The Home Depot is launching its 2026 Halloween collection online and on its app on July 16, 2026, followed by an in-store rollout later this August. The viral 12 FT SKELLY™ giant returns with technology upgrades including custom sounds, light and servo motor movements. The roster of giant décor expands with an 11 FT Giant-Sized Mummy and 8 FT Perilous Plant Monster. , /PRNewswire/ -- Drawing inspiration from Halloween communities and social trends, The Home Depot continues to push the limits of seasonal décor and exceed fan expectations with the reveal of its 2026 Halloween collection. Larger-than-life animatronics, immersive décor and interactive features launch on HomeDepot.com and The Home Depot app starting July 16 – perfect for giving trick-or-treaters goosebumps. Halloween products hit Home Depot store shelves starting in late August.
"We are constantly inspired by the inventive spirit of the Halloween enthusiast community, and their year-round passion motivates us to push the boundaries of innovation in our collection each year," said Aubrey Horowitz, decorative holiday merchant at The Home Depot. "This year is no different. From our realistically detailed collections to dynamic interactive technology like the upgraded SKELLY's real-time, app-controlled voice modulation, we are giving our customers the tools to create their most captivating displays yet—all at an incredible value."
This year's collection offers something for every Halloween fan, from spooky to whimsical to family friendly. Pairing exceptional value with industry-leading advancements, The Home Depot's 2026 Halloween collection makes high-impact holiday decorating more accessible, with scares for every budget. The Home Depot offers all in-store giant animatronics for less than $300.
A Cultural Phenomenon: The SKELLY Giant Returns
The viral 12 FT Giant-Sized SKELLY Halloween decoration returns with app-enabled upgrades that let owners customize head and mouth movements with servo motors, speak through the SKELLY animatronic in real time via Bluetooth®, record up to 30 sounds and choose from 20 different LCD LifeEyes™ effects. These upgrades make the original Halloween giant the ultimate piece to add to collections and wow onlookers. Customers who want the original SKELLY can find him in stores at his original price of $299.
Giant-Sized Value
For customers looking to build out their giant collections at an equally massive value, The Home Depot expands its roster of giants with the 11 FT Grave & Bones™ Giant-Sized LED Mummy, which features motion-activated LED illumination, poseable shoulders to adjust the reach and customizable wrappings, and the 8 FT Wicked Woods™ Giant-Sized Animated LED Perilous Plant Monster, which startles passersby with an intricate bone-and-vine design, motion-triggered head movements and glowing LED features.
Interactive Frights & Next-Generation Animatronics
Every seafaring pirate needs a parrot, and the 5 FT Dead Water™ Animated LED Rotwing Parrot™ keeps customers entertained with its new interactive, conversational technology. Ask this undead parrot yes or no questions and get unique responses with head and mouth animation. This bony bird keeps visitors chatting.
Introducing an impish new energy to outdoor displays, the 5.5 FT Wicked Woods™ Animated LED Evil Pixie™ brings a high-profile scare factor home with three synchronized animatronic movements complemented by three haunting sound effects and glowing red LED eyes.
The 12 FT Giant-Sized SKELLY animatronic isn't the only fan favorite getting an upgrade. The 7 FT Lethal Lily returns with app-controlled features that let homeowners customize what she says and how she moves, including six sinister, pre-recorded or custom phrases and five adjustable movements for the head, mouth, eyes, arm and hand.
Storage Solutions for Lasting Memories
To help customers keep their Halloween treasures in top condition for years to come, The Home Depot offers practical storage solutions like the Home Accents Holiday™ Décor Storage Bag and the colossal Husky™ 170-Gallon Pro Grip™ Storage Tote. This massive tote helps Halloween enthusiasts protect and preserve larger-than-life skeletons and animatronics while they rest in garages and crawl spaces until next season.
The Home Depot launches its 2026 Halloween collection online starting Thursday, July 16, while supplies last. With free delivery on over 2 million items and same-day or next-day delivery on select products, customers can start building their Halloween displays before products arrive in stores this fall.
About The Home Depot
The Home Depot is the world's largest home improvement specialty retailer. At the end of the first quarter of fiscal 2026, the company operated a total of 2,361 retail stores and over 1,280 SRS locations across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs over 470,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
Goldman Sachs' former top lawyer, Kathryn Ruemmler, is set to face questions Wednesday from the House Oversight Committee about her relationship with convicted sex offender Jeffrey Epstein.
The transcribed interview comes weeks after Ruemmler stepped down as Goldman's top lawyer following renewed scrutiny of her friendly emails with Epstein. But instead of leaving the investment bank, she remained in an advisory role while it seeks a permanent successor to her.
Lawmakers are expected to question Ruemmler about her dealings with Epstein between 2014 and 2019, including gifts he sent her, advice she offered him about responding to media scrutiny and a phone call he placed to her after his July 2019 arrest on federal child sex trafficking charges.
Ruemmler met Epstein in 2014 while working as a white-collar defense lawyer at Latham & Watkins. Her spokeswoman has said Ruemmler never represented Epstein but shared a client with him.
Read more about the Jeffrey Epstein filesList: High-profile people burned by past dealings exposed in the Epstein filesLeon Black refuses to answer questions on NDAs at Jeffrey Epstein hearing, Rep. Comer saysBill Gates testimony on Jeffrey Epstein ties released by House oversight panelBill Gates tells House panel 'I should have never met' with Jeffrey EpsteinJeffrey Epstein's former assistant Lesley Groff interviewed by House panelMelania Trump blasts claims about Jeffrey Epstein and herDOJ watchdog investigating handling of Jeffrey Epstein filesBondi defends handling of Epstein files to House panelJeffrey Epstein victims will get House committee hearing, James Comer saysEpstein files: Pam Bondi testimony to House panel canceledBill Gates interview about Jeffrey Epstein by House Oversight set for June 10Epstein files: Commerce Secretary Lutnick set for May 6 interview by House OversightTrump fires Attorney General Pam BondiEpstein files: Buffett says he hasn't talked to Bill Gates 'since the whole thing was unveiled'Epstein victims get $72.5M from Bank of America settlementEpstein victims sue Trump administration, GoogleHouse committee subpoenas Attorney General Pam BondiGoldman Sachs’ Ruemmler, Bill Gates, Leon Black will testify to House panelBill Clinton on Jeffrey Epstein: 'I saw nothing, and I did nothing wrong'DOJ withheld Epstein files about claim Trump sexually abused minor: MS NOWDocuments released by Congress and the Justice Department show Epstein sent Ruemmler luxury gifts and called her after the arrest. In a March 2019 email, she also suggested language he could use to rebut criticism of the lenient plea deal he received in 2008.
Ruemmler has said she regrets knowing Epstein. She has not been accused of participating in his crimes.
Goldman CEO David Solomon told CNBC in February that the media scrutiny had made it "hard for her to execute on her job and her responsibilities," leading her to conclude "it was time to step away."
In an interview on CNBC's "Halftime Report" on Tuesday, Solomon defended Ruemmler staying on past the end-of-June resignation she'd announced.
"Why wouldn't we take advantage of that as we try to do its best for Goldman Sachs?" he said. "That's an obligation to do its best for Goldman Sachs. And Kathy is ... helping us do that."
Ruemmler's voluntary interview is part of the oversight committee's examination of Epstein's crimes, the federal government's handling of his cases, and how Epstein and his associate Ghislaine Maxwell cultivated influence among powerful figures.
The panel has also interviewed former President Bill Clinton, Microsoft founder Bill Gates and Commerce Secretary Howard Lutnick.
In addition to her work in the private sector, Ruemmler previously served as White House counsel under former President Barack Obama.
Goldman Sachs Group Inc (NYSE:GS) posted upbeat earnings for the second quarter on Tuesday.
The firm reported earnings of $20.98 per share, well above the analyst consensus estimate of $14.40. Net revenue increased 39% year over year to $20.34 billion, beating the consensus estimate of $16.13 billion, driven by strength in its Global Banking & Markets business.
Goldman Sachs CEO David Solomon said the AI investment cycle is driving capital demand beyond core technology into infrastructure, energy, and data centers. He said the artificial intelligence investment cycle remains in its early stages despite helping drive the bank’s record second-quarter results.
Goldman Sachs shares rose 0.3% to $1,143.00 in pre-market trading.
These analysts made changes to their price targets on Goldman Sachs following earnings announcement.
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BlackRock (BLK - Free Report) came out with quarterly earnings of $13.91 per share, beating the Zacks Consensus Estimate of $12.67 per share. This compares to earnings of $12.05 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +9.79%. A quarter ago, it was expected that this investment firm would post earnings of $11.46 per share when it actually produced earnings of $12.53, delivering a surprise of +9.34%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
BlackRock, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $7.08 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.75%. This compares to year-ago revenues of $5.42 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
BlackRock shares have lost about 4.2% since the beginning of the year versus the S&P 500's gain of 10.2%.
What's Next for BlackRock?While BlackRock has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for BlackRock was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $13.82 on $7.32 billion in revenues for the coming quarter and $54.16 on $28.22 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Management is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, PennantPark (PFLT - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.
This investment company is expected to post quarterly earnings of $0.27 per share in its upcoming report, which represents a year-over-year change of +8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
PennantPark's revenues are expected to be $67.55 million, up 6.4% from the year-ago quarter.
BlackRock BLK shares climbed in premarket trading on Wednesday after the world's largest asset manager reported second-quarter earnings, revenue and assets under management that exceeded Wall Street expectations.
The company reported adjusted net income of $2.3 billion for the quarter, up 22% from a year earlier, while assets under management (AUM) rose 22% year over year to a record $15.3 trillion, marking the first time the firm has crossed the $15 trillion milestone.
Adjusted earnings per share came in at $13.91, well above analysts' estimates of about $12.65.
Revenue increased 31% from the prior year to $7.1 billion, beating consensus expectations of roughly $6.7 billion.
BlackRock shares rose 5% in premarket trading following the results.
BlackRock delivered stronger-than-expected financial results across its key metrics, extending the momentum seen earlier this year.
Revenue growth was supported by growth across the firm's investment businesses and contributions from its private markets platform.
The company also reported adjusted net income of $2.3 billion, reflecting continued growth in profitability.
Chief Executive Officer Larry Fink said the firm's operating environment remains favorable.
“Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology,” Fink said in a statement. “Flows in the first six months of 2026 more than doubled year-over-year.”
He added: “Our momentum is accelerating, and I’ve never been more optimistic about the growth ahead.”
Client inflows remained a major driver of BlackRock's growth during the quarter.
The firm attracted $192 billion of net client inflows during the second quarter, while total long-term net inflows reached $199 billion, exceeding the $170 billion average estimate compiled by Bloomberg.
BlackRock's exchange-traded fund business accounted for the majority of new client money, bringing in $178 billion of net inflows.
Actively managed investment strategies also attracted strong demand, with investors adding $53 billion on a net basis.
For the first half of 2026, BlackRock reported record net inflows of $321 billion.
The growth lifted total assets under management to $15.3 trillion, up from $13.9 trillion at the end of the first quarter and $12.5 trillion a year earlier.
BlackRock also continued expanding its higher-margin private markets and alternatives businesses.
The company reported 8% growth in organic base fees, marking the eighth consecutive quarter in which organic base fee growth exceeded 5%.
Performance fees increased by $211 million compared with the prior-year period, primarily due to stronger revenue from alternative investment products.
Alternative and liquid private assets generated $22 billion of inflows during the quarter, compared with $14.6 billion in the previous quarter.
Private markets accounted for $15.4 billion of those inflows.
BlackRock said revenue also benefited from fees associated with its acquisition of HPS Investment Partners, the private credit firm it agreed to acquire for $12 billion in 2025.
Reflecting confidence in its growth outlook, the company increased its planned share repurchases for 2026 to $2 billion.
Visa’s Open USD Push Puts Circle’s Stablecoin Moat Under PressureBlackRock NYSE: BLK executives said the asset manager delivered record second-quarter results and its strongest first half on record, driven by broad-based client inflows, higher markets, acquisitions and continued demand for ETFs, private markets and technology offerings.
Chief Financial Officer Martin S. Small said BlackRock generated second-quarter revenue of $7.1 billion, up 31% from a year earlier, while adjusted operating income rose 39% to $2.9 billion. Adjusted earnings per share were $13.91, up 15% year over year. Small said all three measures reached quarterly records.
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TPG Built a Record Year, Then Lost 40%—Is the Selloff Overdone? The firm reported $192 billion of total net inflows in the quarter, contributing to $868 billion of net inflows over the last 12 months. Small said those flows represented 8% organic base fee growth in the second quarter and 10% organic base fee growth over the past year.
Chairman and Chief Executive Officer Laurence D. Fink said BlackRock’s assets under management reached a record $15.3 trillion after increasing by more than $1 trillion so far in 2026. “Clients are turning to BlackRock for insight and opportunities, as evident in our results this quarter,” Fink said.
Margins Expand as Revenue Hits Record 3 of the Most Highly Anticipated IPOs of 2026Small said BlackRock’s adjusted operating margin was 45.9% in the quarter, up 260 basis points from a year ago and the highest level in nearly five years. Excluding performance fees and related compensation, he said the adjusted operating margin would have been 46.5%, also up 260 basis points year over year.
Base fee and securities lending revenue was $5.7 billion, up 29% year over year, reflecting market gains, organic base fee growth and approximately $230 million in base fees from HPS. Performance fees rose to $305 million, including $115 million from HPS, and technology services and subscription revenue increased 13%. Annual contract value, or ACV, rose 15% from a year earlier.
Expenses increased 25% year over year. Small attributed the rise to higher compensation tied to operating income and performance fees, higher headcount from HPS, increased distribution and servicing costs, direct fund expenses and general and administrative expenses related to the acquisition.
BlackRock also raised its planned share repurchase pace. Small said the company repurchased $450 million of shares in the second quarter and now expects to repurchase at least $550 million per quarter going forward, subject to market and other conditions. Fink said BlackRock expects to return more than $5.7 billion to shareholders this year through dividends and buybacks, a 16% increase over 2025.
ETF Inflows Lead the Quarter BlackRock’s iShares ETF platform generated $178 billion of net inflows in the quarter, led by $85 billion in core equity ETFs and $61 billion in index bond ETFs. Small said active ETFs added $20 billion, while “precision” ETFs, including international and sector equity products, added $15 billion.
Fink said iShares now has more than $6 trillion in assets under management globally and is benefiting from increased adoption and category innovation. He said iShares has raised $80 billion year to date in Europe, bringing European AUM to $1.5 trillion. In Asia Pacific, locally domiciled iShares crossed $100 billion in assets during the quarter.
Fink also highlighted growth in active ETFs, saying BlackRock has gathered more than $70 billion in active ETF net inflows over the past year and is leading the industry in active flows in 2026. “In just the last three years, we’ve gone from the seventh largest active ETF manager to the third largest,” Fink said.
Retail net inflows were $19 billion, led by active fixed income, Aperio and liquid alternative funds. Institutional active net inflows totaled $44 billion, driven by private markets, fixed income, systematic strategies, outsourced chief investment officer offerings and target date products. Institutional index strategies saw $41 billion of net outflows, concentrated in low-fee index equities.
Private Markets and Acquisitions Gain Traction Executives said BlackRock’s acquisitions of Global Infrastructure Partners, HPS and Preqin are performing ahead of plan and supporting the company’s 2030 ambitions. Fink said the combined platform is helping accelerate opportunities across public and private markets, particularly in infrastructure, private credit and technology.
Small said private markets saw an aggregate $15 billion of net inflows in the second quarter. He said that included $6 billion from private credit deployment, $5 billion from a mix of infrastructure fundraising and deployment, and $3 billion from partial funding of a private equity solutions outsourcing mandate with a client in Latin America.
Fink said BlackRock has closed about $10 billion in high-grade and infrastructure debt mandates for insurance companies so far in 2026. He said insurers globally are increasingly seeking private markets exposure to earn higher yields, and that collaboration between HPS and GIP is building a pipeline of joint opportunities, particularly in digital infrastructure.
Fink also pointed to the expected close of Aligned Data Centers in the coming weeks, describing it as “the largest data center infrastructure transaction ever announced.” He said the transaction brought together AIP, GIP and MGX.
Technology, Tokenization and Customization Remain Priorities BlackRock executives emphasized technology as a key growth driver. Small said Aladdin, eFront and Preqin are benefiting from client demand for integrated technology, data and analytics across public and private markets. He said regulatory and market developments are increasing the need for private markets transparency and benchmarking.
Fink said creating a seamless analytical platform across public and private markets is “one of the key priorities for BlackRock over the coming year.” He said the company is not yet fully there, but sees strong demand from retail and institutional clients for tools that help them understand risk across entire portfolios.
