Track market-moving stories before they get noisy

The British Pound (GBP) retraces Wednesday’s losses against the US Dollar (USD) on Thursday, as upbeat UK macroeconomic data has offset the negative impact of Bank of England’s (BoE) Chief Economist Huw Pill's comments. The GBP/USD has returned to the mid-range of the 1.3200s, after testing year-to-date lows around 1.3140 the previous day, and approaches the last three weeks’ range top, at the 1.3300 area.

UK data released on Thursday revealed that the economy grew unexpectedly in August, with GDP up 0.1%, against the 0.1% contraction anticipated by market analysts and following a 0.4% growth in the previous month. These figures have been largely due to the stronger-than-expected UK industrial Production, which has offset the softer performance of the construction and services sectors.

In the US, hot Consumer Price Index (CPI) figures on Wednesday boosted hopes of a Federal Reserve (Fed) interest rate hike in October, but some central bank officials poured cool water, playing down the possibility of back-to-back rate hikes, and triggering a significant pullback in US Treasury yields and the US Dollar.

Technical Analysis: The Pound might have found a bottom at the 1.3140 area

GBP/USD trades at 1.3257, with a neutral near-term tone as the pair consolidates its recovery from Wednesday's lows, with bulls looking at the top of the last few weeks' trading range, at the 1.3300 area. The Relative Strength Index (14) around 55 suggests balanced, modestly positive momentum, while the Moving Average Convergence Divergence (MACD) has turned slightly positive but remains close to zero, reinforcing the idea of a range-bound market rather than a directional breakout.

A clear break of the mentioned 1.3300 level and, preferably, with a continuation above the 38.2% Fibonacci retracement level of 1.3345 would confirm the completion of a five-wave (Elliot Wave) cycle. That scenario would bring the mid-September highs, just above 1.3400, into focus, ahead of the 61.8% Fibonacci retracement at 1.3470.

On the downside, a bearish reaction below Wednesday's low at 1.3137 cancels this view and exposes the November 2025 lows at 1.3030 and 1.3010.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Pound Sterling Price Today The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Australian Dollar.

USDEURGBPJPYCADAUDNZDCHFUSD-0.54%-0.49%-0.32%-0.28%0.75%-0.31%-0.59%EUR0.54%0.04%0.21%0.27%1.31%0.21%-0.06%GBP0.49%-0.04%0.17%0.21%1.24%0.19%-0.12%JPY0.32%-0.21%-0.17%0.02%1.09%-0.02%-0.29%CAD0.28%-0.27%-0.21%-0.02%1.04%-0.02%-0.31%AUD-0.75%-1.31%-1.24%-1.09%-1.04%-1.06%-1.35%NZD0.31%-0.21%-0.19%0.02%0.02%1.06%-0.30%CHF0.59%0.06%0.12%0.29%0.31%1.35%0.30% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

TLDR

Firelight, a DeFi cover protocol on Flare, went live on Oct. 6 and automatically moved existing staked FXRP into active cover.
Staked funds can now be used to pay losses at covered vaults, starting with Sentora’s USD Protected and Protected RWA Vaults.
Withdrawals now take 30 to 60 days, and new vault rewards stop as soon as a holder asks to unstake.
The first three cover orders allocated $38 million in cover and charged about $56,913.70 in premiums.
XRP fell to an intraday low of $1.32 on Oct. 14 after inflation data came in above expectations.

Firelight, a decentralized finance (DeFi) cover protocol built on the Flare network, went live on Oct. 6. The launch automatically moved existing staked FXRP into the protocol’s active coverage phase.

FXRP is an XRP-backed token used on Flare. Holders who had already staked it did not need to take any action for their funds to start backing cover.

Firelight lets crypto holders stake assets that help protect DeFi vaults against defined failures. In return, stakers earn rewards funded by fees that vault operators pay for cover.

The first live integrations are Sentora’s USD Protected Vault and Protected RWA Vaults. Firelight is also partnered with Veda, a vault infrastructure provider.

How Cover and Claims Work
Firelight covers events such as smart contract exploits, oracle failures, governance exploits, bad debt, depegs and redemption failures. Each event must be reviewed before any payout is made.

A five-firm Risk Consortium made up of Hypernative, Native, Credora, Cyfrin and GFX Labs validates each claim. Security partner ZeroShadow publishes an exploit report first.

When a claim is confirmed, losses are first paid from a protocol-owned stablecoin reserve called the First-Loss Buffer. Any remaining loss is spread across stakers based on the size of their positions.

The wallet Firelight lists as its buffer held about 1,000,002.59 USDT0 on Oct. 14, according to CryptoSlate. Rewards that have compounded into a staker’s position face the same loss risk as the original deposit.

Longer Wait to Withdraw
Under Firelight’s current rules, exits take 30 to 60 days. New vault rewards stop as soon as a holder requests to unstake.

The funds keep backing cover for the rest of the current 30-day period. During the next period, claims tied to the earlier backing time can still reduce what the holder gets back.

Firelight’s launch post said stakers keep earning until they fully exit. Its more detailed withdrawal rules and vault code end new rewards when the unstake request is made.

The first three cover orders settled on Oct. 6. They allocated a combined $38 million in cover and charged about $56,913.70 in premiums.

Two of those orders were for Sentora’s vaults, with $2.5 million for the USD Protected Vault and $5 million for the RWA Vault. Premiums paid in stablecoins are converted to FXRP and added to stakers’ positions.

Records show 9,245.46 FXRP sent to the vault from premium sales on Oct. 6, 8 and 12. Another 14,045.40 FXRP was recorded as incentive transfers on those dates.

Separately, Firelight set aside a fixed 230,000 FXRP for early contributors, shared based on Firelight Points. This is a one-time budget, not a recurring source of income.

Firelight is incubated by Sentora and maintained by Sentinel Labs. It raised $8 million in seed funding led by Gumi Cryptos Capital, and its contracts were audited by OpenZeppelin, Coinspect and 0xMacro.

DefiLlama showed about $69.7 million in total value locked in Firelight as of Oct. 14. A blockchain explorer recorded about 51.13 million FXRP in the vault, including assets waiting to be withdrawn.

On the same day, XRP fell to an intraday low of $1.32 after inflation data came in above expectations. A lower XRP price reduces the dollar value of the capital backing Firelight’s cover.

Announces Third Quarter 2026 Earnings Release and Conference Call Schedule

, /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street" or the "Company") is pleased to announce its preliminary operating results for the third quarter of 2026 and its third quarter 2026 earnings release and conference call schedule.

In commenting on the Company's preliminary operating results for the third quarter of 2026, Dwayne L. Hyzak, Main Street's Chief Executive Officer, stated, "We are pleased with our performance in the third quarter, which resulted in another quarter of strong operating results, including distributable net investment income before taxes that was in line with our expectations and prior guidance provided on our last conference call and an increase to our net asset value per share for the seventeenth consecutive quarter. We look forward to sharing the full details of our third quarter 2026 results in a few weeks."

Preliminary Estimates of Third Quarter 2026 Results

Main Street's preliminary estimate of third quarter 2026 net investment income ("NII") is $0.87 to $0.91 per share, distributable net investment income ("DNII")(1) is $0.94 to $0.98 per share and DNII before taxes(2) is $0.96 to $1.00 per share.

Main Street's preliminary estimate of net asset value ("NAV") per share as of September 30, 2026 is $34.18 to $34.26, representing an increase of $0.26 to $0.34 per share, or 0.8% to 1.0%, from the NAV per share of $33.92 as of June 30, 2026, with this increase after the impact of the supplemental dividend paid in September 2026 of $0.30 per share. The estimated NAV per share increase is primarily due to the net fair value appreciation on the investment portfolio, including realized and unrealized activity, and the accretive impact of equity issuances, partially offset by the total dividends per share paid in the third quarter in excess of NII per share and the net tax provision. The net fair value appreciation on the investment portfolio is primarily the result of net fair value appreciation on the lower middle market ("LMM") investment portfolio, private loan investment portfolio and other portfolio investments, partially offset by net fair value depreciation on the middle market investment portfolio and fair value depreciation of the wholly-owned external investment manager.

As a result of Main Street's preliminary estimates of NII, net fair value appreciation and the net tax provision as noted above, Main Street estimates that it generated an annualized return on equity of over 14% for the third quarter.(3)

Main Street preliminarily estimates that investments on non-accrual status comprised 0.9% of the total investment portfolio at fair value and 3.5% at cost as of September 30, 2026.

Additionally, during the quarter, Main Street Mezzanine Fund, LP, an investment fund wholly-owned by the Company and licensed as a Small Business Investment Company ("SBIC") by the U.S. Small Business Administration ("SBA"), received approval from the SBA to increase the borrowing capacity of its SBIC debentures by $75.0 million to $250.0 million. Combined with Main Street's other wholly-owned investment fund licensed as an SBIC, Main Street Capital III, LP, this gives Main Street access to $425.0 million of the recently increased $475.0 million of regulatory maximum SBIC debenture borrowing capacity for affiliated SBIC funds. Main Street expects to maintain SBIC debentures under the SBIC program in the future, subject to periodic repayments and borrowings, in an amount up to the regulatory maximum amount.

Investment Portfolio Activity

The Company's third quarter 2026 operating activities include the following investment activity in the LMM and private loan investment strategies:

$61.5 million in total LMM portfolio investments, which after aggregate repayments, return of invested equity capital and a decrease in cost basis due to a realized loss resulted in a net decrease of $19.4 million in the total cost basis of the LMM investment portfolio; and

$162.0 million in total private loan portfolio investments, which after aggregate repayments, return of invested equity capital and a decrease in cost basis due to realized losses resulted in a net decrease of $1.8 million in the total cost basis of the private loan investment portfolio.

Third Quarter 2026 Earnings Release and Conference Call Schedule

Main Street will release its third quarter 2026 results on Thursday, November 5, 2026, after the financial markets close. In conjunction with the release, Main Street has scheduled a conference call, which will be broadcast live via phone and over the Internet, on Friday, November 6, 2026, at 10:00 a.m. Eastern time. Investors may participate either by phone or audio webcast.(4)

By Phone:

Dial 412-902-0030 at least 10 minutes before the call. A replay will be available through November 13, 2026 by dialing 201-612-7415 and
using the access code 13762919#.

By Webcast:

Connect to the webcast via the Investor Relations section of Main Street's website at www.mainstcapital.com. Please log in at least
10 minutes in advance to register and download any necessary software. A replay of the conference call will be available on Main Street's
website shortly after the call and will be accessible until the date of Main Street's earnings release for the next quarter.

ABOUT MAIN STREET CAPITAL CORPORATION

Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.

Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC dba Main Street Capital Partners ("MSCP Adviser"), also maintains an asset management business through which it manages investments for external parties. MSCP Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

FORWARD-LOOKING STATEMENTS AND OTHER MATTERS

Main Street cautions that statements in this press release which are forward-looking and provide other than historical information, including but not limited to the preliminary estimates of third quarter 2026 financial information and results, are based on current conditions and information available to Main Street as of the date hereof. Although its management believes that the expectations reflected in those forward-looking statements are reasonable, Main Street can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation, such factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in Main Street's filings with the U.S. Securities and Exchange Commission (the "SEC") (www.sec.gov). Main Street undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.

The preliminary estimates of third quarter 2026 financial information and results furnished above are based on Main Street management's preliminary determinations and current expectations, and such information is inherently uncertain. The preliminary estimates provided herein have been prepared by, and are the responsibility of, management and are subject to completion of Main Street's customary quarter-end closing and review procedures and third-party review, including the determination of the fair value of Main Street's portfolio investments. As a result, actual results could differ materially from the current preliminary estimates based on adjustments made during Main Street's quarter-end closing and review procedures and third-party review, and Main Street's reported information in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 may differ from this information, and any such differences may be material. In addition, the information furnished above does not include all of the information regarding Main Street's financial condition and results of operations for the quarter ended September 30, 2026 that may be important to readers. As a result, readers are cautioned not to place undue reliance on the information furnished in this press release and should view this information in the context of Main Street's full third quarter 2026 results when such results are disclosed by Main Street in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. The information furnished in this press release is based on Main Street management's current expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such information.

Main Street has an existing effective Registration Statement on Form N-2 on file with the SEC relating to the offer and sale from time to time of its securities. Investors are advised to carefully consider the investment objective, risks and charges and expenses of Main Street before investing in any of Main Street's securities. The prospectus included in the Registration Statement on Form N-2, together with any related prospectus supplement, contain this and other information about Main Street and should be read carefully before investing. A copy of the prospectus and any related prospectus supplement may be obtained by contacting Main Street.

Endnotes

(1)

DNII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of non-cash compensation expenses, which includes both share-based compensation expenses and deferred compensation expense or benefit. Main Street believes presenting DNII per share is useful and appropriate supplemental disclosure for analyzing its financial performance since (i) share-based compensation does not require settlement in cash and (ii) deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, DNII is a non-U.S. GAAP measure and should not be considered as a replacement for NII or other earnings measures presented in accordance with U.S. GAAP. Instead, DNII should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. In order to reconcile estimated DNII per share to estimated NII per share in accordance with U.S. GAAP for the third quarter of 2026, an estimated $0.06 to $0.07 per share of non-cash compensation expenses are added back to estimated NII per share to calculate estimated DNII per share.

(2)

DNII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of non-cash compensation expenses, which includes both share-based compensation expenses and deferred compensation expense or benefit, and any tax expenses included in NII. Main Street believes presenting DNII before taxes per share is useful and appropriate supplemental disclosure for analyzing its financial performance since (i) share-based compensation does not require settlement in cash, (ii) deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement and (iii) tax expenses included in NII may include (a) excise tax expense, which is not solely attributable to NII, and (b) deferred taxes, which are not payable in the current period. However, DNII before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for NII, NII before taxes or other earnings measures presented in accordance with U.S. GAAP. Instead, DNII before taxes should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. In order to reconcile estimated DNII before taxes per share to estimated NII per share in accordance with U.S. GAAP for the third quarter of 2026, an estimated $0.06 to $0.07 per share of non-cash compensation expenses and an estimated $0.02 per share of NII related tax expenses are added back to estimated NII per share to calculate estimated DNII before taxes per share.

(3)

Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets.

(4)

No information contained on the Company's website or disclosed on the November 6, 2026 conference call, including the webcast and the archived versions, is incorporated by reference in this press release or any of the Company's filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.

SOURCE Main Street Capital Corporation

15.10.2026 13:48, BAAVIG

Pojišťovací skupina Vienna Insurance Group (VIG) zvýšila na základě dosavadního vývoje a prvotního odhadu příspěvku skupiny NÜRNBERGER projekci zisku před zdaněním na rok 2026. Nově zisk před zdaněním očekává v rozmezí 1,35 až 1,40 mld. EUR.

Navýšení výhledu
Rakouská pojišťovací společnost Vienna Insurance Group přistoupila stejně jako loni k navýšení roční projekce zisku před zdaněním. Nově jej projektuje v rozmezí 1,35 až 1,40 mld. EUR, čímž by měl překonat dříve komunikované rozpětí. Vedení skupiny zvýšení zdůvodňuje pozitivním obchodním vývojem, který dosud překonává očekávání, a prvotním odhadem příspěvku skupiny NÜRNBERGER k zisku ve finančním roce 2026. Výsledky za první tři kvartály skupina zveřejní podle plánu 26. listopadu 2026.

Akcie VIG
Akcie společnosti Vienna Insurance Group (BAAVIG) dnes na pražské burze posilují 4,62 % na 1 675 Kč. Na RM-SYSTÉMu se akcie obchodují za 1 635 Kč.

Zdroj: VIG

Michal Bárta
Fio banka, a.s.
Prohlášení

Související odkazy

VIG: Společnost USG se připojuje k záručnímu programu pro obnovu a rekonstrukci Ukrajiny

VIG: Oddo BHF zvyšuje cílovou cenu z 62 EUR na 68 EUR se stávajícím doporučením

VIG získala 25% podíl v Dolphin Technologies

Pražská burza v úvodu mírně posiluje

Pojišťovna VIG zveřejnila výsledky za 1H a potvrdila celoroční výhled

, /PRNewswire/ -- First Horizon Corporation (NYSE: FHN) (or "First Horizon") today reported financial results for the third quarter of a net loss available to common shareholders of $(94) million or loss per share of $(0.20). These results reflect the impact of strategic actions to further align the balance sheet with the Company's growth priorities. During the quarter, the Company began evaluating the possibility of selling ~$4.5 billion of select lower yielding consumer mortgages and, in early October, entered into an agreement to sell these mortgages. This transaction will be accretive to earnings on a go forward basis and will provide balance sheet flexibility to support future loan growth. The transaction is expected to settle early in the fourth quarter.

