Form 8K Ivanhoe Electric Inc For: 1 October By Investing.com
This article reports on an 8K filing by Ivanhoe Electric Inc. on October 1, 2026. The content is primarily a basic announcement of the filing with no further details provided within the text. It appears to be an automated financial news brief.
Ivanhoe Electric (NYSEAMERICAN:IE) Stock Falls 6.2% - Should You Sell?
Ivanhoe Electric (NYSEAMERICAN:IE) shares dropped 6.2% to $9.99 on Wednesday, with trading volume significantly below average. Despite this, analysts maintain a "Buy" rating with a consensus price target of $17.33, though some targets have been recently lowered. The company exceeded EPS expectations last quarter but reported low revenue and substantial losses, while institutional investors hold a significant portion of its stock.
Ivanhoe Electric FY2027 Earnings Forecast Cut by Scotiabank
Scotiabank has lowered its FY2027 earnings forecast for Ivanhoe Electric to a loss of $0.54 per share, down from a previous estimate of $0.48, while maintaining a "Sector Outperform" rating and a $16 price target. Despite the revised forecast, Ivanhoe Electric recently surpassed EPS expectations with $0.16 per share against an estimated loss of $0.12, though revenue of $0.72 million fell short of the $1.00 million forecast. The overall analyst sentiment remains positive, with a consensus "Buy" rating and an average price target of $17.33, and institutional investors hold approximately 79.05% of the company's stock.
Bank of America Corp DE Makes New Investment in Ivanhoe Electric Inc. $IE
Bank of America Corp DE has acquired 761,443 shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE), valued at approximately $7.3 million, representing 0.48% of the company. Institutional ownership of Ivanhoe Electric is substantial at 79.05%, with other major funds also increasing or initiating positions. Analysts maintain a "Buy" rating with an average price target of $17.33, despite the company's current negative margins and projected full-year loss.
Ivanhoe Electric to Release the 2026 Santa Cruz Copper Project Preliminary Feasibility Study Before U.S. Markets Open on September 23, 2026
Ivanhoe Electric (NYSE American: IE, TSX: IE) announced it will release the results of its 2026 Santa Cruz Copper Project Preliminary Feasibility Study before U.S. markets open on Wednesday, September 23, 2026. The company will host an investor webinar on the same day at 10:00 am Eastern to discuss the findings, which will also include a question-and-answer session. A replay of the webcast and supporting slides will be available on Ivanhoe Electric's website.
Results for an Arizona copper project are due Wednesday. Ivanhoe Electric will explain them live.
Ivanhoe Electric (IE) is set to release the 2026 Preliminary Feasibility Study results for its Santa Cruz Copper Project in Arizona before U.S. markets open on September 23, 2026. The company will host an investor webinar the same day to discuss the findings and hold a Q&A session. A replay of the webcast and presentation slides will be available on Ivanhoe Electric's website following the event.
Ivanhoe Electric Inc. (IE) Receives a Buy from Raymond James
Raymond James analyst has maintained a Buy rating on Ivanhoe Electric Inc. (IE) with a C$20.00 price target. The current analyst consensus for IE is a Moderate Buy with an average price target of C$24.15. The company recently reported quarterly revenue of $724 thousand and a GAAP net loss of $24.65 million.
Ivanhoe Electric Inc. (IE) Releases 2026 PFS Confirming Strong Economics at Santa Cruz
Ivanhoe Electric Inc. (IE) has released its 2026 Preliminary Feasibility Study (PFS) for the Santa Cruz Copper Project in Arizona, confirming strong economics with an after-tax NPV8% of $3.5 billion and a 30.0% IRR. The project features an initial capital of $1.43 billion, low operating costs, and anticipates first copper cathode production in 2029. The study highlights the use of a Tunnel Boring Machine for improved mine access and the ability to produce pure copper cathode without smelting, positioning Santa Cruz as a significant and advanced development project in the U.S.
Scotiabank Cuts Ivanhoe Electric (NYSEAMERICAN:IE) Price Target to $16.00
Scotiabank has reduced its price target for Ivanhoe Electric (NYSEAMERICAN:IE) from $18.00 to $16.00, while maintaining a "sector outperform" rating, implying a potential upside of 60.16%. JPMorgan also lowered its price target to $20.00 from $21.00, but kept an "overweight" rating. Despite reporting better-than-expected EPS of $0.16, the company's revenue of $0.72 million fell short of analyst estimates.
