Gentherm (NASDAQ:THRM – Get Free Report) announced that its Board of Directors has approved a share buyback program on Thursday, July 23rd, RTT News reports. The company plans to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the auto parts company to reacquire up to 36.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
Analyst Ratings Changes Several analysts recently weighed in on the company. Robert W. Baird lifted their price target on Gentherm from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Wall Street Zen raised Gentherm from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 25th. Stifel Nicolaus raised their price target on shares of Gentherm from $38.00 to $44.00 and gave the company a “buy” rating in a research note on Monday. JPMorgan Chase & Co. lifted their price target on shares of Gentherm from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Finally, Weiss Ratings upgraded shares of Gentherm from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $38.60.
Read Our Latest Research Report on Gentherm
Gentherm Stock Performance Shares of Gentherm stock opened at $45.61 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.97 and a quick ratio of 1.36. Gentherm has a one year low of $27.00 and a one year high of $45.96. The business has a 50-day simple moving average of $35.19 and a 200 day simple moving average of $32.88. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 60.81 and a beta of 1.38.
Gentherm (NASDAQ:THRM – Get Free Report) last posted its earnings results on Thursday, July 23rd. The auto parts company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.19. The company had revenue of $404.94 million for the quarter, compared to analyst estimates of $382.90 million. Gentherm had a net margin of 1.47% and a return on equity of 11.25%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 EPS. On average, research analysts anticipate that Gentherm will post 2.75 earnings per share for the current fiscal year.
Gentherm News Roundup Here are the key news stories impacting Gentherm this week:
Positive Sentiment: Gentherm beat Q2 earnings and revenue expectations, reporting $0.75 per share versus the $0.56 consensus and revenue of $404.94 million versus $382.90 million expected. The company also said revenue rose 11% year over year. Gentherm (THRM) Beats Q2 Earnings and Revenue Estimates Positive Sentiment: Management raised full-year 2026 guidance and highlighted record quarterly revenue of $416 million, signaling momentum heading into the second half of the year. Gentherm Reports 2026 Second Quarter Results and Announces a New Increased Stock Repurchase Authorization Positive Sentiment: The board approved a new stock repurchase authorization of up to $400 million, which can support earnings per share and signals confidence in the company’s cash generation. Gentherm Reports 2026 Second Quarter Results and Announces a New Increased Stock Repurchase Authorization Positive Sentiment: Gentherm also announced the acquisition of Innovative Medical Equipment, expanding its medical product portfolio and customer channels, which could add to longer-term growth. Gentherm Acquires Innovative Medical Equipment, LLC, Strengthening Medical Product Portfolio and Customer Channels About Gentherm Get Free Report)
Gentherm Incorporated (NASDAQ: THRM) is a global developer and supplier of advanced thermal management technologies for automotive, specialty vehicle, medical, consumer and industrial markets. The company’s core focus lies in delivering integrated heating and cooling systems designed to enhance energy efficiency, comfort and safety across a wide range of applications. Gentherm’s product portfolio includes seat thermal systems, heated and ventilated seating surfaces, steering wheel heaters, battery thermal management solutions, and climate systems for electric vehicles.
In the automotive sector, Gentherm partners with leading original equipment manufacturers to engineer and manufacture high-performance thermal solutions that meet stringent industry demands for reduced weight, lower energy consumption and improved passenger comfort.
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Weatherford International (NASDAQ:WFRD) reported second-quarter 2026 revenue of $1.105 billion, adjusted EBITDA of $223 million and adjusted free cash flow of $139 million, as management said the oilfield services company held margins steady despite operational disruptions tied to conflict in the Middle East and softer activity in several markets.
President and CEO Girish Saligram said adjusted EBITDA margin was 20.2% in the quarter, while adjusted free cash flow conversion reached 62.3% of adjusted EBITDA. He said the company was “especially pleased” with margin and cash performance given a challenging backdrop that included Middle East activity not returning to pre-conflict levels, activity declines in Indonesia, pricing pressure in some areas and a union strike in Norway.