Excluding notable items, adjusted earnings per share for third quarter 2026 was $0.53, down $0.01 from second quarter 2026 and up $0.02 from third quarter 2025. Reported results include the impacts of notable items totaling $0.73 per share, or $347 million after tax, primarily related to the reclassification of targeted mortgage loans to held for sale in relation to the pending mortgage portfolio sale.

CEO Commentary

"This quarter's results are a testament to our disciplined approach and clear strategic priorities," said Bryan Jordan, Chairman, President and CEO of First Horizon Corporation. "Average client deposit balances increased $1.3 billion in the quarter, and we continue to focus on growing and maintaining full client relationships and deploying capital where it best serves long-term value creation. Looking ahead, we remain committed to executing our strategy and delivering sustainable growth and value for our clients, associates, and shareholders."

Conference Call Information

Analysts, investors and interested parties may call toll-free starting at 8:15 a.m. CT on October 15, 2026, by dialing 1-833-461-5787 (if calling from the U.S.) and entering access code 391 852 446. The conference call will begin at 8:30 a.m. CT.

Participants can also opt to listen to the live audio webcast at https://ir.firsthorizon.com/events-and-presentations/default.aspx.

A replay of the webcast will  be available on our website on October 15 and will be archived on the site for one year.

Forward-Looking Statements

This document and the complete 3Q2026 earnings release to which it relates contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to FHN's beliefs, plans, goals, expectations, and estimates. Forward-looking statements are not a representation of historical information, but instead pertain to future operations, strategies, financial results, or other developments. Forward-looking statements often use words such as "believe," "expect," "anticipate," "intend," "estimate," "should," "is likely," "will," "going forward," and other similar expressions that indicate future events and trends. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, operational, economic, and competitive uncertainties and contingencies, many of which are beyond FHN's control, and many of which, with respect to future business decisions and actions (including acquisitions and divestitures), are subject to change and could cause FHN's actual future results and outcomes to differ materially from those contemplated or implied by forward-looking statements or historical performance. While there is no assurance that any list of uncertainties and contingencies is complete, examples of factors which could cause actual results to differ from those contemplated by forward-looking statements or historical performance include those mentioned: in this document; in Items 2.02 and 7.01 of FHN's Current Report on Form 8-K filed with the Securities and Exchange Commission on the date of this release; in the forepart, and in Items 1, 1A, and 7, of FHN's most recent Annual Report on Form 10-K; and in the forepart, and in Item 1A of Part II, of FHN's Quarterly Report(s) on Form 10-Q filed after that Annual Report. Any forward-looking statements made by or on behalf of FHN speak only as of the date they are made, and FHN assumes no obligation to update or revise any forward-looking statements that are made in this document or in any other statement, release, report, or filing from time to time. Actual results could differ and expectations could change, possibly materially, because of one or more factors, including those factors listed in this document or the documents mentioned above, and other factors not listed.

Throughout this document and the complete 3Q2026 earnings release to which it relates, numbers may not total due to rounding, references to EPS are fully diluted, and capital ratios for the most recent quarter are estimates.

Use of non-GAAP Measures and Regulatory Measures that are not GAAP

Certain measures included in this document and the complete 3Q2026 earnings release to which it relates are "non-GAAP," meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to FHN. Although other entities may use calculation methods that differ from those used by FHN for non-GAAP measures, FHN's management believes such measures are relevant to understanding the financial condition, capital position, and financial results of FHN and its business segments. Non-GAAP measures are reported to FHN's management and Board of Directors through various internal reports.

The non-GAAP measures presented in this document and the complete 3Q2026 earnings release to which it relates are fully taxable equivalent measures, pre-provision net revenue ("PPNR"), return on average tangible common equity ("ROTCE"), tangible common equity ("TCE") to tangible assets ("TA"), tangible book value ("TBV") per common share, and various consolidated and segment results and performance measures and ratios adjusted for notable items.

Presentation of regulatory measures, even those which are not GAAP, provide a meaningful base for comparability to other financial institutions subject to the same regulations as FHN, as demonstrated by their use by banking regulators in reviewing capital adequacy of financial institutions. Although not GAAP terms, these regulatory measures are not considered "non-GAAP" under U.S. financial reporting rules as long as their presentation conforms to regulatory standards. Regulatory measures used in this financial supplement include: common equity tier 1 capital ("CET1"), generally defined as common equity less goodwill, other intangibles, and certain other required regulatory deductions; tier 1 capital, generally defined as the sum of core capital (including common equity and instruments that cannot be redeemed at the option of the holder) adjusted for certain items under risk based capital regulations; and risk-weighted assets, which is a measure of total on- and off-balance sheet assets adjusted for credit and market risk, used to determine regulatory capital ratios.

Refer to the tabular reconciliation of non-GAAP to GAAP measures and presentation of the most comparable GAAP items,  beginning on page 19 of FHN's complete 3Q26 earnings release available at https://ir.firsthorizon.com.

First Horizon Corp. (NYSE: FHN), with $84.3 billion in assets as of September 30, 2026, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states concentrated in the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

* "Adjusted" results, along with return on tangible common equity, tangible book value per share, PPNR, ACL to loans ratio and certain other financial measures, are non-GAAP financial measures. All references to loans include leases. All references to earnings per share are based on diluted shares. NII, total revenue, NIM, and PPNR are presented on a fully taxable equivalent ("FTE") basis. Capital ratios are preliminary. Please see page 3 of our complete 3Q2026 earnings release for information on our use of non-GAAP measures and a reconciliation of these measures to GAAP beginning on page 19 of that release.

SOURCE First Horizon Corporation

On Oct. 5, the U.S. Department of Energy's Office of Energy Dominance Financing announced a conditional loan commitment of up to $4.2 billion to Vistra (VST -6.51%) to add power capacity to its massive portfolio without constructing new power plants or reactors.

The loan commitment comes as hyperscalers seek reliable electricity with utility operators scrambling to add capacity. Vistra is in an enviable position with a massive power-generation fleet, and the loan will help the company build on its strong market position.

Vistra stock has drawn attention from investors looking to capitalize on the AI electricity demand boom, but it has also faced significant volatility. With its stock down 23% over the past year, is it time to buy the energy stock?

Image source: Getty Images.

Here's what Vistra plans to do with its $4 billion loan DOE funding for Vistra will help finance nuclear uprates and modernization across its massive energy fleet, focusing on three plants in the PJM Interconnection region: Beaver Valley in Pennsylvania, and Davis-Besse and Perry in Ohio.

The investment will help these reactors operate another 20 years beyond their existing licenses, add 433 megawatts of clean baseload capacity without building new reactors or new transmission corridors, and preserve nearly 4 gigawatts of existing generation that serves more than 3 million homes.

In PJM Interconnection, which serves 13 states and the District of Columbia in the Mid-Atlantic and Midwestern U.S., the 2028-2029 base residual auction recently cleared at the $325-per-megawatt-day price ceiling across all zones, raising concerns that such elevated pricing is unsustainable.

One of the biggest risks for independent power producers comes from regulators imposing price caps or other market interventions. This expanded output meets surging regional electricity demand, notably from artificial intelligence data centers, and increases capacity as residential customers push back on rising electricity rates.

Premium Feature

Moneyball Superscore

71/100

Today's Change

(

-6.51

%) $

-10.57

Current Price

$

151.79

Vistra's business model captures upside from growing energy demand Vistra's strength is its independent power producer (IPP) business model. As an IPP, Vistra operates outside of the traditional regulated utility framework. Regulated utilities operate under strict government oversight and typically earn guaranteed, state-approved returns on invested capital.

In contrast, IPPs own generation assets and sell electricity directly into competitive wholesale markets or through contracts. This business model exposes Vistra to electricity price swings, allowing it to capture upside in tight energy markets but also downside if demand softens.

Vistra stands out among IPPs for its scale and power-generation assets in rapidly growing markets, including PJM Interconnection and ERCOT (Electric Reliability Council of Texas). PJM is home to "data center alley" in Virginia, while Texas is also seeing massive growth from AI data centers and chip manufacturing.

Despite a wave of data center deals this year, Vistra stock is down 27% from its all-time high stock price of nearly $220 per share last year. The stock traded at around 25 times its 2026 forecast earnings, but after the decline, it now trades at 18.5 times earnings. With earnings projected to grow 18% each of the next two years, the dip allows investors to buy Vistra stock today.

Though the technology is still in its early days, advancements in quantum computing are starting to pick up steam. Microsoft unveiled a new quantum chip in June and says it expects to build a scalable quantum computer by 2029. IBM is also working on a large-scale quantum computer, Quantum Starling, and plans to unveil it in 2029. Not to be left out, Alphabet and Amazon are also working on quantum chips.

Outside those tech giants, however, sit a number of much smaller pure-play quantum computing companies that investors may find intriguing.

One of these is IonQ (IONQ -9.53%). Founded in 2015, it focuses entirely on quantum-related areas, including computing, networking, and security.

The stock hasn't performed well over the last 12 months, however, having dropped 57% as of this writing -- dropping its market cap to just $13.8 billion -- while the S&P 500 rose 17% over the same period. Also, with a beta of 3.3, the IonQ stock price generally experiences swings that are 3.3 times as large as the broader market.

That said, based on analysts' one-year forecasts, by October 2027, the stock's trend line could have quite the reversal from the declines it has experienced over the past 12 months.

Image source: The Motley Fool.

The outlook for the IonQ stock price
Analysts have a generally favorable opinion of the stock. According to CNN, of the 16 who cover it, 13 rate it as a buy, while three rate it as a hold. From that group, the median one-year price target is $65. On Oct. 13, its opening price was $35.82, so if it hits that target, a $10,000 investment will be worth approximately $18,146.

Looking at some other scenarios, the highest price target among those analysts is $100, which would turn $10,000 into $27,917. And even hitting the lowest price target of $49 would grow a $10,000 investment into a position worth about $13,679.

Premium Feature

Moneyball Superscore

62/100

Today's Change

(

-9.53

%) $

-3.31

Current Price

$

31.42

Investment considerations
Price targets, of course, aren't perfect predictions. All of those analysts could be wrong, and one year from now, IonQ's stock price could be flat or lower than it is today. What those targets do offer, however, is a sentiment gauge that investors can use to help establish a risk-to-reward framework as a part of their decision-making process.

Quantum computing may still be a few years away from being ready for more mainstream adoption in the business world, but the fact that big tech players like Alphabet, Amazon, IBM, and Microsoft have all gotten involved in the space shows that it has the potential to be more than a niche market. IonQ is currently seeing some of that momentum in its earnings results. In the second quarter, it reported $80.1 million in revenue, a 287% increase compared to the prior-year period. In that quarterly report, it also announced it was boosting its full-year revenue guidance from a $260 million to $270 million range to a $280 million to $290 million range.

IonQ, however, is still not profitable, and its losses are growing rapidly. In the second quarter, it lost $1.8 billion compared to a loss of $177.5 million in the prior-year period. Also, while IonQ has a technological lead over its rivals by one key measure, its quantum computers are not truly ready for commercialization yet. Because of this, its stock price may continue to experience volatile swings over the next several years as it develops and refines its systems.

Given the stock's upside potential, I would still feel comfortable investing in IonQ, but only with a small, speculative stake to start.

Fiscal 2026 net earnings of $655.8 million. Consolidated core EBITDA increased to $1.4 billion, from $837.3 million in fiscal 2025. Core EBITDA margin increased by 380 basis points to 14.5%. Fourth quarter net earnings of $212.5 million, or $1.91 per diluted share, and adjusted earnings of $233.6 million, or $2.09 per diluted share Fourth quarter consolidated core EBITDA increased 35.1% year-over-year to $393.7 million and core EBITDA margin increased by 100 basis points to 14.8%   Improved results were driven by strong growth in the North America Steel Group, the inclusion of the acquired precast operations, and benefits from Transform, Advance, Grow ("TAG") initiatives Precast integration on track Reduced net leverage adjusted for acquisitions1 to below 2x target , /PRNewswire/ -- CMC (NYSE: CMC) (the "Company") today announced financial results for its fiscal fourth quarter and fiscal year ended August 31, 2026.

CEO Commentary
"Fiscal 2026 marked a transformational step forward for CMC. We continued to build organizational strength and enhance margin durability in our early-stage construction portfolio through our precast acquisitions, our successful TAG program, and our key growth investments, including our West Virginia micro mill. We also established a clear roadmap to fiscal 2029, setting ambitious and achievable targets with a focus on delivering long-term shareholder value," said Peter Matt, President and Chief Executive Officer. "Our fourth quarter core EBITDA performance delivered solid year-over-year growth, driven by strong execution of our North American steel franchise and continued momentum of enterprise-wide TAG benefits. While broader demand conditions remain supportive, residential softness weighed on precast results in the period. With backlogs near record levels, a differentiated portfolio of solutions, and multiple value creation levers, we are well-positioned to deliver strong financial results and achieve our strategic goals in fiscal 2027."

Fourth Quarter Operational and Financial Highlights

Three Months Ended

(in thousands, except per share data)

8/31/2026

5/31/2026

8/31/2025

QoQ Change

YoY Change

Net sales

$   2,658,334

$   2,483,245

$   2,114,518

7.1 %

25.7 %

Net earnings

$      212,520

$      173,015

$      151,781

22.8 %

40.0 %

Core EBITDA

$      393,658

$      353,596

$      291,441

11.3 %

35.1 %

Core EBITDA margin

14.8 %

14.2 %

13.8 %

60bps

100bps

Net earnings per diluted share

$            1.91

$            1.55

$            1.35

23.2 %

41.5 %

Adjusted earnings

$      233,590

$      193,025

$      154,965

21.0 %

50.7 %

Adjusted earnings per diluted share

$            2.09

$            1.73

$            1.37

20.8 %

52.6 %

For the fourth quarter of fiscal 2026, the Company reported consolidated net earnings of $212.5 million or $1.91 per diluted share, up from $1.35 in the prior year period, due in part to a lower effective tax rate. Adjusted earnings were $233.6 million, or $2.09 per diluted share, an increase of 52.6% on a per-share basis versus the comparable prior year period.

Consolidated core EBITDA for the fiscal fourth quarter increased 35.1% year-over-year to $393.7 million, while core EBITDA margins expanded 100 basis points to 14.8%, driven by metal margin expansion and the inclusion of the higher-margin precast business. Relative to the fiscal third quarter, 11.3% core EBITDA growth was led by the North America Steel Group, where stronger margins and volume growth drove 60 basis points of core EBITDA margin expansion.

Business Segments - Fiscal Fourth Quarter 2026 Review

North America Steel Group
Fourth quarter North America Steel Group adjusted EBITDA increased 32.6% year-over-year to $317.5 million, while adjusted EBITDA margin increased to 16.4%, up from 14.8% in the prior year period. Segment performance reflects a combination of higher average selling price for steel products, merchant bar-led volume growth, and ongoing benefits from the Company's TAG program.

Compared with the prior year period, metal margins increased $84 per ton to $652. Sequentially, metal margins improved by $42 per ton, driven primarily by a $32 per ton increase in average selling price while scrap costs declined $10 per ton. Sequential pricing growth reflects a balanced supply-demand environment, continued momentum in rebar and MBQ pricing, and ongoing commercial discipline.

Finished goods shipment volumes for the North America Steel Group increased 5.3% versus the prior year period. Merchant bar shipment volumes surged 27.5% year-over-year, and 16.0% sequentially, driven by continued strength in industrial applications, including data center-related activity, as well as our expanded merchant bar production capabilities at the Arizona 2 micro mill. Taken together, rebar and downstream product shipment volumes were essentially flat year-over-year and up 4.4% sequentially, reflecting our commercial discipline as well as our differentiated capabilities that position us well to meet the complexity associated with large-scale megaproject demand.   

Market conditions remain solid, with demand strength across the energy build-out, semiconductor manufacturing, industrial manufacturing, and key public infrastructure markets. These conditions have contributed to a healthy and growing backlog, with downstream backlog volumes increasing 5.0% sequentially and 15.5% year-over-year. Similarly, backlog pricing continues to trend higher, reflecting disciplined execution, healthy demand, and our differentiated market position across core end markets.

