Daily Brief United States: Gold, Crude Oil, New Horizon Aircraft, Honeywell International, Qualcomm Inc, Intel Corp, Hasbro Inc, Via Transportation, American Resources and more

• After a 9 weeks rally, Gold (GOLD COMDTY) started to pullback, last week, and the pullback continued into this week.
• Some market watchers argue US retail investors piled into Gold ETFs following the Fed’s late-August shift to rate cuts, potentially fueling the metal’s recent upside exhaustion.
• If Gold (GOLD COMDTY) was fueled by retail buying and is now correcting, retail investors will likely chase the dip—a textbook example of herd behavior, potentially driving a rebound.

• US sanctions now target all four of Russia’s largest oil companies, affecting 70% of production and exports
• EU also imposes new sanctions on Russia’s energy revenues
• Russia shifts to alternative currencies for oil trade to evade US dollar restrictions, leading to higher transaction costs and reputational risks

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• Horizon Aircraft (NASDAQ: HOVR) has made several positive announcements over the past month, further boosting our confidence in the company’s ability to achieve commercialization.
• Horizon Aircraft also released its first-quarter financial results, which were largely in line with our expectations, and the balance sheet has been strengthened by recent capital infusions, giving the company adequate capital to fund operations for at least the next twelve months.
• All publicly traded North American eVTOL companies are still pre-revenue, but several will likely have commercial products in the market next year.

• Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.
• Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.
• Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

• Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.
• Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far. 
• Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.

• Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.
• A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.
• This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.

• Retailers’ delayed ordering patterns and recent rush to restock in anticipation of strong year-end toy demand have placed Hasbro in a strategic position to regain lost momentum in Q4 2025.
• Toy sellers had initially postponed purchases amid tariff uncertainty and uneven consumer demand, opting instead for domestic shipping and just-in-time inventory strategies.
• As trade conditions stabilized and consumer appetite for toys remained solid, retailers have placed accelerated orders for holiday delivery.

• Via Transportation (VIA US) went public on 12 September 2025 on the NYSE and has a current market cap of more than $4bn.
• Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
• Inclusion in Global indices is expected in 2026 with a potential delay due to free float and float cap constraints.

• The EMC spin-off aims to surface hidden asset value by separating AREC’s high-growth battery-recycling unit, allowing EMC to attract a pure-play electrification multiple and investors clearer sum-of-the-parts visibility.
• The separation positions AREC as an asset-light critical-materials holding company, retaining minority stakes in ReElement, Novusterra, and Royalty Management while enabling EMC to independently pursue commercialization and partnerships.
• EMC gains dedicated access to growth capital and strategic investors, while AREC enhances financial optionality and valuation clarity across its diversified clean-energy and infrastructure holdings.

• Crude oil futures were moving sideways Monday amid uncertainty around trade talks and enforcement of Russian sanctions.
• Front-month Dec25 ICE Brent futures were trading at 65.67/b (1950 BST) versus Friday’s settle of $65.94/b, while Dec25 NYMEX WTI was at $61.34/b against a previous close of $61.50/b.
• Benchmarks had opened Monday higher before giving up ground that was recovered to leave the market flat from Friday.