Revolution Medicines oznámila čtyři prezentace dat z programu RAS(ON) na kongresu ESMO o gastrointestinálních nádorech 2026. Dvě se zaměří na zoldonrasib v kombinaci u pacientů s metastatickým RAS G12D pankreatickým duktálním adenokarcinomem (PDAC).
REDWOOD CITY, Calif., June 24, 2026 (GLOBE NEWSWIRE) -- Revolution Medicines, a late-stage clinical oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced that four oral and poster presentations highlighting data from its RAS(ON) pipeline will be featured at the 2026 European Society for Medical Oncology (ESMO) Gastrointestinal Cancers Congress, taking place July 1–4, 2026 in Munich, Germany.
The program will include two oral presentations from Phase 1/2 trials evaluating zoldonrasib, an oral RAS(ON) G12D-selective covalent inhibitor, in combination regimens for patients with metastatic RAS G12D pancreatic ductal adenocarcinoma (PDAC). These presentations will report results from zoldonrasib plus chemotherapy in the first line setting, and zoldonrasib plus daraxonrasib, the company’s oral RAS(ON) multi-selective inhibitor, in patients who had received one or more prior lines of therapy.
Additional presentations will include two Phase 3 trials-in-progress posters for RASolute 303, evaluating daraxonrasib as a monotherapy or in combination with gemcitabine and nab-paclitaxel versus standard of care gemcitabine and nab-paclitaxel as a first line treatment for patients with metastatic PDAC, and RASolute 304, evaluating adjuvant daraxonrasib in patients with PDAC who have undergone resection and completed perioperative chemotherapy.
Details of Revolution Medicines’ presentations are listed below.
Revolution Medicines Oral Presentations:
Title:Safety and Efficacy of Zoldonrasib (RMC-9805) Plus Daraxonrasib (RMC-6236) in Patients with 2L+ KRAS G12D Metastatic Pancreatic Adenocarcinoma (mPDAC)Abstract:#341OPresenter:Nilofer Azad, M.D., Johns Hopkins Sidney Kimmel Comprehensive Cancer CenterSession:Proffered Paper SessionDate/Time:July 2; 2:50 p.m. – 3:00 p.m. CEST Revolution Medicines Posters:
Title:RASolute 304 – A Phase 3 Multicenter, Open-label, Randomized Study of Adjuvant Daraxonrasib Versus Observation Following Completion of Neoadjuvant and/or Adjuvant Chemotherapy in Patients With Resected Pancreatic Adenocarcinoma (PDAC)Abstract:#472TiPPresenter:Michel Ducreux, M.D., Ph.D., Institut Gustave RoussySession:Upper Digestive – Biliary, ampullary and pancreatic cancerDate/Time:July 3; 3:30 p.m. – 4:30 p.m. CEST About Revolution Medicines, Inc.
Revolution Medicines is a late-stage clinical oncology company developing novel targeted therapies for patients with RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins. The company’s RAS(ON) inhibitors daraxonrasib (RMC-6236), a RAS(ON) multi-selective inhibitor; elironrasib (RMC-6291), a RAS(ON) G12C-selective inhibitor; zoldonrasib (RMC-9805), a RAS(ON) G12D-selective inhibitor; and RMC-5127, a RAS(ON) G12V-selective inhibitor, are currently in clinical development. Additional development opportunities in the company’s pipeline focus on RAS(ON) mutant-selective inhibitors, including RMC-0708 (Q61H) and RMC-8839 (G13C). For more information, please visit www.revmed.com and follow us on LinkedIn.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered “forward-looking statements,” including without limitation statements regarding the progression of clinical studies and findings from these studies, including the tolerability, safety, and potential efficacy of the company’s candidates being studied.
Forward-looking statements are typically, but not always, identified by the use of words such as “aims,” “anticipate,” "believe," "estimate," "expect," "plan," “potential,” “project,” “up to,” "will" and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause the company’s development programs, future results, performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including the company’s programs’ development stages, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, the company’s ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of the company’s capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape, and the effects on the company’s business of the global events, such as international conflicts or global pandemics. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 6, 2026, and its future periodic reports to be filed with the SEC. Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances, or to reflect the occurrence of unanticipated events.
Meta ustupuje od nuceného přeřazení zaměstnanců do AI školení a nově nechává rozhodnutí na jednotlivcích. Do týmu bylo minulý měsíc přesunuto 7 000 zaměstnanců.
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Meta CEO Mark Zuckerberg. Bloomberg/Getty Images Meta is walking back its stance on forcing engineers to join a task force focused on AI training, according to an internal memo obtained by Business Insider and four people familiar with the matter.
Last month, Meta reassigned 7,000 employees to units such as an Applied AI task force to help train Meta's coming AI models.
On Wednesday, Meta sent a memo about this task force, saying the company will now "defer to each individual's choice." The company sent the email to employees who had been "drafted," as some described its Applied AI task force.
"As I emphasized before, personal agency will remain at the heart of all opportunities at Meta: we will support employees in whatever decisions they make," the memo said.
"Of course, we'd prefer everyone to stay and push to SOTA together, but we defer to each individual's choice," it read, referring to state-of-the-art.
The memo went on to say that people in the unit would have preferential placement in other parts of the company due to staffing shortages.
Meta declined to comment for this story.
Some employees on Blind called the memo an "undraft."
The task force faced significant backlash last month from employees who compared the job to data labeling.
The reversal comes after chief technology officer Andrew Bosworth addressed a broader morale crisis at the company. During an internal "Tuesdays with Boz" session on June 2, Bosworth told employees that morale was "probably one of the worst it's ever been" in Meta's 20-year history, Business Insider previously reported.
In May, Meta laid off 10% of its staff, or 8,000 people.
Have a tip? Contact Charles via email at [email protected] or on Signal and WhatsApp at 628-282-2811. Contact Pranav via encrypted messaging app Signal at +1-408-905-9124, or email him at [email protected] or [email protected]. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.
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Pranav Dixit You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Pranav Dixit is the Meta Correspondent at Business Insider based in the San Francisco Bay Area. He writes about Meta’s products, policies, and internal workings while examining how the company’s decisions shape how billions of people connect and communicate.Previously, Pranav was the India-based technology correspondent for BuzzFeed News, covering the impact of Silicon Valley’s largest companies on the culture, society, and politics of more than a billion people in South Asia. He has also been a senior news editor at Engadget and ran technology coverage at the Hindustan Times, one of India’s largest national newspapers.Pranav’s reporting has shed light on the human consequences of Big Tech’s quest for growth in emerging markets, and sparked widespread conversations about the impact of American technology companies on the Global South. In 2019, he won Syracuse University’s Mirror Award for a boots-on-the-ground feature about how WhatsApp misinformation sparked gruesome lynchings in rural India. He has also reported from Kashmir, a volatile geopolitical hotspot, documenting the world’s longest-running internet shutdown.His work has been widely cited by major national and international publications, and he has been featured on the BBC, Al Jazeera, and podcasts such as Vox Media’s Land of the Giants to discuss his work. He has also spoken in journalism classes including at UC Berkeley’s graduate journalism program. His writing has appeared in The Guardian, Vox, Time, The Information, and Al Jazeera.Pranav moved to the United States in 2021 from New Delhi, India, to be a fellow at Harvard University’s Nieman Foundation for Journalism, where he studied the evolution of the American tech press and ways newsrooms around the world can cover technology and society more effectively.Got a tip about Meta or anything else in Silicon Valley? Contact Pranav via encrypted messaging app Signal (+1408-905-9124), or email him at [email protected] or [email protected]. You can also reach him on WhatsApp at +857-753-3949 or DM him on X (@PranavDixit) or BlueSky (@pranavdixit.bsky.social).Pranav keeps sources anonymous. Please use a non-work device to reach out.Expertise: Meta, Facebook, WhatsApp, Llama, AI, Threads, Instagram, Mark Zuckerberg, social media, platforms, immigration
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Charles Rollet is BI's tech correspondent in San Francisco. Prior to joining BI, Charles worked at TechCrunch covering startups and VC. Charles is based in the Bay Area, where he enjoys hiking with his dogs. You can contact Charles securely on Signal at charlesrollet.12 or +1-628-282-2811.
Netflix se propadl na nové 52týdenní minimum kolem 72 USD, asi 46 % pod letošním maximem. Firma přesto dál roste: tržby v 1. čtvrtletí stouply o 16 % na 12,25 mld. USD.
Shares of streaming giant Netflix (NFLX 1.37%) have had a brutal year. The stock peaked near $134 in the middle of 2025, and it has since fallen roughly 46% to about $72 as of this writing, recently touching a fresh 52-week low. For a name that was one of the market's standout performers just a year ago, that is a stunning reversal.
So, is the beaten-down stock finally a buy? With the stock down and second-quarter results scheduled to be released July 16, this is a timely question worth consideration.
Image source: Getty Images.
What knocked Netflix stock down Netflix's slide hasn't come from one bad headline so much as a steady stream of them.
Early this year, the company's agreement to acquire Warner Bros. from Warner Bros. Discovery fell apart when Netflix declined to top a higher rival bid. Though Netflix did walk away with a $2.8 billion termination fee. Around the same time, co-founder Reed Hastings stepped down as chairman at the June 4 annual meeting, closing out a nearly three-decade run.
The bigger blow came with first-quarter results on April 16. The quarter itself was strong. Revenue rose 16% year over year to $12.25 billion, and operating margin widened to 32.3% from 31.7% a year earlier. But after that solid start, management left its full-year 2026 outlook unchanged, still calling for revenue of $50.7 billion to $51.7 billion (12% to 14% growth) and an operating margin of 31.5%. For a stock that had climbed into the report, simply holding the line on its full-year revenue forecast was enough to trigger a sell-off.
Management also guided for second-quarter operating margin to step down about 1.5 points from the year-ago quarter, as content costs are anticipated to land heavily in the first half of the year before easing in the back half.
And then there's the more recent headline about media giant Fox agreeing to acquire the streaming platform and service provider Roku. Netflix was reportedly one of the bidders for Roku.
Some investors may interpret Netflix's recent interest in acquisitions as a sign that it needs to acquire other companies in order to remain competitive.
Is the sell-off a buying opportunity? Step back from the noise, and the underlying business looks healthy.
Netflix's advertising revenue grew more than 2.5 times in 2025 to over $1.5 billion, and management expects it to roughly double again this year to about $3 billion. In markets where the ad tier is available, more than 60% of new sign-ups now choose it. The company also raised its full-year free cash flow forecast to about $12.5 billion and has resumed buying back stock after pausing during the Warner pursuit.
Then there's the valuation. At about $72, Netflix trades at about 23 times analysts' consensus forecast for its earnings per share this year -- the cheapest the stock has looked in years.
Today's Change
(
-1.37
%) $
-1.00
Current Price
$
71.82
With this said, there's good reason for investors to be cautious. Revenue growth appears to be slowing -- from 16% in 2025 toward a guided 12% to 14% this year. And competition across streaming isn't letting up, making a big content budget a necessity to keep growing.
Still, for the first time in a while, the price looks reasonable. But I still wouldn't call the stock a bargain, and there's no guarantee we've found the bottom.
But for long-term investors who have wanted to own the streaming leader and balked at its premium, a price near a 52-week low -- on a business still growing revenue in the mid-teens and doubling its ad sales -- looks like one of the more reasonable entry points Netflix has offered in years.
GM přidá do Brazílie dalších 3,5 miliardy reais a celkově tam do roku 2028 plánuje investovat 10,5 miliardy reais. Peníze půjdou na hybridní modely, modernizaci továren a rozšíření výroby v São Paulu.
The GM logo is displayed at the General Motors headquarters in Detroit, Michigan, U.S., January 12, 2026. REUTERS/Rebecca Cook/File Photo Purchase Licensing Rights, opens new tab
CompaniesSAO PAULO, June 24 (Reuters) - General Motors (GM.N), opens new tab announced on Wednesday it would invest an extra 3.5 billion reais ($674.88 million) in Brazil, expanding its commitment to the country's auto industry by 50% and supporting production of hybrid vehicles and factory modernization.
The new amount adds to 7 billion reais announced in 2024, bringing GM's total planned investment to 10.5 billion reais until 2028, it said in a statement.
The investment will go mainly to the company's operations in Sao Paulo state, the most populated and wealthiest in the country.
It will support Chevrolet portfolio renewal, incorporation of new technologies including hybrid models, factory modernization and expansion of engineering and manufacturing capabilities.
The initiative will also contribute to generating qualified jobs and strengthening the competitiveness of Brazil's auto industry, the company said.
($1 = 5.1861 reais)
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Reporting by Paula Laier and Fernando Cardoso; Editing by Sonali Paul
Our Standards: The Thomson Reuters Trust Principles., opens new tab
SummaryMicron Technology, Inc. delivered a blowout fiscal Q3, with revenue up 74% sequentially and 346% year-over-year, supporting my continued bullish stance.MU's forward P/E remains low at 9.4 despite a 265% YTD price surge, as earnings growth outpaces share appreciation, fundamentally supporting the rally.Pricing power, not just volume, is driving MU's results—DRAM and NAND ASPs surged while bit shipments grew modestly, signaling a structural shift in memory economics.Strategic customer agreements, robust HBM4 ramp, and diversified end-market strength suggest the current cycle remains sustainable, though MU risks from overcrowding and future oversupply must be monitored. mesh cube/iStock via Getty Images
Executive Summary Micron Technology, Inc. (MU) delivered exactly what the market needed. It did not just beat estimates. It crushed them.
Everyone held their breath. I am not going to lie, everyone was looking at Micron’s
4.86K Followers
Analyst’s Disclosure: I/we have a beneficial long position in the shares of MU either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Sky, vlastněná společností Comcast, se dohodla na koupi vysílací a streamovací divize ITV za 1,6 miliardy liber. Součástí transakce má být i převzetí Love Productions společností ITV Studios.
Item 1 of 2 The Sky logo is seen illuminated on the outside of a building at the company's headquarters in West London, Britain, January 25, 2017. Photograph taken January 25, 2017. REUTERS/Toby Melville/File Photo
[1/2]The Sky logo is seen illuminated on the outside of a building at the company's headquarters in West London, Britain, January 25, 2017. Photograph taken January 25, 2017. REUTERS/Toby Melville/File... Purchase Licensing Rights, opens new tab Read more
CompaniesLONDON, June 24 (Reuters) - Sky, the Comcast (CMCSA.O), opens new tab-owned British pay TV group, has agreed on terms to buy ITV's (ITV.L), opens new tab broadcast and streaming unit, two people familiar with the matter said, with ITV acquiring "The Great British Bake Off" producer Love Productions as part of the deal.
The £1.6 billion deal had moved in a positive direction in the last week and was now being finalised by lawyers, the people said on Wednesday, speaking on condition of anonymity.
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The total transaction value will include ITV Studios acquiring Sky's Love Productions, which also makes "The Piano" and could be valued between £80 million and £120 million based on comparable deals, and an earn-out, the people said.
Reuters reported last month that the transaction would include a payout dependent on the ITV unit's performance of about £200 million.
A deal could be announced in the next two weeks, the people said, with one source cautioning that the timing could still slip due to final legal complications.
Spokespeople for ITV and Sky declined to comment. Comcast did not immediately respond to a request for comment.
Concluding the deal would end a saga that began last year, and became public in November when ITV said it was in talks to sell the unit, called Media & Entertainment, to Sky.
It has involved the complex task of separating ITV's channels and streaming platform ITVX, which comprise the unit, from its production business ITV Studios, which will be a standalone company following completion.
Reporting by Paul Sandle and Amy-Jo Crowley in London; Editing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
EDMONTON, Alberta--(BUSINESS WIRE)--Teledyne MEMS is expanding its manufacturing operations in Edmonton with support from the Government of Alberta, reinforcing the province’s growing role in the global semiconductor supply chain and creating new, high-skill jobs. The investment is backed by a CA$620,000 grant from the province’s Investment and Growth Fund, aimed at attracting high-impact private sector investment and driving economic growth.
The expansion will enhance Teledyne MEMS’ advanced manufacturing capabilities and help meet rising global demand for micro electro-mechanical systems (MEMS) sensors and microfabricated semiconductor devices. From its Edmonton facility, Teledyne MEMS serves diverse markets including optical MEMS, biomedical MEMS, inertial and industrial sensing, with applications in telecommunications and miniaturized medical systems, among others. It will also strengthen Alberta’s advanced manufacturing ecosystem and contribute directly to the local economy.
“As a global and trusted leader in MEMS technology, Teledyne MEMS is committed to growing our presence in Alberta and investing in its talent and innovation ecosystem,” said Steve Bonham, Plant Manager at Teledyne MEMS. “Our expansion in Edmonton reflects confidence in the region and will create high-value jobs and long-term economic opportunities. We thank the Government of Alberta and Edmonton Global for their continued support.”
The expansion, which includes new wafer processing, inspection, and automation equipment alongside facility upgrades, reaffirms Teledyne’s long-term commitment to Alberta and its position in the global semiconductor value chain.
“Alberta is open for business, and investments like this show why companies choose to grow here. Through the Investment and Growth Fund, we are helping close the deal on high-impact projects that create jobs, grow our economy and strengthen Alberta’s advanced manufacturing sector,” said Joseph Schow, Minister of Jobs, Economy, Trade and Immigration.
About Teledyne MEMS
Teledyne MEMS is one of the world’s foremost pure-play MEMS foundries, offering design, prototyping, and high-volume manufacturing for MEMS sensors, actuators, and microfabricated semiconductor devices. With advanced 150 mm and 200 mm wafer capabilities and decades of process expertise, Teledyne MEMS serves customers across automotive, industrial, medical, consumer, and communications applications. For more information about Teledyne MEMS, visit www.teledynemems.com.
About Teledyne Technologies
Teledyne Technologies (NYSE:TDY) is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Teledyne’s operations are primarily located in the United States, the United Kingdom, Canada, and Western and Northern Europe. For more information, visit www.teledyne.com
Granite získala zakázku na rozšíření West Davis Corridor v Utahu za zhruba 116,9 milionu USD. Projekt přidá asi tři míle, devět nových mostů a dva pěší přechody.
WATSONVILLE, Calif.--(BUSINESS WIRE)--Granite (NYSE:GVA) announced today that it has been awarded the West Davis Corridor (SR-177) expansion project by the Utah Department of Transportation (UDOT). The contract, valued at approximately $116.9 million, will be included in Granite’s second quarter 2026 CAP.
Located in West Point, Utah, the project will:
Extend the recently completed West Davis Corridor by approximately three miles Enhance mobility and connectivity for the northern Davis County area Improve traffic flows in the corridor Project scope includes construction of nine new bridges, two pedestrian crossings, approximately 70,000 tons of asphalt paving, and placement of more than one million cubic yards of borrow material.
“This project represents an important step in continuing the buildout of the West Davis Corridor, improving access and mobility for the growing northern Davis County region,” said Jason Klaumann, Granite Regional Vice President. “It aligns with our core strengths in structures, paving, and materials, and our home market strategy.”
Granite’s Wells Pit will supply 400,000 cubic yards of borrow and 350,000 tons of mechanically stabilized earth (MSE) fill and Granite’s West Haven AC Plant will provide 70,000 tons of Hot Mix Asphalt.
About Granite
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.
Tesla klesla o 1,8 %, protože investoři čekají na čtvrtletní dodávky a sledují spekulace o možném spojení se SpaceX. Analytici odhadují zhruba 401 120 dodaných vozů.
Tesla shares TSLA remained under pressure on Wednesday as investors looked ahead to the electric vehicle maker's second-quarter delivery report while increasingly focusing on speculation surrounding a potential merger with SpaceX.
Tesla stock fell 1.8% to $374.69 after declining 5.8% in the previous session.
The shares have dropped nearly 13% in June and are down 4.7% since SpaceX began trading publicly on June 12, according to Dow Jones Market Data.
Tesla is expected to release its second-quarter vehicle delivery and energy storage deployment figures in early July.
According to FactSet, analysts expect the company to deliver approximately 401,120 electric vehicles during the quarter, representing a 4% increase from a year earlier.
However, investor attention appears to be shifting away from Tesla's traditional automotive metrics and toward broader strategic developments involving artificial intelligence initiatives and the possibility of combining Elon Musk's businesses.
Wall Street remains divided on Tesla's near-term delivery outlook.
JP Morgan analyst Rajat Gupta lowered his second-quarter delivery estimate to 420,000 vehicles from 430,500 units, although the revised forecast remains above consensus expectations.
If achieved, the total would mark Tesla's strongest quarterly delivery performance since the company delivered a record 497,099 vehicles in the third quarter of 2025.
Gupta pointed to "mixed recent signals" on electric vehicle demand in China and the United States as government incentives expire. However, he noted that Europe "remains the bright spot."
Recent registration data appears to support that assessment.
According to the European Automobile Manufacturers' Association, Tesla vehicle registrations in European markets more than doubled in May compared with the same period last year.
RBC Capital analyst Tom Narayan expects Tesla to deliver around 405,000 vehicles during the quarter.
However, he cautioned that the company's increased focus on robotaxis and humanoid robots could potentially weigh on demand for its privately owned vehicles.
Investors continue to view Tesla's artificial intelligence initiatives as central to the company's long-term growth story, with expectations that autonomous driving and robotics could create new sources of earnings beyond vehicle manufacturing.
A potential combination of Tesla and SpaceX has emerged as another major topic among investors.
Baird analyst Ben Kallo estimated second-quarter deliveries at around 392,900 vehicles but said recent attention has centered on the SpaceX initial public offering and the prospect of a merger between Musk's companies.
"We see this as likely to happen sooner rather than later," Kallo wrote on the business combination.
The analyst believes a merger could occur within the next 18 months, giving SpaceX time to integrate its recent merger with xAI and establish itself as a public company.
"We see the strategic rationale for a merger as clear and compelling with both companies benefitting from greater scale. Questions may arise regarding regulatory review; however, we do not expect significant scrutiny given limited overlap of end markets," Kallo wrote.
Meanwhile, Tesla is also facing legal scrutiny following a fatal crash in Texas involving one of its vehicles.
The family of a woman who died after a Tesla Model 3 crashed into a home last week has filed a lawsuit against both Tesla and the driver, alleging gross negligence and wrongful death.
According to the lawsuit, the vehicle was operating with an automated driving assistance system and "failed to detect the end of the street" before crashing into the residence.
The suit alleges Tesla should be held liable for defects in its driver-assistance systems and for failing to adequately warn consumers of potential dangers.
Chief Executive Elon Musk said in a post on X that "FSD drives slowly through neighborhood streets and this was a high speed crash," referring to Tesla's Full Self-Driving (Supervised) system.
Another company executive stated that the driver manually pressed the accelerator pedal, overriding the self-driving system.
The National Highway Traffic Safety Administration has launched a special investigation into the incident and is already conducting a separate investigation into possible defects in Tesla's Full Self-Driving technology.
As Tesla approaches its quarterly delivery report, investors are balancing near-term questions around vehicle demand with longer-term opportunities tied to artificial intelligence, autonomous driving, and the potential reshaping of Musk's corporate empire.
Anthropic obvinila Alibaba, že se „nehorázně“ a „nezákonně“ snažila získat její schopnosti v oblasti AI. Firma tvrdí, že šlo o dosud největší známý distilační útok.
Anthropic sent a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs accusing the Chinese tech company Alibaba of "brazenly" and "illicitly" attempting to extract its artificial intelligence capabilities, CNBC confirmed on Wednesday.
The letter, which was addressed to Sen. Tim Scott, R-S.C., and Sen. Elizabeth Warren, D-Mass., on June 10, said Alibaba carried out "the largest known distillation attack on Anthropic to date."
Distillation is an AI training method where a small, less capable model is built using outputs from an existing, stronger model.