“Despite those incremental pressures, our team rallied to deliver EBITDA margins north of 20% and essentially flat to Q1,” Saligram said. He also cited working capital execution, including strong payments from Weatherford’s largest customer in Mexico, as a key driver of cash flow.
Middle East disruptions weigh on outlook Saligram said the Middle East was the most visibly affected region in the quarter, with activity suspensions, project deferrals and logistical disruptions that began in March continuing through much of the period. Freight and logistics costs remained elevated, peaking in May before beginning to moderate, he said.
The company previously estimated a first-half profit impact of $30 million to $50 million from the regional conflict. Saligram said the first-half impact was within that range, but that the full-year effect is expected to increase following recent flare-ups, and Weatherford has incorporated that into its guidance.
In response to a question from Citigroup analyst Scott Gruber, Saligram said the financial impact does not appear to be increasing at the moment and is moderating, though he cautioned that the situation remains uncertain. He said Saudi Arabia had started to return to normalcy before the latest flare-up, while Oman remained broadly stable. He identified Bahrain, Qatar, Iraq and Kuwait as areas that had seen more disruption and delay.
Weatherford also saw revenue decline in Saudi Arabia following the conclusion of its LSTK contract, an effect Saligram said will be more visible in the second half. He said the company remains interested in growth in Saudi Arabia but is comfortable not having an LSTK contract given market pricing levels.
Guidance revised, cash flow outlook raised Executive Vice President and CFO Anuj Dhruv said Weatherford generated $139 million of adjusted free cash flow in the second quarter, compared with adjusted free cash flow conversion of 31.1% in the second quarter of 2025 and 36.5% in the first quarter of 2026. He attributed the improvement primarily to working capital release, continued collections, including from the company’s key customer in Mexico, and lower capital expenditures.
Dhruv said adjusted net working capital as a percentage of revenue improved sequentially by about 90 basis points to 27%, marking the second consecutive quarter of improvement. Capital expenditures were $42 million, or 3.8% of revenue, down about $12 million from the prior-year quarter.
Weatherford returned $36 million to shareholders during the quarter, including $20 million in dividends and $16 million in share repurchases. Since launching its shareholder return program, the company has returned more than $370 million through buybacks and dividends, Dhruv said.
At quarter-end, Weatherford had about $1.14 billion of cash and restricted cash, total liquidity of $1.7 billion and a net leverage ratio of 0.34 times.
For the third quarter, Weatherford expects:
Revenue of $1.105 billion to $1.155 billion; Adjusted EBITDA of $235 million to $265 million; Adjusted free cash flow of more than $100 million. For full-year 2026, the company now expects revenue of $4.54 billion to $4.80 billion and adjusted EBITDA of $951 million to $1.046 billion. Weatherford raised its adjusted free cash flow conversion outlook to the mid-to-high 40% range, up from its prior outlook, while forecasting an effective tax rate in the low-to-mid 20% range.
Regional and segment trends mixed Latin America revenue declined sequentially, driven primarily by Mexico, where activity came in below expectations as several wells were deferred and Weatherford’s largest customer in the country continued to prioritize spending, Saligram said. However, collections from that customer were strong, and the company has aligned its cost structure and footprint in Mexico to current activity levels.
During the Q&A, Saligram said Pemex appears to have reached “a point of stability,” adding that Weatherford is not betting on a major increase in activity but sees potential for mid-to-high single-digit growth in 2027 and beyond. Dhruv said the second quarter marked the third consecutive quarter of sizable collections from Pemex and said the company is cautiously optimistic that trend will continue.
In Europe, Sub-Saharan Africa and Russia, revenue grew sequentially on higher activity, though a labor strike in Norway affected activity late in the quarter and is expected to remain a headwind into the third quarter.
