Chart Industries and Flowserve Merge to Create $19 Billion Industrial Tech Powerhouse

In a strategic move set to reshape the industrial process technology sector, Chart Industries and Flowserve Corporation announced on June 4, 2025, that they will merge in an all-stock transaction, forming a combined company valued at approximately $19 billion. This merger of equals brings together two highly complementary businesses to create a global leader in flow and thermal management solutions.

The newly combined entity will boast an extensive installed base of over 5.5 million assets across more than 50 countries, offering a comprehensive platform that spans the full customer lifecycle—from process design to mission-critical equipment, aftermarket support, and digital monitoring solutions. With combined last twelve months (LTM) revenue of $8.8 billion, the new company is set to make a significant impact across a wide array of high-growth industries, including energy, power generation, chemical processing, data centers, and carbon capture.

At the heart of this merger is a shared commitment to delivering world-class technologies and services. Chart’s expertise in cryogenic, thermal, and specialty solutions blends seamlessly with Flowserve’s core strengths in flow management, including pumps, valves, and seals. This merger creates a differentiated industrial technology platform that is expected to enhance performance, increase predictability through market cycles, and expand customer reach globally.

A major benefit of the transaction is the expansion of aftermarket services, which will now account for roughly $3.7 billion annually, or 42% of total revenue. This significant recurring revenue stream positions the company for stable cash flow and long-term growth. Further, the merger is expected to generate approximately $300 million in annual cost synergies within three years, driven by procurement efficiencies, facility consolidations, and operational streamlining. On top of that, incremental revenue synergies of at least 2% are anticipated over time.

The transaction has been unanimously approved by both boards of directors. Upon completion, Chart shareholders will own 53.5% and Flowserve shareholders will own 46.5% of the combined company. Jill Evanko, current CEO of Chart, will serve as Chair of the Board, while Scott Rowe, CEO of Flowserve, will become the Chief Executive Officer. The board will be evenly split, with six directors from each company.

Financially, the combined company will aim to maintain an investment-grade balance sheet with a leverage ratio of 2.0x net debt to adjusted EBITDA at closing. The firm expects strong cash generation, supporting growth initiatives, debt reduction, and a continued shareholder dividend.

Headquartered in Dallas, Texas, with continued operations in Atlanta and Houston, the new company is poised to become a global industrial technology giant. A new brand identity will be unveiled upon closing, which is expected by Q4 2025, pending shareholder and regulatory approvals.

This transformative merger marks a significant step forward in innovation, scale, and service within the industrial process sector, positioning the company to capitalize on growing demand for integrated and sustainable technologies worldwide.

Titan International (TWI) – An Off Road Leader; Initiating Research Coverage

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.

Initiation of Research Coverage. We are initiating research coverage of Titan International with an Outperform rating and an $11 price target. Titan is a worldwide leader in the manufacture of off road wheels, tires, and undercarriages for the agriculture, construction, mining, and consumer space.

Transformation. Titan has undergone a strategic transformation since 2019. Management has restructured the Company, eliminating non-core assets, improving the balance sheet, and diversifying the business through acquisitions. Though still subject to cyclicality of its end markets, we believe Titan is well positioned to capitalize on improving end market demand.


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 – Kratos and GE Aerospace Sign Teaming Agreement, Expand Small Engine Portfolio with New Propulsion System

June 3, 2025 at 8:00 AM EDT

SAN DIEGO, June 03, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a Technology Company in the Defense, National Security and Global Markets, and GE Aerospace (NYSE: GE) today announced a formal teaming agreement to advance propulsion technologies for the next generation of affordable unmanned aerial systems and Collaborative Combat Aircraft-type (CCA-type) aircraft.

Eric DeMarco, President and CEO of Kratos, said, “Kratos’ strategically important Teaming Agreement with GE Aerospace continues to rapidly advance and expand, with the GEK family of engines targeting certain of the most important, mission critical and highest priority needs and requirements of United States National Security. At Kratos, affordability is a technology and delivering more capability for less cost as quickly as possible are key contributions we are bringing for truly industry leading GEK offerings with our partner and global leader GE Aerospace.”