IE - Santa Cruz Copper Development Will Support Long Term Low Cost Production Potential
Ivanhoe Electric's Santa Cruz Copper Project is poised to become a significant, low-cost US copper cathode producer, backed by substantial financing. Analysts anticipate the company's success hinges on the timely execution of its development plan, including advanced tunneling and permitting, to achieve an annual output of approximately 75,000 tons of high-purity copper cathode. Despite current losses, the project's long-term potential and favorable project economics are expected to drive future revenue and earnings, although risks like cost inflation and permitting delays could impact profitability and timeline.
Ivanhoe Electric Inc. (IE) Stock Price, News, Quote & History
This page provides comprehensive financial information for Ivanhoe Electric Inc. (IE), including its current stock price, recent news, historical data, and key financial metrics. As of September 24, the stock closed at $9.99, down 3.94% for the day. The page also features interactive charts, valuation measures, and profitability highlights for investors.
Ivanhoe Electric Inc. (IE.TO) Stock Price, News, Quote & History
This page provides comprehensive financial data for Ivanhoe Electric Inc. (IE.TO), including its stock price, historical data, news, and analyst insights. The company, which explores for copper and other minerals, saw its stock close at 14.69 CAD on September 23rd, down 2.65%, and recently released a preliminary feasibility study for its Santa Cruz Copper Project. Key financial metrics, performance comparisons, and upcoming earnings dates are also detailed.
Higher Santa Cruz capital costs weigh on Ivanhoe Electric
Ivanhoe Electric's Santa Cruz copper project in Arizona faces increased pre-production capital costs of $1.43 billion, a 15% rise from a year ago, primarily due to a redesigned access tunnel and inflation. Despite the higher costs and a slightly reduced internal rate of return, the project's net present value increased modestly, and its updated design aims to de-risk development and extend the mine life to 24 years. The company is targeting first cathode production in 2029 and is pursuing project financing, including potential debt financing from the U.S. Export-Import Bank.
Ivanhoe Electric (NYSEAMERICAN:IE) Trading Up 7.3% - Should You Buy?
Ivanhoe Electric (NYSEAMERICAN:IE) saw its shares rise by 7.3% to $10.57, though with trading volume significantly below average. Despite JPMorgan lowering its price target to $20, analyst sentiment remains positive with a consensus "Buy" rating and a target of $17.83. The company beat EPS estimates but missed revenue projections and continues to show negative profitability metrics.
Form 8K Ivanhoe Electric Inc For: 23 September By Investing.com
This article announces that Ivanhoe Electric Inc. has filed a Form 8K on September 23. The Form 8K is a crucial document that public companies file with the SEC to announce major events that shareholders should know about. The article also provides current financial market data, including various indices, commodities, and stock performances.
Ivanhoe Electric Inc. (IE) Confirms Strong PFS for Santa Cruz, Advancing Financing
Ivanhoe Electric Inc. (IE) has released its 2026 Preliminary Feasibility Study (PFS) for the Santa Cruz Copper Project, confirming strong economics with an after-tax NPV8% of $3.5 billion and a 30.0% IRR. The study incorporates a TBM for mine access, increases average annual copper production, and advances project financing discussions including a US EXIM PPL of up to $1.1 billion. The project aims for first copper cathode production in 2029 and positions Santa Cruz as a significant low-cost, high-grade copper development in the US.
Ivanhoe Electric: 2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona Confirms High-Grade, Low-Cost Project with Strong Economics
Ivanhoe Electric's 2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona confirms a high-grade, low-cost operation with strong economics, projecting an after-tax NPV8% of $3.5 billion and a 30.0% IRR at current COMEX copper prices. The project, designed to produce pure copper cathode without smelting, has commenced initial development activities with first production targeted for 2029, and incorporates the Robbins Crossover Tunnel Boring Machine for improved mine access. This study positions Santa Cruz as the most advanced, highest-grade copper project in the US, crucial for domestic critical metals supply.
