Track market-moving stories before they get noisy

Sunrun shares are powering higher. What’s behind RUN gains? The AgreementUnder the framework, Sunrun, Renew Home, and Tesla will aggregate millions of existing home energy devices—including home battery systems, smart thermostats, and electric vehicles—into local, turnkey power solutions for data centers and utilities.

The combined 16-gigawatt resource draws dispatchable capacity from hundreds of thousands of home battery systems operated by Sunrun and Tesla, alongside flexible peak capacity from more than 8 million smart thermostats and devices managed by Renew Home. The framework requires no additional hardware, software, interconnection, water, or land usage—and is deployable in months, not years.

In Virginia, the companies already have more than 300 megawatts of capacity available for immediate deployment, expected to grow to at least 500 megawatts by 2030. The companies have also committed to provide capacity to PJM’s proposed Reliability Backstop Process, which if accepted would unlock over a gigawatt of capacity immediately.

“The grid of the 1800s cannot power the innovation of 2026,” said Mary Powell, CEO of Sunrun. “When data centers are asked to throttle down operations during the most expensive and stressful hours of the day, we can activate our distributed power plants to help provide them the power they need while also protecting American families from footing the bill for costly new infrastructure.”

Sunrun Shares ClimbRUN Price Action: At the time of publication, Sunrun shares are trading 19.28% higher at $15.28, according to data from Benzinga Pro.

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Key Takeaways Coca-Cola's Q1 organic revenues rose 10%, driven by a 3% unit case volume and 2% price/mix growth.Pricing actions added roughly four points to price/mix, partly offset by unfavorable mix in several markets.Coca-Cola delivered volume growth across all segments and extended value-share gains to 20 quarters. Pricing remains an important growth lever for The Coca-Cola Company (KO - Free Report) , but its revenue story is becoming increasingly balanced between pricing and volume gains. Organic revenues increased 10% in the first quarter of 2026, supported by a 3% rise in unit case volume and 2% price/mix growth. Management noted that pricing actions contributed roughly four percentage points to the price/mix, although this was partly offset by an unfavorable mix across several markets.

The company's ability to sustain pricing reflects the strength of its brands and sophisticated revenue growth management capabilities. Coca-Cola continues to adjust pricing, packaging and promotional strategies based on local market conditions while protecting consumer affordability. Management emphasized that affordability remains a key pillar of the company's growth strategy, particularly for lower-income consumers facing economic pressure. In North America, Coca-Cola expanded affordable single-serve and multi-serve offerings to retain consumers within its franchise rather than sacrificing volume.

Management expects a more balanced growth algorithm throughout 2026, with the volume and price/mix contributing relatively equally to the top-line expansion. While pricing remains embedded in Coca-Cola's strategy, the company is increasingly prioritizing consumer recruitment, market share gains and transaction growth. Management suggested that quarterly fluctuations may occur, but Coca-Cola remains committed to balancing volume growth with pricing initiatives.

The company's confidence is supported by strong brand momentum, innovation and market execution. Coca-Cola delivered volume growth across all operating segments and extended its streak of value-share gains to 20 consecutive quarters. As inflation, geopolitical uncertainty and consumer pressures persist, Coca-Cola's pricing power remains a competitive advantage. However, 2026 appears less about aggressive pricing and more about leveraging pricing alongside affordability, innovation and consumer-centric execution to sustain long-term revenue growth.

KO’s Peers: Is Pricing Power Also Driving Growth at PEP & MNST?Pricing has been a major growth engine for beverage companies in recent years, but as inflation moderates and consumers become more value-conscious, the key question is whether PepsiCo Inc. (PEP - Free Report) and Monster Beverage Corporation (MNST - Free Report) can still rely on pricing actions to drive revenue growth.

PepsiCo's pricing power remains an important contributor to growth in 2026, though the company is increasingly relying on a balanced mix of pricing, affordability initiatives and innovation. In first-quarter 2026, organic revenues rose 2.6%, supported by effective net pricing and modest volume gains, while management highlighted affordability investments and brand restaging efforts as key growth drivers. PepsiCo expects organic revenue growth of 2-4%, suggesting pricing remains a tailwind, but sustainable growth will also depend on volume recovery and continued consumer demand across its beverage and snack portfolios.

Monster Beverage's pricing power continues to support revenue growth in 2026, but it is working alongside strong category demand, innovation and international expansion. Management noted that pricing actions implemented in late 2025 are performing as expected, with modest inflationary pricing helping deliver volume and revenue growth. Pricing also partially offset higher aluminum and freight costs in the quarter. Looking ahead, Monster Beverage remains open to additional pricing opportunities while monitoring consumer resilience and category health, suggesting pricing remains an effective growth lever.

KO’s Price Performance, Valuation & EstimatesShares of Coca-Cola have risen 5.7% in the past three months compared with the industry’s return of 7.8%.

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From a valuation standpoint, KO trades at a forward price-to-earnings ratio of 23.57X compared with the industry’s average of 19.08X.

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The Zacks Consensus Estimate for KO’s 2026 and 2027 earnings per share implies year-over-year growth of 8.7% and 6.9%, respectively. Estimates for the aforesaid years have been unchanged in the past 30 days.

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Coca-Cola currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Uber Technologies Inc (NYSE:UBER, XETRA:UT8) is strengthening its autonomous vehicle strategy through new robotaxi expansion plans in the United States and Europe, moves that Bank of America analysts believe could improve investor sentiment toward the company.

Uber recently announced plans to expand its autonomous vehicle partnerships to Houston with Nuro and Lucid, and to Zurich with WeRide. Bank of America analysts wrote that these developments enhance Uber's autonomous vehicle catalyst path, with five potentially notable launches across US and European cities expected in the second half of 2026.

The analysts maintained a ‘Buy’ rating on Uber shares, writing that successful launches could help shift the narrative around autonomous vehicle supply competition and support valuation expansion.

Uber stock has lagged the S&P 500 since mid-2025, according to the analysts, amid concerns about growing competition in autonomous driving from companies including Alphabet's Waymo and Tesla, as well as broader weakness in internet growth stocks.

Uber, Lucid and Nuro selected Houston as the second market for their robotaxi program after the San Francisco Bay Area, targeting an exclusive launch through the Uber platform by mid-2027.

The service is expected to use Lucid Gravity vehicles equipped with Nuro's Level 4 autonomous driving system. Uber has also secured a 50,000-square-foot depot and charging infrastructure in Houston to support fleet operations.

Bank of America analysts wrote that while some concerns remain regarding Nuro's technology and Lucid's ability to supply vehicles at scale, the Houston expansion suggests increasing confidence in future autonomous vehicle availability.

Separately, Uber and WeRide plan to launch a commercial robotaxi service in the Greater Zurich region later this year, subject to regulatory approval. Riders will be able to access the service through Uber's platform, while local partner Rydera will oversee fleet operations.

The Zurich deployment follows a recently announced expansion into Madrid and marks the fourth of 15 cities expected under the Uber-WeRide partnership. The companies have previously introduced robotaxi services in Abu Dhabi, Dubai and Riyadh.

Bank of America analysts wrote that the planned 2026 deployment timeline is encouraging and indicates that additional cities under the partnership could be introduced during the first half of 2027.

© sarawuth702 / iStock via Getty Images

Uber Technologies (NYSE:UBER | UBER Price Prediction) at $70.91 sits in a holding pattern. The stock absorbed a sharp leg lower on the same day it unveiled a Zurich robotaxi launch with WeRide and a global Level 4 partnership with Stellantis and Wayve, capturing why this name is interesting and uninvestable simultaneously.

Uber runs the world’s largest ride-hailing and food delivery network, with 199 million monthly active platform consumers and 3.6 billion trips last quarter. The platform shifted from cash-burning growth to a free-cash-flow machine, with management leaning into autonomy as the next decade’s flywheel.

Shares are down from $92.65 at the Q3 2025 earnings report to current levels, with the 52-week high of $101.99 now distant.

Why the Bulls See a Compounder on Sale Q1 2026 delivered Gross Bookings of $53.72 billion, up 25% year over year, operating income of $1.923 billion, up 56.6%, and free cash flow of $2.286 billion. Non-GAAP EPS grew 44% year over year, and Uber returned $3.011 billion through buybacks in a single quarter.

Valuation sits at trailing PE of 18 and free cash flow yield of 6.76%. Bulls argue the WeRide, Wayve, Lucid, and Nuro partnerships position Uber as the asset-light demand aggregator of autonomy. Jim Cramer recently flagged the name as “down 29% from its all time high” while earnings compound near 40%. Kevin Warsh’s debut Fed meeting frames a hawkish regime punishing long-duration tech multiples.

Why the Bears See a Multiple Trap Uber’s 200-day moving average sits at $82.41, well above current levels. Margin pressure from foreign equity revaluations has been relentless: a $1.50 billion pre-tax headwind in Q1 after a $1.6 billion hit in Q4, dragging GAAP net income down 85.19%.

A Consumer Reports investigation alleging AI-driven price discrimination, intensifying Waymo and Tesla competition, and an unprofitable Freight segment add pressure to the de-rating story.

Why Patience Is the Cleanest Trade Operating momentum is real, but the chart is broken and macro is hostile. The signal to watch is whether Q2 lands inside management’s $0.78 to $0.82 EPS guide without another nine-figure equity revaluation shock. Stabilization near $58.00 would imply a forward multiple consistent with the current rate regime.

What the Numbers Actually Say Uber trades at $70.91 against a Wall Street average target of $104.43, implying roughly 47% upside if consensus is right. Of 51 covering analysts, 9 rate it Strong Buy, 36 Buy, 5 Hold, and 1 Sell.

Uber is down 13.22% year to date and 16.34% over the past year, while the S&P 500 is up 8.66% year to date and 24% over twelve months. That is roughly 22 points of YTD underperformance.

The Verdict: Watching for Stabilization At $70.91, Uber’s risk/reward looks balanced.

The fundamental story is intact. Gross Bookings compound in the mid-20s, Uber One has reached 50 million members driving half of bookings, and the autonomy stack deepened with WeRide, Stellantis, Wayve, Lucid, and Nuro. But price action signals the market is repricing duration broadly rather than Uber-specific cash flows, and fighting that with fresh capital is a losing trade in a hawkish Warsh regime.

The bull case strengthens if the stock stabilizes in the $58 zone alongside a Q2 earnings report holding the EPS guide with normalizing equity revaluation drag. The bear case strengthens on a guide cut, regulatory escalation from the pricing investigation, or evidence that Waymo is taking incremental share in tier-one US cities.

For long-term holders, the buyback continues to compound per-share value. For prospective buyers, a confirmed price floor would offer a cleaner entry, because a great business at the wrong price still struggles in this macro.

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Amazon (NASDAQ:AMZN | AMZN Price Prediction) is a stock worth owning for the next two decades because three high-margin engines, AWS, advertising, and Prime subscriptions, now compound on top of a retail base that has finally turned profitable. Amazon is an infrastructure-grade holding built to outlast tariff headlines, quarterly free cash flow noise, and even its owner.

