://www.channelchek.com/videos/nn-inc-noblecon21-presentation-replay.
Expanding the TAM. Management’s strategic transformation has expanded NN’s overall addressable market. New adjacent complementary markets such as Data Centers, Alternative Energy, Drones, Robots, Laser Optics, to name a few, will provide the Company with higher margins, faster growing markets, and reduced cyclicality going forward.
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.
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.
Strong Q3 results. The company reported Q3 revenue of $97.6 million and adj. EBITDA of $26.7 million. While revenue was slightly below our estimate of $100.0 million, adj. EBITDA strongly outperformed our estimate of $7.2 million. Notably, the strong adj. EBITDA figure was largely driven by more efficient use of marketing spend, which decreased by 43% from the year earlier comparable period.
Key operating metrics. Bookings and monthly paying users (MPU) decreased by 4% and 16%, respectively, compared with the prior year period, but the decrease was expected as the company is focused on the quality of gameplay and retaining high-quality users. Furthermore, the company’s strategy is showing early signs of success, as average bookings per paying user (ABPPU) increased from $92 in Q3’24 to $107 in Q3’25.
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.
Americans hitting the road for Thanksgiving are getting an unexpected gift this year: significantly cheaper gas. For the first time in several years, more than half of U.S. states now report average gasoline prices below $3 per gallon — a welcome relief as millions prepare for the busiest travel week of the holiday season.
According to AAA, the national average sits at $3.05 per gallon, almost identical to this time last year. But the national figure doesn’t tell the full story. Twenty-eight states — especially across the Midwest, Great Plains, and Gulf Coast — have already fallen below $3. Some stations in Oklahoma have even posted $1.99 per gallon, marking the first sustained return of sub-$2 fuel since 2021.
Why Prices Are Falling — and Why Investors Care
Although seasonal patterns always help bring prices down in late fall, this year’s decline is being driven more directly by market forces that investors are watching closely. As colder weather approaches, drivers naturally consume less fuel, and refineries switch to winter blends that cost less to produce. These shifts usually bring moderate price relief.
But this time, the move is more significant because crude oil prices have been trending sharply downward. Both Brent and West Texas Intermediate — the world’s key oil benchmarks — have dropped more than 17% since January. Negotiations surrounding a potential peace plan between Ukraine and Russia have reduced geopolitical pressure on oil supply, causing traders to unwind long positions and reassess risk premiums.
For the energy sector, these developments have created a very different landscape than earlier in the year. Falling crude prices generally translate into softer revenue outlooks for oil producers, refiners, and integrated energy companies. As a result, energy stocks — which were among the strongest performers in previous cycles — have been trading with heightened volatility. Investors watching tickers like XOM, CVX, MPC, VLO, and major ETF benchmarks such as XLE are seeing direct impacts from this price retreat.
Market Opportunities and Risks
Lower gas prices often boost consumer spending in other categories, potentially supporting retail, travel, and hospitality stocks. But the inverse is true for segments tied to crude oil production. Drillers, exploration companies, and refiners tend to experience narrowing margins when crude prices decline.
However, for long-term investors, falling prices can also create strategic entry points into quality energy names. Historically, the energy sector has been one of the most cyclical in the market, and downturns have often preceded periods of renewed growth — especially when global demand rebounds or supply conditions tighten.
The Broader Economic Picture
California and Washington remain outliers with prices above $4 per gallon, but across most of the U.S., the current price movements are easing pressure on households that have been battling inflation on multiple fronts. With oil markets stable and demand softening as winter approaches, analysts expect gas prices to trend even lower heading into Christmas.
For consumers, it means more affordable travel. For markets, it signals shifting momentum in the energy sector. And for investors, it highlights a key moment to assess where the next opportunity might emerge — whether in undervalued energy stocks, travel-sector plays that benefit from lower fuel costs, or diversified holdings that capture both trends.
As the holiday season begins, falling gas prices are offering immediate relief on the road and setting the stage for important shifts in the energy and stock markets.
Atmus Filtration Technologies has taken a major step toward strengthening its position in the global filtration industry with the announcement that it will acquire Koch Filter Corporation for $450 million in cash. The deal, revealed on November 24, 2025, underscores Atmus’ strategy to diversify and expand into high-growth industrial air filtration markets, particularly in commercial and industrial HVAC, data centers, and power generation.
The acquisition gives Atmus an established and respected player in the air filtration sector. Koch Filter, founded in 1966 and headquartered in Louisville, Kentucky, has built a reputation for producing mission-critical filtration products that help improve air quality and protect equipment across a range of environments. Its portfolio includes HVAC filters, HEPA systems, activated carbon products, and specialized filtration solutions widely used across commercial buildings, manufacturing sites, health environments, and data centers.
In fiscal year 2025, Koch Filter generated $156 million in revenue, reflecting strong and consistent demand driven by increasing attention to indoor air quality, regulatory standards, and the growing need for clean environments in data-centric industries. Atmus views this expansion as an opportunity to accelerate growth while leveraging its existing global footprint and advanced media design capabilities.