Construction Solutions Group
Construction Solutions Group ("CSG") fourth quarter net sales increased 94.5% to $431.4 million and adjusted EBITDA of $101.7 million was up 100.9% year-over-year. Adjusted EBITDA margin of 23.6% was up 80 basis points relative to the prior year period. In the period, precast sales and adjusted EBITDA were $190.8 million and $57.0 million, respectively. Precast adjusted EBITDA fell below management's prior expectations, primarily due to regional residential softness, which reduced volumes and created regional margin mix headwinds. Precast shipments decreased year-over-year with weakness in the Southeast that more than offset strong shipment growth in the Mid-Atlantic. Underlying precast demand remains healthy, with strong momentum in non-residential and infrastructure end markets. In the fourth quarter, bookings were up year-over-year and up 12.6% sequentially. Backlog increased roughly 3% from the prior year and nearly 4% from the fiscal third quarter, and average selling price continued to move higher, reflecting solid market fundamentals. These indicators reinforce our confidence in the outlook for the precast business and its ability to deliver higher growth, greater earnings stability, and stronger returns for CMC in 2027.       

Tensar delivered results that were largely consistent with both the prior quarter and the year-ago period, capping off a strong fiscal 2026 in which profitability increased approximately 50%. Performance was driven by  favorable construction activity across several key end markets, including data centers, energy, and infrastructure. Construction Services and Impact Metals also delivered strong revenue and adjusted EBITDA growth year on year. Performance Reinforcing Steel's results were lower due to a significant unplanned outage at Galvabar that impacted shipments during the quarter. Encouragingly, bookings, backlogs and pricing trends for that business remain strong, and the operational flexibility coming from the second Galvabar line, which will be commissioned later in calendar 2026, will further enhance our ability to serve demand and support future growth.

Europe Steel Group
For the fourth quarter, Europe Steel Group generated adjusted EBITDA of $15.6 million, versus $39.1 million in the prior year period, with the year-over-year comparison impacted by a $30.7 million CO₂ credit recognized in the prior year, while no credit was recognized in the current period. Metal margin expanded by $32 per ton year-over-year as average selling price increased $44 per ton and outpaced scrap costs, which increased $12 per ton over the same period. Finished goods shipment volumes for the Europe Steel Group increased 0.8% as lower rebar volumes were more than offset by strong growth in merchant bar and wire rod.  Improved trade policies via the EU Carbon Border Adjustment Mechanism ("CBAM") as well as the tariff-rate quota ("TRQ") system implemented July 1, 2026 are supporting a more constructive operating environment. Combined with gradually improving end-market demand trends, these developments reinforce our confidence in a return to mid-cycle performance levels.

Balance Sheet & Capital Allocation
As of August 31, 2026, cash, cash equivalents and restricted cash totaled $778.9 million and available liquidity was over $2.0 billion. Net leverage adjusted for acquisitions ended the quarter at 1.9x reflecting strong cash generation and balance sheet discipline. 

During the quarter, CMC repurchased 383,333 shares of common stock valued at $26.7 million in the aggregate. As of August 31, 2026, $702.1 million remained available under the current share repurchase authorization.

On October 13, 2026, the board of directors declared a quarterly dividend of $0.20 per share of CMC common stock payable to stockholders of record on October 28, 2026. The dividend, to be paid on November 11, 2026, will mark the 248th consecutive quarterly payment by the Company.

Outlook 
Mr. Matt added, "We expect fiscal 2027 will be another strong year for CMC, supported by a healthy and balanced market backdrop and the growing contribution from our value creation levers, including TAG, our growth investments, and an evolving early-stage construction portfolio. Our focus remains on delivering profitable growth, improving free cash flow generation, enhancing shareholder returns, and, above all, continuing to advance our strategic agenda for a stronger CMC."

For the first quarter of fiscal 2027, we continue to expect healthy operating performance across the portfolio with normal seasonal factors and input cost dynamics to impact results sequentially:

For the North America Steel Group, improved pricing is expected to largely offset higher scrap costs, startup expenses, and a slight seasonal decline in shipments, resulting in adjusted EBITDA that is expected to be nearly flat in comparison to the fourth quarter.  Within the Construction Solutions Group, adjusted EBITDA is expected to be down sequentially reflecting typical seasonal trends impacting the end market activity of this segment. Meaningful sequential growth in adjusted EBITDA is anticipated for the Europe Steel Group with the first quarter benefiting from improving operating conditions and a CO2 credit.     Conference Call
CMC invites you to listen to a live broadcast of its fourth quarter fiscal 2026 conference call today, Thursday, October 15, 2026 at 11:00 a.m. ET. Peter Matt, President and Chief Executive Officer, and Paul Lawrence, Senior Vice President and Chief Financial Officer, will host the call. The call is accessible via our website at www.cmc.com. In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day. Financial and statistical information presented in the broadcast are located on CMC's website under "Investors."

About CMC
CMC is a Fortune 500® company headquartered in Irving, Texas, and a leading provider of early-stage construction solutions that support the foundational phases of modern infrastructure and building projects. Founded in 1915, CMC has grown from a single-site recycling operation to one of the largest U.S. manufacturers of steel reinforcing bar ("rebar"), a leading producer of subgrade soil stabilization and foundation enhancement solutions and a major supplier of concrete pipe and precast products.

Through an extensive manufacturing network primarily located in the United States and Central Europe, with strategic operations in the United Kingdom, Europe and Asia, CMC serves infrastructure, non-residential, residential, industrial and energy markets. While often unseen, CMC's products are essential to highways, bridges, airports, commercial buildings and other critical structures that support everyday life.

From Fortune Magazine. © 2025 Fortune Media IP Limited. All rights reserved. Used under license

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to the expected performance of our recently acquired precast platform, general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies and growth provided by acquisitions and strategic investments, demand for our products, shipment volumes, metal margins, backlog volumes, the ability to operate our steel mills at full capacity, particularly during periods of domestic mill start-ups, the future availability and cost of supplies of raw materials and energy for our operations, growth rates in certain reportable segments, product margins within our Construction Solutions Group segment, share repurchases, legal proceedings, construction activity, international trade, the impact of geopolitical conditions, the effects of CBAM and other EU trade measures on European demand and pricing, capital expenditures, tax credits, the timing, amount and recurrence of CO2 or emissions-related credits, our liquidity and our ability to satisfy future liquidity requirements, our ability to achieve our stated deleveraging target within the anticipated timeframe, estimated contractual obligations, the expected capabilities and benefits of new facilities, the anticipated benefits and timeline for execution of our growth plan and initiatives, including our TAG operational and commercial excellence program, and our expectations or beliefs concerning future events. The statements in this release that are not historical statements are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans or intentions.

The Company's forward-looking statements are based on management's expectations and beliefs as of the date this news release. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2025, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of additional steelmaking capacity expected to come online from a number of ongoing electric arc furnace projects in the U.S.; the impact of geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war on the global economy, inflation, energy supplies and raw materials; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; our ability to successfully execute our TAG operational and commercial excellence program and other transformation initiatives, including the realization of anticipated benefits within the expected timeframes; attention to environmental, social and governance ("ESG") matters, including any targets or other ESG, environmental justice or regulatory initiatives; impacts from global public health crises on the economy, demand for our products, global supply chain and on our operations; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non-compliance with their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our share repurchase program; financial and non-financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third-party consents and approvals; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; the impact of goodwill or other indefinite-lived intangible asset impairment charges; the impact of long-lived asset impairment charges; currency fluctuations;  availability and pricing of electricity, electrodes and natural gas for mill operations; our ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; our ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks, including those related to the Pacific Steel Group litigation and other legal proceedings; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.

1 Net leverage adjusted for acquisitions is a non-GAAP financial measure and is defined as net debt divided by modified consolidated EBITDA, both of which are also non-GAAP financial measures. Net debt is calculated as total debt minus cash and cash equivalents. Modified consolidated EBITDA is calculated as adjusted EBITDA for the trailing 12-month period, adjusted to (a) eliminate the impact of approximately $15.4 million of interest expense related to the judgment in the Pacific Steel Group litigation, (b) eliminate actual results from the precast business since the respective acquisition dates and (c) include $212 million of annualized EBITDA contribution from the precast business. Reconciliations to the most directly comparable measures prepared and presented in accordance with GAAP can be found in the financial tables that follow.

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

FINANCIAL & OPERATING STATISTICS (UNAUDITED)

Three Months Ended

Year Ended

(in thousands, except per ton amounts)

8/31/2026

5/31/2026

2/28/2026

11/30/2025

8/31/2025

8/31/2026

8/31/2025

North America Steel Group

Net sales to external customers

$ 1,939,404

$ 1,789,381

$ 1,608,321

$ 1,661,058

$ 1,616,078

$            6,998,164

$            6,083,849

Adjusted EBITDA

317,473

253,487

269,674

293,906

239,416

1,134,540

742,485

Adjusted EBITDA margin

16.4 %

14.2 %

16.8 %

17.7 %

14.8 %

16.2 %

12.2 %

External tons shipped

Raw materials

460

482

358

384

374

1,684

1,410

Rebar

507

482

481

544

544

2,014

2,130

Merchant bar and other

311

268

235

251

244

1,065

992

Steel products

818

750

716

795

788

3,079

3,122

Downstream products

397

384

335

350

366

1,466

1,375

Average selling price per ton

Raw materials

$       981

$       873

$       985

$       900

$       881

$       935

$       876

Steel products

1,021

989

974

939

882

981

842

Downstream products

1,288

1,260

1,242

1,236

1,214

1,258

1,226

Cost of raw materials per ton

$       754

$       660

$       741

$       648

$       649

$       701

$       661

Cost of ferrous scrap utilized per ton

$       369

$       379

$       351

$       318

$       314

$       354

$       333

Steel products metal margin per ton

$       652

$       610

$       623

$       621

$       568

$       627

$       509

Construction Solutions Group

Net sales to external customers

$  431,375

$  394,574

$  314,425

$  198,277

$  221,753

$        1,338,651

$ 747,486

Adjusted EBITDA

101,725

97,411

53,420

39,581

50,630

292,137

137,721

Adjusted EBITDA margin

23.6 %

24.7 %

17.0 %

20.0 %

22.8 %

21.8 %

18.4 %

Europe Steel Group

Net sales to external customers

$  281,222

$  291,235

$  200,014

$  247,650

$  263,294

$            1,020,121

$  918,320

Adjusted EBITDA

15,586

34,665

(1,428)

10,929

39,098

59,752

69,282

Adjusted EBITDA margin

5.5 %

11.9 %

(0.7) %

4.4 %

14.8 %

5.9 %

7.5 %

External tons shipped

Rebar

106

136

69

119

117

430

412

Merchant bar and other

271

265

215

243

257

994

944

Steel products

377

401

284

362

374

1,424

1,356

Average selling price per ton

Steel products

$       712

$       697

$       672

$       651

$       668

$      684

$       647

Cost of ferrous scrap utilized per ton

$       363

$       367

$       356

$       345

$       351

$      359

$       357

Steel products metal margin per ton

$       349

$       330

$       316

$       306

$       317

$      325

$       290

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

BUSINESS SEGMENTS (UNAUDITED)

Three Months Ended

Year Ended

(in thousands)

8/31/2026

5/31/2026

2/28/2026

11/30/2025

8/31/2025

8/31/2026

8/31/2025

Net sales to external customers

North America Steel Group

$ 1,939,404

$ 1,789,381

$ 1,608,321

$ 1,661,058

$ 1,616,078

$ 6,998,164

$ 6,083,849

Construction Solutions Group

431,375

394,574

314,425

198,277

221,753

1,338,651

747,486

Europe Steel Group

281,222

291,235

200,014

247,650

263,294

1,020,121

918,320

Corporate and Other

6,333

8,055

9,258

13,322

13,393

36,968

48,825

Total net sales to external customers

$ 2,658,334

$ 2,483,245

$ 2,132,018

$ 2,120,307

$ 2,114,518

$ 9,393,904

$ 7,798,480

Adjusted EBITDA

North America Steel Group

$  317,473

$  253,487

$  269,674

$  293,906

$  239,416

$ 1,134,540

$  742,485

Construction Solutions Group

101,725

97,411

53,420

39,581

50,630

292,137

137,721

Europe Steel Group

15,586

34,665

(1,428)

10,929

39,098

59,752

69,282

Corporate and Other

(52,356)

(49,654)

(70,410)

(55,848)

(50,716)

(228,268)

(508,765)

Total adjusted EBITDA

$  382,428

$  335,909

$  251,256

$  288,568

$  278,428

$ 1,258,161

$  440,723

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)

Three Months Ended August 31,

Year Ended August 31,

(in thousands, except share and per share data)

2026

2025

2026

2025

Net sales

$      2,658,334

$      2,114,518

$     9,393,904

$      7,798,480

Costs and operating expenses:

Cost of goods sold

2,156,827

1,721,710

7,642,218

6,578,324

Selling, general and administrative expenses

230,857

180,218

881,961

700,234

Interest expense

37,356

12,145

143,337

45,498

Litigation expense

3,776

3,776

15,356

362,272

Asset impairments

21

3,436

21

4,607

Net costs and operating expenses

2,428,837

1,921,285

8,682,893

7,690,935

Earnings before income taxes

229,497

193,233

711,011

107,545

Income tax expense

16,977

41,452

55,162

22,883

Net earnings

$        212,520

$        151,781

$       655,849

$          84,662

Earnings per share:

Basic

$              1.92

$              1.36

$             5.92

$              0.75

Diluted

1.91

1.35

5.86

0.74

Cash dividends per share

$              0.20

$              0.18

$             0.76

$              0.72

Average basic shares outstanding

110,570,463

111,677,574

110,857,469

112,994,381

Average diluted shares outstanding

111,542,800

112,705,122

111,864,867

114,086,750

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

 CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share data)

August 31, 2026

August 31, 2025

Assets

Current assets:

Cash and cash equivalents

$        775,676

$     1,043,252

Restricted cash

3,174

2,652

Accounts receivable (less allowance for doubtful accounts of $3,867 and $3,186)

1,440,260

1,200,881

Income tax receivable

131,557

799

Inventories

1,104,719

934,310

Prepaid and other current assets

352,441

312,924

Total current assets

3,807,827

3,494,818

Property, plant and equipment:

Land

246,300

170,823

Buildings and improvements

1,626,950

1,206,672

Equipment

4,172,111

3,477,813

Construction in process

188,637

449,616

6,233,998

5,304,924

Less accumulated depreciation and amortization

(2,780,284)

(2,562,151)

Property, plant and equipment, net

3,453,714

2,742,773

Intangible assets, net

431,681

210,815

Goodwill

2,138,616

386,846

Other noncurrent assets

426,059

336,582

Total assets

$    10,257,897

$     7,171,834

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$        540,901

$        358,373

Accrued contingent litigation-related loss

377,251

362,272

Other accrued expenses and payables

642,946

493,879

Current maturities of long-term debt

67,147

44,289

Total current liabilities

1,628,245

1,258,813

Deferred income taxes

354,298

184,645

Other noncurrent liabilities

264,420

225,044

Long-term debt

3,313,728

1,310,006

Total liabilities

5,560,691

2,978,508

Stockholders' equity:

Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued 129,060,664 shares; outstanding 110,316,995 and 111,189,136 shares

1,290

1,290

Additional paid-in capital

423,334

406,916

Accumulated other comprehensive loss

(29,175)

(25,251)

Retained earnings

5,078,714

4,507,114

Less treasury stock, 18,743,669 and 17,871,528 shares at cost

(777,231)

(697,003)

Stockholders' equity

4,696,932

4,193,066

Stockholders' equity attributable to non-controlling interests

274

260

Total stockholders' equity

4,697,206

4,193,326

Total liabilities and stockholders' equity

$    10,257,897

$     7,171,834

COMMERCIAL METALS COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Year Ended August 31,

(in thousands)

2026

2025

Cash flows from (used by) operating activities:

Net earnings

$        655,849

$          84,662

Adjustments to reconcile net earnings to net cash flows from operating activities:

Depreciation and amortization

395,921

285,877

Stock-based compensation

43,932

37,053

Write-off of committed financing fees

11,563

—

Deferred income taxes and other long-term taxes

158,351

(98,304)

Write-down of inventory

333

2,473

Unrealized loss (gain) on undesignated commodity hedges

7,871

(2,804)

Unrealized loss (gain) on undesignated foreign exchange hedges

5,091

(5,453)

Amortization of debt issuance costs

4,812

1,529

Asset impairments

21

4,607

Net loss (gain) on sale of net assets

(741)

1,827

Litigation expense

15,356

362,272

Settlement of New Markets Tax Credit transaction

—

(2,786)

Other

2,110

5,568

Changes in operating assets and liabilities

(241,506)

38,549

Net cash flows from operating activities

1,058,963

715,070

Cash flows from (used by) investing activities:

Acquisitions, net of cash acquired

(2,516,424)

—

Capital expenditures

(579,844)

(402,821)

Proceeds from government assistance related to property, plant and equipment

15,000

50,000

Proceeds from the sale of property, plant and equipment

11,250

5,758

Proceeds from insurance

9,602

2,237

Other

(1,698)

(1,946)

Net cash flows used by investing activities

(3,062,114)

(346,772)

Cash flows from (used by) financing activities:

Proceeds from issuance of long-term debt, net

1,985,000

147,724

Repayments of long-term debt

(47,689)

(41,480)

Debt issuance costs

(8,489)

(622)

Committed financing fees

(11,563)

—

Proceeds from accounts receivable facilities

173,257

35,979

Repayments under accounts receivable facilities

(164,328)

(35,979)

Treasury stock acquired

(102,811)

(198,822)

Tax withholdings related to share settlements, net of purchase plans

(3,111)

(8,823)

Dividends

(84,249)

(81,433)

Contribution from non-controlling interest

14

12

Net cash flows from (used by) financing activities

1,736,031

(183,444)

Effect of exchange rate changes on cash

66

1,495

Increase (decrease) in cash and cash equivalents

(267,054)

186,349

Cash, restricted cash and cash equivalents at beginning of period

1,045,904

859,555

Cash, restricted cash and cash equivalents at end of period

$        778,850

$      1,045,904

COMMERCIAL METALS COMPANY
NON-GAAP FINANCIAL MEASURES (UNAUDITED)

This press release contains financial measures not derived in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measure are provided below.