Pillar One: Durability Anchored in Three Cash Engines Forget the razor-thin margins on the e-commerce storefront. The true forever story rests on AWS, enterprise advertising, and subscription services, and the latest filings show why. AWS generated $37.59 billion in Q1 2026 revenue at a 37.7% operating margin, growing 28% year over year, its fastest pace in 15 quarters, on a $150 billion annualized run rate. Advertising hit $17.24 billion in the quarter and over $70 billion in trailing twelve-month revenue. Subscription services added $13.43 billion, up 15%. AWS controls roughly a third of the global cloud infrastructure market, and an AWS backlog of $364 billion, before the $100 billion-plus Anthropic commitment, gives the cash engine years of pre-sold work.

Pillar Two: Compounding Without a Dividend Amazon pays no dividend, so income-focused retirees should size accordingly. The compounding instead happens through reinvestment at a 24.3% return on equity. Operating cash flow climbed from $38.5 billion in 2019 to a record $139.5 billion in 2025. Evaluated on its price-to-operating-cash-flow multiple, Amazon screens as an underpriced utility for the modern economy. Earnings power is following: Q1 2026 EPS came in at $2.78 versus a $1.653 estimate, the fifth consecutive quarter beating Wall Street’s bar.

Pillar Three: Built to Survive Cycles Forever holdings need balance sheet armor. Amazon ended Q1 2026 with $101.82 billion in cash, $441.91 billion in shareholder equity, a debt-to-equity ratio of 0.37, and interest coverage of 35x. Even in the 2022 trough, when net income flipped to a $2.7 billion loss, the business still produced $46.8 billion in operating cash flow. Prime is a sticky subscription, AWS contracts are multi-year, and ads run through downturns. That mix is what a retiree wants on autopilot.

The Scenario Where It Lags Amazon will underperform during stretches when the market rewards capital returns over reinvestment. Management plans roughly $200 billion in 2026 capital expenditures, and trailing free cash flow has already compressed to $1.2 billion. If dividend-paying mega-caps lead the tape for a year or two, AMZN will lag. That does not change the thesis. As CEO Andy Jassy put it, “We have been through this cycle with the first big AWS growth wave, and we like the results.” Those data centers, chips, and satellites become the next decade’s cash flow.

With 62 analysts at Buy or Strong Buy and a $312.99 consensus target against a $244.39 share price, the near-term setup is fine, but that is not the point. Amazon’s profile fits a long-duration compounder framework.

by Todd Bishop on Jun 23, 2026 at 11:50 amJune 23, 2026 at 11:50 am

Brendan Burns, Microsoft technical fellow and a co-founder of Kubernetes. (Microsoft Photo) Microsoft is promising relief to engineers who get woken up at 3 a.m. for outages and other cloud glitches: an agent informed by its years of experience running Azure, designed to diagnose whatever’s going wrong and recommend potential fixes. 

One big benefit over humans: the agent can operate without the stress, fatigue, or tunnel vision that often hampers people doing it on little sleep.

“Agents are a little bit less emotionally attached,” said Brendan Burns, a Microsoft technical fellow and corporate vice president who was one of the creators of Kubernetes. He pointed out that agents don’t feel the pressure when a manager asks for a rapid root-cause analysis.

The Azure Copilot Observability Agent, in preview since late last year, was made generally available Tuesday. It investigates incidents by connecting the logs, metrics, traces and other signals scattered across a company’s systems, then points engineers toward the likely cause. 

At this point, the agent does not fix problems on its own. Microsoft also introduced what it calls autonomous operations, in preview, letting the agent triage and investigate alerts without a person prompting it. But it still stops short of acting. It won’t restart a resource or change a configuration, for example, instead leaving it to humans to decide and execute. 

Microsoft is joining a crowded field. Datadog made its Bits AI SRE agent generally available in December, and Amazon’s AWS followed with a comparable DevOps Agent this spring. Microsoft said the agent is priced based on usage rather than a flat per-seat license, which is the same model AWS uses for its DevOps Agent. 

Established observability players including Dynatrace, Splunk, New Relic and Grafana are moving quickly in the same direction, alongside a wave of AI-focused startups. 

In an interview with GeekWire this week, Burns said he believes Microsoft’s breadth is one of its advantages, seeing more of a customer’s software than rivals do, from GitHub to Azure deployments to the signals systems generate. Knowing how those connect, he said, helps the agent trace a problem back to the line of code behind it. 

More than a decade ago, Burns and his then-Google colleagues Joe Beda and Craig McLuckie created Kubernetes, the open-source software that lets companies run applications across large, constantly changing infrastructure. It became foundational to cloud computing, and added to the complexity teams now have to manage.

Kubernetes brought a kind of self-repair to that world: when something breaks, it works automatically to restore the system to a healthy state. But it follows fixed rules, Burns said. It’s “very deterministic” — it “can’t make hypotheses, it can’t investigate solutions.” 

AI tools like the Azure observability agent are meant to add that missing layer: forming a theory about what went wrong, testing it against the data, and continuing to work to find a solution. 

Full autonomy — letting the agent act, not just investigate — is still down the road. In a blog post Tuesday, Burns framed the launch as part of a broader shift toward “agentic operations,” which reason across signals and will someday be able to act on them. 

For now, the agent can do a lot of the digging, even if a human still makes the call. 

Burns, who recalled once pulling a 36-hour on-call shift, said he can think of “a lot of late nights that would have been a lot nicer if I’d had this 10 years ago.”

By PYMNTS  |  June 23, 2026

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Alibaba Group sued the U.S. Department of Defense Tuesday (June 23), seeking to be removed from a list of companies the Department says are supporters of the Chinese military.

The Department published the list earlier this month, and Alibaba argues in its lawsuit that the designation violates the company’s rights to constitutional due process and free speech, Bloomberg reported Tuesday.

Alibaba said it is neither a Chinese military company nor a military-civil fusion, and the company said that the Defense Department did not reply to evidence the company presented showing that it is not a supporter of the Chinese military, according to the report.

A company’s inclusion on the Defense Department’s list can restrict its ability to contract with the U.S. military, can limit its ability to receive research funding, and can signal more punitive trade restrictions in the future, the report said.

Alibaba got its start as an eCommerce company but has since become one of the leading artificial intelligence companies in China, per the report.

Reuters also reported on the lawsuit Tuesday and said that on June 8, the Department of Defense expanded its list of businesses linked to China’s military to include 188 entities.

Alibaba said, per the report: “The determinations have no basis in fact or law. Alibaba is governed by an independent board, none of whom has any military affiliation. Its products and services are built for retail, logistics, and enterprise information technology — not weapons, defense, or intelligence.”

The Defense Department said in a June 8 press release that it identified the 188 companies included on the list after conducting its due diligence.

“The Department will update the list with additional entities as appropriate,” it said. “The United States Government reserves the right to take additional actions on these entities under authorities other than Section 1260H.”

Section 1260H is the statutory requirement of the National Defense Authorization Act for Fiscal Year 2021 under which the Department updated the list.

In the list, the Department of Defense said Alibaba Group is indirectly affiliated with China’s State-Owned Assets Supervision and Administration Commission of the State Council (SASAC) and is affiliated with the country’s Ministry of Industry and Information Technology (MIIT), making the company a military-civil fusion contributor to China’s defense industrial base.

Key Takeaways Boeing's BDS unit generated $7.6B in Q1 revenues, up 21% year over year.Boeing booked $9B in defense orders and ended the period with an $86B backlog.Boeing expanded PAC-3 Seeker production and partnered with Rheinmetall on MQ-28 Ghost Bat. The Boeing Company’s (BA - Free Report) is best known for its commercial aircraft business, but its Defense, Space & Security ("BDS") segment could become an increasingly important contributor to future growth. As global defense budgets rise and military modernization efforts accelerate, Boeing appears well positioned to benefit from demand for advanced aircraft, autonomous systems, satellites, and defense technologies.

During the first quarter, the BDS unit generated $7.6 billion in revenues, up 21% year over year. While the segment has faced execution challenges in recent years, management continues to focus on improving operational performance and reducing costs across major defense programs.

The BDS unit booked $9 billion in orders, including contracts to continue E-7 Wedgetail development and additional international demand for KC-46 aircraft, which resulted in a solid backlog addition of $86 billion for the period ending March 2026.

During the aforementioned quarter, Boeing's defense business signed a seven-year framework agreement to expand PAC-3 Seeker production and announced a strategic partnership with Rheinmetall to offer the MQ-28 Ghost Bat to Germany. In April, Artemis II successfully completed its mission to the moon, propelled by the Boeing-built Space Launch System core stage rocket.

While commercial aviation remains Boeing's largest business, improving execution, expanding international opportunities, and progress across key defense programs suggest that the BDS segment could become a more meaningful growth driver in the years ahead. If management continues to improve program performance while securing new contracts, the defense business may play an increasingly important role in Boeing's long-term recovery and growth strategy.

Defense Contractors Benefiting From Military ModernizationRising geopolitical tensions, evolving security threats, and the need to replace aging military equipment are prompting governments across the world to increase defense spending and accelerate military modernization programs. These trends are creating significant growth opportunities for leading aerospace and defense companies. Several companies that are well positioned to benefit from these favorable industry dynamics are discussed below.

Lockheed Martin (LMT - Free Report) benefits from strong demand for advanced defense platforms, including the F-35 fighter jet, missile defense systems and space technologies.

RTX Corporation (RTX - Free Report) continues to secure defense contracts across missile systems, air defense solutions, and military aerospace programs, supported by rising global security spending.

BA Stock’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates a year-over-year improvement of 98.6% and 2,813.2%, respectively.

Image Source: Zacks Investment Research

BA Stock Trades at a DiscountIn terms of valuation, BA’s forward 12-month price-to-sales (P/S) is 1.74X, a discount to the industry’s average of 2.61X.

Image Source: Zacks Investment Research

BA Stock’s Price PerformanceIn the past three months, the company’s shares have risen 10.2% against the industry’s 4.4% decline.

Image Source: Zacks Investment Research

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

At about $45 as of this writing, Nike (NKE 1.91%) stock trades 16% below where it did a decade ago. And shares are 44% below their 52-week high of about $80, reached last August.

In short, it's been a tough run for Nike investors. But is that about to change?

Nike reports fiscal fourth-quarter results (the period ended May 31) on June 30. It will be another test of the turnaround CEO Elliott Hill has led since returning in late 2024, a plan management calls its "Win Now" actions. The question hanging over that report is whether the beaten-down price reflects a business that is finally turning or one that is simply stuck.

Image source: Getty Images.

North America is where the comeback shows Nike's largest market is the clearest sign the plan is working. North America revenue rose 3% to about $5 billion in the fiscal third quarter (the period ended Feb. 28, 2026), led by an 11% jump in wholesale as Nike won back shelf space with retail partners. Management said sell-through grew across every channel in February for the first time in two years, with discounting easing and the digital business strengthening as the quarter went on.

"North America is leading our comeback and is well positioned to sustain the momentum as we move forward," chief financial officer Matthew Friend said on the company's fiscal third-quarter earnings call.

If that February turn holds into the fiscal fourth quarter, even as the region laps last year's heavy clearance sales, it would be real evidence Nike can grow its biggest market again.