“The formalization of this teaming agreement and initiation of development of these new engines mark another step forward in our dedication to providing affordable, adaptable, high-performance propulsion systems for the future force,” said Amy Gowder, President and CEO of Defense & Systems at GE Aerospace. “We’re thrilled to continue our collaboration with Kratos and accelerate development across various classes of unmanned systems.”

This collaboration strengthens Kratos’ ongoing partnership with GE Aerospace – building on last year’s Memorandum of Understanding (MOU) to advance the development and production of small, cost-effective engines for unmanned platforms. The new teaming agreement expands on that MOU and provides the framework for the two companies to develop, manufacture, test, and field the GEK800 Engine, as well as collaborate on other low-cost expendable turbofan engines.

The GEK800

The GEK800

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7eb9eaed-8320-4e62-be5a-195d3569535b

In addition to the joint work on the GEK800, the companies have commenced work on another new engine, the GEK1500. The engines under development support unmanned aerial systems (UAS), collaborative combat aircraft, and similar applications, positioning Kratos and GE Aerospace to offer affordable mass propulsion solutions across a range of next-generation defense applications for the Department of Defense.

Kratos brings more than 20 years of experience developing and producing small, affordable engines for UAS, drones, and missile platforms. GE Aerospace adds a century of expertise in propulsion technology and the ability to scale advanced designs into high-rate production —helping bridge the gap from prototype to deployment.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

About GE Aerospace
GE Aerospace is a global aerospace propulsion, services, and systems leader with an installed base of approximately 45,000 commercial and 25,000 military aircraft engines. With a global team of approximately 53,000 employees building on more than a century of innovation and learning, GE Aerospace is committed to inventing the future of flight, lifting people up, and bringing them home safely. Learn more about how GE Aerospace and its partners are defining flight for today, tomorrow, and the future at www.geaerospace.com

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Burghoff
claire.burghoff@kratosdefense.com

Investor Information:
877-934-4687
investor@kratosdefense.com

Tariffs, Imports, and Uncertainty: What the Manufacturing Slump Means for Small Cap Stocks

The U.S. manufacturing sector continues to show signs of stress, with May’s ISM Manufacturing PMI slipping further into contraction territory at 48.5 — down from April’s 48.7. This persistent decline highlights the fragility of the sector amid deepening global trade tensions and domestic economic uncertainty. Perhaps more alarmingly, U.S. imports plunged to their lowest levels since 2009, registering a reading of 39.9, a significant drop from April’s 47.1.

This steep decline in imports reflects both softening demand and the growing impact of tariffs, many of which have been reintroduced or expanded under President Trump’s revised trade policy. According to Susan Spence of the ISM Manufacturing Business Survey Committee, tariffs were the most cited concern among respondents — with 86% mentioning them. Several likened the current climate to the disarray of the early pandemic.

For small-cap stocks, especially those tied to industrials, materials, and manufacturing, this environment spells both challenge and opportunity. Small caps are often more domestically focused than their large-cap counterparts and tend to be more sensitive to economic cycles. When manufacturing slows, these companies typically suffer more acutely from reduced orders, higher input costs due to tariffs, and tighter margins.

However, the current backdrop is more nuanced. While ISM’s index showed contraction, S&P Global’s separate gauge of manufacturing activity rose to 52, indicating slight expansion. Yet, even that report carried warnings: Chief economist Chris Williamson noted that the uptick is likely temporary, driven by inventory hoarding amid fears of supply chain issues and rising prices.

This divergence reveals how mixed signals are becoming the norm — complicating investment strategies in the small-cap space. On one hand, small manufacturers that rely on imported materials face margin pressure from rising input costs due to tariffs. On the other, those able to localize supply chains or produce domestically could benefit from reshoring trends and domestic inventory build-up.