Anthropic said operators affiliated with Alibaba and its AI lab carried out 28.8 million exchanges with its models using roughly 25,000 fraudulent accounts between April 22 and June 5, according to the letter, which was viewed by CNBC.
"We believe combating the threat of illicit distillation requires coordinated action between government and industry, and we will continue working with Congress and the Administration to maintain American AI leadership," an Anthropic spokesperson said in a statement.
A representative for Alibaba did not immediately respond to CNBC's request for comment. Bloomberg was first to report the letter.
Read more CNBC tech newsAmazon's Zoox unveils redesigned robotaxi ahead of upcoming expansionOpenAI unveils first chip as part of Broadcom deal in effort to 'build the full stack'South Korean chipmaker SK Hynix plans to raise $29 billion via Nasdaq listing as soon as July 10Alphabet added to Dow Jones Industrial Average, replacing VerizonThe letter lands two months after the White House Office of Science and Technology Policy issued a memorandum that pledged to help AI companies detect and coordinate against industrial-scale distillation. Anthropic wrote that in proceeding with its distillation attacks, Alibaba "ignored the Trump Administration's warnings."
In February, Anthropic announced that it had identified three "industrial-scale" distillation campaigns from three other AI labs: DeepSeek, Moonshot and MiniMax. The company said in a blog post at the time that the campaigns were growing in intensity and sophistication, and it encouraged collaboration across the AI industry, cloud providers and policymakers.
But in recent weeks, Anthropic's work with policymakers has been complicated.
The company said earlier this month that it received an export control directive from the Trump administration ordering the company to suspend access to its latest Claude models, Fable 5 and Mythos 5, "by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees."
The government cited "national security authorities" but didn't specify its concern, Anthropic said.
Senior staffers flew to Washington, D.C., to meet with members of the Trump administration over the next several days. The company told CNBC that "both parties are working quickly to get this resolved," but hasn't yet said when it expects its models to come back online.
Nvidia v prvním čtvrtletí fiskálního roku 2027 zvýšila tržby segmentu datových center na rekordních 75,2 miliardy USD, meziročně o 92 %. Firma těží z poptávky po Blackwellu a novém CPU Vera Rubin.
Chipmaker Nvidia (NVDA 0.93%) stands at the center of the artificial intelligence (AI) infrastructure supercycle. The world's most valuable company supplies essential hardware and software that enables the training, inference, and scaling of ever more sophisticated AI models.
Insatiable demand for the company's Blackwell GPU architecture, record capital spending by the hyperscalers, and the debut of its new Vera Rubin architecture, which expands its reach into CPUs, all point to the company enjoying sustained acceleration amid the ongoing data center build-out.
Taken together, Nvidia has the conditions for meaningful revenue growth complemented by even further earnings expansion. This combination should support a meaningful upward rerating of Nvidia stock over the next year.
Image source: Nvidia.
Nvidia's data center business is accelerating again Nvidia's most recent quarterly results underscore a clear reacceleration from the data center business. During the first quarter of its fiscal 2027 (which ended April 26), data center revenue reached a record $75.2 billion -- up 92% year over year. This performance reflects robust demand across hyperscalers as well as a broadening customer base that includes frontier AI labs, large enterprises, and sovereign entities. The increase in data center sales signals that growth momentum is strengthening again after a brief period of more measured expansion.
Management's guidance for the fiscal second quarter points to further sequential progress, which should reinforce investors' confidence in the trajectory of the broader AI infrastructure build-out. To me, these trends suggest that Nvidia's growth reacceleration is not occurring in isolation; rather, it is being fueled by aggressive capital expenditure plans from the largest cloud providers, which continue to scale up their AI infrastructure at a rapid pace.
Looking further out, analyst projections indicate that hyperscaler capital spending in 2027 could surpass $1 trillion. When extended across the broader ecosystem -- including memory, networking, and power -- the cumulative investment in AI-related infrastructure is expected to reach several trillion dollars over the coming years.
As the dominant supplier of the accelerated computing platforms that sit at the core of these deployments, Nvidia is positioned to capture a meaningful share of this spending. The combination of reaccelerating quarterly results and management's multiyear visibility into customer budgets offers a compelling reason to anticipate continued data center expansion through next year and beyond.
Nvidia is quietly becoming a full-stack solution Nvidia has taken a decisive step beyond designing GPUs with the introduction of its Vera CPU platform. This hardware is purpose-built for the emerging era of agentic AI. The company launched the Vera CPU earlier this year and has already delivered the product to leading AI laboratories and cloud providers.
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By delivering a high-performance CPU optimized for the same CUDA software ecosystem that has long powered its GPUs, Nvidia can deepen its control of the full AI compute stack. Vera pairs with Nvidia's GPUs, thereby reducing friction within integrated AI systems. This strategy should help accelerate Nvidia's data center business even further as the company captures sales within an additional pocket of the AI chip value chain.
Where will Nvidia stock be in one year? These secular growth drivers -- Blackwell adoption, hyperscaler infrastructure spending, and the new Vera CPU -- are converging at a time when Nvidia's forward price-to-earnings (P/E) multiple sits well below the levels it usually traded at during earlier phases of the AI revolution.
NVDA PE Ratio (Forward) data by YCharts.
With earnings poised to expand from the data center segment, Nvidia's current valuation leaves it meaningful room for valuation expansion. Even a conservative rerating to between 24 and 27 times Nvidia's expected fiscal 2028 earnings per share (EPS) of $12.73 could propel its stock price well above $300 -- implying more than 50% upside from current trading levels.
Investors who focus on the durability of these catalysts rather than short-term noise around the growing levels of competition in the AI accelerator space or the sensitive macroeconomic environment will benefit from Nvidia's operational outperformance. Eventually, its valuation multiples will normalize toward levels consistent with the company's leading role in the AI infrastructure build-out.
The board of directors today declared a quarterly dividend of $0.2775 per share on the company's common shares, payable August 3, 2026.
Key Takeaways:
The board of directors declared a quarterly dividend of $0.2775 per share on the company's common shares. Dividends on common stock as well as Series A and Series C preferred stock are payable on August 3, 2026. , /PRNewswire/ -- The board of directors of AT&T (NYSE:T) today declared a quarterly dividend of $0.2775 per share on the company's common shares.
The board of directors also declared quarterly dividends on the company's 5.000% Perpetual Preferred Stock, Series A and the company's 4.750% Perpetual Preferred Stock, Series C. The Series A dividend is $312.50 per preferred share, or $0.3125 per depositary share. The Series C dividend is $296.875 per preferred share, or $0.296875 per depositary share.
Dividends on the common stock and Series A and Series C preferred stock are payable on August 3, 2026, to stockholders of record of the respective shares at the close of business on July 10, 2026.
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About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 150 years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.
JPMorgan Chase oznámila nový program odkupu akcií za 50 miliard USD a zvýšila čtvrtletní dividendu o 10 % na 1,65 USD na akcii. Goldman Sachs po zátěžovém testu Fedu také zvýšila dividendu o 11 % na 5 USD.
JPMorgan Chase on Wednesday unveiled a new $50 billion share repurchase program and raised its quarterly dividend after the Federal Reserve found the industry remained well capitalized under its annual stress test.
The biggest U.S. bank by assets said it will increase its quarterly dividend 10% to $1.65 per share, subject to board approval, and authorized the buyback program effective July 1.
"The Board's intended dividend increase is supported by our consistent investment in our business and strong financial performance," JPMorgan CEO Jamie Dimon said in a statement. "As always, we are prepared for a wide range of scenarios, including the hypothetical 2026 supervisory severely adverse scenario."
Goldman Sachs likewise increased its quarterly payouts, saying that its dividend will rise 11% to $5 per share, citing the firm's strong earnings and capital position.
Wells Fargo said it expects to raise its dividend by 11% to 50 cents per share, while Morgan Stanley boosted its payout 15% to $1.15 per share, while also reauthorizing a $20 billion buyback program.
Bank of America CEO Brian Moynihan said in a statement that the bank will make an announcement on the firm's dividend next month.
The announcements followed the release of the Federal Reserve's annual stress test, which found that all 32 large banks remained above their minimum capital requirements even after a hypothetical recession generating more than $708 billion in projected losses across the industry.
Unlike in previous years, however, the results will not affect banks' capital requirements. The Fed said earlier this year it would keep stress capital buffers unchanged through 2027 while it overhauls the testing methodology, meaning banks entered Wednesday with a clear understanding of their capital requirements.
While analysts had expected the exercise to have little immediate impact, in a sign of confidence, banks opted to proceed with payout increases, despite the regulatory limbo.
In a note ahead of the results, KBW described this year's stress test as "going through the motions," arguing that investors are more focused on the pending Basel III Endgame proposal expected later this year than on the Fed's annual exercise.
This story is developing. Please check back for updates.
Qualcomm představil nový plán pro AI datacentra, včetně Dragonfly C1000, Qualcomm High Bandwidth Compute (HBC), AI300 a síťových produktů. Zároveň oznámil víceleté, vícegenerační dohody s Meta na dodávky datacentrových CPU.
NEW YORK--(BUSINESS WIRE)--Qualcomm Technologies, Inc. (NASDAQ: QCOM):
Highlights:
Introducing new data center solutions, including the Qualcomm Dragonfly C1000 CPU, Qualcomm High Bandwidth Compute (HBC), Qualcomm Dragonfly AI300 inference accelerator, and leading connectivity products, together with custom silicon solutions. Qualcomm Dragonfly AI300 joins AI200 and AI250 in our multi-generation AI accelerator roadmap with an annual cadence. New Qualcomm High Bandwidth Compute (HBC) technology breaks memory wall with lower energy per token. Multi-year, multi-generation data center agreements from leading AI and data center companies. Broad industry support from over 35 leaders across technology ecosystems. Qualcomm Technologies, Inc. (NASDAQ: QCOM) today announced at its Investor Day, new data center solutions, including the Qualcomm Dragonfly™ C1000 CPU, Qualcomm® High Bandwidth Compute (HBC), Qualcomm Dragonfly™ AI300 inference accelerator, and connectivity products, together with custom silicon solutions, all engineered to maximize performance per watt and token throughput at lower total cost of ownership. The new platforms highlight Qualcomm Technologies’ growing role in building full‑stack data center infrastructure optimized for AI, spanning agentic and data‑center‑class CPUs, AI inference accelerators, high‑performance connectivity, and at scale custom silicon solutions. The Qualcomm Dragonfly AI300 joins the previously announced Qualcomm Dragonfly AI200 and AI250 in its data center solutions portfolio with an annual cadence AI accelerator roadmap.
“Agentic AI is driving a significant increase in demand for AI inference in the data center. As these become the dominant workloads, infrastructure has to deliver much higher performance at lower power and cost,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “That plays directly to Qualcomm’s strengths, and we’re well positioned for this shift. With Qualcomm Dragonfly, we’re bringing our high-performance, low-power computing into the data center, with multi-year, multi-generation agreements with leading customers.”
Inference-First Platforms Built for Hyperscalers
Qualcomm Technologies draws on decades of expertise in systems-on-chips (SoCs), low-power design, high-performance processing, and leading IP, combined with experience engineering over 40 billion components, to deliver disaggregated, rack-scale AI infrastructure designed for data-center-grade, agent-intensive AI inference workloads at hyper scale. These innovations enable improved token economics, low latency, simplified integration, scalable deployment, and lower total cost of ownership. As agentic AI dramatically increases token demand, Qualcomm Technologies’ solutions are optimized for tokens-per-watt as the key lever to reduce total cost of ownership (TCO).
“What enterprises need now goes far beyond individual components. Orchestrating multiple types of compute across distributed, always-on infrastructure is critical,” said Tony Pialis, EVP and GM of Data Center, Qualcomm Technologies, Inc. “With Qualcomm Dragonfly, we’re bringing together compute, AI, memory, and connectivity into a unified, rack-scale platform designed for increasingly complex, agent-driven workloads while addressing key bottlenecks in memory bandwidth and power consumption. This builds on what Qualcomm Technologies has been delivering for decades: high-performance, low-power compute at scale, now applied to the data center in a way that very few companies can match.”
From Silicon to Rack: A Disaggregated, Rack-Scale AI Inference Platform
Qualcomm Dragonfly C1000 CPU
Purpose-built data center CPU designed for leadership performance and utilization for agentic, general-purpose, and AI head node workloads at best-in-class power efficiency and TCO Custom-designed Qualcomm Oryon™ CPU cores optimized for core performance and frequencies > 5 GHz to deliver superior performance for agentic workload deployed at scale 250+ core count chiplet design for exceptional throughput and scale while delivering exceptional per-core performance > 2x better performance per watt estimate compared to existing product benchmarks for server CPU competitive offerings based on specs Architected and designed for best throughput, responsiveness, and infrastructure utilization for critical data center usages and lowering CapEx and OpEx to deliver best-in-class performance per TCO leadership at scale Multi-chiplet architecture enabling modular integration with advanced packaging technologies for performance and IO scaling addressing general-purpose to AI CPUs in the data center domain > 2 TB/s leading-edge PCIe Gen 7 connectivity, plus CXL connectivity, to support next-generation accelerators, high-speed networking & storage and memory disaggregation Memory sub-system built to deliver superior bandwidth, capacity, latency and power efficiency using leading-edge low-power memory technology CPU-based inference with optional HBC attach Built with advanced reliability, availability, and serviceability (RAS) features, including ECC, fault isolation, and error recovery to enable resilient operation at scale Support for both air and liquid cooling, enabling deployment across diverse data center environments with OCP ORv3 compliant racks and servers CPU portfolio includes: agentic CPU designed for high-throughput agentic orchestration and low latency interactive AI use cases; general-purpose CPU designed for optimal performance-per-TCO for first-party workload and performance-per-vCPU for third-party usage elasticity; AI head node CPU designed to maximize XPU utilization of XPU for generative AI compute through low overhead host processing through high-speed CPU Commercial availability is expected in 2028 Qualcomm High Bandwidth Compute (HBC)
Innovative purpose-built near-memory computing architecture that bonds compute with highly-accelerated memory bandwidth in a 3D-stacked silicon solution to address AI’s fundamental data movement bottleneck HBC has a multi-generation roadmap to deliver faster, more efficient, and more scalable processing at lower total cost of ownership and higher energy efficiency compared to high bandwidth memory (HBM) With HBC Gen 1, AI250 is designed to enable an industry-leading 133 TB/s per card, an 18x increase in effective memory bandwidth compared to AI200 with LPDDR5X; AI300 with HBC Gen 2 is designed to enable another stepwise improvement with a 54x increase over AI200 HBC is designed to enable a 6x increase in bandwidth per watt versus HBM compared to competing published product specifications normalized at card-level HBC is designed to enable a 200x increase in capacity per watt versus SRAM compared to competing published product specifications normalized at rack-level HBC is designed to enable efficient scaling of AI agents to meet the demands of continuous reasoning, memory bandwidth, and real-time responsiveness Our strategic relationships with the supply chain and unique implementation addresses near-memory computing complexity due to 3D integration leadership, system-level design, LPDDR leadership, and power efficiency expertise Commercial sampling of HBC Gen 1 with AI250 is expected in mid-2027 Qualcomm Dragonfly AI300 (Card and Rack)
Third-generation, air- and direct-liquid-cooled rack-level AI inference platform – following the introduction of the AI200 and AI250 solutions last October AI300 integrates breakthrough Qualcomm HBC Gen 2 technology for compute acceleration with integrated memory and increased effective memory bandwidth, designed for disaggregated inference deployments (AI250 uses HBC Gen 1) Enables industry-leading memory capacity and effective bandwidth enabling high-throughput, low-latency performance for large language & multimodal model (LLM, LMM) inference and agentic AI workloads Expecting 4x-8x better performance-per-watt compared to existing GPU-based architectures on memory bandwidth per watt per card Scale up with UALink (Ultra Accelerator Link) and ESUN (Ethernet for Scale-Up Networking); scale out with copper and optical Commercial sampling is expected in 2028 Custom Silicon
Performance-optimized silicon at scale for next-generation AI and cloud data center infrastructure Bespoke custom silicon for agentic AI and other specialized workloads End-to-end co-design capabilities across silicon, system, and software to address customer-specific performance, power, and integration requirements Advanced packaging and modular architectures designed to improve performance, power efficiency, and scalability Proven IP and streamlined design execution to support faster time-to-market and reduced execution risk Execution from design through high-volume manufacturing, supported by ecosystem and supply chain relationships Connectivity
Broad connectivity portfolio spanning die-to-die, copper, optical, and campus-reach interconnects for next-generation AI data centers Supports high-bandwidth 800G and 1.6T connectivity across optical, AOC, and AEC applications, from intra-data-center links to campus-reach deployments up to 20 km Combines Qualcomm Technologies’ SerDes, PAM4, coherent-lite DSP, signal integrity, and telemetry capabilities to support scalable, high-performance AI infrastructure Addresses data movement bottlenecks that are central to AI data center performance in increasingly distributed, disaggregated, and bandwidth-intensive infrastructure Across the Ecosystem
In addition to the new Qualcomm Dragonfly data center portfolio, Qualcomm Technologies announced a multi-year, multi-generation agreement with Meta.
Qualcomm Technologies and Meta today announced a strategic multi-generation collaboration for Qualcomm Technologies to be a supplier for data center CPUs for Meta. Qualcomm Technologies’ data center CPU, the Qualcomm Dragonfly™ C1000, is planned to power Meta’s next-generation server fleet, underscoring the growing importance of high-performance, power-efficient compute in large-scale, scale-out environments.
Additionally, over 35 global leaders across the technology and AI ecosystems are also sharing their support for Qualcomm Technologies’ data center vision and commercial solutions including Advantest, Arista, Astera, Cirrascale, Compal, Confidential Core AI , Core42, Delta, Fibercop, Foxconn, GIGABYTE Technology, HUMAIN, Inventec, IONOS, Lenovo, Master Works, Microchip Technology, Micron Technology, Nanya Technology, NEC, NeuReality, Quanta, Pegatron Corporation, Samsung SDS, Saptiva AI , SK hynix America, Supermicro, Teradyne, TeraHop, UMC, VAST Data, Viettel IDC, VNPT Group, and Wistron. Read ecosystem partner quotes here.
Qualcomm Technologies is committed to a multi-generation data center roadmap with an annual cadence focused on advancing AI inference performance, energy efficiency, and total cost of ownership. For more information, visit our website.
About Qualcomm
Qualcomm is a global computing leader at the center of the AI era, enabling intelligence to scale from the most personal devices to large‑scale infrastructure. Building on more than four decades of innovation, we develop platforms and solutions that bring together advanced AI, high‑performance low-power computing, and industry‑leading connectivity—powering products and services used around the world. At Qualcomm, we are engineering human progress.
Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated.
Qualcomm zvýšil cíl nehandsetových tržeb pro fiskální rok 2029 na 40 miliard USD a nově míří na více než 15 miliard USD z datových center. Zároveň cílí na více než 18 USD non-GAAP EPS.
NEW YORK--(BUSINESS WIRE)--Qualcomm Incorporated (NASDAQ: QCOM):
Highlights:
Raises its fiscal 2029 non-handset revenue target to $40 billion, approximately 2x the prior fiscal 2029 target. Unveils comprehensive data center AI infrastructure strategy with a revenue target of more than $15 billion by fiscal 2029. Expands automotive design-win pipeline to $65 billion and increases its growth target to $10 billion in revenues by fiscal 2029. Expands into robotics and industrial AI platforms as part of the next wave of Physical AI. Anticipates an agent-driven upgrade cycle across the edge in future years. Targets more than $18 non-GAAP EPS in fiscal 2029. Qualcomm Incorporated (NASDAQ: QCOM), a connected computing leader at the center of the AI era, today outlined the acceleration of its diversification strategy and unveiled its comprehensive strategy for the data center, marking its next phase of growth across every tier of the compute continuum, at its 2026 Investor Day.
“We are defining Qualcomm’s next chapter as we accelerate our edge diversification strategy, introduce a comprehensive roadmap for next-generation AI data centers, and evolve into a platform company,” said Cristiano Amon, President and CEO, Qualcomm Incorporated. “Our presence across the entire compute continuum and unparalleled technology capabilities, in low-power computing, AI and connectivity put us in a strong position to capture these opportunities.”
Updated fiscal 2029 targets for the QCT business include:
Non-handset revenues: $40 billion by fiscal 2029 Automotive revenues: $10 billion by fiscal 2029 IoT revenues: More than $14 billion by fiscal 2029 Industrial, networking and robotics: $8 billion Personal AI and Compute: $6 billion Data Center revenues: More than $15 billion by fiscal 2029 Handsets: To represent approximately one-third of QCT revenues by fiscal 2029 Multiple large markets are reaching inflection points, as AI compute becomes increasingly distributed across devices, edge and cloud over the next 3-5 years, including agent-ready edge devices, data center infrastructure, automotive, industrial systems, networking and robotics. Together, these represent a combined total addressable market of approximately $1.7 trillion by 2030.
Looking beyond fiscal 2029, Qualcomm sees continued secular growth across data center, robotics, ADAS and autonomous driving, industrial AI, personal AI and 6G, with agentic AI expected to drive a new upgrade cycle across intelligent connected devices. This next phase builds on accelerated diversification and proven operating leverage while funding new growth opportunities.
Qualcomm’s strategy was presented by Cristiano Amon along with Akash Palkhiwala, CFO and COO, Qualcomm Incorporated; Tony Pialis, EVP and GM, Data Center, Qualcomm Technologies, Inc.; and Nakul Duggal, EVP and Group GM, Automotive, Industrial and Embedded IoT, and Robotics, Qualcomm Technologies, Inc. Their full presentations and a replay of the event are available here.
About Qualcomm
Qualcomm is a global computing leader at the center of the AI era, enabling intelligence to scale from the most personal devices to large‑scale infrastructure. Building on more than four decades of innovation, we develop platforms and solutions that bring together advanced AI, high‑performance, low power computing and industry‑leading connectivity—powering products and services used around the world. At Qualcomm, we are engineering human progress.
Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated.
Note Regarding Forward-Looking Statements
This press release includes forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding: our growth and diversification initiatives and opportunities, including in automotive, the internet of things (IoT) and data center; technology trends, including the continued evolution and adoption of AI technologies, the opportunities this creates for our business and the potential benefits to our business thereof; our technologies, technology leadership, technology differentiation and technology roadmap; our business and share trends, as well as market and industry trends, and their potential impact on our business and our positioning to take advantage thereof; anticipated product renewal and device upgrade cycles; market inflection points; our design wins and design-win pipeline; our total addressable market expansion; our business outlook; and our estimates, guidance, targets and planning assumptions related to financial performance, including our various targets for revenues, revenue composition and earnings per share (EPS). Words such as “estimate,” “guidance,” “forecast,” “target,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “may,” “will,” “would” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this release. Actual results may differ materially from those referred to in the forward-looking statements due to a number of important factors, including but not limited to: our dependence on a small number of customers and licensees, and particularly from their sale of premium-tier handset devices; our customers vertically integrating; a significant portion of our business being concentrated in China, which is exacerbated by U.S./China trade and national security tensions; our ability to extend our technologies and products into new and expanded product areas, and industries and applications beyond mobile handsets; our strategic acquisitions, transactions and investments, and our ability to consummate strategic acquisitions; our dependence on a limited number of third-party suppliers; risks associated with the operation and control of our manufacturing facilities; security breaches of our information technology systems, or other misappropriation of our technology, intellectual property or other proprietary or confidential information; our ability to attract and retain qualified employees; the continued and future success of our licensing programs, which requires us to continue to evolve our patent portfolio and to renew or renegotiate license agreements that are expiring; efforts by some OEMs to avoid paying fair and reasonable royalties for the use of our intellectual property, and other attacks on our licensing business model; potential changes in our patent licensing practices, whether due to governmental investigations, legal challenges or otherwise; adverse rulings in governmental investigations or proceedings or other legal proceedings; our customers’ and licensees’ sales of products and services based on cellular and other communications technologies, including 5G, and our customers’ demand for our products based on these technologies; competition in an environment of rapid technological change, and our ability to adapt to such change and compete effectively; failures in our products or in the products of our customers or licensees, including those resulting from security vulnerabilities, defects or errors; difficulties in enforcing and protecting our intellectual property rights; claims by third parties that we infringe their intellectual property; our use of open source software; the cyclical nature of the semiconductor industry, declines in global, regional or local economic conditions, or our stock price and earnings volatility; geopolitical conflicts, natural disasters, pandemics and other health crises, and other factors outside of our control; our ability to comply with laws, regulations, policies and standards; our indebtedness; and potential tax liabilities. These and other risks are set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 29, 2026 filed with the Securities and Exchange Commission (SEC). Our reports filed with the SEC are available on our website at www.qualcomm.com. We undertake no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
Note Regarding Use of Non-GAAP Financial Measures
The Non-GAAP financial measures presented herein should be considered in addition to, not as a substitute for or superior to, financial measures calculated in accordance with GAAP. In addition, “Non-GAAP” is not a term defined by GAAP, and as a result, our Non-GAAP financial measures might be different than similarly titled measures used by other companies. Reconciliations between GAAP and Non-GAAP financial measures are presented below.