But what about weakness in Greater China? Greater China is the other side of the story. Revenue there fell 7% to about $1.6 billion in the fiscal third quarter, and management guided for a roughly 20% drop in the fiscal fourth quarter.

That decline, however, is largely self-inflicted. Nike is deliberately shipping less product to clear out aged inventory and curb the discounting that cheapened the brand there.

As China sales shrank, the region's operating profit rose 11%, and inventory fell by more than 20% in units -- the result of reducing near-term sell-in and pulling key styles off discount instead of flooding stores with inventory.

But there are signs of progress. Nike expanded a revamped store concept to 100 locations, including a flagship in Shanghai, and said full-price selling improved.

The number to watch on June 30 isn't the 20% revenue drop itself. It is whether sell-through and full-price demand keep firming under that reduced supply.

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Checking in on gross margin Nike's gross margin slipped to 40.2% in the fiscal third quarter, down from about 41.5% a year earlier, dragged down mostly by higher U.S. tariffs that cost roughly 3 percentage points of margin on their own. Clearing unsold classic-sneaker inventory out of the market pulled about 5 points off reported revenue on top of that.

With that said, management notably guided to a much smaller margin decline in fiscal Q4 and said margins should start expanding again in the second quarter of fiscal 2027, aided by easing tariff pressure and inventory clean-up costs rolling off.

But the stock's price decline hasn't necessarily created the bargain you might imagine. Nike trades around $45, close to where it sat a decade ago, yet its price-to-earnings ratio is still about 30. This is because earnings have fallen about as fast as the stock. Indeed, net income dropped 35% in fiscal Q3.

The stock's valuation, therefore, only works if profits recover, and profits recover only if the turnaround does.

Management expects to complete its Win Now actions by the end of the calendar year and plans to lay out longer-term targets at an investor day this fall.

It has also been candid about the pace.

"This is complex work, and parts of it are taking longer than I'd like," Hill explained during its fiscal third-quarter earnings call.

I think Nike is a more investable company than it was a year ago, thanks to the stock's sharp decline this year. And a 24-year run of annual dividend increases, along with a 3.6% dividend yield as of this writing, pays shareholders to wait.

Still, I'd want the fiscal fourth-quarter numbers to confirm China is finding a floor and margins are bending back before treating this price as a real opportunity rather than a value trap. The stock is cheap for clear reasons. Whether those reasons are starting to fade will hopefully be revealed on June 30.

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David M. Denton named incoming Chief Financial Officer

BEAVERTON, Ore.--(BUSINESS WIRE)--NIKE, Inc. (NYSE:NKE) today announced that David M. Denton will join the company as Executive Vice President and Chief Financial Officer, effective August 17. Matthew Friend will step down as Executive Vice President and Chief Financial Officer at that time and remain with the company through September 4 to support an orderly transition. Friend will participate in the company’s fourth quarter fiscal 2026 earnings call on June 30, as planned.

Denton will lead Nike’s global finance organization, partnering with President and Chief Executive Officer Elliott Hill and the Senior Leadership Team to support disciplined execution, capital allocation, and long-term value creation.

“Dave is a proven public-company CFO who knows how to help great consumer brands operate with discipline and invest to win,” said Elliott Hill, President and Chief Executive Officer, NIKE, Inc. “We’re focused on doing what Nike does best: serving athletes, leading with sport and building the most innovative products in the world. Dave’s experience, judgment, and operating rigor will help us execute against these priorities with consistency and build on the progress underway.”

Denton joins Nike from Pfizer, Inc., where he has served as Chief Financial Officer and Executive Vice President since May 2022. He brings more than 30 years of finance and operating leadership experience across complex global public companies. Prior to Pfizer, Denton served as Chief Financial Officer and Executive Vice President of Lowe’s Companies, Inc. from 2018 to 2022, where he oversaw finance, strategy, and other enterprise functions while helping advance the company’s transformation and growth priorities. Earlier in his career, he spent two decades at CVS Health Corporation, including as Executive Vice President and Chief Financial Officer, where he helped guide the company’s evolution into a diversified health solutions organization. Denton also brings public company governance experience having previously served on the Boards of Directors of Haleon (2023–2024) and Tapestry (2014–2023) and is expected to serve on the Board of Honeywell Aerospace following its planned spin-off from Honeywell.

“Nike is one of the world’s great brands, with extraordinary strengths in sport, innovation, and global scale,” said Denton. “I’m excited to partner with Elliott and the leadership team to support the company’s priorities, invest with discipline, and help deliver sustainable long-term value as Nike continues to lead with sport and serve athletes around the world.”

"This is a natural moment for a leadership transition as we move from foundational actions to sustained growth through our Sport Offense operating model,” added Hill. “I’d like to thank Matt for his many contributions to Nike over the years. He has dedicated a significant part of his career to this company and has been a valued colleague and partner to many across Nike. We are grateful for his service, appreciate his commitment to ensuring a seamless transition, and wish him all the best in his next chapter.”

NIKE, Inc. Provides Update on Expected Fourth Quarter Fiscal 2026 Results

As previously announced, NIKE, Inc. will report fourth quarter and fiscal year 2026 results on Tuesday, June 30th at 2:00 p.m. PT. These results will include a benefit from tariff refunds that was not contemplated in the company’s previously provided guidance. Excluding this one-time benefit, fourth quarter results are expected to be generally in line with previously provided guidance.

About NIKE, Inc.

NIKE, Inc., headquartered in Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at https://investors.nike.com/. Individuals can also visit https://about.nike.com/ and follow NIKE on LinkedIn, Instagram and YouTube.

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The AT&T is displayed on the facade of one of its branches in Mexico City, Mexico September 10, 2025. REUTERS/Henry Romero Purchase Licensing Rights, opens new tab

WASHINGTON, June 18 (Reuters) - A California agency said on Thursday it has asked a U.S. court and the ​Federal Communications Commission to reject AT&T's (T.N), opens new tab request to stop offering traditional copper wire ‌phone service to new customers.

The California Public Utilities Commission said AT&T was trying to get out of its obligations as a carrier of last resort and to ensure basic service.

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The state agency said ​in a court filing its rules "are explicitly technology-neutral; it does not matter ​whether the carrier uses copper wire, wireless, Voice over Internet Protocol, or ⁠any other type of technology, so long as it meets the standard for 'basic ​service.'"

California requires the U.S. wireless carrier to spend $1 billion annually to maintain a century-old ​telephone network that few use, AT&T said, adding the network now serves just 3% of households in AT&T’s California territory.

"Although AT&T asserts that every customer affected by its

proposed discontinuances will have access ​to replacement services, it does not adequately demonstrate that to be true," the CPUC ​said.

AT&T declined to comment on the CPUC filings.

AT&T asked the FCC for permission to ‌discontinue ⁠traditional phone service in parts of California where it has faster, more reliable service available. It also filed a petition with the FCC to declare that federal standards preempt California’s rules that effectively require AT&T to power, repair and sell traditional phone service, ​even after the ​FCC has authorized the ⁠service to be phased out.

California said AT&T wants to discontinue residential and business telephone service provided over legacy copper-based telephone ​network landlines across portions of the 360 wire centers in ​California effective ⁠in June 2027. AT&T says the 360 wire centers affect approximately 184,000 residential customers and 15,000 business customers.

The state said it is currently considering updates to California’s Carrier of ⁠Last ​Resort rules but added the goal of modernized networks ​cannot "override our obligation to protect California’s most vulnerable citizens, many of whom still rely on the functionality ​that AT&T’s wireline network provides."

Reporting by David Shepardson, Editing by Franklin Paul and David Gregorio

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Netflix (NFLX 0.30%) stock is down 17% year to date and slipped again on June 16 after reports linked the company to a failed bid for Roku. It's now official that Fox has reached an agreement to acquire the popular streaming platform in a $22 billion deal, which means if the reports about Roku are accurate, Netflix has now missed on two deals this year. Earlier this year, Netflix walked away from Warner Bros. after Paramount Skydance swooped in with a better offer.

Wall Street believes failure to win these deals indicates a weakening growth story, but is that the right interpretation?

Image source: The Motley Fool.

Disciplined capital allocation Management has emphasized that acquiring quality assets would be a luxury, not a necessity, for its growth. It has over 325 million paying members, helping it generate $13 billion in profit on $47 billion of trailing revenue.

Wall Street might think Netflix is running out of opportunities, necessitating acquisitions to drive further growth. This may explain the stock's recent dip. But that doesn't align with the current momentum in the business and where it is investing.

Netflix is set to spend $20 billion this year on content production. The decision to not engage in a bidding war for these deals reflects discipline. Management understands the value of its content spending and the returns it will yield over time. It clearly concluded that the price required to win a bidding war would yield a lower return than investing in its own content. That's the kind of disciplined capital allocation that Warren Buffett loves.

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Why Netflix is still a solid investment Netflix still has a small share of total TV viewing time. It estimates that it has captured only 45% of its addressable market among broadband households. That indicates the potential for as many as 800 million subscribers.

The business looks healthy. Revenue grew 16% year over year in the first quarter. These are solid numbers for a competitive market. Google's YouTube has consistently ranked higher than Netflix in TV viewing share.

Netflix is expanding its content library to include live events and video podcasts, which continue to show solid traction with its members. These are opportunities to gain a larger share of people's viewing time and capture more of their addressable market.

The stock is trading at just 21 times 2026 earnings estimates. This seems too conservative for a strong brand generating over a 30% operating margin and still growing revenue at double-digit rates. Investors have the chance to buy shares in a disciplined company at an attractive price with room to grow.

John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Netflix, Roku, and Warner Bros. Discovery. The Motley Fool has a disclosure policy.

Netflix’s New StrategyIn recent years, Netflix has placed greater emphasis on live sports content. The theory is that live viewership can help boost advertising for Netflix’s ad-free and ad-supported plans when it comes during sporting events with sports fans used to ads.

The company currently has rights to WWE, MLB and NFL content and it may add more sports content. Instead of bidding on large and costly full-season rights, Netflix has been selective. For the NFL, this includes airing a total of five games for the 2026 season and being the home of the NFL Honors award show the week of the Super Bowl in February 2027. This is up from two Christmas Day games during the 2025 season.

Netflix will stream the following games live:

Netflix now has a four-year partnership through the 2029-2030 season with the NFL that will help provide content multiple months of the year. Last year, the platform set a record, averaging 27.5 million U.S. viewers on Christmas for the Detroit Lions vs. Minnesota Vikings game.

Netflix also has rights to the Home Run Derby, a key event of the MLB All-Star Game break, along with several other one-off MLB events.

Netflix Boxing: Knockout Or Bust?Outside of NFL and MLB, Netflix also has the upcoming Floyd Mayweather and Manny Pacquiao rematch on Sept. 19, but that fight remains in limbo. Boxing promoters CSI Entertainment have filed a lawsuit against Mayweather and is seeking to block Netflix from airing the bout.

The loss of that fight could sting Netflix, which has seen success with boxing and MMA events. A recent May MMA event with MVP Promotions drew an average of 12.4 million viewers and a peak of 17 million viewers, setting new MMA records.

Are Live Sports Enough?Live sports is not the only content that Netflix has to offer subscribers, with the streamer also pumping out original series and movies every month alongside other acquired media.