On digital assets and tokenization, Small said BlackRock has about $110 billion in AUM connected to digital assets and aims, as part of its 2030 plan, to make digital assets a $500 million revenue business. He said the company is working to tokenize long-term investment products, including Treasury funds, iShares ETFs and potentially private markets over time.
Small said BlackRock has filed two registration statements with the SEC for tokenized money market funds. He also said the firm manages $60 billion of reserves for Circle, representing about a quarter of the $300 billion stablecoin market, and wants to be the stablecoin reserve manager of choice.
Executives Point to Structural Growth Themes Fink said he remains optimistic about global markets, citing broadening returns outside the U.S., higher corporate margins and earnings momentum supported by new technology. He said BlackRock benefits directly from capital market expansion because of its scale and client relationships around the world.
The company also highlighted growth in retirement and personalized wealth solutions. Fink said LifePath Paycheck has grown to $30 billion in AUM as plan sponsors focus on retirement income. He said Aperio’s AUM is approaching $200 billion, up more than fourfold since BlackRock acquired the business five years ago, while SpiderRock AUM has nearly tripled to $13 billion since its acquisition two years ago.
Small said Aperio generated $7 billion of net inflows in the second quarter, split roughly evenly between long-only and long-short strategies. He said 2026 Aperio flows of about $20 billion have already surpassed 2025’s record flows of $15 billion.
Fink closed the call by saying BlackRock’s first-half performance represented “the strongest start to a year in our history” and that investments in the platform are showing up in results. “I believe the best of BlackRock is still ahead,” he said.
About BlackRock NYSE: BLKBlackRock, Inc is a global investment management firm that provides a broad range of products and services to institutional, intermediary and individual investors. Its core activities include portfolio management across active and index strategies, exchange-traded funds (ETFs) under the iShares brand, fixed income, equity and multi-asset solutions, as well as alternatives such as private equity, real estate and infrastructure. The firm also offers cash management and liquidity solutions and retirement-focused products designed for defined contribution and defined benefit investors.
In addition to traditional investment management, BlackRock is known for its technology and risk management capabilities, most prominently its Aladdin platform, which combines portfolio management, trading and risk analytics and is used both internally and licensed to external clients.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Newest episode of "The Angle" from T. Rowe Price features a conversation with Hilton Worldwide President and CEO Chris Nassetta on customer loyalty, business growth, culture, and how the travel experience is evolving
, /PRNewswire/ -- What can investors learn from Hilton's evolution into a capital-light, brand-led global business, and what should they watch as travel companies use loyalty, scale, and technology to deepen customer relationships?
Chris Nassetta, President & CEO of Hilton Worldwide and Eric Veiel, President, Co-Head of Global Investments and Chief Investment Officer for T. Rowe Price In the latest episode of "The Angle from T. Rowe Price," Eric Veiel, President, Co-Head of Global Investments and Chief Investment Officer for T. Rowe Price, speaks with Chris Nassetta, President and CEO of Hilton Worldwide, about his leadership journey and how one of the world's most recognized hospitality companies has continued to evolve through major business cycles, increasing competition, and changing consumer expectations.
Veiel and Nassetta discuss the leadership lessons Nassetta has drawn from nearly two decades at the helm of Hilton Worldwide, including navigating crises impacting consumer and business travel, a rapidly evolving competitive landscape, and serving symbiotic customer bases of travelers and franchisees. The conversation explores how Nassetta thinks about company culture, long-term decision-making, customer focus, and disciplined execution, as well as how his early experience in real estate development and finance shaped his approach to building resilient businesses and leading through change.
"Chris brought a valuable perspective to several themes investors are watching closely, including the durability of asset-light business models, the power of loyalty programs, and how leading consumer brands can use technology to strengthen customer engagement," said Veiel. "Listeners will hear how Hilton's scale, extensive brand portfolio, and network spanning more than 9,200 properties with 1.3 million rooms across nearly 144 countries and territories come together as a virtuous flywheel for customers. Listeners will also hear how AI is beginning to make travel experiences more personalized and responsive. It's a useful conversation for investors looking to understand global consumer and travel businesses."
ABOUT "THE ANGLE"
"The Angle" podcast brings listeners dynamic insights on the forces shaping financial markets, featuring the T. Rowe Price global investing team and special guests. Through engaging conversations, "The Angle from T. Rowe Price" aims to foster curiosity by asking better questions and delivering better insights, allowing investors to gain a deeper understanding of today's evolving market themes.
Launched in 2024, "The Angle" has explored a range of topics, including artificial intelligence, health care innovation, forward-looking expectations for global markets, key market drivers from the perspectives of some of the world's leading CEOs, the key themes shaping tomorrow's energy landscape, and more recently taking a closer look at the future of AI integration at work.
This is the sixteenth episode of T. Rowe Price's C-suite podcast series. The series' previous episodes, also available now, have featured H. Lawrence Culp, Jr., chairman and CEO of GE Aerospace; Meredith Kopit Levien, president and CEO of The New York Times Company; Gary Guthart, CEO of Intuitive Surgical; Jensen Huang, founder and CEO of NVIDIA Corporation; Darren Woods, chairman and CEO of ExxonMobil; Harvey Schwartz, Chief Executive Officer and Director, and David Rubenstein, Co-Founder and Co-Chairman of the Board of Carlyle; Jane Fraser, CEO of Citi; Sarah Friar, CFO of OpenAI; Dave Ricks, CEO of Eli Lilly; Srini Gopalan, CEO of T-Mobile; Jim Farley, President and CEO of Ford Motor Company; Kathy Warden, Chair, CEO, & President of Northrop Grumman; David Solomon, Chairman and CEO of Goldman Sachs; and Lip-Bu Tan, CEO of Intel. "The Angle from T. Rowe Price" is available across multiple platforms, including Spotify and Apple Podcasts. Future episodes will be announced as they are produced. For more information on the podcast please click here.
"The Angle from T. Rowe Price" is T. Rowe Price's second podcast series. "CONFIDENT CONVERSATIONS® on Retirement," which features T. Rowe Price experts sharing their perspectives on retirement-related topics, is in its fifth season.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of June 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
PayPal Holdings Inc (NASDAQ:PYPL) shares surged 16% in pre-market trading after reports that payments company Stripe and private equity firm Advent International had made a joint $53 billion takeover approach for the US payments group.
According to Reuters, Stripe and Advent have offered US$60.50 a share, representing a 28% premium to PayPal's closing share price on Tuesday.
The offer is said to be backed by about US$50 billion of committed bank financing.
A proposal was submitted earlier this month, the report said, following an initial approach in early April.
PayPal, which is headquartered in California, has not responded to the offer, with Stripe and Advent hoping to advance discussions in the coming weeks.
The proposed transaction would see Stripe, the Irish-American digital payments company, and Advent jointly own PayPal with equal stakes.
PayPal shares rose about 16% to $54.91 before the opening bell on Wednesday following the report, although the stock remains down 18% over the past year.
A deal would bring together two of the biggest names in digital payments. Stripe provides payment infrastructure to millions of businesses worldwide, while PayPal remains one of the largest online payments platforms despite facing intensifying competition in recent years from rivals including Stripe, Apple Pay and Block.
Reuters said it was not immediately clear why PayPal had yet to respond to the proposal. CNBC reported it had contacted PayPal, Stripe and Advent International for comment.
PayPal (NASDAQ: PYPL) stock is soaring in premarket trading on July 15 after reports revealed that payments company Stripe and private equity giant Advent International have submitted a joint proposal to acquire the fintech firm in a deal valued at more than $53 billion.
According to reports, the non-binding offer values PayPal at $60.50 per share, representing a premium of about 28% compared to the stock’s previous closing price of $47.38.
PayPal one-week stock price target Following the news, PayPal shares jumped to around $57.01 in premarket trading, gaining more than 20% before the opening bell.
The proposed transaction would see Stripe and Advent International take equal ownership stakes in PayPal if a deal is completed.
The bid was reportedly submitted earlier this month and is backed by approximately $50 billion in committed financing from banking partners.
Unlike some private equity acquisitions, the proposal does not involve breaking up PayPal’s operations. Instead, the buyers aim to combine PayPal’s global payments network with Stripe’s technology capabilities and Advent’s operational expertise.
The acquisition interest comes at a time when consolidation across the fintech industry continues to accelerate as companies seek greater scale and competitive advantages.
The PayPal buyout news offers shareholders a potential exit at a significant premium after years of underperformance.
Before Wednesday’s rally, PayPal stock had fallen more than 18% year-to-date and remained well below its 2021 record high above $300 per share.
PayPal’s weakening fundamentals The company has faced increasing competition in digital payments while struggling to restore the growth rates achieved during the pandemic.
Despite those challenges, PayPal remains one of the largest digital payments platforms globally, serving more than 400 million active accounts and generating roughly $6 billion in annual free cash flow.
The acquisition proposal suggests that strategic and financial buyers still see substantial value in PayPal’s established infrastructure, customer base, and payment ecosystem.
The company has recently focused on improving profitability and streamlining operations under its current leadership. Efforts have included cost reductions, enhancements to the Venmo platform, and continued expansion of its PYUSD stablecoin initiative.
PayPal’s latest quarterly results showed 7% revenue growth and double-digit growth in total payment volume.
However, management maintained a cautious outlook for the remainder of the year, reflecting ongoing macroeconomic uncertainty and competitive pressures.
The proposal remains non-binding and would still require negotiations, regulatory approvals, and financing commitments.
Investors are now awaiting official responses from PayPal, Stripe, and Advent, while PayPal’s July 28 earnings report could provide additional insight into the company’s outlook.
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US stocks appeared set for a steady start on Wednesday as investors drew confidence from strong bank earnings and a softer-than-expected inflation report the day before, even as oil prices remained elevated following fresh US strikes on Iran.
Nasdaq futures were up 0.5% ahead of the opening bell, with S&P 500 futures up 0.1%, while those for the Dow Jones were little changed.
Wall Street finished mostly higher on Tuesday after June's consumer price data came in below expectations, easing concerns that the Federal Reserve may need to raise interest rates this month.
The Nasdaq climbed 0.9% to close at 26,107.01, the S&P added 0.4% to 7,543.59 and the Dow inched 10 points or 0.02% higher to 52,508.27.
European markets were weaker in Wednesday trading, however, as slower-than-expected Chinese economic growth weighed on sentiment. London's FTSE 100 was dragged lower by miners and other cyclical stocks after China GDP expanded 4.3% in the second quarter, its slowest pace since 2023 and below the government's 4.5%-5% target range. Germany's DAX was down 0.8%.
Oil prices were trading broadly sideways following the recent surge, with WTI crude up 0.5% at just under $80 a barrel.
Investors were also watching PayPal, whose shares jumped over 18% in pre-market trading after Reuters reported that privately held Stripe had teamed up with Advent International to make a joint US$53 billion takeover approach.
Also, Nasdaq-listed ASML, the Dutch semiconductor equipment maker, is set to climb around 3.5% after raising its 2026 guidance for a second time.
Earnings from Johnson & Johnson (NYSE:JNJ), Morgan Stanley (NYSE:MS), BlackRock, Progressive and BNY are also out today.
SAN DIEGO--(BUSINESS WIRE)--Qualcomm Incorporated (NASDAQ: QCOM) today announced that it will publish the Company's financial results for its third quarter of fiscal 2026 on Wednesday, July 29, 2026, after the close of the market on the Company's Investor Relations website, at https://investor.qualcomm.com/financial-information. The earnings release will also be furnished to the Securities and Exchange Commission (SEC) on a Form 8-K, which will be available on the SEC website at http://www.sec.g.
Intel (NASDAQ:INTC | INTC Price Prediction) reports Q2 earnings on July 23 before the closing bell. The Q2 print lands after market close that afternoon, and the setup into it is the cleanest we have seen from this name in a decade. Six straight quarters of revenue above expectations, an accelerating Foundry story, and prediction markets already leaning bullish make the setup compelling.
The Earnings Trigger Is Already Loaded Q1 2026 non-GAAP EPS came in at 29 cents versus a 12-cent consensus, good for a 2,183.46% surprise, on revenue of $13.58 billion (+7.18% YoY). Data Center and AI revenue jumped 22% YoY to $5.05 billion, and Intel Foundry grew 16% to $5.42 billion. The last time Intel beat, shares closed up 23.6% on the day and 47.53% over the next 30 days, dwarfing SPY’s 5.12% in the same window.
Prediction Markets Are Positioned Bullishly Polymarket contracts tied to the July 23 release put a 68.5% probability on Q2 Foundry revenue exceeding $5.5B and a 75.5% probability on Data Center & AI clearing $5B. Guidance from management already calls for revenue between $13.8B and $14.8B. The full-chain put/call ratio sits at 0.30, a decisive skew toward calls, and insider activity across 47 recent transactions is net buying.
Strategic Wins No Rival Can Match NVIDIA (NASDAQ:NVDA) invested $5.0 billion in Intel common stock and selected Intel Xeon 6 as the host CPU for its DGX Rubin NVL8 systems. SoftBank added another $2.0 billion equity stake. Google is co-developing custom ASIC IPUs with Intel, and $8.9 billion in CHIPS Act funding underwrites Fab 52 in Arizona, now running Intel 18A at high volume. Cash and equivalents sit at $17.25 billion, up 92.77% YoY.
Compare that to Advanced Micro Devices (NASDAQ:AMD), the reflex alternative. AMD has no in-house leading-edge US foundry, no CHIPS Act manufacturing base, and no NVIDIA equity stake underwriting its roadmap. Every AMD wafer still ships from TSMC. Intel’s 18A ramp in Arizona and Oregon is the only American answer to that dependency, and hyperscalers are voting with capital.
Momentum Is on Intel’s Side The stock is up around 167% year to date and more than 350% over the past year. CEO Lip-Bu Tan framed the setup plainly: “The next wave of AI will bring intelligence closer to the end user, moving from foundational models to inference to agentic. This shift is significantly increasing the need for Intel’s CPUs and wafer and advanced packaging offerings.”
Establish the position before July 23.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
Retirement-focused investors have a compelling setup in American Express (NYSE:AXP | AXP Price Prediction) before the July 24 earnings report, and the case is straightforward. A premium-customer franchise growing double digits, an aggressive capital return program, and a stock still trading below its December highs make this a rare setup where the fundamentals, the model, and the calendar all point the same direction.
Valuation Is the Easy Part AXP traded around at $359.94 on July 14 against management’s reaffirmed FY2026 EPS guidance of $17.30 to $17.90. That is roughly 20x forward earnings for a business that just posted 18% EPS growth and 10% FX-adjusted revenue growth in Q1. The 24/7 Wall St. model targets $390.12 with 90% confidence, and the Street’s consensus sits at $372.22 across 14 Buy ratings versus just one Sell rating. Shares are down 3.43% year-to-date, offering a cheaper entry on a stronger business.
The Income Story Retirement Investors Want Amex hiked its dividend 16% to 95 cents per share quarterly starting Q1 2026. In that single quarter the company returned $2.3 billion to shareholders, split between $0.7 billion in dividends and $1.7 billion in buybacks. Diluted share count fell to 686 million from 702 million, and Q1 ROE hit 35%. Insiders are voting with cash: 21 recent insider transactions with a net buying direction.
The July 24 Catalyst Q1 delivered the strongest spend growth in three years: Card Member spending grew 9% FX-adjusted, and Net Card Fees rose 16% FX-adjusted, extending a 30-quarter streak of double-digit net card fee growth. Younger cohorts are compounding: Gen Z spending up 38%, Millennials up 13%. The U.S. Platinum refresh drove a 6-percentage-point acceleration in Platinum spend, most of it from tenured cardholders. Polymarket bettors assign a 74.5% probability that Q2 revenue clears $19.5B. CEO Stephen Squeri summed it up: “We had a very strong start to the year, reflecting continued momentum across our premium customer base.”
Why AXP Beats the Obvious Alternative The reflex comparison is Visa (NYSE:V). Visa is a pure transaction toll-taker with no equivalent to AXP’s Net Card Fees line, the fastest-growing pillar at Amex at 16% FX-adjusted growth. AXP also owns the customer relationship through its closed-loop network, which is why over 70% of new accounts are on fee-paying products. Retirement investors get compounding fee income on top of swipe volume, and the credit book is behaving: net write-off rate improved to 2.0% from 2.1%.
The July 24 report is the near-term catalyst to watch.
Meet America's Newest $1b Unicorn (Sponsor) A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.
Over 50,000 people already have, along with global giants like General Motors and POSCO.
Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.
American Express (AXP +0.90%) recently raised the price of its exclusive Platinum card from $695 to $895. It's the first increase since 2021, when it was raised from $550 to $695.
