Category: Uncategorized

Resources Connection (RGP) – Pricing Discipline Holds as Volume Pressure Persists

Posted on by slightbourne@noblecapitalmarkets.com


Friday, January 09, 2026

Resources Connection, Inc. provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support. It also provides information management services, such as program and project management, business and technology integration, data strategy, and business performance management. In addition, the company offers corporate advisory, strategic communications, and restructuring services; and corporate governance, risk, and compliance management services, such as contract and regulatory compliance, enterprise risk management, internal controls management, and operation and information technology (IT) audits. Further, it provides supply chain management services comprising strategy development, procurement and supplier management, logistics and materials management, supply chain planning and forecasting, and unique device identification compliance; and human capital services, including change management, organization development and effectiveness, compensation and incentive plan strategies, and optimization of human resources technology and operations. Additionally, the company offers legal and regulatory supporting services for commercial transactions, global compliance initiatives, law department operations, and law department business strategies and analytics. It also provides policyIQ, a proprietary cloud-based governance, risk, and compliance software application. The company was formerly known as RC Transaction Corp. and changed its name to Resources Connection, Inc. in August 2000. Resources Connection, Inc. was founded in 1996 and is headquartered in Irvine, California.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Continued Revenue Pressure. RGP reported second quarter revenue of $117.7 million, down 19% year-over-year. On a same-day constant currency basis, revenue declined 18.4%, driven almost entirely by lower billable hours across the core On-Demand and Consulting segments. Importantly, the weakness remains volume-driven rather than price-driven, as average bill rates were largely stable and improved in several key geographies.

Pricing Discipline, Volume Weak. The Company continues to make progress with its value-based pricing initiatives. U.S. bill rates increased 2.5% year over year, Consulting bill rates rose 6.6%, and On-Demand bill rates increased 2.6%. However, these gains were more than offset by sharp declines in billable hours, particularly in Consulting (-33.8%) and On-Demand (-21.5%). Management specifically highlighted reduced demand for traditional finance roles as clients adopt automation and AI, underscoring that part of the On-Demand softness may be structural rather than purely cyclical.


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. 

AZZ (AZZ) – Third Quarter FY26 Review and Outlook

Posted on by slightbourne@noblecapitalmarkets.com


Friday, January 09, 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.

FY 2026 third-quarter financial results. AZZ reported adjusted net income of $46.0 million, or $1.52 per share, compared to $41.9 million, or $1.39 per share, during the prior year period. We had forecast adjusted net income of $44.9 million, or $1.48 per share. Compared to the third quarter of FY 2025, total sales increased 5.5% to $425.7 million. We had projected sales of $424.6 million. Gross margin of $101.9 million was modestly below our estimate of $103.2 million. Operating income of $69.5 million exceeded our estimate of $64.9 million, due to lower selling, general, and administrative expenses. Adjusted EBITDA increased modestly to $91.2 million compared to $90.7 million during the prior year period and our estimate of $93.3 million.

Updating estimates. With one quarter remaining, we have lowered our FY 2026 EBITDA estimate to $368.0 million from $369.2 million, and increased our EPS estimate to $6.03 from $5.98. We have increased our 2027 EBITDA and EPS estimates to $388.0 million and $6.60, respectively, from $387.4 million and $6.45. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates do not reflect the impact of acquisitions until announced.


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. 

Trump’s Defense Industry Whipsaw: Criticism Meets Massive Budget Boost

Posted on by slightbourne@noblecapitalmarkets.com

President Donald Trump delivered a one-two punch to defense sector investors this week, first lambasting major contractors for prioritizing shareholder returns over production capacity, then immediately following up with a proposed defense budget that would surge 66% to $1.5 trillion in 2027. The resulting market volatility showcased the unique risks and opportunities of investing in an industry where a single customer—the U.S. government—drives the majority of revenues.

Trump’s initial salvo came via Truth Social, where he took aim at what he characterized as misplaced priorities among defense manufacturers. The president criticized contractors for issuing substantial dividends and executing stock buybacks while production timelines stretch and maintenance capabilities lag. His proposed solution was blunt: an outright ban on dividends and buybacks until companies invest in new, modern production facilities. Trump didn’t stop there, announcing that defense executive compensation would be capped at $5 million annually until manufacturing infrastructure improves, calling current pay packages “exorbitant and unjustifiable.”

