Track market-moving stories before they get noisy

The space industry is in the middle of a transformation. For years, investors focused on launch providers, treating rocket launches as the primary source of value. That model is changing.

Governments increasingly want companies that can build satellites, launch them, operate them, and respond quickly when national security demands it. The winners may not be the companies with the biggest rockets, but those that can provide complete mission solutions. That’s why Rocket Lab‘s (NASDAQ:RKLB | RKLB Price Prediction) latest Victus Haze mission may prove more important than the launch itself. For investors, it signals that Rocket Lab is evolving into something much larger than a small launch company.

Victus Haze Was About More Than a Rocket Launch According to Rocket Lab, the company launched the Victus Haze mission just 16 hours and 42 minutes after receiving a launch order from the U.S. Space Force. That set a new record for the military’s Tactically Responsive Space (TacRS) program.

On the surface, that sounds like a simple operational achievement. In reality, it demonstrated capabilities that few competitors can match.

What makes Victus Haze unique is that Rocket Lab served as the prime contractor. The company didn’t just launch the mission. It also built the satellite, integrated the payload, conducted mission planning, and now operates the spacecraft in orbit.

Here’s what Rocket Lab controlled during the mission:

Capability Rocket Lab Role Launch Vehicle Electron rocket Satellite Platform Pioneer spacecraft Mission Operations In-house Spacecraft Components In-house systems and subsystems Launch Execution In-house That level of vertical integration resembles traditional aerospace contractors more than a standalone launch provider.

The Defense Opportunity Is Now Much Larger The launch itself won’t materially change Rocket Lab’s financial results. The U.S. Space Force contract was worth approximately $32 million. In comparison Rocket Lab generated $601.8 million in revenue during 2025. A single $32 million contract is helpful, but it is not transformational. The opportunity comes from what Victus Haze proves.

The Pentagon increasingly wants responsive space capabilities that can deploy assets within days or even hours. As geopolitical tensions rise, governments need the ability to replace satellites, inspect spacecraft, and respond to threats quickly. Victus Haze demonstrated that Rocket Lab can provide all of those services under one roof.

That potentially positions the company for future contracts involving:

Space domain awareness Military satellite production Responsive launch services On-orbit inspection missions National security space operations Those markets are far larger than Rocket Lab’s traditional small-launch business.

Investors Should View Rocket Lab Differently Today For years, critics argued that launch alone would never be a large enough market to justify premium valuations across the space sector. Surprisingly, Rocket Lab appears to agree.

The company has spent the past several years building spacecraft systems, acquiring satellite component manufacturers, and expanding beyond launch services. Victus Haze provides tangible evidence that those investments are paying off.

Compare Rocket Lab to many smaller launch competitors and the distinction becomes clear. Most can sell a launch. Rocket Lab can increasingly sell an entire mission. That creates multiple revenue streams while reducing dependence on launch frequency alone.

Granted, execution risk remains. Rocket Lab still needs to prove that these defense opportunities translate into recurring contracts and growing cash flow. The company is also investing heavily in its larger Neutron rocket program, which carries development risk.

That said, Victus Haze reduced one important uncertainty: whether Rocket Lab’s broader aerospace strategy actually works. The answer appears to be yes.

Key Takeaway In short, Victus Haze is not important because it generated a $32 million contract. It matters because it demonstrated that Rocket Lab can function as a full-service aerospace and defense contractor. The mission showcased rapid launch, satellite manufacturing, mission operations, and spacecraft management in a single package.

For long-term investors, that changes the investment thesis. Rocket Lab is no longer just competing for launch contracts. It is positioning itself to compete for larger defense and space systems programs that could generate recurring revenue for years. Ultimately, Victus Haze may be remembered less as a launch and more as the moment Rocket Lab proved its business model extends far beyond the rocket itself.

, /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) ("NNN" or the "Company"), a real estate investment trust ("REIT"), today announced the exercise of its $200 million incremental term loan option under its senior unsecured term loan facility, increasing the aggregate facility size to $500 million (the "Term Loan"). The incremental borrowings carry identical terms to the existing $300 million term loan (after giving effect to the amendments described below). The Term Loan matures on February 15, 2029, with two one-year extension options. NNN expects to use proceeds from the incremental term loan for general corporate purposes.

In anticipation of the incremental term loan, NNN entered into a $100 million forward starting swap that fixes SOFR at 3.43% through February 15, 2029.

"We are pleased with today's transactions, which enhance our financial flexibility, provide capital to fund our business plans, and lower our cost of capital," said Vincent H. Chao, Chief Financial Officer. "We greatly appreciate the continued support and long-standing relationships with our bank group."

Additionally, the Company amended the pricing grids on the Term Loan and its existing senior unsecured revolving credit facility, (the "Revolving Credit Facility"). Based on NNN's current credit ratings, the applicable SOFR-based margin was lowered to 0.800% from 0.850% for all outstanding Term Loan borrowings and 0.725% from 0.775% for all Revolving Credit Facility borrowings.

Wells Fargo Securities, LLC and BofA Securities, Inc., served as the Joint Lead Arrangers and Joint Bookrunners, with Wells Fargo Bank, National Association acting as the Administrative Agent and Bank of America, N.A. acting as the Syndication Agent.

Truist Securities, Inc., PNC Capital Markets LLC, U.S. Bank National Association, Royal Bank of Canada and TD Bank, N.A., served as Joint Lead Arrangers, with Truist Bank, PNC Bank, National Association, U.S. Bank National Association, Royal Bank of Canada, TD Bank, N.A., and Mizuho Bank Ltd., acting as Documentation Agents. Sumitomo Mitsui Banking Corporation, New York Branch, and Raymond James Bank also participated in the transaction.

About NNN REIT, Inc.
NNN is a REIT that invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of March 31, 2026, the Company owned 3,711 properties across all 50 states, the District of Columbia and Puerto Rico, encompassing approximately 39.6 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 years. For additional information, please visit www.nnnreit.com.

SOURCE NNN REIT, Inc.

Key Takeaways IBKR added ChatGPT and Grok, extending AI-assisted trading to options and futures.IBKR clients can link accounts to ChatGPT, Grok or Claude without passwords or API keys.IBKR requires review and approval of every AI instruction before orders reach markets. Interactive Brokers (IBKR - Free Report) is further accelerating its push into artificial intelligence (AI) by adding ChatGPT and Grok to its expanding suite of AI-enabled investing solutions. The enhancement will expand AI-assisted trading beyond stocks and exchange-traded funds (ETFs) to include options, futures and futures options, enabling investors to interact with a broader range of markets through conversational prompts.

The launch builds on IBKR's earlier integration with Anthropic's Claude and highlights the broker's efforts to simplify market analysis and trading workflows without compromising investor oversight.

Now, existing customers can connect their IBKR accounts to ChatGPT, Grok or Claude within minutes at no additional cost, using their standard IBKR credentials and without sharing passwords or API keys with third-party providers.

As interest in AI-powered investing gains momentum, IBKR is positioning itself at the forefront of this shift. Users can leverage AI assistants to assess portfolio exposures, explore hedging strategies, track technical indicators such as the relative strength index, benchmark performance against major ETFs and create futures order instructions.

However, execution remains firmly in investors’ hands, as every AI-generated instruction must be reviewed and approved through a dedicated AI Instructions tab before reaching the market.

How IBKR Builds on AI & Platform InvestmentsThe latest AI integrations complement an expanding suite of tools already available across Interactive Brokers' platforms. AI Screeners allow investors to search more than 70,000 global stocks using conversational prompts, while Investment Themes help users explore opportunities tied to trends, such as clean energy and cloud computing.

IBKR also introduced Connections, which maps relationships among companies, ETFs, derivatives and thematic datasets from a single interface. Ask IBKR enables clients to query portfolio exposure and concentration in plain language, and AI News Summaries provide concise updates tailored to holdings and watch lists.

Beyond AI, Interactive Brokers recently launched a unified interface for prediction-market contracts offered through Kalshi, CME and ForecastEx. The company has also added stablecoin funding capabilities, expanded access to Coinbase Derivatives products and benefited from growing engagement, with overnight trading volumes climbing to 8.1 million trades in the first quarter of 2026 from 2.8 million a year earlier.

For IBKR, these investments are part of a long-term strategy to simplify investing while broadening access to institutional-grade capabilities. By steadily adding new asset classes, intelligent research tools and innovative trading workflows, the company aims to help investors make better-informed decisions while ensuring that final control over every transaction remains in the hands of clients.

IBKR’s Price Performance & Zacks RankIn the last six months, Interactive Brokers shares have gained 46.7%, outperforming the industry’s 4.1% growth.

Image Source: Zacks Investment Research

Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

IBKR’s Competitive LandscapeInteractive Brokers is not alone in embedding AI into investing workflows. Several brokerages and investment platforms have accelerated their AI initiatives over the past year, though their approaches differ.

Among retail brokers, Robinhood Markets, Inc. (HOOD - Free Report) launched AI-enabled trading accounts that allow users to connect AI agents, including Claude and ChatGPT-based tools, to analyze portfolios and execute stock trades within predefined limits. Robinhood is also extending AI capabilities to credit-card purchases through agent-driven workflows.

Charles Schwab (SCHW - Free Report) incorporated an AI assistant into its platform, with a focus on helping investors navigate research, educational content and trading tools. Rather than emphasizing autonomous trading, Schwab's approach centers on improving investor support and platform usability.

While liquefied natural gas (LNG) stocks, such as Cheniere Energy (LNG 1.64%), have been traded as a proxy for negotiations over the immediate reopening of the Strait of Hormuz, the reality is that the impact will last longer than many think. In addition, Cheniere recently provided a positive update on the most important part of the stock's investment case.

The company recently told investors about "the substantial completion of Train 6 of the Corpus Christi Liquefaction (CCL) Stage 3 Project in Texas." LNG trains are "trains" of independent equipment that take natural gas and convert it into LNG for export. The more trains, the more LNG export capacity.

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Cheniere plans seven additional mid-scale trains for CCL, adding more than 10 million tonnes per annum (mtpa) and raising CCL's capacity above 25 mtpa, as well as the overall company capacity to 55 mtpa. Another two trains (8 & 9) will add 5 mtpa by the end of 2028, and expansion projects at Sabine Pass (SBL) mean the company has "line of sight to potentially surpass 100 mtpa of LNG production capacity by the mid-2030s."

For reference, Qatar exported about 110 mtpa via the Strait in 2025.

Why it matters to investors Cheniere de-risks its expansion projects by signing long-term offtake agreements before making an investment decision, so one of the greatest risks in its business is the execution and timing of expansions. As such, the news that CCL is on track is excellent.

Image source: Getty Images.

Moreover, thinking longer-term, a reopening of the Strait will obviously ease concerns about LNG supply. Still, it will take years for Qatar to fully restore the 17% of its capacity damaged by attacks. In addition, energy companies usually sign long-term LNG supply contracts, and they might not be as willing to do so with Qatar/UAE now, given the ongoing instability in the region and Iran's demonstrated ability and willingness to close the Strait. And there's the question of insurers charging extra premiums for shipping through the Strait.

As such, even if a ceasefire holds and the Strait is permanently reopened, the threat of future disruption may still confer a competitive advantage on Cheniere. It may also negatively affect Qatar's financial viability in pursuing its own expansion plans.

Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cheniere Energy. The Motley Fool has a disclosure policy.

, /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) has appointed SB1 Markets AS ("SB1 Markets") as exclusive advisor to arrange debt financing of up to US$600 million. The facility would allow the Company to monetize Investment Tax Credits expected to be generated by the construction of its Crawford Nickel Project.  The Company expects the financing to be arranged by the end of 2026, in advance of a final investment decision on Crawford targeted for 2027. There can be no assurance that the proposed financing will be completed, and, if completed, the terms of such financing would be included in a subsequent release.

Mark Selby, CEO and Director of Canada Nickel Company said, "We are very pleased to work with SB1 Markets, a global leader with deep experience and a highly successful track record in providing debt financing for natural resource projects.  With a final permitting decision expected shortly, we can now move more aggressively on key components of our project financing as we advance towards a final investment decision.  This bridge financing is central to Crawford's overall capital structure; it allows us to deploy Canada's generous investment tax credits available for critical mineral projects in Canada to fund more than half of the equity capital we need to build Crawford."

About SB1 Markets

SB1 Markets AS is a leading Nordic investment bank, jointly owned by SpareBank 1 and Swedbank and providing investment banking services across DCM, ECM, advisory, research, sales, corporate access, and FICC. The firm is headquartered in Norway and Sweden with around 270 professionals. SB1 Markets has arranged transactions for a total value of approximately USD 70bn over the last twelve months and financing natural resource companies and projects is a core part of the company's business.

About Canada Nickel

Canada Nickel is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM and NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.

For further information, please contact:

Mark Selby
CEO
Phone: 647-256-1954
Email: [email protected]

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes the ability of the Company to qualify for critical minerals tax credits, complete the financing described in this release and otherwise finance and construct the Crawford Nickel Project, deliver nickel required to feed the high growth electric vehicle and stainless steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Readers should not place undue reliance on forward looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; the ability to obtain the approval of the TSX Venture Exchange for the matters described herein; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Canada Nickel Company Inc.

New research warns of $143 billion in revenue at risk in the U.S. alone, as clients expect AI-driven value from providers Companies at risk of losing 24% of talent within two years if their firms fail to deliver on AI At the same time, one third of lawyers, accountants and compliance professionals are using unsanctioned AI, creating invisible risks organizations cannot monitor or control , /PRNewswire/ -- Thomson Reuters (Nasdaq/TSX:TRI), a global content and technology company, today released its 2026 Future of Professionals report which warns of the financial cost of failing to effectively implement AI across the legal, tax and audit and risk professions. The findings, based on a global survey of 1,800 professionals, show a widening gap between AI ambition and reality, one that is now carrying material consequences with up to $143 billion in client revenue at risk in the U.S. alone* and talent considering leaving.

"We're seeing a clear divide emerge," said Steve Hasker, President and CEO of Thomson Reuters. "Firms that are operationalizing AI are pulling ahead. Those that aren't are starting to take on real risk, across talent, clients, and financial performance. Closing that execution gap is now a business imperative for professional firms."

AI adoption is not the issue. 74% of professionals are already using AI tools every week, but organizations are struggling to translate that usage into real value. In fact, 91% of professionals believe their organizations are falling short of what AI can deliver, leading to unintended consequences such as one-third of lawyers, accountants, and compliance professionals saying they turn to unsanctioned tools, creating invisible, unmanaged risk.