The company offers a long list of perks with the "refresh," worth $3,500 if used in full, plus the prestige of owning a Platinum card and miles for every dollar spent. But the major perk is for Amex, since card fees account for a major portion of total revenue and provide a recurring source of income. American Express will report second-quarter earnings on July 24. Here's why card fees matter.
The most prestigious card American Express pioneered the credit card fee model, which has evolved into a subscription model of sorts, with members paying an annual fee for the privilege of using an Amex card. Not all cards come with fees, but the company targets affluent spenders who crave prestige and perks. Seventy-three percent of the 3.1 million new cards in the 2026 first quarter were fee-based.
The highest-income earners account for the most spending, and American Express aims to capture this cadre of members by offering ever-expanding rewards and exclusivity that can't be matched. According to data from Moody's, the top 10% of earners accounted for 49.2% of spending in the 2025 second quarter, the highest percentage since it started compiling the data in 1989. This is who Amex is after.
Image source: Getty Images.
However, it's not just for the spending. The fees themselves are a major part of the model, since they provide a stable source of revenue independent of spending. As inflation stays strong and interest rates stay steady, fee income matters even more.
Since there aren't many costs associated with the fee, it goes straight to the bottom line, expanding net income. That's also important if the company needs to increase its loss provisions in a challenging economy.
What it's going to look like on the income statement In the 2026 first quarter -- the first quarter to include the higher annual fee -- revenue increased 11% year over year, and earnings per share (EPS) rose 18%. Card fees increased 18% and accounted for more than 14% of revenue. U.S. consumer Platinum spending accelerated by six percentage points, and retention rates remained stable near 100% despite the fee hike.
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These members are highly engaged with the rewards platform. In the first quarter, for example, spending on Resy restaurant spend, which is Amex's restaurant app, increased 20% year over year, double the 10% increase for U.S. consumer spend, and lodging spend increased 50%, whereas U.S. consumer spend was up 5%. In other words, the card and its rewards mean a lot to users, and the fee income is likely to continue adding to the total revenue.
The 29% fee hike for the Platinum card should add meaningful growth to the total this year, and the durable subscription model is an underrated feature that makes American Express stock compelling.
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PayPal (NASDAQ:PYPL | PYPL Price Prediction) stock is up 19% to $56.60 in early Wednesday trading following a reported joint takeover offer from Stripe and private-equity firm Advent International valued at more than $53 billion, or $60.50 per share. The bid, first reported by Reuters and the Financial Times, both citing unnamed sources, represents a 28% premium to Tuesday’s close.
The move puts PayPal stock at its highest level in months and unwinds much of a bruising stretch. Shares had fallen 35% over the past 12 months heading into the report and were still down 18% year to date (YTD) as of Tuesday’s close.
PayPal’s payment-sector peers are barely reacting. Visa (NYSE:V) stock is flat at $356, Mastercard (NYSE:MA) shares are flat at $537, and American Express (NYSE:AXP) stock is virtually unchanged at around $356.
Reported $53B Bid Sparks the Rally The offer, if it advances, would rank among the largest payments-sector deals in recent memory. Under the reported structure, Stripe and Advent would own PayPal equally, with no plans to break up the business, and the bid is backed by $50 billion in committed financing. Stripe and Advent are private companies, so neither trades publicly.
This remains a reported approach rather than a signed deal. PayPal has not responded publicly, and Stripe, Advent, and PayPal all declined to comment. Reuters also indicated that an earlier approach in April went unanswered, with the buyers now pushing for an agreement by month-end.
Not everyone thinks $60.50 is enough. On his Substack, “The Big Short” investor Michael Burry called the bid “simply too low” and “only an opening bid,” stated he is not selling PayPal shares, and pegged fair value in a $75 to $115 range, with a best estimate near $100. Thomas Hayes of Great Hill Capital, quoted in reporting, asserted that even an offer above $80 would undervalue PayPal.
Read-Through to Visa, Mastercard, and American Express The muted response in card-network stocks makes sense. Visa and Mastercard are the rails that digital wallets like PayPal and Stripe often run on, so a Stripe-PayPal tie-up is not an obvious fundamental threat to their processing volumes. American Express operates a differentiated closed-loop, premium-cardholder model that competes on a different axis entirely.
July 16 is the Final Day to Tap Into the Lithium Boom (sponsor)
General Motors, POSCO, and 50,000+ everyday investors have already backed lithium producer EnergyX.
Here's why you should do the same before their July 16 investment deadline: lithium prices are up 75% this year, with demand projected to grow a staggering 5X by 2040.
With tech that can recover up to 3X more lithium than traditional methods, EnergyX is preparing to unlock up to 15M+ tons. Become a private-stage EnergyX investor before the July 16 deadline.
Year-to-date positioning tells the same story. Visa stock is up 2% YTD, Mastercard shares are down 5%, and American Express stock is down 3%. Traders appear to be treating today’s rally in PayPal as an idiosyncratic M&A event, with a thematic “who could be next” spotlight on payments consolidation rather than a re-rating catalyst for the networks. (For readers exploring the broader payments landscape, our Next NVIDIA Playbook report frames how to think about disruptive platform bets like this one.)
To achieve diversified fintech exposure without single-name deal risk, the Global X FinTech ETF (NASDAQ:FINX) offers a basket approach across payments, software, and digital-finance platforms. The ETF is a narrow, thematic fund with concentration risk, so investors should consider keeping their position sizes modest.
What to Watch Next The bull case for PayPal is straightforward: a live takeover premium, a trailing P/E ratio of 9x that leaves room for a higher bid, and an improving free cash flow profile under new CEO Enrique Lores. Polymarket traders are currently pricing an 82% probability that PayPal is acquired before 2027, and a 75% probability that Stripe specifically closes a deal in 2026.
Reddit sentiment on r/stocks flipped from a bearish score of 22 before the news to bullish scores in the 67 to 72 range overnight, with competitive pressure from Apple (NASDAQ:AAPL) Pay, Google Pay, and other wallets remaining a factor if a deal falls apart. Bear in mind that the offer is unconfirmed, and PayPal has not accepted.
Watch for whether PayPal’s board issues a formal response before month-end, whether Stripe and Advent raise the bid to counter Burry-style pushback, and how the stock behaves relative to the $60.50 offer price in the coming days. If PYPL shares trade meaningfully above the bid, the market is probably signaling that it expects a sweetened offer.
Meet America's Newest $1b Unicorn (Sponsor) A US startup just passed a $1 billion private valuation, joining billion-dollar private companies like OpenAI and ByteDance. Unlike those other unicorns, you can invest in EnergyX right now; but only until July 16.
Over 50,000 people already have, along with global giants like General Motors and POSCO.
Here's why there's so much interest: EnergyX's patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Become an early-stage EnergyX shareholder before the 7/16 investment deadline.
, /PRNewswire/ -- Habitat for Humanity International announced today that Lowe's has renewed its longstanding national partnership to support home repair and rehab projects undertaken by local Habitat affiliates. The renewed partnership will help more than 300 individuals remain in their homes.
Lowe's will fund grants supporting more than 200 projects across 20 Habitat for Humanity affiliates to address urgent needs that enhance the safety, health and resilience of owner-occupied homes. These investments support essential repairs such as roofing and HVAC, energy efficiency, accessibility and fall-prevention modifications and disaster preparedness upgrades that help homeowners remain safe in their homes.
This July, Lowe's will also help Habitat celebrate its 50th anniversary at 20 pop-up events at Lowe's stores across the U.S. These community engagement events will bring together families, volunteers, customers and local community members through hands-on activities and interactive build experiences designed to raise awareness of Habitat's mission, Habitat's 50th anniversary milestone and connect Lowe's customers with the opportunity to volunteer with Habitat.
"Our partnership with Habitat is rooted in helping our neighbors remain safe, independent and enjoy the homes they love. Together, over the last twenty years, we've helped build stronger homes, neighborhoods and communities," said Lindsey Haigler, Lowe's vice president of associate and community engagement. "We are thrilled to invite communities to our stores to celebrate Habitat's 50 years of impact and help connect neighbors with Habitat's important mission."
Lowe's and Habitat for Humanity have worked together for more than 20 years to help improve access to safe and affordable housing nationwide. Since the national partnership began in 2003, Lowe's has contributed more than $100 million to help more than 20,000 families improve their living conditions. Lowe's has also been a strong supporter of Habitat's Jimmy & Rosalynn Carter Work Project and has previously provided funding for Habitat's Cost of Home campaign, neighborhood revitalization and Women Build programs. Lowe's is currently supporting Habitat's Let's Open the Door campaign to help bring awareness of global housing need.
"It's with the support of partners like Lowe's that we can further our efforts to help homeowners improve their homes, as well as build stronger, more resilient communities," said Charlita Stephens-Walker, vice president of corporate partnerships and cause marketing at Habitat for Humanity International. "We are grateful to Lowe's for their ongoing support to help even more homeowners have a safe and strong place to call home."
About Habitat for Humanity
Habitat for Humanity is a movement of people in your local area and around the world, working together to build more prosperous and vibrant communities by making sure everyone has a safe, affordable place to call home. Since our founding in 1976 as a Christian organization, together we have helped more than 65 million people globally build their futures on their own terms through access to decent housing. We've done that by working alongside people of all walks of life to build, repair and finance their homes, by innovating new ways of building and financing, and by advocating for policies that make constructing and accessing housing easier for everyone. Together, we build homes, communities and hope. To learn more, visit habitat.org
About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company with total fiscal 2025 sales of more than $86 billion. Lowe's employs approximately 300,000 associates and operates over 1,750 home improvement stores, 540 branches and 120 distribution centers. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com.
Strong earnings kicking off the earnings season face headwinds with rising tensions between the U.S. and Iran. As crude oil hovers around $80, Tom White talks about the key headlines investors should watch for.
Typically, when a company releases preliminary financial results before its official earnings release date, it's not to brag. It's because it wants to cushion the looming blow for investors. And that's exactly what IBM (IBM +1.47%) did on Tuesday, releasing preliminary second-quarter results ahead of its scheduled earnings release on July 22.
IBM expects revenue of $17.2 billion (up 1% year over year) and adjusted earnings per share of $2.93. Both figures were below analysts' expectations, but the bigger problem for IBM is the "why" behind the shortfall: a shift in AI spending habits.
IBM's leadership says that AI spenders are redirecting more of their budgets away from software and toward servers, storage, and memory, offering insight into the current state of AI development.
Image source: The Motley Fool.
Companies are trying to be proactive As companies have continued to build data centers and other AI infrastructure, the need for storage and memory has increased dramatically, resulting in a severe shortage. And due to the law of supply and demand, that shortage has led to sharply higher prices for that hardware and these chips.
In his letter to shareholders published Tuesday, IBM CEO Arvind Krishna noted that many of its clients were rushing to purchase "servers, storage, and memory," anticipating more supply constraints and rising prices. If you know you'll need those products, it makes sense to buy them now before they become more expensive or simply unavailable.
Krishna noted that IBM didn't "anticipate the magnitude of the capex reprioritization" and was caught off guard. If this surprised IBM, it shows just how much companies are valuing data storage and memory hardware.
A zero-sum game for IBM In Tuesday's trading session, IBM's stock dropped by 25%, its largest single-day drop in company history. Sure, investors weren't happy about the company's minimal revenue growth or its earnings miss, but I'm sure the shock factor ahead of the earnings report also played a big role.
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On the other side of the coin, though, are flourishing memory companies such as SK Hynix, Micron, and Sandisk, which are some of the market's hottest stocks right now. SK Hynix just had its U.S. market debut after trading solely on the Korean Exchange for nearly three decades; Micron is up 728% in the past 12 months; and Sandisk is up by more than 4,700% since it was spun back off in February 2025 from Western Digital (which purchased it in 2016).
IBM's results and Krishna's letter reflect the changing priorities in the AI ecosystem, but it's important to remember how cyclical the memory and data storage space can be. Right now, the industry is riding high, but when supply eventually catches up with demand, the sector will likely cool off. Still, there's seemingly more value there now than in IBM's stock.
The IBM logo is seen at the entrance to its China System Center building in Beijing on August 26, 2024. US computer giant IBM will eliminate over a thousand jobs in its research and development arm in China, multiple employees told AFP on August 26. (Photo by Pedro PARDO / AFP) (Photo by PEDRO PARDO/AFP via Getty Images)
AFP via Getty Images
IBM stock suffered its worst single-day decline in history on Wednesday – losing $67 billion in market value. The cause was an extraordinary pre-announcement – a week before Big Blue’s scheduled earnings report – which featured disappointing results.
The reason for the earnings miss was an abrupt change in where IBM customers were spending their money.
In June, businesses responded rapidly to the shortage of memory chips – which is forecast to send prices up as much as 355% this year, as I wrote in May – by spending their IT budgets on servers, storage, and memory.
To that end, customers deferred spending on software, consulting and mainframes. IBM blamed itself for not adapting quickly enough – which caused “numerous large deals failed to close on the timelines we expected, driving the majority of our shortfall.percent,” noted IBM’s pre-announcement.
If IBM’s July 22 second quarter report forecasts better than expected software growth, the stock could quickly recover. If investors are disappointed with that report, the stock could lose significantly more value.
IBM Stock’s Very Bad DayOn Tuesday, IBM shares fell more than at any time in its 115-year-old history – dropping 25.2% to close at $217.07. Trading volume of 64 million was 551% above its three month average. IBM stock surpassed its previous worst day – Black Monday 1987 – which sent the stock down 23.7%.
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The catalyst was IBM’s extraordinary filing which disclosed a 1% increase in revenue to $17.2 billion – $660 million short of consensus – and operating earnings of $2.93 – 8 cents below estimates.
To his credit, CEO Arvind Krishna took responsibility for the miss – however, it remains to be seen whether he can make the IBM elephant dance – with apologies former CEO Louis Gerstner’s 2003 book.
The Root Cause Of IBM’s Stock Drop IBM fell short of expectations – with Infrastructure revenue down 7% due to weak mainframe sales, software revenue increased a mere 5% (well-short of the double-digit target), and consulting revenue was flat – because IBM did not anticipate and react to how its customers would respond to the AI memory shortage.
This situation has been quite clear for months as AI data-center demand motivated memory makers to divert wafer capacity to more profitable high-bandwidth memory. As a result, Dynamic Random Access Memory prices rose between 100% and 116% in the first quarter of 2026.
Supply is expected to stay tight through at least 2027 — SK Hynix said its DRAM and NAND capacity is "essentially sold out" for 2026, and Intel's CEO warned "there's no relief until 2028."
While IBM seems to have been caught flat-footed by the resulting enterprise IT shift to hardware and away from software and services, it is unclear what it could have done differently or how the company will prevent a recurrence of this disappointing outcome.
What IBM Must Do to Restore ConfidenceTo restore confidence, I think IBM would need to do the following:
Provide clear, better-than-expected guidance. The preliminary numbers deferred full-year guidance. Investors will likely be disappointed unless software is forecast to grow faster than 10% – an outcome that Bank of America expects to be out of reach.Prove the slipped deals will happen in 2026. To that end, IBM must provide a forecast of when the slipped deals will close.Demonstrate that software and Red Hat can grow despite a slower uptick in the mainframe cycle, This could only work if IBM’s software is able to outperform what Claude Code can produce without paying IBM’s software prices.Does The 25% Drop Make IBM A Bargain?IBM stock has significant upside potential if analysts are right. After all, the average price target from 17 Wall Street analysts of $299.31 implies 39% upside.
To be sure, my guess is those analysts may be thinking about revising those targets downward. While Morgan Stanley analyst Erik Woodring raised his target 10% to $293, prediction market Polymarket priced only a 25.5% probability that IBM beats consensus on July 22.
My hunch is that IBM cannot change the memory chip shortage – which could go on for a year or two. Therefore, enterprises will be spending their limited IT budgets on AI hardware and may decide to use AI coding tools to enable them to spend less on IBM software for quite some time.
If you care about receiving IBM dividends – the company has been increasing dividends for 31 straight years – maybe it makes sense to hold on to this stock.
However, I question whether IBM’s July 22 report will deliver significant upside surprise.
Key Takeaways IBM shares fell 25.2% after its AI spending warning.IBM said AI budgets are delaying traditional IT projects.IBM beat Q1 estimates in April despite weaker market sentiment. International Business Machines’ (IBM - Free Report) shares plunged 25.2% on July 14, 2026, marking one of the company's steepest single-day declines in decades after it issued a warning that highlighted a significant shift in corporate technology spending. Rather than reflecting a traditional earnings disappointment, the selloff was driven by management's indication that many customers are redirecting a larger share of their technology budgets toward artificial intelligence (AI) infrastructure, delaying or reducing spending on conventional software and IT projects.