The problem is that some of the company’s biggest series and movies are in the rearview mirror now.

The company’s two biggest hits, "Squid Game" and "Stranger Things," are now complete, having helped boost overall financials in recent years and delivered strong subscriber figures and low churn.

Without those hits, fans are left with "Bridgerton" and "One Piece," both of which don’t have new content until 2027.

The top 10 movies list includes one film from 2026 ranking ninth all-time, and two films from 2025. The other seven films are two years old or older.

Netflix announced it reached the 250 million monthly active user milestone for its ad-supported plan earlier this year. The company no longer breaks out subscriber figures, which could have investors and analysts zeroed in on other key metrics.

The company reports financial results on July 16, which comes after missing earnings per share estimates from analysts in two of the last three quarters.

A company that was heavily against acquisitions for years now considering buying other media and streaming companies could suggest that its best years of growth are behind.

Netflix Stock Price ActionAt last check, Netflix stock traded at around $72.83 on Tuesday after hitting a new 20-month low of $71.81 on Monday. The stock is down 19.9% year-to-date in 2026 and down 41.9% over the last 52 weeks.

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Key Takeaways Mastercard is positioning for agentic commerce, where AI agents shop and pay for consumers.Agent Pay and Verifiable Intent aim to secure AI-driven purchases and consumer authorization.Tokenization and cybersecurity offerings can address trust challenges in autonomous transactions. Mastercard Incorporated (MA - Free Report) is positioning itself for the rise of agentic commerce — a new form of digital shopping in which AI-powered agents can search, compare and purchase products on behalf of consumers. As AI becomes increasingly integrated into everyday commerce, the payments industry is entering a new phase where transactions may be initiated by software agents rather than people directly. This shift could create a significant new source of digital payment activity.

To support this evolution, Mastercard has introduced Agent Pay, a framework designed to enable secure AI-driven transactions. It has also expanded its collaborations with leading AI firms, including OpenAI, while launching Verifiable Intent, a solution that helps verify and record consumer authorization when an AI agent makes a purchase. Moving beyond pilots, recently, MA and PhotonPay completed a live agentic payment transaction in Hong Kong, demonstrating how an AI agent can autonomously select and execute a purchase using tokenized payment credentials.

Agentic commerce requires trusted identity verification, credential protection, fraud monitoring and dispute management — areas where Mastercard already has strong capabilities. Its tokenization technology and cybersecurity offerings can help address the trust and security challenges associated with autonomous transactions. These strengths complement its Value-Added Services and Solutions business, which posted 18% year-over-year revenue growth on a currency-neutral basis in the first quarter of 2026.

Although still in its early stages, MA is building the infrastructure needed for an AI-driven economy. As AI-powered assistants become more widely used, Mastercard could benefit from higher transaction volumes, broader service adoption and new monetization opportunities across its payments and technology ecosystem.

How Are Competitors Faring?Some of MA’s competitors in the fintech space include Visa Inc. (V - Free Report) and Affirm Holdings, Inc. (AFRM - Free Report) .

Visa is aggressively expanding its AI-driven commerce ecosystem through initiatives like Visa Intelligent Commerce and the Agentic Ready program. V is testing agent-initiated payments, strengthening tokenization and fraud controls, and building infrastructure that allows AI agents to securely shop and transact across global merchant networks.

Affirm is strengthening its position in AI-powered commerce through an expanded partnership with Google. By integrating its BNPL services into Google Search, AI Mode and the Gemini app through Google Pay, AFRM is aiming to make instalment financing more accessible within AI-assisted shopping and checkout experiences.

Mastercard’s Price Performance, Valuation & EstimatesOver the past year, MA’s shares have dropped 6.9% compared with the industry’s fall of 19.2%.

Image Source: Zacks Investment Research

From a valuation standpoint, MA trades at a forward price-to-earnings ratio of 23.87, above the industry average of 17.28. MA carries a Value Score of C.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Mastercard’s 2026 earnings implies 15.2% growth from the year-ago period.

Image Source: Zacks Investment Research

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

Key Takeaways Visa launched an AI-driven cashback program in the UAE with Mashreq and Rezolve AI.V is using rewards, data and AI to boost card usage and deepen issuer and merchant engagement.Data processing revenues rose 17% in Q1 2026, supporting Visa's value-added services strategy. Visa Inc. (V - Free Report) is partnering with Mashreq and Rezolve AI to launch "Everyday Cashback" in the UAE. Powered by Rezolve's Reward platform, the digital-first Card Linked Offers (“CLO”) program delivers personalized, AI-driven rewards to credit and debit cardholders. The offering gives consumers tailored cashback incentives while helping merchants reach shoppers through targeted promotions.

While the launch is unlikely to materially affect Visa's near-term financial results, it highlights the company's broader strategy to strengthen its payments ecosystem. Beyond processing transactions, Visa is increasingly embedding value-added services into everyday payments. Programs like CLO can boost card usage, deepen customer engagement and create additional value for banks and merchants.

The initiative aligns with trends seen in Visa's first-quarter fiscal 2026 results, which showed continued growth in value-added services, commercial solutions and cross-border volumes. Expanding engagement-driven offerings in fast-growing digital payment markets like the UAE can help Visa reinforce issuer relationships and keep more payment activity on its network.

The rollout is less about immediate revenues and more about strategic execution. It demonstrates how Visa is leveraging data, AI and rewards programs to drive transaction activity and deepen ecosystem participation. The approach could also help offset rising client incentives by supporting higher-margin revenue streams. Data processing revenues rose 17% year over year in the first quarter of 2026. While the Mashreq partnership alone will not move the needle, consistent execution of similar initiatives can strengthen Visa's competitive position and support long-term earnings growth.

How Are Competitors Faring?Industry peers like Mastercard Incorporated (MA - Free Report) and PayPal Holdings, Inc. (PYPL - Free Report)  are deploying their own AI-driven networks to capture value beyond basic payment processing.

Mastercard is aiming squarely at the machine-to-machine economy. MA recently expanded its AI capabilities via Agent Pay for Machines, a specialized infrastructure enabling AI agents and connected devices to securely authorize, orchestrate, and settle transactions autonomously.

PayPal is advancing its Agentic Commerce initiative, enabling AI agents to discover products and complete purchases on behalf of consumers. Through these efforts, PYPL is embedding its payment services into next-generation shopping experiences.

Visa’s Price Performance, Valuation & EstimatesOver the past year, shares of Visa have lost 7.2% compared with the industry’s 23.8% decline.

Image Source: Zacks Investment Research

From a valuation standpoint, V trades at a forward price-to-earnings ratio of 22.77, above the industry average of 16.89. V carries a Value Score of D.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Visa’s fiscal 2026 earnings implies a 14.1% jump from the year-ago period’s level.

Image Source: Zacks Investment Research

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

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Acquisition brings Vibe.co’s self-serve, connected TV advertising platform into Walmart Connect’s commerce media platform, making TV advertising more accessible and measurable for small and mid-sized businesses (SMB) and mid-market advertisers.

BENTONVILLE, Ark. & NEW YORK--(BUSINESS WIRE)--Walmart and Vibe.co today announced they have entered into an agreement under which Walmart will acquire Vibe.co, a self-serve, connected TV (CTV) advertising platform designed to simplify advertising for small and mid-sized businesses (SMB) and mid-market brands. The transaction is subject to customary closing conditions, including the expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Terms of the transaction were not disclosed.

The acquisition advances Walmart’s strategy to build more accessible, full-funnel advertising solutions through Walmart Connect, its commerce media business. By combining Vibe.co’s self-serve CTV platform with Walmart’s commerce audiences, closed-loop measurement and growing media ecosystem, including VIZIO, Walmart Connect aims to help more advertisers launch CTV campaigns and better measure their business impact.

“Walmart Connect is focused on making commerce media more accessible, more measurable and easier to activate for advertisers of all sizes,” said Ryan Mayward, GM and Senior Vice President, Walmart Connect U.S. “Vibe.co has created a purpose-built platform that simplifies streaming TV advertising, and together, we can help more businesses connect with customers across streaming environments while measuring the impact of those campaigns through Walmart’s commerce capabilities.”

Vibe.co’s platform offers self-serve campaign activation, direct supply partner integrations, proprietary advertising technology and performance-driven optimization that helps advertisers access premium connected TV inventory more efficiently. The combination is expected to support broader adoption of the CTV ad media among advertisers across Walmart Connect, and the broader connected TV ecosystem, particularly among SMB and mid-market advertisers, including Walmart’s third-party marketplace sellers. The platform can deliver easier campaign activation, greater transparency and stronger measurement between media investment and commerce outcomes.

“Vibe.co was built as the self-serve platform for performance and ecommerce marketers to run streaming TV the way they run paid social: measurable, fast to launch, and optimized for better outcomes,” said Arthur Querou, Co-Founder and CEO, Vibe.co. “Joining Walmart gives us the opportunity to accelerate that mission and bring performance TV advertising to one of the most powerful commerce media ecosystems in the market.”

Advertisers continue to navigate a fragmented media landscape where CTV can deliver reach and impact but often remains complex and costly to buy. Walmart Connect and Vibe.co aim to reduce friction across planning, targeting, ad content creation, activation, measurement and optimization, making CTV more accessible to advertisers without large media teams or specialized resources.

This transaction builds on Walmart Connect’s existing solutions and continued investments to make commerce media easier to access and manage, including recent partnerships with Magnite, Yahoo DSP, and Google DV360. Combined with Walmart’s acquisition of VIZIO, Vibe.co strengthens Walmart Connect’s ability to deliver simplified activation, enhanced targeting and measurable outcomes across its growing CTV ecosystem.

Walmart Connect and Vibe.co remain committed to operating within an open and collaborative advertising ecosystem, working with broadcasters, publishers, supply-side platforms (SSPs), measurement providers and technology partners across the industry. Existing partner relationships remain an important part of Walmart Connect’s advertising strategy. The acquisition is intended to expand advertiser choice and accessibility, not limit how advertisers or partners engage with Walmart Connect’s media ecosystem.

Following the close of the transaction, Vibe.co CEO and Co-Founder Arthur Querou, CTO and Co-Founder Franck Tetzlaff, and the broader Vibe.co team are expected to join Walmart Connect to help maintain business momentum, support a seamless integration and continue serving Vibe’s advertisers, publishers and technology partners. Their expertise in connected TV, self-serve activation and performance advertising will serve as valuable additions to the Walmart team.

The parties expect the transaction to close by the end of fiscal year 2027. Walmart does not expect the transaction to have any impact to FY27 sales and operating income growth guidance, as previously provided.

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.

About Vibe.co

Vibe.co is a self-serve, connected TV advertising platform designed to make streaming TV advertising more accessible, efficient and performance-driven for ecommerce brands, growth-stage businesses and SMBs. With more than 10,000 advertisers, advanced targeting, AI optimization and measurement capabilities, Vibe.co makes streaming TV advertising as accessible and accountable as digital.

More News From Walmart Inc.