Ivanhoe Electric lifts Santa Cruz capex to US$1.43B in 2026 study
Ivanhoe Electric's updated Santa Cruz copper study estimates an initial capital expenditure of US$1.43 billion, an increase from its previous study, with a target for first cathode in 2029. The project has an after-tax net present value of US$1.5 billion and a 24-year mine life based on 140 million tonnes of probable reserves. Despite the increased costs and a 4.2% drop in shares, early site preparation has begun, and the company expects to begin box-cut work in October 2026.
Stocks in play: Ivanhoe Electric Inc.
Ivanhoe Electric Inc. announced the completion of the 2026 Preliminary Feasibility Study for its Santa Cruz Copper Project in Arizona, which is expected to become a significant domestic producer of refined copper. Despite this news, the company's shares are currently trading down. The project is strategically located in a region with a rich copper mining history.
Ivanhoe Electric to Release the 2026 Santa Cruz Copper Project Preliminary Feasibility Study Before U.S. Markets Open on September 23, 2026
Ivanhoe Electric will release the results of its 2026 Santa Cruz Copper Project Preliminary Feasibility Study before U.S. markets open on September 23, 2026. The company will also host an investor webinar on the same day at 10:00 AM Eastern to discuss the study's findings, followed by a question-and-answer session. A replay and presentation slides will be available on Ivanhoe Electric's website.
Form 8K Ivanhoe Electric Inc For: 10 September By Investing.com
This article announces the filing of a Form 8K by Ivanhoe Electric Inc. on September 10. The filing is provided by Investing.com, a financial markets platform.
SailingStone Capital Partners LLC Has $40.32 Million Stock Position in Ivanhoe Electric Inc. $IE
SailingStone Capital Partners LLC has significantly increased its stake in Ivanhoe Electric Inc. ($IE), now holding 4.20 million shares valued at approximately $40.32 million, making it their 6th largest portfolio position. Institutional ownership of Ivanhoe Electric remains high at 79.05%, with major firms like BlackRock, Price T Rowe, Alyeska, Primecap Management, and MFN Partners also increasing or establishing positions. Despite mixed Q2 earnings—beating EPS estimates but missing revenue—analysts maintain a "Buy" rating with a consensus price target of $17.83, reflecting confidence in the company's focus on battery-metal exploration.
Ivanhoe Electric (AMEX: IE) Appoints Michelle Marie Lammers as COO and Discloses Initial Shareholding
Ivanhoe Electric (AMEX: IE) has announced the appointment of Michelle Marie Lammers as its new Chief Operating Officer. Alongside her new executive role, Lammers has also disclosed her initial shareholding in the company, officially recognizing her as an insider. This appointment marks a significant addition to Ivanhoe Electric's leadership team and provides transparency regarding her equity stake.
Wellington Management Group LLP Grows Stock Position in Ivanhoe Electric Inc. $IE
Wellington Management Group LLP increased its stake in Ivanhoe Electric Inc. by 24.2% in the second quarter, now owning 7.04 million shares worth $67.6 million. Institutional investors collectively hold 79.05% of the stock, while analysts maintain a "Buy" rating with an average price target of $17.83. Ivanhoe Electric recently exceeded EPS estimates but missed revenue forecasts, continuing to report net losses.
Alyeska Investment Group L.P. Increases Position in Ivanhoe Electric Inc. $IE
Alyeska Investment Group L.P. has increased its stake in Ivanhoe Electric Inc. ($IE) by 1.6% in the second quarter of 2026, bringing its total holdings to 6.86 million shares, valued at approximately $65.9 million. This adjustment makes Alyeska Investment Group L.P. one of several institutional investors to modify their positions in Ivanhoe Electric, which is focused on battery-metal exploration. Despite missing revenue estimates, Ivanhoe Electric exceeded earnings expectations, and analysts maintain a favorable "Buy" rating for the stock.
Deutsche Bank AG Takes $1.25 Million Position in Ivanhoe Electric Inc. $IE
Deutsche Bank AG has acquired a new position in Ivanhoe Electric Inc. (IE) worth approximately $1.25 million, representing 0.08% of the company. Other institutional investors have also increased their holdings. Ivanhoe Electric recently exceeded quarterly EPS estimates and maintains a consensus "Buy" rating with an average price target of $17.83 from analysts.