Adjusted EBITDA, core EBITDA, core EBITDA margin and adjusted earnings are non-GAAP financial measures. Adjusted earnings per diluted share is defined as adjusted earnings on a diluted per share basis. Core EBITDA margin is defined as core EBITDA divided by net sales. The adjustment "Settlement of New Markets Tax Credit transactions" represents the recognition of deferred revenue from 2016 and 2017 resulting from the Company's participation in the New Markets Tax Credit program provided for in the Community Renewal Tax Relief Act of 2000 during the development of a micro mill, spooler and T-post shop located in eligible zones as determined by the Internal Revenue Service. The adjustment "Litigation expense" represents a provision recorded in the three months ended November 30, 2024 related to the judgment in the Pacific Steel Group litigation and, with respect to subsequent periods, primarily represents interest expense on the judgment amount. The adjustments "Acquisition and integration related costs" and "Acquisition, integration and financing related costs" represent nonrecurring fees associated with the Foley Products Company, LLC ("Foley") and Concrete Pipe and Precast, LLC ("CP&P") acquisitions. The adjustment "Purchase accounting effect on inventory" represents a one time fair value adjustment on inventory associated with the Foley and CP&P acquisitions. The adjustment "Amortization of acquired contract backlog" represents the amortization of the contract backlog intangible asset from the Foley and CP&P acquisitions.

Net leverage adjusted for acquisitions is a non-GAAP financial measure and is defined as net debt divided by modified consolidated EBITDA, both of which are also non-GAAP financial measures. Net debt is calculated as total debt minus cash and cash equivalents. Modified consolidated EBITDA is calculated as adjusted EBITDA for the trailing 12-month period, adjusted to (a) eliminate the impact of approximately $15.4 million of interest expense related to the judgment in the Pacific Steel Group litigation, (b) eliminate actual results from the precast business since the respective acquisition dates and (c) include $212 million of annualized EBITDA contribution from the precast business. The estimated annualized EBITDA contribution from the precast business was derived by annualizing the precast business's actual results from the respective acquisition dates through August 31, 2026. The calculation also excludes the impact of the purchase accounting effect on inventory. The annualized figure assumes that the precast platform's results for the post-acquisition period are representative of a full fiscal year. The figure does not reflect actual results the precast platform generated or will generate in any 12-month period, and it was not prepared in accordance with Article 11 of Regulation S-X. Results for future periods may differ materially.

Non-GAAP financial measures should be viewed in addition to, and not as alternatives to, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends. Furthermore, management believes net leverage adjusted for acquisitions provide useful information to investors, analysts, creditors and other interested parties about the Company's financial condition. Management uses non-GAAP financial measures to evaluate financial performance and, more specifically, uses net leverage adjusted for acquisitions to monitor the Company's balance sheet and make capital allocation decisions. We have not reconciled the forward-looking estimates of TAG-related EBITDA benefits to comparable GAAP measures because applicable information for future periods, on which these reconciliations would be based, is not readily available due to uncertainty regarding, and the potential variability of metal margins, U.S. trade policy, cost levels of key production inputs, construction activity and related product demand and other factors. Accordingly, reconciliations of the forward-looking estimates of TAG-related EBITDA benefits to net earnings are not available at this time without unreasonable effort.

A reconciliation of net earnings to adjusted EBITDA and core EBITDA is provided below:

Three Months Ended

Year Ended

(in thousands)

8/31/2026

5/31/2026

2/28/2026

11/30/2025

8/31/2025

8/31/2026

8/31/2025

Net earnings

$ 212,520

$ 173,015

$  93,032

$ 177,282

$ 151,781

$ 655,849

$  84,662

Interest expense

37,356

40,205

40,928

24,848

12,145

143,337

45,498

Income tax expense

16,977

15,824

16,708

5,653

41,452

55,162

22,883

Depreciation and amortization

113,210

107,422

102,567

72,722

72,480

395,921

285,877

Asset impairments

21

—

—

—

3,436

21

4,607

Unrealized (gain) loss on undesignated commodity hedges

2,344

(557)

(1,979)

8,063

(2,866)

7,871

(2,804)

Adjusted EBITDA

382,428

335,909

251,256

288,568

278,428

1,258,161

440,723

Non-cash equity compensation

6,506

11,384

14,806

11,236

9,237

43,932

37,053

Settlement of New Markets Tax Credit transactions

—

—

—

—

—

—

(2,786)

Litigation expense

3,776

3,778

4,067

3,735

3,776

15,356

362,272

Acquisition and integration related costs

948

2,525

20,605

13,379

—

37,457

—

Purchase accounting effect on inventory

—

—

6,739

—

—

6,739

—

Core EBITDA

$ 393,658

$ 353,596

$ 297,473

$ 316,918

$ 291,441

$            1,361,645

$ 837,262

Net sales

$            2,658,334

$            2,483,245

$            2,132,018

$            2,120,307

$            2,114,518

$            9,393,904

$            7,798,480

Core EBITDA margin

14.8 %

14.2 %

14.0 %

14.9 %

13.8 %

14.5 %

10.7 %

A reconciliation of net earnings to adjusted earnings is provided below:

Three Months Ended

Year Ended

(in thousands, except per share data)

8/31/2026

5/31/2026

2/28/2026

11/30/2025

8/31/2025

8/31/2026

8/31/2025

Net earnings

$ 212,520

$ 173,015

$  93,032

$ 177,282

$ 151,781

$ 655,849

$  84,662

Asset impairments

21

—

—

—

3,436

21

4,607

Settlement of New Markets Tax Credit transactions

—

—

—

—

—

—

(2,786)

Litigation expense

3,776

3,778

4,067

3,735

3,776

15,356

362,272

Unrealized (gain) loss on undesignated commodity hedges

2,344

(557)

(1,979)

8,063

(2,866)

7,871

(2,804)

Acquisition, integration and financing related costs

948

2,525

20,605

24,942

—

49,020

—

Amortization of acquired contract backlog

19,750

19,750

17,729

—

—

57,229

—

Purchase accounting effect on inventory

—

—

6,739

—

—

6,739

—

Total adjustments (pre-tax)

$   26,839

$   25,496

$   47,161

$   36,740

$    4,346

$ 136,236

$ 361,289

Related tax effects on adjustments

(5,769)

(5,486)

(10,046)

(7,846)

(1,162)

(29,147)

(88,668)

Adjusted earnings

$ 233,590

$ 193,025

$ 130,147

$ 206,176

$ 154,965

$ 762,938

$ 357,283

Net earnings per diluted share(1)

$       1.91

$       1.55

$       0.83

$       1.58

$       1.35

$       5.86

$       0.74

Adjusted earnings per diluted share

$       2.09

$       1.73

$       1.16

$       1.84

$       1.37

$       6.82

$       3.13

(1) Net earnings per diluted share is calculated independently for each three month period and may not sum to the year to date period due to rounding.

As described above, net leverage adjusted for acquisitions represents net debt divided by modified consolidated EBITDA. Reconciliations of (i) net earnings to modified consolidated EBITDA and (ii) long-term debt to net debt are provided below:

Modified Consolidated EBITDA (as used in the calculation of net leverage adjusted for acquisitions)

Year Ended

(in thousands)

8/31/2026

Net earnings

$                655,849

Interest expense

143,337

Income tax expense

55,162

Depreciation and amortization

395,921

Asset impairments

21

Unrealized loss on undesignated commodity hedges

7,871

Adjusted EBITDA

1,258,161

Plus: Litigation expense

15,356

Less: Precast EBITDA contribution (actual)

143,540

Plus: Annualized precast EBITDA contribution

212,159

Modified consolidated EBITDA

$              1,342,136

Net Debt (as used in the calculation of net leverage adjusted for acquisitions)

8/31/2026

Long-term debt

$              3,313,728

Plus: Current maturities of long-term debt

67,147

Less: Short-term borrowings

8,642

Total debt

3,372,233

Less: Cash and cash equivalents

775,676

Net debt

$              2,596,557

Net leverage adjusted for acquisitions

1.9

SOURCE CMC

Acquisition will expand access to clinical laboratory services, including a broad specialty testing menu for patients and providers nationwide

, /PRNewswire/ -- Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, and OPKO Health, Inc. (Nasdaq: OPK), a multinational biopharmaceutical company, announced today that they have entered into an agreement for Labcorp to acquire select assets of BioReference Health, LLC, a wholly owned subsidiary of OPKO Health.

OPKO

Through this transaction, Labcorp will acquire BioReference Health's laboratory testing businesses focused on clinical and women's health testing services, urology, corrections and certain operational assets, including over 80 additional patient service centers. As part of the agreement, Labcorp will also acquire BioReference Health's proprietary 4Kscore® Test, an FDA-approved blood test that helps predict the likelihood of finding aggressive prostate cancer before a biopsy decision, making this important test more broadly available to patients across the country.

When complete, the transaction is expected to provide patients, physicians and customers with greater access to Labcorp's comprehensive, high-quality laboratory services, including a broad specialty testing menu, convenient patient service center network and robust data analytics and digital tools.

"This acquisition strengthens our ability to deliver affordable, high-quality, specialized diagnostic services to more patients and providers around the country," said Bryan Vaughn, Executive Vice President and President of Diagnostics at Labcorp. "By expanding our clinical, women's health, urology and corrections testing capabilities and broadening access to innovative diagnostics such as the FDA-approved 4Kscore Test, we can help providers make more informed decisions, improve patient care and increase access to the comprehensive laboratory services people need to live healthier lives."

"This transaction will allow OPKO to streamline operations and focus our resources on our biopharmaceutical business," said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO. "Labcorp's national scale and capabilities will broaden patient and provider access to BioReference's 4Kscore Test to many more patients across the country. We believe this transaction is an important catalyst to further unlock additional value for our shareholders."

The purchase price for the transaction is $722 million in cash at closing, subject to an upward or downward adjustment (if any) based on closing business revenues, and up to an additional $150 million in an earnout based on revenue from the 4Kscore Test. Labcorp expects the business revenue to be approximately $250 million in the first year after close, based on Labcorp's current post-closing forecasts.

This transaction is subject to regulatory approvals and customary closing conditions. Until the transaction closes, there will be no changes to operations or services, and both companies will continue to operate independently.

Lazard is serving as Labcorp's financial advisor, Hogan Lovells Cadwalader US LLP is serving as lead transaction counsel and Parker Poe is serving as real estate counsel.

Piper Sandler & Co. is serving as OPKO's exclusive financial advisor, and Greenberg Traurig P.A. is serving as legal counsel. 

About Labcorp
Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's nearly 71,000 employees serve clients in approximately 100 countries, provided support for more than 85% of the new drugs and therapeutic products approved by the FDA in 2025 and performed more than 750 million tests for patients around the world. Learn more at www.labcorp.com.

About OPKO
OPKO Health, Inc. (Nasdaq: OPK) is a multinational biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large, rapidly growing markets by leveraging its discovery, development, and commercialization expertise and novel and proprietary technologies. For more information, visit www.opko.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements with respect to (a) the anticipated impact of the transaction including expanding access to comprehensive, high-quality laboratory services, (b) increased access to testing services and expanded testing capabilities including with respect to the 4Kscore Test, (c) anticipated timing to closing, final purchase price, post-closing revenue, and earnout for the 4Kscore Test, (d) other anticipated potential benefits of the acquisition to Labcorp and OPKO Health, and (e) required regulatory approvals and customary closing conditions.

Each of the forward-looking statements is subject to change based on various important factors, many of which are beyond the control of Labcorp or OPKO Health. These factors, in some cases, have affected and in the future (together with other factors) could affect the ability of Labcorp or OKPO Health to implement its respective business strategy, and actual results could differ materially from those suggested by these forward-looking statements. As a result, readers are cautioned not to place undue reliance on any of the forward-looking statements.

Neither Labcorp nor OPKO Health has any obligation to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Further information on potential factors, risks and uncertainties that could affect operating and financial results is included in each of Labcorp's and OPKO Health's most recent Annual Report on Form 10-K and subsequent Forms 10-Q, including in each case under the headings RISK FACTORS and MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, and in each of Labcorp's and OPKO Health's other filings with the SEC.

SOURCE Labcorp Holdings Inc

Penske Automotive Group Shareholders to Receive $212.00 Per Share in Cash

, /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG) (the "Company" or "PAG"), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that it has entered into a merger agreement to be taken private by Motown Acquisition Corp. ("Buyer"), an entity owned by Penske Corporation ("Penske") and Mitsui & Co., Ltd. ("Mitsui").  Under the terms of the merger agreement, holders of Penske Automotive Group common stock, other than Penske Corporation, Mitsui and the other members of the investor group, will receive $212.00 per share in cash, valuing the Company at an enterprise value of approximately $16.3 billion. Upon completion of the transaction, the Company will become a privately held company, with approximately 64% of the Company's ownership to be held by Penske and 36% to be held by Mitsui.

The purchase price represents a premium of approximately 8.6% to the closing price of the Company's common stock on July 21, 2026 and a premium of approximately 20.09% and 26.17% to the 60-day and 90-day volume weighted average prices, respectively, for the period ended July 21, 2026, the last trading day prior to the submission of the unsolicited, preliminary and non-binding proposal from Penske and Mitsui to acquire the remaining shares of the Company's common stock that they and their affiliates do not currently own, and an 8.84% premium to the closing price of the Company's common stock on October 14, 2026, the trading date immediately preceding the date on which the definitive agreement was announced. The Company expects to continue paying regular quarterly cash dividends through the closing of the transaction, in each case, in an amount not to exceed $0.02 per share above the per share amount of the last quarterly dividend declared and paid by the Company in the immediately preceding quarter, as well as a pro-rated dividend for any partial quarter prior to the closing.

A special committee of independent and disinterested directors of the Board of Directors (the "Board")  of the Company  (the "Special Committee") unanimously recommended that the Board approve the proposed transaction. The Special Committee was formed to evaluate and consider the proposal and was advised by independent legal and financial advisors. The Board approved the proposed transaction following the unanimous recommendation of the Special Committee.

"We are pleased to have reached this agreement with Penske  and Mitsui, our largest shareholders," said David Hoogendoorn, Penske Automotive Group Board Member and the Special Committee Chair. "The Special Committee thoroughly reviewed the proposal and considered the benefits of the transaction as compared to continuing as a public company, and determined that this transaction provided the greatest value for the Company's minority shareholders."

"I want to thank the Special Committee for its thoughtful and diligent evaluation of the transaction," said Roger Penske, Chair and CEO of the Company. "This transaction marks an important next chapter for PAG. Mitsui has been a shareholder for 25 years, and we have had a productive relationship over the past quarter-century. Together with Mitsui, we will build on PAG's operational excellence and draw on our combined capabilities and networks to drive innovation and expand PAG's business through new opportunities and collaborative projects."

Approvals and Timing
The transaction is expected to close in the first quarter of 2027, subject to the satisfaction or waiver of closing conditions, including receipt of regulatory approvals and the affirmative vote of the holders of a majority of the outstanding shares of the Company's common stock that are entitled to vote on the transaction, as well as the approval by holders of a majority of the votes cast by unaffiliated stockholders (as defined in the merger agreement). The transaction is not subject to a financing condition.

Following the closing of the transaction, the Company's shares of common stock will no longer be traded or listed on the New York Stock Exchange.