According to Atmus CEO Steph Disher, the acquisition aligns perfectly with the company’s long-term strategy. “The acquisition of Koch Filter will accelerate Atmus’ growth by expanding into the industrial air filtration market,” she said. “The Koch Filter team brings deep customer relationships, extensive industry experience, and a leading product portfolio. Combined with our innovation capabilities, this positions us to unlock new opportunities.”
Financially, the transaction is expected to deliver meaningful returns. Atmus anticipates the acquisition will be accretive to Adjusted EPS and Adjusted EBITDA margin beginning in 2026. The company also projects a high-single-digit return on invested capital (ROIC) by 2028. After factoring in expected tax benefits, the present value of the deal falls to an estimated $395 million, lowering the effective purchase multiple to 10.9x after synergies and tax considerations.
To fund the acquisition, Atmus will use both existing cash reserves and borrowings under its credit facility, with the possibility of upsizing the facility to further support the transaction. The deal is expected to close in the first quarter of 2026, pending customary regulatory approvals and closing conditions.
For Atmus, this acquisition supports a broader vision: expanding beyond traditional transportation filtration into industrial, commercial, and infrastructure-based markets—sectors that are experiencing rapid transformation due to energy transition, digitalization, and heightened air quality standards. With a global presence spanning six continents and more than 4,500 employees, Atmus continues to position itself as a leader in filtration and media technology.
Once integrated, Koch Filter’s product offerings and long-standing customer base are expected to significantly enhance Atmus’ industrial platform, enabling the company to deepen its reach into sectors with growing demand for high-performance air filtration
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.
Leadership transition effective January 1, 2026. The company appointed Scott Buchanan as Chief Executive Officer, while founder Brandon Mintz will step out of the CEO role and assume the newly formalized title of Executive Chairman. Mintz, already serving as Chairman of the Board, will shift his focus more explicitly toward long-term strategy, M&A evaluation, and broader growth initiatives.
Buchanan a logical choice to lead as CEO. Mr. Buchanan has held a series of senior roles since 2019, including CFO, COO, acting CFO, President, and board member. In our view, he has already been a central driver of execution, financial discipline, and operational scaling within the organization, making him a natural fit to formalize leadership as CEO.
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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.
US consumer sentiment weakened again in November, underscoring the growing strain households feel from higher prices, softer income growth, and persistent anxiety about job security. Despite a modest improvement after the government shutdown ended, consumers remain broadly pessimistic and increasingly concerned about their financial future.
According to the University of Michigan’s final November reading, overall sentiment ticked up slightly to 51 after briefly plunging earlier in the month. But even with the rebound, confidence remains well below October’s level and sits nearly 30% lower than a year ago. For many Americans, the temporary resolution of the government funding crisis brought some short-term relief, but not enough to offset the everyday pressure of rising costs and weaker purchasing power.
One major factor weighing on households is continued inflation. While expectations for year-ahead inflation edged down to 4.5%, most consumers say they still feel the squeeze from higher prices for essentials like food, rent, utilities, and healthcare. The anticipated jump in health insurance premiums heading into 2026 has added another layer of financial worry, especially for families already stretched thin.
Incomes are another pain point. Many workers report that their earnings aren’t keeping up with rising costs, leading to a decline of about 15% in consumers’ assessments of their current financial situation. Even individuals who felt secure earlier in the fall have grown more cautious as the economic outlook becomes increasingly uncertain.
Labor-market concerns are also accelerating. The unemployment rate is higher than a year ago, and layoffs across several industries have heightened anxiety. Nearly seven out of ten consumers now expect unemployment to rise over the next year — more than double the share from this time in 2024. Many also feel more vulnerable personally, with the perceived likelihood of job loss rising to its highest point since 2020.
The mood among younger adults is even more troubling. For Americans aged 18 to 34, expectations around job loss over the next five years have climbed to their highest level in more than a decade. Younger workers, many of whom are early in their careers or managing student loan burdens, are increasingly uneasy about their career stability and long-term financial prospects.
Even wealthier households are not immune. Consumers with large stock holdings initially saw sentiment improve earlier in November, but market declines wiped out those gains. Volatile markets combined with the broader economic uncertainty have contributed to renewed caution among investors and higher-income earners.
Overall, the November data paints a picture of an economy where the shutdown may have ended, but its psychological impact lingers. With government funding only secured through January, uncertainty about future disruptions remains. Households are preparing for the possibility of more instability at a time when budgets are already strained.
The combination of stubborn inflation, weakening income growth, elevated recession fears, and unstable policy conditions continues to erode Americans’ confidence. While the economy has avoided a sharp downturn so far, consumers appear increasingly doubtful that the months ahead will bring meaningful improvement.
Gold prices pulled back as financial markets reassessed the likelihood of another Federal Reserve rate cut in December, following a US jobs report that delivered a blend of strength and weakness. The data added another layer of uncertainty to an already murky policy outlook, prompting traders to dial back expectations for imminent easing and pressuring precious metals in the process.
The September jobs report showed stronger-than-expected hiring, signaling that parts of the labor market still retain momentum. At the same time, the unemployment rate continued drifting upward, reinforcing concerns that underlying conditions may be gradually softening. The combination of firm job creation and rising unemployment has made it harder for investors to predict how the Fed will interpret the data heading into its December 9–10 meeting.