Even where an AI strategy exists, execution is lagging: 35% say ambitions are not reflected in their day-to-day work, and nearly one in five say their organization still lacks a clear strategy. This gap between promise and reality is beginning to affect talent, with one in four professionals saying they would consider leaving within two years if they don't see the value they expect. Clients are reaching the same conclusion: 78% now see AI-enabled quality improvements as essential, yet just 6% believe most providers are delivering. As a result, nearly a third are preparing to reassess those provider relationships within the next 12 months.

These pressures are building faster than many leaders recognize, and are showing up in three interconnected areas:

Shadow AI is creating risk exposure

A third of lawyers, accountants and compliance professionals are using AI their organization has not approved, rising to 41% among those who say their organization is moving too slowly on AI. 96% say their AI must safeguard confidential data, 94% require verified authoritative content, and 90% need outputs they can explain and defend. Yet 41% lack access to professional-grade tools that meet these standards.  Talent is leaving

One in four professionals (24%) who are experiencing a gap between what AI technology is capable of, and what their organization is delivering are considering leaving within two years; and 13% within 12 months. Yet almost half of senior leaders believe meaningful talent pressure is still at least three years away. 62% say access to professional-grade AI would be a factor in accepting a new role. Among those already using it, nearly one in three would turn a role down without it. Clients are not waiting

78% of corporate clients now consider AI-enabled quality improvements very important or essential, yet just 6% say most of their providers deliver it. Within 12 months, 32% will be reconsidering provider relationships, with a third putting more than $1 million in annual work at risk, amounting to a combined ~$143 billion in U.S. legal and accounting revenue under active reconsideration based on AI delivery. "Not all AI is created equal. In professions where there is real liability, the standard has to be much higher," said Steve Hasker, President and CEO of Thomson Reuters. "When outputs shape legal judgments, regulatory filings, or client advice, 'almost right' isn't good enough. That's why we build what we call Fiduciary‑Grade AI, technology professionals can verify, trust, and ultimately stand behind." 

Read the full Future of Professionals report 2026 here.

The technology is ready. The gap is in execution, and the benchmark is now accountability. Thomson Reuters defines this as Fiduciary-Grade™ AI, built on authoritative, domain‑specific content; rigorous privacy and security; subject-matter expertise; outputs that are transparent and verifiable; and access to real-time human support.

About Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.

About the Future of Professionals Report 2026
Now in its fourth year, the Thomson Reuters Future of Professionals Report is an annual study of how technology is reshaping professional work. The findings in the 2026 report are based on a global survey of 1,816 professionals across law, tax, audit, accounting, compliance, risk, and global trade, conducted in March - April 2026. Respondents span private practice firms as well as in-house corporate and government departments across 62 countries. For more information visit http://www.thomsonreuters.com/en/institute/future-of-professionals-2026/report.  

Notes to Editors
* According to Future of Professionals data, within 12 months, 32% of corporate clients will be reconsidering their professional service provider relationships, with a third saying this will put more than $1 million in annual work at risk. Applied to the U.S. legal and CPA markets, this puts a combined ~$143 billion in client revenue in active reconsideration.

Media Contact
Samina Ansari, Corporate Communications
[email protected]

SOURCE Thomson Reuters

Key Takeaways Lincoln National is benefiting from growth in spread-based annuities and stronger Life Insurance sales.LNC's annuity sales rose 4% YoY to $3.9B, with spread-based products making up nearly two-thirds.LNC expects its RBC ratio to stay above 420%, supporting growth while maintaining strength. Lincoln National Corporation (LNC - Free Report) is strategically positioned for growth, supported by its ongoing business transformation, driven by growth in spread-based annuity products, improving momentum in Life Insurance and Group Protection, disciplined expense management and a strengthened capital position that supports sustainable earnings growth.

With a market capitalization of $7.2 billion, Lincoln National is a diversified life insurance and investment management company that provides a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions. The company operates multiple insurance businesses through four business segments: Annuities, Life Insurance, Group Protection and Retirement Plan Services. LNC stock has risen 13.7% over the past year compared with the industry’s average gain of 16.4%.

Courtesy of solid prospects, LNC currently carries a Zacks Rank #3 (Hold).

Where Do Estimates for LNC Stand?The Zacks Consensus Estimate for Lincoln National’s 2026 earnings is pegged at $7.72 per share. In the past 30 days, it has witnessed two upward estimate revisions against one in the opposite direction. Furthermore, the consensus mark for revenues is pegged at $19.5 billion for 2026, indicating a 2.2% year-over-year rise. It beat earnings estimates in each of the past four quarters, with an average surprise of 13.8%.

LNC Stock’s Growth DriversLincoln National continues to benefit from the transformation of its annuity franchise toward products that generate steadier earnings and require less capital. The company has been emphasizing spread-based offerings such as fixed indexed annuities and RILAs while reducing exposure to more market-sensitive business. This shift is helping improve the quality of earnings and supporting long-term cash flow generation. In the first quarter of 2026, annuity sales rose 4% year over year to $3.9 billion, with spread-based products accounting for nearly two-thirds of total sales.

The Life Insurance segment is emerging as another key growth driver. LNC has repositioned the business toward accumulation-focused products, executive benefits solutions and offerings with more predictable profitability characteristics. These product lines are expected to support sales growth while enhancing profitability and capital efficiency. Total life insurance sales climbed 33% year over year to $129 million in the first quarter of 2026.

LNC continues to expand its Group Protection franchise through targeted market strategies, supplemental health offerings and enhanced digital tools for employers and brokers. These efforts helped drive a 10.9% increase in operating income to $112 million in the first quarter of 2026.

Lincoln National is also investing heavily in technology modernization and operational efficiency initiatives across its businesses. The company is expanding digital capabilities, automating processes and enhancing self-service tools to improve customer and distributor experiences while creating operating leverage. These initiatives are supporting growth in Retirement Plan Services.

In addition, LNC remains focused on disciplined capital management, free cash flow generation and balance sheet strength. As of March 31, 2026, holding company available liquidity rose to $805 million (net of prefunding) from $655 million at the 2025-end. Lincoln National expects its RBC ratio to remain above the 420% target, reflecting solid capitalization to fund growth initiatives while maintaining financial strength.

Key ConcernLincoln National has relatively higher financial leverage compared to the industry, with a total debt-to-capital of around 38.4%, significantly above the industry average of 15.2%. This elevated leverage may increase financial risk, particularly amid volatile market conditions.

LNC is currently trading at 0.78X trailing 12-month price-to-book, below its three-year median of 0.79X and the industry average of 2.17X, reflecting lingering investor skepticism.

Key PicksSome better-ranked stocks in the broader finance space are Alerus Financial Corporation (ALRS - Free Report) , Pelagos Insurance Capital Ltd. (PLGO - Free Report) and Cboe Global Markets, Inc. (CBOE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Alerus Financial’s current-year earnings of $2.95 per share has witnessed two upward revisions in the past 60 days against none in the opposite direction. ALRS’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.8%. The consensus estimate for current-year revenues is pegged at $306.2 million, suggesting a 3.8% year-over-year jump.

The consensus estimate for Pelagos Insurance Capital’s current-year earnings is pegged at $3.78 per share, which signals 96.9% year-over-year growth. Its earnings beat estimates in three of the trailing four quarters and missed once, with the average surprise being 53.6%. The consensus mark for PLGO’s current-year revenues of $2.8 billion implies 11.4% year-over-year growth.

The consensus estimate for Cboe Global Markets’ current-year earnings is pegged at $13.34 per share, which has witnessed two upward revisions in the past 30 days against none in the opposite direction. Its earnings beat estimates in each of the trailing four quarters, with the average surprise being 5.4%. The consensus estimate for CBOE’s current-year revenues is pegged at $2.8 billion, which implies a 13.1% year-over-year rise.

UWM Holdings Corporation (“UWMC” or the “Company”) (NYSE: UWMC), today reaffirmed its commitment to acquire Two Harbors Investment Corp. (“Two Harbors” or “TWO”) (NYSE: TWO) and issued a statement regarding the upcoming special meeting on June 23 to vote on TWO’s proposed merger with CrossCountry Mortgage, LLC ("CrossCountry" or "CCM"), following the third adjournment.

UWMC issued the following statement:

“TWO stockholders have sent a clear message over and over again: they do not support the inferior CCM transaction or the TWO Board’s repeated adjournments – and we urge them to continue to reject CCM’s inferior proposal. It’s high time that the TWO Board respect the will of their stockholders.

“In stark contrast, UWMC’s proposal offers both higher value and stockholder choice through stock consideration or an election to receive $12.50 per share in cash with full financing. That optionality is a clear benefit to stockholders, not a flaw. UWMC remains committed to its superior proposal, to reaching a transaction that is best for UWMC and for TWO stockholders, to delivering a superior offer and finalizing an agreement quickly if the TWO Board will finally do the right thing and engage in good faith.

“Stockholders should not be forced into the inferior CCM deal because TWO’s management thinks it is better for them personally. It is ironic that the TWO Board bemoans the decline of its stock price, when they have a path to maximizing value for all TWO stockholders: true engagement with UWMC. TWO stockholders should continue to vote AGAINST the CCM merger and demand that the TWO Board engage with UWMC in an open, unrestricted and good-faith manner.”

TWO stockholders should remember:

UWMC’s proposal provides higher value. UWMC’s proposal provides stockholders the option to elect $12.50 per share in cash, compared to CCM’s “best and final” $12.00 per share agreement. UWMC’s proposal provides stockholder choice. TWO stockholders can receive 2.3328 shares of UWMC stock at closing per share of TWO, preserving potential upside in the combined company. The TWO Board has categorically ruled out any formulation that includes stock, removing this optionality for stockholders. UWMC remains ready for true, good-faith engagement. TWO’s short-lived attempt at engagement was a smokescreen, given the arbitrary deadlines, restricted participation, and harsh preconditions that limited constructive discussion. UWMC is prepared to continue discussing terms, including alternatives around the default election mechanism and other adjustments to the merger consideration, if TWO will finally conduct open negotiations. Independent proxy advisors have universally recommended AGAINST the CCM transaction. ISS, Glass Lewis and Egan-Jones have all recommended that TWO stockholders vote AGAINST the CCM transaction, citing concerns with the TWO Board’s process and the availability of UWMC’s superior offer. Voting AGAINST the CCM transaction is the only way to maintain a path to maximum value. Without full engagement with UWMC, TWO stockholders can never be certain that their Board has delivered maximum value for their holdings. Keeping pressure on the Board by voting AGAINSTthe inferior CCM transaction is the only path to asserting stockholders’ rights. VOTE AGAINST THE PROPOSED CCM MERGER ON THE BLUE PROXY CARD TODAY!

UWMC encourages all TWO stockholders toVOTE AGAINST Two Harbors’ CCM Merger Proposal, AGAINST the Non-Binding Compensation Advisory Proposal and AGAINST the Adjournment Proposal according to the instructions on UWMC’s BLUE Proxy Card today to preserve the opportunity to achieve greater value by engaging with UWMC’s superior proposal.

If you have any questions or require assistance with voting your shares, please contact our proxy solicitor, Okapi Partners, by calling (844) 343-2621 (Toll Free for stockholders) or (212) 297-0720 (for Banks and Brokers), or by email at [email protected].

IT IS NOT TOO LATE TO CHANGE YOUR VOTE.

ONLY YOUR LAST SUBMITTED AND RECEIVED VOTE WILL COUNT AT THE MEETING.

YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN!

About UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for 11 consecutive years and is also the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.

Cautionary Note Regarding Forward-Looking Statements

This communication includes forward-looking statements. These forward-looking statements are generally identified using words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this communication include statements regarding our expectations and beliefs related to (i) the timing of the completion of any proposed transaction; (ii) the ability of the parties to complete any proposed transaction; and (iii) the benefits of a proposed transaction. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein; (ii) the ability of the parties to satisfy the conditions to any proposed transaction, including obtaining stockholder approval and regulatory approval, on a timely basis or at all; (iii) the ability to obtain synergies and benefits of any proposed transaction; (iv) UWM’s ability to successfully implement strategic decisions and product launches; (iv) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates and inflation; (vi) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (vii) UWM’s ability to sell loans in the secondary market; (viii) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (ix) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (x) our ability to consummate the merger with Two Harbors and achieve the anticipated benefits; (xi) our ability to comply with all rules and regulations in connection with the launch of our internal servicing and the new risks that may be presented as a result of the transition; (xii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (xiii) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (xiv) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xv) UWM’s ability to continue to attract and retain its broker relationships; (xvi) UWM’s ability to implement technological innovation, such as AI in our operations; (xvii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xviii) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xix) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xx) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission (the “SEC”) including those under “Risk Factors” therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information

This communication relates to a proposal that UWMC has made to the Two Harbors Board for a business combination transaction with Two Harbors. In furtherance of this proposal and subject to future developments, UWMC filed a definitive proxy statement on Schedule 14A on May 14, 2026 (the “Proxy Statement”) with the SEC in order to solicit proxies against the Proposed CCM Merger and other proposals to be voted on by TWO stockholders at the special meeting of TWO stockholders to be held to approve the Proposed CCM Merger. UWMC may file amendments or supplements to the Proxy Statement and one or more registration statements, proxy statements, tender or exchange offers or other documents with the SEC. This communication is not a substitute for any proxy statement, registration statement, tender or exchange offer document, prospectus or other document UWMC and/or Two Harbors may file with the SEC in connection with a proposed transaction.

INVESTORS AND SECURITYHOLDERS OF UWMC AND TWO HARBORS ARE URGED TO READ THE PROXY STATEMENT, ANY ADDITIONAL MATERIALS UWMC MAY FILE WITH RESPECT TO THE BUSINESS COMBINATION TRANSACTION, INCLUDING ANY REGISTRATION STATEMENT, TENDER OR EXCHANGE OFFER DOCUMENT, PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS IF AND WHEN FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY, WHEN THEY ARE AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT UWMC, TWO HARBORS, A PROPOSED TRANSACTION AND RELATED MATTERS. Investors and securityholders of UWMC and Two Harbors will be able to obtain copies of these documents if and when they become available, as well as other filings with the SEC that will be incorporated by reference into such documents, containing information about UWMC and Two Harbors, without charge, at the SEC’s website (http://www.sec.gov). Copies of the documents filed with the SEC by UWMC will be available free of charge under the SEC Filings heading of the Investor Relations section of UWMC’s website at https://investors.uwm.com.