Third Quarter 2026 Financial Results
Penske Automotive Group's third quarter 2026 financial results will be issued on October 28, 2026, prior to market opening. In light of the announced transaction, the Company will not host an earnings conference call. The Company's third quarter 2026 earnings press release and investor presentation will be available on its investor relations website at www.penskeautomotive.com.

Advisors
Moelis & Company LLC is acting as exclusive financial advisor to the Special Committee and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as its legal counsel. The Company is being represented by Freshfields LLP. Jones Day is acting as legal counsel to Penske and BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as its financial advisors. Debevoise & Plimpton LLP is acting as legal counsel to Mitsui & Co., Ltd.

About Penske Automotive

Penske Automotive Group, Inc. (NYSE: PAG), headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. The Company operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. The Company also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. The Company employs over 28,900 people worldwide. Additionally, the Company owns 28.9% of Penske Transportation Solutions, a business that employs over 40,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 373,600 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. The Company is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.

Additional Information Regarding the Transaction and Where to Find It

This communication relates to the proposed transaction (the "proposed transaction") involving the Company and Buyer contemplated by the agreement and plan of merger (the "agreement and plan of merger") by and between the Company and Buyer. In connection with the proposed transaction, the Company intends to file a preliminary proxy statement on Schedule 14A (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC") relating to a special meeting of shareholders to approve the proposed transaction. The definitive proxy statement (if and when available) will be mailed to the Company's stockholders seeking their approval of the proposed transaction and other related matters. The Company, Buyer and certain of their affiliates also intend to jointly file a transaction statement on Schedule 13E-3 (the "Schedule 13E-3") relating to the proposed transaction. The Company may also file other relevant documents with the SEC regarding the proposed transaction. This communication is not a substitute for the Proxy Statement, Schedule 13E-3, or any other document the Company, Buyer, Penske or Mitsui may file with the SEC in connection with the proposed transaction. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company or any other person or the solicitation of any vote or approval.

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION, INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO OR INCORPORATED BY REFERENCE THEREIN), THE SCHEDULE 13E-3 (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO OR INCORPORATED BY REFERENCE THEREIN), AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED TRANSACTION AND RELATED MATTERS.

Investors and security holders may obtain free copies of these documents, including the Proxy Statement, Schedule 13E-3 and any other documents containing important information about the Company and the proposed transaction, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. In addition, shareholders of the Company may obtain free copies of such documents by accessing the Investor Relations portion of the Company's website at https://investors.penskeautomotive.com/financials/sec-filings.

Participants in the Solicitation

The Company and certain of its directors, executive officers and other employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of the Company is set forth in the Company's definitive proxy statement on Schedule 14A for the 2026 annual meeting of the stockholders of the Company, filed with the SEC on March 20, 2026 (the "Annual Meeting Proxy Statement"), under the sections "Proposal 1 – Election of Directors," "Executive Officers," "Executive Compensation," "Director Compensation" and "Security Ownership of Certain Beneficial Owners and Management," and other documents subsequently filed by the Company with the SEC. Transactions with related persons (as defined in Item 404 of Regulation S-K promulgated under the Securities Act of 1933, as amended) are disclosed under the heading titled "Related Party Transactions" in the Annual Meeting Proxy Statement. To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information set forth in the Annual Meeting Proxy Statement, such information has been or will be reflected on the Company's Statements of Beneficial Ownership on Forms 3 and 4 filed with the SEC. Updated information regarding the identity of participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the Proxy Statement regarding the approval of the proposed transaction and other relevant documents to be filed with the SEC, including the Schedule 13E-3, if and when they become available. These documents will be available free of charge as described above.

Cautionary Statement Regarding Forward-Looking Statements

This communication may include statements that are not statements of historical fact, or "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to the proposed transaction. In many cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of such terms and other comparable terminology. There may also be other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are difficult to predict and are generally outside the Company's and Buyer's control, that could cause actual performance or results to differ materially from those expressed in, or implied or projected by, the forward-looking statements.  Such forward-looking statements include, but are not limited to: the ability of Buyer and the Company to complete the transactions contemplated by the agreement and plan of merger, including the parties' ability to satisfy the conditions set forth in the agreement and plan of merger; statements about the expected timetable for completing the transaction, Buyer's and the Company's beliefs and expectations and statements about the benefits sought to be achieved in Buyer's proposed acquisition of the Company, the potential effects of the acquisition on each of Buyer and the Company; as well as the possibility of any termination of the agreement and plan of merger. These statements are based upon the current beliefs and expectations of Buyer's and the Company's management and are subject to significant risks and uncertainties. There can be no guarantees that the conditions to the closing of the proposed transaction will be satisfied on the expected timetable or at all. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Risks and uncertainties include, but are not limited to, uncertainties as to the timing of the proposed transaction; the possibility that Buyer's committed debt financing will not be available; uncertainties as to how many of the Company's shareholders will vote in favor of the proposed transaction; the possibility that various conditions to the consummation of the proposed transaction may not be satisfied or waived; the ability to obtain necessary regulatory approvals or to obtain them on acceptable terms or within expected timing; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company's common stock, credit ratings or operating results; the effects of disruption from the transactions contemplated by the agreement and plan of merger and the impact of the announcement and pendency of the transactions on the Company's business, including the ability of the Company to attract, retain and hire key personnel and to maintain relationships with customers, suppliers and others with whom the Company does business, employee departures, diversion of management's time and attention from ordinary course business operations, or certain restrictions during the pendency of the proposed transaction that may impact the Company's ability to pursue certain business opportunities or strategic transactions; the risk that shareholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; the risk that there may be unexpected costs, charges or expenses resulting from the proposed transaction; general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; and the impact of tariffs. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, and its other filings made with the SEC. These and other filings made by the Company with the SEC are available at www.sec.gov.

The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law.

Inquiries should contact:

Shelley Hulgrave

Anthony Pordon

Executive Vice President and

Executive Vice President Investor Relations

Chief Financial Officer

and Corporate Development

Penske Automotive Group, Inc.

Penske Automotive Group, Inc.

248-648-2812

248-648-2540

[email protected]

[email protected]

SOURCE Penske Automotive Group, Inc.

Revenues of $4.8 billion (+4% as reported, +5% constant currency, +6% organic constant currency)
Continued top-line growth driven by strength in Manpower, particularly in the United States
Improving global Experis trends with U.S. Experis crossing over to growth during the quarter
Strong year-over-year revenue growth and Operating Unit Profit improvement in Northern Europe
SG&A improved trend reflects continued cost actions
Becky Frankiewicz will become CEO January 1, 2027, with Jonas Prising transitioning to Executive Chair. More details in a separate press release issued this morning

, /PRNewswire/ -- ManpowerGroup (NYSE: MAN) today reported net earnings of $0.71 per diluted share for the three months ended September 30, 2026 compared to net earnings of $0.38 per diluted share in the prior year period. Net earnings in the quarter were $34.1 million compared to net earnings of $18.0 million a year earlier. Revenues for the third quarter were $4.8 billion, a 4% increase from the prior year period.

The current year quarter included restructuring costs, strategic transformation program costs, a business sale adjustment, and Argentina hyperinflationary related non-cash currency translation losses, which negatively impacted earnings per share by $0.30 in the third quarter. Excluding these items, earnings per share was $1.01 per diluted share in the quarter representing an increase of 24% in constant currency in the third quarter of 2026.1

Financial results in the quarter were also impacted by the U.S. dollar relative to foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 5% compared to the prior year period.

Jonas Prising, ManpowerGroup Chair & CEO, said, "We delivered another quarter of consistent performance and strong execution as momentum continues across the organization. Our Manpower brand continues to lead the way, with notable share gains in the U.S. Our Experis and Talent Solutions brands experienced sequential revenue trend improvement which is encouraging. Our performance to date reinforces our confidence that 2026 is an inflection point for the business. At the same time, we continue to advance our transformation, expanding implementation beyond the U.S. and driving growth across our brands and regions while remaining on track to deliver on our cost savings target. Looking ahead, the combination of improving demand, strong execution, and continued progress on our transformation positions ManpowerGroup to drive sustainable, profitable growth."

We anticipate diluted earnings per share in the fourth quarter will be between $1.03 and $1.13 and a 44% effective tax rate."

Net earnings for the nine months ended September 30, 2026 were $90.1 million, or net earnings of $1.89 per diluted share compared to net losses of $43.5 million, or net losses of $0.93 per diluted share in the prior year, respectively. The current year-to-date period included restructuring costs, strategic transformation program costs, the sale of our Jefferson Wells U.S. business, a discontinued business liquidation charge, and Argentina hyperinflationary related non-cash currency translation losses which, in aggregate, reduced earnings per share by $0.62. Excluding the net impact of these charges, earnings per share for the nine-month period was $2.51 per diluted share representing an increase of 21%2 in constant currency. Revenues for the nine-month period were $14.2 billion, representing an increase of 7% compared to the prior year or 5% in constant currency.

In conjunction with its third quarter earnings release, ManpowerGroup will broadcast its conference call live over the internet on October 15, 2026 at 7:30 a.m. Central time (8:30 a.m. Eastern time). Prepared remarks for the conference call, webcast details, presentation and recordings are included within the Investor Relations section of manpowergroup.com.

Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/.

_____________________________

1 The prior year period included various adjustments which reduced earnings per share by $0.45 in the third quarter, which are also excluded when determining the year over year adjusted trend.

2 The prior year period included restructuring costs, net losses from the sale of businesses, a non-cash goodwill and intangible asset impairment charge, and Argentina hyperinflationary related non-cash currency translation losses which reduced earnings per share by $2.98 which are also excluded when determining the year over year trend.

About ManpowerGroup
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 70 countries and territories and has done so for more than 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2026 ManpowerGroup was named one of the World's Most Ethical Companies for the 17th time – all confirming our position as the brand of choice for in-demand talent. For more information, visit www.manpowergroup.com. 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, including statements regarding trends in labor demand and the future strengthening of such demand, the Company's financial outlook, and the Company's strategic initiatives and technology investments, including our ability to increase market share and the acceleration of transformation initiatives to remove structural costs from the organization to drive efficiencies, which are subject to risks and uncertainties. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company's reports filed with the SEC, including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2025, which information is incorporated herein by reference.

We caution that any forward-looking statement reflects only our belief at the time the statement is made. The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com. 

ManpowerGroup

Results of Operations

(In millions, except per share data)

Three Months Ended September 30

% Variance

Amount

Constant

2026

2025

Reported

Currency

(Unaudited)

Revenues from services (a)

$

4,840.0

$

4,634.4

4.4

%

5.2

%

Cost of services

4,072.7

3,865.5

5.4

%

6.1

%

  Gross profit

767.3

768.9

-0.2

%

0.4

%

Selling and administrative expenses

685.0

702.3

-2.5

%

-2.0

%

  Operating profit

82.3

66.6

23.7

%

26.2

%

Interest and other expenses, net

14.3

13.7

4.8

%

  Earnings before income taxes

68.0

52.9

28.5

%

31.0

%

Provision for income taxes

33.9

34.9

-2.8

%

  Net earnings

$

34.1

$

18.0

89.3

%

92.9

%

Net earnings per share - basic

$

0.73

$

0.39

87.7

%

Net earnings per share - diluted

$

0.71

$

0.38

84.4

%

87.9

%

Weighted average shares - basic

46.9

46.5

0.8

%

Weighted average shares - diluted

48.1

46.9

2.7

%

(a) 

Revenues from services include fees received from our franchise offices of $4.2 million and $4.3 million for the three months ended September 30, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $481.1 million and $300.3 million for the three months ended September 30, 2026 and 2025, respectively.

ManpowerGroup

Operating Unit Results

(In millions)

Three Months Ended September 30

% Variance

Amount

Constant

2026

2025

Reported

Currency

(Unaudited)

Revenues from Services:

  Americas:

      United States (a)

$

728.8

$

690.8

5.5

%

5.5

%

      Other Americas

517.9

407.9

27.0

%

21.7

%

1,246.7

1,098.7

13.5

%

11.5

%

  Southern Europe:

      France

1,132.9

1,173.5

-3.5

%

-1.9

%

      Italy

483.1

462.5

4.5

%

6.2

%

      Other Southern Europe

611.9

569.5

7.5

%

7.0

%

2,227.9

2,205.5

1.0

%

2.1

%

  Northern Europe

860.6

816.8

5.4

%

5.9

%

  APME

514.9

520.5

-1.1

%

4.3

%

4,850.1

4,641.5

  Intercompany Eliminations

(10.1)

(7.1)

$

4,840.0

$

4,634.4

4.4

%

5.2

%

Operating Unit Profit (Loss):

  Americas:

      United States

$

24.3

$

20.6

18.2

%

18.2

%

      Other Americas

23.1

17.3

33.1

%

27.9

%

47.4

37.9

25.0

%

22.6

%

  Southern Europe:

      France

22.4

30.6

-26.9

%

-25.3

%

      Italy

27.4

26.6

3.2

%

5.1

%

      Other Southern Europe

14.8

8.4

74.1

%

68.2

%

64.6

65.6

-1.7

%

-1.0

%

  Northern Europe

7.5

(14.9)

N/A

N/A

  APME

23.9

26.8

-10.2

%

-3.7

%

143.4

115.4

Corporate expenses

(54.1)

(40.9)

Intangible asset amortization expense

(7.0)

(7.9)

    Operating profit

82.3

66.6

23.7

%

26.2

%

Interest and other expenses, net (b)

(14.3)

(13.7)

    Earnings before income taxes

$

68.0

$

52.9

(a) 

In the United States, revenues from services include fees received from our franchise offices of $2.4 million and $2.7 million for the three months ended September 30, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $94.5 million and $83.5 million for the three months ended September 30, 2026 and 2025, respectively.

(b) 

The components of interest and other expenses, net were:

2026

2025

        Interest expense

$

28.0

$

24.0

        Interest income

(7.8)

(6.9)

        Foreign exchange loss

1.3

2.4

        Miscellaneous income, net

(7.2)

(5.8)

$

14.3

$

13.7

ManpowerGroup

Results of Operations

(In millions, except per share data)

Nine Months Ended September 30

% Variance

Amount

Constant

2026

2025

Reported

Currency

(Unaudited)

Revenues from services (a)

$

14,210.6

$

13,244.0

7.3

%

4.7

%

Cost of services

11,940.0

11,013.1

8.4

%

5.7

%

  Gross profit

2,270.6

2,230.9

1.8

%

-0.5

%

Selling and administrative expenses,
   excluding impairment charges

2,048.0

2,072.7

-1.2

%

-3.4

%

Impairment charges (b)

—

88.7

N/A

N/A

  Selling and administrative expenses

2,048.0

2,161.4

-5.3

%

-7.4

%

  Operating profit

222.6

69.5

220.4

%

213.8

%

Interest and other expenses, net

46.8

41.7

12.4

%

 Earnings before income taxes

175.8

27.8

531.5

%

525.5

%

Provision for income taxes

85.7

71.3

20.2

%

  Net earnings (loss)

$

90.1

$

(43.5)

N/A

N/A

Net earnings (loss) per share - basic

$

1.93

$

(0.93)

N/A

Net earnings (loss) per share - diluted

$

1.89

$

(0.93)

N/A

N/A

Weighted average shares - basic

46.8

46.6

0.4

%

Weighted average shares - diluted

47.6

46.6

2.2

%

(a) 

Revenues from services include fees received from our franchise offices of $12.5 million for both the nine months ended September 30, 2026 and 2025. These fees are primarily based on revenues generated by the franchise offices, which were $1,406.8 million and $1,147.4 million for the nine months ended September 30, 2026 and 2025, respectively.

(b) 

Impairment charges for the nine months ended September 30, 2025 consist of a goodwill impairment related to our investments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible asset in our Switzerland business.