FY29 Earnings Per Share (EPS)
Target1
GAAP diluted EPS
>$14.50
Less QSI
N/P
Less share-based compensation
N/P
Less other items
N/P
Non-GAAP diluted EPS
>$18.00
1. Guidance as of June 24, 2026. Substantially all of the amounts excluded from our FY29 Non-GAAP EPS target relate to share-based compensation.
Board of Directors approves quarterly cash dividend of $0.43 per share
NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) today announced that its board of directors declared a $0.43 third-quarter 2026 dividend on the company’s common stock, payable September 1, 2026, to holders of the Common Stock of record at the close of business on July 24, 2026.
Pfizer is committed to maintaining, and over the longer term, growing the dividend, as part of its capital allocation strategy. The third-quarter 2026 cash dividend will be the 351st consecutive quarterly dividend paid by Pfizer.
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For over 175 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on X at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.
Disclosure Notice: The information contained in this release is as of June 24, 2026. The Company assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments.
This release contains forward-looking information about, among other things, Pfizer’s commitment to maintaining, and over the longer term, growing the dividend, that involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; risks associated with interim and preliminary data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; risks associated with our clinical development plans; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when any drug applications, biologics license applications and/or emergency use authorization applications may be filed in any jurisdictions for any potential indication for Pfizer’s product candidates; whether and when any such applications that may be pending or filed for any of Pfizer’s product candidates may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product's benefits outweigh its known risks and determination of the product's efficacy and, if approved, whether any such product candidates will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of Pfizer’s product candidates, including development of products or therapies by other companies; manufacturing capabilities or capacity; uncertainties regarding the ability to obtain or maintain recommendations from vaccine technical committees and other public health authorities and uncertainties regarding the commercial impact of any such recommendations; risks related to the ability to realize the anticipated benefits of Pfizer’s business development transactions, including the possibility that the expected benefits from such transactions will not be realized or will not be realized within the expected time period; the uncertainties inherent in business and financial planning, including, without limitation, risks related to Pfizer’s business and prospects, adverse developments in Pfizer’s markets, or adverse developments in the U.S. or global capital markets, credit markets, regulatory environment, trade policies or economies generally; the impact of COVID-19 on our business, operations and financial results; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.
Jefferies potvrzuje pro Carnival doporučení Buy a cíl 35 USD, protože snížený výhled na fiskální rok 2026 považuje za krátkodobý tlak, nikoli za změnu dlouhodobého trendu. Firma očekává více než 9 miliard USD volného peněžního toku v letech 2026–2027.
Carnival Corp (NYSE:CCL)’s reduced fiscal 2026 guidance reflects near-term pressures rather than a change in its longer-term trajectory, according to Jefferies analysts, who reiterated a ‘Buy’ rating and maintained a $35 price target on the cruise operator's shares.
Shares of Carnival traded hands at about $29 on Wednesday afternoon, down about 5% this year.
Jefferies believes that Carnival's trimmed yield outlook is unlikely to derail what it views as a multi-year improvement story driven by margin expansion and more than $9 billion in free cash flow generation expected between fiscal 2026 and 2027.
The firm wrote that the level of cash generation should support organic growth investments, debt reduction and shareholder returns.
The analysts also noted that Carnival has exceeded its guidance for net yields, adjusted EBITDA and adjusted earnings per share in every quarter since the first quarter of 2025, suggesting the company's latest outlook could prove conservative.
Carnival lowered its fiscal 2026 net yield growth forecast to 3.2% from 4.1% previously. The company now expects adjusted EBITDA of about $7.11 billion, down slightly from its prior estimate of $7.19 billion, while adjusted earnings per share are projected at $2.22, compared with earlier guidance of $2.21.
For the third quarter of fiscal 2026, Carnival expects net yields to rise 1.3% year over year and adjusted EBITDA of $2.88 billion, both below Jefferies' prior estimates and Wall Street expectations.
According to Jefferies, management said demand was uneven during the second quarter because of the conflict involving Iran, though booking trends improved in June. Carnival also reported continued efficiencies in both fuel and non-fuel costs.
The company said refurbishment work on ships within its AIDA Cruises brand is progressing as planned, with a similar program expected to be extended to Holland America Line in the second half of 2027.
Jefferies noted that Carnival remains confident it can continue lowering leverage while investing in growth initiatives and returning capital to shareholders. The firm estimates the company could deliver roughly $3.5 billion in capital returns during the second half of fiscal 2026 and fiscal 2027 while reducing leverage to 2.9 times by the end of fiscal 2027.
Jefferies modestly lowered its revenue forecasts to reflect weaker yield assumptions but raised its adjusted EBITDA estimates to account for lower fuel and operating costs. The brokerage now projects fiscal 2026 revenue of $27.6 billion and adjusted EBITDA of $7.17 billion, compared with previous estimates of $27.9 billion and $7.05 billion, respectively.
Wells Fargo dokončila stresový test Fedu pro rok 2026 a plánuje zvýšit dividendu o 11 % na 0,50 USD na akcii. Schválení musí ještě dát představenstvo v červenci.
SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced that it has completed the Federal Reserve’s 2026 supervisory stress test process. As previously announced by the Federal Reserve, this year’s stress test results do not impact bank capital requirements, and Wells Fargo’s stress capital buffer (SCB) remains at 2.5%.
The Company also announced that it expects to increase its third quarter 2026 common stock dividend by 11% to $0.50 per share from $0.45 per share, subject to approval by the Company’s Board of Directors at its regularly scheduled meeting in July. Additionally, the Company has capacity to continue repurchasing common stock, which will be routinely assessed as part of the Company’s internal capital adequacy framework that considers current market conditions, regulatory capital requirements, and other risk factors.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.2 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune’s 2025 rankings of America’s largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future regulatory capital levels and possible future capital actions, including common stock dividends and repurchases. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. Actual capital levels and capital actions may vary materially from expectations due to a number of factors, including those described in our reports filed with the Securities and Exchange Commission and available on its website at www.sec.gov. The amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule, and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions.
BOISE, Idaho, June 24, 2026 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2026, which ended May 28, 2026.
Fiscal Q3 2026 highlights
Revenue of $41.46 billion versus $23.86 billion for the prior quarter and $9.30 billion for the same period last yearGAAP net income of $28.24 billion, or $24.67 per diluted shareNon-GAAP net income of $28.86 billion, or $25.11 per diluted shareOperating cash flow of $25.39 billion versus $11.90 billion for the prior quarter and $4.61 billion for the same period last year “Micron’s record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era,” said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. “Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand. We believe our multi-year Strategic Customer Agreements will significantly enhance the durability and predictability of Micron’s strong financial performance.”
Quarterly Financial Results GAAP(1) Non-GAAP(2)(in millions, except per share amounts)FQ3-26FQ2-26FQ3-25 FQ3-26FQ2-26FQ3-25 Revenue$41,456 $23,860 $9,301 $41,456 $23,860 $9,301 Gross margin 35,056 17,755 3,508 35,199 17,876 3,623 Percent of revenue 84.6% 74.4% 37.7% 84.9% 74.9% 39.0%Operating expenses 1,738 1,620 1,339 1,518 1,421 1,133 Operating income 33,318 16,135 2,169 33,681 16,455 2,490 Percent of revenue 80.4% 67.6% 23.3% 81.2% 69.0% 26.8%Net income 28,243 13,785 1,885 28,857 14,021 2,181 Diluted earnings per share (EPS) 24.67 12.07 1.68 25.11 12.20 1.91 For the third quarter of 2026, investments in capital expenditures, net(2) were $7.1 billion and adjusted free cash flow(2) was $18.3 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $30.2 billion. On June 24, 2026, Micron’s Board of Directors declared a quarterly dividend of $0.15 per share, payable in cash on July 21, 2026, to shareholders of record as of the close of business on July 6, 2026.
Quarterly Business Unit Financial Results FQ3-26FQ2-26FQ3-25 Cloud Memory Business Unit Revenue$13,769 $7,749 $3,386 Gross margin 83% 74% 58%Operating margin 78% 66% 46% Core Data Center Business Unit Revenue$11,524 $5,687 $1,530 Gross margin 87% 74% 38%Operating margin 83% 67% 20% Mobile and Client Business Unit Revenue$11,521 $7,711 $3,255 Gross margin 87% 79% 24%Operating margin 86% 76% 15% Automotive and Embedded Business Unit Revenue$4,634 $2,708 $1,127 Gross margin 79% 68% 26%Operating margin 75% 62% 11% Business Outlook
The following table presents Micron’s guidance for the fourth quarter of 2026:
FQ4-26GAAP(1) OutlookNon-GAAP(2) Outlook Revenue$50.0 billion ± $1.0 billion$50.0 billion ± $1.0 billionGross marginApproximately 86%Approximately 86%Operating expensesApproximately $1.86 billionApproximately $1.65 billionDiluted earnings per share$30.73 ± $1.00$31.00 ± $1.00 Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Product highlights
HBM4, built on 1-beta DRAM technology, is in high-volume shipments for our lead customer's platform, and qualification samples have been shipped to multiple end-customers.Development of HBM4E, built on 1-gamma DRAM technology, is well underway, with volume production expected in calendar 2027.Qualification samples of 256GB DDR5 RDIMMs, built on 1-gamma DRAM technology and advanced 3D die stacking, has shipped to key server ecosystem enablers.Our LP5X SOCAMM2 products are in high-volume production, and we have expanded our LP5X SOCAMM2 offerings across multiple capacity points.G9-based PCIe Gen6 high-performance SSD is now in high-volume production.We commenced shipments of our high-capacity 245TB QLC SSD.Gen5 QLC PC Client SSD with G9 NAND has achieved successful lead customer qualification.1-gamma 16Gb LPDDR5X has begun high-volume ramp at a leading smartphone OEM, and we are currently sampling our 1-gamma 24Gb LP5X product to multiple smartphone customers.1-gamma LPDDR5 reached automotive product readiness, with samples delivered to key customers, and we shipped our first 1-gamma DDR5 samples to a robotaxi customer.G9-based UFS 4.1 automotive NAND solution began first volume shipments. Investor Webcast
Micron will host a conference call on Wednesday, June 24, 2026 at 2:30 p.m. Mountain Time to discuss its third quarter financial results and provide forward-looking guidance for its fourth quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.
We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on LinkedIn, X (@MicronTech) and YouTube (@MicronTechnology).
About Micron Technology, Inc.
Micron Technology, Inc. is an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.
This press release contains forward-looking statements regarding our industry, our strategic position, our customers, including customer demand, our products and technology, including expectations on production, and our financial and operating performance, including our guidance for the fourth quarter of 2026, as well as our investments in manufacturing and goals for such investments. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at investors.micron.com/risk-factor. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.
(1)GAAP represents U.S. Generally Accepted Accounting Principles.(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings; adjusted free cash flow; investments in capital expenditures, net; and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
3rd Qtr.2nd Qtr.3rd Qtr.Nine Months Ended May 28,
2026February 26,
2026May 29,
2025May 28,
2026May 29,
2025 Revenue$41,456 $23,860 $9,301 $78,959 $26,063 Cost of goods sold 6,400 6,105 5,793 18,502 16,244 Gross margin 35,056 17,755 3,508 60,457 9,819 Research and development 1,316 1,250 965 3,737 2,751 Selling, general, and administrative 407 344 318 1,088 891 Other operating (income) expense, net 15 26 56 43 61 Operating income 33,318 16,135 2,169 55,589 6,116 Interest income 215 155 135 509 350 Interest expense — (32) (123) (106) (353)Other non-operating income (expense), net (321) (98) (68) (559) (90) 33,212 16,160 2,113 55,433 6,023 Income tax (provision) benefit (4,978) (2,371) (235) (8,178) (695)Equity in net income (loss) of equity method investees 9 (4) 7 13 10 Net income$28,243 $13,785 $1,885 $47,268 $5,338 Earnings per share Basic$25.03 $12.25 $1.69 $41.97 $4.79 Diluted 24.67 12.07 1.68 41.40 4.75 Number of shares used in per share calculations Basic 1,128 1,126 1,118 1,126 1,114 Diluted 1,145 1,142 1,125 1,142 1,123 MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited) As ofMay 28,
2026February 26,
2026August 28,
2025 Assets Cash and equivalents$24,995 $13,908 $9,642 Short-term investments 1,027 681 665 Receivables 31,025 17,314 9,265 Inventories 8,567 8,267 8,355 Other current assets 1,123 1,243 914 Total current assets 66,737 41,413 28,841 Long-term marketable investments 4,106 2,038 1,629 Property, plant, and equipment 56,426 51,408 46,590 Operating lease right-of-use assets 683 684 736 Intangible assets 473 468 453 Deferred tax assets 700 680 616 Goodwill 1,150 1,150 1,150 Other noncurrent assets 3,837 3,668 2,783 Total assets$134,112 $101,509 $82,798 Liabilities and equity Accounts payable and accrued expenses$15,521 $10,997 $9,649 Current debt 582 585 560 Other current liabilities 3,385 2,714 1,245 Total current liabilities 19,488 14,296 11,454 Long-term debt 5,140 9,557 14,017 Noncurrent operating lease liabilities 654 656 701 Noncurrent unearned government incentives 1,020 1,002 1,018 Other noncurrent liabilities 7,086 3,539 1,443 Total liabilities 33,388 29,050 28,633 Commitments and contingencies Shareholders’ equity Common stock 128 127 127 Additional capital 14,442 14,092 13,339 Retained earnings 94,682 66,824 48,583 Treasury stock (8,502) (8,502) (7,852)Accumulated other comprehensive income (loss) (26) (82) (32)Total equity 100,724 72,459 54,165 Total liabilities and equity$134,112 $101,509 $82,798 MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited) Nine Months EndedMay 28,
2026May 29,
2025 Cash flows from operating activities Net income$47,268 $5,338 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense and amortization of intangible assets 6,862 6,203 Stock-based compensation 954 722 Change in operating assets and liabilities: Receivables (19,953) (123)Inventories (212) 148 Accounts payable and accrued expenses 3,329 38 Other current liabilities 2,139 (681)Other noncurrent liabilities 5,203 259 Other 112 (109)Net cash provided by operating activities 45,702 11,795 Cash flows from investing activities Expenditures for property, plant, and equipment (19,602) (10,199)Purchases of available-for-sale securities (4,072) (1,203)Proceeds from government incentives 2,989 1,294 Proceeds from maturities and sales of available-for-sale securities 1,233 1,249 Other (236) (30)Net cash used for investing activities (19,688) (8,889) Cash flows from financing activities Repayments of debt (9,380) (3,604)Repurchases of common stock - withholdings on employee equity awards (762) (290)Repurchases of common stock - repurchase program (650) — Payments of dividends to shareholders (437) (392)Proceeds from issuance of debt — 4,430 Other 583 70 Net cash used for financing activities (10,646) 214 Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash 8 (3) Net increase in cash, cash equivalents, and restricted cash 15,376 3,117 Cash, cash equivalents, and restricted cash at beginning of period 9,646 7,052 Cash, cash equivalents, and restricted cash at end of period$25,022 $10,169 MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts) 3rd Qtr.2nd Qtr.3rd Qtr. May 28,
2026February 26,
2026May 29,
2025 GAAP gross margin$35,056 $17,755 $3,508 Stock-based compensation 143 121 115 Non-GAAP gross margin$35,199 $17,876 $3,623 GAAP operating expenses$1,738 $1,620 $1,339 Stock-based compensation (198) (176) (148)Other (22) (23) (58)Non-GAAP operating expenses$1,518 $1,421 $1,133 GAAP operating income$33,318 $16,135 $2,169 Stock-based compensation 341 297 263 Other 22 23 58 Non-GAAP operating income$33,681 $16,455 $2,490 GAAP net income$28,243 $13,785 $1,885 Stock-based compensation 341 297 263 Loss on debt prepayments 325 47 46 Other 23 25 58 Estimated tax effects of above and other tax adjustments (75) (133) (71)Non-GAAP net income$28,857 $14,021 $2,181 GAAP weighted-average common shares outstanding - Diluted 1,145 1,142 1,125 Adjustment for stock-based compensation 4 7 19 Non-GAAP weighted-average common shares outstanding - Diluted 1,149 1,149 1,144 GAAP diluted earnings per share$24.67 $12.07 $1.68 Effects of the above adjustments 0.44 0.13 0.23 Non-GAAP diluted earnings per share$25.11 $12.20 $1.91 RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
3rd Qtr.2nd Qtr.3rd Qtr. May 28,
2026February 26,
2026May 29,
2025 GAAP net cash provided by operating activities$25,388 $11,903 $4,609 Expenditures for property, plant, and equipment (7,826) (6,387) (2,938)Proceeds from sales of property, plant, and equipment 9 5 12 Proceeds from government incentives 733 1,378 266 Investments in capital expenditures, net (7,084) (5,004) (2,660)Adjusted free cash flow$18,304 $6,899 $1,949 The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings:
Stock-based compensation;Gains and losses from settlements;Gains and losses from debt prepayments;Restructure and asset impairments; andThe estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax (provision) benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately. Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
FQ4-26GAAP Outlook Adjustments Non-GAAP Outlook Revenue$50.0 billion ± $1.0 billion — $50.0 billion ± $1.0 billionGross marginApproximately 86% —%A Approximately 86%Operating expensesApproximately $1.86 billion $205 millionB Approximately $1.65 billionDiluted earnings per share(1)$30.73 ± $1.00 $0.27 A, B, C $31.00 ± $1.00 Non-GAAP Adjustments
(in millions) AStock-based compensation – cost of goods sold$159 BStock-based compensation – research and development 138 BStock-based compensation – sales, general, and administrative 67 CTax effects of the above items and other tax adjustments (55) $309 (1) GAAP earnings per share and non-GAAP earnings per share based on approximately 1.15 billion diluted shares.
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
Micron vykázal rekordní výsledky za 3. čtvrtletí s rekordními tržbami, vyšší marží a silným volným cash flow díky rostoucí poptávce po pamětech pro AI. Výhled výrazně překonal odhady a firma zajistila kapacity HBM až do roku 2027.
SummaryMicron Technology, Inc. delivered historic Q3 results, with record revenue, margin expansion, and robust free cash flow, underscoring surging AI-driven memory demand.MU's forward guidance significantly exceeded consensus, with management securing HBM capacity commitments through 2027 and projecting HBM TAM to surpass $100 billion by 2028.Despite a strong rally, MU remains undervalued, trading at 14x forward EPS, and could appreciate another 50% while maintaining reasonable valuation metrics.We continue to recommend accumulating MU on pullbacks, given its compelling growth-and-value profile, operational execution, and strong shareholder return strategy.Looking for a helping hand in the market? Members of BAD BEAT Investing get exclusive ideas and guidance to navigate any climate. Learn More »Sitewide Sale 2026: Get 20% Off itsarasak thithuekthak/iStock via Getty Images
Our investing group has held a position in Micron Technology, Inc. (MU) since it was trading around the $40 mark. Having tracked this company well before the AI tailwinds emerged over the last year or
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NEW YORK--(BUSINESS WIRE)--Morgan Stanley (NYSE: MS) announced that it will increase its quarterly common stock dividend to $1.15 per share from the current $1.00 per share, beginning with the common stock dividend expected to be declared by the Firm’s Board of Directors in the third quarter of 2026.
In addition, the Firm’s Board of Directors reauthorized a multi-year common equity share repurchase program of up to $20 billion, without a set expiration date, beginning in the third quarter of 2026. The share repurchases will be exercised from time to time at prices the Firm deems appropriate, subject to various considerations, including current market conditions, the Firm’s capital position and future economic and earnings outlook.
Ted Pick, Chairman and Chief Executive Officer of Morgan Stanley, said, “We have a globally scaled business that supports the Firm’s durable returns and strong capital position. Our financial strength gives us ongoing flexibility to invest in growth opportunities across the Integrated Firm while increasing the return of capital to shareholders.”
On June 24, 2026, the Board of Governors of the Federal Reserve System released its CCAR 2026 results which do not impact the Firm’s Stress Capital Buffer (SCB) requirement. On February 4, 2026, the Federal Reserve announced that it expects the Firm will continue to be subject to its current SCB requirement of 4.3% until October 1, 2027, at which time a new SCB requirement may apply based on the results of the supervisory stress test conducted in 2027. Together with other features of the regulatory capital framework, this SCB results in an aggregate U.S. Basel III Standardized Approach Common Equity Tier 1 (CET1) ratio of 11.8%. The Firm’s U.S. Basel III Standardized Approach CET1 ratio was 15.1% as of March 31, 2026.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
Forward-Looking Statements
This Release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs of Morgan Stanley’s future results, regulatory capital levels and future capital actions, including common stock dividends and common equity share repurchases, and which are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of forward-looking statements. For a discussion of additional risks and uncertainties that may affect the future results, regulatory capital levels and future capital actions of Morgan Stanley, please see “Forward-Looking Statements” preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Risk” in Part II, Item 7A, in Morgan Stanley’s Annual Report on Form 10-K for the year ended December 31, 2025 and other items throughout the Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments thereto.
Vláda USA zadala Lockheed Martin sedmiletou zakázku až za 35 miliard USD na zčtyřnásobení výroby interceptorů THAAD. Jde o jeden z prvních velkých víceročních kontraktů podle nové strategie akvizic.
, /PRNewswire/ -- Today, the U.S. government awarded Lockheed Martin (NYSE: LMT) a seven-year undefinitized contract action (UCA) for up to $35 billion to quadruple production of Terminal High Altitude Area Defense (THAAD) interceptors. The award is one of the first major multiyear procurement contracts executed under the Department of War's Acquisition Transformation Strategy and represents one of the first full-scale transitions from framework agreement to contract execution under the initiative. It demonstrates Lockheed Martin's commitment to building the Arsenal of Freedom.
The $35 billion THAAD seven-year procurement award propels acceleration of critical missile defense interceptor production.
THAAD is a highly effective, combat-proven defense against short, medium and intermediate-range ballistic missile threats. The contract puts into action the THAAD framework agreement signed in January between the Department of War and Lockheed Martin, providing the long-term demand signal needed to accelerate production capacity, strengthen the defense industrial base and deliver critical missile defense capability at speed and scale for the U.S. and its allies.
The award comes weeks after Lockheed Martin broke ground on a new Munitions Production Center in Troy, Alabama, as part of the company's more than $9 billion investment through 2030. This investment is already delivering tangible results to meet heightened munitions demand, including more than 20 new or modernized facilities across the United States. Lockheed Martin also recently opened the Next Generation Interceptor facility in Courtland, Alabama, and the Munitions Acceleration Center in Camden, Arkansas.