By segment, Weatherford said:
Well Construction and Completions revenue declined 5% year over year, primarily due to lower activity in the Middle East and North Africa, partly offset by higher completions activity in Latin America; Drilling and Evaluation revenue declined 13% year over year, mainly from lower wireline and drilling-related services activity in MENA, partly offset by higher managed pressure drilling activity in Europe, Sub-Saharan Africa and Russia; Production and Intervention revenue declined 3% year over year, primarily due to lower artificial lift activity in North America and Latin America. Contracts, NCS acquisition and redomestication plans Saligram highlighted several contract awards, particularly in deepwater markets. In Brazil, Weatherford received offshore well intervention and managed pressure drilling awards from Constellation Oil Services, Ventura Offshore and Valaris. In West Africa, Noble Corporation awarded multiple managed pressure drilling contracts and a global aftermarket agreement in Nigeria, while Esso Exploration and Production Nigeria awarded Weatherford a deepwater integrated completions contract. Chevron awarded a five-year framework contract in Australia for tubular running services, casing accessories and other tools tied to a deepwater development project.
Beyond deepwater, Saligram said Kuwait Oil Company awarded two five-year contracts for cementation products and completion services, while PTTEP awarded a 22-month downhole deployment valve contract in Thailand. Petroleum Development Oman awarded Weatherford a three-year integrated drilling services contract covering 247 wells in the Marmul Field.
Weatherford also discussed its definitive agreement to acquire NCS Multistage, which Saligram said expands the company’s completions portfolio and increases exposure to unconventional resources. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions. Weatherford expects at least $15 million of annual cost synergies within 18 months of closing.
Saligram said the deal is “at its core, a distribution play,” with NCS bringing differentiated technology and Weatherford offering a customer base across six continents. In response to analyst questions, he said the focus is less on increasing North American exposure and more on scaling NCS technologies globally, including in Argentina, the Middle East and other unconventional markets.
Saligram also updated investors on Weatherford’s proposed redomestication to the United States. A prior proposal to redomesticate to Texas received more than 60% support from votes cast but fell short of the 75% threshold required under Irish law. Weatherford has since introduced a proposal to redomesticate to Delaware, with special shareholder meetings scheduled for Sept. 3. The company continues to expect $20 million to $30 million of annual cash savings beginning in 2027, subject to approvals.
Management emphasizes margins and cash discipline Throughout the call, management emphasized that Weatherford would prioritize returns over lower-margin revenue. In response to Barclays analyst David Anderson, Saligram said the company recognizes that top-line growth is needed over the long term, but it will walk away from contracts that do not provide the right returns unless they offer strategic capability benefits.
Saligram said Weatherford sees a multi-year demand cycle forming around energy security, though the timing and pace have been affected by geopolitical events and demand uncertainty. He said national oil companies and governments are increasingly anchoring investment programs around security of supply, including gas programs, deepwater projects and domestic production initiatives.
“The recovery will be progressive, and we are managing the company accordingly,” Saligram said.
About Weatherford International (NASDAQ:WFRD) Weatherford International (NASDAQ: WFRD) is a global oilfield services company specializing in the development, design and manufacturing of equipment and technologies for oil and natural gas drilling, evaluation, completion and production. The company’s core offerings include well construction services such as directional drilling and wellbore positioning, well completion solutions that encompass sand control and zonal isolation technologies, and production enhancement services involving artificial lift systems and well intervention tools.
In addition to its comprehensive service lines, Weatherford provides a range of drilling optimization and reservoir evaluation products.
Silver (XAG/USD) edges up on Friday's early European trading session, returning to levels above $58.00 as the US Dollar trims some gains. The precious metal is set to a moderate recovery this week, but the risk-averse scenario triggered by the escalating conflict in the Middle East and the higher US Treasury yields triggered a 4.3% reversal on Thursday that leaves Silver vulnerable to further depreciation.
Market sentiment remains unfavourable, with Oil prices rallying and Brent crude drawing closer to the key $100 level, as reports of attacks on vessels in the Red Sea increased concerns about the blockade of another key corridor for Oil supply. Investors' fears that a new energy shock will boost inflation pressures have sent US Treasury yields to multi-month highs, pushing the US Dollar higher across the board and weighing on the yieldless precious metals.
