Multi-Color Corp.’s earnings were hit hard by lower customer demand in the third quarter as the label making firm’s debt obligations grow more daunting, according to people familiar with the situation.
The Illinois-based private company, which offers a wide array of labels for packaging, faces a rapid succession of maturities on its more than $5 billion in debt over the next few years.
OMAHA, Neb. (AP) — New data the Agriculture Department released Friday created serious doubts about whether China will really buy millions of bushels of American soybeans like the Trump administration touted last month after a high-stakes meeting between President Donald Trump and Chinese leader Xi Jinping.
The USDA report released after the government reopened showed only two Chinese purchases of American soybeans since the summit in South Korea that totaled 332,000 metric tons. That’s well short of the 12 million metric tons that Agriculture Secretary Brooke Rollins said China agreed to purchase by January and nowhere near the 25 million metric tons she said they would buy in each of the next three years.
American farmers were hopeful that their biggest customer would resume buying their crops. But CoBank’s Tanner Ehmke, who is its lead economist for grains and oilseed, said there isn’t much incentive for China to buy from America right now because they have plenty of soybeans on hand that they have bought from Brazil and other South American countries this year, and the remaining tariffs ensure that U.S. soybeans remain more expensive than Brazilian beans.
“We are still not even close to what has been advertised from the U.S. in terms of what the agreement would have been,” Ehmke said.
Beijing has yet to confirm any detailed soybean purchase agreement but only that the two sides have reached “consensus” on expanding trade in farm products. Ehmke said that even if China did promise to buy American soybeans it may have only agreed to buy them if the price was attractive.
The White House did not immediately respond to questions about the lack of Chinese purchases and whether farmers can still expect a significant aid package like Trump promised earlier.
The Chinese tariff on American beans remains high at about 24%, despite a 10-percentage-point reduction following the summit.
Soybean prices fell sharply by 23 cents to $11.24 per bushel Friday. Ehmke said “that’s the market being shocked by the lack of Chinese demand that was confirmed in USDA data today.” Prices are still higher than they were before the agreement when they were selling for $10.60 per bushel, but the price may continue to drop unless there are significant new purchases.
Before the trade agreement, Trump had said farmers would receive an aid package to help them survive the trade war with China. That was put on hold during the shutdown, and now it’s not clear whether the administration will offer farmers aid like Trump did in his first administration.
LONDON (AP) — A London judge ruled Friday that global mining company BHP Group is liable in Brazil’s worst environmental disaster when a dam collapse a decade ago unleashed tons of toxic waste into a major river, killing 19 people and devastating villages downstream.
High Court Justice Finola O’Farrell said that Australia-based BHP was responsible, despite not owning the dam at the time, finding its negligence, carelessness or lack of skill led to the collapse.
Anglo-Australian BHP owns 50% of Samarco, the Brazilian company that operates the iron ore mine where the tailings dam ruptured on Nov. 5, 2015.
READ MORE: Mining is necessary for the green transition. Here’s why experts say we need to do it better
Sludge from the burst dam destroyed the once-bustling village of Bento Rodrigues in Minas Gerais state and badly damaged other towns. Enough mine waste to fill 13,000 Olympic-size swimming pools poured into the Doce River in southeastern Brazil, damaging 600 kilometers (370 miles) of the waterway and killing 14 tons of freshwater fish, according to a study by the University of Ulster in the U.K. The river, which the Krenak Indigenous people revere as a deity, has yet to recover.
A decade later, legal disputes have prolonged reconstruction and reparations and the river is still contaminated with heavy metals. Even as Brazil tries to define itself as a global environmental leader while hosting the U.N. COP30 climate summit, advocacy groups say the dam collapse is a reminder of industry-friendly policies that have ecological protection.
Victims of the disaster called the ruling a historic victory in seeking justice.
“We had to cross the Atlantic Ocean and go to England to finally see a mining company held to account,” said Mônica dos Santos of the Commission for Those Affected by the Fundão Dam.