The market’s immediate reaction was predictable. Lockheed Martin dropped 4.8%, Northrop Grumman fell 5.5%, General Dynamics declined 4.2%, and RTX—specifically called out by Trump—lost 2.5%. For investors accustomed to the defense sector’s reputation as a stable, dividend-paying haven, the prospect of eliminated shareholder returns and potential executive exodus created genuine concern about the sector’s investment thesis.

But Trump’s follow-up announcement transformed the narrative entirely. His proposal to increase the 2027 defense budget from the provisioned $1 trillion to $1.5 trillion represents a massive expansion of potential contracts. This $500 billion increase dwarfs the industry’s current concerns about capital allocation, suggesting that revenue growth could more than compensate for any temporary restrictions on how companies return cash to shareholders. Trump framed the increase as necessary to build America’s “Dream Military” in what he described as “very troubled and dangerous times.”

The reversal in share prices was swift and dramatic. Lockheed Martin rebounded 4.6%, Northrop Grumman gained 3.5%, General Dynamics added 2.4%, and even RTX recovered with a 0.7% gain. Investors quickly recalculated the risk-reward equation: short-term restrictions on capital returns versus long-term revenue growth from a substantially larger defense budget.

The episode highlights several critical considerations for defense sector investors. First, political risk remains paramount in an industry where government policy can instantly reshape the investment landscape. Second, the sector’s traditional appeal as a source of reliable dividends may be under pressure in the current political environment. Third, companies that can rapidly expand production capacity may be positioned to capture disproportionate shares of increased spending.

For investors evaluating defense stocks, Trump’s dual announcements create a complex calculus. The potential 66% budget increase suggests robust revenue growth ahead, but restrictions on buybacks and dividends fundamentally alter the value proposition for income-focused investors. Companies with existing capacity expansion plans and lower current payout ratios may prove more resilient. Meanwhile, the executive compensation cap could create talent retention challenges at a time when production demands are intensifying.

The defense sector’s wild ride this week serves as a reminder that in industries dominated by government contracts, policy tweets can matter as much as earnings reports.

ACCO Brands (ACCO) – 2025 Review and 2026 Expectations

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, January 08, 2026

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.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.

2025 Review. ACCO Brands’ 2025 narrative was dominated by a clear priority: defend profitability and cash generation in a soft demand environment, using restructuring and cost takeout as the primary levers while the top line remained pressured. Across the first three quarters of 2025, demand was weak and uneven globally, and Q3 in particular underscored that as sales came in lower than expected; however, the Company still delivered adjusted earnings in line with its outlook by expanding gross margin and lowering SG&A, demonstrating meaningful operating discipline.

2026 Preview. Looking into 2026, we believe the key question for investors is whether ACCO can convert its 2025 operational progress into a durable and investable story rather than a purely defensive one. The most important variable remains organic revenue stabilization: the Company has demonstrated the ability to protect earnings despite sales declines, but the market will require evidence that declines are moderating, particularly in the Americas, and that channel inventories and promotional intensity are improving rather than worsening.


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. 

Copper Retreats From Record Highs as Profit-Taking Erases Recent Gains

Posted on by slightbourne@noblecapitalmarkets.com

After an extraordinary rally that saw copper prices surge more than 40% in 2025, the industrial metal has tumbled from record highs as traders rush to lock in profits from what many analysts are calling an overheated market. The sharp reversal underscores the volatility gripping global commodity markets and raises questions about whether the recent bull run in metals can sustain its momentum.

Copper futures dropped 2.6% to close at $12,899.50 per ton on the London Metal Exchange, part of a broader selloff that saw nickel plunge 3.4% and zinc fall by similar margins. The decline marks a dramatic shift from the frenzied buying that characterized recent weeks, driven largely by speculative capital flooding into China’s domestic metals markets.

The rapid ascent had left many market participants nervous. Ed Meir, an analyst at Marex, noted that the markets are experiencing a broad retreat typical of situations where price movements become oversized. Base metals analysts have been scrambling to justify valuations that climbed faster than underlying fundamentals could support, and the correction appears to be the market’s way of restoring equilibrium.