ManpowerGroup

Operating Unit Results

(In millions)

Nine Months Ended September 30

% Variance

Amount

Constant

2026

2025

Reported

Currency

(Unaudited)

Revenues from Services:

  Americas:

      United States (a)

$

2,098.0

$

2,053.7

2.2

%

2.2

%

      Other Americas

1,476.6

1,161.7

27.1

%

21.7

%

3,574.6

3,215.4

11.2

%

9.2

%

  Southern Europe:

      France

3,379.1

3,288.5

2.8

%

-0.8

%

      Italy

1,479.7

1,336.2

10.7

%

6.9

%

      Other Southern Europe

1,779.1

1,564.1

13.8

%

7.7

%

6,637.9

6,188.8

7.3

%

3.0

%

  Northern Europe

2,476.2

2,342.0

5.7

%

2.0

%

  APME

1,544.1

1,522.2

1.4

%

5.7

%

14,232.8

13,268.4

  Intercompany Eliminations

(22.2)

(24.4)

14,210.6

13,244.0

7.3

%

4.7

%

Operating Unit Profit (Loss):

  Americas:

      United States

$

79.2

$

51.6

53.6

%

53.6

%

      Other Americas

59.2

47.9

23.4

%

18.4

%

138.4

99.5

39.1

%

36.6

%

  Southern Europe:

      France

67.9

83.9

-19.1

%

-20.9

%

      Italy

90.2

83.0

8.6

%

5.0

%

      Other Southern Europe

35.8

22.2

61.1

%

49.5

%

193.9

189.1

2.5

%

-1.3

%

  Northern Europe

1.3

(42.2)

N/A

N/A

  APME

69.5

73.2

-4.8

%

1.9

%

403.1

319.6

Corporate expenses

(159.5)

(137.1)

Impairment charges (b)

—

(88.7)

Intangible asset amortization expense

(21.0)

(24.3)

    Operating profit

222.6

69.5

220.4

%

213.8

%

Interest and other expenses, net (c)

(46.8)

(41.7)

    Earnings before income taxes

$

175.8

$

27.8

(a) 

In the United States, revenues from services include fees received from our franchise offices of $7.5 million for both the nine months ended September 30, 2026 and 2025. These fees are primarily based on revenues generated by the franchise offices, which were $266.4 million and $247.5 million for the nine months ended September 30, 2026 and 2025, respectively.

(b) 

Impairment charges for the nine months ended September 30, 2025 consist of a goodwill impairment related to our investments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible asset in our Switzerland business.

(c) 

The components of interest and other expenses, net were:

2026

2025

        Interest expense

$

77.5

$

72.5

        Interest income

(18.7)

(22.0)

        Foreign exchange loss

3.6

4.6

        Miscellaneous income, net

(15.6)

(13.4)

$

46.8

$

41.7

ManpowerGroup

Consolidated Balance Sheets

(In millions)

September 30,

December 31,

2026

2025

(Unaudited)

ASSETS

Current assets:

  Cash and cash equivalents

$

233.1

$

871.0

  Accounts receivable, net

4,619.4

4,770.3

  Prepaid expenses and other assets

204.3

149.1

      Total current assets

5,056.8

5,790.4

Other assets:

  Goodwill

1,481.7

1,544.6

  Intangible assets, net

408.3

430.1

  Operating lease right-of-use assets

345.5

392.7

  Other assets

856.5

879.1

      Total other assets

3,092.0

3,246.5

Property and equipment:

  Land, buildings, leasehold improvements and equipment

522.8

526.9

  Less: accumulated depreciation and amortization

411.7

403.7

      Net property and equipment

111.1

123.2

          Total assets

$

8,259.9

$

9,160.1

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

  Accounts payable

$

2,432.6

$

2,721.1

  Employee compensation payable

232.7

232.3

  Accrued payroll taxes and insurance

633.0

672.1

  Accrued liabilities

461.0

457.6

  Value added taxes payable

406.5

418.1

  Short-term operating lease liability

99.2

107.4

  Short-term borrowings and current maturities of long-term debt

540.6

625.0

      Total current liabilities

4,805.6

5,233.6

Other liabilities:

  Long-term debt

562.8

1,052.1

  Long-term operating lease liability

259.8

304.3

  Other long-term liabilities

491.1

509.8

      Total other liabilities

1,313.7

1,866.2

Shareholders' equity:

  ManpowerGroup shareholders' equity

  Common stock

1.2

1.2

  Capital in excess of par value

3,592.8

3,572.5

  Retained earnings

3,788.9

3,732.3

  Accumulated other comprehensive loss

(406.1)

(412.1)

  Treasury stock, at cost

(4,836.4)

(4,834.3)

          Total ManpowerGroup shareholders' equity

2,140.4

2,059.6

  Noncontrolling interests

0.2

0.7

          Total shareholders' equity

2,140.6

2,060.3

             Total liabilities and shareholders' equity

$

8,259.9

$

9,160.1

ManpowerGroup

Consolidated Statements of Cash Flows

(In millions)

Nine Months Ended

September 30,

2026

2025

(Unaudited)

Cash Flows from Operating Activities:

  Net earnings (Loss)

$

90.1

$

(43.5)

  Adjustments to reconcile net earnings to net cash used in operating activities:

    Depreciation and amortization

62.1

65.5

    (Gain) Loss on sales of subsidiaries, net

(22.8)

6.2

    Non-cash impairment of goodwill and other intangible assets

—

88.7

    Deferred income taxes

7.1

(16.1)

    Provision for credit losses

9.1

4.3

    Share-based compensation

20.9

20.2

  Changes in operating assets and liabilities:

    Accounts receivable

36.4

(8.8)

    Other assets

(74.7)

(95.4)

    Accounts payable

(255.8)

(182.9)

    Other liabilities

(9.4)

(121.2)

            Cash used in operating activities

(137.0)

(283.0)

Cash Flows from Investing Activities:

  Capital expenditures

(23.6)

(46.4)

  Acquisition of businesses, net of cash acquired

—

(1.0)

  Impact to cash resulting from sales of subsidiaries

87.5

(2.1)

  Proceeds from the sale of property and equipment

1.4

0.8

            Cash provided by (used in) investing activities

65.3

(48.7)

Cash Flows from Financing Activities:

  Net change in short-term borrowings

1.5

65.7

  Net proceeds from revolving debt facility

50.0

73.0

  Proceeds from long-term debt

3.2

0.2

  Repayments of long-term debt

(585.9)

(0.6)

  Payments of contingent consideration for acquisition

(0.8)

(1.3)

  Taxes paid related to net share settlement

(2.8)

(6.0)

  Repurchases of common stock and excise tax

(0.3)

(38.2)

  Dividends paid

(33.5)

(33.3)

            Cash (used in) provided by financing activities

(568.6)

59.5

Effect of exchange rate changes on cash

2.4

37.4

Change in cash and cash equivalents

(637.9)

(234.8)

Cash and cash equivalents, beginning of period

871.0

509.4

Cash and cash equivalents, end of period

$

233.1

$

274.6

SOURCE ManpowerGroup

 | Source:

Krystal Biotech, Inc.

Over 80% of assessed basal cell carcinoma lesions regressed across three Gorlin syndrome patients treated with KB113

Substantial regression was observed in lesions not directly injected with KB113, consistent with abscopal effect

KB113 injections were well tolerated by Gorlin syndrome patients; all reported adverse events were mild to moderate in severity and transient in nature

Data will be presented by study investigator Dr. Shireen Guide at the 14th PeDRA Annual Conference, October 15-17, 2026

PITTSBURGH, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Krystal Biotech, Inc. (the “Company”) (NASDAQ: KRYS) announced today a positive clinical update supporting initial proof of concept for KB113, an intratumoral immunotherapy designed to drive sustained, localized expression of interleukin-2 (IL-2) and interleukin-12 (IL-12) in the tumor microenvironment and promote systemic immune-mediated tumor clearance, in the treatment of basal cell carcinomas (BCCs) in patients with Gorlin syndrome:

Broad antitumor responses were detected in all three Gorlin syndrome patients treated with KB113, with over 80% of assessed BCC lesions reducing in size;Responses were observed in both injected and non-injected lesions, including substantial regression in lesions that were not directly injected with KB113, consistent with an abscopal effect; andComplete clearance of an injected lesion was also confirmed histologically for each of the three patients treated with KB113. Gorlin syndrome is a genetic disease characterized by a greatly increased risk of developing BCCs. Patients with Gorlin syndrome can develop BCCs as early as infancy and may have hundreds of BCCs over their lifetimes requiring frequent and potentially disfiguring surgical procedures. The psychological and physical toll of Gorlin syndrome builds over time, as patients are subjected to repeated cycles of surveillance, surgery, and recovery to manage emergent BCCs, with each surgery adding to the cumulative risk of scarring and permanent tissue loss. Prevalence data for Gorlin syndrome is limited but available data suggest the number of patients with Gorlin syndrome in the United States could exceed 10,000.

“For individuals living with Gorlin syndrome, the lifelong emergence of multiple BCCs creates an immense cumulative treatment burden—often resulting in extensive scarring and significant impacts on quality of life,” said Shireen V. Guide, MD, Mission Dermatology Center. “The observed antitumor responses with KB113 across both injected and non-injected lesions represent encouraging preliminary findings that strongly support its continued clinical development.”

Gorlin Syndrome Pilot Study Clinical Results

KB113 is the low dose of intratumoral KB707 that showed promising early efficacy signals in patients with BCC in the Company’s OPAL-1 Phase 1/2 study, an open label, multicenter, dose escalation and expansion Phase 1/2 study in patients with injection-accessible solid tumors. The Gorlin Syndrome Pilot Study was a multicenter, single-arm, open label study designed to evaluate the safety and preliminary efficacy of KB113 for the treatment of BCCs in patients with Gorlin syndrome. Three adult patients with Gorlin syndrome were enrolled in the study. All three patients received six doses of up to 2 mL of 108 PFU/mL KB113 over a period of 14 weeks, with the first two doses spaced two weeks apart followed by dosing once every three weeks. Landmark lesions, defined as facial BCCs ≥5 mm in diameter or non-facial BCCs ≥9 mm in diameter, were identified by the investigator and visually assessed for clinical regression throughout the 14-week treatment period and again 30 days after the final dose using a pre-specified, investigator-assessed 5-point clearance scale. The scale categorizes each lesion by magnitude of regression. Only landmark lesions were eligible for injection with KB113. The investigator selected which landmark lesions to inject, irrespective of anatomical location, and determined the injection volume for each lesion based on its clinical presentation. Additional details on the OPAL-1 study can be found at www.clinicaltrials.gov under NCT identifier: NCT05970497.

Regression of landmark lesions was observed as early as two weeks after initiation of treatment, with responses broadening and deepening over time. At the final assessment conducted 30 days after last dose, over 80% of all assessed landmark lesions had regressed. Over half of all landmark lesions demonstrated greater than 50% clinical regression, and a subset demonstrated at least 90% clinical regression, as assessed using the investigator-assessed 5-point clearance scale. Substantial regression was observed in lesions that had never been directly injected, providing preliminary evidence of an abscopal effect.  

Details on response rates at the final assessment are summarized below:

Combined Results for All Three Gorlin Syndrome Patients

Clinical RegressionInjectedNon-InjectedOverallAny clinical regression in lesion size*29/36 (80.6%)40/47 (85.1%)69/83 (83.1%)> 50% clinical regression**15/36 (41.7%)27/47 (57.4%)42/83 (50.6%)≥ 90% clinical regression4/36 (11.1%)4/47 (8.5%)8/83 (9.6%)* Inclusive of lesions with > 50% clinical regression
** Inclusive of lesions with ≥ 90% clinical regression
To further assess clinical regression, one injected lesion from each patient that had achieved at least 90% clinical regression was biopsied. All three biopsied lesions demonstrated histologically confirmed complete response, with no evidence of residual tumor tissue.

Consistent with prior experience in the low dose escalation cohort of OPAL-1, KB113 was well tolerated by all three patients enrolled in the Gorlin Syndrome Pilot Study. All reported adverse events were mild or moderate in severity, transient, and resolved during the study.

“The breadth and depth of responses reported today on landmark lesions located in various parts of the patient’s body showcase the systemic immune-activating potential of HSV-1 encoded IL-2 and IL-12 and have exciting implications for Krystal and the many patients we aim to serve,” said Suma Krishnan, President of Research and Development at Krystal Biotech. “Leveraging our extensive HSV-1 dataset and clinical experience, we believe there is an opportunity to quickly advance our newly announced program for Gorlin syndrome and further our commitment to patients suffering from skin diseases.”  

The Company has initiated discussions with the United States Food and Drug Administration (FDA) regarding the advanced clinical development of KB113 for the treatment of Gorlin syndrome. The Company will provide an update on its clinical development plans following alignment with the FDA.

A poster summarizing the Gorlin Syndrome Pilot Study results will be presented by study investigator Dr. Guide at the 14th Pediatric Dermatology Research Alliance (PeDRA) Annual Conference, October 15-17, 2026 in Alexandria, Virginia. The poster is available to view online on the Investor section of the Company’s website.

About Krystal Biotech, Inc.
Krystal Biotech, Inc. (NASDAQ: KRYS) is a fully integrated, commercial-stage, global biotechnology company focused on the discovery, development and commercialization of genetic medicines to treat diseases with high unmet medical needs. VYJUVEK®, the Company’s first commercial product, is the first-ever redosable gene therapy and the first genetic medicine approved in the United States, Europe, and Japan for the treatment of dystrophic epidermolysis bullosa. The Company is rapidly advancing a robust preclinical and clinical pipeline of investigational genetic medicines. Krystal Biotech is headquartered in Pittsburgh, Pennsylvania. Visit www.krystalbio.com to learn more or follow us on LinkedIn and X.

Forward-Looking Statements and Disclosures
This press release contains “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on the Company’s current expectations and beliefs regarding its product candidate, KB113, for the treatment of patients with Gorlin syndrome. These forward-looking statements include, without limitation, statements relating to the systemic immune-activating potential of KB113; the potential of KB113 as a treatment for Gorlin syndrome; the Company’s plans to continue development of KB113 and its discussions with the FDA regarding the clinical development of KB113; an opportunity to quickly advance the KB113 program for Gorlin syndrome; and the Company’s plans to provide an update on its clinical development plans for KB113 following alignment with the FDA. All statements other than historical facts are or may be deemed to be forward-looking statements and involve known and unknown risks, uncertainties, and assumptions that could cause actual results to differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties inherent in the initiation and conduct of clinical trials and in regulatory review of clinical trials and applications for marketing approvals; whether results of early clinical trials, including results observed in a small number of patients, will be indicative of the results of later-stage studies; and such other important factors as are set forth under the caption “Risk Factors” in the Company’s annual and quarterly reports on file with the U.S. Securities and Exchange Commission. The Company provides this information as of the date of this press release and assumes no obligation to update any forward-looking statements.

KB113 is an investigational product candidate. The safety and efficacy of KB113 have not been established, and it has not been approved by the FDA or any other regulatory authority.

CONTACT
Investors and Media:                                                             
Stéphane Paquette, PhD
Krystal Biotech
[email protected]                                    

Equinor (EQNR.OL) is abandoning plans to install a second electric export compressor ​on its Troll C platform in ‌the North Sea, preventing a drop in output from Europe's largest natural gas field ​in 2027 and 2028, the Norwegian ​company said.

Installing the second compressor would have ⁠required an extensive modification period, resulting ​in reduced production from Troll C ​for up to 21 months

Decision makes around 2.3 billion standard cubic metres of additional gas available ​to the European market in 2027 ​and 2028, Equinor said

"This corresponds to approximately two years ‌of ⁠gas consumption for around one million European households"

But by not installing the compressor, CO2 emissions from the field will ​be higher ​than if ⁠the installation took place as planned in 2021

The original installation ​plan called for compensating a ​loss ⁠of gas output by increasing production from Troll A, but the field is now ⁠producing ​at maximum capacity throughout ​the year and is thus unable to do so

CNX Resources Corporation. (NYSE:CNX – Get Free Report)’s share price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $35.28 and traded as high as $35.36. CNX Resources shares last traded at $34.8560, with a volume of 1,404,781 shares trading hands.

Analysts Set New Price Targets CNX has been the subject of a number of recent analyst reports. Weiss Ratings downgraded CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Truist Financial raised CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price objective for the company in a research report on Wednesday, July 15th. Scotiabank assumed coverage on CNX Resources in a report on Wednesday. They issued a “sector perform” rating and a $34.00 price objective on the stock. Finally, Morgan Stanley dropped their price objective on CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a report on Monday, June 29th. Eight research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $34.62.

Read Our Latest Stock Report on CNX

CNX Resources Stock Down 1.4% The firm’s 50-day moving average price is $34.89 and its two-hundred day moving average price is $35.28. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72. The firm has a market cap of $5.16 billion, a PE ratio of 5.82 and a beta of 0.69. CNX Resources (NYSE:CNX – Get Free Report) last posted its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The firm had revenue of $618.48 million for the quarter, compared to the consensus estimate of $475.16 million. During the same period last year, the firm posted $2.43 EPS. The company’s revenue was down 35.7% on a year-over-year basis. As a group, equities research analysts expect that CNX Resources Corporation. will post 3.12 EPS for the current fiscal year.