Gelvana Rodrigues, whose 7-year-old son, Thiago, was killed in a mudslide, celebrated the step forward and said she wouldn’t rest until those responsible are punished.
“The judge’s decision shows what we have been saying for the last 10 years: it was not an accident, and BHP must take responsibility for its actions,” Rodrigues said.
The judge agreed with lawyers representing 600,000 Brazilians and 31 communities in the class-action case who argued that BHP was heavily involved in the Samarco operation and could have prevented the disaster, but instead encouraged raising the dam to allow more production.
“The risk of collapse of the dam was foreseeable,” O’Farrell wrote in the 222-page decision. “It is inconceivable that a decision would have been taken to continue raising the height of the dam in those circumstances and the collapse could have been averted.”
BHP said that it plans to appeal.
The claimants are seeking 36 billion pounds ($47 billion) in compensation, though the ruling only addressed liability. A second phase of the trial will determine damages.
The case was filed in Britain because one of BHP’s two main legal entities was based in London at the time.
The trial began in October 2024, just days before the federal government in the South American country reached a multibillion-dollar settlement with the mining companies.
Under the agreement, Samarco — which is also half owned by Brazilian mining giant Vale — agreed to pay 132 billion reais ($23 billion) over 20 years. The payments were meant to compensate for human, environmental and infrastructure damage.
BHP had said the U.K. legal action was unnecessary, because it duplicated matters covered by legal proceedings in Brazil.
The judge ruled that those who were compensated in the settlement in Brazil could still bring claims, though they might be limited by any waivers they signed.
Brandon Craig, BHP’s president of Minerals Americas, said that nearly half of the claimants could be eliminated from the group because of settlement agreements they signed in Brazil.
BHP shares fell more than 2% on the London market after the ruling and the company said that it would update its financial provisions.
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Shopify (SHOP) shares have seen some volatility recently, catching the attention of investors looking for signs of broader shifts in e-commerce demand. After trending lower over the past month, the stock is drawing more questions about valuation.
See our latest analysis for Shopify.
Shopify’s 1-year total shareholder return clocks in at 34.6%, while the share price has climbed more than 35% year-to-date. Still, after a hot run earlier this year, recent weeks have seen momentum fade a bit with a 7-day share price drop of 4.2% and a 30-day decline of 6.5%. Investors seem to be reassessing growth prospects as the company navigates a dynamic e-commerce landscape.
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The question now is whether Shopify’s recent pullback signals an attractive entry point for long-term investors, or if expectations for future growth are already reflected in the share price. Is there real upside left to capture, or is the market one step ahead?
Shopify’s most-followed narrative sets its fair value at $165.87, about 12% above the recent close of $146.04. This suggests that, even after a recent dip, there could be meaningful upside left if the narrative’s expectations play out as forecasted.
Rapid international expansion, upmarket focus, and financial ecosystem growth are diversifying revenue streams and increasing resilience amid evolving digital commerce trends. Aggressive integration of AI and emerging retail channels is boosting merchant acquisition, efficiency, and margins. This is positioning Shopify as a central digital commerce enabler.
Read the complete narrative.
What’s driving this bullish outlook? The numbers behind this valuation hinge on ambitious growth for both revenue and earnings, plus a profit multiple that puts Shopify in rare company among tech stocks. Want to find out which hidden levers and key assumptions push consensus fair value higher than the market price? Dig deeper to see what underpins this upbeat forecast.
Result: Fair Value of $165.87 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, intensifying competition from e-commerce giants and global regulatory hurdles could put pressure on Shopify’s growth, margins, and long-term outlook.
Find out about the key risks to this Shopify narrative.
While the consensus fair value hints at upside, our comparative multiples approach signals caution. Shopify currently trades at a price-to-earnings ratio of 106.8x, which is well above the US IT industry average of 31.3x, the peer average of 40.7x, and the fair ratio of 51.4x. Such a high premium suggests the stock is priced for exceptional growth, leaving less room for error if expectations fall short. Is this premium justified, or will market sentiment eventually recalibrate?