Meanwhile, a report from Axios suggests that US President Trump would be pondering a "massive attack" on Iran that might further entangle the conflict, increasing demand for the safe-haven Greenback.
Technical Analysis: The reverse trendline has capped bears
XAG/USD trades at $58.33, holding within the last two weeks' horizontal range, with downside attempts supported above the broken trendline from June highs. Momentum indicators endorse the neutral near-term bias, with the Relative Strength Index (14) hovering around 51 and the Moving Average Convergence Divergence (MACD) holding slightly in negative territory, hinting that buying pressure is moderate rather than impulsive.
Bulls, however, will have to breach the top of the mentioned range, at the $60.70-$60.90 area, and the early July highs, around $62.50, to confirm a trend shift. On the downside, first support emerges at the broken trendline, now at $56.50, with additional protection at the year-to-date low of $54.77. Further down, the 127.2% Fibonacci retracement of the mid-June selloff at $50.26 emerges as the next target.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Dollar Index Price Chart – Source: Tradingview The USD Index remains positive after bouncing off the 100.50-100.60 support area and recapturing the 101.20 level. Current quotes around 101.33 sit above the 50-EMA (at 101.06) and the 100-EMA (at 100.97), which indicates buyers have been taking charge. The DXY’s rising trend line is continuing to act as support, and the current reading at RSI 60 suggests there is room for further upside, with no imminent signs of overbought conditions.
The first resistance is at 101.65, followed by 102.06 and then 102.42. On the lower side, the new support comes in at 101.20, with the 100.50 and 99.92 areas attracting buyers.
Provided DXY sustains above 101.20, the uptrend is on track and another leg higher towards 101.65-102.06 may be in the cards. The bullish perspective would fade if the DXY were to slide below 100.50 and open the way for further losses towards 99.92.
GBP/USD Technical Analysis: Bears Remain in Control Below Key Resistance
Old National Bancorp (NASDAQ:ONB) reported what management described as a record second quarter for 2026, citing strong loan growth, fee income gains, expense control and continued capital returns to shareholders.
Chairman and CEO Jim Ryan said the quarter reflected “an exceptional” performance for the company, including record adjusted earnings per share, record net income and a record efficiency ratio. He said Old National generated an adjusted return on average tangible common equity of about 20% and an adjusted return on assets of 1.39%.
“These results show what happens when we stay focused on the fundamentals,” Ryan said, pointing to high-quality relationship growth, disciplined credit and expense management, investments in talent and technology, and tangible book value growth.
Loan Growth and Pipeline Strength Drive Quarter Old National said end-of-period loans increased by $1 billion, or 8% annualized, during the quarter. Ryan said the increase was driven by “robust, high-quality commercial production.” Commercial production reached $3.5 billion, while the company’s period-end commercial pipeline rose to a record $5.6 billion.
John, who reviewed the company’s financial results on the call, said total loans grew 8.3% annualized from the prior quarter, with balanced growth across commercial real estate and commercial and industrial portfolios. He said production was diversified across the commercial book and was predominantly floating rate.
During the question-and-answer session, Tim said the company is beginning to see larger loan opportunities in its middle-market C&I business, particularly in growth markets. However, Ryan added that the average C&I loan in the bank remains below $1 million, underscoring that Old National still handles a large number of smaller commercial loans.
Management said loan growth expectations have improved, and the company now expects full-year loan growth of 6% to 8%, supported by year-to-date results and the current pipeline.
Fee Businesses Outperform Expectations Fee income was another area of strength. Ryan said the company saw broad-based gains across all fee businesses and described the diversification as intentional, saying Old National is seeking to build “a stronger, more balanced earnings engine” that is less dependent on net interest income.
Adjusted non-interest income was $140 million for the quarter, exceeding management’s guidance. John said all fee businesses performed better than expected. He noted that the “other income” line was elevated by approximately $10 million due to market value adjustments, higher bank-owned life insurance income and an asset recovery. While those items were described as core, John said the line should run closer to first-quarter levels for the rest of the year.