Participants in the Solicitation

UWMC and its respective directors and executive officers and other members of management and employees may be deemed to be participants in any solicitation of proxies from Two Harbors stockholders in respect of a solicitation and proposed transaction under the rules of the SEC. Information regarding UWMC’s directors and executive officers is available in UWMC’s Annual Report on Form 10-K for the year ended December 31, 2025, and UWMC’s proxy statement, dated April 24, 2026, for its 2026 annual meeting of stockholders (the “UWMC 2026 Proxy”), which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Please refer to the sections captioned “Compensation Discussion and Analysis”, “Executive Compensation”, “Stock Ownership” and “Proposal 3 – Advisory Vote on Executive Officer Compensation” in the UWMC 2026 Proxy. Any changes in the holdings of UWMC’s securities by UWMC’s directors or executive officers from the amounts described in the UWMC 2026 Proxy have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the UWMC 2026 Proxy and are available at the SEC’s website at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260622782067/en/

Key Takeaways Dollar Tree expanded gross margin 120 bps on higher merchandise margins, freight gains and lower shrink.Shrink reduction was the largest contributor to the quarterly gross margin beat.Dollar Tree expects higher fuel costs and potential tariff increases to pressure profitability in FY26. Dollar Tree, Inc. (DLTR - Free Report) delivered one of its strongest profitability performances in recent quarters, demonstrating the effectiveness of its ongoing operational and merchandising initiatives. Despite a challenging consumer environment and persistent tariff-related pressures, the company generated meaningful margin improvement through better execution across key areas of the business. Management highlighted progress in shrink reduction, merchandise optimization and cost controls, underscoring that many of the factors driving profitability are company-specific and within its control.

Margin performance stood out in the quarter. Gross margin expanded 120 basis points year over year, supported by higher merchandise margins, freight favorability and lower shrink. Adjusted operating margin also improved 110 basis points to 9.5%, reflecting stronger execution across controllable areas of the business. These gains came despite headwinds from higher tariffs and markdown activity, underscoring Dollar Tree’s ability to protect profitability through operational discipline.

A key contributor to the margin expansion was the company's progress in reducing shrink — an area management has aggressively targeted through its Gold Store standards, enhanced audits, improved training and product-protection initiatives. Executives indicated that shrink improvement was the single largest contributor to the quarterly gross margin beat. At the same time, inventory discipline has improved significantly, with inventory declining 9% year over year despite sales growth of 7.2%. Better inventory management, improved merchandise productivity and a more efficient supply chain are creating a stronger foundation for sustainable profitability.

The key question now is whether these gains can continue amid an uncertain tariff environment. Management remains cautiously optimistic, noting that operational improvements are largely within its control and should continue to support margins. However, the company expects higher fuel costs and potential tariff increases in the second half of fiscal 2026, which could create fresh pressure on profitability. Even so, Dollar Tree's ongoing shrink-reduction efforts, disciplined cost management and growing contribution from higher-margin multi-price merchandise position the retailer to offset at least part of these external headwinds. If execution remains strong, margin expansion could remain an important earnings driver despite the tariff uncertainty ahead.

DLTR’s Price Performance, Valuation & EstimatesShares of this Zacks Rank #2 (Buy) company have gained 7% in the past three months against the industry’s loss of 1.5%.

Image Source: Zacks Investment Research

From a valuation standpoint, DLTR trades at a forward price-to-earnings ratio of 15.69X compared with the industry’s average of 31.25X.

The Zacks Consensus Estimate for DLTR’s current fiscal-year sales and earnings implies year-over-year growth of 6.5% and 21.5%, respectively. For the next fiscal year, the consensus estimate indicates a 6.2% rise in sales and 10.2% growth in earnings. The company’s EPS estimate for both fiscal years has remained stable in the past seven days.

Other Key PicksRoss Stores (ROST - Free Report) , a leading U.S. off-price retailer operating Ross Dress for Less and dd's DISCOUNTS stores, sports a Zacks Rank #1 (Strong Buy) at present. ROST delivered a trailing four-quarter earnings surprise of 10.2%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for Ross Stores’ current fiscal-year sales and earnings suggests growth of 9.1% and 17.1%, respectively, from the year-ago figures.

Five Below, Inc. (FIVE - Free Report) , which operates as a specialty value retailer, currently flaunts a Zacks Rank #1. FIVE delivered a trailing four-quarter earnings surprise of 70.1%, on average.

The Zacks Consensus Estimate for Five Below’s current fiscal-year sales and earnings suggests growth of 14.7% and 31.7%, respectively, from the year-ago figures.

Tapestry, Inc. (TPR - Free Report) provides accessories and lifestyle brand products in North America, Greater China, the rest of Asia and internationally. At present, TPR sports a Zacks Rank of 1.

The Zacks Consensus Estimate for current fiscal-year sales and earnings implies growth of 13.8% and 36.3%, respectively, from the year-ago reported figures. TPR has delivered a trailing four-quarter earnings surprise of 15.6%, on average.

WAYNE, Pa.--(BUSINESS WIRE)--Teleflex Incorporated (NYSE: TFX), a leading global provider of medical technologies, today announced the beginning of enrollment in the BIOMAG™‑III Study (NCT07258290), a landmark global study evaluating the Freesolve™ Resorbable Magnesium Scaffold (RMS).

Dr. Itsik Ben-Dor, MedStar Health in Washington, D.C., is the first implanter in the United States (U.S.) in the IDE trial of Freesolve™ RMS. Designed as a pivotal trial to support future regulatory applications, the BIOMAG™‑III Study represents the most comprehensive planned clinical evaluation of Freesolve™ RMS to date.

Chairman of the steering committee of the BIOMAG™-III Study, Dr. Ron Waksmanǂ, Associate Director of Cardiology at MedStar Washington Hospital Center, stated: “I’m proud that the very first patient in the BIOMAG™-III IDE trial has been enrolled at MedStar Health. Contributing to this important international study is the first step towards potentially changing how we treat narrowed arteries, a very common condition we see in our clinics every day. Researching innovative therapies like Freesolve™ RMS is critical to advancing care for our patients.”

The BIOMAG™-III Study is a randomized controlled trial (RCT). The study will enroll 1,859 patients and compare Freesolve™ RMS to Xience™ Drug‑Eluting Stent (DES) with respect to Target Lesion Failure (TLF) ratea at 12 months. The study will include scaffold lengths up to 40mm. The BIOMAG™-III Study will be conducted at up to 120 sites worldwide, including up to 60 sites in the U.S., underlining Teleflex’s strong global commitment to advancing resorbable scaffold technology.

Furthermore, enrollment recently completed ahead of schedule for the BIOMAG™-II Study (NCT05540223). This study enrolled 1,861 patients across 20 countries in Europe and Asia Pacific. The BIOMAG™-II Study is a prospective, international, multi-center, RCT comparing Freesolve™ RMS with Xience™ DES with respect to TLF ratea at 12 months. Completion of enrollment marks a major milestone for the first large‑scale, head‑to‑head RCT evaluating Freesolve™ RMS against DES.

Additionally, Teleflex recently announced positive long-term data from the BIOMAG™-I First-In-Human (FIH) Study (NCT04157153), demonstrating 3.5% TLFb at four years and no new clinical events between two and four years for Freesolve™ RMS1.

“The BIOMAG™‑III Study represents an important milestone in the evolution of resorbable technologies,” said Dr. David E. Kandzariǂ, U.S. National Principal Investigator for the BIOMAG™-III Study, Chief, Piedmont Heart Institute, and Chief Scientific Officer, Piedmont Healthcare. “Freesolve™ RMS technology has shown positive outcomes in the BIOMAG™-I FIH trial, with a plateauing of clinical events after resorption. This has long been the vision of resorbable scaffolds.”

Freesolve™ RMS is engineered to resorb within 12 months2, potentially reducing long‑term events associated with permanent metallic implants. The BIOMAG™‑III Study aims to generate pivotal evidence required to bring this technology to physicians and patients.

“The BIOMAG™‑III Study is a pivotal trial designed not only to meet rigorous regulatory standards, but also to demonstrate the long‑term safety and efficacy of a fully resorbable magnesium scaffold for patients, physicians, and healthcare systems,” says Prof. Dr. Georg Nollert, Vice President Medical Affairs at Teleflex. “We believe Freesolve™ RMS has the potential to reshape the coronary intervention landscape, and the BIOMAG™‑III Study could be the catalyst to drive that.”

About Teleflex Incorporated
As a global provider of medical technologies, Teleflex is driven by our purpose to improve the health and quality of people’s lives. Through our vision to become the most trusted partner in the world of healthcare, we offer a diverse portfolio with solutions in the therapy areas of anesthesia, emergency medicine, interventional cardiology and radiology, surgical, vascular access, and urology. We believe that the potential of great people, purpose driven innovation, and world-class products can shape the future direction of healthcare.

Teleflex is the home of Arrow™, Barrigel™, Deknatel™, LMA™, Pilling™, QuikClot™, Rüsch™, UroLift™ and Weck™ – trusted brands united by a common sense of purpose.

At Teleflex, we are empowering the future of healthcare. For more information, please visit teleflex.com.

Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Any forward-looking statements contained herein are based on our management's current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or company actions to differ materially from what is expressed or implied by these statements. These risks and uncertainties are identified and described in more detail in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

Teleflex, the Teleflex logo, Arrow, Barrigel, BIOMAG, Deknatel, Freesolve, LMA, Pilling, QuikClot, Rüsch, UroLift and Weck are trademarks or registered trademarks of Teleflex Incorporated or its affiliates in the U.S. and/or other countries. All other trademarks marked with a ™ are the property of their respective owners and are solely used for identification purposes and do not imply any affiliation, endorsement, or ownership by Teleflex Incorporated or its affiliates. Information in this material is not a substitute for the product Instructions for Use. Not all products may be available in all countries.
© 2026 Teleflex Incorporated. All rights reserved. MC-012134 Rev 0.

References:

Torzewski, J. Lessons from the long-term DES data: how they can inform today's practice - BIOMAG-I: 4-Year Clinical Outcomes of the Resorbable Magnesium Scaffold-DREAMS 3G. pcronline.com Published May 20, 2026. Accessed June 3, 2026. https://www.pcronline.com/Cases-resources-images/Resources/Course-videos-slides/2026/EuroPCR/Lessons-from-the-long-term-DES-data-how-they-can-inform-today-s-practice?auth=true. Research sponsored by Teleflex. Seguchi, M., Aytekin, A., Xheoa, E. et al. Vascular response following implantation of the third-generation drug-eluting resorbable coronary magnesium scaffold: an intravascular imaging analysis of the BIOMAG-I first-in-human study. EuroIntervention. 2024; 20(18): e1173-e1183. doi: 10.4244/EIJ-D-24-00055. Scaffold 99.0% resorbed at 12 months (markers are not resorbable). Research sponsored by Teleflex. Disclaimers:

a For BIOMAG™-III and BIOMAG™-II Studies, TLF is a composite of Cardiac Death, Target Vessel Q-wave or non-Q wave Myocardial Infarction, or clinically driven Target Lesion Revascularization (TLR).
b For BIOMAG™-I Study, TLF is a composite of Target-Vessel Myocardial Infarction (TV-MI), clinically driven Target Lesion Revascularization (CD-TLR) and Cardiac Death. BIOMAG™-I FIH Study data is based on Kaplan-Meier failure estimate analysis.

ǂDrs. Waksman and Kandzari are paid consultants of Teleflex.

CAUTION—Investigational device. Limited by the United States law to investigational use.
Freesolve™ RMS is clinically often referred to as DREAMS 3G RMS.
Freesolve™ RMS is not approved for sale in the United States and is commercially available in CE-mark accepting countries only. Indications for Use may vary by geographic location.

Expands presence in the U.K. market through the addition of 174 pawn locations with strong brand;
Further enhances FirstCash’s global leadership positioning and long-term growth platform;
Expected to be accretive to EBITDA and EPS
_________________________________________________________

FORTH WORTH, Texas, June 23, 2026 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced that it has reached agreement on the terms of a recommended cash acquisition of Ramsdens Holdings plc (“Ramsdens”), a leading operator of pawn stores in the United Kingdom. Under the terms of the agreement, FirstCash (through its wholly-owned U.K. subsidiary, Chess Bidco Limited) will pay cash consideration of 600 pence for each share of Ramsdens stock. In addition, Ramsdens shareholders will receive an interim cash dividend of up to 9 pence for each Ramsdens share to be paid on October 9, 2026. The total equity value, including cash consideration for the shares and the interim cash dividend, is approximately £206 million or $273 million USD based on the exchange rate as of the close of business on June 22, 2026.

The acquisition of Ramsdens, which operates 174 pawn locations across England, Scotland and Wales, expands FirstCash’s geographic footprint in the U.K. and provides enhanced scale, operating efficiencies and long-term growth opportunities in the market. This combination further builds FirstCash as the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom and is expected to drive further long-term revenue and earnings growth.

Mr. Rick Wessel, Chief Executive Officer and Vice-Chairman of the Board of FirstCash, commented, “We are excited to add Ramsdens as part of the global FirstCash family. Ramsdens is a well-respected operator with a proven track record of operating successfully in the U.K. pawn market. This transaction will not only provide immediate revenue and earnings accretion to FirstCash upon closing, but also enhances our long-term growth profile through continued expansion of its industry-leading brands and platform. FirstCash looks forward to working together with the Ramsdens team to drive further long-term value for all of our customers, employees and shareholders.”

Mr. Peter Keynon, Chief Executive Officer of Ramsdens, commented, “I am exceptionally proud of Ramsdens’ transformational growth since our IPO in 2017. FirstCash is an internationally established sector leader, and I share their confidence and conviction in the outlook for Ramsdens, which is underpinned by our diversified model and established reputation for consistently doing the right thing for our customers and our fantastic people.”

Compelling Strategic and Financial Benefits

Strengthens FirstCash’s position as a leading pawnbroking operator in the U.K.: Ramsdens represents a highly complementary strategic fit alongside FirstCash’s existing U.K. operations following the acquisition of H&T, creating a scaled U.K. platform with a combined network of almost 470 stores with limited location overlap between the existing footprints of H&T and Ramsdens.Unlocks Further Growth and Revenue Synergies for Ramsdens: The Ramsdens platform is expected to benefit from the additional growth capital provided by FirstCash which should support increased pawn lending activities and resulting revenue growth in the existing Ramsdens stores while providing further opportunities for additional geographic expansion in the U.K.Enhances Scale and Operating Leverage: The addition of the 174 Ramsdens stores increases FirstCash’s scale, operational footprint and ability to leverage efficiencies in the U.K. and across its global platform. Upon closing, FirstCash expects to have over 3,500 pawn locations worldwide.Financially Compelling: The transaction is expected to drive further revenue growth and be accretive to both EBITDA and EPS, strengthening FirstCash’s financial profile and long-term shareholder value. Ramsdens Financial Highlights

Trailing Twelve Months Ended March 31, 2026 (USD) (1)

•Revenue$ 200 million•Net income$ 26 million•Adjusted EBITDA(2)$ 40 million     (1)Amounts presented on an IFRS basis in USD using a GBP/USD average exchange rate over the period of 1.34.  (2)Calculated as reported EBITDA less expenses related to depreciation of the right-of-use assets and interest on lease liabilities, which are treated as “rent expenses" for compatibility to FirstCash’s reported Adjusted EBITDA.      Transaction Timeline and Additional Details
The acquisition has been unanimously approved by the Boards of Directors of both FirstCash and Ramsdens. The transaction is subject to approval by Ramsdens’ shareholders and customary regulatory approvals in the United Kingdom. The transaction is expected to close by the end of 2026, subject to receipt of these approvals and the satisfaction of other customary closing conditions.