Hedge Funds Weigh In On CNX Resources Large investors have recently bought and sold shares of the stock. Allworth Financial LP increased its holdings in shares of CNX Resources by 5.5% in the 2nd quarter. Allworth Financial LP now owns 6,144 shares of the oil and gas producer’s stock valued at $208,000 after acquiring an additional 323 shares during the period. QRG Capital Management Inc. boosted its stake in CNX Resources by 2.3% during the 2nd quarter. QRG Capital Management Inc. now owns 19,987 shares of the oil and gas producer’s stock worth $678,000 after purchasing an additional 440 shares during the period. Farther Finance Advisors LLC boosted its stake in CNX Resources by 18.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,006 shares of the oil and gas producer’s stock worth $94,000 after purchasing an additional 472 shares during the period. Petra Financial Advisors Inc. boosted its stake in CNX Resources by 1.1% during the 1st quarter. Petra Financial Advisors Inc. now owns 55,393 shares of the oil and gas producer’s stock worth $2,135,000 after purchasing an additional 621 shares during the period. Finally, Brown Miller Wealth Management LLC grew its position in CNX Resources by 7.9% during the 1st quarter. Brown Miller Wealth Management LLC now owns 10,510 shares of the oil and gas producer’s stock worth $405,000 after purchasing an additional 771 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

CNX Resources Company Profile (Get Free Report)

CNX Resources Corporation (NYSE: CNX) is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company’s activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.

Further Reading Five stocks we like better than CNX Resources Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Receive News & Ratings for CNX Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CNX Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Microsoft (MSFT -1.80%) has had a challenging past 12 months, as many investors think that artificial intelligence (AI) will displace the services that many software corporations, including Microsoft, provide. However, the tech giant has roared back over the past three months.

During the third quarter of the calendar year, the company's shares gained almost 38%, its best quarterly performance since 1998. It would have been nice to buy Microsoft's shares three months ago, before its third-quarter run, but is there any more upside from current levels? Let's find out.

Image source: The Motley Fool. Image source: The Motley Fool.

Why Microsoft bounced backMicrosoft stock hit a fresh 52-week low around late June. About a month later, the company released its fourth-quarter update for its fiscal year 2026, which ended on June 30. Microsoft's results were excellent, coming up ahead of analyst estimates.

The company's revenue increased by 18% year over year to $90 billion. Microsoft's operating income jumped 18% year over year to $40.6 billion, while its non-GAAP earnings per share came in at $4.74, 23% higher than the year-ago period. Microsoft's strong performance was largely due to its AI and cloud computing businesses, which helped dispel fears that the company's services would eventually lose out to AI.

Quite the opposite is happening. Microsoft is capitalizing on AI by launching tools that cater to its clients. That includes AI agents that automate tasks and boost the productivity of the businesses that depend on Microsoft's tools in their day-to-day activities.

Of course, Microsoft offers plenty of cloud services beyond AI. During the company's fourth quarter, revenue from Microsoft Azure (its cloud computing platform) grew 43% year over year. Azure sales exceeded $100 billion during Microsoft's fiscal year 2026 for the first time. Microsoft's entire cloud business -- including Azure and other segments -- posted $59.3 billion in revenue during the company's Q4, up 27% year over year.

The company ended the quarter with $678 billion in cloud commercial remaining performance obligations, up 84% year over year. So, it isn't just that Microsoft performed well. The company's massive backlog signals sustained demand for its cloud services, and that's great news for the company's medium-term prospects. That's why Microsoft's shares have been rebounding.

What the future may holdWe may be entering the next wave of AI, one that increasingly features agentic systems that can help people and businesses accomplish tasks and work toward goals. Microsoft is in a solid position to capitalize on this, as it has already started launching agents. The company's strengths that have enabled it to become one of the leaders in the cloud computing market will remain hugely important.

These strengths include long-standing relationships with millions of enterprises that use its products every day. Microsoft can integrate new services across the products its clients already use. In fact, as the company pointed out in its fourth-quarter update, Microsoft 365 Copilot -- a suite of AI assistants built into apps like Word and Excel that can automate various tasks -- ended the period with more than 30 million paid seats.

Further, the company has a culture of innovation and generates significant cash flow that can help it stay ahead of rapid technological change, such as the one we are experiencing with AI. Microsoft has already spent a fortune on capex to keep up its AI build-out, and we can expect the company to continue doing so. Some may see that as a bad sign, but Microsoft's financial results strongly suggest that the investment is worth it.

In my view, the company still has significant opportunities in cloud computing and AI, and additional investments are more than justified, especially if they lead to margin gains down the line. Microsoft is increasingly relying on its internally developed Maia series of custom chips, which, as the company has pointed out, leads to better performance per watt when running its MAI foundation AI models.

These are all good reasons Microsoft's prospects look bright, and it's also worth noting that the stock doesn't look prohibitively expensive. Microsoft is trading at 25.1x forward earnings, versus an average of 20.9x for information technology stocks. The company is worth a premium given its outstanding position in AI and cloud computing, wide moat from switching costs, and significant growth prospects. So, even after its recent run, Microsoft stock is a buy.

Netflix (NASDAQ: NFLX) stock just got a major thumbs up five days ahead of the upcoming earnings report, with Jefferies initiating coverage of the streaming platform with a “Buy” rating and a price target of $85.

The new price implies an upside of more than 20% from the stock’s last closing price of $70.57, and the capital firm says it sees opportunities for sustained earnings growth thanks to higher subscription prices, advertising expansion, and improving operating margins.

Analyst John Colantuoni projects that these growth drivers could deliver annual earnings-per-share growth of more than 14% over the next decade. Likewise, he expects per-member revenue to increase by roughly 6%, which is more than half of the projected annual revenue growth of 11% between 2026 and 2029. 

Following the call, NFLX shares rose 0.62% in pre-market trading, which, combined with yesterday’s modest 0.16% uptick, pushed the price to exactly $71 in pre-market hours.

NFLX stock price one-day chart. Source: Google Finance Ads and subscription prices will prop Netflix stock prices, Jefferies says As Colantuoni noted, Netflix’s standard subscription currently costs 60% less than competing services in the U. S. per viewing hour. Looking ahead, he expects that gap to narrow to 50% by 2029, if annual prices can increase by around 7%.

Similarly, ads are expected to provide another significant growth engine. Colantuoni himself forecasts advertising revenue will rise by around 35% annually, supported by subscriber growth, increased advertising loads, stronger third-party demand, and new ad formats.

However, any valuation argument will rest on Netflix’s ability to translate its global subscriber base and growing advertising business into higher revenue and profitability. 

Netflix earnings now in focus Netflix is scheduled to report its third-quarter results on October 20. Overall, analyst views remain broadly constructive and are in line with those given by Jefferies, but some reflect caution about profitability. 

For example, KeyBanc has lowered its Netflix price target to $85, citing foreign-exchange headwinds and more modest operating-margin expansion amid continued content investment. Still, the firm maintained its “Overweight” rating.

Overall, with Jefferies identifying substantial potential for higher monetization and sustained earnings growth, the market is likely to focus on subscriber trends, advertising revenue growth, pricing, and operating-margin expansion when Netflix releases its earnings report. 

Featured image via Shutterstock

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Pfizer Inc. (NYSE:PFE – Get Free Report) has received a consensus recommendation of “Hold” from the twenty-one brokerages that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, fourteen have issued a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $28.72.

PFE has been the subject of a number of analyst reports. Bank of America dropped their price target on shares of Pfizer from $27.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, July 10th. BMO Capital Markets reduced their price target on Pfizer from $34.00 to $30.00 and set an “outperform” rating on the stock in a research report on Monday, July 13th. Wall Street Zen lowered Pfizer from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Cantor Fitzgerald lifted their price objective on Pfizer from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 8th. Finally, Weiss Ratings raised Pfizer from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 31st.

Read Our Latest Analysis on PFE

Pfizer Price Performance Shares of Pfizer stock opened at $29.22 on Thursday. Pfizer has a twelve month low of $23.62 and a twelve month high of $29.49. The company has a quick ratio of 0.96, a current ratio of 1.27 and a debt-to-equity ratio of 0.71. The company has a 50-day simple moving average of $27.88 and a two-hundred day simple moving average of $26.53. The stock has a market capitalization of $166.53 billion, a price-to-earnings ratio of 38.44, a price-to-earnings-growth ratio of 1.93 and a beta of 0.32. Pfizer (NYSE:PFE – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The biopharmaceutical company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.09. Pfizer had a net margin of 6.80% and a return on equity of 19.63%. The firm had revenue of $15.03 billion during the quarter, compared to the consensus estimate of $14.40 billion. During the same quarter in the previous year, the firm posted $0.78 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Pfizer has set its FY 2026 guidance at 2.800-3.000 EPS. Analysts forecast that Pfizer will post 2.95 EPS for the current year.

Pfizer Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, December 7th. Investors of record on Friday, November 6th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Friday, November 6th. Pfizer’s payout ratio is 226.32%.

Institutional Investors Weigh In On Pfizer Large investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Pfizer by 6.3% during the second quarter. BlackRock Inc. now owns 529,670,433 shares of the biopharmaceutical company’s stock valued at $12,754,464,000 after acquiring an additional 31,412,883 shares during the last quarter. State Street Corp raised its stake in shares of Pfizer by 1.8% in the second quarter. State Street Corp now owns 307,090,897 shares of the biopharmaceutical company’s stock valued at $7,394,749,000 after acquiring an additional 5,501,032 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Pfizer by 7.4% in the second quarter. Bank of New York Mellon Corp now owns 57,879,546 shares of the biopharmaceutical company’s stock valued at $1,393,739,000 after acquiring an additional 3,999,646 shares during the period. Bank of America Corp DE bought a new stake in shares of Pfizer in the 2nd quarter worth about $1,049,602,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Pfizer by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 36,422,799 shares of the biopharmaceutical company’s stock worth $1,022,606,000 after acquiring an additional 293,029 shares during the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Pfizer Here are the key news stories impacting Pfizer this week:

Positive Sentiment: Pfizer said it will present data from more than 50 abstracts at IDWeek 2026, including updates on its Lyme vaccine, next-generation pneumococcal vaccine, RSV and COVID-19 programs. The breadth of the upcoming data could reinforce confidence in Pfizer’s infectious-disease pipeline. Pfizer Showcases Clinical Advancements Across Infectious Diseases at IDWeek 2026 Positive Sentiment: A next-generation pneumococcal vaccine has entered a key Phase 3 trial, potentially expanding Pfizer’s future vaccine revenue opportunities. Pfizer’s Next-Gen Pneumococcal Shot Enters Key Phase 3 Test Positive Sentiment: Pfizer entered a research collaboration and licensing agreement with Enodia Therapeutics to discover and develop Sec61-targeting small molecules. The deal adds another external innovation program to Pfizer’s pipeline, although commercial benefits are likely years away. Enodia Therapeutics Announces Research Collaboration and License Agreement with Pfizer Positive Sentiment: Unusually heavy call-option activity and recent purchases by several Pfizer insiders may have supported bullish trading sentiment. Investors are also attracted to the roughly 6% dividend yield and the declared quarterly dividend of $0.43 per share. Neutral Sentiment: Pfizer’s latest reported quarter exceeded earnings and revenue expectations, and management’s 2026 EPS guidance is $2.80–$3.00. However, the company’s outlook remains dependent on pipeline execution and replacing pandemic-related revenue declines. Negative Sentiment: The dividend’s sustainability remains a concern: commentary highlighted a payout ratio above reported earnings, while several analyst price targets cluster between $25 and $28—below the current share price. This could limit upside despite the attractive income yield. Pfizer Company Profile (Get Free Report)

Pfizer Inc (NYSE:PFE) is a global biopharmaceutical company that discovers, develops, manufactures and commercializes prescription medicines and vaccines. Its research and commercial activities focus on areas including oncology, inflammation and immunology, internal medicine, hospital care and vaccines.

The company’s portfolio includes widely used products such as the Prevnar family of pneumococcal vaccines, Ibrance for certain breast cancers, Eliquis for preventing blood clots, Xeljanz for inflammatory conditions, and Vyndaqel for transthyretin amyloidosis.

See Also Five stocks we like better than Pfizer Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know

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Macy’s, Inc. (NYSE:M – Get Free Report) has been given an average rating of “Hold” by the thirteen brokerages that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $22.78.

Several equities analysts have recently issued reports on the company. TD Cowen reaffirmed a “hold” rating on shares of Macy’s in a research report on Monday, September 14th. Weiss Ratings upgraded shares of Macy’s from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. BTIG Research reaffirmed a “neutral” rating on shares of Macy’s in a report on Friday, September 11th. Wall Street Zen raised shares of Macy’s from a “hold” rating to a “buy” rating in a report on Sunday, September 20th. Finally, Citigroup upped their target price on shares of Macy’s from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 25th.

View Our Latest Stock Report on M

Macy’s Stock Performance Macy’s stock opened at $22.71 on Thursday. The stock’s 50 day simple moving average is $22.79 and its two-hundred day simple moving average is $22.10. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.48 and a current ratio of 1.59. The stock has a market cap of $5.93 billion, a price-to-earnings ratio of 8.32 and a beta of 1.44. Macy’s has a fifty-two week low of $16.69 and a fifty-two week high of $26.58. Macy’s (NYSE:M – Get Free Report) last posted its earnings results on Thursday, September 10th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.26. Macy’s had a return on equity of 13.21% and a net margin of 3.29%. The firm had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $4.81 billion. During the same quarter in the prior year, the business earned $0.41 EPS. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. Macy’s has set its Q3 2026 guidance at -0.230–0.190 EPS and its FY 2026 guidance at 2.150-2.350 EPS. As a group, analysts expect that Macy’s will post 2.34 earnings per share for the current fiscal year.

Macy’s Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were given a dividend of $0.1915 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.77 annualized dividend and a dividend yield of 3.4%. Macy’s’s dividend payout ratio (DPR) is 28.21%.

Hedge Funds Weigh In On Macy’s A number of hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in Macy’s by 23.4% in the 1st quarter. Bank of America Corp DE now owns 978,206 shares of the company’s stock worth $17,696,000 after purchasing an additional 185,678 shares during the period. Royal Bank of Canada raised its stake in Macy’s by 149.3% during the 1st quarter. Royal Bank of Canada now owns 175,506 shares of the company’s stock valued at $3,175,000 after buying an additional 105,117 shares during the last quarter. Monument Capital Management bought a new position in shares of Macy’s during the 3rd quarter valued at $2,434,000. Amundi lifted its holdings in shares of Macy’s by 375.7% during the 1st quarter. Amundi now owns 230,041 shares of the company’s stock valued at $4,161,000 after buying an additional 181,684 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Macy’s by 81.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,763,721 shares of the company’s stock valued at $104,266,000 after buying an additional 2,594,549 shares during the period. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

About Macy’s (Get Free Report)

Macy’s, Inc (NYSE:M) is an American omnichannel retailer that sells apparel, accessories, beauty products, home furnishings, jewelry, and other consumer merchandise through department stores, specialty stores, and digital platforms. Its principal brands include Macy’s, Bloomingdale’s, and Bluemercury, a beauty retailer offering cosmetics, skincare, fragrance, and related services.

The company serves customers primarily in the United States through its stores and e-commerce operations. Macy’s offers a mix of national and private-brand merchandise, while Bloomingdale’s focuses on premium and luxury products and Bluemercury operates beauty stores and in-store beauty shops.

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Micron Technology (MU -4.08%) has become a stock that retail investors love for its strong growth and cheap valuation, while institutional investors have grown increasingly cautious about its outlook. The latest investor to warn about Micron was Cathie Wood of Ark Investment Management, who said that while the current trend is up, memory cycles can be "viscous" and that increased competition from China could eventually upend the market.

If history is any guide, Micron could see its stock crash, and it could take decades to potentially recover.

Image source: The Motley Fool.

Before its latest surge, Micron set its all-time high all the way back in the summer of 2000 before the dot-com bubble burst. The company saw soaring revenue and profits driven by a memory shortage that pushed up average selling prices. At the same time, demand for DRAM (dynamic random-access memory) was surging due to a huge PC cycle sparked by the end of Y2K, the internet, and the release of Windows 2000. NAND (flash) memory prices were also soaring due to rising demand for electronic devices and cellphones.

Back in early 2000, Micron's stock went parabolic before eventually crashing back to Earth, and it took roughly two decades for the stock to recover. In the end, it was just another example of the huge boom-and-bust cycles the stock and the industry has gone through over the years.

Micron stock has seen a similar parabolic rise this year, although it makes the 2000 surge look small in comparison. Thus, while the semiconductor stock appears extremely cheap based on near-term earnings, the question is whether this time will be different than memory cycles.

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Is this memory cycle different? Micron is currently one of three big DRAM makers, along with Korean rivals Samsung and SK Hynix. Last quarter, it derived 73% of its revenue from DRAM and 26% from NAND. Together, these three companies control over 85% of the DRAM market.