The announcement sent shockwaves across Wall Street, weighing heavily on the broader software sector as investors reassessed the near-term outlook for enterprise technology companies. The warning suggested that the rapid expansion of AI investments is reshaping corporate priorities, with businesses favoring spending on advanced computing infrastructure, specialized chips, cloud platforms and AI-enabled systems over legacy software deployments and traditional digital transformation initiatives.
While AI has been one of the strongest investment themes in the market over the past two years, IBM's comments underscored a growing divide within the technology sector. Companies directly involved in building AI infrastructure continue to benefit from surging demand, whereas businesses dependent on more conventional enterprise IT spending could face increasing pressure as customers reallocate capital toward next-generation technologies.
The market reaction reflected broader concerns that the AI investment cycle may temporarily disrupt spending patterns across the software industry. Investors now face the challenge of distinguishing between companies positioned to capitalize on AI-driven demand and those that could experience slower growth as enterprises prioritize foundational AI infrastructure over other technology initiatives.
IBM Underperforms Industry PeersIBM belongs to the Zacks Computer - Integrated Systems industry, and carries a Zacks Rank #3 (Hold). Its stock has declined 26.7% year to date against 115.4% growth in the industry. Two of its peers from the industry, Advanced Micro Devices, Inc. (AMD - Free Report) and Hewlett Packard Enterprise Company (HPE - Free Report) have gained 156% and 106.4%, respectively, in the same period. While AMD carries a #2 (Buy), HPE boasts a #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
IBM’s Mixed 2026 ContinuesBefore its historic July 14 plunge, IBM shares had already been under pressure in 2026 as investors questioned whether its AI strategy could generate meaningful revenue quickly enough to justify its valuation. Slower growth in consulting and legacy infrastructure businesses also weighed on sentiment.
Competition in cloud computing and cautious enterprise technology spending further pressured the stock, with many customers prioritizing AI infrastructure investments over traditional software and IT projects.
And yet, in April, the company had posted strong first-quarter earnings. IBM reported strong adjusted earnings of $1.91 per share, beating the Zacks Consensus Estimate of $1.81 and rising from $1.60 a year earlier. Revenue increased to $15.92 billion from $14.54 billion, topping the consensus estimate by 1.49% and marking its fourth straight quarterly revenue beat.
Bottom LineDespite the sharp decline, IBM's warning highlights the scale of the AI transformation underway. Rather than signaling weaker overall technology spending, the company's comments suggest that corporate investment is evolving rapidly toward AI-centric projects. As businesses continue to build the infrastructure required to support AI, Wall Street is likely to remain focused on which companies stand to benefit from this historic shift and which may need to adapt their business models to the changing technology landscape.
UnitedHealth shares are experiencing downward pressure. What’s pulling UNH shares down? Earnings Preview & HistoryUnitedHealth is expected to report earnings per share of $4.85 along with revenue of $110.77 billion. The company has beaten EPS estimates in 3 consecutive quarters.
In the most recent quarter, UnitedHealth Group reported EPS of $7.23, beating estimates of $6.56 by 0.10%. Revenue came in at $111.72B, exceeding the estimate of $109.57B by 0.02%.
Investors should watch Medicare Advantage membership trends and pricing commentary tied to the recent payment hike, since that’s the macro tailwind currently supporting sentiment in the group. They should also track growth in Optum’s services and pharmacy benefit businesses, which would need to offset any flat-to-down consolidated revenue.
Analyst Consensus & Recent Actions The stock carries a Buy rating with an average price target of $432.63. Recent analyst moves include:
TD Cowen: Hold (Raises Target to $430.00) (July 14) Truist Securities: Buy (Raises Target to $480.00) (July 14) Keybanc: Overweight (Raises Target to $475.00) (July 14) UnitedHealth Shares TumbleUNH Price Action: At the time of publication, UnitedHealth shares are trading 2.20% lower at $415.85, according to data from Benzinga Pro.
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UnitedHealth Group Incorporated (NYSE:UNH) will release earnings for its second quarter before the opening bell on Thursday, July 16.
Analysts expect the company to report quarterly earnings of $4.85 per share, up from $4.08 per share in the year-ago period. The consensus estimate for UnitedHealth’s quarterly revenue is $110.82 billion. It reported $111.62 billion last year, according to Benzinga Pro.
Ahead of quarterly earnings, Keybanc analyst Matthew Gillmor maintained UnitedHealth with an Overweight rating on Tuesday and raised the price target from $400 to $475, while Truist Securities analyst David Macdonald maintained the stock with a Buy and raised the price target from $440 to $480.
With the recent buzz around UnitedHealth, some investors may be eyeing potential gains from the company’s dividends too. As of now, UNH has an annual dividend yield of 2.18%, which is a quarterly dividend amount of $2.32 per share ($9.28 a year).
To figure out how to earn $500 monthly from UnitedHealth, we start with the yearly target of $6,000 ($500 x 12 months).
Next, we take this amount and divide it by UNH’s $9.28 dividend: $6,000 / $9.28 = 647 shares.
So, an investor would need to own approximately $275,098 worth of UnitedHealth, or 647 shares to generate a monthly dividend income of $500.
Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $9.28 = 129 shares, or $54,850 to generate a monthly dividend income of $100.
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.
For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).
Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).
Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.
UNH Price Action: Shares of UnitedHealth fell by 0.9% to close at $425.19 on Tuesday.
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Wall Street watches a company's quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands out among the rest: earnings.
We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.
The ability to identify stocks that are likely to top quarterly earnings expectations can be profitable, but it's no simple task. Here at Zacks, our Earnings ESP filter helps make things easier.
The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP, or Expected Surprise Prediction, aims to find earnings surprises by focusing on the most recent analyst revisions. The basic premise is that if an analyst reevaluates their earnings estimate ahead of an earnings release, it means they likely have new information that could possibly be more accurate.
With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.
Bringing together a positive earnings ESP alongside a Zacks Rank #3 (Hold) or better has helped stocks report a positive earnings surprise 70% of the time. Furthermore, by using these parameters, investors have seen 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a ranking of #3 (Hold), or 60% of all stocks covered by the Zacks Rank, are expected to perform in-line with the broader market. Stocks with rankings of #2 (Buy) and #1 (Strong Buy), or the top 15% and top 5% of stocks, respectively, should outperform the market; Strong Buy stocks should outperform more than any other rank.
Should You Consider UnitedHealth Group?Now that we understand what the ESP is and how beneficial it can be, let's dive into a stock that currently fits the bill. UnitedHealth Group (UNH - Free Report) earns a #2 (Buy) right now and its Most Accurate Estimate sits at $5.25 a share, just one day from its upcoming earnings release on July 16, 2026.
UnitedHealth Group's Earnings ESP sits at +7.71%, which, as explained above, is calculated by taking the percentage difference between the $5.25 Most Accurate Estimate and the Zacks Consensus Estimate of $4.87. UNH is also part of a large group of stocks that boast a positive ESP. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
UNH is one of just a large database of Medical stocks with positive ESPs. Another solid-looking stock is CVS Health (CVS - Free Report) .
Slated to report earnings on August 5, 2026, CVS Health holds a #2 (Buy) ranking on the Zacks Rank, and its Most Accurate Estimate is $1.90 a share 21 days from its next quarterly update.
CVS Health's Earnings ESP figure currently stands at +1.42% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $1.87.
Because both stocks hold a positive Earnings ESP, UNH and CVS could potentially post earnings beats in their next reports.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
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It’s hard to believe, but shares of Oracle (NASDAQ:ORCL | ORCL Price Prediction) have now lost more than 61% of their value from the peak hit last year when the firm pulled the curtain on a stunner of a quarterly earnings report. Since then, the company has only gotten even more aggressive with its push into the AI data center. And as shares look to implode to new multi-year depths, many investors might be wondering if the company has risked too much to get a better seat in this ongoing AI revolution.
The AI buildout continues to move at full steam, but Oracle has seemed to take it to the next level not only by cutting its workforce, but by taking on significant sums of debt to build the AI compute needed to serve frontier AI innovators, including OpenAI, which has become the company’s sore spot in recent months amid growing concern about the financial situation over at the frontier AI lab.
With OpenAI’s IPO delayed, Apple (NASDAQ:AAPL) takes OpenAI and Sam Altman to court over the alleged theft of secrets; it feels like being an OpenAI-adjacent company is the wrong place to be.
Of course, a few stumbles and delays might give off the impression that OpenAI might not be up for the money. And for Oracle, that’s a scary thought, especially when you consider the amount of leverage taken on to get infrastructure to where it needs to be.
The risks are already well-known and well-baked into shares Indeed, if it’s not the concerning headlines surrounding Oracle’s largest AI customer, the massive CapEx, the considerable dilution from the latest funding plan, or fears of a brain drain following the latest 21,000 mass layoff, perhaps it’s fears of the rapid obsolescence of hardware.
Unlike the hyperscalers, which are swimming in cash, Oracle is putting itself at great risk to hop aboard the AI compute train. And it’s unclear if it’ll reach the right destination before spending gets out of hand and bills come due.
For shareholders, it feels like Oracle is rolling the dice, rather than making a shrewd investment. At the same time, I think the shares have become way oversold, primarily over the same old headlines being regurgitated non-stop. Is a boat-load of debt scary?
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No doubt. Add AI uncertainties into the equation, and the uncertainty surrounding OpenAI’s ability to pay as its financial situation moves between a rock and a hard place, and it’s clear that Oracle isn’t going to be the right AI bet for everyone.
With shares going for 16.2 times forward price-to-earnings (P/E), though, the stock is starting to get too cheap for its own good. And as RPOs convert, Oracle might be a timelier V-shaped bounce candidate that could absolutely punish those who choose to sell at these depths.
Oracle’s $400 price targets aren’t getting slashed anytime soon In any case, Jefferies and other sell-side analysts are unmoved, staying in the bull camp, with a price target ($400 per share) that could entail 215% worth of gains from current levels. It’s not too often you see an implied triple (or a more than triple) when it comes to analyst targets. But that’s what Oracle has become after its latest vicious meltdown.
For Jefferies, it’s more about the AI data center pipeline and the coming conversion of the revenue backlog. As for Guggenheim, which shares that $400 target, it’s about having the “better” architecture. I couldn’t agree more. When it comes to renting out AI superclusters for training purposes, only the best will do. And Oracle has pretty much become the gold standard.
Of course, Oracle won’t turn overnight, but for those willing to hang on for the ride in the coming five years, I do think that the stock will find its way higher again. Perhaps the rally could be more furious than the descent, as Guggenheimer’s John DiFucci looks forward to that “cash flow waterfall” coming for Oracle.
I couldn’t agree more. Oracle is a name that demands patience. And while there is execution risk, I do think that the company continues to find itself on the right side of this revolution. That could make it far more resilient than markets give it credit for, even if the financials themselves aren’t in the prettiest spot.
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SummaryWells Fargo & Company delivered strong Q2 results, with EPS of $2.00 and revenue up 8.6% Y/Y to $22.62 billion.WFC's growth was driven by net interest income, double-digit loan and deposit growth, and improved efficiency post-asset cap removal.Capital returns remain robust, with nearly $10 billion returned to shareholders and an 11% dividend hike to $0.50 expected in Q3.WFC rating issued, supported by profitability and growth, though peers like BAC and PNC offer stronger momentum or valuation.Looking for more investing ideas like this one? Get them exclusively at DIY Value Investing. Learn More » David Tran/iStock Editorial via Getty Images
On July 14, 2026, Wells Fargo & Company (WFC) posted a strong second quarter. Despite WFC stock earning a buy rating with a 3.93/5.00, shares fell by 2.71% that morning in
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Key Takeaways WFC posted broad-based revenue growth, with loans up 12% and deposits rising 10% year over year.Wells Fargo expects modest Q3 margin compression before stabilization in the fourth quarter.WFC maintained its 2026 outlook and sustainable 17-18% ROTCE target amid stronger loan growth. Wells Fargo & Company (WFC - Free Report) used its second-quarter 2026 earnings call to press a single message: growth is broadening across the franchise, even as some of that expansion weighs on near-term margin optics. Management repeatedly framed the pressure on net interest margin as a deliberate byproduct of balance sheet deployment, not a deterioration in underlying demand.
That distinction mattered because investors focused heavily on margin trends in the Q&A. Management responded by emphasizing that loan, deposit and fee growth are producing stronger returns across businesses and keeping the company on track toward its medium-term profitability goals.
WFC Pushes a Broader Growth StoryChairman and CEO Charlie Scharf said every operating segment posted year-over-year growth in both net interest income and noninterest income, with total revenue up 9% to $22.62 billion in the quarter. The earnings release also showed average loans rose 12% and average deposits increased 10%.
Management tied that growth to stronger execution after the asset cap came off, with Scharf highlighting momentum in checking accounts, credit cards, auto lending, wealth management and investment banking. He also said the company is deploying capital selectively rather than chasing volume indiscriminately.
WFC reported earnings per share of $1.96, surpassing the Zacks Consensus Estimate of $1.73, while revenues of $22.62 billion exceeded the Zacks Consensus Estimate of $21.8 billion. This resulted in earnings and revenue surprises of 13.3% and 3.8%, respectively. However, the earnings call centered less on the quarter's beat and more on how Wells Fargo intends to sustain loan, deposit and fee growth.
WFC Ties Results to Broader MomentumChief executive officer Charlie Scharf said revenue growth was broad-based, with every operating segment posting higher net interest income and non-interest income. He framed this as evidence that investments in talent, technology, marketing, AI and cyber defenses are beginning to show up more clearly in operating performance.
Chief financial officer Michael Santomassimo added that second-quarter net income rose 17% year over year to $6.4 billion, while earnings per share (EPS) reached $2.00. Total revenues increased 9%, net interest income rose 5% and non-interest income climbed 13%.
Management also pointed to balance-sheet growth as proof that the company is operating differently after the asset cap was lifted. Average loans rose 12% and average deposits increased 10% from a year ago.
Wells Fargo Defends the Margin Trade-OffThe sharpest investor focus in the call was on net interest margin. Santomassimo said the margin slipped because Wells Fargo is deliberately growing lower-spread but profitable businesses, particularly interest-bearing deposits and financing activity inside markets.
A UBS analyst pressed management on whether these were cyclical or structural pressures. Santomassimo said deposit costs should inch up in the second half as commercial and corporate interest-bearing balances continue to grow, while third-quarter margin compression should be modest, with stabilization expected in the fourth quarter.
Scharf was more direct in defending the strategy. He said the margin pressure is not something happening to the bank but the result of choices intended to drive stronger client share, future noninterest-bearing deposits, and better trading and fee revenues over time.
WFC Sees Consumer & Wealth GainsScharf pointed to a steadier consumer franchise than Wells Fargo has shown in years. Consumer primary checking accounts have now grown year over year for 13 straight quarters, while new credit card accounts jumped 46% and mobile active users reached 33.7 million.
He also said the company is willing to absorb near-term profitability pressure in cards because newer vintages carry upfront marketing, promotional, onboarding and reserve costs before seasoning into better returns over two to three years. Santomassimo echoed this point during the Q&A, saying profitability in cards should continue to improve over the next couple of years.
Wealth also remained a bright spot. Wells Fargo said client assets rose 15% to more than $2.4 trillion, helped by market gains and positive net flows, while adviser retention and recruiting remained strong as the firm rolls out upgraded technology such as Advisor Gateway.
Wells Fargo Presses Its Commercial BuildoutIn commercial businesses, the strongest tone came around corporate and investment banking. Scharf said the firm is seeing payoff from multiyear investments in senior bankers, product capabilities, and balance-sheet deployment, with banking revenue up 20% and markets revenue up 24%.
He highlighted share gains in leveraged finance, equity capital markets and M&A, while describing the quarter as a record for investment banking fees. Santomassimo added that investment banking fees exceeded $900 million in the period.
Asked by UBS about prime financing and investment banking opportunities, management said the pipeline remains strong and that clients want additional counterparties. Scharf stressed Wells Fargo is still early in building prime services, but sees a significant runway if it paces growth within its risk tolerance.
WFC Q&A Tests Expenses, Credit & CapitalQuestions from Truist and Evercore focused on whether efficiency gains can continue. Santomassimo said the company still sees room to run with lower headcount, more automation and methodical streamlining in risk and regulatory functions, extending a 24-quarter streak of headcount reductions.
Credit also drew scrutiny. In response to KBW and RBC, management said both consumer and commercial credit remain strong, with delinquencies running better than modeled and no meaningful broad-based deterioration across borrower cohorts. Net charge-offs fell to 0.34% of average loans.