Advisors
Jefferies LLC is serving as exclusive financial advisor to FirstCash. Gowling WLG (UK) LLP and Alston & Bird LLP are serving as legal counsel to FirstCash.

Cavendish is serving as exclusive financial advisor to Ramsdens. Addleshaw Goddard LLP is serving as legal advisor to Ramsdens.

Further Information; No Offer or Solicitation
This release is for information purposes and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the all-cash offer by Chess Bidco Limited (“Bidco”), an indirect wholly-owned subsidiary of FirstCash Holdings, Inc. (the “Company”), for the entire issued and to be issued share capital of Ramsdens, a company incorporated in England and Wales (“Ramsdens”) (such acquisition, the “Acquisition”), or otherwise, nor shall there be any sale, issuance or transfer of securities of Ramsdens in any jurisdiction in contravention of applicable law. The Acquisition will be made solely by means of a court-sanctioned scheme of arrangement (the “Scheme”) under Part 26 of the United Kingdom Companies Act 2006, as amended (the “U.K. Companies Act”) (or, if the Acquisition is implemented by way of a takeover offer, as such term is defined in the U.K. Companies Act (the “Takeover Offer”), the offer document), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any vote in respect of the Scheme or other response in relation to the Acquisition should be made only on the basis of the information contained in the Scheme document (or, if the Acquisition is implemented by way of a Takeover Offer, the offer document). Ramsdens shareholders are urged to read the Scheme document when it becomes available, because it will contain important information relating to the Acquisition.

Additional Information
The Acquisition is being made to acquire the shares of an English company by means of a scheme of arrangement provided for under English law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Securities Exchange Act of 1934, as amended (“U.S. Exchange Act”). Accordingly, the Scheme will be subject to disclosure requirements and practices applicable in the United Kingdom to schemes of arrangement, which are different from the disclosure requirements of the U.S. tender offer and proxy solicitation rules. The financial information included in this release and the Scheme documentation has been or will have been prepared in accordance with accounting standards applicable in the United Kingdom and thus may not be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the U.S. If Bidco exercises its right to implement the Acquisition by way of a Takeover Offer, such offer will be made in compliance with applicable U.S. laws and regulations.

The receipt of cash pursuant to the Acquisition by a U.S. holder as consideration for the transfer of its Ramsdens shares pursuant to the Scheme will likely be a taxable transaction for United States federal income tax purposes and under applicable United States state and local, as well as foreign and other, tax laws. Each Ramsdens shareholder is urged to consult their independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to them.

In accordance with normal United Kingdom practice and pursuant to Rule 14e-5(b) of the U.S. Exchange Act (to the extent applicable), Bidco, its nominees or its brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, Ramsdens shares outside of the U.S., other than pursuant to the Acquisition, until the date on which the Acquisition becomes effective, lapses or is otherwise withdrawn. If such purchases or arrangements to purchase were to be made, they would be made outside of the U.S. and would be in accordance with applicable law, including the U.S. Exchange Act and the United Kingdom City Code on Takeovers and Mergers (the “Code”). These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com.

Forward-Looking Statements
This release contains forward-looking statements regarding, among other things, the Acquisition, the anticipated benefits and timing of the Acquisition and the business, financial condition, outlook and prospects of the Company and Ramsdens. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. With respect to the proposed Acquisition, these factors, risks and uncertainties include, without limitation, the risk that the Acquisition may not be consummated, including as a result of a failure by Company or Ramsdens to obtain the necessary shareholder (in the case of Ramsdens) or regulatory approvals required for the Acquisition, or that required regulatory approvals may delay the Acquisition or result in the imposition of conditions that could reduce the anticipated benefits from the Acquisition, or the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; the risk that Company will incur additional indebtedness to finance the Acquisition, which may not be on favorable terms to the Company; the length of time necessary to consummate the Acquisition, which may be longer than anticipated for various reasons; the risk that Ramsdens will not be combined and integrated successfully; the risk that the cost savings, synergies and other benefits from the Acquisition may not be fully realized or may take longer to realize than expected; the diversion of management time on Acquisition-related issues; the risk that costs associated with the integration of Ramsdens is higher than anticipated; increased exposure to local economic and political conditions, exchange rate fluctuations and the extensive regulatory regime in the U.K.; risks related to the ability to hire and retain key Ramsdens personnel; and the effects of tax assessments or tax positions taken, risks related to goodwill and other intangible asset impairment, tax adjustments, anticipated tax rates, or other regulatory compliance costs.

Additional risks and uncertainties with respect to the Company are discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this release will be made available, subject to certain restrictions, on the Company’s website at https://investors.firstcash.com/ by no later than 12 noon (London time) on the business day following publication of this release. For the avoidance of doubt, the contents of any websites referred to in this release are not incorporated into and do not form part of this release.

Right to request hard copies
In accordance with Rule 30.3 of the Code, a person so entitled may request a hard copy of this release (and any document or information incorporated into it by reference to another source) by contacting Ramsdens’ registrars, Equiniti, by writing to Equiniti at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom or by calling them during business hours on +44 (0)371 384 2030. Lines are open from 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (except English and Welsh public holidays). Calls are charged at the standard geographical rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. For persons who receive a copy of this release in electronic form or via a website notification, a hard copy of this release (and any document or information incorporated by reference into this release) will not be sent unless so requested. In accordance with Rule 30.3 of the Code, such persons may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be sent in hard copy form.

About FirstCash
FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn operations currently account for over 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk.

About Ramsdens

Ramsdens is a U.K.‑based diversified provider of financial services and a retail operator, serving customers primarily through a nationwide estate of high street stores and complementary online channels.

Ramsdens primarily operates across the following business segments:

Pawnbroking – provision of short-term, asset backed loans secured against customer assets, predominantly jewelry and watches;Foreign currency exchange – the purchase and sale of foreign currency notes, together with the provision of travel money products including multi-currency cards and international transfers;Purchase of precious metals – acquisition of gold and other valuables from customers, with subsequent resale into wholesale or bullion markets; andJewelry retail – sale of new and pre-owned jewelry and watches through the Ramsdens Group’s store network and online channels. These activities are delivered through a combination of physical stores, of which there are currently 174 across the U.K., and a growing digital platform, providing Ramsdens with a diversified and complementary income base. Ramsdens currently employs 877 employees across its operations.

For further information, please contact:
Gar Jackson
Global IR Group
Phone: (817) 886-6998
Email: [email protected]

Doug Orr, Executive Vice President and Chief Financial Officer
Phone: (817) 258-2650
Email: [email protected]
Website: investors.firstcash.com

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Agreement supports Walmart’s expansion in the state and includes uprates at the Dresden Clean Energy Center

BALTIMORE & BENTONVILLE, Ark.--(BUSINESS WIRE)--Constellation (Nasdaq: CEG) and Walmart (Nasdaq: WMT) today announced a long-term nuclear power purchase agreement (PPA) for emissions-free electricity from Constellation’s Dresden Clean Energy Center in Illinois. The agreement includes approximately 176 MW of wholesale supply, including 30 MW of expanded generating capacity.

Walmart will purchase energy, environmental attributes and capacity through two 15‑year terms beginning in 2029 and 2030. This agreement supports reliable nuclear energy in the region and enables planned uprates — efficiency upgrades that increase output from existing nuclear units without the need to build a new facility. The agreement is expected to help Walmart access cleaner energy and strengthen local energy infrastructure — while continuing to serve customers with everyday low prices.

“This agreement reflects long‑term stewardship of critical infrastructure, the communities it serves, and the energy system that powers American growth,” said Jim McHugh, Senior Executive Vice President and Chief Commercial Officer, Constellation. “Walmart’s commitment enables meaningful investment in the Dresden Clean Energy Center — bolstering reliability, sustaining local jobs and economic activity, and putting more dependable, emissions-free energy onto the Illinois power grid.”

Through uprates at the Dresden Clean Energy Center, this agreement will provide enough new power to the grid to support Walmart’s previously announced high-tech perishable distribution center, currently in development in Belvidere, Ill. Together, these investments strengthen the local community by supporting jobs and enabling continued expansion of Walmart’s supply chain operations and workforce.

“Walmart has a long history of investing in energy solutions that support our business and the communities where we operate, and this agreement builds on that work,” said Shayne Wahlmeier, SVP Energy – Walmart US. “Working with Constellation allows us to support new operations in Illinois while advancing our strategy in a way that prioritizes affordable, reliable, and clean energy for our business and the communities we serve. We’re constantly evaluating new capabilities and energy solutions that help ensure the electricity we rely on is dependable, responsibly produced, and built to support long-term growth.”

This agreement marks Walmart’s first nuclear PPA and is among the first of its kind between a large retailer and a nuclear energy facility in the United States. The agreement follows Constellation’s December 2025 license renewal announcement for Dresden and supports continued investment in Dresden’s long‑term reliability and performance. Licensed to operate through 2049 and 2051, the Dresden Clean Energy Center provides baseload, reliable carbon-free electricity for the region and supports more than 1,100 family-sustaining jobs.

Constellation and Walmart have both maintained a longstanding presence in Illinois. Constellation’s generation footprint produces enough energy to power more than eight million homes, and Walmart’s retail operations total approximately 175 stores and clubs with more than 55,000 associates in the state. Both companies view the PPA as an extension of their shared, long-term commitment to the communities where they operate.

About Constellation

Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.

About Walmart

Walmart Inc. (Nasdaq: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 280 million customers and members visit more than 10,900 stores and numerous eCommerce websites in 19 countries. With fiscal year 2026 revenue of $713 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart, on X (formerly known as Twitter) at twitter.com/walmart, and on LinkedIn at linkedin.com/company/walmart.

More News From Constellation

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Key Takeaways Commvault is positioning Commvault Cloud as a broader cyber resilience platform.AI, cloud adoption and identity-based attacks are creating a multi-year demand backdrop.CVLT's SaaS ARR rose 42% to $400M in Q4'26, while subscription ARR increased 27% to $989M. Commvault Systems, Inc. (CVLT - Free Report) is no longer just a backup-software story. The company is positioning Commvault Cloud as a broader cyber resilience platform spanning data protection, data security, identity resilience and recovery.

That matters because enterprise data is becoming larger, more distributed and more exposed. AI, cloud adoption and identity-based attacks are creating a multi-year demand backdrop that could matter more than any single quarter’s results.

Commvault Benefits From AI-Driven Data GrowthAI is increasing the value and volume of enterprise data, while also expanding the number of access points that must be secured. Commvault’s platform is built around that problem: protecting data sets, helping detect threats, supporting recovery at scale and adding governance around AI-related data use.

The company estimates its total addressable market across core data protection, cloud security and data security at $24 billion in 2025, with potential expansion to $38 billion by 2029. That gives CVLT a growth narrative tied to enterprise resilience, not just traditional backup demand.

CVLT Pushes Deeper Into Identity ResilienceIdentity resilience is becoming a more important part of the Commvault story. In the latest quarter, identity resilience and data security offerings represented 33% of net new annual recurring revenue, showing that newer modules are contributing to platform expansion.

Active Directory protection was one of the company’s fastest-growing SaaS offerings, with annual recurring revenue more than doubling year over year. Commvault is also extending protection across Microsoft Entra ID and Okta environments, which could make identity recovery a larger contributor as attacks increasingly target credentials and directory systems.

Commvault Expands Its Cloud and Partner ReachCommvault’s platform strategy is also getting support from integrations and alliances. Recent business highlights included an integration with Microsoft Security, expanded work with CrowdStrike Falcon Next-Gen SIEM, a strategic alliance with NetApp and a CloudSEK partnership focused on exposed credentials on the dark web.

CrowdStrike Holdings, Inc. (CRWD - Free Report) is relevant to this discussion because Commvault’s expanded integration with CrowdStrike connects threat visibility with recovery workflows. Okta, Inc. (OKTA - Free Report) also fits the theme, as Commvault has extended identity resilience to Okta environments.

The broader partner ecosystem reinforces Commvault’s role in hybrid and multi-cloud operations. The company’s materials also highlight cloud partners such as Amazon Web Services, Google Cloud, Microsoft and Oracle, underscoring the need to protect workloads across fragmented enterprise infrastructure.

CVLT Still Must Prove It Can Sustain the TrendThe opportunity is attractive, but not frictionless. Commvault competes in a highly fragmented market against vendors such as Rubrik, Inc. (RBRK - Free Report) , Cohesity and Veeam, as well as cloud providers and other cybersecurity companies.

Rubrik is a direct peer in data security and cyber resilience, making it an important comparison point for investors assessing CVLT’s competitive position. Commvault also faces risks from pricing pressure, longer enterprise sales cycles, reseller execution and hyperscalers expanding native cloud protection capabilities.

Currency and international execution add another layer of variability. In fiscal 2026, international markets accounted for a sizable portion of revenues, so foreign exchange swings and regional demand conditions can affect reported growth.

How CVLT's Zacks Signals Frame the Trend BetThe bottom line is that CVLT has exposure to several durable technology themes: AI-driven data growth, cyber resilience, identity recovery and hybrid cloud complexity. The company’s SaaS annual recurring revenue rose 42% year over year to $400 million in the fourth quarter of fiscal 2026, while subscription annual recurring revenue increased 27% to $989 million.

Still, the stock currently carries a Zacks Rank #3 (Hold). That rating suggests a more balanced near-term earnings outlook rather than a clear positive estimate-revision signal. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

CVLT has a VGM Score of C, with a Growth Score of B, Momentum Score of C and Value Score of D. The Growth Score of B aligns with the company’s longer-term expansion themes, while the VGM Score of C and Zacks Rank #3 indicate investors may want to keep the trend story in perspective.