WHY IT MATTERS
THAAD is the only U.S. system designed to intercept threats both inside and outside the atmosphere, providing a critical layer of missile defense. Its performance has been demonstrated in operations including Operation Epic Fury, where it continues to defend forces and key infrastructure against evolving threats.
EXPERT PERSPECTIVE
"This award reflects our shared vision with the Department of War to strengthen America's Arsenal of Freedom through a transformational shift to multiyear procurement," said Tim Cahill, president, Lockheed Martin Missiles and Fire Control. "This new approach propels our efforts to strengthen the defense industrial base, expand production and deliver capabilities to the American warfighter at unprecedented speed and scale."
ADDITIONAL CONTEXT
Acquisition Transformation Leadership: Lockheed Martin was the first in the industry to announce a framework agreement for munitions acceleration under the Department of War's Acquisition Transformation Strategy. Since January, landmark framework agreements have been established to expand production capacity for PAC-3® MSE, the THAAD interceptor and Precision Strike Missile (PrSM). In April, the U.S. government awarded Lockheed Martin a $4.7 billion contract to continue critical accelerated production of PAC-3 MSE this year. American Job Growth: Lockheed Martin continues to expand its workforce, creating tens of thousands of high-quality American jobs across manufacturing, engineering and skilled trades. These investments ensure America and its allies have the proven capabilities needed to protect people, infrastructure and freedom around the globe. Supply Chain Resilience: Lockheed Martin is strengthening resilience of our supply chain, deepening collaboration with suppliers and driving innovation across operations. Lockheed Martin is engaging regularly with suppliers critical to scaling munitions production, focusing on building stronger relationships, emphasizing speed and driving solutions to better prepare for current and future threats. About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on the Company's current expectations and assumptions, including statements about the expected value and duration of the THAAD procurement award, the expected acceleration and quadrupling of production capacity and Lockheed Martin's investments through 2030 and expected results from facility and workforce expansion, supplier collaboration and production scaling. Actual results may differ materially due to factors such as: the availability, timing, and amount of U.S. government and allied government funding; changes in government priorities, budgets, acquisition strategies, contract terms, or procurement schedules; the risk that UCAs, multiyear procurement arrangements, or expected follow-on awards may be modified, delayed, reduced, terminated, or not fully funded; supply chain constraints, supplier performance, inflationary pressures and labor availability; challenges associated with increasing output at speed and scale; and delays in facility expansion. For a discussion identifying additional important factors that could cause actual results to vary materially from those anticipated in the forward-looking statements, see the Company's filings with the U.S. Securities and Exchange Commission ("SEC") including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q. The Company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov. Except where required by applicable law, the Company expressly disclaims a duty to provide updates to forward-looking statements after the date of this filing to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this filing are intended to be subject to the safe harbor protection provided by the federal securities laws.
Charles Schwab obdržel výsledky letošního testu CCAR Fedu a jeho stress capital buffer zůstává na minimu 2,5 %. CET1 ratio činil k 31. březnu 2026 26,3 %.
WESTLAKE, Texas--(BUSINESS WIRE)--The Charles Schwab Corporation (CSC or Schwab) announced today that it has received the results of the Federal Reserve’s 2026 Comprehensive Capital Analysis and Review (CCAR). These results included the Federal Reserve’s estimate of Schwab’s minimum capital ratios under the supervisory severely adverse scenario for the nine-quarter horizon beginning December 31, 2025 and ending March 31, 2028. Earlier this year, the Federal Reserve voted to maintain the current stress capital buffer requirements until 2027. Therefore, Schwab’s stress capital buffer (SCB) remains at the 2.5% minimum.
Schwab’s Common Equity Tier 1 (CET1) ratio of 26.3% as of March 31, 2026 was well in excess of the regulatory minimum of 4.5% combined with the SCB of 2.5% due to the relatively low risk nature of our balance sheet assets.
Schwab ended the first quarter of 2026 with a consolidated Tier 1 Leverage Ratio of 8.9%, down from 9.3% at year-end 2025.
CFO Mike Verdeschi commented, “Our CCAR results highlight the strength of Schwab’s capital position and diversified business model. Our principles-based approach to managing the balance sheet establishes a foundation of safety and soundness from which we support our clients’ evolving needs across different environments and deliver profitable growth through-the-cycle.”
Forward-looking Statements
This press release contains forward-looking statements relating to the company’s diversified business model, business results, growth, capital ratios, and balance sheet management. These forward-looking statements reflect management’s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations. Important factors that may cause such differences include actual economic and financial conditions, the accuracy of management’s modeling and estimation techniques, and other factors described in the company’s most recent reports on Form 10-K and Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on the company’s website (https://www.aboutschwab.com/financial-reports) and on the Securities and Exchange Commission’s website (https://www.sec.gov). The company makes no commitment to update any forward-looking statements.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 39.5 million active brokerage accounts, 5.9 million workplace plan participant accounts, 2.3 million banking accounts, and $13.14 trillion in client assets as of May 31, 2026. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sec.gov), and its affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com.
Coinbase má podle 24/7 Wall St. cílovou cenu 271,94 USD, což znamená prostor pro růst 64,97 % oproti poslední závěrečné ceně 164,84 USD. Tahounem má být obnovení ziskovosti a silná báze předplatného.
Few large-cap stocks have performed quite like Coinbase (NASDAQ:COIN | COIN Price Prediction) over the past 12 months. After peaking near $444.64 in the prior bull run, shares have round-tripped on a brutal crypto pullback. Our model sees significant upside from here.
Our 24/7 Wall St. price target for Coinbase is $271.94, implying 64.97% upside from the recent close of $164.84. The recommendation is buy, with a confidence level of 90%. That is a high-conviction call, anchored by forward earnings recovery, a deep subscription revenue base, and analyst consensus well above today’s quote.
24/7 Wall St. Price Target Summary Metric Value Current Price $164.84 24/7 Wall St. Price Target $271.94 Upside 64.97% Recommendation BUY Confidence Level 90% Crypto Winter Has Hit COIN Hard Coinbase shares are down 27.11% year to date and 46.55% over the past year, badly lagging the broader market. Bitcoin is down 27.05% YTD and Ethereum has tumbled 41.86%, squeezing the trading volumes that drive Coinbase’s transaction line.
Q1 2026 results, released May 7, 2026, showed the damage. Revenue of $1.41 billion fell 30.54% year over year, missing consensus by 4.72%. EPS came in at -$1.49 versus a $0.0444 estimate, weighed down by $482.40 million in markdowns on crypto held for investment. Management responded with a 14% headcount cut targeting roughly $500 million in annualized savings.
The Case for $400+ The bull case rests on Coinbase’s evolution beyond a pure trading venue. Subscription and services revenue reached 44% of net revenue in Q1, with stablecoin revenue of $305 million riding a USDC market cap that touched $80 billion in March.
Prediction markets crossed $100 million annualized within two months of launch, retail derivatives are tracking toward a $250 million tier, and DEX trading volume doubled quarter over quarter.
Industry tailwinds are sizeable. The stablecoin market is projected to grow from $300 billion to $3 trillion by 2030, with tokenized real-world assets potentially reaching $16 trillion.
If Coinbase rides those waves, our bull case scenario points to $406.07 over the next 12 months. Analyst consensus sits at $229.74, with 21 buys against just 3 sells.
What Could Go Wrong Coinbase remains tethered to crypto prices. Total crypto market cap and volumes both fell more than 20% quarter over quarter in Q1, and a beta of 3.32 means downside in BTC and ETH translates into amplified equity moves.
Insiders have been net sellers across 90 recent transactions, and the forward P/E of 77 leaves no room for further volume erosion.
The Q1 GAAP loss was largely a non-cash crypto markdown, and adjusted EBITDA was still positive at $303.30 million, the 13th straight positive quarter.
Cash of $10.21 billion and $2.10 billion in remaining buyback authorization give management room to defend the stock. Our bear case scenario still lands at $227.99, above today’s price.
Coinbase Price Prediction 2026-2030 My 24/7 Wall St. price target is $271.94, buy, with 90% confidence. The factor tipping the scale is the durability of subscription revenue, which now cushions trading swings far better than during the 2022 cycle.
The setup looks constructive if BTC stabilizes above $60,000 and Q2 transaction revenue tracks management’s $215 million May 5 pace. Caution is warranted if stablecoin revenue rolls over or another data-security event hits the cost base.
Year 24/7 Wall St. Price Target 2026 $221.08 2027 $271.94 2028 $365.00 2029 $490.00 2030 $645.59 These projections assume Coinbase executes its Everything Exchange strategy and stablecoin and prediction-market revenue compound through the decade. Significant upside or downside could result from crypto cycle timing, regulatory shifts under the GENIUS Act framework, or a major security incident.
DuPont oznámil čtvrtletní dividendu ve výši 0,60 USD na akcii kmenových akcií. Splatná bude 15. září 2026 akcionářům, kteří budou držiteli akcií k 31. srpnu 2026.
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WILMINGTON, Del., June 24, 2026 /PRNewswire/ -- DuPont (NYSE: DD) today announced that its Board of Directors has declared a quarterly dividend of sixty cents ($0.60) per share on the outstanding Common Stock of the Company (par value $0.01 per share) payable on September 15, 2026, to holders of record of said stock at the close of business on August 31, 2026.
About DuPont
DuPont (NYSE: DD) is a global innovation leader, providing advanced solutions that help transform industries and improve everyday life across our key markets of healthcare, water, construction, and industrial. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.
DuPont™, the DuPont Oval Logo, and all trademarks and service marks denoted with ™, SM or ® are owned by affiliates of DuPont de Nemours, Inc. unless otherwise noted.
Jefferies ve 2. čtvrtletí zvýšila čistý zisk připadající na kmenové akcionáře na 226,2 mil. USD a čisté výnosy na 2,21 mld. USD. Investiční bankovnictví i akcie dosáhly rekordních čistých výnosů.
Quarterly Record Combined Investment Banking Advisory and Underwriting Net Revenues, as well as Quarterly Record Equities Net Revenues
NEW YORK--(BUSINESS WIRE)--Jefferies Financial Group Inc. (NYSE: JEF)
Q2 Financial Highlights
$ in thousands, except per share amounts
Quarter End
Year-to-Date
2Q26
2Q25
2026
2025
Net earnings attributable to common shareholders
$
226,234
$
88,017
$
382,161
$
215,955
Diluted earnings per voting common share
$
1.02
$
0.40
$
1.70
$
0.97
Return on adjusted tangible shareholders' equity1
12.8
%
5.5
%
12.2
%
6.9
%
Total net revenues
$
2,206,451
$
1,634,447
$
4,223,581
$
3,227,466
Investment banking net revenues
$
1,206,820
$
766,307
$
2,224,113
$
1,466,999
Capital markets net revenues
$
799,292
$
704,155
$
1,578,048
$
1,402,439
Asset management net revenues
$
187,718
$
154,621
$
407,980
$
346,336
Pre-tax earnings
$
315,549
$
134,901
$
527,765
$
285,966
Book value per common share
$
51.95
$
49.96
$
51.95
$
49.96
Adjusted tangible book value per fully diluted share3
$
34.55
$
32.84
$
34.55
$
32.84
Quarterly Cash Dividend and Stock Buyback Activity
The Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on August 28, 2026 to record holders of Jefferies common shares on August 18, 2026.
During the quarter, we repurchased 4.0 million shares of common stock for $197 million, or an average price of $49.83 per share. Our Board of Directors has increased our share buyback authorization back to a total of $250 million.
Management Comments
"Our strong second quarter net revenues of $2.21 billion, net earnings attributable to common shareholders of $226 million, diluted earnings per voting common share of $1.02 and return on adjusted tangible shareholders' equity of 12.8% reflect the momentum and market position we have been building at Jefferies.
"The continued acceleration in our core businesses during the second quarter drove record first half net revenues in Advisory, total Investment Banking, Equities, total Capital Markets and combined Investment Banking and Capital Markets. We expect to build further on this momentum in coming periods.
“Investment Banking net revenues were $1.21 billion, up 57% from the prior year quarter. Growth was driven by continued market share gains and a growing addressable market in our Advisory and Equity Underwriting businesses and represent a balanced performance, as no single outsized fee drove our results. We continue to make progress in building our corporate M&A business, while staying focused on our historical areas of strength in sponsor-led activity and had very strong performance during the quarter with corporates particularly in the healthcare, industrials and energy sectors. The new issue market remains resilient. We continue to be optimistic about the second half of 2026, given the strength of our current backlog and new business bookings.
"Capital Markets net revenues were $799 million, up 14% from the prior year quarter. Equities delivered record net revenues of $601 million, up 14% from the prior year quarter. Our continued growth in Equities is being driven by market share gains in cash and electronic trading in EMEA, Asia and the Americas, as well as growth in prime services where we have become an increasingly important strategic partner to some of the most significant, well diversified, hedge funds in the world. While the growth of client-related prime brokerage balances has added to our overall balance sheet size, it has added a layer of high quality, consistent revenues that supports a more durable earnings profile. Additionally, our equity derivatives business continues to expand in sync with our investment banking business, and has allowed Jefferies to support some of our corporate clients' most important transactions with strategic derivative solutions. The shape and scale of growth in our Equities business is translating to higher overall equities operating margins after we invested the past few years in infrastructure to support meaningfully larger global volumes. Fixed Income net revenues were $199 million, up 12%, from the prior year quarter, reflecting strong performance in our distressed, municipal and emerging markets businesses.
"Asset management fees and investment return revenues were $46 million, down 35% compared to the prior year quarter due to weaker performance across several fund strategies, as well as the impact of our strategy to reposition the business by reducing capital allocated to certain funds in line with the announcement we made last fall when we disclosed our intent to acquire 50% of Hildene. In the short term, this has resulted in modestly lower investment return until we close our investment in Hildene, which we are targeting to complete in our third quarter, and should be immediately accretive to results."
Richard Handler, CEO, and Brian Friedman, President
Financial Summary (Unaudited)
$ in thousands
Three Months Ended
Six Months Ended
May 31,
2026
February 28,
2026
May 31,
2025
May 31,
2026
May 31,
2025
Net revenues by source:
Advisory
$
674,118
$
527,128
$
457,860
$
1,201,246
$
855,640
Equity underwriting
370,691
305,969
122,366
676,660
250,886
Debt underwriting
160,186
181,858
205,363
342,044
404,725
Other investment banking
1,825
2,338
(19,282
)
4,163
(44,252
)
Total Investment Banking
1,206,820
1,017,293
766,307
2,224,113
1,466,999
Equities
600,751
558,488
526,244
1,159,239
935,302
Fixed income
198,541
220,268
177,911
418,809
467,137
Total Capital Markets
799,292
778,756
704,155
1,578,048
1,402,439
Total Investment Banking and Capital Markets Net revenues5
2,006,112
1,796,049
1,470,462
3,802,161
2,869,438
Asset management fees and revenues6
15,169
69,910
20,766
85,079
109,396
Investment return
31,037
88,992
50,404
120,029
44,770
Allocated net interest4
(22,935
)
(22,238
)
(19,144
)
(45,173
)
(36,365
)
Other investments, inclusive of net interest
164,447
83,598
102,595
248,045
228,535
Total Asset Management Net revenues
187,718
220,262
154,621
407,980
346,336
Other
12,621
819
9,364
13,440
11,692
Total Net revenues by source
$
2,206,451
$
2,017,130
$
1,634,447
$
4,223,581
$
3,227,466
Non-interest expenses:
Compensation and benefits
$
1,188,245
$
1,085,890
$
854,839
$
2,274,135
$
1,695,966
Compensation ratio13
53.9
%
53.8
%
52.3
%
53.8
%
52.5
%
Non-compensation expenses
$
702,657
$
719,024
$
644,707
$
1,421,681
$
1,245,534
Non-compensation ratio13
31.8
%
35.6
%
39.4
%
33.7
%
38.6
%
Total Non-interest expenses
$
1,890,902
$
1,804,914
$
1,499,546
$
3,695,816
$
2,941,500
Net earnings before income taxes
$
315,549
$
212,216
$
134,901
$
527,765
$
285,966
Income tax expense
$
65,571
$
52,870
$
43,506
$
118,441
$
57,722
Income tax rate
20.8
%
24.9
%
32.3
%
22.4
%
20.2
%
Net earnings
$
249,978
$
159,346
$
91,395
$
409,324
$
228,244
Net losses attributable to noncontrolling interests
(5,440
)
(15,858
)
(7,668
)
(21,298
)
(14,651
)
Preferred stock dividends
29,184
19,504
11,046
48,461
26,940
Net earnings attributable to common shareholders
$
226,234
$
155,700
$
88,017
$
382,161
$
215,955
Results Discussion
* * * *
Amounts herein pertaining to May 31, 2026 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (“SEC”). More information on our results of operations for the three and six months ended May 31, 2026 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about July 9, 2026.
This press release contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words “should,” “expect,” “intend,” “may,” “will,” "would," or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in reports we file with the SEC. You should read and interpret any forward-looking statement together with reports we file with the SEC. We undertake no obligation to update or revise any such forward-looking statement to reflect subsequent circumstances.
Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).
Consolidated Statements of Earnings (Unaudited)
$ in thousands, except per share amounts
Three Months Ended May 31,
Six Months Ended May 31,
2026
2025
2026
2025
Revenues
Investment banking
$
1,209,625
$
789,269
$
2,227,909
$
1,518,779
Principal transactions
488,666
338,507
976,164
745,737
Commissions and other fees
400,614
353,233
768,218
641,533
Asset management fees and revenues
9,788
20,076
77,150
105,484
Interest
853,962
878,025
1,667,081
1,723,196
Other
155,542
115,205
272,940
232,450
Total revenues
3,118,197
2,494,315
5,989,462
4,967,179
Interest expense
911,746
859,868
1,765,881
1,739,713
Net revenues
2,206,451
1,634,447
4,223,581
3,227,466
Non-interest expenses
Compensation and benefits
1,188,245
854,839
2,274,135
1,695,966
Brokerage and clearing fees
147,446
129,745
280,578
239,181
Underwriting costs
26,858
14,525
58,241
32,371
Technology and communications
162,860
146,198
322,718
285,673
Occupancy and equipment rental
34,499
30,711
68,359
60,910
Business development
89,108
80,070
164,530
152,361
Professional services
98,707
77,768
175,651
150,234
Depreciation and amortization
47,328
52,253
104,193
83,241
Cost of sales
31,253
42,961
61,173
84,529
Other expenses
64,598
70,476
186,238
157,034
Total non-interest expenses
1,890,902
1,499,546
3,695,816
2,941,500
Earnings before income taxes
315,549
134,901
527,765
285,966
Income tax expense
65,571
43,506
118,441
57,722
Net earnings
249,978
91,395
409,324
228,244
Net losses attributable to noncontrolling interests
(5,440
)
(7,668
)
(21,298
)
(14,651
)
Preferred stock dividends
29,184
11,046
48,461
26,940
Net earnings attributable to common shareholders
$
226,234
$
88,017
$
382,161
$
215,955
Financial Data and Metrics (Unaudited)
Three Months Ended
Six Months Ended
May 31,
2026
February 28,
2026
May 31,
2025
May 31,
2026
May 31,
2025
Other Data:
Number of trading days
63
61
63
124
124
Number of trading loss days7
0
1
13
1
17
Average VaR (in millions)8
$
10.31
$
9.78
$
11.89
$
10.05
$
12.50
In millions, except other data
May 31,
2026
February 28,
2026
May 31,
2025
Financial position:
Total assets
$
79,540
$
74,380
$
67,285
Cash and cash equivalents
14,315
11,963
11,260
Financial instruments owned
28,038
28,079
25,570
Level 3 financial instruments owned9
839
849
763
Goodwill and intangible assets, net14
1,974
1,979
2,060
Total equity
10,607
10,662
10,382
Total shareholders' equity
10,567
10,611
10,305
Tangible shareholders' equity10
8,593
8,632
8,245
Other data and financial ratios:
Leverage ratio11
7.5
7.0
6.5
Tangible gross leverage ratio12
9.0
8.4
7.9
Number of employees at period end
7,371
7,596
7,671
Number of employees excluding Tessellis and Stratos at period end
6,236
6,221
5,949
Non-GAAP Reconciliations
The following tables reconcile our non-GAAP financial measures to their respective U.S. GAAP financial measures. Management believes such non-GAAP financial measures are useful to investors as they allow them to view our results through the eyes of management, while facilitating a comparison across historical periods. These measures should not be considered a substitute for, or superior to, measures prepared in accordance with U.S. GAAP.
Return on Adjusted Tangible Equity Reconciliation
$ in thousands
Three Months Ended
May 31,
Six Months Ended
May 31,
2026
2025
2026
2025
Net earnings attributable to common shareholders (GAAP)
$
226,234
$
88,017
$
382,161
$
215,955
Intangible amortization and impairment expense, net of tax15
1,682
5,824
48,170
13,093
Adjusted net earnings to common shareholders (non-GAAP)
227,916
93,841
430,331
229,048
Preferred stock dividends
29,184
11,046
48,461
26,940
Adjusted net earnings to total shareholders (non-GAAP)
$
257,100
$
104,887
$
478,792
$
255,988
Adjusted net earnings to total shareholders (non-GAAP)1
$
1,028,400
$
419,548
$
957,584
$
511,976
February 28,
November 30,
2026
2025
2025
2024
Shareholders' equity (GAAP)
$
10,610,845
$
10,204,228
$
10,574,696
$
10,156,772
Less: Goodwill and intangible assets, net
(1,978,652
)
(2,037,906
)
(2,040,147
)
(2,054,310
)
Less: Deferred tax asset, net
(493,427
)
(507,452
)
(459,052
)
(497,590
)
Less: Weighted average impact of dividends and share repurchases
(112,340
)
(67,343
)
(244,489
)
(157,540
)
Adjusted tangible shareholders' equity (non-GAAP)
$
8,026,426
$
7,591,527
$
7,831,008
$
7,447,332
Return on adjusted tangible shareholders' equity (non-GAAP)1
12.8
%
5.5
%
12.2
%
6.9
%
Adjusted Tangible Book Value and Fully Diluted Shares Outstanding Reconciliation
Reconciliation of book value (shareholders' equity) to adjusted tangible book value and common shares outstanding to fully diluted shares outstanding:
Adjusted tangible book value per fully diluted share outstanding (non-GAAP)
$
34.55
$
32.84
(1)
Stock options added to book value are equal to the total number of stock options outstanding as of May 31, 2026 and 2025 of 5.1 million multiplied by the exercise price of $22.69 on May 31, 2026 and 2025.
(2)
Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026.
(3)
Fully diluted shares outstanding include vested and unvested RSUs as well as the target number of RSUs issuable under the senior executive compensation plans until the performance period is complete. Fully diluted shares outstanding also include all stock options and the impact of convertible preferred shares if-converted to common shares.