In response to an analyst question, John said wealth management has been “terrific,” investments have been good, mortgage performed solidly and capital markets remained strong. He said Old National is “reasonably bullish” on capital markets revenue because of the company’s commercial pipelines and production levels.
Looking longer term, John said aggregate fee income growth is likely a mid- to high-single-digit growth item, with some businesses, including wealth and capital markets, having potential to grow at double-digit rates.
Expenses Controlled as Efficiency Ratio Hits Record Old National reported GAAP second-quarter earnings per share of $0.65. Excluding $12.1 million in merger-related expenses and a $13.2 million valuation gain tied to the settlement of the Bremer pension plan, adjusted earnings per share were also $0.65.
Adjusted non-interest expense totaled $360 million. John said expenses remained well controlled and drove positive operating leverage both sequentially and year over year. Ryan said the company’s adjusted efficiency ratio was 45.2%, marking the seventh straight quarter of positive year-over-year operating leverage.
Ryan said Old National is investing in technology, artificial intelligence and process improvements to make the company more scalable while maintaining expense discipline.
Net Interest Income Outlook Holds Steady Management left net interest income guidance unchanged, while noting it had been updated for the impact of a subordinated debt issuance. John said second-quarter net interest margin was affected by two basis points from the full-quarter impact of subordinated debt issued in late January and lower SOFR rates. Without those factors, he said the margin would have been up slightly.
John said net interest income growth should be supported by strong asset generation, stable funding costs, fixed-asset repricing and earning-asset remix opportunities. He said new money yields on securities are running about 100 basis points above back-book yields, while fixed-to-fixed loan repricing offers about 60 basis points of opportunity.
During the Q&A, John said management sees “more opportunities than challenges” in the second half of the year, citing higher average earning assets, repricing opportunities, the potential for SOFR to become a tailwind, remix opportunities and additional calendar days in both the third and fourth quarters.
Old National said total deposits increased 3.4% annualized, led by commercial and public fund growth, partly offset by seasonal retail tax outflows. Non-interest-bearing deposits remained 23% of total deposits. John said total deposit costs decreased by one basis point during the quarter, even as the company continued to pursue new client acquisition in a competitive deposit environment.
Credit and Capital Remain Management Priorities Credit quality improved in several areas. Ryan said non-accrual loans declined by $50 million, or 10%, from the prior quarter. John said non-accrual loans fell to 91 basis points of total loans, while criticized and classified loans decreased by $109 million during the quarter.
Net charge-offs were 26 basis points, or 22 basis points excluding charge-offs on purchased credit deteriorated loans. John said the allowance for credit losses to total loans, including the reserve for unfunded commitments, was 121 basis points, down one basis point from the prior quarter, primarily due to charge-offs on PCD loans and improved credit quality.
Old National’s capital position remained strong. The company’s CET1 ratio was 11.09%, and tangible book value per share increased 14% year over year. John said tangible book value per share grew 11% annualized from the prior quarter, even as the company absorbed Bremer-related charges, supported better-than-expected balance sheet growth and returned capital.
The company returned $163 million to shareholders in the quarter through dividends and share repurchases. That included $107 million of common stock repurchases, representing 4.4 million shares. John said Old National has $277 million remaining under its buyback program and expects to use the remaining authorization opportunistically through the plan period ending in February 2027.
Asked about capital levels, John said the company is comfortable with its position and has enough capital to support organic growth while continuing capital returns. Ryan said the company is balancing organic investment, tangible book value growth, strong capital ratios and shareholder returns.
Ryan closed by saying Old National does not need to rely on acquisitions to meet its goals and remains focused on organic growth, client relationships, investments in people and platforms, risk management and long-term shareholder value.
About Old National Bancorp (NASDAQ:ONB) Old National Bancorp (NASDAQ: ONB) is the bank holding company for Old National Bank, a regional financial services firm headquartered in Evansville, Indiana. Through its network of community banking offices, the company provides a full range of commercial and consumer banking services. Its offerings include checking and savings accounts, personal and business loans, and deposit products designed to meet the needs of individuals, small businesses, and larger corporate customers.