Key Takeaways Amvuttra drives Alnylam's top line through expanded label and as patients switch from Onpattro.Givlaari, Oxlumo and royalties from Leqvio add incremental revenues and global growth potential.Rare disease drugs delivered $125.7M in first-quarter 2026 revenues, up 15% year over year. Alnylam Pharmaceuticals’ (ALNY - Free Report) primary top-line driver is its newest drug, Amvuttra (vutrisiran), which is approved in the United States and the EU for treating the polyneuropathy of hereditary transthyretin-mediated (hATTR) amyloidosis and ATTR amyloidosis with cardiomyopathy (ATTR-CM).

Amvuttra generated $889.9 million in global sales in the first quarter of 2026, representing 187% year-over-year growth. The figure accounted for 76% of Alnylam’s total revenues generated in the quarter. The drug’s solid uptake has been driven by increased patient demand, mainly in ATTR-CM patients in the United States, as well as several patients switching from Onpattro (patisiran), ALNY’s first FDA-approved drug for hATTR amyloidosis.

Alnylam also markets several other products across the rare disease and cardiovascular markets, providing the company with incremental revenues that add to the top line.

Givlaari (givosiran) is approved in both the United States and the EU for treating adults with acute hepatic porphyria. In the EU, the drug is also approved for use in adolescents. Strong uptake has made Givlaari a meaningful revenue driver, with regulatory filings in additional territories pending or planned during 2026 and beyond to widen its global presence.

Similarly, Oxlumo (lumasiran) injection was initially approved in the United States and the EU for the treatment of primary hyperoxaluria type 1 to lower urinary oxalate levels in pediatric and adult patients. Later, the drug’s label was expanded to include lowering urinary and plasma oxalate levels. This expansion, coupled with pending or planned regulatory filings in additional territories, strengthens its potential for international growth.

Alnylam also markets a fifth drug, Leqvio (inclisiran), in collaboration with Novartis (NVS - Free Report) to treat hypercholesterolemia in the EU. In the United States, it is approved to reduce low-density lipoprotein cholesterol. The drug’s label has also been expanded to cover high-risk cardiovascular patients, and late-stage studies are underway to broaden its indication further. ALNY earns royalties from Novartis for Leqvio sales that add to the top line.

In the first quarter of 2026, Alnylam generated $125.7 million in net product revenues from its rare disease portfolio (Givlaari and Oxlumo), reflecting a 15% year-over-year increase. Expanding global adoption of these therapies is expected to sustain Alnylam’s top-line growth while diversifying its revenue streams and reducing reliance on Amvuttra.

Pipeline Assets Could Broaden ALNY’s Growth DriversBeyond its marketed products, Alnylam’s pipeline offers multiple opportunities to further diversify its commercial portfolio over the long term. The company stands to earn royalties from cemdisiran, which is being advanced by Regeneron across several complement-mediated diseases and is already under regulatory review for generalized myasthenia gravis in the United States.

Alnylam is also progressing mivelsiran into mid-stage studies for Alzheimer’s disease and cerebral amyloid angiopathy, expanding its reach into neurodegenerative disorders. In cardiovascular disease, zilebesiran is being evaluated in a late-stage outcomes study, in partnership with Roche, which could unlock a significant hypertension market opportunity. Meanwhile, nucresiran, a next-generation RNAi therapy for ATTR amyloidosis, has entered phase III development in both polyneuropathy and cardiomyopathy indications.

ALNY’s Competition in the Market for Its Lead DrugAlnylam’s push to broaden indications and expand the global reach of its marketed drugs is becoming increasingly critical as Amvuttra faces intensifying competition in the ATTR-CM market. Rival therapies, including Pfizer’s (PFE - Free Report) Vyndaqel/Vyndamax (tafamidis) and BridgeBio’s (BBIO - Free Report) Attruby (acoramidis), are already approved and competing for market share in this space.

Vyndaqel is one of the key in-line products that has driven improvement in Pfizer’s revenues in the first quarter of 2026. Global Vyndaqel family revenues of $1.6 billion rose 8% year over year in the quarter, primarily driven by international growth on the back of higher demand due to increases in diagnosis and treatment rates. Pfizer’s Vyndaqel family includes global revenues from Vyndaqel as well as revenues for Vyndamax in the United States and Vynmac in Japan.

Approved in late 2024, Attruby is BridgeBio’s only marketed product. The drug generated sales worth $180.6 million in the first quarter of 2026, up significantly year over year, driven by solid uptake. BridgeBio is also currently evaluating acoramidis for the prevention of early-stage variant transthyretin amyloidosis in a late-stage study.

ALNY’s Stock Price, Valuation and EstimatesShares of Alnylam have plunged 30.1% so far this year compared with the industry’s 1.8% decline. The stock has also underperformed the sector and the S&P 500 index during the same time frame, as seen in the chart below.

ALNY Stock Price MovementImage Source: Zacks Investment Research

From a valuation standpoint, Alnylam stock is expensive. Going by the price/sales ratio, the company’s shares currently trade at 8.97 trailing 12-month sales per share, higher than 2.30 for the industry. However, the stock is trading much below its five-year mean of 18.24.

ALNY Stock ValuationImage Source: Zacks Investment Research

Estimates for Alnylam’s 2026 earnings have improved from $9.10 to $9.22 per share in the past 60 days, while estimates for 2027 earnings have deteriorated from $14.66 to $13.68 over the same timeframe.

ALNY Estimate MovementImage Source: Zacks Investment Research

Alnylam currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Acquisition creates unique, fully integrated mine-to-magnet rare earth platform

Positions the Combined Company to Capitalize on Surging Demand for Rare Earth Magnets across North America and Europe >$2 Billion Annual Permanent Magnet Potential Customer Pipeline Revenue Across Auto, Defense, Robotics, and Data Center Sectors Expected to be Immediately Accretive to Energy Fuels' Cash Flow and Margin Profile Links VAC's Established Permanent Magnet Business with Energy Fuels' Growing Rare Earth Mining, Processing and Refining Platform Company is Pursuing Various Funding Opportunities, including Government Programs, to Complement its Growth Strategy, and Recently Announced a $725 Million Conditional Loan from U.S. Office of Strategic Capital , /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) today announced a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG, Ara VAC TopCo US LLC, and their respective consolidated subsidiaries (collectively, "VAC") from Ara Partners for a total cash-and-stock consideration of approximately $1.9 billion based on Energy Fuels' closing share price of $16.12 as of June 22, 2026, creating a fully integrated platform to strengthen global critical rare earth element ("REE") supply chains.

VAC is a leading advanced magnetics company with over 100 years of production expertise, more than 400 patents, over 1,000 customers, and operating magnet production facilities in North America, Europe and Asia, including a state-of-the-art facility in Sumter, South Carolina, with capacity to produce 2,000 tonnes per annum ("tpa") of permanent magnets, scalable to 12,000 tpa (the "Sumter Facility"). Over the last decade, VAC has produced and shipped more than one (1) billion rare earth permanent magnets. VAC's product portfolio spans both permanent magnets (sintered neodymium-iron-boron, NdFeB, and samarium-cobalt, SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products), enabling integrated cross-selling among electrification and industrial applications. Approximately 85% of VAC's output is produced to customer specifications, reflecting deep design-in relationships built over decades, including customer partnerships averaging over 30 years with their largest accounts.

The transaction brings together Energy Fuels' upstream REE assets, including low-cost REE mining projects and existing separation capacity, with VAC's world-class downstream REE magnet manufacturing expertise. The combined company will also benefit from Energy Fuels' planned acquisition of Australian Strategic Materials Limited (ASX: ASM) ("ASM"), which, subject to conditions including shareholder approval and completion ("Closing Conditions"), will add existing commercial-scale REE metals and alloys capacity in South Korea (the "Korean Metals Plant"), with plans to build a new metals and alloys facility in the U.S. (the "American Metals Plant"). The combined company aims to serve customers across North America, Europe and Asia in high-growth sectors, including automotive, aerospace and defense, robotics, data centers, electronics and industrial automation.

"This is a transformational moment for Energy Fuels and the global rare earth supply chain," said Ross Bhappu, President and Chief Executive Officer of Energy Fuels. "Together with VAC, we will strengthen global rare earth and magnet supply chains, providing a reliable, secure and diversified source of critical materials from mines to highly valued permanent magnets. In addition, VAC's rapid solidification and crystalline businesses provide a soft-magnetics platform that is expected to result in greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and growth. The combination of our two companies provides enhanced shareholder value and positions Energy Fuels as a leading, secure and trusted supplier for critical materials that are essential for national security and the safety and integrity of Western supply chains."

Dr. Erik Eschen, President and Chief Executive Officer of VAC, stated: "For over a century, VAC has been at the forefront of advanced magnetics and pioneering critical materials. This transaction reinforces VAC as the cornerstone of a resilient and reliable permanent magnet supply chain, which is essential for alternative energy development, industrial competitiveness and national security. Joining forces with Energy Fuels gives our team, our technology, and our customers something that no other Western platform can offer today: a fully integrated supply chain platform from mine to finished magnet. With Energy Fuels' proven upstream capabilities and VAC's downstream expertise, proprietary IP, and the state-of-the-art Sumter Facility, we will be uniquely positioned to serve rapidly growing demand across various sectors including automotive, aerospace, defense, hyperscale data centers, robotics, semiconductors and beyond."

Troy Thacker, Managing Partner of Ara Partners, added: "Rare earth magnets are essential to both decarbonization and national security, and VAC is a foundational supplier to that critical supply chain. The combination with Energy Fuels gives VAC a fully integrated platform and the resources to meet rapidly growing global demand. Ara is proud to have backed VAC's growth and intends to remain a committed shareholder, supporting this expanded team as the platform reaches its full potential."

Following completion of the transaction, VAC will become a wholly owned subsidiary of Energy Fuels and will retain its branding and historic identity. VAC's technology base, engineering expertise and manufacturing footprint will remain critical to the success of Energy Fuels, with VAC maintaining its headquarters in Hanau, Germany. The combined company will continue to serve VAC's over 1,000 customers, while investing in manufacturing, innovation, customer relationships and operational capabilities across North America, Europe and Asia.

Energy Fuels has received a conditional commitment for up to $725 million from the U.S. Office of Strategic Capital ("OSC"), a 20-year loan to accelerate the planned expansion of the White Mesa Mill in Utah and the construction of the American Metals Plant. Energy Fuels and its joint venture partner Astron Limited are progressing discussions with Export Finance Australia and other lenders targeting a A$220 million lending package to support development of Phase 1 of the Donald Rare Earth and Mineral Sand Project (the "Donald Project"). In addition, VAC holds an existing $41 million grant from the U.S. Department of War which provides for the buildout of a metal-making facility in the U.S. that is expected to directly benefit the combined company. The conditional loan commitment between OSC and Energy Fuels specifies customary additional steps that the company must take to proceed toward financial close on the loan, including fulfilling financial, legal, technical and other due diligence requirements.

Strategically and Financially Compelling Combination

Fully Integrated Western Mine-to-Magnet Rare Earth Platform: The transaction paves the way for Energy Fuels to become the first western company with geographically diversified commercial capabilities across every critical step of the rare earth value chain. The combined platform includes feedstock supply from the "shovel ready" Donald Project in Australia; processing and separation at Energy Fuels' White Mesa Mill; metals and alloy production at ASM's currently operating Korean Metals Plant and planned American Metals Plant (subject to satisfaction of Closing Conditions); and high-performance permanent magnet manufacturing and assembly at VAC's European facilities and the recently commissioned Sumter Facility. Accretive to Energy Fuels' Earnings and Cash Flow: VAC's legacy business generated $29 million of adjusted EBITDA1 in 2025 and has experienced more than 20% year-on-year growth in its order book for 2026. The Sumter Facility is expected to generate approximately between $65 million and $75 million of annual run-rate EBITDA1 once its production reaches its current capacity of 2,000 tpa. The Sumter Facility was constructed to be expanded to 4,000 tpa without disrupting current 2,000 tpa capacity, which would be expected to increase annual run-rate EBITDA1 at the Sumter Facility to approximately $130 million to $140 million. Cash flow from VAC is expected to help fund Energy Fuels' growth pipeline, including the Phase II expansion of the White Mesa Mill, the Donald Project, and the planned American Metals Plant. Strong Market Share Growth Potential: VAC is the only commercial European and U.S. permanent magnet producer with a full spectrum of relevant, customer qualified NdFeB and SmCo magnet grades, including energy-dense, high-coercivity magnets required for mission-critical defense and aerospace applications. Demand for NdFeB magnets in North America and Europe is expected to grow by over 50% over the next decade according to the International Energy Agency. The Sumter Facility has ability to increase capacity to 12,000 tpa to meet strong growing demand, which, if fully realized, is expected to increase annual run-rate EBITDA at the Sumter Facility to ~$400 million1. Pipeline of Potential New Customers Across Key Sectors: VAC's permanent magnet customer pipeline includes EV and non-EV automotive applications, data centers, power tools, robotics, aerospace and defense, semiconductors, and other industrial applications. VAC has secured a contract with the Defense Logistics Agency to supply NdFeB blocks for the national defense stockpile, with production starting in 2026. The Sumter Facility will be an integral part of Energy Fuels' mine-to-magnet platform, with the Sumter Facility's existing capacity of 2,000 tpa expected to be supported by REE oxides extracted from monazite mined at Energy Fuels' shovel-ready Donald Project in Australia, which is expected to receive a positive Final Investment Decision in early Q3 2026 and to be commissioned in 2028. In its first phase, the Donald Project is expected to produce monazite to be processed into separated REE oxides at Energy Fuels' existing processing circuits at the White Mesa Mill, where upgrades are expected to be completed by the end of 2027. Subject to the Closing Conditions, the separated oxides are expected to be converted into REE metals and alloys at the Korean Metals Plant, and these in turn are to be used to make permanent magnets at the Sumter Facility.

Energy Fuels' planned Phase II expansion of the White Mesa Mill is expected to increase its separation capacity to up to 6,000 tpa of neodymium-praseodymium ("NdPr") oxide and approximately 288 tpa of dysprosium ("Dy") and 80 tpa of terbium ("Tb") oxide by mid-2029.

1

Denotes a Non-GAAP measure. See "Non-GAAP Financial Measures" in this press release for more information regarding the use of non-GAAP financial measures

This expansion is expected to be fed by monazite from the Donald Project and Energy Fuels' Vara Mada and Bahia heavy mineral sands projects, which are currently in their permitting and development stages. Energy Fuels also intends to feed the White Mesa Mill through market purchases of monazite and mixed rare earth carbonate ("MREC") as required. Assuming satisfaction of the Closing Conditions, oxides produced from the Phase II separation capacity at the White Mesa Mill are expected to be converted into REE metals and alloys at the Korean Metals Plant and the American Metals Plant, with both facilities expected to be expanded. The expanded Phase II capacity at the White Mesa Mill is expected to provide REE alloys that could support a potential 12,000 tpa scale-up at the Sumter Facility, as well as VAC's European rare earth permanent magnet facilities, subject to demand for permanent magnets.