Notes
Return on adjusted tangible shareholders' equity represents a non-GAAP financial measure and is based on full year or annualized amounts. Refer to schedule on page 8 for a reconciliation to U.S. GAAP amounts. Shares outstanding on a fully diluted basis (a non-GAAP financial measure) is defined as common shares outstanding plus preferred shares, restricted stock units, stock options and other shares. Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts. Adjusted tangible book value per fully diluted share (a non-GAAP financial measure) is defined as adjusted tangible book value (a non-GAAP financial measure) divided by shares outstanding on a fully diluted basis (a non-GAAP financial measure). Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts. Allocated net interest represents an allocation to Asset Management of certain of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to present direct Asset Management revenues. We believe that aggregating Allocated net interest would obscure the revenue results by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods. Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement. Asset management fees and revenues include management and performance fees from funds and accounts managed by us, revenue from strategic affiliated asset managers where we are entitled to portions their operating revenues and income based on our ownership interests in the affiliates. Number of trading loss days is calculated based on trading activities in our Investment Banking and Capital Markets and Asset Management business segments, excluding certain Other investments. VaR estimates the potential loss in value of trading positions due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value-at-Risk" in Part II, Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended November 30, 2025. Level 3 financial instruments represent those financial instruments classified as such under Accounting Standards Codification 820, accounted for at fair value and included within Financial instruments owned. Tangible shareholders' equity (a non-GAAP financial measure) is defined as shareholders' equity less Intangible assets and goodwill. We believe that tangible shareholders' equity is meaningful for valuation purposes, as financial companies are often measured as a multiple of tangible shareholders' equity, making these ratios meaningful for investors. Leverage ratio equals total assets divided by total equity. Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and intangible assets divided by tangible shareholders' equity. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio. Compensation ratio equals total compensation expense divided by total net revenues. Non-compensation ratio equals total non-compensation expense divided by total net revenues. Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026. Includes a $35.5 million after-tax write-down of goodwill associated with Tessellis for the six months ended May 31, 2026. More News From Jefferies Financial Group Inc.
MCLEAN, Va.--(BUSINESS WIRE)--Capital One Financial Corporation (NYSE: COF) posted a summary of its company-run stress test results on its website (www.capitalone.com). This summary shows the results of Capital One’s modeling of the severely adverse scenario published by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). From the home page, select “About” choose “Investors” to access the Investor Center, select "Financials," and then choose “Stress Test Results” to view the current summary.
As announced by the Federal Reserve in February 2026, the Federal Reserve is maintaining the stress capital buffer requirements (“SCB”) for all participating firms at their current levels until September 30, 2027. Consequently, absent further action from the Federal Reserve, the Company’s SCB will remain at 4.5% until September 30, 2027. As a reminder, the 4.5% SCB was calculated prior to the close of the Discover acquisition and therefore is based on stand-alone Capital One.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as "will," "anticipate," "target," "expect," "think," "estimate," "intend," "plan," "goal," "believe," "forecast," "outlook" or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this press release, see the risk factors set forth under "Part I—Item 1A. Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the "SEC") and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $489.1 billion in deposits and $682.9 billion in total assets as of March 31, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom.
PNC oznámila výsledky svého dvouletého interního stresového testu podle Dodd-Frank. Její stress capital buffer zůstane na regulačním minimu 2,5 % až do nového požadavku na základě stresového testu provedeného v roce 2027, který bude účinný od 1. října 2027.
, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Results of PNC's company-run stress test, including PNC's estimates of pre-provision net revenue, other revenue, loan and other losses, net income before taxes, risk-weighted assets, and regulatory capital ratios for PNC, as well as additional information on the methodologies used in conducting the stress test, may be found at http://www.pnc.com/regulatorydisclosures.
The Federal Reserve released its results of the 2026 supervisory stress test at 4:00 p.m., June 24, 2026. Consistent with the Federal Reserve's announcement Feb. 4, 2026, PNC's stress capital buffer (SCB) will be maintained at the regulatory minimum of 2.5% until PNC receives a new stress capital buffer requirement based on the results of a supervisory stress test conducted in 2027, which would be effective Oct. 1, 2027.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
Natera získala v Japonsku schválení pro Signatera u kolorektálního karcinomu a plánuje komerční spuštění do konce roku 2026, pokud padne konečné rozhodnutí o cenách. O podporu prodeje se postará SRL Inc.
The precision medicine company expects to launch Signatera commercially in Japan by the end of 2026, pending final pricing decisions.
The approval marks a key milestone in Natera’s international oncology expansion.
More than 150,000 people are diagnosed with colorectal cancer each year in Japan, making it one of the country’s most common cancers and highlighting the need for personalized treatment strategies.
Clinical Evidence And Medical Society Support Back ApprovalThe cancer test company said findings from the GALAXY clinical trial supported regulatory clearance.
The study showed that patients who tested MRD-positive following surgery experienced substantial benefit from adjuvant chemotherapy, while MRD-negative patients did not appear to benefit from the treatment.
The GALAXY trial analyzed 2,240 samples, making it one of the largest prospective studies evaluating MRD testing in resectable colorectal cancer.
The study forms part of the broader CIRCULATE-Japan platform, which involves thousands of patients and more than 150 institutions across Japan.
SRL To Lead Commercialization Efforts Across JapanCommercial rollout of Signatera in Japan will be supported by SRL Inc., Japan’s largest reference laboratory and a member of H.U. Group Holdings.
As Natera’s exclusive business partner in Japan, SRL will help expand access to personalized MRD testing through its nationwide laboratory network.
On Tuesday, the National Comprehensive Cancer Network (NCCN) recognized Natera’s Signatera technology for muscle-invasive bladder cancer.
The recognition marks the third NCCN guideline recommendation for circulating tumor DNA (ctDNA) testing, which could enhance treatment protocols for patients, reflecting positively on Natera’s market position and growth potential.
NTRA Stock Price Activity: Natera shares were up 10.29% at $258.92 at the time of publication on Wednesday, according to Benzinga Pro data.
Photo by Michael Vi via Shutterstock
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BNP vidí u Hasbro 41% potenciál růstu díky Magic: The Gathering, které podle banky dál roste a zvyšuje marže. Akcie se přitom obchodují asi na 10násobku EBITDA.
The bank’s takeaway is simple: the market may not fully understand what’s driving the company anymore.
Magic keeps expanding, margins keep rising, and the player ecosystem continues to pull in new customers — yet Hasbro’s valuation still looks like it belongs to a traditional toy maker.
The Magic Flywheel Is Still WorkingAccording to analyst Xian Siew, player engagement remains strong and the Magic ecosystem continues to attract new players. A major driver has been Hasbro’s "Universes Beyond" strategy, which introduces Magic cards based on popular franchises such as Marvel and The Lord of the Rings.
The collaborations serve as an entry point for new customers, while many remain engaged with future releases after joining the ecosystem.
Siew noted that 20% to 30% of Universes Beyond buyers may stay in the Magic ecosystem for subsequent releases, creating a flywheel effect that can support future growth. As the player base expands, demand for both collaboration‑themed sets and traditional Magic releases can grow alongside it.
Why BNP Sees More UpsideBNP’s bullishness on Hasbro isn’t just about revenue growth. It’s about margins. Siew estimates that incremental gross margins on Magic products are roughly 85%, meaning additional sales can have an outsized impact on earnings. That helps explain why the firm believes Magic can continue driving earnings growth in both 2026 and 2027.
The analyst also highlighted Hasbro’s ongoing transition away from slower-growing traditional toy categories and toward higher-growth gaming businesses.
Yet despite that shift, the stock trades at roughly 10 times EBITDA, a valuation BNP believes does not fully reflect the company’s evolving business mix. The bank has maintained a $117 price target on Hasbro shares, representing approximately 41% upside from recent levels.
The Runway May Be Longer Than Investors ThinkWhile some hobby-store operators expressed caution around the upcoming Marvel Super Heroes release, enthusiasm remains high for future collaborations, including The Hobbit set scheduled for next year.
Siew also pointed to ongoing speculation within the Magic community surrounding additional Marvel-themed releases. Potential future collaborations involving franchises such as X-Men could further extend the growth runway.
For investors, the broader takeaway may be more important than any individual card set. Magic: The Gathering is increasingly becoming one of Hasbro’s most important profit engines. And according to BNP, the market still hasn’t fully adjusted to that reality.
Photo: Shutterstock
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Fox Corp (NASDAQ:FOXA) is expected to report stronger fiscal fourth quarter results, supported by robust World Cup viewership, improving news ratings and continued momentum at streaming platform Tubi, according to UBS analysts.
The firm raised its earnings estimates ahead of Fox's upcoming report, forecasting fiscal fourth-quarter EBITDA of approximately $1.02 billion, up 9% from a year earlier and above its previous estimate of $1 billion and the Visible Alpha consensus estimate of $975 million.
UBS analysts wrote that soccer programming is helping drive advertising demand and subscriptions for FOX One, with total company advertising revenue projected to increase 31% year over year in the quarter. Excluding World Cup-related revenue, Tubi and other items, UBS expects advertising revenue to decline about 1%.
The firm now estimates Fox will generate roughly $500 million in World Cup advertising revenue across the fiscal fourth quarter and fiscal first quarter, compared with a prior estimate of $350 million, citing ratings trends that have outperformed the last tournament.
Distribution revenue is expected to rise 3.1% in the quarter, compared with growth of 3.3% in the prior quarter.
UBS wrote that stronger-than-expected World Cup performance could help Fox deliver a record annual EBITDA total of about $3.7 billion despite fiscal 2026 being a non-election year. The brokerage also sees additional cyclical tailwinds in fiscal 2027 from the latter stages of the World Cup and U.S. midterm elections, while investments in FOX One moderate.
Within Fox's cable segment, UBS expects distribution revenue growth of 5.1%, aided by continued uptake of FOX One. The analysts noted that FOX One downloads in June were running more than 15 times higher than in May.
Cable advertising revenue is projected to grow 16% in the quarter, supported by improving ratings comparisons at Fox News and sustained pricing strength. UBS expects cable segment EBITDA to slip about 1% year over year to $736 million, as World Cup programming weighs on profitability.
For the television segment, UBS forecasts advertising revenue growth of 39%, or about 7% excluding World Cup-related sales. Tubi revenue is expected to rise 20% from a year earlier as viewership continues to increase, while linear television advertising is anticipated to decline about 4% after adjusting for the World Cup, political advertising and other factors.
Television segment EBITDA is projected to reach $422 million, up from $308 million a year ago, with UBS expecting the World Cup to contribute positively to profitability in the segment.
UBS maintained a positive view on Fox shares, pointing to expected earnings growth and opportunities from its recently announced Roku transaction. The analysts also discussed the possibility of an early renewal of Fox's NFL rights package, estimating that a 50% to 60% increase in annual rights fees could create an approximately $1 billion EBITDA headwind.
However, UBS wrote that such a scenario is not part of its base-case outlook and could be partly offset through higher retransmission fees and adjustments to other sports programming commitments.
Worthington Enterprises oznámila slabé výsledky za 4. fiskální čtvrtletí a po dvojím nesplnění odhadů její akcie klesly o více než 9 %. Přesto zvýšila dividendu a vykázala 55 milionů USD volného peněžního toku.
SummaryWorthington Enterprises is downgraded to "Hold" after a double miss in Q4 earnings and a sharp post-earnings selloff.WOR’s valuation aligns with historical averages, with mixed PEG and price-to-sales ratios, and current trading near fair value.Q4 saw stable adjusted EBITDA margins, $55 million free cash flow, and a dividend hike, but profitability trends remain lackluster.Technical signals suggest a bearish false breakout, with shares likely to churn between $50–$60 amid declining long-term momentum. Daria Matveeva/iStock via Getty Images
Worthington Enterprises, Inc. (WOR) reported soft fiscal Q4 earnings this week. The Industrials-sector company saw its shares plunge by more than 9% after a double miss. But the drop came after a strong return since my previous analysis in September
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KB Home vykázala ve 2. čtvrtletí pokles tržeb o 27 % a EPS 43 centů, ale výhled na celý rok byl lepší, než se čekalo. Firma zároveň dál sází na model build-to-order a stabilní cash flow.
KB Home NYSE: KBH is not out of the weeds, with its revenue contracting, orders and backlog declining, and margins under pressure, but these forces are already priced into its stock. Housing market woes, inflation, and high interest rates are no secret.
The market has had ample opportunity to adjust to the reality that interest rates will remain elevated for a prolonged period. The critical detail with KB Home is that it has repositioned itself as a built-to-order specialist capable of sustaining positive cash flows in all cycles.
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And an upcycle is coming down the pipe. Slowly, but it’s coming.
KB Home’s Buybacks Are Slowing, But The Dividend Is ReliableThe biggest risk for KB Home’s shareholders is that share buybacks might continue to slow. Business and margin contraction mean cash flow contraction and impaired ability to return capital. The offset is that KB Home has sustained an aggressive pace for years; a slowdown will merely right-size the reductions to match business conditions until business conditions improve.
KB Home Today
$61.62 +8.90 (+16.87%)
As of 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$44.03▼
$68.71Dividend Yield1.62%
P/E Ratio15.64
Price Target$60.08
As it stands, interest rates are unlikely to fall significantly before late 2027, assuming energy markets stabilize and oil prices decline. In this scenario, a slow decline in the FOMC base rate and a subsequent decline in mortgage rates will thaw an otherwise frozen market over time. KB Home will ramp construction alongside demand, improving operating leverage and capital-returning capacity to provide a catalyst for share price advances.
Until then, investors can rely on a slower pace of share count reduction alongside a reliable, potentially growing dividend. The company’s $1 in annualized 2026 payments represents an approximate 1.6% yield as of late June and about 30% of the earnings outlook. There is capacity to increase the payment in the upcoming year, but management may choose to refrain in order to preserve cash flow. The balance sheet remains healthy, but Q2 highlights show an increase in the debt-to-leverage ratio, with leverage exceeding long-standing internal targets. In this scenario, management is more likely to take a less aggressive posture to sustain balance sheet health.
KB Home Has Mixed Q2, Issues Solid Guidance for the YearKB Home’s fiscal Q2 earnings report was mixed, with revenue declining by 27% on a double-digit reduction in deliveries and prices. The good news is that revenue was slightly ahead of consensus and well above the low end of the range, as whisper figures had indicated. The number of homes delivered fell by 23%, while the average price fell by more than 5%.
Margin news reflected revenue weakness, with contraction at all levels as operating leverage declines and costs rise. GAAP earnings per share (EPS) of 43 cents were down more than a dollar year-over-year and slightly below consensus, insufficient to cover the capital return.
Looking ahead, the guidance is equally mixed but better-than-expected, underpinning the thesis that KBH stock hit bottom in May and can establish a support base at or above those levels.
KBH Stock Price: Supported at Low End, Headwinds at High End of Trading RangeAnalysts responded with relief, citing a soft quarter but a stable outlook and a strategic shift to build-to-order. The early reaction reinforced that view rather than reshaping it: on June 24, RBC Capital's Mike Dahl reiterated a Sector Perform rating with a $53 target and Citizens JMP's James McCanless reiterated a Market Outperform at $77—maintained ratings on both sides rather than fresh upgrades or downgrades.
A move to the analyst consensus near $59 would not represent a substantial price increase, but it would put the market above its cluster of moving averages and on track to sustain support at or near current levels over time.
Institutions are a risk for this market. The group owns more than 95% of the shares and controls the direction of the stock price. They have been distributing shares in 2026, presenting a headwind for KBH. If they fail to buy into the rebound, a move above $65 is unlikely. Short interest is also relatively high, increasing the odds that this market will trend sideways in the coming quarters as investors wait for a housing recovery to take hold.
The stock price action reflects the impact of market support and headwinds, with support evident at $48 and resistance in the $67 range. These targets represent an entry point and profit-taking opportunity, respectively, within the trading range, and should be watched carefully for signs of change.
A new, sustained high would signal a significant shift, setting the stage for this market to advance by $20 or more in the near to mid-term. A move to fresh lows is not expected unless there is a change in the fundamental outlook for housing markets and home builders.
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H.B. Fuller ve 2. čtvrtletí zvýšil očištěný zisk na akcii o 19 % na 1,41 USD a výnosy vzrostly na 950 milionů USD. Firma zároveň zvýšila střed svého celoročního výhledu očištěného EBITDA i očištěného EPS.
Reported EPS (diluted) of $1.23; Adjusted EPS (diluted) of $1.41, up 19% year-on-year
Net income of $68 million; Adjusted EBITDA of $181 million, up 9% year-on-year
Record second quarter operating cash flow; Repurchased 750 thousand shares in the quarter
Increases midpoint of full-year adjusted EBITDA and adjusted EPS guidance
ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today reported financial results for its second quarter that ended May 30, 2026.
Second Quarter 2026 Noteworthy Items:
Net revenue was $950 million, up 5.8% year-on-year; organic revenue was up 2.6% year-on-year; Gross margin was 33.6%; adjusted gross margin of 34.2% increased 200 basis points year-on-year driven mainly by pricing execution and restructuring savings; Net income was $68 million; adjusted EBITDA was $181 million, up 9% versus last year; adjusted EBITDA margin was 19.1%, up 70 basis points year-on-year; Reported EPS (diluted) was $1.23; adjusted EPS (diluted) was $1.41, up 19% year-on-year, driven by higher adjusted net income; Record second quarter operating cash flow of $121 million dollars, up approximately 10% year-on-year. Summary of Second Quarter 2026 Results:
The Company’s net revenue for the second quarter of fiscal 2026 was $950 million, up 5.8% versus the second quarter of fiscal 2025. Pricing increased net revenue by 3.0%, which more than offset slightly lower volume, resulting in a 2.6% organic revenue increase year-on-year. Foreign currency translation and the impact of acquisitions increased net revenue by 3.1% and 0.1%, respectively.
Gross profit in the second quarter of fiscal 2026 was $320 million. Adjusted gross profit was $325 million. Adjusted gross profit margin of 34.2% increased 200 basis points year-on-year. The impact of pricing execution and restructuring savings drove the majority of the year-on-year increase in adjusted gross profit margin.
Selling, general and administrative (SG&A) expense was $202 million in the second quarter of fiscal 2026 and adjusted SG&A was $196 million, up 11% year-on-year. Adjusting for the impact of foreign exchange and variable compensation related to higher projected income for the year, adjusted SG&A was up approximately 3% year-on-year.
Net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $68 million. Adjusted net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $78 million. Reported EPS (diluted) was $1.23 and adjusted EPS (diluted) was $1.41, up 19% year-on-year.
Adjusted EBITDA in the second quarter of fiscal 2026 was $181 million, up 9% year-on-year, driven principally by the impact of pricing execution and restructuring savings.
“We executed very well in the second quarter, delivering strong year-on-year revenue, EBITDA, and EPS growth, with results above the midpoint of our EBITDA guidance range,” said Celeste Mastin, president and chief executive officer. “Our global sourcing capabilities and swift pricing actions have enabled us to maintain supply continuity and reliably serve our customers through market disruption. These efforts, combined with our Quantum Leap restructuring initiative, have strengthened our competitive position and we remain confident in our ability to deliver strong financial results.”
Mastin continued, “While the external environment remains dynamic, our focus is clear: we are executing on what we can control, leveraging our competitive strengths, and continuing to build a business that is more durable and better positioned to deliver superior long-term growth.”
Balance Sheet and Working Capital:
Net debt at the end of the second quarter of fiscal 2026 was $1,958 million, down $58 million year-on-year. Net debt-to-adjusted EBITDA was 3.1X, down from 3.4X at the end of the second quarter of fiscal 2025.
Net working capital in the second quarter of fiscal 2026 was 16.4% as a percentage of annualized net revenue and decreased 260 basis points sequentially versus the first quarter. Cash flow from operations improved to $121 million, a record second quarter, driven primarily by higher net income. As previously communicated, cash flow delivery for 2026 is expected to be weighted to the second half of the year.
Fiscal 2026 Outlook:
As a result of our year-to-date performance, we are updating our previously communicated financial guidance for fiscal 2026:
Net revenue for fiscal 2026 is still expected to be up mid-single digits; organic revenue is still expected to be up low-single digits and the impact from foreign exchange is still expected to be positive 1% to 2%; Adjusted EBITDA for fiscal 2026 is now expected to be in the range of $650 million to $675 million; Adjusted EPS (diluted) is now expected to be in the range of $4.60 to $4.90; Cash flow from operations for fiscal 2026 is now expected to be in the range of $300 million to $325 million; Net revenue for the third quarter of 2026 is expected to be up mid-single digits; adjusted EBITDA for the third quarter of 2026 is expected to be in the range of $180 million to $190 million. Conference Call:
The Company will hold a conference call on June 25, 2026, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its results. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the Company’s website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. A telephone replay of the conference call will be available from 12:30 p.m. CT on June 25, 2026, to 10:59 p.m. CT on July 1, 2026. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909 and enter the Conference ID: 6370505.
Regulation G:
The information presented in this earnings release regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit margin, adjusted selling, general and administrative expense, adjusted income before income taxes and income from equity investments, adjusted income taxes, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, net debt-to-adjusted EBITDA, trailing twelve months adjusted EBITDA, net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue does not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the company and its operating segments as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported U.S. GAAP results in the “Regulation G Reconciliation” tables in this press release with the exception of our forward-looking non-GAAP measures contained above in our Fiscal 2026 Outlook, which the company cannot reconcile to forward-looking GAAP results without unreasonable effort.
About H.B. Fuller:
As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com
Safe Harbor for Forward-Looking Statements:
Certain statements in this press release are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; failures in our information technology systems; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to effectively manage and realize expected benefits from completed and future mergers, acquisitions, and divestitures; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the consequences of catastrophic events on our operations and financial results; the effect of new accounting pronouncements and accounting charges and credits; and similar matters.
Additional information about these various risks and uncertainties can be found in the “Risk Factors” section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.