In addition to traditional banking, Old National Bancorp delivers specialty financial services such as treasury management, wealth management, mortgage loan production, and insurance solutions.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in PNFP over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Gates Industrial (NYSE:GTES – Get Free Report) will likely be announcing its Q2 2026 results before the market opens on Friday, July 31st. Analysts expect Gates Industrial to post earnings of $0.40 per share and revenue of $925.4410 million for the quarter. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. Individuals are encouraged to explore the company’s upcoming Q2 2026 earning report for the latest details on the call scheduled for Friday, July 31, 2026 at 10:00 AM ET.
Gates Industrial (NYSE:GTES – Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. The firm had revenue of $851.10 million during the quarter, compared to analysts’ expectations of $859.72 million. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.36 EPS. On average, analysts expect Gates Industrial to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.
Gates Industrial Stock Down 1.4% Shares of NYSE GTES opened at $27.02 on Friday. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of 28.14 and a beta of 1.25. The company has a quick ratio of 2.66, a current ratio of 3.67 and a debt-to-equity ratio of 0.61. Gates Industrial has a 52-week low of $20.88 and a 52-week high of $29.17. The business’s 50 day moving average is $26.42 and its two-hundred day moving average is $25.24.
Institutional Inflows and Outflows Hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. increased its holdings in Gates Industrial by 5.9% during the 4th quarter. Invesco Ltd. now owns 8,322,654 shares of the company’s stock worth $178,687,000 after purchasing an additional 461,160 shares during the period. Corient Private Wealth LLC raised its position in Gates Industrial by 9.3% in the 4th quarter. Corient Private Wealth LLC now owns 190,929 shares of the company’s stock valued at $3,890,000 after purchasing an additional 16,219 shares in the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Gates Industrial in the 4th quarter valued at about $402,000. Mackenzie Financial Corp boosted its stake in shares of Gates Industrial by 17.7% in the 4th quarter. Mackenzie Financial Corp now owns 844,064 shares of the company’s stock valued at $18,381,000 after buying an additional 126,847 shares during the period. Finally, XTX Topco Ltd grew its position in shares of Gates Industrial by 529.5% during the fourth quarter. XTX Topco Ltd now owns 255,562 shares of the company’s stock worth $5,487,000 after buying an additional 214,965 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth A number of equities research analysts have recently weighed in on GTES shares. Robert W. Baird dropped their price objective on Gates Industrial from $39.00 to $37.00 and set an “outperform” rating for the company in a research note on Monday, May 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, June 29th. Morgan Stanley raised their target price on Gates Industrial from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 10th. Finally, Barclays cut their price target on shares of Gates Industrial from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $31.36.
Read Our Latest Stock Analysis on GTES
Gates Industrial Company Profile (Get Free Report)
Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.
In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.
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Badger Meter (NYSE:BMI) reported lower second-quarter 2026 sales and earnings from the prior year, but management said revenue improved sequentially as previously awarded advanced metering infrastructure projects began shipping and reaffirmed its expectation for improving quarterly revenue through the rest of the year.
Chief Financial Officer and Treasurer Dan Weltzin said total sales for the quarter were $222.3 million, down 7% year-over-year. Excluding about $2 million in sales from UDlive, which Badger Meter acquired on May 1, base sales declined 7.5% from the prior-year period. However, base sales rose 9% from the first quarter, which management said reflected initial shipment ramps on several awarded projects.
Chairman, President and Chief Executive Officer Ken Bockhorst said the results were in line with expectations. “As expected, we delivered sequentially improved sales in the second quarter as a number of our previously awarded AMI projects began initial ramping of shipments,” he said. He added that the company saw “a modest increase” in short-term order rates and in flow instrumentation.