This article first appeared on GuruFocus.
Revenue: $3.25 million for Q3 2025, a decrease of 18.7% year over year.
Gross Margin: 24% for the quarter, down from 42% a year previous; 35% on a nine-month basis compared to 31% in the previous year.
Backlog: $51.6 million, indicating strong future revenue potential.
Net Comprehensive Loss: $2.5 million for Q3 2025, an improvement from a $3.9 million loss in 2024.
EBITDA and Modified EBITDA: Improved by $1.1 million compared to the previous year.
Operating Expenses (SG&A): $2.6 million for Q3 2025, with year-to-date expenses down by $2.6 million after adjustments.
Net R&D Expenses: $0.2 million for Q3 2025, comparable to the previous year.
Financial Costs: $245,000 for the quarter, within expectations.
Release Date: November 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
PyroGenesis Inc (PYRGF) reported a strong backlog of $51.6 million, indicating a robust pipeline of future revenue.
The company has made significant progress in its fumed silica reactor pilot plant, moving closer to commercialization with improved quality and consistency of the material.
PyroGenesis Inc (PYRGF) secured a $1.2 million contract with a European cement industry customer for a plasma torch system, highlighting its expansion into new markets.
The company completed a $9.3 million coke oven gas valorization and hydrogen production project for Tata Steel, showcasing its capability in large-scale industrial projects.
PyroGenesis Inc (PYRGF) has diversified its business strategy into three verticals: energy transition, materials production, and waste processing, which helps mitigate risks and capture opportunities across different sectors.
Revenue for Q3 2025 decreased by 18.7% year over year, with a decline in torch sales due to reduced project activity.
Gross margin for the quarter fell to 24% from 42% a year ago, impacted by higher material costs and reliance on external subcontractors.
The company reported a comprehensive loss of $2.5 million for the quarter, although this was an improvement from the previous year’s loss.
There was a decrease in system supply revenue to the US Navy, contributing to the overall decline in year-to-date revenue.
The titanium metal powders business line has not seen significant news or progress, with the fine cut powder still in the certification path.
Q: What is the status of the super high temperature torches, specifically the 4.5 megawatts and 20-megawatt torch projects? A: The 4.5-megawatt plasma torch project is progressing well, with engineering and fabrication completed and assembly underway. Delivery and testing at the client’s facility are expected in early 2026. The 20-megawatt torch project, announced over a year ago, is also advancing and is currently in the engineering and electrical design phase. This project represents a significant leap in power and performance for the industry. – Photis Pascali, President and CEO
The slowdown has intensified pressure on Chancellor Rachel Reeves ahead of the autumn Budget.
LONDON, Nov. 14 (Xinhua) — Britain’s economy is facing a series of challenges, with growth losing momentum, inflation remaining elevated, and unemployment rising to a post-pandemic high. Ahead of the autumn Budget later this month, expectations are mounting for measures to reduce costs, boost investment, and shore up confidence.
LACK OF GROWTH MOMENTUM
The British economy slowed again in the third quarter (Q3), with real gross domestic product (GDP) edging up by just 0.1 percent, down from 0.3 percent in the previous quarter and a sharp drop from the 0.7-percent expansion recorded at the start of the year, according to data released Thursday by the Office for National Statistics (ONS).
Julian Jessop, economics fellow at the Institute of Economic Affairs, said the figures show that the stronger growth seen earlier in the year “has already fizzled out.” He noted that GDP declined in each month of Q3 before rounding.
In output terms, services grew by 0.2 percent and construction by 0.1 percent between July and September, while the production sector contracted by 0.5 percent, ONS data showed. “Growth slowed further in Q3 with both services and construction weaker than in the previous period,” said Liz McKeown, ONS director of economic statistics.
The National Institute of Economic and Social Research (NIESR) said the average month-on-month growth rate in Q3 was -0.1 percent, reflecting subdued market conditions. Anna Leach, chief economist at the Institute of Directors, said underlying momentum remains weak, with last year’s cost pressures, a softening labor market, and weak real wage growth weighing on consumer and business spending.