On capital, Santomassimo said the bank is comfortable operating within its 10% to 10.5% CET1 target range after ending the quarter at 10.3%. He said buybacks will continue to balance client growth, market risk and the eventual finalization of capital rules.
Wells Fargo Keeps Its Return AmbitionManagement did not change its 2026 outlook. Santomassimo maintained guidance for net interest income of about $50 billion, plus or minus, and non-interest expense of about $55.7 billion, while saying second-half loan growth should be stronger than originally assumed.
Scharf’s closing tone was confident but disciplined. He said the bank remains focused on a sustainable 17-18% ROTCE target, with confidence rising as business trends broaden, even as Wells Fargo stays selective in a market where competitors are taking on more wholesale risk.
Zacks Signals on WFCWFC carries a Zacks Rank #3 (Hold), which points to a more neutral near-term earnings revision picture than a Zacks Rank #1 (Strong Buy) or Zacks Rank #2 (Buy). Its Momentum Score of A stands out positively, while Value, Growth and VGM Score of D suggest weaker style characteristics in those categories. You can see the complete list of today’s Zacks #1 Rank stocks here.
Based on Zacks’ framework, the strongest setups tend to combine a top Zacks Rank with Style Scores of A or B. A Rank #3 can still be held, but the current score mix indicates a more mixed near-term profile, and the Zacks Rank can change as analysts update estimates after the quarter.
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Investors love dividend stocks because they provide dependable passive income streams and an excellent opportunity for solid total return. Total return includes interest, capital gains, dividends, and distributions realized over time. In other words, the total return on an investment or portfolio consists of income and stock appreciation. At 24/7 Wall St., we have focused on dividend stocks for over 15 years because, despite the stock market’s ups and downs, many people need reliable passive income streams to supplement their income from employment or other sources such as Social Security and pensions.
With the stock market on shaky ground, inflation roaring higher, and multiple worrisome geopolitical issues at play, no one wants to be the last one at the party should a 20% bear-market sell-off occur. Smart investors are already rotating out of artificial intelligence and data center memory trades into safer areas. We decided to screen our 24/7 Wall St. research database, looking for quality stocks trading at or near 52-week lows. We were not looking for tech burnouts that could surprise with a dead-cat bounce, but for quality large-cap stocks that, for various reasons, are trading at their lowest levels, in some cases for years. All are rated Buy by the top Wall Street firms we cover.
AT&T AT&T (NYSE: T | T Price Prediction) is the world’s fourth-largest telecommunications company, measured by revenue. The legacy telecom has been undergoing a lengthy restructuring while maintaining a solid dividend of 5.42%. Twelve analysts have given the stock a Buy rating, indicating broad support from Wall Street.
AT&T recently hit a fresh 52-week low, making it one of the higher-yielding income plays for investors who are comfortable trading slower growth for dependable cash flow. Worries over competition from Starlink have weighed on the shares, but at current levels, it looks like a bargain.
The company provides a range of telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services.
Through its company-owned stores, agents, and third-party retail stores, it sells:
Handsets Wireless data cards Wireless computing devices Carrying cases Hands-free devices AT&T also provides:
Data Voice SecuT Cloud solutions Outsourcing Managed and provided professional services Customer premises equipment for multinational corporations, small and mid-sized businesses, and governmental and wholesale customers Additionally, this segment provides residential customers with fiber broadband and legacy voice telephony services. It markets its communications services and products under:
AT&T Cricket AT&T PREPAID AT&T Fiber The company’s Latin America segment provides wireless services in Mexico and video services throughout the region. This segment markets its services and products under the AT&T and Unefon brands.
J.P. Morgan has a $33 price target for the stock.
General Mills With products that never go out of style and a strong 6.49% dividend yield, this is a rebound story that will reward patient investors. General Mills (NYSE: GIS) is a global manufacturer and marketer of branded consumer foods, and trades at a cheap 10.4 times estimated 2026 earnings. Its segments include:
North America Retail International North America Pet North America Foodservice The North America Retail segment reflects business with a variety of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar, and discount chains; convenience stores; and e-commerce grocery providers.
The International segment consists of retail and foodservice businesses outside the United States and Canada. Its product categories include super-premium ice cream and frozen desserts, meal kits, salty snacks, snack bars, dessert and baking mixes, and shelf-stable vegetables.
The North America Pet segment includes pet food products sold in the United States and Canada in national pet superstore chains, e-commerce retailers, and grocery stores.
The North America Foodservice segment product categories include ready-to-eat cereals, snacks, and baking mixes.
Piper Sandler has an Overweight rating and a $41 target price.
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McDonald’s McDonald’s (NYSE: MCD) is a solid pick whether the economy heads south or north, and it’s among the safest large-cap restaurant ideas. The legacy fast-food heavyweight is approaching the 50-year mark of dividend increases and is widely seen as a likely entrant to the Dividend Kings, given its consistent dividend growth and durable business model. And it pays a solid 2.59% dividend yield.
The company operates and franchises McDonald’s restaurants in the United States and internationally. Approximately 95% of McDonald’s roughly 13,500 U.S. restaurants are owned and operated by independent business owners. The company’s restaurants offer:
Hamburgers and cheeseburgers Chicken sandwiches and nuggets Fries Salads Shakes Frozen desserts Sundaes Soft serve cones Bakery items Soft drinks Coffee Muffins Sausages Biscuit and bagel sandwiches Oatmeal Hash browns Breakfast burritos Hotcakes Wells Fargo has an Overweight rating with a $320 target price for the shares.
PepsiCo This top consumer staples stock reported solid second-quarter earnings and will continue to supply all the goods for summer picnics and parties. PepsiCo (NYSE: PEP) is a global food and beverage company with a solid 3.95% dividend yield. Activist investor Elliott Investment Management recently took a $4 billion stake in PepsiCo, revealing a strategy to unlock value within the company’s iconic brand by focusing on core strengths, such as innovation and brand marketing, rather than its capital-intensive bottling operations. This move caused PepsiCo’s stock to surge, with Elliott believing the company could see over 50% upside if its proposed strategic changes were implemented. However, these changes would involve a long-term transformation.
Its Frito-Lay North America segment offers:
Lays and Ruffles potato chips Doritos, Tostitos, and Santitas tortilla chips Cheetos cheese-flavored snacks, branded dips Fritos corn chips The company’s Quaker Foods North America segment provides:
Quaker Oatmeal Grits Rice cakes Natural granola and oat squares Pearl Milling mixes and syrups Quaker Chewy granola bars Cap’n Crunch cereal Life cereal Rice-A-Roni side dishes PepsiCo’s North America Beverages segment offers beverage concentrates, fountain syrups, and finished goods under these brands:
Pepsi Gatorade Mountain Dew Diet Pepsi Aquafina Diet Mountain Dew Tropicana Pure Premium Sierra Mist Mug Goldman Sachs has a Buy rating with a $183 target price.
Unilever This is a great consumer staples company for more conservative accounts to consider. Unilever (NYSE: UL) is a fast-moving consumer goods company operating across Asia Pacific, Africa, the Americas, and Europe. Unilever is trading near its 52-week lows with an attractive valuation. It currently yields 3.65% and trades at a P/E of just over 19, making it a compelling income stock at its depressed price.
It operates through five segments:
Beauty & Wellbeing Personal Care Home Care Foods Ice Cream The Beauty & Wellbeing segment sells hair care products, such as shampoo, conditioner, and styling products; skin care products, including face, hand, and body moisturizers; and prestige beauty and health & wellbeing products, including vitamins, minerals, and supplements.
The Personal Care segment offers a range of skin-cleansing products, including soaps and shower gels, deodorants, and oral care products such as toothpaste, toothbrushes, and mouthwash. The Home Care segment sells fabric care products, including washing powders and liquids, rinse conditioners, and fabric enhancers, as well as home and hygiene products.
The Foods segment offers cooking aids and mini meals, including soups, bouillons, and seasonings, as well as condiments such as mayonnaise and ketchup, and food solutions. The Ice Cream segment offers a range of ice cream products, including both in-home and out-of-home options.
The company provides its products under these well-known brands:
AXE Ben & Jerry’s Clear Cif Closeup Comfort Cornetto Dermalogica Domestos Dove Dove Men+Care Hellmann’s Horlicks Knorr LUX Lifebuoy Liquid I.V. Magnum Nutrafol OMO Pond’s Paula’s Choice Pepsodent Radiant Rexona Sunlight Sunsilk Surf TRESemmé Vaseline Wall’s Breyers Yasso DZ Bank has a Strong Buy rating and a $70 target price.
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One of the more popular stocks in the retail industry also happens to be one of its more consistent dividend payers -- and dividend raisers. In April, Costco (COST +0.56%) declared a hike in its payout for the 22nd year in a row. Here's a look at what kind of position you'd need in the stock now to earn $1,000 annually in dividend payments.
Membership has its privileges The dividend raise lifted Costco's quarterly distribution to $1.47 per share. That equates to an annual payout of $5.88, so to reap that $1,000, you'd require 171 shares.
Image source: Getty Images.
There are more high-yielding retail stocks on the market, but Costco is a unique operator. Its stores are, of course, membership only, giving the company a strong foundation of semi-predictable revenue. It leverages this to undercut competitors with pricing.
Customers want to keep coming back for those savings. The company's latest renewal rate is an impressive 92%-plus in the U.S. and Canada, despite a membership fee increase that took effect in late 2024. Meanwhile, the worldwide figure isn't too far behind, at just under 90%.
Better, more folks want to sign up. Costco's membership rolls increased by almost 14% (to over 145 million) in the two-year stretch from the end of 2023 to New Year's Eve 2025.
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Downward pressures A rising membership count, combined with growing worries over the prices of basic household items, continues to boost Costco's financials. In 2025, the company notched all-time annual highs in both total sales ($275 billion) and headline net income (almost $8.1 billion).
Investors have recently been down on Costco stock. Its popularity drove it to an all-time high in mid-May, prompting many investors to sell to book profits. The company's subsequent third-quarter earnings report was mildly disappointing, as was its monthly sales update for June.
Even after that, Costco remains an expensive stock with a skinny dividend yield (0.6%). In my mind, though, it's necessary to pay a premium for quality; meanwhile, this solid performer should continue to post impressive growth numbers. I think it's unquestionably a buy, even at these lofty levels.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.
M&T Bank Corporation (MTB - Free Report) came out with quarterly earnings of $5.35 per share, beating the Zacks Consensus Estimate of $4.66 per share. This compares to earnings of $4.28 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +14.81%. A quarter ago, it was expected that this company would post earnings of $4.02 per share when it actually produced earnings of $4.18, delivering a surprise of +3.98%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
M&T Bank, which belongs to the Zacks Banks - Major Regional industry, posted revenues of $2.53 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.21%. This compares to year-ago revenues of $2.4 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
M&T Bank shares have added about 20% since the beginning of the year versus the S&P 500's gain of 10.2%.
What's Next for M&T Bank?While M&T Bank has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for M&T Bank was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.93 on $2.51 billion in revenues for the coming quarter and $18.81 on $9.96 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Major Regional is currently in the top 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Fifth Third Bancorp (FITB - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 17.
This company is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of +8.9%. The consensus EPS estimate for the quarter has been revised 0.4% higher over the last 30 days to the current level.
Fifth Third Bancorp's revenues are expected to be $3.25 billion, up 44.8% from the year-ago quarter.
M&T Bank delivered record Q2 earnings, supported by robust credit quality and margin expansion from the higher rate environment. MTB's deposit base remains stable but lacks growth, while loan growth outpaces deposits, driven by business lending and prudent capital deployment. Net interest margin improved to 3.7%, with further upside expected as the securities portfolio reinvests at higher yields.
Pfizer (NYSE:PFE | PFE Price Prediction) trades at $24.25, against a Wall Street consensus price target of $28.79, which represents implied upside of almost 19%. Gilead Sciences (NASDAQ:GILD) trades at $130.04 and has a $158.30 consensus target. Both stocks sit below sell-side fair value while flashing the same bearish technical warning.
Pfizer and Gilead Sciences are widely held large-cap pharma names, popular for yield, defensive characteristics, and late-stage pipelines. Investors are paying attention because both have seen a so-called death cross, the pattern where a stock’s 50-day moving average slips beneath the 200-day average. Pfizer’s 50-day is at 25.35, versus a 200-day of 25.87. Gilead’s 50-day is 129.85 against a 200-day of 130.44.
A death cross is a lagging indicator that says nothing on its own about valuation. Still, both names trade below analyst fair value with momentum rolling over. That puts the contrarian question squarely on the table.
What Broke the Bid Under Each Stock Pfizer’s weakness is the COVID hangover colliding with a policy overhang. Recent results still show growth, with quarterly revenue up 5.4% year over year. Yet the market is fixated on Most-Favored-Nation drug pricing, potential Section 232 pharma tariffs, the IRA Medicare Part D redesign, and international Eliquis generic entry. Management has also signaled no share buybacks in 2026, removing a support pillar.
Gilead’s story is more complex. First-quarter revenue topped expectations, but the company slashed non-GAAP EPS guidance from a profit of $8.45 to $8.85 down to a loss of $0.65 to $1.05, driven by roughly $11.5 billion in IPR&D charges tied to the Arcellx, Ouro Medicines, and Tubulis acquisitions. Those are non-cash accounting items, but Wall Street hated the optics. Add in Trodelvy’s ASCENT-07 primary endpoint miss and Veklury revenue dropping 52% year over year, and momentum turned quickly.
Both selloffs have been measured. Pfizer is down 7.5% over the past month, and Gilead is off 4.6% over the past week. The bearish signal reflects drift rather than capitulation.
Why Analysts Remain Constructive on Pfizer Wall Street analysts have mixed but generally positive views on Pfizer. The consensus target of $28.79 sits just above the 52-week high of $28.75. Ratings skew cautiously bullish.
The bull case rests on oncology (Padcev, Nurtec), the Metsera obesity acquisition, and the Vyndamax patent settlement extending U.S. exclusivity to 2031. At a forward P/E of just 8x and a 7.1% dividend yield, investors are effectively being paid to wait.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Pfizer didn't make the cut. Grab the names FREE today.
Gilead’s bull case leans on the Yeztugo launch as the first twice-yearly HIV PrEP, Biktarvy patents extended to 2036, and two major PDUFA decisions before year-end. Analysts largely framed the guidance cut as accounting noise rather than a change in underlying earnings power. HIV franchise sales grew 10% in Q1 and product gross margin expanded 200 basis points.
Readers who want the broader framework on yield-plus-growth pharma names should check out our research team’s 10 Dividend Kings to Buy Now and Hold Forever report.
How the Numbers Actually Stack Up Pfizer is down 2.6% year to date, and Gilead is 6.0% higher, while the S&P 500 has returned 10.3% over the same stretch. Both are lagging the broader market, though Gilead’s gap is modest. On a one-year basis, Gilead is up 16.0% while Pfizer is 4.3% lower.
Pfizer’s nearly 19% implied upside is backed by a beta of 0.31 and a trailing P/E of 18x. Analyst targets are one data point, and the Hold-heavy skew makes clear that conviction is thin.
One Contrarian Buy, One Show-Me Story The contrarian case for Pfizer rests on the COVID revenue base being fully washed through and the oncology and obesity pipeline offsetting biosimilar losses in 2027 and beyond. The forward P/E of 8x and 7% yield offer defensive cover while the pipeline matures. The bear case is that Most-Favored-Nation pricing and tariff risk structurally compress margins, in which case the dividend gets scrutinized fast if free cash flow softens.
The bull case for Gilead requires looking through the IPR&D charges and trusting that Yeztugo, Biktarvy’s 2036 patent runway, and the anito-cel and BIC/LEN PDUFAs land on schedule. The bear case is that the ASCENT-07 miss signals broader oncology execution risk, given that Gilead paid a premium for those assets.
So, Pfizer is the more compelling contrarian setup given valuation and yield support. Gilead has already recovered materially off its lows, so the easy money may already be behind it.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Pfizer didn't make the cut. Grab the names FREE today.
, /PRNewswire/ -- Duke Energy Florida's EnergyWise Home program offers up to $141 in annual bill credits for homeowners and renters. Unlike other resources, it has minimal requirements, and little effort is needed from enrolled customers in order to receive the credits. In fact, most customers start saving immediately – without making any changes to their habits or daily routines.