Copper’s remarkable 40% gain in 2025 represented its strongest annual performance since the recovery year of 2009. The rally was fueled by a perfect storm of supply disruptions at major mines and strategic stockpiling by traders anticipating potential US tariffs on metal imports. This combination of tight supply and precautionary demand pushed prices to levels that, in hindsight, may have been unsustainable in the short term.

Nickel’s trajectory proved even more dramatic. The battery and stainless steel component notched its biggest single-day gain in over three years on Tuesday, surging as much as 10.5% intraday before reaching a fresh 19-month high Wednesday morning. However, the euphoria was short-lived as profit-taking quickly reversed those gains.

The nickel rally had been propelled by genuine supply concerns in top producer Indonesia, where government plans to reduce production and impose punitive fines on miners violating forestry permits threatened to disrupt output significantly. Chinese traders also contributed to the buying frenzy, stocking up ahead of the Lunar New Year holiday when industrial activity traditionally slows.

Yet beneath the speculative fervor lies a more sobering reality. As Fan Jianyuan, an analyst at Mysteel Global, pointed out, the rally was largely driven by financial capital inflows rather than fundamental supply-demand dynamics. The nickel market remains in surplus, with years of surging Indonesian production having driven global inventories sharply higher. Evidence of continued oversupply emerged Wednesday when London Metal Exchange stockpiles jumped by the most in six years.

This disconnect between speculative enthusiasm and fundamental realities highlights the challenge facing metals markets. While many traders maintain bullish long-term views on copper and other industrial metals—driven by electrification, renewable energy infrastructure, and the green transition—the speed and magnitude of recent price movements have created conditions ripe for volatile corrections.

For investors and industry participants, the lesson is clear: even markets with strong structural tailwinds can experience sharp reversals when prices outpace fundamentals. As the dust settles from this latest selloff, the focus will return to whether underlying demand can justify the elevated price levels that remain despite the recent pullback.

Long-Maturity Treasuries Slide Into 2026 After Strong 2025 Gains

Posted on by slightbourne@noblecapitalmarkets.com

Long-maturity U.S. Treasuries opened 2026 on a cautious note, following the market’s most robust annual performance in five years. While last year saw substantial gains for government bonds, investors are now recalibrating as the potential for additional Federal Reserve interest-rate cuts raises concerns about inflation and fiscal sustainability.

The 30-year Treasury yield rose roughly two basis points to 4.87%, reflecting modest losses but signaling increased volatility after last year’s record gains. In contrast, shorter-dated Treasuries, which are more directly influenced by Fed policy, remained relatively stable or slightly lower. This divergence continues the trend observed in late 2025, when the Fed cut its target range by three quarter-point moves, leading short-term yields lower while long-term rates were supported by economic resilience and fiscal pressures.

Investor focus has shifted to how a potential new Fed leadership might approach monetary policy. Long-term bond yields face upward pressure not only from prospective rate cuts but also from the U.S. government’s challenging fiscal outlook and signs of continued economic strength. Data released late last year indicated the U.S. economy expanded at the fastest pace in two years, complicating the narrative that rate reductions alone would sustain low yields.

Market participants are also closely watching interest-rate derivatives. Recent trading shows heavy demand for options that protect against the federal funds rate dropping to 0% from its current 3.5% range, while swap contracts suggest a more moderate decline toward a 3% floor by year-end. These instruments highlight investor uncertainty over the Fed’s next moves and underline the tension between potential policy easing and persistent inflation, which remains above the central bank’s 2% target.

Despite these concerns, Treasuries continue to serve a strategic role for investors. Portfolio managers cite historically high stock valuations as a compelling reason to maintain exposure to government bonds, providing a hedge against market corrections. James Athey, a portfolio manager at Marlborough Investment Management, notes that volatility is likely to return to bond markets as investors wrestle with the Fed’s evolving policy stance. This environment may produce short-term swings in long-term yields, even as the overall trend for bonds remains influenced by macroeconomic fundamentals.

Globally, bond markets are experiencing similar pressures. Germany’s 10-year yields climbed six basis points to 2.91%, while the UK’s 10-year yield rose five basis points to 4.53%. In Australia, 10-year bonds slumped as yields jumped eight basis points on speculation that rising commodity prices could accelerate growth and prompt the Reserve Bank of Australia to raise rates. Meanwhile, January marks one of the busiest months for new corporate bond issuance, increasing competition for investor capital and adding another layer of pressure on Treasury prices.