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Key Takeaways Walmart launched a nationwide effort to help Medicare users understand prescription drug coverage.The program offers pharmacist consultations, digital tools and links to healthcare resources. Walmart's pharmacy scale and health focus could drive engagement and loyalty over time. Walmart Inc. (WMT - Free Report) and Sam’s Club have launched a nationwide initiative to help Medicare beneficiaries better understand prescription drug coverage options for weight management and other chronic conditions. While the program is primarily educational, it could strengthen Walmart’s healthcare presence by increasing pharmacy engagement and deepening customer loyalty while potentially supporting prescription volumes over time.

The initiative will provide educational materials, pharmacist consultations, digital navigation tools and assistance connecting customers with healthcare resources. With nearly 5,000 pharmacy locations, including stores in rural and underserved communities, Walmart is well-positioned to help seniors navigate evolving Medicare coverage requirements.

The move aligns with Walmart’s broader focus on weight management and chronic care. The company has been expanding support for customers using or exploring GLP-1 therapies through its Better Care Services platform, complemented by nutrition resources, wellness products and pharmacy services.

Walmart’s first-quarter fiscal 2027 earnings call highlighted the growing importance of its health and wellness business. The company reported continued prescription volume growth, pharmacy market share gains, investments in digital healthcare capabilities and faster pharmacy delivery options, underscoring its efforts to improve healthcare accessibility and convenience.

While the initiative is not expected to have a significant impact on earnings in the near term, it could benefit Walmart over time by bringing more customers to its pharmacies, creating opportunities for additional health and wellness purchases and strengthening its reputation as a trusted healthcare destination. Overall, the move fits Walmart’s strategy of leveraging its physical scale, digital tools and pharmacy network to build stronger customer relationships beyond traditional retail.

WMT Stock Price Performance, Valuation & EstimatesWalmart currently carries a Zacks Rank #3 (Hold). Shares of the company have risen 19.6% over the past year compared with the industry’s growth of 16.7%.

WMT Price Performance Versus Industry
Image Source: Zacks Investment Research

From a valuation standpoint, WMT trades at a forward price-to-earnings ratio of 38.6, higher than the industry’s average of 35.02.

WMT Valuation Compared to Industry
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for WMT’s current and next fiscal-year earnings per share implies year-over-year growth of 9.5% and 13.3%, respectively.

Stocks to ConsiderRoss Stores, Inc. (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.

Dollar Tree, Inc. (DLTR - Free Report) , a leading discount retailer, currently carries a Zacks Rank #2 (Buy). DLTR delivered a trailing four-quarter earnings surprise of 32.1%, on average.

The Zacks Consensus Estimate for Dollar Tree’s current fiscal-year sales and earnings implies growth of 6.5% and 21.4%, respectively, from the year-ago figures.

The TJX Companies, Inc. (TJX - Free Report) , a major off-price apparel and home fashions retailer, currently carries a Zacks Rank #2.

The Zacks Consensus Estimate for The TJX Companies’ current fiscal-year sales calls for growth of 5.9%, and estimates for earnings suggest a 9.3% increase from the year-ago figure. TJX delivered a trailing four-quarter earnings surprise of 8.8%, on average.

Anthropic logo, a keyboard and a robotic hand in this illustration created on June 5, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

June 18 (Reuters) - JPMorgan Chase (JPM.N), opens new tab has stopped its staff in Hong Kong from accessing Anthropic's AI models, in a sign ​of intense scrutiny on the technology's use outside the U.S., the ‌Financial Times reported on Thursday, citing three people familiar with the matter.

The wording of Anthropic's usage terms in its licensing agreement with JPMorgan prompted the bank ​to remove Claude models from an internal drop-down list ​of approved large language models available to employees ⁠in the Asian financial hub, the report said.

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The move follows ​a similar decision by Goldman Sachs (GS.N), opens new tab, which in April removed Claude from ​a list of approved tools available to its Hong Kong-based bankers.

JPMorgan and Anthropic did not respond to Reuters' requests for comment outside business hours. ​Reuters could not immediately verify the report.

The restrictions by ​the two Wall Street banks come amid rising U.S.-China tensions over AI technology, ‌data ⁠security and access to advanced computing tools.

While AI models built by U.S. firms are not available in mainland China, Hong Kong has largely remained a market where some models operate, ​with usage limits ​set by U.S. ⁠companies.

Earlier this week, U.S. Commerce Secretary Howard Lutnick, in a letter to Anthropic CEO Dario Amodei, ​ordered the company to suspend exports of its ​Mythos ⁠and Fable AI models to destinations worldwide and all foreign nationals, citing concerns they could be used by military intelligence users in ⁠China, ​Russia and other countries of concern.

U.S. ​President Donald Trump said on Wednesday that negotiations with Anthropic are "going fine."

Reporting by ​Devika Nair in Bengaluru; Editing by Sonia Cheema and Harikrishnan Nair

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JPMorgan Chase (NYSE:JPM | JPM Price Prediction) reported Q1 2026 net income of $16.5 billion, with EPS of $5.94, up 17% from a year earlier. Revenue hit $49.836 billion. Markets revenue set a record at $11.6 billion, up 20% year over year. Investment banking fees jumped 28%, with advisory fees up 82%. The stock has climbed 26% over the past year.

The Cockroach Quote CEO Jamie Dimon delivered the defining line: “When there’s a credit cycle, losses will be worse than people expect. I shouldn’t say this, but when you see one cockroach, there’s probably more.”

He elaborated on the mechanics. “A credit cycle will occur eventually, and I believe when it does, the losses will be worse than anticipated,” Dimon said, while declining to call a recession. “However, I don’t see it as systemic given the scale relative to other things.”

The historical pattern worries him. “Typically, there’s always an industry that surprises observers. For instance, in 2000, utilities and telecoms caught people off guard, while in 2008, it was media firms and newspapers. This time, there’s speculation surrounding software, but we’ll have to wait and see,” Dimon told analysts.

What He’s Watching Dimon flagged stagflation and refinancing risk as pressure points. “If stagflation occurs, along with prolonged higher interest rates and widening credit spreads, it will create significant stress for companies with leverage as they refinance,” he said. He sized the leveraged finance ecosystem at roughly $1.7 trillion in private credit, $1.7 trillion in high-yield bonds, and $1.7 trillion in bank syndicated leveraged loans.

JPMorgan is leaning into discipline rather than growth. “If our loan book were to decrease by 10% next year, we would be perfectly fine with that if it meant avoiding irresponsible loans,” Dimon said. The bank is sitting on $291 billion in CET1 capital, $572 billion in total loss-absorbing capacity, and $1.5 trillion in cash and marketable securities.

The Tension The consumer still looks fine on the surface. CFO Jeremy Barnum said “consumers and small businesses remain resilient with consumer spending growth continuing above last year’s pace.” Card net charge-offs ran at 3%, and the provision for credit losses fell to $2.51 billion, down 24% year over year.

Yet nonperforming exposure climbed 11% YoY to $11.0 billion, and nonaccrual loans in Asset & Wealth Management rose 53%. Bank of America (NYSE:BAC) CEO Brian Moynihan called it “a resilient American economy” with stable asset quality.

Dimon’s framing was unambiguous. “If a credit cycle occurs, it may be more severe than anticipated given the circumstances,” he said. “Asset prices will decline, and credit spreads will narrow.” Record quarter, record warning. Investors decide which signal to weigh more.

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Disney (NYSE:DIS | DIS Price Prediction) has spent 2026 grinding sideways while the underlying business quietly accelerates. Shares are down 10.98% year to date, yet streaming margins just crossed double digits and FY26 EPS growth is guided at roughly 16%. That disconnect is the entire setup for our call.

Our 24/7 Wall St. price target for Disney is $110.07, implying 8.68% upside from $101.28. We rate Disney a buy with high confidence.

24/7 Wall St. Price Target Summary Metric Value Current Price $101.28 24/7 Wall St. Price Target $110.07 Upside 8.68% Recommendation BUY Confidence Level 90% A Streaming Inflection Hiding Behind a Sideways Tape Disney is down 14.3% over the past year and up 1.96% over the past week, with a 14-day RSI of 49.03 that reads as neutral. The stock sits between a 52-week low of $92.19 and a high of $123.85.

The May 6 earnings report told a much better story than the tape. Q2 FY26 adjusted EPS came in at $1.57 versus $1.4955 expected, on revenue of $25.168 billion, up 6.55% year over year. Operating income jumped 31.29%, Entertainment SVOD operating income surged 88% to $582M, and the Experiences segment posted record Q2 revenue of $9.487 billion. Management raised the buyback target to at least $8 billion.

The Case for $120+ The bull thesis hinges on streaming. Entertainment SVOD just hit a 10.6% operating margin, with 196M combined Disney+ and Hulu subscribers. Add the ESPN DTC launch, the NFL Network acquisition, and double-digit FY27 EPS growth guidance, and the operating leverage story is real.

Experiences keep printing records, helped by recreation spending of $864.2 billion in April 2026, a fresh high. The $129.67 analyst target, backed by 27 Buy ratings versus 1 Sell, is the bull scenario. Hit FY27 EPS estimates with a 19x multiple and Disney trades north of $120.

What Could Go Wrong Q1 FY26 free cash flow swung to negative $2.278 billion on California wildfire tax payments, and Q3 Sports operating income is guided down roughly 14% on higher programming costs. The NFL deal is $0.03 dilutive to FY26 EPS, and Polymarket traders give Disney+ only a 28% chance of reaching 150M users by September.

Bulls would counter that the Q1 cash flow hole reflected tax timing rather than operational weakness, and that Q2’s $4.941 billion in free cash flow shows the underlying engine is intact. A bear scenario clipping the multiple to 14x forward earnings drags the stock toward $88.

Disney Price Prediction 2026-2030 The 24/7 Wall St. price target of $110.07 is a buy with 90% confidence. The tipping factor is the SVOD margin breakout combined with a forward P/E of just 14x on a name guided to 12% to 16% EPS growth. The setup favors investors who believe streaming margins keep expanding into FY27. Investors who think Sports rights inflation eats the entire DTC win may want to wait for further evidence.

Year 24/7 Wall St. Price Target 2026 $110 2027 $122 2028 $135 2029 $148 2030 $162 These projections assume Disney executes on the double-digit EPS growth path guided for FY26 and FY27. Material upside or downside hinges on streaming margin trajectory, NFL economics, and the pace of Experiences expansion in Asia and the Middle East.

Walt Disney DIS shares are slightly down following a recent surge, despite impressive weekend box-office results for Toy Story 5, which earned $312 million globally. This debut marks the largest movie opening of 2026 and the best launch in the franchise's history, bolstering the case for DIS's intellectual property (IP) strategy. However, the absence of a new operating update has led to a period of consolidation for the stock.