Real GDP per head showed no growth in Q3, highlighting the lack of improvement in living standards, according to Leach. The unemployment rate rose to its highest level since the pandemic, while consumer price inflation has held at 3.8 percent for months, almost twice the Bank of England’s 2 percent target.
BUDGET EXPECTATIONS RISE
The slowdown has intensified pressure on Chancellor Rachel Reeves ahead of the autumn Budget. Stuart Morrison, research manager at the British Chambers of Commerce (BCC), said the absence of consistent growth makes this month’s fiscal statement a make-or-break moment for business.
A recent BCC survey of more than 4,600 firms found that a quarter have scaled back investment plans, while a fifth expect turnover to worsen over the next year. Morrison urged the government to avoid further tax rises and to prioritise measures that address skills shortages, support exporting, and accelerate infrastructure projects.
Ben Jones, lead economist at the Confederation of British Industry, said businesses are looking for a clear signal that the government is committed to unlocking investment and improving competitiveness. “Not another round of tax rises or short-term fixes that would deepen the drag on growth,” he said.
Earlier this month, the Chancellor delivered a pre-Budget speech suggesting further tax increases, though she has since dropped plans for rises in income tax, according to the Financial Times.
NIESR associate economist Fergus Jimenez-England said that while GDP growth is expected to be stronger this year than last, it is largely supported by government spending rather than private-sector activity. With fiscal tightening anticipated, he warned that restoring confidence will require “a larger buffer to reduce policy churn and uncertainty.”
Ashwin Kumar, director of research and policy at the Institute for Public Policy Research, said the government needs to continue efforts to boost public and private investment, reform the planning system, and improve Britain’s trading relationship with the European Union. He added that providing greater certainty for businesses and reforming taxes to promote growth would be key. ■
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Frankfurt-based DWS is examining whether the boom could unravel at a faster pace, Hoops said in an interview on Thursday, adding that the many retail investors sitting on big gains on stocks such as Nvidia could be quick to sell if sentiment soured.
While institutional investors studied traditional metrics to assess if stocks are overvalued, retail investors often do not and many ‘buy the dip’ when there are declines, Hoops said. How they would behave during a sustained drop was unknown, he added.
“There’s no playbook, there’s no real history for something like that,” Hoops said at DWS’s London office.
“What’s happening is this most amazing wealth creation (for retail investors)… Nvidia stock is now worth $5 trillion. My question is simply, could it go to $100 trillion? Or would at some point you be the first one to say, ‘You know what, this is getting shaky?’”
The German giant believes AI will transform industries and Hoops did not predict a tumble, but said more evidence was needed beyond efficiency gains to sustain lofty valuations.
DWS still “loves” the data centre sector – which serves AI-driven demand for computing power – and will invest in more built assets, Hoops said, adding it was selling its stake in data centre fund NorthC as it had matured and the time was right.
DWS’s record net inflows of 40.5 billion euros over the first nine months of this year partly reflected some overseas investors diversifying away from the U.S., Hoops said, although he added European governments needed to do more to boost growth.
($1 = 0.8575 euros)
Reporting by Iain Withers and Tommy Reggiori Wilkes, Additional reporting by Naomi Rovnick
Editing by Gareth Jones
Our Standards: The Thomson Reuters Trust Principles.
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“We are thinking what (restrictions to dollar funding) would mean. That would have a profound impact on smaller countries, it would have a profound impact on emerging markets,” he said.
“The U.S. has an incredible toolkit for anything around dollar-clearing payments,” he said. “I think Fed swap lines are a… red line, meaning, once you do that then it changes forever.”
Hoops said any interventions would undermine faith in previously neutral market processes such as clearing.
“My personal view is that it’s difficult to see because this is almost like a last resort.”
Reporting by Iain Withers and Tommy Wilkes
Editing by Gareth Jones
Our Standards: The Thomson Reuters Trust Principles.