Looking ahead, Treasuries are expected to remain a key tool for risk management, particularly for investors balancing exposure to equities and small caps. While the bond market’s exceptional 2025 performance sets a high bar, 2026 may bring more volatility and narrower returns, underscoring the importance of strategic positioning across maturities.

Why Elevated U.S. Tariffs Are Becoming a Long-Term Reality — and What It Means for Small-Cap Stocks

Posted on by slightbourne@noblecapitalmarkets.com

U.S. tariff policy has undergone a dramatic transformation in 2025, reshaping the economic backdrop that investors will carry into the new year. Average tariff rates that once hovered near historic lows have surged above 15%, marking one of the sharpest shifts toward protectionism in decades. As 2026 approaches, market analysts widely expect these levels to remain largely intact, creating a new operating environment for companies—especially small-cap firms that are more sensitive to input costs and domestic demand.

Policy expectations across Wall Street suggest that the current tariff framework is no longer temporary. Multiple economic models now assume an average tariff rate near 15% through at least the first half of 2026. While limited exemptions may be granted on select goods, few observers see a broad rollback on the horizon. The implication is that businesses, investors, and consumers must adjust to tariffs as a structural feature of the U.S. economy rather than a short-term negotiating tactic.

Legal challenges to the administration’s authority to impose sweeping tariffs could introduce volatility, but most experts believe these efforts will not materially change the outcome. Even if courts restrict certain tariff powers, alternative statutory tools remain available to maintain similar rate levels. For markets, this means that any legal disruption is likely to be brief and tactical, not transformational.

Political incentives further reinforce the durability of current tariff policy. Trade protection has become a cornerstone of the administration’s broader economic agenda, tied to reshoring manufacturing, strengthening supply chains, and generating government revenue. Tariff collections in 2025 have already reached historically high levels, strengthening the case for maintaining the policy despite concerns over rising costs.

For small-cap companies, the persistence of elevated tariffs presents a mixed picture. On one hand, firms that rely heavily on imported inputs face margin pressure as higher costs work their way through supply chains. Many companies were able to temporarily cushion the impact by building inventory ahead of tariff increases, but those buffers are now thinning. As restocking occurs at higher tariff rates, pricing decisions will become more difficult—particularly for smaller businesses with limited pricing power.

On the other hand, small-cap stocks with domestic production, localized supply chains, or exposure to U.S. manufacturing could benefit from a more protected competitive landscape. Tariffs may reduce foreign competition in certain sectors, allowing domestic players to capture market share or stabilize pricing. For investors focused on small caps, this dynamic makes sector selection increasingly important.

Looking ahead, 2026 is shaping up to be the year when the economic consequences of tariffs become more visible. While some easing could occur around politically sensitive consumer goods, analysts do not expect a meaningful decline in overall rates. Instead, the emphasis is likely to shift toward managing the downstream effects on inflation, corporate earnings, and consumer spending.

For small-cap investors, clarity may be the most valuable takeaway. With tariff policy appearing set for the foreseeable future, markets can move past speculation and focus on fundamentals. Companies that adapt efficiently—by reshoring production, renegotiating supplier contracts, or passing through costs strategically—may emerge stronger. In a higher-tariff world, resilience and adaptability could become defining traits of the next generation of small-cap winners.

Homebuyer Momentum Builds as Pending Home Sales Record Biggest Monthly Jump Since Early 2023

Posted on by slightbourne@noblecapitalmarkets.com

The U.S. housing market showed renewed signs of life in November as pending home sales posted their strongest monthly increase in nearly two years. New data from the National Association of Realtors reveals that contract signings rose 3.3% compared with October, far exceeding expectations and signaling that buyer activity may be stabilizing after a prolonged slowdown.

Pending home sales are considered a leading indicator for the housing market because homes typically go under contract one to two months before a sale is finalized. The November increase pushed the Pending Home Sales Index up to 79.2, a notable improvement even though the reading remains below the long-term benchmark of 100, which reflects average activity levels in 2001. Compared with November of last year, pending sales increased 2.6%, suggesting demand is gradually recovering.