Utility Water Sales Decline, Flow Instrumentation Grows Weltzin said utility water sales declined 8% year-over-year, or 9% excluding the acquisition, due to the project pacing dynamics the company has been discussing. Lower AMI-related product revenue was partially offset by higher software and growth in what the company calls beyond-the-meter offerings. On an organic basis, utility sales increased 8% sequentially.
Flow instrumentation sales rose 6% from a year earlier, supported by broad-based water application demand. In the question-and-answer session, Bockhorst said the company benefited from orders tied to data center applications, including clamp-on meters and magnetic meters used for cooling towers and flow monitoring. However, he cautioned that the business should still be viewed as having “GDP-like” growth over the company’s five-year strategic horizon.
The company also confirmed that product shipments for the PRASA project have begun. Bockhorst said several other awarded projects have also started, and that the overall cohort of nine previously discussed awarded projects “feels like it’s pretty solid at this point.” Management declined to provide individual project-level details.
Margins Hold Within Range Despite Lower Volumes Operating earnings declined 12% year-over-year, and operating margin fell 110 basis points to 17.7%. Excluding UDlive, base operating margin was 18.4%, down 40 basis points from the year-ago quarter.
Gross margin was 40.8%, down 30 basis points from the second quarter of 2025. Weltzin attributed the decline primarily to lower sales volumes and project mix, but said gross margins remained in the upper half of the company’s normalized range, reflecting “the resiliency of our overall structural mix and pricing discipline.”
Selling, engineering and administrative expenses totaled $51.4 million, down $1.6 million from the prior year. Weltzin said spending controls, lower incentive compensation and cost containment actions more than offset about $3 million of year-over-year spending tied to UDlive and transaction-related costs. The company expects UDlive intangible asset amortization of approximately $5 million annually.
Diluted earnings per share were $1.02, down from $1.17 a year earlier. The effective tax rate was 25.2%, compared with 24.5% in the prior-year quarter.
Cash Flow Lower; Buybacks Continue Free cash flow was $21.9 million, down from $40.6 million in the prior-year quarter. Weltzin cited lower earnings and temporary increases in working capital. Primary working capital as a percentage of sales rose to 22.9% from 20.0% at the end of the prior quarter.
Weltzin said the increase in receivables was related to revenue timing, while inventory levels were above average due to revenue pacing dynamics. He said the company expects to work down inventory through the fiscal year and remains focused on full-year cash flow conversion in excess of 100% of net earnings.
During the quarter, Badger Meter repurchased 204,000 shares for $25.3 million. Weltzin said the company has about $90 million remaining under its current share repurchase authorization and has deployed roughly $80 million in buybacks over the past three quarters. The company also renewed a five-year, $150 million credit facility, which remains undrawn.
Management Reaffirms Full-Year Organic Revenue Outlook Management reaffirmed its outlook for sequential improvement in base quarterly revenue for the balance of 2026. Excluding UDlive, Badger Meter continues to expect full-year organic revenue to be “flat-ish” with 2025 levels.
Bockhorst emphasized that the outlook should not be interpreted as perfectly flat, citing variability in project ramping and short-term order patterns. He said year-over-year base sales growth is expected to be heavily weighted toward the fourth quarter because it represents the company’s easiest comparison.
On short-cycle demand, Bockhorst said the first quarter was an outlier and that second-quarter order rates were “more normal-ish” and typical of the operating environment. He said a higher daily turn rate of orders in the second quarter, combined with project activity, supports the company’s full-year stance.
Management also discussed electronic component cost and availability pressures driven by demand from artificial intelligence and data center build-outs. Weltzin said the company has been able to mitigate the impacts to date, but the pressures are not easing. Bockhorst said Badger Meter has managed similar supply chain challenges before and remains positioned to work through them.
Customer Interest Remains Focused on AMI and Software Bob Wrocklage, Executive Vice President of North America Municipal Utility, said feedback from the AWWA ACE 2026 trade show in Washington, D.C., remained constructive. He said utilities continue to prioritize modernization, efficiency and visibility across water and wastewater networks.