BlackRock Inc. Takes Position in Ivanhoe Electric Inc. $IE
BlackRock Inc. has acquired a significant new stake of 15.2 million shares in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) during the second quarter, valued at approximately $146.3 million and representing 9.62% of the company. Institutional ownership in Ivanhoe Electric is high, with various institutions increasing their positions, and analysts generally maintain a "Buy" rating with a consensus price target of $17.83 despite recent adjustments. The company recently surpassed EPS estimates but fell short on revenue for the last quarter.
Raffles Associates LP Makes New $4.58 Million Investment in Ivanhoe Electric Inc. $IE
Raffles Associates LP has made a new $4.58 million investment in Ivanhoe Electric Inc. (NYSEAMERICAN:IE), acquiring 477,077 shares in the second quarter. This investment constitutes 0.30% of Ivanhoe Electric and 3.7% of Raffles Associates LP's total holdings. Despite a positive earnings per share of $0.16, beating analyst expectations, Ivanhoe Electric's revenue fell short, and the company continues to show negative profitability metrics.
3,428,284 Shares in Ivanhoe Electric Inc. $IE Bought by Primecap Management Co. CA
Primecap Management Co. CA recently acquired 3.43 million shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the second quarter, establishing a significant stake worth approximately $32.9 million. This purchase makes Primecap the owner of 2.15% of the company, with institutional investors collectively holding 79.05% of Ivanhoe Electric. Analysts generally maintain a "Buy" rating for Ivanhoe Electric, with an average price target of $17.83, despite a recent adjustment by JPMorgan.
Ivanhoe Electric Receives Preliminary Project Letter from the Export-Import Bank of the United States for $1.1 Billion in Potential Debt Financing for the Santa Cruz Copper Project
Ivanhoe Electric has received a Preliminary Project Letter (PPL) from the Export-Import Bank of the United States (US EXIM) for $1.1 billion in potential debt financing for its Santa Cruz Copper Project in Arizona. This PPL increases the potential funding from the previously announced $825 million and signifies the completion of US EXIM's preliminary due diligence. The company anticipates final US EXIM Board consideration for the financing in spring 2027 and expects to complete an updated Preliminary Feasibility Study for the project in September 2026.
Impala Asset Management LLC Invests $1.34 Million in Ivanhoe Electric Inc. $IE
Impala Asset Management LLC has acquired a new position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE), purchasing 140,000 shares valued at approximately $1.34 million, making it their 13th largest holding. Despite a “Buy” consensus from analysts, with an average price target of $17.83, the company faces financial challenges including significant negative margins and revenues below consensus estimates, though it did exceed EPS expectations. Ivanhoe Electric, a mineral exploration company focused on battery metals, saw its shares open at $11.69, considerably below its 12-month high of $21.55.
Raffles Associates LP Takes Position in Ivanhoe Electric Inc. $IE
Raffles Associates LP has acquired a new stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE), purchasing 477,077 shares valued at $4.585 million, making it their 9th largest holding. Institutional ownership in Ivanhoe Electric stands at 79.05%, with several other funds also adjusting their positions. Despite a cut in JPMorgan's price target, analysts maintain a "Buy" rating for Ivanhoe Electric, which recently reported better-than-expected EPS but missed revenue forecasts.
US EXIM issues $1.1bn project letter for Ivanhoe Electric copper project
The US Export-Import Bank (US EXIM) has issued a preliminary project letter for $1.1 billion in debt financing to Ivanhoe Electric for its Santa Cruz Copper Project in Arizona. This financing, an increase from a previous $825 million letter of interest, aims to support domestic manufacturing and strengthen supply chains. The project intends to produce 99.99% pure copper cathode over a 23-year operational lifespan using a heap leach process, with final financing approval expected in spring 2027.
Ivanhoe Electric's Santa Cruz Copper Project Gets $1.1B EXIM Financing Boost - News and Statistics
Ivanhoe Electric has secured a significant boost in financing for its Santa Cruz copper project in Arizona, with the U.S. Export-Import Bank (EXIM) raising its potential loan amount to $1.1 billion. This funding is crucial for developing what could be one of the first major new U.S. copper mines in nearly two decades, aiming to produce 99.9% pure copper without smelting. The project is strategically important for domestic supply chain resilience, supporting increased demand for copper across various advanced industries.