Transaction Details
Under the terms of the definitive agreement, Energy Fuels will acquire 100% of VAC from Ara Partners, a U.S.-based private equity firm specializing in industrial decarbonization investments, for total consideration of $718 million in cash and 65.853 million newly issued Energy Fuels common shares, which, at Energy Fuels' closing share price of $16.12 as of June 22, 2026, implies an equity value of $1.9 billion for VAC. If Energy Fuels' share price is below $20.93 per share at closing, Ara Partners will receive shares of a new series of preferred shares of Energy Fuels with an aggregate value of up to $135 million2. As of March 31, 2026, VAC has $140 million of adjusted net debt on its balance sheet that Energy Fuels will assume.

Accounting for the planned completion of the ASM acquisition, Ara Partners will own 19.9% of Energy Fuels3 following closing of the VAC transaction and will have the right to nominate one director to Energy Fuels' Board of Directors, as well as a one-time veto on an independent nominee to the Board. Ara Partners will be subject to customary lockup and standstill restrictions and have been granted customary registration rights.

Energy Fuels has obtained a $250 million term loan financing commitment from Goldman Sachs to support the refinancing of certain of VAC's existing debt, subject to customary conditions, including execution of definitive documents and satisfaction of closing conditions.

The transaction is expected to close in early 2027 subject to customary closing conditions, including the receipt of applicable regulatory approvals, including foreign investment, antitrust and other government approvals.

Board of Directors' Recommendation
The Board of Directors of Energy Fuels has unanimously approved the Transaction. Goldman Sachs & Co. LLC provided a fairness opinion to the Board of Directors of Energy Fuels as to the fairness to Energy Fuels of the consideration to be paid to Ara Partners.

Advisors
Goldman Sachs & Co. LLC is acting as exclusive financial advisor and Dentons Canada LLP, Dorsey & Whitney LLP and Herbert Smith Freehills Kramer are acting as legal counsel to Energy Fuels. Jefferies LLC is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal counsel for VAC.

2

At Energy Fuels' current share price the preferred equity issuance would be $103mm. This amount is included in the $1.9 billion equity value calculation

3

Calculated on a basic shares outstanding basis

Investor Conference Call Details
Energy Fuels will conduct a conference call today at 8:30 a.m. ET to discuss information included in this news release. Please access the conference call if you wish to ask a question and the webcast to view the slide presentation at:

The slide presentation will be made available on the Company's investor relations webpage at https://investors.energyfuels.com/investors following the call. The conference call will be available in its entirety through a webcast and replay at https://investors.energyfuels.com/investors.

About Energy Fuels
Energy Fuels is a leading U.S.-based critical materials company, focused on uranium, rare earth elements (REEs), heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels is developing three (3) heavy mineral sands projects: the 100% owned Vara Mada Project in Madagascar; the 100% owned Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Limited. Energy Fuels, based near Denver, Colorado, trades its common shares on the NYSE American under the trading symbol "UUUU," and is also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all Energy Fuels does, please visit http://www.energyfuels.com/.

About VAC
VAC has been in operation for over 100 years and is a leading advanced magnetics company, with over 50 years of production expertise in high-grade sintered NdFeB and SmCo permanent magnets across multiple facilities in Europe and the United States. VAC's differentiated technology platform is underpinned by more than 400 patents and proprietary process know-how developed over decades. VAC is one of the few magnet producers that is Defense Federal Acquisition Regulation Supplement ("DFARs")-compliant, positioning it as a key supplier for the U.S. and allied defense sector. VAC operates magnet production facilities in Hanau, Germany (producing since 1973), Ulvila, Finland (since 1988), Horná Streda, Slovakia (since 2003), and Sumter, South Carolina (since 2025). VAC's state-of-the-art Sumter, South Carolina facility — the largest permanent magnet plant of scale in the United States — is constructed and able to produce 2,000 tpa of NdFeB magnet block and has a pathway to scale to 12,000 tpa. In addition to its leading REE permanent magnet capabilities, VAC is also a leading global manufacturer of advanced soft magnetic solutions and inductive components, including soft magnetic alloys and stamped parts, inductive components and cores, current sensors and other advanced technologies, which provide mission-critical solutions for a wide range of industries, including automotive, industrial automation, medical technology, renewable energy, e-mobility and aerospace. VAC currently employs approximately 4,000 people in several production facilities spanning the globe.

About Ara Partners
Founded in 2017, Ara Partners is a global private markets firm focused on decarbonizing the industrial economy. The firm invests in the middle market across three strategies: Private Equity, Infrastructure, and Energy. Ara scales commercially demonstrated decarbonization solutions, supports the businesses and infrastructure that enable their adoption, and reduces emissions at the source across the conventional energy value chain. Ara operates from Houston, Boston, Dublin and Washington D.C., and as of March 31,2026, had approximately $8.2 billion in assets under management. For more information about Ara Partners, please visit www.arapartners.com.

Non-GAAP Financial Measures 
This press release includes references to adjusted EBITDA and some illustrative examples of forward-looking estimates of EBITDA, as described below, which are non-GAAP measures. Because these forward-looking estimates of EBITDA are illustrative examples, we are unable to present a quantitative reconciliation to the most directly comparable GAAP financial measure, because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP financial measure without unreasonable effort or expense. EBITDA and adjusted EBITDA do not have standardized meanings prescribed by GAAP and may not be comparable to (and may be calculated differently by) other companies that present similar measures. The illustrative examples presented in this presentation are estimates and future projections and are based on various assumptions, which may prove to be incorrect. Various risks could cause our actual performance to be materially different from the illustrative examples, projections and estimates. These examples, projections and estimates are provided solely for illustrative purposes, and there can be no assurances that any such financial results or performance will ultimately be realized, in the manner illustrated herein or at all. These illustrative examples, projections and estimates should not be relied upon as being necessarily indicative of future results. We define EBITDA as net income (loss) before (i) depreciation and amortization; (ii) interest expense; (iii) foreign exchange result; and (iv) income tax expense. Adjusted EBITDA is defined as EBITDA before (i) non-recurring restructuring expense; (ii) one-time consulting expenses, (iii) freight cost normalization adjustment; (iv) one-time losses on purchases contracts; (v) non-recurring factoring interest; and (vi) other. A reconciliation of adjusted EBITDA to net income, its nearest comparable GAAP measures is included in this press release. EBITDA and adjusted EBITDA reflect additional ways of viewing aspects of VAC's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting VAC's business. EBITDA and adjusted EBITDA should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with GAAP financial measures. Energy Fuels strongly encourages investors to review the "Reconciliation of Net Income to Adjusted EBITDA" found at the end of this press release and VAC's consolidated financial statements, when available.

Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the proposed acquisition of VAC will complete as planned or at all; any expectation that any of the government funding being pursued, including the recently announced $725 million loan from the U.S. Office of Strategic Capital, will be funded as contemplated or at all; any expectation that the A$220 million financing currently being discussed with Export Finance Australia and other lenders to accelerate development of the Donald Project will be funded as contemplated or at all; any expectation that the $250 million term loan financing commitment from Goldman Sachs will be funded as contemplated or at all; any expectation that the Closing Conditions will be satisfied or that the proposed ASM acquisition will close; any expectation that Energy Fuels' Donald Project will be developed as planned or at all; any expectation that Energy Fuels will develop its planned expansion of REE separation capacity at its White Mesa Mill; any expectation that the combined company will develop its planned American Metals Plant; any expectation that any of Energy Fuels' other projects will advance to a positive final investment decision and be developed; any expectation that the combined company will create a stronger Western platform with greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and future growth; any expectation that the combined company will be uniquely positioned to serve the rapidly growing demand across electric vehicles, aerospace and defense, robotics, and beyond; any expectation with respect to future EBITDA and cash flow of the combined company; any expectation with respect to potential customer pipeline revenue; any expectation that the acquisition of VAC will be immediately accretive to Energy Fuels' cash flow and margin profile; any expectation as to future production of Energy Fuels or the combined company; any expectation that Energy Fuels will secure sufficient feed materials to support its planned expanded separations capacity at the White Mesa Mill; any expectation as to expected operational synergies of the combined company; any expectation with respect to the combined company's pipeline of potential new customers or the ability to maintain existing customers; any expectation that the Sumter Facility will scale-up its capacity to 12,000 tpa magnets or at all; any expectation that the Korean Metals Plant and/or American Metals Plant will be scaled up in the future; any expectation that Energy Fuels will maintain its position as a leading U.S.-based critical materials company; and any expectation that Energy Fuels' evaluation of radioisotope recovery at the White Mesa Mill will be successful. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Energy Fuels or the combined company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; legal challenges; the availability of feed sources for the White Mesa Mill; competition from other producers; public opinion; government and political actions or inactions; the ability of Energy Fuels or the combined company to produce rare earth products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for rare earth element products generally or for western-produced REE products; and the other factors described under the caption "Risk Factors" in Energy Fuels' most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on Energy Fuels' website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.

Reconciliation of Net Income to Adjusted EBITDA

$mm

FY2025

Net Income

(50.6)

Income Tax Expense

(30.8)

Foreign Exchange Result

(1.4)

Interest Expense

44.0

Depreciation and Amortization

63.1

EBITDA

24.1

Non-Recurring Restructuring

4.8

One-Time Consulting Expenses

2.8

Freight Cost Normalization Adjustment

3.1

Other

0.2

One-Time Losses on Purchase Contracts

(5.3)

Non-Recurring Factoring Interest

(1.3)

Adjusted EBITDA

28.6

Note: Values converted from EUR to USD at 1.2

SOURCE Energy Fuels Inc.

Super Micro Computer (SMCI 1.02%), which also goes by just Supermicro, has been a polarizing stock to own over the years. It has been generating strong sales growth due to robust demand for its servers, which tech companies have been loading up on as they invest heavily in artificial intelligence. But with concerns about margins and question marks about its governance and leadership, it hasn't exactly been a hot stock to own; it's down 18% over the past 12 months.

Trading around $34 on Tuesday, the stock is down significantly from its 52-week high of $62.36, set last year, and its valuation looks low relative to earnings. Is it a steal at its current price, or are you better off avoiding the troubled tech stock?

Image source: Getty Images.

Supermicro's growth is impressive, but its margins are not In its most recent quarter, which covered the first three months of the year, Supermicro's net sales totaled $10.2 billion, which was more than double the $4.6 billion it reported a year ago. That kind of growth would normally send a stock soaring, but that hasn't been the case with Supermicro.

The problem with Supermicro is that although it's generating strong top-line growth, with poor margins, there isn't much room for error.

SMCI Gross Profit Margin (Quarterly) data by YCharts

In its most recent fiscal year (which ended June 30, 2025), the company's revenue rose by 47% to nearly $22 billion, but its net income actually declined by 9%, to just over $1 billion. The company effectively needs to grow at a fast pace and keep its overhead and operating expenses under control in order to generate significant growth on the bottom line.

Today's Change

(

-1.02

%) $

-0.34

Current Price

$

32.98

The stock may look cheap, but it's not worth buying Supermicro stock trades at 11 times its estimated future earnings (based on analyst estimates). It's a cheap-looking valuation, but investors have long valued the stock at a discount due to its risk. Its auditor quit the company back in 2024, raising concerns about its controls and procedures. Earlier this year, multiple people connected to Supermicro, including its co-founder Yih-Shyan Liaw, were charged with violating U.S. export laws and sending Nvidia chips to China.

There are simply many reasons to avoid the stock. Between question marks about its governance, low margins, and dependence on continually high investments in the tech sector, the stock is full of risk, which is why it trades at a discount; it's not the bargain it appears to be. There are far better options out there for tech investors.

Key Takeaways SMCI used about $6.6B in operating cash flow in Q3 fiscal 2026 versus $24M in the prior quarter.SMCI's cash conversion cycle jumped to 106 days as inventory levels and working capital needs SMCI held nearly $11.1B in inventory and recorded $239.3M in write-downs during fiscal 2026. Super Micro Computer’s (SMCI - Free Report) cash flow and working capital profile weakened significantly in the third quarter of fiscal 2026. The company reported cash flow used in operations of approximately $6.6 billion during the quarter compared with only $24 million used in the previous quarter. The deterioration was due to a large reduction in accounts payable and continued inventory buildup.

SMCI’s cash conversion cycle increased sharply to 106 days in the third quarter of fiscal 2026 from 54 days in the prior quarter, while days inventory outstanding rose to 106 days from 63 days. These trends indicate rising working capital intensity and execution risk as SMCI scales its AI infrastructure business. If customer deployment timelines continue to shift or collections slow further, the company may face additional liquidity pressure.

Super Micro Computer continues to face inventory-related risks tied to the rapidly evolving AI hardware market. The company recorded inventory valuation adjustment write-downs of approximately $239.3 million during the first nine months of fiscal 2026, largely related to older-generation GPUs and components.

While management stated that newer AI platforms such as NVIDIA GB300 NVL72 and AMD MI350/355 are ramping aggressively, elevated inventory levels remain a concern. The company had nearly $11.1 billion in inventory at the end of the third quarter of fiscal 2026, up from $10.6 billion in the previous quarter.

Such a sizable inventory position could lead to additional write-downs or working capital pressure if customer demand or technology cycles shift unexpectedly. Furthermore, SMCI also faces stiff competition from larger players.

How Competitors Fare Against SMCIThe AI data center market is likely to grow at an unprecedented pace throughout 2026 and 2027. Big players like Hewlett Packard Enterprise (HPE - Free Report) and Dell Technologies (DELL - Free Report) are competing with SMCI in this space.

Dell Technologies is a major supplier of servers and storage systems, with a broad customer base across enterprises and cloud providers. Its scale, established distribution and service offerings give it an edge in winning large contracts. However, Dell Technologies has not grown as quickly as SMCI in AI-specific systems; its ability to bundle hardware with services makes it a strong rival.

Hewlett Packard Enterprise is also expanding aggressively into AI and high-performance computing. Its GreenLake platform provides customers with flexible, cloud-like consumption models, which can be attractive to enterprises. Hewlett Packard Enterprise’s focus on hybrid cloud and AI workloads positions it as a direct competitor in areas where SMCI is seeking growth through its DCBBS strategy.