For investors, the key takeaway is caution, not panic. Many small-cap industrials are already priced for a slowdown, but those with strong balance sheets and pricing power may weather the storm — or even gain market share as competitors falter. Meanwhile, increased inventory levels could provide short-term tailwinds, though that may evaporate quickly if demand doesn’t keep pace.

Marketwide, prolonged manufacturing contraction can pressure broader economic indicators, especially employment and capital spending, ultimately weighing on the S&P 500 and Dow. The Nasdaq, less exposed to traditional manufacturing, may prove more resilient.

In conclusion, the state of U.S. manufacturing is flashing caution signs, especially for small-cap stocks in the sector. While short-term inventory surges and reshoring trends may offer brief relief, the longer-term picture remains clouded by tariff uncertainties and fragile global trade relations. Investors would be wise to look for companies with flexible supply chains, diversified revenue streams, and strong cash positions as potential outperformers in this challenging landscape.

Release – GeoVax Congratulates Bipartisan Senate Action to Onshore Critical Medical Manufacturing

Research News and Market Data on GOVX

Highlights Broad National Support for Domestic Vaccine Resilience and Role of MVA Platform in Public Health Preparedness

ATLANTA, GA – May 29, 2025 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies, voiced strong support for the newly announced bipartisan initiative by U.S. Senators Joni Ernst (R-IA) and Lisa Blunt Rochester (D-DE) to onshore the manufacturing of critical pharmaceutical supplies. The Critical Infrastructure Manufacturing Feasibility Act seeks to reduce reliance on foreign sources for key medical products—directly aligning with GeoVax’s mission to rebuild U.S.-based vaccine manufacturing and strengthen national preparedness.

“We are seeing a unified, national groundswell—from Congress, the White House, HHS, FDA, BARDA, and commissions like NSCEB—calling for the onshoring of America’s vaccine manufacturing base,” said David Dodd, Chairman and CEO of GeoVax. “GeoVax is purpose-built to answer that call, with a clinically validated MVA platform, a domestic manufacturing strategy, and a focus on pandemic responsiveness and protection of the immunocompromised.”

Rebuilding U.S. Biomanufacturing Through Coordinated Federal Action

The Senate initiative complements a cascade of government actions to bring the manufacturing of essential medical countermeasures—including vaccines—back to U.S. soil including:

  • The White House Executive Order on pharmaceutical independence.
  • The HHS-ASPR-DARPA EQUIP-A-Pharma initiative.
  • BARDA’s Rapid Response Partnership Vehicle (RRPV), which selected GeoVax’s MVA manufacturing proposal for award (pending funding).
  • The NSCEB’s call for $15 billion in U.S.-owned biotech infrastructure.

These actions reflect growing bipartisan recognition that national health security depends on resilient, scalable domestic vaccine capacity.

MVA Technology: Protecting the Immunocompromised with Durable, Multi-Antigen Vaccines

GeoVax’s MVA platform supports a pipeline of multi-antigen vaccines, including GEO-CM04S1 (COVID-19), primarily targeted to address the current unmet needs inducing broad T-cell and antibody responses among immunocompromised individuals, overcoming the limitations of single-antigen vaccines.

GeoVax’s MVA vaccines align with FDA and HHS goals to advance diversified, multi-antigenic strategies that provide broader, longer-lasting protection across high-risk groups.

Enabling U.S. Biomanufacturing Through Equip-A and BARDA RRPV: A Roadmap to Rapid, U.S.-Based Vaccine Production

GeoVax’s progressing advanced MVA manufacturing process is anticipated to eliminate the need for pathogen-free eggs and leverage a continuous avian cell line system, directly supporting the objectives of the federal government’s EQUIP-A-Pharma initiative. This HHS-ASPR-DARPA program aims to create agile, point-of-care pharmaceutical production capabilities using modular, AI-driven platforms.