Ivanhoe Electric Lands $1.1 Billion EXIM Letter for Santa Cruz Copper
Ivanhoe Electric has secured a preliminary project letter from the Export-Import Bank of the United States for up to $1.1 billion in debt financing for its Santa Cruz copper project in Arizona. This represents a significant increase from a previous letter of interest and follows preliminary due diligence by EXIM. The financing is aimed at expanding domestic copper production under the "Make More in America" initiative, with final approval anticipated in spring 2027.
Stocks in play: Ivanhoe Electric Inc.
Ivanhoe Electric Inc. has received a Preliminary Project Letter from the Export-Import Bank of the United States for potential debt financing of $1.1 billion to support the development of its Santa Cruz Copper Project in Arizona. This amount is an increase from the original $825 million of potential funding. Ivanhoe Electric Inc. shares (T.IE) are currently trading unchanged at $15.78.
A $1.1 billion loan could help build an Arizona copper mine, pending approval
Ivanhoe Electric has received a Preliminary Project Letter from the Export-Import Bank of the United States for up to $1.1 billion in potential debt financing for its Santa Cruz Copper Project in Arizona. This represents an increase from a previous indication of $825 million and follows preliminary due diligence by US EXIM. However, the letter is not a binding commitment, and final approval from the US EXIM Board is anticipated in spring 2027.
Ivanhoe Electric Receives Preliminary Project Letter from the Export-Import Bank of the United States for $1.1 Billion in Potential Debt Financing for the Santa Cruz Copper Project
Ivanhoe Electric has received a Preliminary Project Letter (PPL) from the Export-Import Bank of the United States (US EXIM) for $1.1 billion in potential debt financing for its Santa Cruz Copper Project in Arizona, an increase from a previous $825 million letter of interest. This PPL signifies the completion of US EXIM's preliminary due diligence and is a key step towards securing financing, with final board consideration anticipated in spring 2027. The company is also expected to complete an updated Preliminary Feasibility Study for the project in September 2026.
Ivanhoe Electric Receives Preliminary Project Letter from the Export-Import Bank of the United States for $1.1 Billion in Potential Debt Financing for the Santa Cruz Copper Project
Ivanhoe Electric has received a Preliminary Project Letter (PPL) from the Export-Import Bank of the United States (US EXIM) for $1.1 billion in potential debt financing for its Santa Cruz Copper Project in Arizona. This PPL, an increase from an earlier $825 million, signifies the completion of US EXIM's preliminary due diligence and is a crucial step in the project's financing process. The company anticipates final US EXIM Board consideration in spring 2027 and expects to complete an updated Preliminary Feasibility Study for the project in September 2026.
FY2027 EPS Estimates for Ivanhoe Electric Cut by Scotiabank
Scotiabank has significantly cut its FY2027 EPS estimate for Ivanhoe Electric (NYSEAMERICAN:IE) to a loss of $0.48 per share, a substantial reduction from their previous estimate of a $0.22 loss. This new forecast is notably more pessimistic than the current consensus estimate of a $0.11 loss. Despite this, analysts overall maintain a "Buy" rating for the stock with an average price target of $17.83, while JPMorgan also recently lowered its price target but kept an "overweight" rating.
MFN Partners Management LP Makes New $24.54 Billion Investment in Ivanhoe Electric Inc. $IE
MFN Partners Management LP has made a significant new investment of $24.54 billion in Ivanhoe Electric Inc. (NYSEAMERICAN:IE), acquiring 2.55 million shares, which represents about 1.6% of the company. Despite Ivanhoe Electric reporting a quarterly EPS beat, its revenue fell short of forecasts, and the company remains deeply unprofitable. Institutional investors collectively own 79.05% of the stock, and analysts maintain a consensus "Buy" rating, though one firm recently lowered its price target.
(IE) Movement Within Algorithmic Entry Frameworks
This article provides an algorithmic analysis of Ivanhoe Electric Inc. (NYSE: IE), highlighting a mid-channel oscillation pattern and a near-term weak sentiment. It outlines three distinct AI-generated trading strategies—Position Trading, Momentum Breakout, and Risk Hedging—tailored to different risk profiles. The analysis also includes multi-timeframe signal strengths and support/resistance levels to guide potential trading decisions.