Franchise Engine: Toy Story 5's success extends beyond box-office numbers. DIS can leverage its franchises across various platforms including theatrical releases, Disney+, consumer products, theme parks, and digital experiences, highlighting the unique earnings potential of its character portfolio. Muted Stock Reaction: Following DIS's recent stock performance, investors may have already factored in expectations for a stronger content lineup. They are now looking for concrete evidence that franchise momentum will enhance streaming engagement, boost consumer product sales, and accelerate overall earnings. Streaming Quality: In Q2, reported on May 6, DIS saw a 13% increase in Entertainment SVOD revenue, with operating income soaring 88% to $582 million. The SVOD margin reached 10.6%, indicating that streaming is becoming more profitable. Additionally, SVOD advertising revenue grew by 12%, providing another monetization avenue. Experiences Resilience: Disney Experiences revenue rose 7% in Q2, with segment operating income increasing by 5%, both achieving record highs for the fiscal quarter. However, domestic attendance dipped by 1%, and pre-opening costs impacted profit margins. Investors are also monitoring potential pressures from Universal’s Epic Universe in Orlando. Parks Outlook: Management indicated that international visitor challenges and Epic Universe-related issues are expected to lessen. Meanwhile, Disney World bookings remain robust, and domestic attendance is anticipated to improve in Q3 compared to Q2. Sports and Capital Return: Last quarter, DIS raised its FY26 adjusted EPS growth forecast to around 16%, including an additional week, and reaffirmed double-digit growth for FY27. However, Q3 sports operating income may decline by about 14% year-over-year due to programming costs and timing. At least $8 billion in buybacks for FY26 is also planned to support shareholder returns.The recent success of Toy Story 5 serves as a testament to DIS's franchise strategy. The company's narrative is not solely based on theatrical performance but also on its capability to transform major IP into streaming engagement, merchandise sales, and long-term consumer connections. The stock's subdued movement is understandable given its recent performance, as the box-office news alone does not alter the short-term outlook. Future indicators will focus on DIS's ability to maintain double-digit streaming revenue growth with sustainable margins, stabilize domestic park attendance amid Epic Universe competition, and keep ESPN profitable in the face of rising sports rights costs. If these elements align, DIS could see a more resilient earnings recovery beyond just hit-driven content rebounds.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Target has promised investors that it's pursuing an aggressive turnaround with a new CEO at the helm, but its longtime former top executive Brian Cornell still leads the retailer's board of directors — and some major investors are signaling they're hungry for change.

Shareholder backing for Target's former CEO and current Executive Chairman Cornell fell to its lowest level ever during the company's annual general meeting this month.

While Cornell, 67, was comfortably reelected to his position on Target's board of directors, he saw the steepest drop in support since he joined the retailer's board more than a decade ago, when he was hired as its CEO. 

In all, 87.2% of shareholders voted to reelect him to the board — a 4% decline from the year-ago period and a material drop from his historical average of 95% support. It's also well below the average level of support directors have received across the S&P 500 this year, which Harvard Law puts at 96.6%. 

"Getting over 95% is normal. Getting under 95% is poor, and getting under 90 is very poor. It means people are going out of their way to say they don't want you there anymore," said Kevin Kaiser, an adjunct full professor of finance at The Wharton School of the University of Pennsylvania who teaches a course on shareholder activism. 

Given how many investors automatically approve what major proxy firms or boards suggest they vote for, "anything below 90 is considered a very bad result" and is rare to see, Kaiser said. 

Cornell's drop in support comes after he stepped down from his CEO role and transitioned to be Target's executive chairman in February as the company contended with dwindling profits, a falling share price and three straight years of annual sales declines.

Neil Saunders, retail analyst and GlobalData managing director, said some analysts and investors viewed Cornell's appointment to executive chair as a "reward for failure" and wanted a clean break from the management team that oversaw so many of Target's issues. 

"If you don't do a good job as CEO, then arguably you should be cleared out of the boardroom and I think that's how most people view it," Saunders said. "I don't think that that is unreasonable. To get rewarded for delivering a decline in the share price and causing problems for the company, it just doesn't sit well with a lot of people." 

A Target spokesperson declined to comment and instead referred CNBC to its 2026 proxy statement and a press release it issued announcing the voting results of its annual general meeting. In its proxy statement, the company said keeping the roles of board chair and CEO separate "is appropriate given the company's immediate strategic and operational priorities" as the positions have "distinct roles and responsibilities."

"The separated structure allows [CEO Michael Fiddelke] to focus on the business, including implementation of key initiatives, during the initial phase of his CEO tenure, while Mr. Cornell's service as Executive Chair allows the Board to continue to leverage his in-depth knowledge of our business and industry during this transitional phase," the statement reads.

Critiquing CornellSince joining Target as the retailer's CEO in 2014, Cornell grew sales by more than 44% and helped transform it into a $100 billion-plus juggernaut as he oversaw the expansion of its digital presence, grew stores and steered the company through the Covid-19 pandemic.

But over the past few years, he's faced rising criticism as the company has underperformed expectations and lost share to competitors like Costco, Walmart and Amazon. Target has been criticized for mismanaging inventory, under-investing in stores and falling behind on the trendy, eye-catching merchandise the retailer built its name on. 

Target has also been the subject of backlash over its actions on a number of social justice issues, and the brunt of that has fallen on Cornell. The retailer reduced certain LGBTQ-themed pride merchandise in stores several summers ago and rolled back diversity, equity and inclusion programs, which led to nationwide boycotts and preceded weeks of foot traffic declines. 

Combined, these issues have contributed to a precipitous drop in Target's share price, which is up about 33% year to date but still down by roughly 50% since its all-time high in 2021.

When the company announced that Cornell would be stepping down as CEO in February, Wall Street had favored an outside candidate to succeed him, according to a June 2025 survey of 51 investors by Mizuho Securities, an equity research firm.

When it said two insiders would continue to lead the company — Cornell as executive chair and company veteran Fiddelke as CEO— the same day that it forecast another annual sales decline, investors were disappointed, leading shares to fall. However, since then, it appears as if analysts and investors are warming up to Fiddelke, who received 99% of the vote during the company's meeting.

"It feels like they're doing a lot of things better in terms of merchandising," Michael Baker, a senior research analyst at investment bank D.A. Davidson, said in an interview. "To me that would be a sign of continued progress under Michael Fiddelke." 

During the company's fiscal first quarter, which ended May 2, Target saw comparable sales grow 5.6% — its first positive same-store sales number in five quarters, with strength across all six of its core merchandising categories. While Target said its turnaround efforts are showing signs of early progress, finance chief James Lee acknowledged higher tax refunds helped to fuel spending, a benefit he expects to fade over the rest of the year.

Losing shareholder supportThe exact investors who voted against Cornell, and their reasons, aren't clear since complete voting records haven't been released yet, but two of the nation's largest public pension fund managers turned against him. 

The Florida State Board of Administration, which manages the Florida Retirement System Pension Plan, the sixth-largest pension plan in the nation with about $277 billion in assets under management, voted against Cornell after supporting him for the past nine years, proxy records show. 

The fund manager didn't return CNBC's request for comment, but proxy records show it voted against Cornell because of "poor long-term company performance." 

New York's comptroller, which manages the $295 billion New York State Common Retirement Fund, supported Cornell from 2017 through 2024 but voted against him at the last two meetings, state records show. 

In a statement to CNBC, State Comptroller Thomas DiNapoli said "Cornell and others should not be rewarded for poor performance."

"Investors are not supporting Target's leadership because it mismanaged the company's workforce, hurt the brand, and damaged shareholder value," DiNapoli said. "It's why New York state's pension fund and other shareholders voted against board directors and Target's executive pay plan." 

While influential, the pension funds are not among Target's top 50 shareholders. It's not clear how Target's largest investors voted at the meeting.

A number of left-leaning activists — including SOC Investment Group, Trillium Asset Management and Mercy Investment Services — called on investors to vote against Cornell. The activists have also urged investors to vote against Lead Independent Director Christine Leahy, who received 88.5% of the vote during the most recent meeting, an 8% decline in support from last year. 

"Let's suppose somebody is being criticized and it's damaging our reputation with our customers and our employees, and as a solution to that, we promote this person to the executive chair role at the board level," said Wharton's Kaiser. "It just doesn't smell right, and the person who would have had the primary role in stopping that from happening would have been the lead independent board member." 

In its proxy statement, Target called Leahy a strong director "supported by a governance structure designed to further promote independence" as it recommended shareholders vote in her favor.

It's unclear whether or not the investor pressure will have an impact on Target's board, but Kaiser said change at that level typically happens when directors see such dramatic drops in support during annual meetings. 

"It means there's a lot of pressure now on the board and on the individuals on the board and they clearly are losing the support of the shareholders," Kaiser said. "If they don't do something, the next [annual general meeting] won't go well for them." 

  Vancouver, BC – June 23, 2026 – TheNewswire - Stellar AfricaGold Inc. (“Stellar” or the “Company”) (TSXV: SPX, TGAT: 6YP and FSX: 6YP) is pleased to announce a 10,000 meter auger drill program at the Stellar-MetalsGrove Joint Venture Zuénoula Gold Project, Cote d’Ivoire.

Highlights

•        Joint venture operator MetalsGrove Mining Ltd. (“MetalsGrove”) has consolidated the exploration targets at the Zuénoula Permit into four principal prospects - Fifty-Five, Central, South East and South West Prospects following ongoing technical review and field verification of multiple gold anomalies.

A two-rig, two-stage 10,000-meter auger drilling program is planned to test gold anomalous clusters at the Fifty-Five, Central and South East Prospects, with mobilisation and commencement targeted for end June.  

Recent soil geochemistry interpretation has defined a total of 7 Potential Drill Targets within the consolidated4 prospects on the permit. These targets will be progressively refined through ongoing infill soil sampling and auger drilling before drilled by Aircore/Reverse Circulation (AC/RC) or diamond drilling (DD) from late 2026.  

Infill soil sampling programs continue across all four prospects at varying grid spacings,with results continuing to enhance target definition and prioritisation for drill testing.  

About the Stellar-MetalsGrove Joint Venture Zuénoula Gold Project, Cote d’Ivoire.

The Stellar-MetalsGrove Zuénoula Gold Project is a joint venture exploration project between Stellar’s Ivorian subsidiary Aucrest SARL (“Aucrest”) and MetalsGrove Mining Ltd.’s Ivorian subsidiary MetalsGrove CDI Pty Ltd (MetalsGrove) to advance Stellar’s 395.78 square kilometer early-stage exploration permit called Zuénoula in Côte d’Ivoire (see Figure 2 below). Pursuant to the joint venture agreement MetalsGrove, the project operator, may earn up to a 50% interest in the Zuénoula Gold Project by incurring US$3,000,000 in exploration expenditures and up to an 80% interest in the Zuénoula Gold Project by incurring a total of US$6,000,000 in exploration expenditures. (For further details of the Stellar-MetalsGrove Joint Venture Agreement see Stellar news release December 9, 2025.)

Stellar Management Commentary

Stellar President and CEO J. François Lalonde commented:

"Following extensive soil sampling and target refinement, the joint venture exploration team has consolidated the Zuénoula Permit into four principal prospect areas and are preparing to commence a 10,000-meter auger drilling program across the 7 defined potential drill targets. The program is designed to test the bedrock potential beneath surface gold anomalies and represents a critical step towards AC, RC and diamond drilling later this year.

  The definition of seven potential drill targets marks an important milestone in the systematic exploration approach and highlights the growing scale and prospectivity of the Zuénoula Gold Project. Several targets exhibit kilometre-scale strike lengths and remain open to further refinement through ongoing infill soil sampling. With more than 1,700 soil samples currently awaiting assay results, there is significant potential to further expand these targets and discover more targets across the permit.