This jobs report will be the last major labor market reading the central bank receives before making its next policy decision. With no October report released due to government delays, policymakers are entering December with limited visibility, relying heavily on data that may not fully reflect current conditions. That uncertainty has fed directly into market expectations for precious metals.
Traders had already stepped back from the idea of a December rate cut even before the employment data was released. The cancellation of the October jobs report raised doubts about whether the Fed would feel confident enough to ease further without fresh, reliable readings. After the September data, market activity briefly nudged probability forecasts slightly higher, but not enough to shift the broader view: investors still see less than a 50% chance of a cut next month.
Gold typically struggles in environments where rate cuts are uncertain. Higher interest rates lift Treasury yields and strengthen the US dollar — both of which reduce the appeal of non-yielding assets like bullion. That dynamic weighed on the metal after the jobs report, contributing to the latest pullback.
Fed officials also remain divided in their public remarks. Some members have expressed caution about further easing, citing concerns that recent inflation progress may have stalled. That has fueled additional skepticism among traders and added pressure across the precious metals complex. Broad-based losses in silver, platinum, and palladium further reflected the market’s defensive posture.
Despite the recent dip, gold remains one of the year’s strongest-performing major assets. The metal has surged more than 50% year-to-date, boosted by the Fed’s earlier rate cuts, persistent central bank demand, and strong inflows into bullion-backed ETFs. Prices hit a record high in October before moderating as policy uncertainty grew. Even with the latest volatility, gold remains firmly supported by longer-term structural drivers, including geopolitical tensions and ongoing diversification efforts among global reserve managers.
As of early afternoon in New York, gold was trading around $4,059 an ounce, while the US dollar saw modest gains. With inflation concerns stirring again and the labor market sending mixed signals, traders are preparing for a December decision that could go either way — and gold is likely to remain sensitive to every shift in the outlook.
In a landmark week for U.S.–Saudi relations, Washington has secured $1 trillion in Saudi spending commitments, dramatically expanding the scope of agreements announced just six months ago. The visit of Crown Prince Mohammed bin Salman—paired with President Donald Trump’s high-profile welcome—signaled a strategic deepening of political, economic, and defense ties between the two countries.
The new commitment, up from the previously announced $600 billion, underscores Saudi Arabia’s broad push to accelerate technological modernization, diversify its economy, and cement key alliances as global power centers shift. The Crown Prince is expected to meet with top U.S. corporate leaders, further strengthening private-sector alignment across both nations.
Nuclear Energy Becomes a Central Pillar
One of the most consequential announcements is the signing of a bilateral nuclear cooperation pact, laying the foundation for decades of collaboration in civilian nuclear infrastructure. Although progress had long stalled due to U.S. restrictions on uranium enrichment, the deal approved this week does not allow enrichment, sticking to strict nonproliferation requirements.
For Saudi Arabia, nuclear power is a cornerstone of its long-term energy transition strategy. For the U.S., the agreement secures American firms as preferred partners—locking out geopolitical competitors seeking influence in the region.
In parallel, Saudi Aramco revealed 17 new agreements with major U.S. companies, worth more than $30 billion, expanding joint ventures across refining, chemicals, and cutting-edge energy technologies.
Critical Minerals: A Geopolitical Priority
A new U.S.–Saudi critical minerals framework marks another major strategic milestone. As the U.S. works to reduce dependency on China for rare earth elements, the Saudis are emerging as a key partner in building diversified, secure supply chains.
Complementing the pact, MP Materials announced plans—backed by the U.S. Department of Defense and Saudi mining giant Maaden—to construct a rare earths refinery in the kingdom. This positions Saudi Arabia as a future hub for minerals essential to EVs, clean energy, and advanced defense technologies.
AI and Supercomputing Collaboration Expands
Artificial intelligence took center stage as the two nations signed a broad AI memorandum of understanding. The agreement grants Saudi Arabia access to U.S. AI capabilities at a scale previously unmatched.
Technology leader Nvidia confirmed that it will collaborate with Saudi Arabia to develop new supercomputing infrastructure—a critical building block for advanced AI research, autonomous systems, and next-generation digital industries.
Defense: A Major Realignment
A new strategic defense agreement reaffirms the 80-year U.S.–Saudi alliance while easing operational barriers for American defense firms. Although it falls short of a NATO-style treaty, the pact introduces new burden-sharing commitments and modernizes joint security frameworks.
Perhaps most notably, the U.S. approved future deliveries of F-35 fighter jets to Saudi Arabia—marking the first time the aircraft will be sold to a Middle Eastern nation other than Israel. Riyadh will also purchase 300 American tanks as part of a broader defense modernization push.
Trade, Finance, and Capital Markets
Additional accords strengthen cooperation on trade, capital markets technology, financial regulations, and cross-border investment standards. These agreements aim to expand U.S. exports while opening new pathways for American companies operating in global markets.
Collectively, the $1 trillion package represents one of the most sweeping and strategically significant investment commitments ever exchanged between the two countries—reshaping global alliances in energy, technology, defense, and economic policy for years to come.