How it works
Customers enroll select appliances. This enables Duke Energy Florida to reduce their run time during periods of high energy demand. To enroll, click here or call 888.282.9757. A small device is installed on each appliance – at no charge. They can then be cycled off as needed, starting with water heaters and ending with heating and cooling units, which are rarely impacted. The vast majority of customers save even if the devices are not activated. As long as they use at least 600 kilowatt-hours (kWh) of energy per month (typical residential customers use 1,000 kWh), they will get bill credits. Bill credit breakdown
Heating: $24 annually Cooling: $45 annually Pool pump: $30 annually Water heater: $42 annually TOTAL: $141 annually Note: Mobile home residents can receive up to $111 in annual bill credits for enrolling heating, cooling and water heaters.
Our view
"The EnergyWise Home program is one of the easiest ways for our customers to lower their energy bills," said Melissa Seixas, Duke Energy Florida state president. "Our team is on standby to help, so please reach out so you can start saving this summer."
More ways to save
Duke Energy Florida encourages customers to take advantage of the many energy efficiency and financial assistance tips, tools and programs available to them. For more information, please visit duke-energy.com/SummerSolutions.
Duke Energy Florida
Duke Energy Florida, a subsidiary of Duke Energy, owns 12,500 megawatts of energy capacity, supplying electricity to 2 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.
Duke Energy is executing an energy modernization strategy, keeping customer value at the forefront as it invests in electric grid upgrades and efficient generation resources to strengthen the system and serve growing energy needs.
More information is available at duke-energy.com. Follow Duke Energy on X, LinkedIn, Instagram, TikTok and Facebook for stories about the people and innovations powering its communities.
Contact: Aly Raschid
24-Hour: 800.559.3853
X: @DE_AlyRaschid
Palantir Technologies stock is trading near recent lows. Where is PLTR stock headed? Palantir, NVIDIA Bring AI to U.S. Sovereign EnvironmentsThe offering combines NVIDIA’s AI platform with Palantir’s AIP, Ontology, Foundry, and Apollo products, enabling government agencies to deploy models in classified and air-gapped environments while continually improving them based on mission-specific feedback.
Palantir, Surf Air Expand SurfOSThe expanded partnership builds on the successful commercial launch of BrokerOS and a recent multi-million-dollar contract with Wheels Up to serve as the launch customer for Enterprise BrokerOS.
Analyst Consensus & Recent ActionsThe stock carries a Buy rating with an average price target of $187.42. Recent analyst moves include:
DA Davidson: Upgraded to Buy (Raises Target to $175.00) (July 2) Wolfe Research: Upgraded to Peer Perform (June 16) Rosenblatt: Buy (Maintains Target to $225.00) (June 5) Palantir Shares Edge HigherPLTR Price Action: At the time of publication, Palantir shares are trading 0.02% higher at $133.75, according to data from Benzinga Pro.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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SAN FRANCISCO--(BUSINESS WIRE)--Uber Technologies, Inc. (NYSE: UBER) and GameStop (NYSE: GME) today announced a new partnership that brings one of the largest gaming retailers to the Uber Eats marketplace. Customers can now order video games, gaming consoles, accessories, collectibles, and more from GameStop locations nationwide on Uber Eats for scheduled or on-demand delivery. GameStop is the latest retailer to join Uber Eats' rapidly growing marketplace, which now features thousands of storef.
AMC shares are advancing steadily. Why are AMC shares climbing? Earnings Preview & HistoryAMC Entertainment is expected to report a loss of 5 cents per share along with revenue of $1.45 billion.
In the most recent quarter, AMC reported a loss of 36 cents per share, missing estimates of 33 cent-loss by 0.09%. Meanwhile, Revenue came in at $1.04 billion, exceeding the estimate of $974.61 million by 0.07.
Investors will likely key in on whether stronger box-office demand is improving the quality of earnings, not just the headline revenue number.
That means watching attendance and admissions revenue per patron for signs that higher traffic is paired with pricing power and premium-format mix — a signal for whether the jump to an expected $1.45 billion in revenue is margin-accretive.
Food and beverage revenue and per-capita spending will also be closely watched, since concessions are typically a major profit driver for theaters, making stronger per-cap trends a tell that demand is translating into operating leverage.
Given how central balance-sheet concerns have been to the recent debate around the stock, any commentary on interest expense, liquidity, cash levels, or debt refinancing terms could move shares more than a modest EPS beat or miss.
Analyst Consensus & Recent ActionsThe stock carries a Hold rating with an average price target of $1.80 (range: $1.20 to $2.50) across 6 analysts. Recent analyst moves include:
Macquarie: Neutral (Raises Target to $2.00) (July 8) Citigroup: Sell (Raises Target to $1.20) (May 7) Benchmark: Upgraded to Buy (Target $2.50) (May 6) Above the Trend Lines, Below the Breakout PointAMC is trading at $2.02, which keeps it above its key longer-term trend gauges: it’s 10.1% above the 50-day SMA ($1.83), 30.2% above the 100-day SMA ($1.55), and 10.3% above the 200-day SMA ($1.83). The one near-term friction point is the 20-day SMA at $2.09, with the stock still trading 3.6% below that level—often a sign the tape is trying to transition from "bounce" to "trend."
The moving-average structure is still a tailwind: the 20-day SMA is above the 50-day SMA, and the golden cross in July (50-day SMA moving above the 200-day SMA) keeps the intermediate trend biased upward as long as price holds those longer averages. That said, the stock’s 12-month performance remains down 37.18%, so rallies can still run into overhead supply from prior breakdown zones.
Momentum is best read through RSI, which sits at 50.07—basically neutral—suggesting the stock isn’t stretched and could move either way as catalysts approach. RSI is a momentum gauge that helps show whether buying or selling pressure is getting "overdone," and right now it’s signaling balance rather than exhaustion.
Key Resistance: $2.00 — a round-number pivot that’s also sitting near the current price, making it a key "line in the sand" for follow-through AMC Shares Trend HigherAMC Price Action: At the time of publication, AMC shares are trading 3.47% higher at $2.03, according to data from Benzinga Pro.
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SEATTLE--(BUSINESS WIRE)--Redfin (redfin.com), the real estate brokerage powered by Rocket, today announced a partnership with The Weather Company (weathercompany.com), which owns The Weather Channel app and weather.com, to bring local weather data to every for-sale home listing on Redfin. Homebuyers can now view zipcode-level weather metrics directly on home listings, including average temperature, precipitation, snowfall, humidity and UV index, helping them better understand what it's like to.
SEATTLE--(BUSINESS WIRE)--Home prices are rising by double digits in a handful of affordable, inland cities anchored by universities, according to a new report from Redfin, the real estate brokerage powered by Rocket. Led by Morgantown, WV, Syracuse, NY and Tuscaloosa, AL, home prices in these college towns are rising more than five times faster than the 2% growth home prices saw nationwide in May. This is from a Redfin analysis of MLS data from the three months ending in May 2026 for college t.
A construction boom helped hold the deficit nearly flat in 2024, growing by just 43,000 homes
According to new Zillow research, America's housing deficit grew by just 43,000 units in 2024 — down sharply from increases of 257,000 in 2022 and 159,000 in 2023 — as new multifamily construction reached a 50-year high. The deficit of 4.7 million homes remains the primary driver of the affordability crisis. In the four metro areas with the largest deficits — New York, Los Angeles, Boston and San Francisco — the share of listings affordable to a median-income household is far below the national figure of 35% , /PRNewswire/ -- America's housing deficit finally stopped growing in a meaningful way. The national housing deficit remained at 4.7 million units in 2024, rising by just 43,000 homes, according to a new Zillow® analysis of recently released data from the U.S. Census Bureau. That counts as a step in the right direction after years of the deficit deepening significantly.
The national housing deficit remained at 4.7 million units in 2024, rising by just 43,000 homes, according to a new Zillow® analysis. The 4.7 million shortfall is the root of our country's affordability crisis, and the product of nearly two decades of underbuilding that began after the 2008 financial crisis. For the first time in that period, new supply and new housing demand were roughly in balance in 2024.
"The country is not yet building its way out of the hole, but we stopped digging," said Orphe Divounguy, senior economist at Zillow. "Behind every missing home is a family doubling up, unable to find or afford a place of their own. Stopping the bleeding is progress, but making a real dent requires more than the status quo. We need flexible zoning to allow for more density, streamlined permitting and support for manufactured housing. It's been encouraging to see a bipartisan emphasis from Congress in finding solutions to the housing affordability crisis, because this is an issue that matters to everyone."
A building boom helped housing keep pace with demand
For more than a decade, homebuilding has not kept pace with family formation. That's forced millions to share housing with people outside their family — doubling up when they would likely prefer to have their own place. The deficit grew by 257,000 homes in 2022 and by 159,000 in 2023.
The 2024 increase of just 43,000 is small enough that after years of steady widening, the gap has effectively plateaued.
Year*
Housing deficit
Annual change
Families doubling up
Homes available to rent or buy
2019
3,788,409
—
7,835,677
4,047,268
2021
4,283,926
+495,517 (two-year change)
7,967,749
3,683,823
2022
4,540,773
+256,847
8,085,857
3,545,084
2023
4,699,836
+159,063
8,147,081
3,447,245
2024
4,743,274
+43,438
8,172,802
3,429,528
*2020 is omitted because of data-collection disruptions in that year's American Community Survey.
The deficit held steady primarily because of a homebuilding boom. The total number of housing units in the country increased by about 1.4 million in 2024, fueled by a 50-year high for newly finished multifamily homes. That was almost enough to absorb the year's increase in the number of families moving into new housing.
Affordability has improved in areas with the biggest construction booms
The leveling off of the deficit lines up with improving affordability. The share of for-sale listings on Zillow that were affordable to a median-income household — meaning they would spend no more than 30% of their income on the monthly mortgage, assuming a 20% down payment — had fallen sharply from a monthly average of about 54% in 2021 to roughly 33% in 2023 as home values and then mortgage rates surged. In 2024, that share held flat, and Zillow data shows it improving through today.
Where the housing deficit is most severe
Even with the national picture stabilizing, the deficit remains heavily concentrated in the country's most expensive markets. The most severe deficits in 2024 were in New York, Los Angeles, Boston, San Francisco and Washington, D.C. While 35% of for-sale listings in May were affordable to a median-income household nationwide, the shares are far lower in four of the five markets with the biggest deficits.
Builders responded faster to pandemic-era demand in areas with fewer building regulations. That has helped prices and rents ease in those metros and rebalanced those markets faster than in places with more stringent zoning.
Zillow supports making it easier to build
Closing a gap this large requires action on multiple fronts. Zillow advocates for measures that make it easier and less expensive to build, including modernizing zoning to allow more density, streamlining permitting and expanding financing options for manufactured housing. Together with the Casita Coalition, Zillow created the Build the Middle Playbook as a resource for advocates working to unlock more housing in their communities. The full case for what needs to change and why is laid out in Zillow's ongoing affordability research.
Metro area*
Housing deficit
Year-over-year change
Share of affordable listings (May 2026)**
Share of affordable listings (May 2025)**
United States
4,743,274
43,438
35.2 %
30.8 %
New York, NY
405,956
3,595
13.8 %
11.7 %
Los Angeles, CA
344,533
5,783
5.1 %
2.5 %
Chicago, IL
115,282
8,760
47.4 %
46.7 %
Dallas, TX
47,875
-1,329
31.2 %
25.1 %
Houston, TX
11,903
-8,261
37.4 %
31.2 %
Washington, DC
130,424
-1,814
41.8 %
34.4 %
Philadelphia, PA
80,675
-773
42.9 %
39.3 %
Miami, FL
68,324
-3,642
28.0 %
24.1 %
Atlanta, GA
66,346
23
39.8 %
36.7 %
Boston, MA
147,028
-3,513
14.8 %
11.4 %
Phoenix, AZ
96,038
-2,665
29.0 %
21.7 %
San Francisco, CA
132,116
-7,874
15.9 %
12.9 %
Riverside, CA
86,221
1,134
14.9 %
11.6 %
Detroit, MI
34,594
-1,593
55.9 %
53.5 %
Seattle, WA
97,380
-4,543
16.2 %
13.7 %
Minneapolis, MN
66,824
-6,235
44.4 %
41.2 %
San Diego, CA
97,465
1,634
10.2 %
5.9 %
Tampa, FL
33,878
678
32.3 %
27.1 %
Denver, CO
70,358
-561
28.9 %
22.4 %
Baltimore, MD
42,264
1,620
50.7 %
46.1 %
St. Louis, MO
16,976
-392
59.1 %
54.5 %
Orlando, FL
30,402
6,000
27.6 %
23.1 %
Charlotte, NC
22,545
447
34.6 %
29.5 %
San Antonio, TX
10,668
-2,890
37.9 %
30.9 %
Portland, OR
67,196
-3,289
21.2 %
16.4 %
Sacramento, CA
54,801
-5,630
13.9 %
9.7 %
Pittsburgh, PA
13,186
-2,234
57.0 %
54.8 %
Cincinnati, OH
29,983
-2,042
50.5 %
50.2 %
Austin, TX
60,359
-2,851
27.7 %
18.7 %
Las Vegas, NV
34,073
1,881
25.3 %
20.5 %
Kansas City, MO
26,107
-1,816
43.9 %
42.6 %
Columbus, OH
34,686
-1,533
46.5 %
42.3 %
Indianapolis, IN
15,831
826
50.5 %
44.4 %
Cleveland, OH
13,350
-424
48.6 %
44.3 %
San Jose, CA
55,594
-784
13.7 %
10.2 %
Nashville, TN
34,377
-466
24.3 %
19.3 %
Virginia Beach, VA
20,553
666
31.3 %
32.2 %
Providence, RI
31,180
1,389
7.9 %
7.4 %
Jacksonville, FL
10,328
-2,915
33.3 %
29.3 %
Milwaukee, WI
13,380
-549
38.6 %
36.1 %
Oklahoma City, OK
12,173
568
37.1 %
31.1 %
Raleigh, NC
10,736
-360
42.7 %
35.8 %
Memphis, TN
1,641
98
45.3 %
35.5 %
Richmond, VA
15,770
525
27.5 %
25.2 %
Louisville, KY
12,430
1,323
46.8 %
41.4 %
New Orleans, LA
2,948
-1,286
24.3 %
18.8 %
Salt Lake City, UT
35,676
2,418
23.8 %
17.2 %
Hartford, CT
13,171
40
30.7 %
28.2 %
Buffalo, NY
18,357
1,163
61.4 %
51.6 %
Birmingham, AL
6,779
813
51.6 %
47.8 %
*Ordered by market size
**A listing is considered affordable if a household making that metro area's median income would spend no more than 30% of its income on the monthly mortgage, assuming a 20% down payment.
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Texas Instruments (NASDAQ:TXN | TXN Price Prediction) heads into Q2 2026 results on July 22 with a one-sided setup: Management’s own guidance points to a step-change quarter, free cash flow is inflecting and the two end markets driving the quarter (industrial and data center) are accelerating into the release rather than fading.
Start with the catalyst. Management guided Q2 revenue to $5.00 billion to $5.40 billion and EPS of $1.77 to $2.05, a midpoint that represents roughly 8% sequential growth, slightly above seasonal. TXN has beaten revenue in three of the last four quarters and Q1 2026 blew the doors off with a 23.15% EPS beat that triggered a 19.43% day-of pop. Polymarket traders now assign an 80.5% probability that Q2 Analog revenue clears $4 billion.
Industrial and Data Center Are Doing the Heavy Lifting Second, the end-market mix is compounding. In Q1 2026, industrial revenue rose more than 30% year over year and data center revenue was up roughly 90% year over year. CEO Haviv Ilan told analysts, “The combination of a broad portfolio, ability to support the rack and the board, ability to supply at scale, and a geopolitically dependable location is unique and not easy to replicate.” Industrial demand is still 15% below the 2022 peak, so the recovery has real runway before it hits a wall.
Cash Generation Has Inflected Third, the cash flow story is the reason retirement-focused investors get paid to wait. Trailing twelve-month free cash flow reached $4.4 billion, up from $1.7 billion in 2025. Q1 2026 free cash flow alone jumped 610% year over year as capex moderated. Ilan told the Street, “Assuming we do not have another false start, it is very likely we will be at $8 free cash flow per share for 2026.” TXN returned $6 billion to shareholders over the trailing twelve months and continues to bank CHIPS Act support, including $555 million in direct Q1 funding for the Sherman, Texas 300mm fab.
The stock is already confirming the story. As of Monday, July 13, shares are up nearly 69% year to date. The internal AI model price target sits at $340.43, above the Wall Street consensus of $298, and 17 Buy ratings outweigh the two Sell ratings.
The story to watch heading into the July 22 close: whether TXN’s guide-and-beat pattern holds one more time.
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Successful system tech demo proves range, accuracy and lethality of new surface-to-air missile
, /PRNewswire/ -- Raytheon, an RTX (NYSE: RTX) business, successfully demonstrated the company's Next Generation Short Range Interceptor (NGSRI), designed to replace Raytheon's Stinger® surface-to-air missile for the U.S. Army.