  We look forward to updating shareholders as auger drilling commences and additional soil sampling assay results continue to strengthen the discovery potential at Zuénoula."

  MULTIPLE NORTHEAST-TRENDING GOLD ANOMALOUS TRENDS IDENTIFIED

Stellar is pleased to announce the planned commencement of a two-rig, two-stage, 10,000 meter auger drilling program at its Zuénoula Permit in Côte d’Ivoire to test the area’s seven potential drill targets defined from multiple gold anomalies identified through the Company’s systematic soil geochemistry programs.

  The joint venture operator has consolidated the exploration targets at the Zuénoula Permit into four principal prospects following ongoing technical review and field verification of multiple gold anomalies identified from completed various surface soil sampling programs to date (Figure 1). The Fifty-Five Prospect now incorporates the original Fifty-Five Prospect and its northeastern extension, while the South East Prospect combines the former Konezra Prospect with the South East Prospect. The Central Prospect and South West Prospect remain unchanged from previous reporting. This refinement provides a clearer framework for exploration targeting and reflects the Company's growing understanding of the distribution and continuity of gold anomalism across the project area.

 
Click Image To View Full Size

Figure 1. Zuénoula Soil Sampling Progress Across the Four Consolidated Exploration Prospects

  A two-rig, two-stage, 10,000 m auger drilling program within the Fifty-Five, Central and South East Prospects has been designed (Figure 2) to test the most significant gold anomalous clusters identified. Stage 1 will comprise approximately 5,000m of drilling on a nominal 400m × 50m drill pattern, followed by Stage 2 infill drilling on a 250m × 25m spacing, subject to the results obtained from the initial phase. Auger drilling is planned to an average depth of approximately five metres to test the mineralisation potential from the upper saprolite horizon. Results from ongoing soil infill programs across all three auger target areas will be incorporated into final drill planning to further refine and optimise drill line locations prior to commencement. The two-rig mobilisation and commencement date is scheduled for end June 2026.

  Interpretation of the current soil geochemistry dataset (Figure 1 & Table 1) has increased the definition of potential drill targets to 7 (Figure 2), each exhibiting kilometre-scale prospective strike length (Figure 3 and 4). These targets will continue to be refined through ongoing infill soil sampling and auger drilling programs, with the objective of defining coherent bedrock-related mineralisation suitable for follow-up AC/RC or DD from late 2026.

  Infill soil sampling continues at varying grid spacings across all four prospects at the Zuénoula Permit. To date, assay results have been received for 1,617 soil samples, while a further 1,755 samples are awaiting laboratory analysis. An additional 306 samples are scheduled for collection.

 
Click Image To View Full Size

Figure 2. Planned Auger Drilling Areas and 7 Potential Drill Targets Defined at Zuénoula Permit

  
Click Image To View Full Size

Figure 3. Planned Auger Drilling Areas and Potential Drill Targets Defined  

at Fifty-five and Central Prospects

  
Click Image To View Full Size

Figure 4. Planned Auger Drilling Area and Potential Drill Targets at South East Prospect

  Next Phases of Work

The Company has planned the following next phases of exploration programs to advance the identification of new potential drill targets and refine existing potential drill targets for drill testing:

Auger drilling: 

Auger drilling across 3 Prospects: 10,000 meters in 2 stages. 

Soil Sampling: 

Fifty-Five Prospect NE: 200m*200m (pending sampling) 

South East Prospect: 200m*200m (pending assay results) 

Fifty-Five Prospect: 2000*50m (pending assay results) 

Central Prospect: 2000*50m (pending assay results) 

Five-Five Prospect East: 200*200m (pending assay results) 

South West Prospect: 400m*400m (pending assay results) 

  Qualified Person

The technical information contained in this release has been reviewed and approved by Mr. Robert Perring, a current member of the Australian Institute of Geoscientists (MAIG) and Exploration Manager of MetalsGrove Mining Limited. Mr. Perring is a Qualified Person under National Instrument 43-101.

About Stellar Africagold Inc.

  Stellar AfricaGold Inc. is a Canadian precious metal exploration company focused on precious metals

in North and West Africa, with active programs in Morocco and Côte d’Ivoire. Stellar’s principal exploration projects are its advancing gold discovery at the Tichka Est Gold Project in Morocco, and its

early-stage exploration Zuénoula Gold Project in Côte d’Ivoire which is operated in Joint Venture with MetalsGrove Mining Ltd subsidiary, MetalsGrove CDI Pty Ltd.

  The Company is listed on the TSX Venture Exchange symbol TSX.V: SPX, the Tradegate Exchange TGAT: 6YP and the Frankfurt Stock Exchange FSX: 6YP.

  The Company maintains its head office in Vancouver, BC and has a country office in Marrakech, Morocco.

          QA/QC

  JORC Code, 2012 Edition – Table 1

Section 1- Sampling Techniques and Data

  Criteria

JORC Code Explanation

Commentary

Sampling Techniques

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialied industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.) These examples should not be taken as limiting the broad meaning of sampling. 

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. 

Aspects of the determination ofmineralisation that are Material to the Public Report. 

  In cases where ‘industry standard’ work has been done, this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

  No drilling has been undertaken on Zuénoula PR-750

  All soil samples collected on Zuénoula PR-750 have been analysed for gold by fire assay at Bureau Veritas laboratory in Abidjan, Côte d’Ivoire.

  SOIL SAMPLING STAGES

Stage 1: Initial, permit-wide, broad-spaced soil sampling on 1000m x 1000m grid 

Stage 2: Gold anomalous clusters and trends defined by multiple anomalous soil samples (+20ppb Au) are then infilled with soil samples collected on 400m x 400m grid  

Stage 3: Coherent gold soil anomalies are then infilled with soil samples collected on 200m x 200m grid 

Stage 4: Higher density 200m x 50m soil sampling to sharpen definition of gold soil anomalies 

Stage 5: Augering and trenching of coherent gold soil anomalies 

Stage 6: Drill testing of gold soil and auger anomalies.  

  SOIL SAMPLING PROCEDURES

MGA has contracted the experienced consulting group SEMS Exploration Services (SEMS) to conduct all soil sampling 

Up to four sampling crews may be active at any one time 

The MGA Exploration Manager was onsite at the start of the field program to instruct the sampling crew on the Standard Sampling Procedure required by MGA  

MGA provided SEMS Exploration Services with an Excel table listing the designated sample point locations using WGS-84 UTM zone 29N coordinates 

Each soil sample is collected from within 20 metres of the designated sample point, with the actual sample point then recorded 

At each sample point: 1) the organic rich soil is brushed away, 2) a 40cm deep hole dug and the sample collected by taking a channel-cut along the bottom 20cm of the hole, 3) 1000g of the minus 2mm sieved fraction of each sample is collected from the sample point, 4) gold is determined by fire assay (LDL 2ppb) 

Duplicate samples are collected every 20th sample, certified reference material (CRM) inserted every 20th sample, and blanks inserted every 20th sample. 

Samples are stored at the secure SEMS field compound in Zuénoula prior to transport to Bureau Veritas in Abidjan of gold analysis. 

Drilling Techniques

Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. corediameter,tripleorstandard tube,depthofdiamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).  

  No drilling has been undertaken. 

Drill Sample Recovery

Method of recording and assessing core and chip sample recoveries and results assessed. 

Measures taken to maximise sample recovery and ensure representative nature of the samples. 

Whether a relationship exists between sample recovery and grade,andwhether samplebias may have occurred due to preferential loss/gain of fine/coarsematerial. 

No drilling has been undertaken. 

Logging

Whether core and chip samples have been geologically and geotechnicallyloggedtolevel of detail to support appropriate Mineral Resource estimation, miningstudiesandmetallurgical studies. 

Whether loggingisqualitativeor quantitative in nature. Core (or costean, channel, etc.) photography. 

Thetotallengthandpercentage oftherelevantintersections logged. 

No drilling has been undertaken 

Soil samples are comprehensively logged for a range of parameters including colour, soil horizon, sample weight, slope, dominant grain size (clay, silt, sand), general topography, residual or transported, proximity to artisanal workings, other ground disturbances such as field plowing, and general land use (grassland, plantation, crop, etc.). 

Sub-sampling Techniques and Sample Preparation

Ifcore,whethercutorsawnand whether quarter, half or all core taken. 

Ifnon-core,whetherriffled,tube sampled, rotary split, etc. and whether sampled wet or dry. 

For all sample types, the nature, quality and appropriateness of the sample preparation technique. 

Quality control procedures adopted for all sub-sampling stagestomaximise representivity of samples. 

Measures taken to ensure that thesamplingisrepresentativeof the in-situ material collected, including, for instance, results for field duplicate/second-half sampling. 

Whethersample sizes are appropriate to the grain size of the material being sampled. 

No drilling has been undertaken  

No sub-sampling of the 1000g soil samples is undertaken prior to the sample arriving at Bureau Veritas laboratory 

At Bureau Veritas, the entire 1000g sample is pulped prior to the laboratory taking a 50g split for lead collection fire assay determination of gold concentration.  

    Quality of Assay Data and Laboratory Tests

The nature, quality and appropriateness of the assaying andlaboratoryproceduresused and whether the technique is considered partial or total. 

Forgeophysical tools, spectrometers, handheld XRF instruments,etc.,theparameters used in determining the analysis, including instrument make and model, reading times, calibrationfactorsapplied,and 

their derivation, etc.

Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, externallaboratorychecks)and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. 

Bureau Veritas is an internationally accredited assay laboratory located in Abidjan, Cote d’Ivoire. 

Assay results for all samples presented in the announcement were determined by fire assay (Lab Code: FE450, LDL 2ppb), which is a total gold extraction method for analysis. 

The lower detection limit (LDL) of 2ppb is considered appropriate for greenfields, early stage, exploration soil sampling 

Fire assay gold is considered one of the most reliable assay techniques for gold analyses.    

Verification of Sampling and Assaying

The verification of significant intersections by either independent or alternative company personnel. 

Theuseoftwinnedholes. 

Documentationofprimarydata, data entry procedures, data verification, data storage (physical and electronic) protocols. 

Discussanyadjustmentstoassay data. 

FIRE ASSAY ANALYSIS

All samples have been analysed for gold by fire assay at Bureau Veritas laboratory in Abidjan, Cote d’Ivoire 

The 1000g -2mm sample collected in the field is analysed for gold by fire assay (Lab Code: FE450, LDL 2ppb) 

At the laboratory, the 1000g -2mm sample is dried and pulverised to 85% passing 75 microns. 

This sample pulp is then mixed with a combination of chemical reagents, which when heated to high temperatures results in the formation of a lead button and slag. The lead button that contains the precious metals (including gold) is cupelled at high temperature. The lead is adsorbed by the cupel leaving behind a bead that contains the precious metals. 

The bead is acid digested and analysed by AAS, with a lower detection limit of 2ppb Au 

  Location of Data Points

Accuracy and qualityof surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. 

Specification of the grid system used. 

Quality and adequacy of topographic control. 

A handheld GPS is used to locate the soil data positions, with a +/-5m vertical and horizontal accuracy 

Sample locations (UTM WGS-84 zone 29N) and sample descriptions are noted on a standard form in the field and entered on a computer. 