Hewlett Packard Enterprise offers a range of servers, including HPE ProLiant, HPE Synergy, HPE BladeSystem and HPE Moonshot servers. Dell Technologies has built the Dell AI Factory in collaboration with NVIDIA. Dell also collaborated with Red Hat Enterprise Linux AI for Dell PowerEdge servers.

SMCI’s Price Performance, Valuation and EstimatesShares of Super Micro Computer have gained 13.8% year to date compared with the Zacks Computer – Storage Devices industry’s growth of 323.2%.

SMCI YTD Performance Chart
Image Source: Zacks Investment Research

From a valuation standpoint, SMCI is trading at a discount at a forward 12 Month P/S multiple of 0.39X compared with the industry’s P/S multiple of 4.77X.

SMCI Forward 12-Month (P/S) Valuation Chart
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2026 and 2027 earnings implies a year-over-year increase of approximately 24.27% and 22.9%, respectively. Estimates for fiscal 2026 and 2027 earnings have been revised upward in the past 30 days.

Image Source: Zacks Investment Research

Super Micro Computer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

, /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (the "Company") today announced that, on June 17, 2026, its Board of Directors (the "Board") received an unsolicited  proposal from M.N. Business Strategy, Ltd. ("MN Business Strategy") to acquire through a merger all of the outstanding ordinary shares of the Company not already owned by MN Business Strategy and its affiliates for $16.20 per share in cash (the "Proposal").  MN Business Strategy is a group that includes, among others, Moshe Mizrahy, the Company's co-founder and Chief Executive Officer. 

The Board has approved formation of a special committee comprised solely of independent directors to evaluate the Proposal.  The special committee will, in consultation with its advisors, evaluate the Proposal in accordance with its fiduciary duties and the best interests of the Company and all of its shareholders.  There can be no assurance as to whether this evaluation will result in a transaction or any other strategic outcome for the Company, or as to the timing or terms of any such transaction or outcome. The Company does not intend to comment further on the special committee process or provide additional updates unless and until required to do so under applicable law or regulation.

About InMode Ltd.

The Company is a leading global provider of innovative medical technologies.  The Company develops, manufactures and markets devices harnessing novel radiofrequency ("RF") technology.  The Company strives to enable new emerging surgical procedures as well as improve existing treatments.  The Company has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology and ophthalmology.  For more information about the Company and its wide array of medical technologies, visit www.inmodemd.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include all statements that are not historical facts.  In some cases, forward-looking statements can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms or other comparable terminology.  Forward-looking statements in this press release include, but are not limited to, statements regarding the Proposal, the special committee's review and evaluation of the Proposal, the potential consummation of any transaction and the Company's future plans, objectives, expectations and intentions.  These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied.  Such factors include, among others: uncertainties as to whether the special committee will determine that the Proposal or any alternative transaction is in the best interests of the Company and its shareholders; the risk that the Proposal may be withdrawn or modified; the possibility that competing offers or alternatives may or may not emerge; the risk that any transaction may not be consummated on the terms or timeline currently contemplated, or at all; and the other risks described in the Company's filings with the U.S. Securities and Exchange Commission.  The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by law.

Contacts

Miri Segal-Scharia
MS-IR LLC
[email protected]

Logo - https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg

SOURCE InMode LTD

El Tribunal Supremo no revoca el fallo que dictaminó que TCS se apropió indebidamente de los secretos comerciales de DXC, reforzando así la importancia de proteger la propiedad intelectual y la confianza de los clientes.

, /PRNewswire -- DXC Technology (NYSE: DXC), socio líder en tecnología e innovación empresarial, anunció hoy que ha recaudado 213.560.494,98 dólares de Tata Consultancy Services (TCS) en un caso histórico de secretos comerciales que involucra a Computer Sciences Corporation (CSC), filial de DXC.

El Tribunal Supremo se negó a revocar las sentencias de los tribunales inferiores, incluida una indemnización de 168 millones de dólares a favor de DXC, que, con los intereses acumulados, resultó en el cobro total de 213.560.494,98 dólares.

El Tribunal de Apelaciones del Quinto Circuito de Estados Unidos confirmó previamente que TCS se apropió indebidamente de forma deliberada y maliciosa de secretos comerciales de CSC, al encontrar amplia evidencia en el expediente de que la conducta de TCS fue intencional y con pleno desprecio por los derechos de CSC.

Este resultado refleja el compromiso de DXC con la defensa de sus derechos de propiedad intelectual y subraya la importancia de la competencia leal, el estado de derecho y el derecho a proteger la innovación. Proteger la propiedad intelectual es fundamental para salvaguardar las soluciones para los clientes y garantizar la inversión continua en tecnologías que impulsan los resultados empresariales.

"La confianza es la base de toda relación comercial", dijo Raúl Fernández, presidente y consejero delegado de DXC. "En una era de innovación en IA, la confianza es aún más crítica, por lo que es muy decepcionante ver que una empresa global como TCS sea sorprendida apropiándose intencionalmente de forma indebida de los secretos comerciales de una empresa estadounidense. También agradecemos al sistema legal estadounidense por defender los derechos de los innovadores tecnológicos." 

Acerca de DXC 

DXC Technology (NYSE: DXC) es un socio líder en tecnología e innovación empresarial que ofrece software, servicios y soluciones a empresas globales y organizaciones del sector público. DXC ayuda a sus clientes a aprovechar la IA para impulsar resultados en una era de cambios exponenciales. Con una amplia experiencia en servicios de infraestructura gestionada, modernización de aplicaciones y soluciones de software específicas para la industria, DXC opera, moderniza y protege sistemas de misión crítica que impulsan a las organizaciones más importantes del mundo. Obtenga más información en dxc.com.

Contacto para medios: Ashley Houk-Temple, relaciones con los medios, DXC Technology, Email: [email protected] 

The AI infrastructure boom has created a new class of market winners. Chipmakers, data center operators, and power suppliers have all benefited as hyperscalers race to build the computing capacity needed to train and run artificial intelligence models. Yet every boom attracts skeptics. 

This time, famed short-seller Jim Chanos is challenging one of Wall Street’s hottest investment themes: the idea that alternative energy companies will enjoy years of pricing power from an AI-driven electricity shortage. His argument deserves attention. But Bloom Energy (NYSE:BE) may be one company that doesn’t fit neatly into his bearish framework.

Chanos Says This Is a Bottleneck, Not a Shortage Chanos argues investors are confusing a temporary infrastructure problem with a permanent energy shortage.

His thesis is straightforward. The U.S. has enough generation capacity to meet demand over time, but permitting delays, transmission constraints, and turbine shortages have created temporary grid bottlenecks. If AI demand remains as large as forecasts suggest, economic incentives will force regulators and utilities to accelerate solutions.

There is evidence supporting that view. The Federal Energy Regulatory Commission recently approved measures aimed at speeding up data center grid connections. If interconnection queues begin moving faster, some of today’s scarcity premium could disappear. Investors paying 50x, 60x, or 70x earnings for energy-related stocks may discover they were pricing in conditions that don’t last forever.

That said, Chanos is talking about a world two or three years from now. In the AI era, that is practically an eternity.

Bloom Energy Benefits From Today’s Crisis Bloom Energy’s opportunity isn’t dependent on what the grid looks like in 2029. The company’s solid oxide fuel cells provide behind-the-meter power generation directly at data centers. Instead of waiting years for utility connections, operators can deploy Bloom’s Energy servers and begin generating electricity on-site.

Here’s what makes the value proposition compelling:

Bloom Energy Advantage Benefit to Data Centers 90-120 day deployment Accelerates time-to-power versus 3-5 year grid connections Instant response capability Handles AI workload spikes without large battery systems Quiet, low-emission operation Faces less community opposition than diesel generators 99.999% reliability Protects against blackouts and grid instability 30% federal tax credit eligibility Reduces project costs under Inflation Reduction Act incentives Those advantages are key because many AI projects cannot afford to wait years for electricity. BloombergNEF projects data center power demand could exceed 106 gigawatts by 2035. Whether the problem is a shortage or a bottleneck, operators still need power today.

Bloom’s solution effectively monetizes that urgency and the market has noticed. Bloom Energy stock has climbed roughly 267% year to date and more than 1,300% over the past 12 months as investors embraced the company’s role in solving data center power constraints. The company has also reported rapid growth tied to hyperscaler demand and expects record revenue in 2026.

The Risks Investors Can’t Ignore Granted, Chanos may be right about one thing: valuation. Bloom’s stock performance has dramatically outpaced the growth of its underlying business. Several analysts have warned that expectations now assume years of flawless execution. Some valuation metrics have expanded to levels rarely seen outside high-growth software companies despite Bloom operating in a capital-intensive energy industry.

Investors should also watch several key risks:

Customer concentration remains elevated. AI infrastructure spending could slow. Insider selling has increased in recent months. Future multiple compression could pressure shares even if revenue continues growing. In short, Bloom Energy may be a great business but still become an expensive stock.

Key Takeaway Chanos could ultimately be correct that today’s AI energy scarcity is temporary. If grid bottlenecks ease over the next few years, many alternative energy stocks trading at premium valuations could face a painful reset.

Bloom Energy, however, occupies a unique position. The company isn’t merely betting on future power demand. It is helping data centers solve an immediate problem by bypassing grid delays altogether.

For sharp investors, the debate isn’t whether Chanos is right or wrong. It’s whether Bloom can grow fast enough over the next several years to justify a stock that has already risen more than 1,300% in a year. Ultimately, Bloom’s business model appears stronger than the broad alt-energy sector Chanos is criticizing, but the valuation leaves little room for mistakes.

Marathon Petroleum Today

MPC

Marathon Petroleum

$246.02 -2.51 (-1.01%)

As of 11:55 AM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$158.00▼

$272.46Dividend Yield1.63%

P/E Ratio16.06

Price Target$272.94

Marathon Petroleum NYSE: MPC is one of the most powerful energy companies in the United States, and as might be expected, it is having a very good year.

With an earnings rebound in this year’s first quarter, the company has stronger refining margins, positive returns for its renewable diesel, and surging cash from operations. It’s also, as usual, returning abundant capital to shareholders.

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The question is not whether the business is performing well. The question is whether the cycle driving these results will last long enough to justify buying the stock at current prices.

Multiple Sources of EarningsMarathon operates the nation's largest refining system, but it’s not a single-play investment. With 13 refineries and a daily refining capacity of roughly three million barrels, the company also produces, stores, transports, and sells gasoline, diesel, and other refined products.

It also owns a giant retail network of nearly 8,000 locations, mostly under the Marathon and ARCO brands. And its fee-based midstream and growing renewable diesel segment give it additional sources of cash to help offset cyclical weakness in refining.

Strong Refining Drove First-Quarter ReboundThe first quarter of 2026 showed what Marathon looks like when the refining cycle cooperates.

Total revenue for the quarter came in at $34.6 billion, up 8.5% from the first quarter of 2025, beating analyst estimates. Net income attributable to the company reached $511 million, or $1.73 per diluted share, compared with a net loss of $74 million, or 24 cents per diluted share, in the same quarter a year earlier.

Adjusted net income was $487 million, or $1.65 per diluted share, more than twice what analysts expected. Cash from operations reached $1.1 billion, compared to a negative $64 million a year prior. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $2.8 billion, compared with $2 billion for the first quarter of 2025.

Midstream and Renewable Diesel Added StabilityThe standout segment in the three months was its refining and marketing operations. Adjusted EBITDA came in at $1.4 billion, up from $489 million a year earlier. The segment margin improved to $17.74 per barrel from $13.38 per barrel, as adjusted EBITDA per barrel soared to $5.37 from $1.91.

The company’s midstream business, including pipelines, storage terminals, and processing facilities, continued its role as a fee-based revenue generator largely disconnected from commodity price swings. Conducted through MPLX LP, the segment’s adjusted EBITDA was $1.6 billion in the quarter, down modestly from $1.7 billion a year earlier but still a dependable contributor.

Marathon’s growing renewable diesel operations also contributed. Adjusted EBITDA in that segment turned positive to $38 million, compared with a loss of $42 million in the year-ago period.

Wall Street and Shareholder Returns Support the StockMarathon Petroleum Stock Forecast Today12-Month Stock Price Forecast:
$272.94
10.40% Upside

Moderate Buy
Based on 19 Analyst Ratings

Current Price$247.22High Forecast$344.00Average Forecast$272.94Low Forecast$210.00Marathon Petroleum Stock Forecast Details

Given these results, the company’s recent stock appreciation comes as no surprise. Currently trading near $250 per share, the stock has delivered a year-to-date return above 50%.

Of the 19 analysts following the company, the 12-month average consensus target is $272.94 with a recommendation of a Moderate Buy. After a recent analyst price target raise and several institutions buying into the stock, the highest current 12-month target is $344 per share, while the lowest is $210.

The company’s heavy capital returns also support the share price. Marathon returned more than $1 billion to shareholders in the first quarter alone, and its board approved an additional $5 billion share repurchase program, bringing total available buyback capacity to $8.6 billion.

The company also pays a quarterly dividend of $1 per share, which, at recent share prices, translates to a yield of about 1.6%.

Expansion Projects Aim to Improve FlexibilityThe energy market, however, can change rapidly, with the past several months providing proof of that. West Texas Intermediate crude oil started the year below $60 per barrel and soared to nearly $115 by early April. The current price is in the mid-to-low $70s. With crack spreads at historically high levels, prospects for continued strong earnings in the short-term should be good.

Marathon, for its part, is looking to control some of the unpredictability. During the first quarter, the company brought its Garyville jet fuel flexibility project online, and an upgrade to its El Paso refinery's fluid catalytic cracking unit is due in the second quarter. A jet fuel project at its Robinson refinery is then targeted for the third quarter. By stepping up its product mix, the company is aiming to increase its ability to shift output as market conditions change.

Commodity Cycles and Operational Risks RemainThe risks in the energy business, though, can be masked by the good times. Much of the first-quarter improvement came from favorable market conditions, and those can reverse quickly.

A year ago, the quarter was hit by lengthy planned maintenance, which reduced throughput and increased costs. Crack spreads were smaller, and the company reported a loss. Later in the year, fire-related downtime at one of its refineries helped contribute to lower earnings than expected.

In addition, the company's own risk disclosures flag regulatory changes, geopolitical disruption, tariffs, inflation, interest rates, environmental liabilities, and unplanned outages as material uncertainties. And competition from others in the energy sector, including Valero Energy NYSE: VLO and Phillips 66 NYSE: PSX, is ongoing and intense.

Even strategies to protect against price fluctuations do not always pan out. Much of the decline in earnings from its midstream segment came from a $77 million loss from derivative losses on its hedging activity.