In addition to the big three DRAM makers, Chinese company CXMT also produces DRAM, as does Taiwanese company Nanya. The NAND market, meanwhile, has more players, including Sandisk, Japanese company Kioxia, and Chinese company YMTC.

The memory cycle is currently being driven by high demand coming from the AI infrastructure build-out. AI chips, such as graphics processing units (GPUs), must be packaged with high bandwidth memory (HBM), a specialized form of DRAM, to reduce latency, while massive solid-state drives (SSDs) are needed to store training data. The big three memory makers, who have put most of their efforts and resources into HBM, have meanwhile caused conventional DRAM and NAND prices to skyrocket.

And this is what ultimately puts Micron and the whole memory trade at risk. While Micron is benefiting from huge HBM demand, conventional memory prices are what are driving the company's colossal revenue growth and gross margin expansion. By my estimate, Micron derives less than 10% of its revenue from HBM (an approximate 20% market share on a projected $54.6 billion market). This makes it very exposed to a pullback in ordinary DRAM and NAND prices.

While booming demand for HBM and memory companies signing longer-term contracts for the first time do make elements of the current memory cycle different than past ones, risks are also on the rise. CXMT has been increasing its DRAM capacity and taking market share, and it recently announced that it is making meaningful progress with more efficient chip designs. While it is very unlikely that any of its chips will be allowed in U.S. data centers, just increasing overall ordinary DRAM supply could have a big impact on conventional memory prices.

If increased DRAM and NAND supply, driven by increased capacity from China, leads to a big drop in conventional memory prices, I'd expect history to largely repeat itself, with Micron's stock crashing and never returning to prior highs. However, I don't think it will crash quite as far as in 2000, and that the company can remain profitable, unlike in past bust cycles. Still, I'd avoid this AI stock for now.

Union Pacific (NYSE:UNP – Get Free Report) is expected to be posting its Q3 2026 results before the market opens on Thursday, October 22nd. Analysts expect Union Pacific to post earnings of $3.47 per share and revenue of $7.12 billion for the quarter. Parties may visit the company’s upcoming Q3 2026 earnings overview page for the latest details on the call scheduled for Thursday, October 22, 2026 at 8:45 AM ET.

Union Pacific (NYSE:UNP – Get Free Report) last issued its earnings results on Thursday, July 23rd. The railroad operator reported $3.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.15. Union Pacific had a net margin of 28.85% and a return on equity of 38.46%. The business had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.72 billion. During the same quarter in the prior year, the business posted $3.03 EPS. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, analysts expect Union Pacific to post $13.05 EPS for the current fiscal year and $14.01 EPS for the next fiscal year.

Union Pacific Stock Performance Shares of UNP stock opened at $286.01 on Thursday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.82 and a current ratio of 0.99. Union Pacific has a one year low of $215.53 and a one year high of $315.99. The company’s 50-day simple moving average is $287.94 and its 200-day simple moving average is $276.17. The stock has a market capitalization of $169.91 billion, a price-to-earnings ratio of 22.99, a PEG ratio of 2.80 and a beta of 0.95.

Union Pacific Increases Dividend The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, August 31st were issued a $1.42 dividend. This is an increase from Union Pacific’s previous quarterly dividend of $1.38. This represents a $5.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Monday, August 31st. Union Pacific’s dividend payout ratio is presently 45.99%. Analyst Ratings Changes Several analysts have issued reports on UNP shares. Evercore restated an “outperform” rating and set a $294.00 price objective on shares of Union Pacific in a research note on Thursday, June 25th. Susquehanna reduced their target price on Union Pacific from $345.00 to $333.00 and set a “positive” rating on the stock in a report on Friday, October 2nd. Erste Group Bank started coverage on Union Pacific in a research report on Thursday, August 27th. They issued a “buy” rating for the company. Robert W. Baird lifted their target price on Union Pacific from $311.00 to $344.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $320.00 price target (up from $285.00) on shares of Union Pacific in a report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Union Pacific currently has a consensus rating of “Moderate Buy” and an average price target of $325.72.

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About Union Pacific (Get Free Report)

Union Pacific Corporation (NYSE: UNP) is a freight railroad company that operates one of the largest rail networks in North America. Through its principal subsidiary, Union Pacific Railroad, the company provides transportation services for businesses across the western two-thirds of the United States.

Union Pacific transports a broad range of commodities and manufactured goods, including agricultural products, automotive vehicles and parts, chemicals, coal, industrial products, forest products, and intermodal containers.

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Kilroy Realty (NYSE:KRC – Get Free Report) is expected to be posting its Q3 2026 results after the market closes on Thursday, October 22nd. Analysts expect Kilroy Realty to announce earnings of $0.1252 per share and revenue of $268.41 million for the quarter. Kilroy Realty has set its FY 2026 guidance at 3.490-3.630 EPS. Parties can find conference call details on the company’s upcoming Q3 2026 earnings results page for the latest details on the call scheduled for Friday, October 23, 2026 at 1:00 PM ET.

Kilroy Realty (NYSE:KRC – Get Free Report) last posted its earnings results on Monday, July 27th. The real estate investment trust reported $0.17 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.73). The business had revenue of $272.37 million for the quarter, compared to the consensus estimate of $267.39 million. Kilroy Realty had a return on equity of 3.04% and a net margin of 15.47%. The company’s revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.13 earnings per share. On average, analysts expect Kilroy Realty to post $3.59 EPS for the current fiscal year and $3.29 EPS for the next fiscal year.

Kilroy Realty Trading Down 4.7% NYSE:KRC opened at $33.29 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.65 and a quick ratio of 2.65. Kilroy Realty has a one year low of $27.36 and a one year high of $43.58. The company has a market cap of $3.87 billion, a PE ratio of 8.98 and a beta of 1.16. The firm has a 50-day moving average of $35.43 and a 200-day moving average of $35.31.

Kilroy Realty Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Wednesday, September 30th were given a $0.54 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.16 annualized dividend and a yield of 6.5%. Kilroy Realty’s dividend payout ratio (DPR) is presently 152.11%. Analyst Upgrades and Downgrades A number of research firms have issued reports on KRC. JPMorgan Chase & Co. cut their price target on Kilroy Realty from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Citigroup increased their price objective on Kilroy Realty from $34.00 to $40.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Evercore set a $44.00 target price on Kilroy Realty in a report on Monday, September 21st. Mizuho raised their target price on Kilroy Realty from $29.00 to $34.00 and gave the company an “underperform” rating in a report on Tuesday, July 21st. Finally, The Goldman Sachs Group lifted their target price on Kilroy Realty from $28.00 to $31.00 and gave the company a “sell” rating in a research report on Wednesday, July 29th. Four investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $38.62.

Check Out Our Latest Stock Analysis on Kilroy Realty

Kilroy Realty Company Profile (Get Free Report)

Kilroy Realty Corporation (NYSE: KRC) is a real estate investment trust that develops, owns, and operates office, life science, and mixed-use properties. The company focuses on high-quality, amenity-rich workplaces and research facilities designed to serve businesses in technology, life sciences, entertainment, and other knowledge-based industries.

Kilroy’s portfolio is concentrated in major innovation and employment centers on the U.S. West Coast, including the San Francisco Bay Area, Greater Los Angeles, and San Diego.

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Hub Group (NASDAQ:HUBG – Get Free Report) will likely be issuing its Q1 2026 results before the market opens on Thursday, October 22nd. Analysts expect the company to post earnings of $0.0658 per share and revenue of $964.07 million for the quarter. Interested persons may review the information on the company’s upcoming Q1 2026 earnings report page for the latest details on the call scheduled for Tuesday, October 20, 2026 at 4:00 PM ET.

Hub Group Stock Down 0.5% NASDAQ:HUBG opened at $26.25 on Thursday. The stock’s 50 day moving average price is $35.11 and its 200 day moving average price is $40.42. The company has a market capitalization of $1.61 billion, a PE ratio of 15.17 and a beta of 1.24. Hub Group has a 52-week low of $25.64 and a 52-week high of $53.26.

Hub Group Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were paid a $0.1250 dividend. The ex-dividend date was Monday, September 21st. This represents a $0.50 dividend on an annualized basis and a yield of 1.9%. Hub Group’s payout ratio is currently 28.90%.

Analyst Ratings Changes A number of equities research analysts have weighed in on HUBG shares. UBS Group reiterated a “neutral” rating on shares of Hub Group in a research note on Tuesday, September 15th. Zacks Research lowered shares of Hub Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 7th. Barclays set a $30.00 target price on shares of Hub Group and gave the stock an “equal weight” rating in a research report on Monday, September 28th. Robert W. Baird raised shares of Hub Group from a “neutral” rating to an “outperform” rating and set a $29.00 target price on the stock in a report on Monday. Finally, Wells Fargo & Company reiterated a “negative” rating and issued a $28.00 price target (down from $35.00) on shares of Hub Group in a research report on Tuesday, October 6th. Six analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $40.67. Check Out Our Latest Analysis on Hub Group

Hub Group Company Profile (Get Free Report)

Hub Group, Inc (NASDAQ: HUBG) is a North American transportation and logistics company headquartered in Oak Brook, Illinois. The company helps businesses move goods through a combination of intermodal, truckload, less-than-truckload, final-mile and other transportation services.

Hub Group’s intermodal operations coordinate freight shipments using rail and trucks, while its brokerage business connects shippers with third-party transportation providers. The company also provides dedicated transportation, managed transportation, logistics, warehousing and supply chain solutions designed to support customers’ domestic freight and distribution needs.

Founded in 1971, Hub Group serves customers throughout the United States and maintains transportation capabilities extending into Canada and Mexico.

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Sonos, Inc. (NASDAQ:SONO – Get Free Report)’s share price passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $15.19 and traded as high as $17.94. Sonos shares last traded at $17.60, with a volume of 1,719,979 shares.

Analyst Upgrades and Downgrades A number of research analysts have recently issued reports on the company. Weiss Ratings raised Sonos from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $21.00 price objective on shares of Sonos in a research report on Thursday, July 30th. Finally, Wall Street Zen downgraded Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $20.00.

View Our Latest Stock Analysis on Sonos

Sonos Trading Down 0.7% The firm has a market capitalization of $2.08 billion, a PE ratio of 39.11 and a beta of 1.88. The business’s 50 day simple moving average is $16.23 and its two-hundred day simple moving average is $15.19. Sonos (NASDAQ:SONO – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.23. Sonos had a return on equity of 19.10% and a net margin of 3.82%. The firm had revenue of $375.26 million for the quarter, compared to the consensus estimate of $365.65 million. During the same period last year, the business posted ($0.03) EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. As a group, equities research analysts anticipate that Sonos, Inc. will post 0.69 earnings per share for the current year.

Insider Transactions at Sonos In other Sonos news, Director Julius Genachowski sold 19,855 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total value of $337,535.00. Following the transaction, the director directly owned 53,775 shares of the company’s stock, valued at approximately $914,175. This trade represents a 26.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 46,766 shares of the company’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $18.13, for a total transaction of $847,867.58. Following the sale, the director directly owned 69,271 shares of the company’s stock, valued at $1,255,883.23. The trade was a 40.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 76,621 shares of company stock worth $1,339,303. 1.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sonos A number of institutional investors and hedge funds have recently made changes to their positions in SONO. Fortitude Family Office LLC increased its stake in shares of Sonos by 325.3% in the 3rd quarter. Fortitude Family Office LLC now owns 1,544 shares of the company’s stock worth $28,000 after purchasing an additional 1,181 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Sonos during the second quarter valued at $59,000. Integrated Wealth Concepts LLC purchased a new position in Sonos during the second quarter valued at $75,000. Leonteq Securities AG lifted its position in Sonos by 45.2% during the first quarter. Leonteq Securities AG now owns 7,690 shares of the company’s stock valued at $103,000 after purchasing an additional 2,395 shares in the last quarter. Finally, Centaurus Financial Inc. purchased a new position in Sonos during the second quarter valued at $128,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Company Profile (Get Free Report)

Sonos, Inc is an audio technology company that develops and sells connected sound products and software for homes and other personal listening environments. Its products are designed to work together over wireless networks, allowing users to stream and control music, podcasts, television audio and other content through the Sonos app and compatible services.

The company’s product portfolio includes wireless home speakers, portable speakers, soundbars, home theater components, subwoofers and headphones.

Further Reading Five stocks we like better than Sonos Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Receive News & Ratings for Sonos Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonos and related companies with MarketBeat.com's FREE daily email newsletter.

Comfort Systems USA (NYSE:FIX – Get Free Report) is expected to be releasing its Q3 2026 results after the market closes on Thursday, October 22nd. Analysts expect the company to post earnings of $12.85 per share and revenue of $3.39 billion for the quarter. Individuals may visit the company’s upcoming Q3 2026 earnings summary page for the latest details on the call scheduled for Friday, October 23, 2026 at 11:00 AM ET.

Comfort Systems USA (NYSE:FIX – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The construction company reported $12.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.45 by $2.08. The business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Comfort Systems USA had a return on equity of 53.55% and a net margin of 12.77%. Comfort Systems USA’s quarterly revenue was up 50.3% on a year-over-year basis. During the same period in the previous year, the business posted $6.53 earnings per share. On average, analysts expect Comfort Systems USA to post $48.15 EPS for the current fiscal year and $59.31 EPS for the next fiscal year.

Comfort Systems USA Stock Performance Shares of NYSE FIX opened at $1,538.84 on Thursday. The firm has a market capitalization of $54.15 billion, a price-to-earnings ratio of 40.01 and a beta of 1.66. Comfort Systems USA has a one year low of $770.47 and a one year high of $2,073.99. The business has a fifty day simple moving average of $1,652.73 and a 200 day simple moving average of $1,730.07. The company has a current ratio of 1.21, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02.

Comfort Systems USA Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Thursday, August 13th were paid a dividend of $0.90 per share. This is an increase from Comfort Systems USA’s previous quarterly dividend of $0.80. This represents a $3.60 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, August 13th. Comfort Systems USA’s dividend payout ratio is presently 8.85%. Insider Transactions at Comfort Systems USA In related news, insider Brian Lane sold 16,024 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $1,608.21, for a total transaction of $25,769,957.04. Following the completion of the transaction, the insider owned 145,065 shares in the company, valued at $233,294,983.65. This trade represents a 9.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Franklin Myers sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $1,693.92, for a total value of $6,775,680.00. Following the completion of the sale, the director directly owned 8,495 shares in the company, valued at approximately $14,389,850.40. This represents a 32.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 26,078 shares of company stock valued at $43,211,828. Corporate insiders own 1.24% of the company’s stock.

Wall Street Analyst Weigh In A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group initiated coverage on shares of Comfort Systems USA in a research note on Thursday, July 9th. They issued a “buy” rating and a $2,159.00 price objective for the company. Weiss Ratings raised shares of Comfort Systems USA from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Erste Group Bank lowered shares of Comfort Systems USA from a “buy” rating to a “hold” rating in a research report on Wednesday, July 15th. Stifel Nicolaus set a $1,910.00 target price on shares of Comfort Systems USA and gave the company a “buy” rating in a research note on Monday, July 27th. Finally, DA Davidson began coverage on shares of Comfort Systems USA in a research note on Friday, August 21st. They issued a “buy” rating and a $2,100.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $2,082.86.

Check Out Our Latest Stock Analysis on FIX

Comfort Systems USA Company Profile (Get Free Report)

Comfort Systems USA, Inc (NYSE:FIX) provides mechanical, electrical, and other contracting services for commercial, industrial, and institutional customers. Its work supports the construction, renovation, and ongoing operation of facilities such as office buildings, hospitals, schools, data centers, manufacturing plants, and other complex infrastructure.

The company’s services include heating, ventilation, and air conditioning; plumbing and piping; electrical contracting; building automation and controls; and related specialty services.

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AUDUSD is one of the weakest currencies right now, and after a very disappointing Australian jobs report, the sell-off has picked up speed. Unemployment rose from 4.6% to 4.7%, while employment fell by 39K instead of rising, so the RBA does not have much room for higher rates.

On the 4H chart, the rebound from the October low looks corrective, with several overlaps. I see it as a wave 4 bounce that stopped just below the 0.7000 resistance. Price has now broken the lower line of the corrective channel I have been following, which suggests that wave 5 lower is in progress.

If that is the case, the next targets are below 0.6900 and then the 0.6860 to 0.6813 support area. That zone is also important on the daily chart, where the decline from the September high looks like a counter-trend wave C. This is where the whole correction could end.

For now, more short-term weakness is possible, especially if stocks stay in risk-off mode and tech keeps falling, which can weigh on commodity currencies. I will stay with this view as long as price stays below 0.7074. But once price reaches the support area, I will be looking for signs of a bottom, because the long-term picture from the 2025 lows still looks bullish.

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