Additionally, GeoVax’s proposal“Innovation in Clinical Manufacturing of MVA-Vectored COVID-19 Vaccines”was selected by BARDA’s Rapid Response Partnership Vehicle (RRPV), pending funding availability. The program is designed to accelerate the scale-up of advanced U.S.-based MVA vaccine manufacturing. The proposal is designed to:

  • Replace legacy egg-based systems with a continuous avian cell line (AGE1);
  • Enable high-volume, GMP-compliant vaccine output deployable within months—not years;
  • Support rapid pandemic response and reduce foreign supply chain dependencies;
  • Lay the foundation for broader applications across multiple infectious disease targets.

If funded, this effort is expected to create a scalable, resilient domestic manufacturing platform essential for the rapid deployment of MVA-based vaccines like GEO-CM04S1 (COVID-19) and GEO-MVA (Mpox/smallpox).

Platform Alignment with National Priorities

GeoVax’s MVA-based vaccines embody the shift in U.S. public health strategy away from single-antigen platforms and toward multi-antigen, durable, and safe alternatives. These vaccines are specifically engineered to meet the needs of high-risk populations—including the 40+ million immunocompromised Americans who may not respond effectively to mRNA and other vaccines that focus primarily on inducing antibody immunity.

GeoVax’s U.S.-controlled MVA platform addresses key government objectives:

  • Vaccine arsenal diversification (beyond mRNA and other single-antigen platforms)
  • Domestic manufacturing readiness
  • Transparency and public trust
  • Simplified global access and affordability
  • National security through supply chain independence
  • Products ready for rapid clinical and regulatory advancement
  • Vaccines built for strategic stockpiling and broad immunization

Call for Continued Bipartisan Momentum

“With renewed bipartisan focus on U.S. medical independence, there is no better time to invest in American-homegrown vaccine innovation,” added Dodd. “We urge lawmakers and federal agencies to continue supporting domestic capacity, biodefense readiness, and equitable access to advanced medical countermeasures to protect both our national security and our most vulnerable populations.”

About GeoVax

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines against infectious diseases and therapies for solid tumor cancers. The Company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. The Company is also developing GEO-MVA, a vaccine targeting Mpox and smallpox. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.

Forward-Looking Statements

This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.

Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 

Company Contact:                 

info@geovax.com                   

678-384-7220                          

Investor Relations Contact:

geovax@precisionaq.com

212-698-8696

Release – Graham Corporation Announces Fourth Quarter Fiscal Year 2025 Financial Results Conference Call and Webcast

Research News and Market Data on GHM

May 28, 2025 8:00am EDT Download as PDF

BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries, announced that it will release its fourth quarter and fiscal year 2025 financial results before financial markets open on Monday, June 9, 2025.

The Company will host a conference call and webcast to review its financial and operating results, strategy, and outlook. A question-and-answer session will follow.

Fourth Quarter Fiscal Year 2025 Financial Results Conference Call

Monday, June 9, 2025
11:00 a.m. Eastern Time
Phone: (201) 689-8560
Internet webcast link and accompanying slide presentation: ir.grahamcorp.com

A telephonic replay will be available from 3:00 p.m. ET on the day of the teleconference through Monday, June 16, 2025. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13753289 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.

ABOUT GRAHAM CORPORATION
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.

Graham routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

For more information:
Christopher J. Thome
Vice President – Finance and CFO
Phone: (585) 343-2216

Tom Cook
Investor Relations
Phone: (203) 682-8250
Tom.Cook@icrinc.com

Source: Graham Corporation

Released May 28, 2025

SunCoke Energy Expands Steel Industry Footprint with $325M Acquisition of Phoenix Global

SunCoke Energy, Inc. (NYSE: SXC), a leading U.S. producer of high-quality metallurgical coke and logistics services, has announced a definitive agreement to acquire Phoenix Global for $325 million. The all-cash deal will significantly expand SunCoke’s presence in the steel value chain, diversify its customer base, and accelerate international growth.