Analysts’ Opinions Are Mixed on These Materials Stocks: Calumet Specialty Products (CLMT), Boise Cascade (BCC) and Ivanhoe Electric Inc. (IE)
Analysts have issued mixed ratings for several materials stocks. Goldman Sachs maintained a Hold rating on Calumet Specialty Products (CLMT) with a $40.00 price target, and also maintained a Hold rating on Boise Cascade (BCC) with a $91.00 price target. J.P. Morgan maintained a Buy rating on Ivanhoe Electric Inc. (IE) with a $20.00 price target.
Ivanhoe Electric earnings missed by $0.04, revenue topped estimates
Ivanhoe Electric (NYSE: IE) reported second-quarter earnings per share (EPS) of $-0.15, missing analyst estimates by $0.04. However, the company's revenue for the quarter reached $1 million, exceeding the consensus estimate of $863.32K. Despite the EPS miss, Ivanhoe Electric's stock has seen positive performance over the past year.
Ivanhoe Electric earnings missed by $0.04, revenue topped estimates
Ivanhoe Electric (NYSE: IE) reported second-quarter earnings per share (EPS) of $-0.15, missing analyst estimates by $0.04, despite revenue topping expectations at $1M against a consensus of $863.32K. The company's stock is down 24.57% in the last three months but up 8.68% over the past year. Ivanhoe Electric has seen one positive EPS revision and no negative revisions in the last 90 days, with its financial health rated as "good performance" by InvestingPro.
Ivanhoe Electric Strengthens Management Team with Addition of Michelle Lammers as Chief Operating Officer and Daniel Worthy as Senior Vice President of Operations
Ivanhoe Electric has announced the appointment of Michelle Lammers as Chief Operating Officer and Daniel Worthy as Senior Vice President, Operations and General Manager for the Santa Cruz Copper Project, effective September 1, 2026. These strategic additions bolster the company's leadership team with extensive experience in copper mining, processing, and underground operations. Their expertise will be crucial as Ivanhoe Electric progresses the Santa Cruz Copper Project from engineering and design to construction and eventual production, with the updated Preliminary Feasibility Study still slated for completion in September 2026.
Ivanhoe Electric Inc. Q2 2026: Revenue $724K, EPS $(0.16) — 10-Q Summary
Ivanhoe Electric Inc. reported its Q2 2026 results, with revenue of $724K and a diluted EPS of $(0.16). The company experienced a decline in revenue year-over-year but saw an improved diluted EPS compared to Q2 2025. Key business highlights include advancing the Santa Cruz project, increasing exploration spending, expanding strategic partnerships with BHP and SQM, and rationalizing its portfolio through divestments.
Ivanhoe Electric Q2 FY26 net loss widens to $24.7 million; revenue falls to $0.7 million
Ivanhoe Electric reported a widened net loss of $24.7 million in Q2 FY26, up from $23.9 million a year prior. Revenue decreased by 36.36% to $0.7 million, primarily from CGI's software licensing and data processing. The company also saw a significant increase in exploration expenses and a wider loss from equity method investees.
Ivanhoe Electric (IE) Reports Q2 Loss, Lags Revenue Estimates
Ivanhoe Electric (IE) reported a Q2 loss of $0.16 per share, slightly wider than the Zacks Consensus Estimate of a $0.15 loss, and posted revenues of $0.72 million, missing estimates by 15.81%. The company's stock has underperformed the S&P 500 this year, and its immediate price movement will depend on management's upcoming earnings call commentary. Despite mixed estimate revisions, the stock currently holds a Zacks Rank #3 (Hold).
Ivanhoe Electric (IE) Reports Q2 Loss, Lags Revenue Estimates
Ivanhoe Electric (IE) reported a Q2 loss of $0.16 per share, slightly worse than the Zacks Consensus Estimate of a $0.15 loss, and missed revenue estimates with $0.72 million against an expected higher figure. The company's stock has underperformed the S&P 500 this year, and its current Zacks Rank of #3 (Hold) suggests it will perform in line with the market. Investors are now looking to management's commentary and future earnings estimates to determine the stock's next move.