One of the most important drivers behind the uptick in housing activity has been improving affordability. Mortgage rates have eased from their recent highs, providing relief to buyers who had been priced out of the market. The average rate on a 30-year fixed mortgage has hovered near 6.2% in recent months, down from approximately 7% earlier in 2025 and well below levels seen during the summer. Even modest declines in interest rates can significantly reduce monthly mortgage payments, encouraging more buyers to re-enter the market.

Slower home price growth has also contributed to rising buyer confidence. After years of rapid appreciation, price gains have moderated across much of the country, helping incomes catch up with housing costs. At the same time, wage growth has remained relatively strong, further supporting affordability and boosting purchasing power.

Regionally, pending home sales rose across all parts of the United States in November. The West recorded the largest month-over-month increase at 9.2%, reflecting strong pent-up demand in markets that were previously among the most constrained by affordability challenges. Gains in the Midwest, South, and Northeast suggest the recovery is becoming more evenly distributed rather than concentrated in isolated markets.

Inventory levels, while still tight by historical standards, have improved compared with last year. More homes available for sale have given buyers greater flexibility and reduced competitive pressures that previously discouraged many from making offers. This gradual improvement in supply has helped support the rise in contract activity without reigniting runaway price growth.

Despite the positive momentum, the housing market remains in a fragile recovery phase. Overall home sales in 2025 are still expected to rank near three-decade lows, underscoring how deeply elevated interest rates disrupted activity over the past several years. Many homeowners remain reluctant to sell because doing so would mean giving up ultra-low mortgage rates secured before 2022.

Looking ahead, housing market forecasts suggest a slow and uneven normalization rather than a sharp rebound. Continued declines in mortgage rates, steady wage growth, and incremental improvements in inventory will be critical to sustaining buyer demand. November’s surge in pending home sales does not mark a full recovery, but it does indicate that homebuyer momentum is building and that the long housing slowdown may be starting to ease.

This combination of improving affordability, stabilizing prices, and renewed buyer interest positions the housing market for a potentially stronger 2026 if current trends continue.

Nvidia’s $20 Billion Groq Deal Signals a New Phase in the AI Chip Arms Race

Posted on by slightbourne@noblecapitalmarkets.com

Nvidia is making its boldest strategic move yet in the artificial intelligence boom, agreeing to acquire key assets from AI chip startup Groq for roughly $20 billion in cash. The transaction, Nvidia’s largest deal on record, underscores how fiercely competitive the race to dominate AI infrastructure has become—and how much capital market leaders are willing to deploy to stay ahead.

Founded in 2016 by former Google engineers, including TPU co-creator Jonathan Ross, Groq has carved out a reputation for designing ultra-low-latency AI accelerator chips optimized for inference workloads. These are the chips that power real-time AI responses, an area of exploding demand as large language models move from experimentation into production across enterprises. While Groq was most recently valued at $6.9 billion in a September funding round, Nvidia’s willingness to pay nearly three times that figure for its assets highlights the strategic value of the technology rather than the startup’s current financials.

Structurally, the deal is notable. Nvidia is not acquiring Groq outright but instead purchasing its assets and entering into a non-exclusive licensing agreement for Groq’s inference technology. Groq will technically remain an independent company, with its cloud business continuing separately, while Ross and other senior leaders join Nvidia. This mirrors a growing trend among Big Tech firms: acquiring talent and intellectual property without the regulatory complexity of a full corporate takeover.

For Nvidia, the rationale is clear. CEO Jensen Huang has said the assets will be integrated into Nvidia’s AI factory architecture, expanding its platform to serve a broader range of inference and real-time workloads. As AI adoption matures, inference—not training—may become the dominant cost driver, and Groq’s low-latency processors directly address that bottleneck. The move also neutralizes a potential competitor founded by engineers who helped build one of Nvidia’s main alternatives: Google’s TPU.

From an investment perspective, the deal reinforces Nvidia’s commanding position in the AI ecosystem. The company ended October with more than $60 billion in cash and short-term investments, giving it unmatched flexibility to shape the market through acquisitions, licensing deals, and strategic investments. In recent months alone, Nvidia has struck similar agreements with Enfabrica, expanded its stake in CoreWeave, announced intentions to invest heavily in OpenAI, and even partnered with Intel. The Groq transaction fits neatly into this pattern of ecosystem consolidation.