Phoenix Global, a privately held company operating under Flame Aggregator, LLC, is a mission-critical service provider to top global steel producers. The company operates across 19 mill sites in North America, Brazil, Europe, and South Africa, offering services such as molten slag handling, scrap metal processing, and logistics for steelmaking inputs and outputs.

The acquisition marks a strategic shift for SunCoke, as it moves beyond traditional blast furnace-focused services into supporting electric arc furnace (EAF) operators, including both carbon and stainless steel producers. With the global steel industry increasingly transitioning toward more energy-efficient EAF technology, this move positions SunCoke at the forefront of evolving demand.

The purchase price implies a 5.4x multiple on Phoenix’s last twelve months (LTM) adjusted EBITDA of $61 million, as of March 31, 2025. SunCoke will finance the transaction using a mix of existing cash and availability under its undrawn revolving credit facility. The deal is expected to be immediately accretive to SunCoke’s earnings and to deliver annual synergies of $5 million to $10 million.

“This acquisition is a powerful step forward for SunCoke,” said Katherine T. Gates, President and CEO of SunCoke Energy. “Phoenix brings an impressive asset base, a global footprint, and long-term customer contracts that complement our current operations. This merger strengthens our role as a critical partner in the steel industry while expanding our reach into new markets and technologies.”

Phoenix has invested approximately $72 million in capital improvements since 2023, ensuring the durability and efficiency of its operations. Its revenue model, based on long-term contracts with fixed components, adds predictable earnings for SunCoke and reduces exposure to commodity price volatility.

The deal has been unanimously approved by the boards of directors of both companies and is backed by a majority of Phoenix’s unitholders. Completion is expected in the second half of 2025, pending customary regulatory approvals, including antitrust clearance under the Hart-Scott-Rodino Act.

Analysts see the acquisition as a strategic masterstroke for SunCoke, enabling the company to leverage its technical expertise, strong financial profile, and sustainable infrastructure into adjacent industrial services. Moreover, SunCoke’s expansion into global markets and EAF-related services could open new avenues for organic growth and customer engagement.

With this acquisition, SunCoke not only solidifies its position in the North American steel supply chain but also extends its reach as a global service provider committed to innovation, sustainability, and long-term value creation.

Oil Prices Rise Slightly as U.S.-Iran Nuclear Talks Stall and Geopolitical Tensions Mount

Key Points:
– Oil inches up as U.S.-Iran nuclear talks stall without resolution.
– Geopolitical risks and strong U.S. data support prices amid market fears.
– Bearish sentiment persists due to OPEC+ supply hikes and rising U.S. stockpiles.

Oil prices edged higher this week as U.S.-Iran nuclear negotiations failed to deliver significant progress, deepening market uncertainty and raising concerns over potential disruptions in global supply. West Texas Intermediate (WTI) crude hovered near $61 a barrel following a fifth round of talks in Rome, where both sides reported “some but not conclusive progress.”

Iranian Foreign Minister Abbas Araghchi acknowledged that while talks had moved forward, critical issues remain unresolved. The lack of a breakthrough is fueling doubts about whether Iranian crude will re-enter the market anytime soon. Traders are watching closely, as failed negotiations could restrict supply from the OPEC member and tighten global markets.

Geopolitical tension is further intensifying sentiment. Reports from U.S. intelligence suggesting that Israel may be preparing to strike Iranian nuclear facilities have added to anxiety in the energy sector. While Iranian officials indicated that a deal limiting nuclear weapons development might be possible, Tehran remains firm on continuing uranium enrichment—an issue that could derail diplomacy.

Meanwhile, strong U.S. economic data helped buoy prices after a brief dip triggered by fresh tariff threats from former President Donald Trump. In a social media post, Trump criticized the European Union as “very difficult to deal with” and suggested a sweeping 50% tariff on EU imports starting June 1. The rhetoric briefly shook markets, but solid U.S. consumer and industrial data helped counterbalance demand fears.