Three Months Ended
Percent of
Three Months Ended
Percent of
May 30, 2026
Net Revenue
May 31, 2025
Net Revenue
Net revenue
$
950,271
100.0
%
$
898,095
100.0
%
Cost of sales
(630,617
)
(66.4
)%
(611,711
)
(68.1
)%
Gross profit
319,654
33.6
%
286,384
31.9
%
Selling, general and administrative expenses
(202,365
)
(21.3
)%
(186,340
)
(20.7
)%
Other income, net
5,627
0.6
%
7,141
0.8
%
Interest expense
(32,756
)
(3.4
)%
(34,865
)
(3.9
)%
Interest income
1,961
0.2
%
854
0.1
%
Income before income taxes and income from equity method investments
92,121
9.7
%
73,174
8.1
%
Income taxes
(25,584
)
(2.7
)%
(32,726
)
(3.6
)%
Income from equity method investments
1,268
0.1
%
1,397
0.2
%
Net income including non-controlling interest
67,805
7.1
%
41,845
4.7
%
Net income attributable to non-controlling interest
-
0.0
%
(17
)
(0.0
)%
Net income attributable to H.B. Fuller
$
67,805
7.1
%
$
41,828
4.7
%
Basic income per common share attributable to H.B. Fuller
$
1.25
$
0.77
Diluted income per common share attributable to H.B. Fuller
$
1.23
$
0.76
Weighted-average common shares outstanding:
Basic
54,430
54,443
Diluted
55,069
54,952
Six Months Ended
Percent of
Six Months Ended
Percent of
May 30, 2026
Net Revenue
May 31, 2025
Net Revenue
Net revenue
$
1,721,115
100.0
%
$
1,686,758
100.0
%
Cost of sales
(1,165,413
)
(67.7
)%
(1,173,299
)
(69.6
)%
Gross profit
555,702
32.3
%
513,459
30.4
%
Selling, general and administrative expenses
(386,816
)
(22.5
)%
(366,968
)
(21.8
)%
Other income, net
12,377
0.7
%
10,347
0.6
%
Interest expense
(65,627
)
(3.8
)%
(66,906
)
(4.0
)%
Interest income
4,034
0.2
%
1,954
0.1
%
Income before income taxes and income from equity method investments
119,670
7.0
%
91,886
5.4
%
Income taxes
(33,006
)
(1.9
)%
(38,671
)
(2.3
)%
Income from equity method investments
2,186
0.1
%
1,894
0.1
%
Net income including non-controlling interest
88,850
5.2
%
55,109
3.3
%
Net income attributable to non-controlling interest
-
0.0
%
(33
)
(0.0
)%
Net income attributable to H.B. Fuller
$
88,850
5.2
%
$
55,076
3.3
%
Basic income per common share attributable to H.B. Fuller
$
1.63
$
1.01
Diluted income per common share attributable to H.B. Fuller
$
1.61
$
0.99
Weighted-average common shares outstanding:
Basic
54,580
54,721
Diluted
55,291
55,490
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Net income attributable to H.B. Fuller
$
67,805
$
41,828
$
88,850
$
55,076
Adjustments:
Acquisition project costs1
1,395
3,602
2,325
13,430
Organizational realignment2
4,413
6,635
14,435
15,409
Project One3
2,387
2,581
5,440
5,646
Other4
3,024
44
2,929
44
Discrete tax items5
356
13,961
454
14,952
Income tax effect on adjustments6
(1,848
)
(3,999
)
(5,386
)
(9,907
)
Adjusted net income attributable to H.B. Fuller7
77,532
64,652
109,047
94,650
Add:
Interest expense
32,584
34,484
64,957
66,514
Interest income
(1,961
)
(854
)
(4,030
)
(1,954
)
Adjusted Income taxes
27,075
22,765
37,937
33,626
Depreciation and Amortization expense8
45,815
44,613
91,838
87,180
Adjusted EBITDA7
$
181,045
$
165,660
$
299,749
$
280,016
Diluted Shares
55,069
54,952
55,291
55,490
Adjusted diluted income per common share attributable to H.B. Fuller7
$
1.41
$
1.18
$
1.97
$
1.71
Revenue
$
950,271
$
898,095
$
1,721,115
$
1,686,758
Adjusted EBITDA margin6
19.1
%
18.4
%
17.4
%
16.6
%
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Net Revenue:
Hygiene, Health and Consumable Adhesives
$
421,861
$
397,475
$
768,388
$
765,700
Engineering Adhesives
283,239
276,418
525,688
513,177
Building Adhesive Solutions
245,171
224,202
427,039
407,881
Corporate unallocated
-
-
-
-
Total H.B. Fuller
$
950,271
$
898,095
$
1,721,115
$
1,686,758
Segment Operating Income:
Hygiene, Health and Consumable Adhesives
$
56,370
$
43,401
$
85,361
$
73,349
Engineering Adhesives
46,856
46,977
77,999
75,028
Building Adhesive Solutions
25,013
22,114
30,201
28,691
Corporate unallocated
(10,950
)
(12,448
)
(24,675
)
(30,577
)
Total H.B. Fuller
$
117,289
$
100,044
$
168,886
$
146,491
Adjusted EBITDA7
Hygiene, Health and Consumable Adhesives
$
75,564
$
61,963
$
123,601
$
108,854
Engineering Adhesives
63,544
63,341
111,703
107,529
Building Adhesive Solutions
41,414
37,535
63,024
59,337
Corporate unallocated
523
2,821
1,421
4,296
Total H.B. Fuller
$
181,045
$
165,660
$
299,749
$
280,016
Adjusted EBITDA Margin7
Hygiene, Health and Consumable Adhesives
17.9
%
15.6
%
16.1
%
14.2
%
Engineering Adhesives
22.4
%
22.9
%
21.2
%
21.0
%
Building Adhesive Solutions
16.9
%
16.7
%
14.8
%
14.5
%
Corporate unallocated
NMP
NMP
NMP
NMP
Total H.B. Fuller
19.1
%
18.4
%
17.4
%
16.6
%
NMP = non-meaningful percentage
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Income before income taxes and income from equity method investments
$
92,121
$
73,174
$
119,670
$
91,886
Adjustments:
Acquisition project costs1
1,395
3,602
2,325
13,430
Organizational realignment2
4,413
6,635
14,435
15,409
Project One3
2,387
2,581
5,440
5,646
Other4
3,024
44
2,929
44
Adjusted income before income taxes and income from equity method investments9
$
103,340
$
86,036
$
144,799
$
126,415
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Income Taxes
$
(25,584
)
$
(32,726
)
$
(33,006
)
$
(38,671
)
Adjustments:
Acquisition project costs1
(230
)
(1,120
)
(466
)
(3,800
)
Organizational realignment2
(727
)
(2,063
)
(3,276
)
(4,455
)
Project One3
(393
)
(803
)
(1,170
)
(1,638
)
Other4
(497
)
(14
)
(473
)
(14
)
Discrete tax items5
356
13,961
454
14,952
Adjusted income taxes10
$
(27,075
)
$
(22,765
)
$
(37,937
)
$
(33,626
)
Adjusted income before income taxes and income from equity method investments
$
103,340
$
86,036
$
144,799
$
126,415
Adjusted effective income tax rate10
26.2
%
26.5
%
26.2
%
26.6
%
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Net revenue
$
950,271
$
898,095
$
1,721,115
$
1,686,758
Gross profit
$
319,654
$
286,384
$
555,702
$
513,459
Gross profit margin
33.6
%
31.9
%
32.3
%
30.4
%
Adjustments:
Acquisition project costs1
-
68
-
675
Organizational realignment2
2,583
2,467
7,521
7,923
Project One3
-
(94
)
-
1
Other4
2,500
-
2,501
-
Adjusted gross profit11
$
324,737
$
288,825
$
565,724
$
522,058
Adjusted gross profit margin11
34.2
%
32.2
%
32.9
%
31.0
%
Three Months Ended
Six Months Ended
May 30,
May 31,
May 30,
May 31,
2026
2025
2026
2025
Selling, general and administrative expenses
$
(202,365
)
$
(186,340
)
$
(386,816
)
$
(366,968
)
Adjustments:
Acquisition project costs1
1,223
3,654
1,660
11,360
Organizational realignment2
1,734
3,633
5,623
4,929
Project One3
2,387
2,676
5,440
5,646
Other4
523
44
1,925
44
Adjusted selling, general and administrative expenses12
$
(196,498
)
$
(176,333
)
$
(372,168
)
$
(344,989
)
Hygiene, Health
Building
Three Months Ended:
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 30, 2026
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
58,862
$
47,958
$
27,887
$
134,707
$
(66,902
)
$
67,805
Adjustments:
Acquisition project costs1
-
-
-
-
1,395
1,395
Organizational realignment2
-
-
-
-
4,413
4,413
Project One3
-
-
-
-
2,387
2,387
Other4
-
-
-
-
3,024
3,024
Discrete tax items5
-
-
-
-
356
356
Income tax effect on adjustments6
-
-
-
-
(1,848
)
(1,848
)
Adjusted net income attributable to H.B. Fuller7
58,862
47,958
27,887
134,707
(57,175
)
77,532
Add:
Interest expense
-
-
-
-
32,584
32,584
Interest income
-
-
-
-
(1,961
)
(1,961
)
Adjusted Income taxes
-
-
-
-
27,075
27,075
Depreciation and amortization expense8
16,702
15,586
13,527
45,815
-
45,815
Adjusted EBITDA7
$
75,564
$
63,544
$
41,414
$
180,522
$
523
$
181,045
Revenue
$
421,861
$
283,239
$
245,171
$
950,271
-
$
950,271
Adjusted EBITDA Margin7
17.9
%
22.4
%
16.9
%
19.0
%
NMP
19.1
%
Hygiene, Health
Building
Six Months Ended
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 30, 2026
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
90,346
$
80,195
$
35,949
$
206,490
$
(117,640
)
$
88,850
Adjustments:
Acquisition project costs1
-
-
-
-
2,325
2,325
Organizational realignment2
-
-
-
-
14,435
14,435
Project One3
-
-
-
-
5,440
5,440
Other4
-
-
-
-
2,929
2,929
Discrete tax items5
-
-
-
-
454
454
Income tax effect on adjustments6
-
-
-
-
(5,386
)
(5,386
)
Adjusted net income attributable to H.B. Fuller7
90,346
80,195
35,949
206,490
(97,443
)
109,047
Add:
Interest expense
-
-
-
-
64,957
64,957
Interest income
-
-
-
-
(4,030
)
(4,030
)
Adjusted Income taxes
-
-
-
-
37,937
37,937
Depreciation and amortization expense8
33,255
31,508
27,075
91,838
-
91,838
Adjusted EBITDA7
$
123,601
$
111,703
$
63,024
$
298,328
$
1,421
$
299,749
Revenue
768,388
525,688
427,039
1,721,115
-
1,721,115
Adjusted EBITDA Margin7
16.1
%
21.2
%
14.8
%
17.3
%
NMP
17.4
%
Hygiene, Health
Building
Three Months Ended:
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 31, 2025
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
45,610
$
47,948
$
24,668
$
118,226
$
(76,398
)
$
41,828
Adjustments:
Acquisition project costs1
-
-
-
-
3,602
3,602
Organizational realignment2
-
-
-
-
6,635
6,635
Project One3
-
-
-
-
2,581
2,581
Other4
-
-
-
-
44
44
Discrete tax items5
-
-
-
-
13,961
13,961
Income tax effect on adjustments6
-
-
-
-
(3,999
)
(3,999
)
Adjusted net income attributable to H.B. Fuller7
45,610
47,948
24,668
118,226
(53,574
)
64,652
Add:
Interest expense
-
-
-
-
34,484
34,484
Interest income
-
-
-
-
(854
)
(854
)
Adjusted Income taxes
-
-
-
-
22,765
22,765
Depreciation and amortization expense8
16,353
15,393
12,867
44,613
-
44,613
Adjusted EBITDA7
$
61,963
$
63,341
$
37,535
$
162,839
$
2,821
$
165,660
Revenue
$
397,475
$
276,418
$
224,202
$
898,095
-
$
898,095
Adjusted EBITDA Margin7
15.6
%
22.9
%
16.7
%
18.1
%
NMP
18.4
%
Hygiene, Health
Building
Six Months Ended
and Consumable
Engineering
Adhesive
Segment
Corporate
H.B. Fuller
May 31, 2025
Adhesives
Adhesives
Solutions
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
77,771
$
76,970
$
33,799
$
188,540
$
(133,464
)
$
55,076
Adjustments:
Acquisition project costs1
-
-
-
-
13,430
13,430
Organizational realignment2
-
-
-
-
15,409
15,409
Project One3
-
-
-
-
5,646
5,646
Other4
-
-
-
-
44
44
Discrete tax items5
-
-
-
-
14,952
14,952
Income tax effect on adjustments6
-
-
-
-
(9,907
)
(9,907
)
Adjusted net income attributable to H.B. Fuller7
77,771
76,970
33,799
188,540
(93,890
)
94,650
Add:
Interest expense
-
-
-
-
66,514
66,514
Interest income
-
-
-
-
(1,954
)
(1,954
)
Adjusted Income taxes
-
-
-
-
33,626
33,626
Depreciation and amortization expense8
31,083
30,559
25,538
87,180
-
87,180
Adjusted EBITDA7
$
108,854
$
107,529
$
59,337
$
275,720
$
4,296
$
280,016
Revenue
$
765,700
$
513,177
$
407,881
$
1,686,758
-
$
1,686,758
Adjusted EBITDA Margin7
14.2
%
21.0
%
14.5
%
16.3
%
NMP
16.6
%
Three Months Ended
Six Months Ended
May 30, 2026
May 30, 2026
Price
3.0
%
1.8
%
Volume
(0.4
)%
(3.5
)%
Organic Growth13
2.6
%
(1.7
)%
M&A
0.1
%
0.4
%
Constant currency
2.7
%
(1.3
)%
F/X
3.1
%
3.3
%
Total H.B. Fuller Net Revenue
5.8
%
2.0
%
Revenue growth versus 2025
Three Months Ended
May 30, 2026
Net Revenue
F/X
Constant Currency
M&A
Organic Growth13
Hygiene, Health and Consumable Adhesives
6.1
%
3.1
%
3.0
%
0.0
%
3.0
%
Engineering Adhesives
2.5
%
3.2
%
(0.7
)%
0.3
%
(1.0
)%
Building Adhesive Solutions
9.4
%
3.2
%
6.2
%
0.0
%
6.2
%
Corporate Unallocated
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
Total H.B. Fuller
5.8
%
3.1
%
2.7
%
0.1
%
2.6
%
Revenue growth versus 2025
Six Months Ended
May 30, 2026
Net Revenue
F/X
Constant Currency
M&A
Organic Growth13
Hygiene, Health and Consumable Adhesives
0.4
%
3.2
%
(2.8
)%
0.4
%
(3.2
)%
Engineering Adhesives
2.4
%
3.2
%
(0.8
)%
0.6
%
(1.4
)%
Building Adhesive Solutions
4.7
%
3.6
%
1.1
%
0.0
%
1.1
%
Corporate Unallocated
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
Total H.B. Fuller
2.0
%
3.3
%
(1.3
)%
0.4
%
(1.7
)%
Three Months Ended
Trailing 12 Months14 Ended
August 30, 2025
November 29, 2025
February 28, 2026
May 30, 2026
May 30, 2026
Net income attributable to H.B. Fuller
$
67,160
$
29,732
$
21,045
$
67,805
$
185,742
Adjustments:
Acquisition project costs1
518
1,465
931
1,395
4,309
Organizational realignment2
4,620
11,396
10,022
4,413
30,451
Project One3
2,499
2,091
3,053
2,387
10,030
Other15
1,711
37,400
(95
)
3,024
42,040
Discrete tax items16
(3,742
)
(3,743
)
98
356
(7,031
)
Income tax effect on adjustments6
(3,402
)
(7,745
)
(3,539
)
(1,848
)
(16,534
)
Adjusted net income attributable to H.B. Fuller7
69,364
70,596
31,515
77,532
249,007
Add:
Interest expense
33,369
32,547
32,373
32,584
130,873
Interest income
(1,110
)
(1,756
)
(2,069
)
(1,961
)
(6,896
)
Adjusted Income taxes
23,671
23,420
10,862
27,075
85,028
Depreciation and Amortization expense17
45,298
45,246
46,023
45,815
182,382
Adjusted EBITDA7
$
170,592
$
170,053
$
118,704
$
181,045
$
640,394
May 30, 2026
November 29, 2025
May 31, 2025
Total debt
$
2,072,151
$
2,016,937
$
2,112,428
Less: Cash and cash equivalents
114,102
107,213
96,785
Net debt18
$
1,958,049
$
1,909,724
$
2,015,643
Trailing twelve months14 / Year ended Adjusted EBITDA
$
640,394
$
620,660
$
593,604
Net Debt-to-Adjusted EBITDA18
3.1
3.1
3.4
May 30, 2026
February 28, 2026
May 31, 2025
Accounts receivable, net
$
622,745
$
532,180
$
584,026
Inventories
526,737
506,776
495,588
Accounts payable
(526,321
)
(453,035
)
(481,957
)
Net working capital19
$
623,161
$
585,921
$
597,657
Net revenue three months ended
$
950,271
$
770,844
$
898,095
Annualized net revenue19
3,801,084
3,083,376
3,592,379
Net working capital as a percentage of annualized revenue19
16.4
%
19.0
%
16.6
%
May 30,
November 29,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
114,102
$
107,213
Accounts receivable (net of allowances of $12,712 and $11,922, as of May 30, 2026 and November 29, 2025, respectively)
622,745
564,339
Inventories
526,737
471,963
Other current assets
135,836
119,750
Total current assets
1,399,420
1,263,265
Property, plant and equipment
2,034,140
1,956,209
Accumulated depreciation
(1,066,347
)
(1,020,948
)
Property, plant and equipment, net
967,793
935,261
Goodwill
1,693,481
1,680,059
Other intangibles, net
766,626
805,867
Other assets
501,473
498,254
Total assets
$
5,328,793
$
5,182,706
Liabilities, non-controlling interest and total equity
Current liabilities:
Accounts payable
$
526,321
$
470,132
Accrued compensation
95,728
114,302
Income taxes payable
19,909
25,018
Other accrued expenses
137,103
133,907
Total current liabilities
779,061
743,359
Long-term debt
2,072,151
2,016,937
Accrued pension liabilities
51,281
51,317
Other liabilities
343,836
367,899
Total liabilities
$
3,246,329
$
3,179,512
Commitments and contingencies
Equity
H.B. Fuller stockholders' equity:
Preferred stock (no shares outstanding) shares authorized – 10,045,900
-
-
Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares issued and outstanding – 53,785,879 and 54,174,963 as of May 30, 2026 and November 29, 2025, respectively
$
53,786
$
54,175
Additional paid-in capital
275,507
298,017
Retained earnings
2,088,749
2,026,071
Accumulated other comprehensive loss
(335,578
)
(375,045
)
Total H.B. Fuller stockholders' equity
2,082,464
2,003,218
Non-controlling interest
-
(24
)
Total equity
2,082,464
2,003,194
Total liabilities, non-controlling interest and total equity
$
5,328,793
$
5,182,706
Six Months Ended
May 30, 2026
May 31, 2025
Cash flows from operating activities:
Net income including non-controlling interest
$
88,850
$
55,109
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
Depreciation
48,772
44,837
Amortization
43,646
42,443
Deferred income taxes
(9,098
)
(14,068
)
Income from equity method investments, net of dividends received
(2,186
)
(1,894
)
Loss on the sale of business
-
1,515
Loss on impairment of intangible asset
-
478
Gain on sale or disposal of assets
(833
)
(101
)
Share-based compensation
12,580
12,003
Pension and other post-retirement plan benefit
(12,239
)
(11,039
)
Change in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net
(53,893
)
(28,942
)
Inventories
(51,313
)
(40,182
)
Other assets
(9,291
)
2,364
Accounts payable
80,473
11,602
Accrued compensation
(19,643
)
(23,494
)
Other accrued expenses
13,522
1,097
Income taxes payable
(10,287
)
(10,587
)
Pension plan assets and liabilities
698
76
Other liabilities
(6,052
)
24,804
Foreign currency remeasurement
3,463
(8,252
)
Net cash provided by operating activities
117,169
57,769
Cash flows from investing activities:
Purchased property, plant and equipment
(104,380
)
(64,534
)
Proceeds from sale of property, plant and equipment
4,408
1,438
Payment of holdback on acquisitions
(11,627
)
-
Purchased businesses, net of cash acquired
-
(162,032
)
Purchase of cost method investment
-
(2,549
)
Proceeds from the sale of a business
-
75,727
Net cash used in investing activities
(111,599
)
(151,950
)
Cash flows from financing activities:
Proceeds from issuance of long-term debt
627,000
784,900
Repayment of long-term debt
(571,683
)
(687,751
)
Payment of debt issuance costs
-
(1,047
)
Net payment of notes payable
-
(588
)
Dividends paid
(25,970
)
(24,864
)
Proceeds from stock options exercised
10,266
2,475
Repurchases of common stock
(48,771
)
(60,664
)
Net cash (used in) provided by financing activities
(9,158
)
12,461
Effect of exchange rate changes on cash and cash equivalents
Shares of Arm Holdings continued to decline on Wednesday, extending losses after the semiconductor stock tumbled more than 10% in the previous session as investors rotated out of several high-flying artificial intelligence names.
Arm shares fell 4.7% to $349.03 and are down about 19% since the beginning of the week.
Despite the recent selloff, the stock remains one of the strongest performers in the semiconductor sector, having surged 227% this year and gained 127% over the past 12 months, according to Dow Jones Market Data.
The weakness in the stock comes amid a broader reassessment of valuations across AI-related companies.
However, Wall Street analysts remain optimistic about Arm's long-term prospects and continue to raise their price targets on the chip designer.
Both UBS and TD Cowen increased their targets on the stock on Wednesday, arguing that Arm remains well positioned to benefit from the next phase of AI infrastructure spending.
UBS raised its price target on Arm to $470 from $260 while maintaining a Buy rating on the stock.
The new target implies about 33% upside from Wednesday's trading levels.
UBS analyst Timothy Arcuri said investor attention is increasingly centered on the revenue potential of Arm's internally developed central processing units.
“The real investor debate, in our view, is revenue potential for Arm’s standalone CPU,” Arcuri wrote Wednesday.
The analyst team expects revenue from Arm's internal CPUs to grow to around $14 billion by 2030.
According to the company, its internal chip business is not expected to become financially material until fiscal 2028.
“Arm’s core competency lies in latency and efficiency—which aligns well with hyperscaler needs,” Arcuri wrote.
TD Cowen also raised its price target to $475 from $265 and reiterated its Buy rating, implying roughly 35% upside from current levels.
The brokerage said the changing AI workloads are increasing the importance of central processing units.
“The Doing Behind The Thinking: As agentic AI shifts more work from the thinking GPUs do to the doing CPUs handle, CPUs are becoming an AI beneficiary,” the analyst stated.
TD Cowen added that Arm's target of generating $15 billion in annualized AGI CPU revenue by fiscal 2031 appears reasonable, identifying GPU-to-CPU attachment rates and pricing per core as key factors influencing that outlook.
Arm has traditionally generated revenue by licensing its instruction-set architecture and collecting royalties from customers, including Apple, Nvidia, Samsung, and Qualcomm.
At its core, Arm develops the fundamental interface between CPU chips and software and serves as the principal alternative to the x86 architecture used by Intel and Advanced Micro Devices.
However, the company is increasingly moving beyond intellectual property licensing and into full-scale chip production, creating a new investment debate around the size of its future semiconductor business.
TD Cowen suggested the market may be applying a 15% share estimate too mechanically to Nvidia's estimated $200 billion CPU total addressable market, while maintaining a more constructive view on Arm's intellectual property opportunities.
Bank of America also raised its target on Arm earlier this week to $460 from $335 and reiterated its Neutral rating.
“We see Arm as one of the most prominent beneficiaries of the rising server CPU tide,” Bank of America analyst Vivek Arya wrote.
Ceny plynových turbín GE Vernova za tři roky vzrostly asi o 300 % a kapacity jsou vyprodané na roky dopředu. Firma zároveň zvýšila celoroční výhled tržeb na 44,5 až 45,5 miliardy USD.
Power has become the bottleneck in the AI buildout. CNBC’s Seema Mody walked the floor of GE Vernova‘s (NYSE:GEV | GEV Price Prediction) 400-acre South Carolina plant on June 24, 2026, and her reporting captured the single most important pricing signal in the energy supercycle: gas turbine pricing has risen roughly 300% over the last three years, with the order book sold out for years.
That single data point reframes the GE Vernova thesis. Here is what investors need to take away.
Inside the World’s Largest Gas Turbine Plant The machine at the center of Mody’s segment is GE Vernova’s most powerful gas turbine. It is roughly 30 feet long, weighs about 280 tons, uses controlled explosions to spin its rotors, and generates enough electricity to power about half a million homes. Hyperscalers are buying them in fleets.
The marquee example: Microsoft recently bought seven of these turbines for its Texas data center project, totaling roughly 2.7 gigawatts of capacity. That aligns with the Microsoft and Chevron Project Kilby announcement, a 2.67 gigawatt facility in West Texas tied to a 20-year power purchase agreement using GE Vernova turbines, with first power expected in 2028.
The demand picture goes well beyond Microsoft. According to Mody’s reporting, executives from every hyperscaler, including OpenAI’s head of power, have walked the floor to vet the plant’s output. The order book is full through 2029, with orders extending to 2031. A GE executive in the segment acknowledged the supply-demand imbalance and pointed to higher manufacturing throughput and lean discipline as the response.
The Numbers Behind the Surge The pricing power shows up in the financials. In Q1 2026, GE Vernova reported revenue of $9.30 billion, up 15.8% year over year, with orders of $18.30 billion, up 71% organically. The Electrification segment alone booked $2.4 billion in data center equipment orders in the quarter, more than all of 2025. Gas Power combined backlog and slot reservations moved from 83 GW to 100 GW, with management targeting at least 110 GW by year-end 2026.
CEO Scott Strazik framed it directly in the Q1 2026 release: “Demand is accelerating for our Power and Electrification solutions from a diverse set of customers, with our backlog growing by more than $13 billion quarter-over-quarter.” Management raised 2026 guidance to $44.5 to $45.5 billion in revenue, 12% to 14% adjusted EBITDA margin, and $6.5 to $7.5 billion in free cash flow.