Broader market sentiment also plays a role. Investors have rewarded Nvidia’s aggressive strategy, viewing it as a signal that AI spending is far from peaking. Rather than slowing, capital is concentrating around proven winners with scale, distribution, and cash. Smaller chip startups may still innovate, but exits increasingly appear to be strategic partnerships or asset sales rather than standalone IPOs—evidenced by Cerebras Systems shelving its public offering plans.

Ultimately, Nvidia’s Groq deal is less about one startup and more about the trajectory of the AI economy. It reflects a market where speed, efficiency, and control over the full AI stack are paramount. For investors, the message is clear: AI is entering a consolidation phase, and Nvidia intends not just to participate, but to dictate its direction.

Great Lakes Dredge & Dock (GLDD) – Another Pause for Offshore Wind

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, December 24, 2025

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

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.

Another Pause. The Trump Administration is pausing leases for five offshore wind projects, including the Sunrise Wind and Empire Wind 1 projects, both of which Great Lakes’ soon to be delivered Acadia vessel is contracted to provide subsea rock services. Described as due to national security risks identified by the Pentagon, the pause is currently not expected to exceed 90 days. If accurate, the pause should not have a significant impact on Great Lakes, in our opinion.

Details. The administration said the pause will give the Interior Department, which oversees offshore wind, time to work with the Department of War and other agencies to assess the possible ways to mitigate any security risks posed by the projects. In past research, the U.S. government has found that the movement of turbine blades and the highly reflective towers can create radar interference called “clutter.” The clutter caused by offshore wind projects obscures legitimate moving targets and generates false targets in the vicinity of wind projects. However, these risks were already considered in the permitting process.


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. 

Release – Conduent Launches Italy’s First Integrated Transit EMV Contactless Payment System with Brescia Mobilità and Arriva Italia

Posted on by slightbourne@noblecapitalmarkets.com

December 22, 2025

MILAN & FLORHAM PARK, N.J. — Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated (Nasdaq: CNDT), today announced the launch of Italy’s first integrated transit EMV (Europay, Mastercard, and Visa) contactless payment system, developed in partnership with transit operators Brescia Mobilità and Arriva Italia. Conduent previously collaborated with both operators to implement their individual EMV systems, and this new integration marks a significant step forward in digitalizing ticketing systems.

The integrated system allows passengers traveling on Brescia Mobilità’s urban network and Arriva Italia’s extra-urban network to purchase a single ticket that is valid across both systems using contactless debit or credit cards, as well as NFC enabled digital wallets. The solution automatically calculates the correct fare based on the journey taken. In addition, the system enables a multi-passenger ticket, allowing one traveler to purchase multiple fares in a single transaction with the same card.

This represents the first EMV system integration between two public transport operators in Italy, and it serves as a pioneering example of a multi-operator EMV platform functioning as a shared service hub across public transport companies.

To support this innovation, Conduent enhanced its EMV solution with two new modules.

  • A Tokenizer protects sensitive data by generating a unique identifier, or token, for each card used.
  • An Orchestrator manages the end-to-end payment process, ensuring transactions are secure and efficient, including the reconciliation of payments.

“We are proud to have been the first in Lombardy to introduce EMV contactless payment technology,” said Marco Medeghini, General Manager at Brescia Mobilità Group. “By working with Conduent and Arriva Italia, we have taken a major step toward digitalizing public transportation and advancing our shared vision of a modern, sustainable system.”

“This collaboration represents a decisive step forward for public transport in the city of Brescia and its province – a first-of-its kind integrated payment system connecting two major operators,” said Angelo Costa, Managing Director of Arriva Italia. “Building off the success of EMV technology, we invested in this joint solution to offer an innovative and easy-to-use service to our passengers.”

“Brescia Mobilità and Arriva Italia recognize that adopting innovative technologies enhances the passenger experience. Conduent’s EMV solution laid the foundation for a scalable, multi-operator system that can be expanded to a wider geographical area,” said Jean-Charles Zaia, President, Transit Solutions at Conduent. “We are proud to support Brescia Mobilità and Arriva Italia with this first-of-its-kind implementation in Italy, made possible by Conduent’s innovation and our partners’ commitment to progress.”