Despite the recent uptick, oil’s broader outlook remains bearish. Crude prices are down about 14% year-to-date, recently touching lows not seen since 2021. A faster-than-anticipated easing of production limits by OPEC+ and rising U.S. commercial oil stockpiles have both added to concerns about oversupply.

Energy strategist Jens Naervig Pedersen from Danske Bank emphasized that bearish sentiment persists. He cited ongoing output hikes by OPEC+, lackluster progress in both trade and nuclear talks, and the possibility of sanctions relief for Iran as factors undermining oil prices.

Looking ahead, a virtual meeting of key OPEC+ producers, including Saudi Arabia, is set for June 1 to decide on output levels for July. Most analysts surveyed by Bloomberg anticipate a continued rise in production, which could further pressure prices.

Adding another wrinkle, the European Commission is proposing to lower the price cap on Russian oil to $50 a barrel. Currently set at $60, the cap was designed to punish Russia for its war in Ukraine while keeping oil flowing. With prices already low, the existing ceiling is seen as ineffective.

In summary, oil is caught in a tug-of-war between geopolitical risk and structural oversupply. Unless a clear resolution emerges in U.S.-Iran talks or OPEC+ shifts its stance on production, the market may remain volatile with a downward bias.

QuoteMedia Inc. (QMCI) – Delivers Encouraging Q1 Results


Friday, May 23, 2025

QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.

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.

Solid Q1 Results. The company reported Q1 revenue of $4.8 million, which increased 3% over the prior year period, and was in line with our estimate of $4.8 million. Notably, revenue in Q1 was highest amount of quarterly revenue in the company’s history. Moreover, the company recorded adj. EBITDA of $0.4 million in Q1, which was moderately lower than our estimate of $0.5 million, as illustrated in Figure #1 Q1 Results. 

Q1 adj. EBITDA impact. Notably, adj. EBITDA in Q1 was impacted by the company capitalizing less development costs than in prior quarters, leading to more development costs expensed in Q1. Importantly, the increase in development costs that were expensed did not have an impact on cashflow. Furthermore, the company highlighted that it will be expensing development costs at a similar rate to Q1, which was higher than in previous quarters, moving forward. 


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. 

Levi Strauss Sells Dockers to Authentic Brands for Up to $391 Million

Key Points:
– Levi Strauss sells Dockers to Authentic Brands Group for up to $391M to sharpen focus on core labels.
– Dockers, a 1980s icon of “Casual Friday,” has struggled amid the rise of athleisure and remote work.
– Authentic aims to revitalize Dockers and expand it into new markets and categories.

Levi Strauss & Co. is parting ways with one of its most recognizable labels, announcing Tuesday that it will sell its Dockers brand to Authentic Brands Group for up to $391 million. The sale marks a major shift for Levi Strauss, which is increasingly focused on its namesake denim line and the growing Beyond Yoga brand.

The transaction includes an initial payment of $311 million, with the potential for an additional $80 million in performance-based payouts. The sale is expected to close by July 31, 2025, for U.S. and Canadian operations, with global segments transitioning by January 2026.

Dockers, launched by Levi’s in 1986, became a defining symbol of the 1990s “Casual Friday” movement. Known for its khakis and relaxed office wear, the brand helped usher in a cultural shift away from stiff corporate dress codes. But in recent years, Dockers has fallen out of fashion favor, as a pandemic-driven work-from-home culture and the meteoric rise of athleisure wear left traditional khakis collecting dust in closets.

“Selling Dockers further aligns our portfolio with our strategic priorities,” Levi Strauss CEO Michelle Gass said. “We’re doubling down on the Levi’s brand and on high-growth categories like athleisure.” Gass also praised the Dockers team for its decades of brand stewardship, calling the line “the authority on khaki.”