Investor Lens: Is GEV Still a Top Stock to Buy? The stock has already priced in much of this. Shares trade at $1,066.01 as of June 24, 2026, with a market cap near $303 billion. GEV is up 58.65% year to date and 107.6% over one year. Valuation sits at 33x trailing earnings and 40x forward (as a note, trailing earnings were inflated by one-time sale benefits, so forward earnings are a better measure for GEV), with analyst sentiment skewed positive: 6 Strong Buy, 23 Buy, 7 Hold, 0 Sell ratings, and a $1,211.72 average target. Bernstein recently initiated with an Outperform rating and a $1,206 price target.
Bull case: a multi-year sold-out backlog, demonstrated pricing power, hyperscaler validation across every major buyer, and 2028 targets of $56 billion in revenue at a 20% EBITDA margin. Natural gas remains the cheapest, most deployable bridge fuel for AI campuses that cannot wait on grid interconnect queues.
Risk case: the stock’s five-year return of 691.87% leaves little room for execution slips. The Wind segment is still guided to roughly $400 million in EBITDA losses in 2026. Demand visibility past 2031 thins out as small modular reactors and other nuclear options come online. Recent retail sentiment has cooled from bullish on May 26, 2026 to bearish by June 9, 2026, and shares fell 7.32% on June 23 on broader AI-infrastructure risk-off flows.
Power generation has become the choke point of the AI arms race, and GE Vernova sits at the narrowest part of that funnel through the end of the decade. The question for investors is whether a sold-out 2029 justifies paying for the uncertain 2032.
Planet Labs se mění v AI geoinformační platformu s rostoucí expozicí vůči obraně. Tržby divize Defense & Intelligence vzrostly ve fiskálním 1. čtvrtletí 2027 o více než 65 %.
Key Takeaways Planet Labs is evolving into an AI-driven geospatial intelligence platform with defense exposure.AI tools, including Claude AI, help Planet Labs turn satellite imagery into actionable insights.Defense & Intelligence revenues rose more than 65%, driven by data subscriptions and satellite services. Planet Labs (PL - Free Report) is evolving from a traditional satellite-imagery company into an AI-driven geospatial intelligence platform with growing exposure to the global defense market. Leveraging one of the world’s largest Earth-observation datasets, the company combines satellite imagery, artificial intelligence, machine learning and advanced analytics to deliver higher-value intelligence solutions for governments and enterprises.
The company operates the largest fleet of Earth-observation satellites globally, generating a continuous stream of real-time geospatial data. This extensive dataset creates a competitive advantage, as AI models improve with access to large volumes of frequently updated information. To enhance its capabilities, Planet Labs has integrated AI into its platform, including a partnership with Anthropic that incorporates Claude AI to help customers transform raw satellite imagery into actionable insights more efficiently.
Planet Labs is also expanding its role in defense and intelligence. Recent contract wins include a €240 million agreement supported by Germany, expanded work with the U.S. Department of Defense, an eight-figure contract extension with the U.S. National Geospatial-Intelligence Agency, a NATO surveillance agreement and maritime monitoring contracts with the U.S. Navy. These awards underscore the growing importance of the company’s technology in national security, surveillance and situational awareness.
Demand within the Defense & Intelligence segment remains strong, with revenues increasing more than 65% in fiscal first quarter 2027, fueled by growth in data subscriptions and satellite services. As governments adopt AI-enabled monitoring and intelligence systems, PL is increasingly transitioning toward a software-and-services model characterized by recurring revenues, improving margins and greater long-term strategic value.
What About Its Peers?Rocket Lab (RKLB - Free Report) benefits from diversified government and commercial demand. Rocket Lab has secured contracts across defense, NASA, and private space markets. Rocket Lab is also expanding AI capabilities through automation, machine learning, and advanced analytics, strengthening operational efficiency and positioning itself for higher-value defense and autonomous space opportunities.
BlackSky (BKSY - Free Report) is expanding its AI capabilities through real-time geospatial analytics, automated intelligence and machine learning-driven monitoring solutions. BlackSky is increasingly benefiting from rising defense and national security demand. BKSY’s AI-powered Earth-observation platform positions it for higher-margin government and intelligence contracts.
PL’s Price PerformancePL has gained 37.6% year to date, outperforming the industry.
Image Source: Zacks Investment Research
PL’s Expensive ValuationThe stock is overvalued compared with its industry. It is currently trading at a price-to-sales multiple of 20.67, higher than the industry average of 3.06.
Image Source: Zacks Investment Research
Estimate Movement for PLThe Zacks Consensus Estimate for PL’s fiscal second-quarter and third-quarter 2027 EPS witnessed no movement in the last seven days. The same holds true for fiscal 2027 and 2028.
Image Source: Zacks Investment Research
The consensus estimates for PL’s 2027 and 2028 revenues indicate year-over-year increases. While the estimate for fiscal 2027 earnings indicates a year-over-year decline, the same for fiscal 2028 indicates a year-over-year increase.
PL stock currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BigBear.ai ve 1. čtvrtletí zvýšil hrubou marži na 34 % a Ask Sage získal nové kontrakty s NASA, Army Intelligence and Security Command a Naval Research Laboratory. Firma potvrdila výhled tržeb na rok 2026 ve výši 135–165 milionů USD.
Key Takeaways BigBear.ai is reshaping around government-focused AI, with Q1 gross margin expanding to 34%.BBAI's Ask Sage won new contracts with NASA, Army intelligence and the Naval Research Laboratory.BigBear.ai trails Palantir and C3.ai in scale but may carve out a niche in government GenAI. BigBear.ai Holdings, Inc. (BBAI - Free Report) has spent the past year reshaping its business around government-focused artificial intelligence, and first-quarter 2026 results suggest that strategy is gaining traction. While first-quarter revenues slipped 1% year over year to $34.4 million, the quality of revenue improved as higher-margin generative AI software and platform offerings drove gross margin expansion of 1,278 basis points to 34%. The company also reaffirmed its 2026 revenue guidance of $135-$165 million.
Government GenAI Strategy Is Taking ShapeBigBear.ai is increasingly positioning itself as a pure-play government GenAI company through its growing Ask Sage platform and deepening relationships with U.S. federal agencies. During the quarter, Ask Sage secured new contracts with NASA, the Army Intelligence and Security Command and the Naval Research Laboratory, expanding its footprint across mission-critical national security applications. Management noted that these wins are accelerating the company's transition from lower-margin services toward recurring technology revenue.
The broader government pipeline also appears encouraging. BigBear.ai signed a classified $53 million sole-source intelligence contract, increased backlog 14% sequentially to $281.9 million and continues to benefit from stronger demand across homeland security, defense and trade and travel markets. The company is also pursuing additional Department of Homeland Security opportunities following recent budget and leadership developments, while integrating Ask Sage and CargoSeer to expand its AI capabilities.
Financial flexibility has improved as well. BigBear.ai ended the quarter with $431.5 million in cash and investments after substantially reducing debt, giving it resources to invest in product development and potential acquisitions. However, investors should recognize that adjusted EBITDA remained negative and revenue growth has yet to fully reflect the expanding pipeline. If Ask Sage continues winning federal GenAI programs and technology revenue becomes a larger share of sales, BigBear.ai could increasingly emerge as one of the few publicly traded AI companies focused almost exclusively on government generative AI.
How Does BigBear.ai Compare With Government AI Rivals?BigBear.ai faces competition from Palantir Technologies (PLTR - Free Report) and C3.ai (AI - Free Report) , two companies that are also expanding their presence in government artificial intelligence.
Palantir has built a dominant position across U.S. defense, intelligence and federal civilian agencies through its Gotham and Artificial Intelligence Platform offerings. Palantir also benefits from a much larger installed customer base and greater financial resources, enabling it to scale GenAI deployments across government organizations.
Meanwhile, C3.ai continues to strengthen its federal business through enterprise AI applications for defense, aerospace and public-sector customers. C3.ai is increasingly integrating generative AI capabilities into its platform while leveraging long-standing government relationships to win new contracts.
However, unlike these broader enterprise AI providers, BigBear.ai remains more narrowly focused on mission-ready AI for national security, border protection and defense operations. That specialization, together with its growing Ask Sage platform, could help BigBear.ai carve out a differentiated niche as a government-focused GenAI provider, although it still trails Palantir and C3.ai in scale, profitability and commercial reach.
BBAI’s Price Performance, Valuation & EPS Estimate TrendShares of BBAI have trended 5.9% upward over the past three months, outperforming the Zacks Computers - IT Services industry, as shown below.
BBAI’s 3-Month Price Performance
Image Source: Zacks Investment Research
BBAI stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-sales (P/S) ratio of 11.74, as evidenced by the chart below.
BBAI’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BBAI’s 2026 loss per share has narrowed in the past 60 days, as shown below. The estimated figure indicates a narrower loss from the year-ago level of 82 cents per share.
Primary Health Properties potvrdila pokročilá jednání o založení joint venture s portfoliem soukromých nemocnic v hodnotě 700 milionů liber. Shore Capital to vidí jako klíč k odprodeji aktiv a snížení zadlužení.
Shore Capital provided an upbeat analysis of Primary Health Properties PLC (LSE:PHP, OTC:PHPRF) after the specialist real estate group confirmed advanced talks to seed a joint venture with its private hospital portfolio.
The broker, which acts as adviser to the company, said the update continued a positive narrative first set out alongside March results, when management flagged a new strategic vehicle for the £700 million portfolio.
Shore noted that offers are being evaluated and are expected to conclude by summer 2026, ahead of the timetable laid out last year.
The analysts framed the deal as central to PHP's commitment to recycle capital through disposals, both outright and via joint ventures, to bring portfolio leverage within its 40% to 50% target range and lower net debt to below 9.5 times earnings.
On the enlarged group, Shore pointed to the delivery of £7.8 million of the identified £9 million in merger cost synergies, alongside a thirtieth consecutive year of unbroken dividend growth.
The broker also highlighted that the company, a real estate investment trust focused on healthcare properties, has been awarded three of the first wave of Neighbourhood Health Centres announced by the NHS in March.
Shore forecasts continued organic rental growth supported by asset management, development and operational synergies, with earnings accretion expected in the current financial year.
That underpins a forecast dividend yield of 8% and what the broker views as among the best risk-adjusted total return profiles in the sector.
Primary Health Properties is due to report interim results on 30 July.
Cantor Fitzgerald zahájil pokrytí Silence Therapeutics s doporučením Overweight a očekává u kandidáta divesiran data z fáze 2 v srpnu. Odhaduje více než 160% růstový potenciál.
Silence Therapeutics Plc (NASDAQ:SLN) stock rose Wednesday after Cantor Fitzgerald initiated coverage with an Overweight rating and a positive outlook for its lead drug candidate.
Cantor Fitzgerald initiated coverage of Silence Therapeutics with an Overweight rating, arguing that the biotech’s lead candidate divesiran could emerge as a major challenger in the polycythemia vera market, with upcoming Phase 2 data expected in August serving as a potentially transformative catalyst and supporting a valuation upside of more than 160%.
Ongoing Phase 2 Study Could Be Major CatalystPV is a rare, slow-growing blood cancer that causes the bone marrow to produce too many red blood cells.
SANRECO Phase 2 study evaluating divesiran 6 mg (Q6W and Q12W dosing intervals) in 48 phlebotomy-dependent PV patients is ongoing, with topline results on track for August 2026.
Cantor analyst Prakhar Agrawal wrote, “We are positive on the upcoming P2 PV trial and expect divesiran to show rusfertide-like efficacy while offering a meaningful dosing convenience advantage (every 6-weeks or every 12 weeks), compared with rusfertide’s weekly dosing regimen.”
Dosing Convenience Seen As Competitive AdvantageThe study met its primary endpoint and all four key secondary endpoints. Rusfertide is a first-in-class investigational hepcidin mimetic peptide therapeutic, which has received FDA Orphan Drug and Fast Track designations.
Cantor noted that KOL checks suggest that, assuming comparable efficacy and safety to rusfertide, even an every 6-week dosing schedule could support meaningful uptake of divesiran in PV.
At a market cap of just $300 million, analyst Agrawal sees Silence Therapeutics as materially undervalued and initiated with an Overweight rating.
The analyst sees a high 75% probabilty of success for the Phase 2 PV trial, supported by divesiran’s strong Phase 1 data in PV with 100% response rate in well-controlled PV patients, and the valuation benchmark set by rusfertide in PV following its positive Phase 2 results.
Cantor says the valuation range implies over 160% upside from current levels. Risk/reward is very attractive for Phase 2.
Silence Therapeutics Price ActionSLN Price Action: Silence Therapeutics shares were up 22.90% at $8.93 at the time of publication on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
Image via Shutterstock
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Cerebras Systems ve 1. čtvrtletí snížila ztrátu na 4 centy na akcii a tržby vzrostly o 94 % na 193,4 milionu USD. Firma zároveň oznámila více než 20miliardovou dohodu s OpenAI a partnerství s AWS.
Key Takeaways CBRS posted a narrower Q1 loss as revenues rose 94% on strong AI infrastructure demand. Cerebras' cloud and other services revenues jumped 178%, with hardware revenues up 59%. CBRS signed a $20B-plus OpenAI deal and began an AWS partnership to broaden inference reach. Cerebras Systems (CBRS - Free Report) reported a first-quarter 2026 loss of 4 cents per share, narrower than the Zacks Consensus Estimate of a loss of 14 cents and reflecting a 71.43% earnings surprise. GAAP net loss per share narrowed year over year to 22 cents from 46 cents.
Revenues were $193.4 million, up 94% year over year and 13% sequentially, and topped the consensus estimate by 7.04%. Strength was driven by demand for AI infrastructure, with cloud and other services revenues up 178% and a new OpenAI agreement for 750 megawatts of high-speed inference compute. Core revenues, a non-GAAP measure that excludes customer warrant amortization and data center pass-through items, were $191.3 million, up 92% from the year-ago quarter.
The quarter benefited from strength across hardware and cloud-based offerings. Hardware revenues were $110.6 million, rising 59% year over year, while cloud and other services revenues were $82.8 million, reflecting the rapid adoption of Cerebras’ AI infrastructure platform.
Cerebras Gains From Strategic AI DealsThe company announced a multi-year deal with OpenAI valued at more than $20 billion. Under the agreement, OpenAI will deploy 750 megawatts of Cerebras’ high-speed inference compute over the next several years.
Cerebras also co-launched Codex-Spark, a model built for near-instant coding workflows where latency matters. The model delivers more than 1,000 tokens per second, underscoring the company’s focus on faster inference for interactive AI applications.
CBRS Expands Cloud Reach With AWSCerebras began a multi-year partnership with Amazon’s (AMZN - Free Report) cloud computing platform Amazon Web Services (AWS) to bring fast inference to a broader base of startups, AI-native companies and enterprises. The partnership expands the company’s distribution reach at a time when demand for low-latency AI infrastructure continues to scale.
The companies plan to launch a disaggregated inference strategy. Amazon Web Services Trainium 3 chips will perform the prefill stage, while the Cerebras CS-3 will handle high-speed inference for decoding, combining the strengths of both platforms.
Cerebras’ Product Trials Add MomentumThe company launched enterprise customer trials of Kimi K2.6 and Gemma 4 during the quarter. Kimi K2.6 is an open-weight frontier model, and the first trillion-parameter model served on Cerebras.
Kimi K2.6 achieved performance approaching 1,000 tokens per second, as independently measured by Artificial Analysis. Gemma 4 31B, part of Google DeepMind’s open-weight Gemma family, runs an order of magnitude faster on Cerebras based on scores on the Artificial Analysis Intelligence Index.
CBRS’s Q1 Operating DetailsIn the first quarter of 2026, GAAP gross margin was 45%. Hardware gross margin was 41%, while cloud and other services gross margin came in at 49%.
Core gross margin was 47%. Core hardware gross margin was 42%, while core cloud and other services gross margin was 53%, showing a stronger profitability profile for the company’s non-GAAP cloud and services operations.
Operating expenses totaled $101.2 million. Research and development expenses were $75.5 million, sales and marketing expenses were $14.7 million, and general and administrative expenses were $11 million, reflecting continued investment in product innovation and market expansion.
GAAP loss from operations was $15 million compared with $28.5 million in the year-ago quarter. Core operating loss narrowed to $3.5 million from $19.3 million a year earlier.
In the first quarter of 2026, adjusted EBITDA turned positive at $12.7 million against a loss of $15.4 million in the prior year.
CBRS’s Balance SheetThe balance sheet strengthened meaningfully. As of March 31, 2026, cash, cash equivalents, restricted cash, and short-term investments were $3.3 billion.
Net cash provided by operating activities was $12.3 million compared with net cash used in operating activities of $54.9 million.
CBRS’s Outlook Signals Continued ExpansionFor the second quarter of 2026, Cerebras expects core revenues of approximately $194 million, implying 88% year-over-year growth. Core gross margin is expected to be in the range of 36-38%.
For 2026, management expects core revenues of $855-$865 million, up 69% year over year at the midpoint. Core gross margin is projected to be in the range of 38-41%, while core operating margin is expected to be between negative 28% and negative 32%.
CBRS’s Zacks Rank & Stocks to ConsiderCerebras Systems currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are DAVE (DAVE - Free Report) and Innventure (INV - Free Report) . While DAVE sports a Zacks Rank #1 (Strong Buy), Innventure presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DAVE’s second-quarter 2026 earnings has increased 1% to $3.72 per share over the past 30 days. The consensus estimate for DAVE’s earnings per share (EPS) for the second quarter implies a year-over-year increase of 18.47%.
The Zacks Consensus Estimate for Innventure’s second-quarter 2026 earnings is pegged at a loss of 26 cents per share, which has been unchanged over the past 30 days. The consensus estimate for Innventure’s EPS for the second quarter implies a year-over-year increase of 83.75%.
SpaceX prodala dluhopisy za 25 miliard USD a podle CNBC dorazily objednávky téměř za 90 miliard USD. Desetileté dluhopisy nesly výnos jen o 1,4 procentního bodu nad americkými státními dluhopisy.
CNBC’s Becky Quick reported that Elon Musk’s SpaceX (NASDAQ:SPCX) tapped the bond market for $25 billion in a sale that priced less than two weeks after its record-breaking IPO. The deal landed at terms typically reserved for the highest-quality corporate borrowers, signaling that fixed-income investors are willing to lend to the newly public space, connectivity, and AI company on terms close to those granted to America’s most established blue-chip companies.
SpaceX Had $90 Billion of Orders for the $25 Billion Debt Raise According to Quick, the financing was priced across five tranches with 5, 7, 10, 20, and 30-year maturities. The benchmark 10-year notes were priced at just 1.4 percentage points above U.S. Treasuries, an unusually tight spread for a company that only recently began trading publicly. For context, the 10-year Treasury yield closed at 4.51% on June 22, 2026, near the upper end of its 12-month range that spanned 3.97% to 4.67%.
People familiar with the fundraising told CNBC that the sale drew close to $90 billion in orders, well in excess of the $25 billion offered. SpaceX said the proceeds will be used to repay a bridge loan and fund other corporate purposes, shifting the capital structure from short-term bridge financing toward a layered ladder of long-dated debt.
The Credit Market Is Treating SpaceX Like a Blue-Chip Company The 1.4 percentage point spread on the 10-year tranche is the headline number for credit investors. Spreads in that neighborhood are typically associated with single-A or strong triple-B issuers with long, predictable cash flow histories. SpaceX is a brand-new public reporting company whose valuation, as The Atlantic recently put it, looks “untethered from traditional corporate finance metrics.” The willingness of bond buyers to take that spread and submit roughly $90 billion in orders against a $25 billion book indicates the credit market is treating the company as a strategic infrastructure operator rather than a speculative growth name.
That framing aligns with how Defiance ETFs CIO Sylvia Jablonski has described the business, arguing investors are underestimating SpaceX by viewing it solely as an aerospace firm when its multi-platform footprint spans launch operations, communications, defense, and AI connectivity. The company’s Starlink network, powered by approximately 9,600 satellites in Low-Earth Orbit, now delivers service across 164 countries, territories, and other markets, and the company has launched more than 80% of the world’s mass to orbit each year since 2023. That kind of recurring, infrastructure-like revenue base is exactly what fixed-income desks look for when underwriting investment-grade paper.
The Stock Has Slumped, But the Bond Market Isn’t Worried The bond market’s enthusiasm contrasts with how SPCX has traded since its debut. The IPO priced at $135 and peaked at over $225 before retreating. Shares were trading near $153.57 in early action on June 24, after a 22.64% slide over the prior week. The pullback has not dented the company’s status as one of the most valuable issuers on the NASDAQ, with a market capitalization of roughly $1.16 trillion.
What to Watch Next For stockholders, the debt raise removes a near-term overhang by extending the bridge loan and locking in financing across a 5- to 30-year maturity ladder. For credit investors, the combination of a 1.4 percentage-point 10-year spread and roughly $90 billion in demand suggests the institutional credit market has already made up its mind, even as public equity traders continue to debate the right valuation for the company.
Analytik Oppenheimer Tim Horan ponechal pro SpaceX doporučení ke koupi a cílovou cenu 250 USD, zároveň mluví o ocenění 10 bilionů USD za pět let. Klíčem má být Starlink a rozvoj Starship.
Tim Horan, Oppenheimer’s satellite and AI infrastructure analyst, went on CNBC Monday to defend a price target that sounds absurd until you back into the math. He kept his buy rating and $250 price target on SpaceX as the stock fell in its third consecutive session of decline, and floated a five-year valuation of $10 trillion. For context, that would make SpaceX (NASDAQ:SPCX) worth roughly the GDP of Germany and Japan combined.
The stock is having a rough debut. Shares are at $158, down from $192.50 a week earlier, and CNBC noted the average post-IPO buyer is almost underwater after the slide, with the five-day volume-weighted average sitting near $181. Tuesday brought a 5.34% bounce to $162.86, but Reddit has spent the past week dissecting threads with titles like “The math isn’t mathing on the SpaceX IPO” and “SPCX – Beware, institutional money is NOT buying this trash on the open market”. Horan is leaning into that doubt.
The vertical integration thesis What SpaceX is, in Horan’s framing, is no longer a launch company. “The company we think has doubled their valuation in the last six months by entering the AI market,” he told CNBC, “and we think they’re going to continue to do incredibly creative things.” The pivot point was the early-2026 acquisition of xAI, which folded Grok and its X-platform integration into SpaceX as a core business pillar.
That repositioning matters because of what Horan thinks the addressable market looks like. “They think AI is a $25 trillion TAM, and they are the only vertically integrated company that can attack every segment of this and really disrupt an awful lot of industries,” he said. Then the part that sounds like science fiction. “SpaceX is making their own solar panels. They want to make their own chips… build a fab that will create five times the amount of chips that the whole world is producing.”
Take that claim with appropriate skepticism. But the underlying point survives even if the fab is half that size. SpaceX already controls the launch stack. It launched more than 80% of the world’s mass to orbit annually since 2023, with Falcon rockets at over 99% mission success. Owning the rockets, the satellites, the ground network, the AI model, and eventually the chips is exactly the moat the bull case requires.
Starlink as the funding engine The cash to fund all of this is supposed to come from Starlink. “We think Starlink will be worth roughly $1 trillion,” Horan said. “Over the next 5 to 10 years they’re going to increase capacity a hundred fold. They already have about 12 million broadband subscribers globally. We think they could easily support a couple of hundred million.”
Moreover, the constellation is already enormous. As of March 31, 2026, Starlink served customers across 164 countries through roughly 9,600 low-Earth-orbit satellites, with a satellite-to-mobile layer extending coverage to about 30 countries. There is also a quietly compelling tailwind. A recent GAO assessment noted the Department of Energy projects data centers will account for up to 12% of U.S. electrical demand by 2028, driven by AI, and that since January 2026 the FCC has received three applications from U.S. companies for large satellite constellations operating as orbital data centers. If compute migrates toward orbit, the company that owns cheap heavy-lift launch capacity collects rent from everyone.