Multiple guided missiles were launched using the company's soldier-portable Command Launch Assembly (CLA) during the demonstration. Each shot showed the NGSRI system's ability to detect, track and intercept Army-simulated aerial threats with direct hits and target destruction.
The system's advanced performance is driven by the CLA and missile seeker's precision optics, paired with an innovative highly loaded grain solid rocket motor manufactured by Northrop Grumman. Together, these technologies significantly extend NGSRI's engagement range beyond current systems.
"Raytheon's NGSRI saw farther and locked faster, demonstrating superior target acquisition, longer range and greater lethality than Stinger – which is already the world's most in-demand and shoulder-fired air defense system," said Tom Laliberty, president of Land and Air Defense Systems at Raytheon. "Our NGSRI solution builds on Stinger's historic global success by being easier to build and field, resulting in a more capable, affordable and rapidly producible weapon."
Over the past year, Raytheon has conducted several company-funded tests to prove and enhance NGSRI, along with two incremental demonstrations under contract with the Army.
NGSRI is a U.S. Army program to develop a short-range missile that will eventually replace the Stinger system. The missile will be able to be fired from a vehicle or shoulder-mounted launcher. As the manufacturer of the Stinger missile and launchers, Raytheon is working to ensure full interoperability of NGSRI with both new and existing mounted platforms.
Raytheon's NGSRI design leverages more than 60 years of air defense experience to deliver the world's most advanced shoulder-launched air defense missile for the U.S. Army and Marine Corps. The company's use of modular system design and automated manufacturing enables faster development and production.
About Raytheon
Raytheon, an RTX business, is a leading provider of defense solutions to help the U.S. government, our allies and partners defend their national sovereignty and ensure their security. For more than 100 years, Raytheon has developed new technologies and enhanced existing capabilities in integrated air and missile defense, smart weapons, missiles, advanced sensors and radars, interceptors, space-based systems, hypersonics and missile defense across land, air, sea and space.
About RTX
With more than 180,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success, and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2025 sales of more than $88 billion, is headquartered in Arlington, Virginia.
For questions or to schedule an interview, please contact [email protected].
NEW YORK--(BUSINESS WIRE)--Morgan Stanley (NYSE: MS) today announced its second quarter 2026 financial results. The results are now available on the Firm's Investor Relations website at www.morganstanley.com/about-us-ir/earnings-releases. The results will be filed on a Form 8-K with the Securities and Exchange Commission (SEC) on July 15, 2026, which will be available on the SEC's website at www.sec.gov. A conference call to discuss the results will be held today at 8:30 a.m. (ET). The call wil.
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The artificial intelligence boom has never been cheap, but the price of staying at the cutting edge is climbing even faster than many investors expected. Over the past two years, Big Tech has committed hundreds of billions of dollars to build the computing infrastructure needed to train increasingly powerful AI models. Those investments have fueled one of the strongest bull markets in technology history, with companies like Nvidia (NASDAQ:NVDA | NVDA Price Prediction), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Meta Platforms (NASDAQ:META) leading the charge.
Now, new research from Morgan Stanley suggests those AI ambitions will cost even more than previously estimated. Rather than slowing the AI race, though, the higher price tag may reinforce one of the market’s biggest investment themes: only a handful of companies possess the financial strength to compete at the frontier of artificial intelligence.
AI Infrastructure Is Becoming Even More Capital Intensive Morgan Stanley updated its bottom-up estimates for next-generation AI clusters and found costs have risen across the board. According to the investment bank, Nvidia’s GB200 systems now cost about $35 billion per gigawatt (GW) of computing capacity, up 16% from prior estimates. GB300 clusters rise to $39 billion per GW, while Vera Rubin-based systems jump nearly 20% to $49 billion per GW.
Those estimates closely match Nvidia’s own guidance of $50 billion to $60 billion per GW for Rubin-era AI factories.
Those eye-popping figures include far more than graphics processors. They encompass networking equipment, storage, liquid cooling systems, electrical infrastructure, and power delivery needed to operate facilities consuming hundreds of megawatts — or even entire gigawatts — of electricity.
To put that into perspective, 1 GW can power roughly 700,000 to 1 million U.S. homes. AI campuses are increasingly reaching that scale.
OpenAI‘s Stargate initiative, backed by SoftBank and Oracle (NYSE:ORCL), plans to invest $500 billion through 2029 to build up to 10 GW of AI infrastructure. Meta is developing its Hyperion campus with plans to expand from 2 GW to 5 GW, while Microsoft and Google continue building multi-gigawatt data center campuses across the United States.
Only companies generating enormous cash flows can comfortably finance these projects. Microsoft, Amazon, Alphabet (NASDAQ:GOOG), and Meta collectively produce hundreds of billions of dollars in annual operating cash flow. They also retain investment-grade credit ratings that allow them to borrow at favorable rates.
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Smaller AI companies don’t enjoy those advantages. Instead of building billion-dollar campuses themselves, many will lease computing capacity from cloud providers or specialists like CoreWeave (NASDAQ:CRWV). That shifts even more demand toward the largest cloud operators while reinforcing Nvidia’s dominant ecosystem of GPUs, networking hardware, and software.
Morgan Stanley also noted that power availability — not financing — is increasingly becoming the biggest bottleneck. Utilities face multi-year delays adding new generation and transmission capacity, stretching construction timelines and increasing project costs.
The AI Investment Thesis Remains Intact Granted, rising costs raise the bar for earning attractive returns. Companies must generate enough AI revenue to justify infrastructure investments that now approach $50 billion per GW.
That said, demand continues moving in the opposite direction. McKinsey estimates cumulative AI infrastructure spending could reach trillions of dollars by 2030, while research from Epoch AI projects multiple frontier AI clusters exceeding 1 GW this year alone.
For Nvidia, more expensive AI factories often translate into higher revenue per deployment because its chips, networking products, and software remain at the center of those installations. Suppliers of high-bandwidth memory, power management systems, and liquid cooling equipment also stand to benefit as clusters become larger and more complex.
Key Takeaway In short, Morgan Stanley’s revised cost estimates don’t signal the AI boom is running out of steam. They highlight that building frontier AI has become an increasingly exclusive club.
That’s ultimately good news for companies with fortress balance sheets and established AI ecosystems. Nvidia, Microsoft, Amazon, and Meta remain among the best-positioned businesses to absorb higher costs while spreading those investments across massive cloud platforms and growing AI services.
For retail investors, the lesson is straightforward: the AI revolution isn’t getting cheaper — but its rising cost may widen the competitive moat around the industry’s biggest winners.
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July 15 (Reuters) - Morgan Stanley (MS.N), opens new tab beat Wall Street estimates for second-quarter profit on Wednesday, posting record revenue driven by strong deals activity, while market volatility resulted in record trading revenue at the investment bank.
The bank reached its long-time goal of $10 trillion in wealth management assets, helped by the liquidity received by employees of companies that completed IPOs in the second quarter. "More than half of the $148 billion in net new assets came from stock plan IPO flows," said Morgan Stanley CFO Sharon Yeshaya in a phone interview.
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The bank expects its flow to wealth management to continue, as it manages 70% of stock plans of the 100 biggest unicorns, companies valued above $1 billion, Yeshaya added.
Mega-deals helped drive the total value of announced mergers and acquisitions to $2.8 trillion in the first six months of the year, the highest first-half total since LSEG records began in 1980. Morgan Stanley's investment banking revenue soared 58% to $2.44 billion, boosted by a rise in IPO underwriting and M&A advisory fees.
Morgan Stanley served as a lead underwriter for the record $2 trillion market debut of Elon Musk's SpaceX (SPCX.O), opens new tab, a landmark initial public offering that was a part of the revival of activity in the U.S. listings market.
The investment bank was a lead underwriter on chipmaker Cerebras' (CBRS.O), opens new tab New York IPO and a joint book-running manager on Alphabet's (GOOGL.O), opens new tab equity capital raise announced last month. Among the notable deals in the quarter, the bank acted as a financial advisor on Fertitta Entertainment's agreement to buy Caesars Entertainment in a deal valued at $17.6 billion.
Net income applicable to the investment bank came in at $5.58 billion, or $3.46 per share, in the three months ended June 30, compared with $3.54 billion, or $2.13 per share, a year earlier. Analysts were expecting a profit of $2.94 per share, according to data compiled by LSEG.
Net revenue came at a record $21.35 billion, above analyst forecast of $19.64 billion in the second quarter.
JPMorgan Chase (JPM.N), opens new tab, Bank of America (BAC.N), opens new tab and Goldman Sachs (GS.N), opens new tab reported similar rises in investment banking revenue on Tuesday.
CAUTIOUS, BUT LOOKING AT M&AMorgan Stanley CEO Ted Pick told analysts on the earnings call that the bank continues to look for potential acquisition targets that could increase its market share in specific areas or geographies, but added that the bar to find a deal is high.
Morgan Stanley posted record equities revenue, $6.3 billion, 69% above the quarter a year earlier. Clients increased trading activity as global markets navigated turbulence during the quarter with the U.S.-Iran standoff triggering a sharp rise in oil prices.
Persistently high inflation and shifting monetary policy expectations also injected unpredictability, even though major equity benchmarks demonstrated resilience. A lot of the rise came from trading in Asian markets such as Hong Kong, India, Japan and Korea, the CFO added.
JPMorgan Chase (JPM.N), opens new tab, Bank of America (BAC.N), opens new tab and Goldman Sachs (GS.N), opens new tab - who also beat quarterly profits on Tuesday - reported a similar jump in trading.
Morgan Stanley shares were down around 1.2% in trading before the bell. The shares have gained 28.5% in 2026, underperforming Goldman Sachs, but outpacing the benchmark S&P 500 index (.SPX), opens new tab.
The only metric below market expectations, according to KBW analyst Chris McGratty, was $1.5 billion in share buybacks, below KBW's projection of $1.8 billion.
Reporting by Pritam Biswas in Bengaluru and Tatiana Bautzer in New York; Editing by Arun Koyyur and Nick Zieminski
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Tatiana Bautzer is a U.S. banking correspondent at Reuters in New York. She previously covered banks in Brazil, breaking news on deals by major global corporations, initial public offerings and bankruptcies. She has also delved into corruption scandals at Brazilian conglomerates and business disputes between billionaires. Prior to joining Reuters in 2015, Bautzer worked for business magazines Exame and Istoe Dinheiro and newspapers Valor Economico and O Estado de S. Paulo. She previously served as international correspondent for Valor Economico in Washington, D.C., covering multilateral institutions and trade. Bautzer holds a B.A. in Journalism and an MBA from the University of Sao Paulo.
FTSE 100 flat at 10,530 Miners fall on weaker China GDP Barratt Redrow, ICG, B&M, NextEnergy Solar publish updates 2.07pm: Oil calm despite new US-Iran strikes Oil prices are remaining relatively sanguine despite new daylight strikes by the US on Iran.
Brent crude has eased back towards US$85 a barrel after earlier touching about US$86.50, although prices remained elevated compared to two weeks ago.
US Central Command said it had completed another round of strikes on Greater Tunb Island, near the Strait of Hormuz, targeting coastal defence systems and cruise missile storage and launch sites.
The operation was "designed to further degrade military capabilities Iranian forces have used to attack commercial shipping in the Strait of Hormuz", it said.
The latest strikes followed an earlier wave launched during daylight hours, marking a departure from previous US operations, which had taken place overnight.
Iran has vowed a "decisive response" after local media reported that seven military personnel were killed in a US strike on a military base in Bampur in the country's south-east, with several others wounded.
1.19pm: Ed Miliband no longer favourite to be Chancellor Prediction markets are still struggling to settle on who will become Britain's next chancellor.
On Polymarket, the favourite is now Shabana Mahmood, with an implied probability of 43.8% for the current Home Secretary, ahead of former home secretary Yvette Cooper on just over 35%.
Former Labour leader Ed Miliband is a distant third on 17%, having been favourite a week ago at over 65% implied probability, while previous favourite Wes Streeting is rated an outsider at 3.5%.
The market has been volatile over the past 24 hours, with Cooper briefly overtaking Mahmood before the latter regained the lead.
The market is likely to have turned amid Westminster reports that senior allies of Burnham believe they have succeeded in blocking Miliband from the Treasury, on concerns he would become a lightning rod for criticism of the government.
Elsewhere, a Bloomberg survey of market participants showed Miliband is investors’ least favoured choice, with Mahmood not far behind him. Wes Streeting is by far the most market-friendly choice, apparently.
12.13pm: European stocks in the red, US futures green London's blue-chips and those in other European financial centres remain under pressure at midday trading, although losses have eased slightly, with the pan-European Stoxx 600 only down 0.1%
Germany's DAX continued to lag with a 0.8% decline, with falls of 0.5-0.6% in Madrid and Milan, while in Paris the CAC 40 is down 0.2%.
Wall Street looked set for a slightly more sanguine start, led by the tech sector, with Nasdaq futures up 0.5%, S&P 500 futures rising 0.1% and those for the Dow little moved.
Summing up yesterday's Wall Street session, market analyst Kenny Polcari of SlateStone Wealth said investors were able to look through IBM's record one-day share price drop thanks to stronger-than-expected bank earnings and easing US inflation.
"The banks steal the show as they kick off the earnings season," he says, with five of the largest banks in the country together earning roughly $49 billion in profits, a 39% annual increase, inclduing JPM and Goldman Cash posting the best quarters in their history.
Today's earnings include ASML Holding, Johnson & Johnson (NYSE:JNJ), Morgan Stanley (NYSE:MS), BlackRock and BNY Mellon.
11.53am: Save our stock market Ahead of Andy Burnham being confirmed as the new PM, which is expected on Friday, the Association of Investment Companies has drawn up its wish list to "save our stock market".
Top of it is a familiar demand from the City: scrap the UK's 0.5% stamp duty on share purchases.
The trade body for the investment trust sector argues the tax is making UK equities less attractive at a time when London is already losing listed companies to overseas buyers and struggling to attract new flotations.
AIC chief executive Richard Stone points to Peel Hunt analysis showing the value of takeover bids for UK-listed companies was 27 times greater than the value of IPOs in the first half of 2026.
He also wants Burnham to reverse the cut in venture capital trust tax relief from 30% to 20%, arguing it risks starving fast-growing businesses of funding before they reach the stock market.
Stone warned that London's challenges could intensify as blockbuster US listings continue to dominate global markets, citing the recent flotation of SpaceX and expected IPOs from Anthropic and OpenAI, which could further increase the weighting of US shares in global equity indices.
"The situation on the London market is now so serious that it requires bolder interventions to save our stock market," Stone says, adding that abolishing stamp duty "would give the biggest financial return to the UK economy by encouraging more investors to buy UK equities and drive economic growth."
He notes that investment trusts make up 36% of the FTSE 250 and seven constituents of the FTSE 100, saying they are subject to "onerous double taxation given that the trusts themselves pay stamp duty when they buy UK shares, then investors have to pay stamp duty on the shares of the investment trusts".
11.16am: Netflix earnings tomorrow One of the first US tech companies stepping up to the plate is Netflix, though it's more media that tech.
Chris Beauchamp at IG says the Q2 numbers "are an opportunity for the company to stop the year-long decline in its shares that have seen them lose over 45%".
Cash flow and margins are holding up, "but in a world of growing competition and the inevitable creep of AI, Netflix has to show that it can retain the engagement of its subscribers", he says.
"That is a long and never-ending task, so while tomorrow's numbers provide a chance to tell that story, it won't be a one-and-done.
"Alongside progress on that front, investors will want to see how the firm can squeeze more cash out of advertising from its cheaper tiers - ad revenue is only 6% of sales, so there is more to be done.
"The current rout in the shares is nowhere near as bad as 2022 yet, but unless Netflix can convince shareholders that it has a workable plan, then more losses seem likely."
10.59am: PayPal is 'dirt cheap' The reported bid for PayPal from Stripe would put the payments group "out of its misery" after years of miserable share price performance, says Dan Coatsworth at AJ Bell.
"The payments sector has long been a hive of activity for takeover activity, and one must wonder why PayPal hasn’t already been picked off," he says, following its acquisition by eBay in 2002 for about US$1.5 billion then being spun back out in 2015.
The payments group was "merrily on its way to greatness when suddenly Apple Pay and Google Pay took off and grabbed some of PayPal’s market share", Coatsworth says, and has seemed to be further "left behind" in a busy market that has also seen the likes of Stripe, Block and Adyen become challengers.
"If the bid rumours are true, Stripe and Advent obviously see an opportunity to buy a company that’s down but not out," he says.