The decision comes amid a broader effort by Levi Strauss to tighten its brand focus and revitalize profitability. In fiscal 2024, Levi’s reported $210.6 million in profit on $6.36 billion in revenue. However, growth in its core denim line and newer segments like Beyond Yoga has far outpaced Dockers in recent years.

Meanwhile, the buyer — Authentic Brands Group — is no stranger to resurrecting legacy names. The brand management firm, led by founder and CEO Jamie Salter, owns a portfolio of well-known but often underperforming or dormant brands, including Reebok, Brooks Brothers, and Forever 21.

Salter described Dockers as a “natural fit” for Authentic’s brand development model. “Dockers played a key role in shaping casual workwear, and we see significant potential to build on that legacy,” he said. Authentic plans to expand the Dockers brand across multiple categories and potentially international markets.

Analysts view the deal as a win-win: Levi Strauss sharpens its brand identity while shedding a slower-growth asset, and Authentic takes on a nostalgic brand with solid name recognition and room for reinvention. The sale also highlights the ongoing evolution in consumer preferences, as shoppers prioritize comfort, versatility, and lifestyle-driven fashion over traditional workplace attire.

As Dockers moves into new hands, the brand that helped define office wear for a generation now faces a new challenge—redefining its place in a post-business-casual world.

Kelly Services (KELYA) – First Look 1Q25


Friday, May 09, 2025

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

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

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Q1 Results. The Company recorded revenue of $1.16 billion, up 11.5% year over year, in line with our estimate of $1.16 billion. Adj. EBITDA came in at $34.9 million, up 4.8% over the prior year period and modestly lower than our estimate of $36.5 million. Adj. EBITDA margin decreased 20 basis points to 3.0%. Furthermore,  Kelly reported net income of $0.16/sh. On an adjusted basis, EPS was $0.39/sh compared to $0.56/sh last year and our estimate of $0.60/sh.

Solid Results. The y-o-y revenue growth of 11.5% was largely driven by the Company’s May 2024 acquisition of Motion Recruitment Partners (MRP). On an organic basis, total revenue was only up 0.2%, which includes a 0.8% decrease in revenue from U.S. federal contractors and a 6.3% increase in Education segment revenue.


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. 

Aurania Resources (AUIAF) – Aurania Closes Final Tranche of Private Placement Financing


Tuesday, May 06, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Private placement financing. Aurania Resources closed the second and final tranche of its non-brokered private placement financing. A total of 2,569,022 units of the company were sold under the second tranche at a price of C$0.30 per unit. Including the first tranche which closed on April 17, Aurania issued 5,751,921 units for gross proceeds of C$1,725,577. Net proceeds will be used to fund general working capital needs and may be used to pay mineral concession fees in Ecuador.

Terms of the offering. Each unit is composed of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.55 for a period of 24 months following the closing of the date of issuance. 


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. 

GeoVax Labs (GOVX) – 1Q25 Reported With Pipeline Strategy Updates


Friday, May 02, 2025

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades.

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

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

First Quarter Included Contract Revenues. GeoVax reported a 1Q25 loss of $5.4 million or $(0.45) per share, a smaller loss than we had expected. The quarter included $1.6 million in Contract Revenue from the BARDA contract in preparation for the Phase 2 trial. Since the contract was cancelled on April 11, 2025, the 2Q25 results will include some final contract work. Cash on March 31, 2025, was $7.4 million.

CM04S1 Continues Development With Focus On Immunocompromised Patients. The current focus of CM04S1 development is in immunocompromised patients, a population estimated at 40 million patients in the US alone. Data from the Phase 1 and Phase 2 clinical trials for CM04S1 was presented at the 25th World Vaccine Congress. The two Phase 2 trials in chronic lymphocytic leukemia and stem cell transplants continue to enroll patients, while the Phase 2 Healthy Adult Booster trial is expected to report data during 2Q25.


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.