What can go wrong Horan named the near-term risk himself. “Short term it’s really getting the starship to work. We need the starship to kind of get the new communications satellites up.” Without Starship reaching reliable operational cadence, the hundredfold Starlink capacity expansion does not happen, and the $1 trillion in revenue Musk has targeted stays a slide.
For investors, the gap between Horan’s view and market consensus shows in the price action itself. SpaceX, registered with the SEC, currently trades around $158, well off its 52-week high of $225.64. The Atlantic this week described the stock as “a financial instrument for Musk, a meme, and a testament to the irrationality of the modern stock market.” Horan’s $250 target and $10 trillion long-term call assume the meme grows into the moat. The next twelve Starship launches will settle the argument.
Shares of tech giant Apple Inc. NASDAQ: AAPL are trading just under $300 this week, as they continue to bounce off their low from earlier this month and move back towards the all-time high they hit a few weeks ago.
Apple Today
$294.98 +0.68 (+0.23%)
As of 03:17 PM Eastern
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52-Week Range$199.26▼
$317.40Dividend Yield0.37%
P/E Ratio35.67
Price Target$314.85
The bull case for the stock has been quietly strengthening despite the wobble that followed the recent Siri AI announcement. The latest piece of news adds another credible reason to think the next leg higher could already be underway.
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It was reported late last week that Apple has agreed to partner with Intel NASDAQ: INTC to design and manufacture some of its chips in the United States. It's a deal that, at first glance, seems to come out of nowhere, given Apple's history of moving away from Intel chips to its own in-house Apple Silicon several years ago.
However, when you start digging into the timing and the broader pressures the company has been navigating, it's hard to see this as anything other than a seriously strategic move. Let's jump in and see why below.
Why the Timing Is So CompellingThe big picture here is that Apple has been quietly grappling with several significant supply chain headaches, and this deal helps to ease them. The main one is memory chip pricing. As we covered recently, surging costs have begun to bite into Apple's margins to the point that Tim Cook has publicly acknowledged that the "situation has become unsustainable" and that "price increases are unavoidable." That's the kind of statement that doesn't get made lightly, particularly by a CEO famous for measured language.
Layered on top of that is Apple's longstanding overdependence on Taiwan Semiconductor Manufacturing Company NYSE: TSM for its most advanced chips. TSMC's production lines are in extraordinary demand from AI chipmakers like NVIDIA NASDAQ: NVDA and Advanced Micro Devices NASDAQ: AMD, which have steadily pushed up costs and intensified the risk of bottlenecks for everyone who relies on the foundry.
The Right Deal at the Right TimeApple has been chasing a more diversified manufacturing footprint for years, with expansion into Vietnam, India, and the US, but a deal of this scale with Intel takes that effort to a whole new level.
The team at Wedbush put it well, noting that "this is the right time to do this deal with Apple looking to diversify its manufacturing footprint" while demand for advanced chips continues to climb. Coming as it does just ahead of what's expected to be a multi-year AI-driven device cycle, the deal effectively locks in domestic capacity right as Apple's AI ambitions begin to take shape.
A Political Tailwind That's Hard to IgnoreThe other reason this deal looks so well-timed is the wider political backdrop. The US administration has made it a stated priority to bring semiconductor manufacturing back to American soil, and Intel has emerged as the central beneficiary of that policy. Apple's agreement to partner with Intel on domestic production, therefore, brings the company directly into alignment with that political direction of travel.
For a multinational of Apple's scale, that's a strategic move on multiple levels. As we've seen with other big tech names in recent months, being on the wrong side of US trade and manufacturing policy can quickly turn into a sustained headwind.
By proactively committing to domestic chip production, Apple has essentially insulated itself from a chunk of that risk in one move, while also strengthening its standing as one of the largest investors in US manufacturing.
How This Supports Higher PricesOverall MarketRank™91st Percentile
Analyst RatingModerate Buy
Upside/Downside5.6% Upside
Short Interest LevelHealthy
Dividend StrengthStrong
News Sentiment0.88 Insider TradingSelling Shares
Proj. Earnings Growth9.50%
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There's a third reason this deal is being received so well: it lays the groundwork for Apple to potentially raise prices on its core products with significantly less risk. With Tim Cook already flagging that price hikes are coming, likely in September alongside the new iPhone lineup, the Intel partnership gives Apple a credible story to tell consumers and shareholders about why those higher prices are sustainable.
Wedbush analyst Dan Ives said Apple is in a strong position to raise prices without sacrificing hardware performance or increasing customer churn, citing the company’s growing focus on higher-end consumers. That bullish view is also reflected in Apple’s Moderate Buy consensus rating, which suggests Wall Street remains constructive despite the stock’s recent wobble. For investors, that’s close to the dream scenario, and one that few companies could deliver at Apple’s scale.
The Bigger Picture for the StockWith Apple now firmly in motion on its AI strategy, the Intel partnership cementing a more resilient supply chain, and the broader political winds at its back, the company is going into the second half of the year with arguably its strongest setup in a long time.
And while the price action at the start of June briefly suggested otherwise, the underlying picture is becoming more optimistic by the day.
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Meta čelí poklesu morálky zaměstnanců na téměř 20leté minimum právě ve chvíli, kdy tlačí na rychlejší vývoj produktů s AI. CTO Andrew Bosworth označil firemní vysvětlení reorganizace za „otřesné".
Meta Platform’s NASDAQ: META last earnings report disappointed investors, leading shares to fall more than 8% to $611 afterward. This drop has so far indicated the start of a larger slide for the stock, as Meta has continued to tumble, recently falling below $575.
Meta Platforms Today
$558.48 -3.72 (-0.66%)
As of 03:17 PM Eastern
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52-Week Range$520.26▼
$796.25Dividend Yield0.38%
P/E Ratio20.30
Price Target$840.60
The company’s increased capital expenditure guidance was the main culprit for that initial drop. Additionally, although Meta grew revenue by 33% year over year (YOY), the company did not make any substantial artificial intelligence product announcements, which likely added fuel for the bears.
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Unfortunately, as Meta looks to roll out such offerings, there appears to be significant internal turmoil at the company. Meta's Chief Technology Officer (CTO) recently made stark comments about employee morale, and a top AI executive recently left the firm.
While this may seem innocuous at first, it is important to remember that an investment in any stock is also an implicit bet on the people behind the ticker. Meta’s internal struggles are worth paying attention to, especially given the company’s current position. At the same time, Meta Platforms has made tangible progress with its AI strategy, and the machine won’t stop chugging amid the noise.
Morale Nears Basement Levels as Investors Eye AI Product DevelopmentThe question surrounding Meta in 2026 is whether it can justify hundreds of billions in AI spending based on advertising optimization alone. This creates a need for the company to develop other AI products to drive growth.
Against this backdrop, Meta recently laid off 10% of its employees, aimed at helping it cut down costs as AI spending rides higher. Just as significant was the company’s move to reallocate 10% of its remaining workforce to AI-related positions. This could allow the firm to more quickly develop the alternate AI revenue sources investors are watching for.
In that context, recent comments made by CTO Andrew Bosworth are somewhat concerning. In an internal meeting, Bosworth said employee morale is “maybe not the worst it’s ever been in 20 years here, but it’s probably up there. It’s definitely up there,” per Business Insider. In a staff memo, Bosworth also called Meta’s explanation of its AI restructuring to employees "atrocious."
For a company facing pressure to offset its AI spending with AI growth, employee morale sitting near a 20-year low is unlikely to help its mission. This is further exacerbated by the AI component of the restructuring, which appears to be a significant driver of dissatisfaction. Meta has undergone large-scale layoffs before, but this was the first time AI played a significant role in such a move.
Adding to the list of investor concerns is the departure of Emily Dalton Smith. Meta assigned Smith the task of leading improvements in internal AI usage among its employees. However, after only about two months in this role, Smith is leaving the Magnificent Seven company following a 10-year overall stint. While a single departure does not make or break a company, this suggests that even high-up, long-standing employees are unhappy with Meta’s AI shakeup.
Meta’s AI Successes: Sky-High Advertising Growth & Muse Spark DevelopmentDespite this, it is worth detailing the important successes that Meta has achieved recently. As noted, Meta’s growth hit 33% YOY last quarter. This was the company’s fastest growth rate in four years and a huge acceleration compared to 24% YOY growth in the prior quarter. Excluding pandemic-era spikes in revenue growth seen as people spent more time online, Meta’s growth last quarter was its fastest since 2018.
This is largely a product of Meta's use of AI to improve its ranking and recommendation algorithms. Increasingly, its apps are showing users content and ads they are more likely to engage with, boosting growth.
Furthermore, Meta released its latest Muse Spark model in April. According to AI model evaluation site Artificial Analysis, Muse Spark is by far the company’s most intelligent model. On its Intelligence Index, Muse Spark currently holds a score of 43. This is more than three times higher than Meta’s previous model Llama 4 Maverick, which has a score of 14. However, Muse Spark is still well behind Anthropic and OpenAI’s top models, which have scores of 55 to 60.
Nonetheless, Meta has dramatically improved its top model. Furthermore, Muse Spark’s score is now within spitting distance of Alphabet’s NASDAQ: GOOGL top model, Gemini 3.1 Pro Preview, which has a score of 46. Importantly, the shift came just 10 months after Meta hired Alexandr Wang as its first Chief AI Officer. This demonstrates that Meta can still improve quickly—providing confidence that it can do the same going forward.
Current Price$562.52High Forecast$1,015.00Average Forecast$840.60Low Forecast$700.00Meta Platforms Stock Forecast Details
Meta’s internal turmoil is not exactly what investors want to see as the company aims to provide new revenue-generating AI products. Infighting could delay that development exactly when Meta needs to accelerate it.
Still, the huge improvement in top-line growth and the quick turnaround of Muse Spark are testaments to the company's AI success. While internal issues may slow it down, they are very unlikely to stop Meta from delivering key AI improvements in the long term.
Notably, as Meta shares have slid, Wall Street analysts continue to take a bullish outlook on the stock. The MarketBeat consensus price target of $840 implies upside of about 50%.
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Tesla čelí žalobě rodiny 76leté ženy, která zemřela po nehodě Modelu 3 s aktivovaným Autopilotem v Texasu. Rodina žádá více než 1 milion USD a sankční odškodné.
People visit a Tesla service center and gallery in Austin, Texas, U.S., June 21, 2025. REUTERS/Joel Angel Juarez/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesModel 3 driver used Autopilot before crash, lawsuit saysSeventy-six-year-old grandmother pinned in her home, later diedNHTSA has probed dozens of Tesla crashes linked to driver assistanceTesla unavailable for comment, has said driver drove fastJune 24 (Reuters) - Tesla (TSLA.O), opens new tab has been sued by the family of a 76-year-old Texas grandmother killed last week when a driver using his Model 3's automated driving assistance system crashed into her suburban Houston home, the family's lawyers said.
According to a complaint filed on Tuesday, Elon Musk's electric vehicle maker should be liable for the wrongful death of Martha Avila, reflecting its gross negligence and failure to warn that its Autopilot and Full Self-Driving systems were defective.
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Avila's daughter, Jennifer Barbour, and her husband, Justin Barbour, said the Model 3's driver, Michael Butler, told law enforcement he engaged Autopilot before plowing through the front wall of Avila's home in Katy, Texas, on June 19, pinning her.
She died later at a nearby hospital, the complaint said. Justin Barbour said he was also injured.
The lawsuit filed in a Harris County, Texas, state court seeks more than $1 million in damages, and punitive damages reflecting Tesla's alleged "reckless disregard for a substantial risk of severe bodily injury."
Tesla and Musk did not immediately respond to requests for comment.
Musk, the world's richest person, posted on X on Monday night: "FSD drives slowly through neighborhood streets and this was a high speed crash!"
Ashok Elluswamy, vice president of AI software at Tesla, posted separately on X that "the driver manually overrode self-driving by pressing the accelerator all the way to 100% of the accel pedal in this residential area."
DOZENS OF TESLA PROBESThe National Highway Traffic Safety Administration has been investigating the crash.
It has since 2016 opened nearly 50 special investigations of Tesla crashes believed to involve advanced driver assistance systems. About two dozen deaths were reported.
In March, the NHTSA escalated its probe into 3.2 million Teslas equipped with Full Self-Driving, on concern the system may fail to detect or warn drivers in poor visibility.
And in 2023, Tesla recalled about 2 million vehicles, nearly all of its electric vehicles on U.S. roads, to better ensure that drivers pay attention when using Autopilot.
Tesla has said Autopilot enables vehicles to steer, accelerate and brake within their lanes, while Full Self-Driving lets vehicles obey traffic signals and change lanes.
The automaker has also said both technologies require "fully attentive" drivers whose hands are on the wheel.
Butler is also a defendant in the Barbours' lawsuit. It is unclear whether he has a lawyer. Efforts to reach him were not immediately successful.
The Barbours' lawyers did not immediately respond to requests for additional comment.
Reporting by Jonathan Stempel in New York; Editing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Tesla je pod tlakem kvůli vysokému ocenění a slábnoucím maržím v hlavním automobilovém byznysu. Akcie se obchodují na 381,61 USD, pod 50denním i 200denním průměrem.
At $381.61, Tesla (NASDAQ:TSLA | TSLA Price Prediction) looks vulnerable, with a credible path toward the $190 historical manufacturing support zone as tech multiples compress and global EV pricing grinds margins lower. The stock just slid 5.79% in a single session, and the bid under the chart looks thinner by the week.
Tesla remains the world’s most recognized EV maker, but the business spans energy storage, FSD subscriptions, robotaxis, and Optimus. That optionality supports a $1.52 trillion market cap on $1.09 of trailing EPS. The auto core fights BYD and Chinese OEMs on price, and recent margin recovery leaned on one-time warranty and tariff benefits.
Why Bulls Still See a Floor Here Q1 2026 EPS came in at $0.41 versus a $0.36 estimate, automotive gross margin expanded to 21.1% from 16.2% YoY, and free cash flow jumped 117.47% year over year to $1.44 billion. Cash sits at $44.74 billion against minimal debt.
FSD subscriptions hit 1.28 million, up 51% YoY, and Services revenue grew 42% YoY to $3.75 billion. Cybercab, Semi, Megapack 3, and Optimus all target volume production in 2026. The analyst consensus target of $420.55 implies upside, and 23 buy ratings outnumber sells more than three to one.
Why the Bear Case Is Tightening Valuation is the core problem. Trailing P/E sits at 371 and forward P/E at 204, on a 3.95% net margin business whose full-year 2025 deliveries fell 9% and whose automotive revenue dropped 11% in Q4 2025. Regulatory credit revenue collapsed from $890 million in Q2 2024 to $380 million in Q1 2026.
Q1 2026 margin gains were partly warranty and tariff one-timers, energy revenue turned negative at -12% YoY, and inventory days climbed to 27 from 22. Insider activity is net selling across 49 recent transactions, and Polymarket assigns a 70% probability TSLA touches $375 in June.
Why Some Investors Want to Wait There is a case for waiting. The balance sheet is fortress-grade, energy storage gross profit hit a record $1.1 billion in Q4 2025, and FSD’s recurring revenue is among the cleanest software stories in autos. Investors waiting for Robotaxi expansion or an AI5 chip milestone could be rewarded if execution lands.
The next two reports will clarify the setup. A delivery report below the 450,000 to 475,000 consensus band, another energy decline, or sub-20% automotive gross margin would tip decisively bearish. A clean Cybercab ramp would do the opposite.
What the Tape Is Showing Shares trade at $381.61, down 15.14% year to date while the S&P 500 is up 7.58%. That is a 22-point relative gap in six months. One-month performance is -10.42%, and the stock sits below both the 50-day ($403.68) and 200-day ($417.32) moving averages.
The consensus analyst target of $420.55 across 47 covering analysts (23 Buy, 17 Hold, 7 Sell) implies roughly 10% upside. Prediction markets see it differently, pricing $375 at 70% and $345 at 16.5% probability for June.
Why the Bearish Case Wins at This Price At $381.61, the risk/reward skews bearish. The setup combines a 204x forward multiple with a low-single-digit margin auto business losing pricing power, a collapsing regulatory credit tailwind, and an energy segment that stopped growing. Tech multiple compression alone could halve the P/E; a return toward auto-peer multiples would imply far more.
The path to $190 runs through three catalysts over the next 12 months: a Q2 or Q3 delivery miss, a margin reset once warranty and tariff benefits roll off, and a Robotaxi or Optimus timeline slip that prediction markets already assign 2.8% and 1.3% near-term probabilities. Each chips away at the AI optionality holding the multiple up.
What invalidates the thesis: a clean Cybercab ramp, durable 22%-plus automotive gross margins without one-time aid, and FSD monetization scaling beyond 1.28 million subscribers into a true platform business. Absent that, the stock is priced for a future the operating numbers are not yet underwriting.
Tesla trading at a Magnificent Seven multiple on a margin-compressed automaker’s earnings is the cleanest setup for downside in large-cap tech right now.
Uber přidal do Uber Eats pět značek včetně FedEx Office, Kiehl’s, Academy Sports + Outdoors, Blick Art Materials a Choice Pet, čímž rozšířil nabídku mimo jídlo. Akcie zároveň prorazily nad klíčové klouzavé průměry.
Uber Technologies UBER shares are ripping higher on Wednesday morning after the ride-hailing giant confirmed it has added five major, diverse brands to its on-demand Uber Eats marketplace.
As investors cheered the announcement, UBER broke above its key moving averages (20-day, 50-day, and 100-day), indicating bulls are beginning to take back control across multiple timeframes.
Despite today’s rally, Uber stock remains down nearly 10% versus the start of this year (2026).
Uber has added five prominent, high-profile brands to its on-demand marketplace, significantly broadening its reach beyond traditional restaurant and grocery delivery, including FedEx Office, Kiehl’s, Academy Sports + Outdoors, Blick Art Materials, and Choice Pet.
This multi-vertical rollout deepens UBER’s “high-margin” retail delivery segment and builds on its partnerships with Home Depot, Sephora, and Best Buy.
Uber shares are extending gains because this expansion shifts users from transactional food ordering to lower-churn, recurring Uber One memberships.
Note that UBER’s relative strength index (RSI) sits in the early 50s currently, indicating significant room to the upside before the stock climbs into the “overbought” territory.
Uber Technicals Wall Street values this because it shifts users from transactional food ordering to lower-churn, recurring Uber One memberships, expanding their non-restaurant retail scale.
Heading into Jun. 24, UBER stock was trading at a rather compelling 2.8x sales, weighed down by structural operating costs and competitive concerns surrounding Waymo’s scale-up in the autonomous vehicle (AV) space.
Capital is flowing back into the equity today also because it was trading just a few percentage points above its 52-week low – signaling an attractive valuation cushion.
Analysts at Wall Street firms like Tigress Financial have recently flagged Uber Technologies Inc as “undervalued”, maintaining a $115 price target that suggests potential upside of more than 50% from current levels.
With gross bookings projected to hit at least $56.25 billion in Q2, institutional investors are using today’s retail news as a technical trigger to step in and buy the dip – banking on Uber's robust free cash flow growth.
All in all, the announced marketplace expansion gives UBER shares exactly what they needed to turn the narrative around: a tangible growth catalyst that rewards patient investors.
By successfully leveraging its massive logistics engine to capture steady, high-margin retail spend, Uber is proving it can grow its profitable Uber One subscriber base even while facing long-term autonomous vehicle pressures.
Crucially, technicians and institutional dip-buyers are clearly liking what they see today.
If Uber’s upcoming Q2 numbers can validate the margin-expansion thesis and keep gross bookings on track, today’s technical breakout could easily be the first leg of a sustained summer recovery.
Demis Hassabis, CEO of Google's DeepMind. Andrej Sokolow/picture alliance via Getty Images The release date for Google's next frontier AI model has been pushed to July, Business Insider has learned.
The company previously said it planned to roll out the new Gemini 3.5 Pro model in June. However, it is now targeting a July launch as it spends extra time gathering feedback from early testers and tweaking the model, according to a person familiar with the matter.
Google teased the new model at its I/O developer conference in May but said it wasn't quite ready. At the time, CEO Sundar Pichai said the model would launch "next month."
A Google spokesperson declined to comment.
With this upcoming model, the pressure is on for Google at a moment of intense competition among the AI labs. While Gemini 3 outperformed expectations last year, Anthropic and OpenAI are continuing to pull ahead of Google in coding, which has emerged as the first major enterprise use case for modern AI.
The source said that Google pushed the launch date back so it could spend more time gathering real-world use cases from early testers. The new model has been available to some users on Google's Antigravity platform and on the AI benchmarking site LMArena, they said.
The new Gemini 3.5 Pro model is expected to be better at long-horizon tasks and powering agents.
Google has also incorporated feedback from its recent Flash 3.5 model into 3.5 Pro, the source said, confirming a theory that Business Insider floated at I/O. That includes criticisms that Flash consumed tokens too quickly.
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Nokia po akvizici Infinery těží z rostoucí poptávky po optických sítích pro AI datová centra. V 1. čtvrtletí vzrostly tržby od AI a cloud zákazníků o 49 % meziročně.
Nokia (NOK 0.66%) shares have climbed 175% over the past year. This followed its February 2025 acquisition of Infinera, extending its capabilities in optical networking, which is seeing growing demand from data centers that need faster data transmission for artificial intelligence (AI).
Despite the stock's monster run, Nokia is just getting started with its pivot to tackle this opportunity. Wall Street is still catching up to the new reality of this networking infrastructure leader, particularly what this could do to earnings growth. Here's why it's not too late to consider buying the stock.
Image source: Getty Images.
Accelerating growth in AI Nokia has quietly turned itself into a vertically integrated powerhouse of optical networking products, including owning a manufacturing facility in San Jose, California, that produces the indium phosphide material used to make optical semiconductors. AI data center demand is soaring for advanced digital signal processors and pluggable optics, such as 800G coherent optics, with industry forecasts pointing to a multibillion-dollar opportunity over the long term.
The opportunity is already showing up in Nokia's latest quarterly results. In the first quarter, Nokia reported total sales growth of just 4%, but the real story was the 49% year-over-year increase in net sales from AI and cloud customers. Sales in its optical networks segment alone grew 20%.
This statement from CEO Justin Hotard suggests this is just the beginning: "We are increasing our growth assumption for Optical and IP Networks, and we are investing to capture accelerating demand from AI and cloud customers."
Today's Change
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The big picture Nokia is tapping into a big tailwind. The Motley Fool's research found that leading hyperscalers plan to increase capital spending by at least 45% this year, bringing total spending to at least $600 billion. A significant portion of this spending goes to support additional AI infrastructure and data centers.
The company sees its AI and cloud addressable market growing at an annualized rate of 27% through 2028. It faces competition from Ciena, Arista Networks, and Cisco Systems, but the Infinera acquisition was a game changer. It has significantly boosted Nokia's competitive standing in the networking infrastructure market, specifically in meeting demand for AI data centers.
Usually, when companies are transitioning their business strategy, like Nokia is doing now, it can take Wall Street a few years to catch on and fully re-rate the stock. The one thing that Wall Street might still be underestimating is future earnings, as Nokia shifts its sales mix toward high-margin advanced optical chips.
Analysts forecast Nokia's earnings will nearly double from 2025 levels by 2028. That's enough growth to push the stock higher. It's not cheap, but trades at a reasonable forward price-to-earnings multiple for a growth stock, about 35, based on this year's estimate.
John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Arista Networks, Ciena, and Cisco Systems. The Motley Fool has a disclosure policy.