A Strong Company in a Cyclical IndustryThese days, given the state of the world, it’s easy to see how energy companies can thrive. But cycles can quickly switch directions and ruin the best operations.

For investors who want energy exposure in a diversified portfolio, Marathon is a strong choice. It’s a well-run company with a clear capital return strategy, improving operational quality, and a midstream business that provides income stability.

But it’s not a guarantee. Investors should be willing to think in terms of commodity cycles rather than quarter-to-quarter stability. For many value investors, the energy sector is a marathon, not a sprint to the finish.

Should You Invest $1,000 in Marathon Petroleum Right Now?Before you consider Marathon Petroleum, you'll want to hear this.

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Energy Transfer (ET 1.15%) recently announced an additional expansion of its Nederland NGL Export Terminal. The project will enable the master limited partnership (MLP) to export more natural gas liquids (NGLs) out of that crucial Gulf Coast terminal by the end of the decade. It's the latest expansion of this facility and one of many projects the company has under construction.

Here's a look at the new project, which will give the MLP even more fuel to grow its over 7%-yielding distribution.

Image source: The Motley Fool.

The NGL export juggernaut Energy Transfer plans to increase the ethane export capacity of its Nederland NGL Export Terminal by 240,000 barrels per day (BPD). It also plans to add another 55,000 BPD of LPG export capacity. The company is expanding this facility due to robust customer demand. It has secured long-term contracts for 100% of the facility's ethane export capacity into the 2040s.

The company expects to complete the project in phases starting in 2028. It's expanding its Mont Belvieu-to-Nederland NGL export pipeline and building two additional NGL ship docks (which it expects to complete by the middle of 2029). The company is already expanding its refrigerated propane and butane storage tanks (anticipated completion in the first half of 2027). Once complete, the Energy Transfer will have the largest refrigerated storage capacity on the U.S. Gulf Coast and the capacity to export more than 1.25 million BPD from this facility. Add in the company's Marcus Hook NGL Export Facility along the East Coast (which it's expanding to 420,000 BPD by mid-2027), and Energy Transfer will have about 1.7 million BPD of NGL export capacity by the end of the decade.

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A massive and growing backlog Energy Transfer's latest Nederland expansion project adds to its already extensive expansion project backlog. The pipeline company plans to spend between $5.5 billion and $5.9 billion on expansion projects this year.

The bulk of its projects are natural gas pipelines. Energy Transfer is investing up to $9.5 billion in major gas pipeline projects, led by the $5.6 billion Desert Southwest Pipeline (anticipated completion by the fourth quarter of 2029). It's also building several pipeline laterals to supply gas to AI data centers and gas-fired power plants. Additionally, the company is expanding several crude oil and NGL pipelines, building additional NGL infrastructure, and constructing more gas processing plants.

These projects give Energy Transfer significant growth visibility. It currently has projects on track to enter commercial service through early 2030. These projects support the company's plans to increase its high-yielding distribution by 3% to 5% per year.

Enhancing its already robust growth profile Energy Transfer is moving forward with another expansion of its key Nederland terminal. This expansion will help further support distribution growth through the end of the decade. The MLP's combination of yield and growth makes it a highly attractive investment opportunity for those comfortable with receiving a Schedule K-1 Federal tax form from the MLP each year.

Matt DiLallo has positions in Energy Transfer. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Comfort Systems USA (FIX +3.48%) has been a major beneficiary of the artificial intelligence boom. The infrastructure company provides ventilation and air conditioning for AI data centers that prevent GPUs from overheating.

Shares have more than doubled year to date and briefly touched $2,000. However, the stock has the potential to reach $2,500 per share by year-end. Here's why.

Image source: Getty Images.

Clear revenue visibility fuels solid results Comfort Systems USA benefits from a $12.45 billion backlog as of Q1. That's an 80.7% year-over-year increase, providing meaningful revenue visibility for future quarters. Total revenue for the first quarter was $2.87 billion, up 56.5% year over year. Its backlog is equal to more than one full year of revenue based on Q1 results.

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That revenue backlog is a major catalyst for future sales growth. Comfort Systems USA has reported sequential revenue growth for several quarters, partially fueled by its upcoming orders. The company also has a slight sequential increase in its backlog, showing that it can maintain the high figure while delivering on projects.

The clear revenue visibility also comes with rising profit margins. Net income more than doubled year over year, and the company closed Q1 with a double-digit net profit margin, a figure it has maintained for several quarters. Comfort Systems USA even announced a 14.3% dividend hike this year, showing that it can reward shareholders while gaining market share. That's a good setup on the path to $2,500 per share.

Tech companies are fueling the Comfort Systems USA rally The Comfort Systems rally isn't based on hype. The company is delivering tangible gains in its industry while appealing to tech giants eager to spend as much as possible on AI.

More than half of Comfort System USA's backlog was from tech companies in Q1. New construction also accounted for almost three-quarters of year-to-date revenue, up from 63.2% in full-year 2025.

Tech leaders need AI data centers for the next stage of innovation, and Comfort Fix USA is involved with many of them. Comfort Fix USA has also strategically acquired more than 50 operating companies over the years to expand its footprint. That additional market share is present at a critical time for the HVAC industry.

The top five hyperscalers are projected to spend more than $650 billion on AI infrastructure this year. That money has to go somewhere, and it's difficult to imagine these companies suddenly pulling the plug on AI spending in 2027. This is a multiyear megatrend, and Comfort Systems USA is well-positioned for it.

Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Comfort Systems USA. The Motley Fool has a disclosure policy.

FAIR LAWN, N.J., June 23, 2026 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (“Columbia”) (NASDAQ: CLBK), a Delaware corporation and the mid-tier holding company for Columbia Bank, announced today, on a preliminary basis, that Columbia Financial, Inc., a Maryland corporation and the proposed successor to Columbia, received over 5,000 orders representing approximately $925 million in the subscription offering that expired on June 16, 2026 in connection with the “second-step” conversion of Columbia Bank MHC from mutual to stock form.

In addition, Columbia also announced an increase in the maximum purchase limits in the stock offering being conducted by Columbia Financial, Inc. The maximum individual purchase limit in the offering has been increased from 300,000 shares ($3.0 million) to 800,000 shares ($8.0 million) and the maximum group purchase limit has been increased from 1,000,000 shares ($10.0 million) to 5,000,000 shares ($50.0 million).

Consistent with the prospectus dated May 11, 2026, as supplemented by the prospectus supplement dated June 23, 2026, only those persons who subscribed for the maximum number of shares in the subscription offering will be resolicited and given the opportunity to order additional shares up to the new purchase limits. Supplemental stock order forms will be distributed to those subscribers. A properly completed original supplemental stock order form for any increased stock order, together with full payment of immediately available funds, must be received by Columbia Financial, Inc. (not postmarked) by 2:00 p.m., Eastern time, on June 30, 2026. All other eligible subscribers who submitted valid stock order forms in the subscription offering will have their stock orders filled in full.

Columbia Financial, Inc. currently does not intend to conduct a community offering and will be offering shares not subscribed for in the subscription offering for sale at the same price of $10.00 per share in a firm commitment underwritten offering. Keefe, Bruyette & Woods, Inc., A Stifel Company, will serve as the lead-left book running manager, Piper Sandler & Co. will act as co-book running manager and Brean Capital, LLC will act as co-manager for the firm commitment underwritten offering. Anyone purchasing stock in the firm commitment underwritten offering is subject to the new purchase limitations set forth above.  

Completion of the offering remains subject to (1) approval of the plan of conversion and reorganization by the current stockholders of Columbia and the members (who are eligible depositors and borrowers of Columbia Bank) of Columbia Bank MHC, (2) the receipt of all required final regulatory approvals, including an update of the independent appraisal, and (3) the sale of at least 142,375,000 shares of common stock, including up to 61,390,681 shares that may be issued as merger consideration to stockholders of Northfield Bancorp, Inc. (“Northfield”), at the adjusted minimum of the offering range.

About Columbia 

Columbia is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia is a majority-owned subsidiary of Columbia Bank MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 70 full-service banking offices and offers traditional financial services to consumers and businesses in its market area. For more information about Columbia Bank, please visit www.columbiabankonline.com.

Disclaimer and Caution About Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Columbia and Northfield, respectively, with respect to the proposed transaction, the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transaction on the combined company’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the timing of the closing of the proposed transaction, and the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of Columbia or Northfield or their respective management about future events.

Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions, include, among others, the following: (i) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (ii) the possibility that the proposed transaction does not close when expected or at all because the required approval by Columbia’s and/or Northfield’s stockholders, or other approvals and the other conditions to closing, are not received or satisfied on a timely basis or at all; (iii) the outcome of any legal proceedings that may be instituted against Columbia or Northfield; (iv) the possibility that the anticipated benefits of the proposed transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Columbia and Northfield operate; (v) the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; (vi) Columbia’s ability to successfully complete its second-step conversion; (vi) the possibility that the final independent appraisal of Columbia will differ from the preliminary independent appraisal of Columbia; (viii) the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; (ix) the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events; (x) the diversion of management’s attention from ongoing business operations and opportunities; (xi) potential adverse reactions of Columbia’s or Northfield’s customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (xii) a material adverse change in the financial condition of Columbia or Northfield; (xiii) changes in Columbia’s or Northfield’s share price before closing; (xiv) risks relating to the potential dilutive effect of shares of Columbia’s common stock to be issued in the proposed transaction; (xv) general competitive, economic, political and market conditions, including the impact of any potential government shutdown; (xvi) major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and (xvii) other factors that may affect future results of Columbia or Northfield, including, among others, changes in asset quality and credit risk; the imposition of tariffs and any retaliatory responses; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

These factors are not necessarily all of the factors that could cause Columbia’s, Northfield’s or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm Columbia’s, Northfield’s or the combined company’s results.

Although each of Columbia and Northfield believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions based on its existing knowledge of its business and operations, there can be no assurance that actual results of Columbia or Northfield will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in Columbia’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by Columbia with the Securities Exchange Commission (the “SEC”), and in Northfield’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the SEC and quarterly reports on Form 10-Q, and other documents subsequently filed by Northfield with the SEC. The actual results anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on Columbia, Northfield or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. Columbia and Northfield urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by Columbia and Northfield. Forward-looking statements speak only as of the date they are made and Columbia and/or Northfield undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.   For purposes of this section, references to Columbia include both Columbia Financial, Inc., a Delaware corporation and the current mid-tier holding company for Columbia Bank, and Columbia Financial, Inc., a Maryland corporation and the proposed successor holding company of Columbia Bank.

Important Additional Information About the Transaction and Where to Find It

Columbia Financial, Inc. has filed with the SEC a Registration Statement on Form S-1 (the “Form S-1 Registration Statement”) that includes a prospectus of Columbia Financial, Inc. and other relevant documents concerning the proposed second-step conversion. In addition, Columbia Financial, Inc. has also filed with the SEC a Registration Statement on Form S-4 (the “Form S-4 Registration Statement”) that includes a joint proxy statement/prospectus concerning the proposed second-step conversion and the merger.

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS OF COLUMBIA AND NORTHFIELD ARE URGED TO READ THE FORM S-1 REGISTRATION STATEMENT AND THE FORM S-4 REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed second-step conversion or the proposed merger between Columbia Financial, Inc. and Northfield. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

A copy of the Form S-1 Registration Statement and the Form S-4 Registration Statement, Joint Proxy Statement/Prospectus, as well as other filings containing information about Columbia and Northfield may be obtained, free of charge, at the SEC’s website (http://www.sec.gov). You may also obtain these documents, free of charge, by directing a request to Columbia Investor Relations, 19-01 Route 208 North, Fair Lawn, New Jersey 07410, or by calling (833) 550-0717, or to Northfield by directing a request to Northfield Investor Relations, 581 Main Street, Suite 810, Woodbridge, New Jersey 07095 or by calling (732) 499-7200 x2519. The information on Columbia’s or Northfield’s respective websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.

Participants in the Solicitation

Columbia, Northfield and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Columbia and Northfield in connection with the proposed transaction. Information about the interests of the directors and executive officers of Columbia and Northfield and other persons who may be deemed to be participants in the solicitation of stockholders of Columbia and Northfield in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Joint Proxy Statement/Prospectus related to the proposed transaction.

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

Key Takeaways Valero's refining network spans the United States, Canada and the United Kingdom.Valero's complex Gulf Coast refining system and flexible operations support profitability amid volatility.Constrained refining capacity and low inventories are expected to support refining margins in the near term. Valero Energy (VLO - Free Report) is a well-known name in the refining space, with an extensive refining network across the United States, Canada and the UK. The company is also involved in the production of renewable fuels and ethanol. Valero’s strongest investment case lies in its highly complex refining system concentrated along the U.S. Gulf Coast and the operational flexibility of its refineries, as these factors enable it to sustain profitability across volatile market conditions.

Geopolitical conditions worldwide have caused significant volatility in global oil markets since the beginning of this year. Following recent talks between the United States and Iran in Switzerland, efforts are underway to facilitate the safe passage of vessels through the Strait of Hormuz. While this marks a positive step toward stabilizing energy markets, the conflict has already caused severe damage to several energy facilities across the Middle East, including refineries and LNG infrastructure. The global refining market was already operating under tight conditions before the conflict, with demand growth outpacing new refining capacity additions. The disruptions caused by the Middle East conflict have further amplified this trend.

Against this macroeconomic backdrop, VLO remains well positioned to generate sustained profits, backed by a favorable refining environment. The company’s coastal refinery network enables it to benefit from export access and exposure to global product markets. Moreover, constrained global refining capacity and low product inventories in key markets are expected to support refining fundamentals and keep margins steady in the near-term. Its Gulf Coast refining network benefits from growing product exports to high-demand growth markets, enabling the company to capture attractive margins and support long-term earnings growth.

Refining Players Expects to Benefit From Favorable Refining FundamentalsPar Pacific Holdings (PARR - Free Report) is a Houston-based refining player with a combined refining capacity of 219,000 barrels per day and operations spread across Hawaii and the Pacific Northwest. The company also operates 76 branded fuel retail sites, along with a logistics business segment. PARR owns extensive energy infrastructure, including storage and transportation assets.

PBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries — Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery — with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks.

VLO’s Price Performance, Valuation & EstimatesValero Energy’s shares have jumped 78.1% over the past year compared with the 40.1% improvement of the composite stocks belonging to the industry.

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From a valuation standpoint, VLO trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 7.38X. This is above the broader industry average of 5.42X.

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The Zacks Consensus Estimate for VLO’s 2026 earnings hasn’t seen any revisions over the past seven days.

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VLO, PARR and PBF each currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.