"The brand still has considerable trust among the public and business community, and it makes a decent profit. It is plugged into many of the hot payment themes including mobile payments, digital wallets and buy now, pay later. For Stripe, it provides a consumer-facing brand.
"Importantly, PayPal is dirt cheap. At its peak, the shares traded on more than 60 times earnings. They’re now on less than nine times which is the sort of rating that’s rarer than hen’s teeth in the payments sector."
10.43am: NextEnergy Solar sale process Shares in NextEnergy Solar Fund are shining 5% brighter after the investment trust launched a formal sale process.
Jefferies analyst Matthew Hose says a sale "appears to be the best way forward", based on the valuation implied by Drax's offer for Bluefield Solar Income Fund as evidence of what solar assets are worth to trade buyers.
A sale would allow NextEnergy to repay its preference shares, Hose adds, avoiding potential dilution to ordinary shareholders at a later stage.
It might not be the simplest process, with the analyst flagging several complications in sourcing bids, though on the plus side the notice period under the management contract is only 12 months
10.27am: PayPal bid reported Across the pond, PayPal shares have surged 16% in pre-market trading after reports that Irish-US payments startup Stripe has teamed up with private equity firm Advent International to make a joint $53 billion takeover bid.
According to Reuters, Stripe and Advent have offered US$60.50 a share, representing a 28% premium to PayPal's closing share price on Tuesday.
A proposal was submitted earlier this month, the report said, following an initial approach in early April.
10.15am: ICG is top riser Alternative asset manager ICG is now top of the Footsie leaderboard, after a Q1 trading update.
The private credit investor reported fundraising of $4.1 billion, towards management's guidance for the full year to be below last year's $17 billion.
Analyst Abid Hussain at Panmure Liberum said this was "strong" and realisations were ahead of expectations at $1.98 billion, compared to his forecast of $1.68 billion.
Fee-earning AUM was in line at $88.1 billion, with total AUM at $126 billion versus his $127 billion estimate.
"Overall a solid, low drama quarter from management," Hussain said, with the shares trading on a nine-times two-year forward PE and the stock down 13%, "derating alongside the sector despite solid underlying performance, leaving today's numbers reinforcing what we see as a widening valuation opportunity".
10am: China thoughts Various thoughts on China are appearing in my inbox, after GDP growth slowed to 4.3% in the second quarter, its slowest pace since 2023, below the official target range of 4.5-5% for this year.
Construction was the main drag, with growth in industrial output and construction slipping to 3.0% from 4.9% in Q1, while services sector growth was steady.
Retail sales rose 1.0% in June, after falling 0.5% in May, with sales of autos, household appliances and construction materials all posted double-digit falls.
Duncan Wrigley at Pantheon Macroeconomics says: "We had expected accelerated local government bond issuance in June to drive a modest improvement in infrastructure investment, but this has yet to appear".
Manufacturing output surged 6.0% y/y in June, up from 4.4% in May, as strong export demand outweighing sluggish domestic demand, he notes.
"Policymakers will see a ‘K’-shaped economy: vibrant high-tech manufacturing and exports in stark contrast with anaemic domestic demand, dull traditional industries and falling construction activity."
He adds: "We are hopeful of fresh thinking to tackle the underlying causes of weak consumption activity, namely the soft jobs market, the prolonged property sector downturn and people’s worries about future outlays as they age.
"More targeted property market support is likely. Meaningful social security reform, however, remains a longer-term project."
Laurence Booth, market analyst at CMC Markets, says: "Markets are trying to reconcile two very different signals. China's weaker growth figures point to softer global demand, while rising oil prices are putting inflation back on investors' radar.
"Until recently, markets were becoming more comfortable with the idea that inflation was steadily moving lower. Higher energy prices now challenge that view, particularly in Europe and the UK, where central banks remain wary of second-round inflation effects.
"That leaves investors in an uncomfortable position. Slower global growth would normally support the case for lower interest rates, but if energy prices remain elevated, policymakers may have less room to ease than markets currently expect."
9.19am: FTSE down, DAX down further The FTSE 100 was down more than 80 points a short while ago, but has cut that deficit to around 35 points now.
Miners are being hit by weaker-than-expected Chinese GDP, with concerns about economic growth generally immediately seen by investors as likely to hit demand from the world's biggest consumer of industrial metals.
China's economy grew 4.3% in the second quarter, down from 5.0% in the first three months of the year and marking its weakest pace of expansion in three years, prompting investors to sell mining shares.
Precious metals also gave back some of the previous day's gains as risk appetite improved and rate expectations eased following softer US inflation.
A drop of 0.3% for London blue-chips compares to a 0.9% fall for Germany's DAX, which is the worst performing of the European markets this morning.
The DAX is underperforming due to falls for semiconductor group Infineon Technologies (XETRA:IFX, OTC:INFNNY), online retailer Zalando and defence contractor Rheinmetall, while chemicals groups BASF and Bayer also declining possibly reflecting the China growth angle.
This is despite Dutch semiconductor equipment maker ASML raising its 2026 guidance for a second time.
After yesterday's mildly positive session, European shares are lower this morning as the US continued to launch strikes on Iran overnight.
Crude oil prices are a bit firmer, with Brent up 1.5% to $86 a barrel, "though oil prices are trading a range and not taken out yesterday’s one-month high after Trump rowed back threats to impose 20% tolls on ships transiting the Strait," says market analyst Neil Wilson at Saxo. "Classic TACO Tuesday I guess."
After the softer CPI reading, Wilson also picks up on Fed chair Kevin Warsh's message that it is not mission accomplished yet.
After Warsh reiterated that the Fed has "no tolerance for persistently elevated inflation", Wilson wonders if this is "the Mario Draghi ‘whatever it takes’ approach or does it mean July is still live".
8.57am: B&M shares fall despite 'solid' quarter B&M shares are down 4% after the Q1 trading update, but analyst Jonathan Pritchard at Peel Hunt says it was a "solid" quarter.
He says that the 2.3% UK LFL decline "is in line with forecasts, following the shape of the weather, up against a huge prior-year comparative from April last year (+10.9%)".
Overall, he sees B&M entering Q2 "with less seasonal volatility and a more stable base", with France (+5.3%) and Heron Foods (+2.6%) both ahead of his forecasts.
"In conclusion, it was a solid first quarter, with performance in keeping with our forecasts, and the wider market, and we expect consensus is likely to be largely unchanged following today’s update."
8.33am: Barratt Redrow - what analysts are saying Some analysis of the Barratt Redrow numbers.
Clyde Lewis at Peel Hunt notes that completions were slightly ahead of the guided range, with adjusted PBT expected to be in line with the current City consensus forecast, and the order book is "only modestly lower" than the prior year.
With the planning backdrop continuing to pose difficulties, minimal growth in house prices and build cost inflation likely to be 3-4%, the business is "likely to see further gross margin pressure in FY27E", he reckons.
With admin costs and interest charges guided to increase by circa £40-45 million, this implied downgrades to its current PBT forecast of £568 million.
But Charlie Campbell at Stifel sees the outlook is "broadly where consensus is already" and growth "not predicated on better sales rates". Build cost inflation of around 3-4% compares to consensus at around 4%.
The shares trade at 0.6x book value, an 8% discount to the sector, "and only a little up on its lowest valuation since May 2012", Campbell says.
"We expect the shares to perform well in the next twelve months if the UK's inflation shock is short and sharp rather than prolonged."
8.15am: FTSE 100 opens lower as miners weigh The FTSE 100 has dropped 65 points to 10,464 in opening trades, led by the mining sector.
Precious metals miners Fresnillo and Endeavour, along with copper-focused Antofagasta, make up the bottom three, with Anglo American and Rio Tinto a little behind. Gold, silver and copper are down 0.6-0.3% this morning.
Also among the bigger fallers are telecoms pair BT and Vodafone, along with defence and aerospace names Melrose, Babcock and BAE Systems.
Topping the leaderboard is Barratt Redrow, up just over 4% as its results impressed. Sector peer Persimmon is carried up 1.5% from read-across.
Only 15 of the index are in positive territory so far this morning.
7.57am: B&M mixed B&M European Value Retail has reported first-quarter sales growth of 2% as strong trading in France and steady growth at Heron Foods helped lift the top-line revenue despite continuing soft trading in its core UK business.
The discount retailer said revenue rose to £1.43 billion in the 13 weeks to 27 June from a year earlier.
Revenue at B&M UK increased 0.3% to £1.14 billion, although like-for-like sales, which measure performance at stores open for at least 14 months, fell 2.3%. The decline was said to reflect a comparison with a stronger start to the garden season last year.
7.46am: Barratt bets on buybacks over dividends Barratt Redrow has pledged to return £400 million to shareholders after deciding buybacks represent better value than paying larger cash dividends, as the housebuilder reported annual profits in line with expectations.
The FTSE 100 group completed 17,667 home sales in the year to 28 June, at the top end of its guidance range and up from 16,826 a year earlier.
There was net cash of £772 million at year-end, well ahead of the £550-650 million range it guided to in April, helped by lower land spending and delayed building safety remediation payments.
Looking ahead, completions are seen increasing to 17,700-18,200 in the new financial year, with "minimal" house price inflation but 3-4% build cost inflation.
7.28am: Rates in focus The boost to the market from the US CPI inflation is not likely to last long, reckons market analyst Ipek Ozkardeskaya at Swissquote.
A softening in the annual rate of CPI and a month-on-month fell tamed hawkish Federal Reserve expectations, leading to a sharp pullback at the short end of the US Treasury yield curve.
The US two-year yield, which best captures Fed rate expectations, fell 10 basis points yesterday, with Fed funds futures now pricing out a July hike and sending the probability of a September rate hike down to 60% from 77% before the CPI release.
"But because the drop in US inflation was largely driven by the sharp pullback in energy prices, the inflation relief will probably not last long," Ozkardeskaya says.
"Middle East tensions are escalating. The US President walked back his latest – and perhaps one of the most absurd proposals yet – to charge a 20% fee on all ships transiting the Strait of Hormuz (we did the math yesterday: it would amount to a $30–34 million fee per oil tanker and would be against international law).
"Yet strikes in the region continue, energy infrastructure is being damaged, and oil and gas prices are rising. US crude is consolidating its rebound near $80 per barrel, Brent is trading near $85pb. NYMEX natural gas remains stable below $3, yet European TTF futures are up more than 30% since the June dip."
Deutsche Bank's Jim Reid notes that the 10-year US Treasury yield traded low as 4.521% post-CPI but it then climbed somewhat, "in part as Fed chair Kevin Warsh continued to strike a tough note on inflation as he delivered his first testimony as Chair before the House Financial Services Committee".
Reid says Warsh refrained from any direct policy guidance, but stressed that the softer CPI print did not mean "mission accomplished".
The central bank chief also said that "members of our Committee have no tolerance for persistently elevated inflation".
In all, says Reid, "the new Chair looked to cement inflation-fighting credibility. But he was fortunate to be making these tough remarks in a day of soft CPI, with the inflation data easing the pressure for any immediate policy tightening".
FTSE 100 Live pre-open London and European shares are predicted to struggle on Wednesday morning, in contrast to gains for most Asian and US stocks after a shift in rate expectations following US inflation data yesterday.
The FTSE 100 is expected to open around 40 points lower, according to the futures market, more than erasing the 31 points added yesterday when the index closed at 10,529.39.
Wall Street enjoyed a positive session overnight, following the biggest monthly fall in US CPI inflation for six years, which boosted hopes that the Federal Reserve may not need to raise interest rates this month.
The Nasdaq led the gains, climbing 0.9% as semiconductor stocks rallied, while the S&P 500 added 0.4% and the Dow Jones edged up just 10 points, held back by a big fall for IBM.
Asian markets are mostly higher, led by the tech sector, with Korea's Kospi jumping 7.3% and Japan's Nikkei up 1.45%, with US futures also positive, again led by the tech-powered Nasdaq, up 0.8% currently.
This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.
Happy Wednesday. If you start seeing drones in the sky, they might be part of Zipline's delivery fleet.
Stock futures are higher this morning after a positive day on Wall Street.
Here are five key things investors need to know to start the trading day:
1. Greasing the wheelGovernment data released yesterday showed that energy prices cooled in June, helping curb overall inflation. Still, prices are up from a year ago and could feel more upward pressure as the U.S. and Iran continue to fight over the Strait of Hormuz.
Here's what to know:
The consumer price index posted its largest monthly decline since 2020. The better-than-expected print buoyed stocks, which closed higher across all three major averages yesterday.In remarks to the House Financial Services Committee on Tuesday, Federal Reserve Chairman Kevin Warsh called for "regime change in policy" to fight inflation, which he described as an "unfair burden" and "tax" on Americans.But renewed U.S. strikes on Iran and the U.S. Navy's blockade of Tehran's ports threaten to make the inflationary relief short-lived. U.S. Central Command said its forces launched more strikes this morning.Oil prices rose in yesterday's session, even after President Donald Trump announced he would abandon plans to impost a 20% toll for cargo transiting the Strait of Hormuz.Follow live market updates here.2. Hard truthsWhile the broader market rose, IBM was the big loser of the day. The stock plunged 25% for its worst day on record after issuing weak preliminary results for the second quarter.
IBM reported $2.93 in adjusted earnings per share on $17.2 billion in revenue, while analysts polled by FactSet had forecasted $3.01 per share and $17.86 billion, respectively. CEO Arvind Krishna said the weakness was driven by clients' shift in spending to memory chips and other hardware, rather than software and infrastructure.
On the other hand, cybersecurity stocks rallied yesterday after Krishna told CNBC's Sara Eisen that cyber fears are a top priority for customers. CrowdStrike, Okta and Netskope all posted double-digit percentage gains in Tuesday's session.
3. Morgan's big dayMorgan Stanley continued big banks' strong earnings run this morning, reporting record quarterly revenue and profit as revenue from its equities trading business jumped nearly 70%. The bank reported $3.46 in earnings per share on $21.35 billion in revenue, easily topping Wall Street's expectations of $2.94 per share and $19.64 billion, respectively.
As CNBC's Hugh Son notes, the artificial intelligence boom is helping fuel trading and dealmaking activity for big banks such as Goldman Sachs and JPMorgan Chase. Goldman CEO David Solomon told analysts yesterday that "we are in the middle of an AI capex super cycle."
4. The giverBillionaire investor Warren Buffett is ramping up his donations of Berkshire Hathaway shares, announcing yesterday that he will give four family-linked foundations a total of nearly $6 billion. The Oracle of Omaha said his goal is now to give away all of his shares "within about eight years."
Notably, Buffett excluded the Gates Foundation from his annual donations. The foundation created by Bill Gates and his then-wife, Melinda French Gates, was for years the largest recipient of Buffett's annual Berkshire donations.
In an interview with CNBC's Becky Quick, Buffett called the Microsoft co-founder's ties to the late sex offender Jeffrey Epstein "distasteful," but added that people make mistakes. He said he and Gates recently spent time together in Omaha.
5. Safe travels, seat neighborHave you ever wished the middle seat next to you was empty? United Airlines is betting travelers will pay more to make that dream a reality.
As CNBC's Leslie Josephs writes, the air carrier announced yesterday that one row on its A321XLRs will have an empty middle seat with a tray table. It's not yet clear how much the seats, which also come with extra leg room, will cost.
United said it could add this type of row to additional aircrafts down the road. It's the latest sign of airlines racing to build out premium add-ons in a bid to increase profits and lure high-income travelers.
The Daily DividendThe Supreme Court is asking Congress to expand its budget for the fiscal 2027 year by almost 10% as it looks to ramp up security-related measures in the face of increasing threats. Here's what Justice Elena Kagan told a House subcommittee yesterday:
For some of us, those threats have come very close, and all of us live with the knowledge that they may again materialize.
Elena Kagan
Supreme Court justice
— CNBC's Jeff Cox, Greg Iacurci, Fred Imbert, Kevin Breuninger, Chloe Taylor, Spencer Kimball, Sean Conlon, CJ Haddad, Hugh Son, Yun Li, Samantha Subin, Alex Crippen, Leslie Josephs and Dan Mangan contributed to this report.
Luke Fountain assisted in the production of this newsletter. Josephine Rozzelle edited this edition.
Stock futures are pointing to a higher open as investors digest a flurry of earnings reports from major companies; oil prices are higher as the U.S. and Iran continue to trade strikes; PayPal shares are surging following a report that Stripe and Advent International have made a joint offer to buy the payments giant; ASML shares are gaining after the maker of chip manufacturing equipment reported strong results and lifted its sales forecast; and Morgan Stanley, Johnson & Johnson, Conagra and United are among the other big names reporting earnings today. Here's what you need to know today.