Conduent fare collection systems are in use on more than 400 public transit networks of all sizes around the world. In addition to Brescia, Conduent has deployed contactless payment systems in more than 10 cities in Italy including Bergamo, Venice, and Verona.

About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 53,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $85 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.

Note: To receive RSS news feeds, visit www.news.conduent.com. For open commentary, industry perspectives and views, visit http://twitter.com/Conduent, http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent.

Trademarks
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

BioMarin to Acquire Amicus Therapeutics for $4.8 Billion, Expanding Leadership in Rare Diseases

Posted on by slightbourne@noblecapitalmarkets.com

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announced it has entered into a definitive agreement to acquire Amicus Therapeutics (Nasdaq: FOLD) in an all-cash transaction valued at approximately $4.8 billion. Under the terms of the deal, BioMarin will acquire Amicus for $14.50 per share, representing a significant premium to Amicus’ recent trading levels. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and Amicus shareholder approval.

The acquisition significantly expands BioMarin’s presence in the rare disease market by adding two marketed, high-growth therapies to its commercial portfolio. Amicus brings Galafold® (migalastat), an oral therapy for Fabry disease, and Pombiliti® (cipaglucosidase alfa-atga) in combination with Opfolda® (miglustat), a next-generation treatment for Pompe disease. Together, these products generated $599 million in revenue over the past four quarters, immediately strengthening BioMarin’s top-line growth profile.

From a strategic standpoint, the transaction deepens BioMarin’s focus on lysosomal storage disorders, an area where the company already has established expertise and commercial infrastructure. The addition of Amicus’ therapies is expected to accelerate BioMarin’s long-term revenue growth rate through 2030 and beyond, while diversifying its enzyme therapies business unit. BioMarin also plans to leverage its global commercial footprint to expand access to Galafold and Pombiliti + Opfolda in additional international markets.

The deal carries favorable financial implications for BioMarin shareholders. Management expects the acquisition to be accretive to non-GAAP diluted earnings per share within the first 12 months following closing and substantially accretive beginning in 2027. BioMarin intends to finance the transaction using a combination of existing cash and approximately $3.7 billion in new debt financing, with no equity issuance required. The company has stated that it remains committed to deleveraging, targeting gross leverage below 2.5x within two years after closing.

Importantly, a key overhang related to Galafold’s U.S. intellectual property has been resolved ahead of the acquisition. Amicus has settled ongoing patent litigation with generic challengers, securing U.S. exclusivity for Galafold until January 2037, barring limited customary exceptions. This resolution enhances revenue visibility and strengthens the long-term value of the Fabry franchise within BioMarin’s portfolio.

Beyond marketed products, Amicus also contributes pipeline optionality. The company holds U.S. rights to DMX-200, a Phase 3 investigational therapy for focal segmental glomerulosclerosis (FSGS), a rare and often fatal kidney disease. While not central to the acquisition thesis, the asset provides additional upside potential.

Overall, the acquisition underscores BioMarin’s capital allocation strategy of deploying its strong balance sheet to acquire de-risked, revenue-generating assets that align with its core rare disease focus. With immediate revenue contribution, improved earnings power, and expanded global reach, the Amicus transaction positions BioMarin to strengthen its leadership in rare diseases while delivering long-term shareholder value.

Summit Midstream Corp (SMC) – A Multi-Year Reset Positions Summit for Growth

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, December 18, 2025

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.

Initiating coverage with an Outperform rating. We are initiating coverage of Summit Midstream Corporation with an Outperform rating and a price target of $47 per share. Summit is a diversified midstream operator headquartered in Houston, Texas, focused on developing, owning, and operating strategically located natural gas, crude oil, and produced water infrastructure across several key U.S. unconventional resource basins.

Strategically positioned. Summit owns and operates midstream infrastructure in major U.S. unconventional resource basins, including: 1) the Williston Basin in North Dakota, 2) the Denver-Julesburg (DJ) Basin in Colorado and Wyoming, 3) the Fort Worth Basin in Texas, 4) the Piceance Basin in Colorado, and 5) the Arkoma Basin in Oklahoma. The company also holds a 70% majority interest in and operates the Double E Pipeline, a natural gas transmission system connecting the Delaware Basin to the Waha Hub in Texas. The diversified footprint provides Summit with exposure to multiple producing regions.


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 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.