GPS measurements of sample positions are sufficiently accurate for exploration targeting gold systems. 

Data Spacing and Distribution

Data spacing for reporting Exploration Results. 

Whether the data spacing and distribution is sufficient to establish the degree of geologicalandgradecontinuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. 

Whethersamplecompositing hasbeenapplied. 

An 1,000m x 1,000m offset grid pattern has been adopted for the entire permit area, excluding areas of irrigated sugar cane and villages.  

Broad-spaced soil sampling (1000m by 1000m) and low level gold fire assay analysis (LDL 2ppb) is considered an effective technique for identifying and delimiting gold anomalous clusters and trends, which are then followed up with higher density sampling at 400m 400m, 200m x 200m, and in some areas 200m x 50m, as the next phases of sampling ahead of trenching, augering, and drill testing of coherent gold soil anomalies. 

  Orientation of data in relation to geological al structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. 

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. 

The sample location configuration has been deliberately planned to avoid directional bias. 

Sample security

The measures taken to ensure sample security. 

1000g of -2mm sieved fraction of soil samples are collected in plastic bags, assigned individual sample numbers and transported to the secure SEMS compound in Zuénoula 

Samples have been analysed by fire assay at Bureau Veritas in Côte d’Ivoire and were personally transported to the laboratory by a senior member of the MetalsGrove Abidjan-based exploration team.  

Audits or Reviews

The results of any audits or reviews of sampling techniques and data. 

The sampling and assay techniques adopted by MetalsGrove has been effectively used in the Vavoua-Kounahiri district, and more widely in Cte d’Ivoire, to define drill targets and it is considered an effective initial approach for defining gold anomalous lithogeochemical trends. 

  Section 2 - Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code Explanation

Commentary

Mineral Tenement and Land Tenure Status

Type, reference name/number, location and ownership, including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. 

The security of the tenure held at the time of reporting, along with any known impediments to obtaining a licence to operate in the area. 

Following the acquisition of the three Gemica joint venture (JV) permits PR-454 (granted), PR-1063 (application) and PR-1102 (application) in Côte d’Ivoire, MetalsGrove entered another JV with TSX-V listing company Stellar AfricaGold Inc. (Stellar) on PR-750 Zuénoula.   

Zuénoula PR-750 was granted on 17 April 2024 for an initial four-year period, renewable for two additional three-year periods.  

The Zuénoula permit is located with Kounahiri West, Vavoua and Vavoua West permits occupy a combined area of 1,315 km², strategically situated along the Abujar–Napie gold trend within the Oumé–Fetekro Birimian greenstone belt in central west of Côte d’Ivoire, approximately 100 km north of the Abujar gold mine and 160 km south of the Napié gold project. 

Exploration Done by Other Parties.

Acknowledgement and appraisal of exploration by other parties. 

MetalsGrove is not aware of any previous systematic exploration for gold having been conducted within either Zuénoula PR-750, Vavoua PR-454, Vavoua West PR-1102, or Kounahiri West PR-1063 

Geology

Deposit type, geological setting, and style of mineralisation. 

The Vavoua, Vavoua West, Kounahiri West and Zuénoula permitsare located in the central west of Côte d'Ivoire at the south edge of the West Africa craton. This region is the world’s largest Proterozoic gold-producing region, and Cte d’Ivoire contains 35% of the region’s Birimian Group rocks, which host multiple multi-million-ounce gold ore systems. 

The GEMICA JV permits and Stellar JV permit, together cover a combined area of 1,315 km², and are strategically situated along the Abujar–Napié gold trend within the Oumé–Fetekro Birimian greenstone belt, and are located approximately 100 km north of the Abujar gold mine and 160 km south of the Napié gold project. 

Drillhole Information

A summary of all information material to the understanding of the exploration results, including a tabulation of the following information for all Material drill holes: 

easting and northing of the drillhole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar dip and azimuth of the hole  

down hole length and interception depth hole length. 

No drilling results are included in this release. 

Data Aggregation Methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated. 

Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated, and some typical examples of such aggregations should be shown in detail. 

The assumption used for any reporting of metal equivalent values should be clearly stated. 

No data aggregation methods were applied to the soil sampling data. 

Relationship Between

Mineralisation Widths and

Intercept Lengths

If the geometry of mineralisation with respect to the drillhole angle is known, its nature should be reported. 

Not applicable. 

Diagrams

Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to, a plan view of drillhole collar locations and appropriate sectional views. 

See maps in the body of the report. 

Balanced Reporting

Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practied, avoiding misleading reporting of Exploration Results. 

The soil assay data was interpreted by the MGA Exploration Manager who has more than 40 years of gold exploration experience. MGA assay results are also interpreted with reference to the surface geochemical expressions of more than 15 of the major gold discoveries in Cote d’Ivoire.  

Other Substantive Exploration Data

Other exploration data, if meaningful and material, should be reported, including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. 

Not applicable. 

Further Work

The nature and scale of planned further work (e.g. tests for lateral extensions, or depth extensions, or large-scale step-out drilling). 

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. 

Completion of 200m x 200m sampling at Fifty-Five Prospect NE area. 

Plotting and interpreting the assay results for the 1755 soil samples currently being assayed at Bureau Veritas. 

Start stage 1- 5,000 metres auger drilling at 400m x 50m spacing at refined 7 Potential Drill Targets area across Fifty-Five, Central and South East Prospects.  

   Stellar’s President and CEO J. François Lalonde can be contacted at +1 514-9940654 or by email at [email protected]. Additional information is available on the Company’s website at www.stellarafricagold.com.

  On Behalf of the Board

J. François Lalonde

President & CEO

  This news release contains “forward-looking statements” within the meaning of applicable Canadian securities laws, including statements which may not have been based solely on historical facts but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.

Forward-looking statements are based on expectations, estimates and projections as at the date of this news release and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied. Such risks and uncertainties include, but are not limited to, exploration risk, mineral resource risk, the Company not achieving the production milestones described herein, changes in business plans or commodity prices, failure to obtain regulatory approvals, geopolitical country risk, and the risk factors described in the Company’s most recent Management’s Discussion and Analysis and Annual Information Form, which are available on SEDAR+ at www.sedarplus.ca.

Forward-looking statements are not guarantees of future performance and should not be unduly relied upon. Except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements contained herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Ford (F 0.36%) made a big move in May when it announced plans to launch an energy storage business called Ford Energy.

Ford stock soared 47% last month mostly on the news of the company's new endeavor, and investors are likely excited by analysts' predictions that the new business could generate $500 million in operating profit for Ford by 2030.

With this new entry storage business about to launch, is now the time to buy Ford stock? Here's why investors may want to hold off on making that move.

Image source: Getty Images.

Ford is tapping into increasing energy usage from AI Artificial intelligence (AI) is fueling rising demand for energy storage, and Barclays analyst Dan Levy recently said that Ford is a "hidden data center beneficiary."

Automakers invested tens of billions of dollars over the past several years to convert factories for electric vehicle (EV) production. The problem, as it turned out, is that rising EV material costs, lower-than-expected demand, and tariffs have caused many companies to abandon their most ambitious EV goals. The federal government eliminating EV tax credits didn't help either.

The result is that Ford's losses from its EV division add up to $16 billion over the past few years -- and management says it will continue losing money on EVs for the next three years.

Which is why Ford is trying to recoup some of its battery and EV tech investments.

Its announcement last month that it would shift some of its EV battery factories to make battery storage excited investors. The goal is for Ford to produce up to 20 gigawatts of capacity over the next five years, with battery deliveries starting in 2028.

Ford CEO Jim Farley told the Detroit Free Press last month that the company is already seeing "tremendous interest from customers," adding, "[W]e're off to a good start both on the supply side, building the plants, building the cells, getting the machines up and running, as well as the demand creation side."

Ford will invest $2 billion in the business to get things up and running.

Analysts at Morgan Stanley said Ford Energy could generate $500 million in operating profit by 2030. The analysts also believe Ford could sign supply agreements with commercial customers in the coming months.

That may be a drop in the bucket compared to Ford's earnings before interest and taxes (EBIT) of nearly $6.8 billion last year. Still, investors are excited to see the company thinking outside of the traditional automotive box and embracing new revenue opportunities.

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It could be a smart move, but it's too early to bet on Ford Energy It's a bit surprising and a little concerning that Ford stock rose so high last month simply on the news of Ford Energy.

The automaker's energy business has no profit and no revenue to date. Instead, investors were excited that Ford is doing something AI-adjacent.

There needs to be higher standards than that for buying a stock, though. It's noteworthy that Ford is moving into the energy storage business, and it's commendable that the automaker is thinking of new ways to repurpose some of the battery investments it made for its EVs.

But it will be a couple of years before deliveries begin, which means it'll be that long (or even longer) before investors see any potential profits from Ford Energy.

So, no, Ford stock is not a buy just because it's investing in energy storage for data centers. The share price surge is more of a symptom of investors believing that anything AI-related is an automatic success.

Instead, Ford shareholders should be more concerned with how the company manages costs and improves vehicle sales. The company experienced a tough year in 2025, with a net loss of $8.2 billion due to a $19.5 billion write-down related to its EV restructuring.

Selling some batteries that bring in $500 million in operating profit four or so years from now certainly is not the fix some investors think it is.

A Ford logo on a Ford F-150 pickup truck for sale in Encinitas, California, U.S. October 20, 2025. REUTERS/Mike Blake/File Photo Purchase Licensing Rights, opens new tab

CompaniesDETROIT, June 22 (Reuters) - Canadian auto union Unifor began negotiations with Ford Motor (F.N), opens new tab on ​Monday, commencing talks on new contracts ‌with the so-called Detroit Three of Ford, General Motors (GM.N), opens new tab and Stellantis (STLAM.MI), opens new tab to try to improve pay, ​job security and benefits for its ​nearly 19,000 members at those companies.

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Existing ⁠collective agreements between Unifor and the Detroit ​Three automakers expire on September 20.

The union ​began the negotiations with Ford because the automaker has been most committed to continuing its operations in ​Canada, the union said.

Unifor set a ​deadline of July 10 to reach a deal with ‌Ford, ⁠which it will then take to the other two automakers.

The union said it has begun talks earlier than usual because economic ​conditions are ​unlikely to ⁠improve in the coming months and could worsen.

Canada faces significant U.S. ​tariffs pending negotiations around the ​future ⁠of the U.S.-Canada-Mexico trade agreement.

Nearly 6,000 workers have been laid off across plants owned by ⁠the ​three automakers as the ​companies have shifted or paused production at several facilities.

Reporting ​by Nora Eckert in Detroit Editing by David Goodman

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Nora Eckert reports on the automotive industry from Detroit. She covers Ford, GM, Stellantis and the United Auto Workers, with a focus on the industry's transition to EVs. She was previously a reporter for The Wall Street Journal in Detroit, where she broke news on major automakers and the UAW. She was earlier part of a WSJ investigations team that was recognized as a finalist for the 2021 Pulitzer Prize. Nora began her career as an investigative reporter with the Rochester Post Bulletin in Minnesota, where she focused on the state's organ transplant system and prisons.