Wrocklage said discussions with consultants and customers focused on both hardware and software components of the company’s Network as a Service offerings, including network resiliency, dynamic multi-carrier SIM technology and the ORION Lens endpoint solution for metal pit lids. He also cited interest in EyeOnWater Premium, the BEACON Field app and Badger Meter’s embedded AI functionality, Cobalt.
Management said the company is continuing to educate utilities on stormwater and sewer line applications through SmartCover and UDlive. Bockhorst said the company’s confidence in the long-term outlook remains intact, supported by replacement demand, AMI adoption, recurring software, beyond-the-meter technologies and acquisitions.
About Badger Meter (NYSE:BMI) Badger Meter, founded in 1905 and headquartered in Milwaukee, Wisconsin, is a global leader in flow measurement and control solutions. The company’s core business centers on the design, manufacture and sale of water meters, control valves and related accessories for municipal and industrial water utilities. Over its more than a century of operation, Badger Meter has built a reputation for precision engineering, durability and compliance with international regulatory standards.
The company’s product portfolio includes mechanical and ultrasonic water meters, electromagnetic flow meters for industrial applications, and a range of control valves that help utilities manage pressure and flow in distribution networks.
Deckers Outdoor delivered a solid quarter with 5.7% YoY revenue growth, led by Hoka (+7.7%) and UGG (+4.9%). Despite a 12.7% SG&A increase pressuring operating income, DECK's gross margin improved to 56.4%, and international sales rose 8.4%. At a P/E of 13x, DECK offers compelling value, especially given its growth profile, strong balance sheet, and optionality in underpenetrated markets.
Cal-Maine Foods (NASDAQ:CALM) reported a sharp decline in fourth-quarter results as historically low conventional shell egg prices weighed on revenue and margins, while management emphasized progress in diversifying the company through specialty eggs and prepared foods.
President and CEO Sherman Miller said the company faced “one of the most difficult conventional egg pricing environments” it has experienced, driven by industry oversupply rather than weaker demand. He said the company continues to see favorable long-term demand fundamentals for eggs, citing household penetration above 97%, higher retail volume as prices have retreated, and continued consumer interest in protein, nutrition, convenience and value.
For the fourth quarter of fiscal 2026, Cal-Maine reported consolidated revenue of $552.6 million, down 49.9% from the prior-year period. Gross profit was $34.1 million, with a gross margin of 6.2%. The company posted an operating loss of $58.8 million and a net loss attributable to Cal-Maine Foods of $35.9 million, or a diluted loss of $0.76 per share.
New Segment Structure Highlights Shift in Business Mix Vice President and CFO Max Bowman said Cal-Maine revised its internal reporting in the fourth quarter to reflect how management now reviews the business. The company identified three reportable segments: Conventional Shell Eggs, Specialty Shell Eggs and Prepared Foods. Prior-year periods have been recast under the new structure.
The conventional shell egg segment generated fourth-quarter revenue of $210.8 million, down 70% year over year, with an operating loss of $40.6 million. Bowman said the segment reflected a pricing environment that declined steadily through fiscal 2026 and reached historically low inflation-adjusted levels in the fourth quarter.
The specialty shell egg segment reported fourth-quarter revenue of $239.7 million, down 21.4% from the prior year, with operating income of $17.5 million and an operating margin of 7.3%. Prepared foods revenue was $60.4 million, with operating income of $8.8 million and a 14.6% operating margin.
For the full fiscal year, consolidated revenue was $2.912 billion, down 31.7% from the prior year. Net income attributable to Cal-Maine Foods was $316.7 million, or $6.63 per diluted share. Conventional shell eggs generated full-year revenue of $1.348 billion and operating income of $216.6 million. Specialty shell eggs generated $1.070 billion in revenue and $181.5 million in operating income. Prepared foods generated $244.8 million in revenue and $33.9 million in operating income.
Management Points to Oversupply, Not Demand Weakness Miller said industry supply conditions remained elevated, referencing commentary from the American Egg Board and Urner Barry. He said the American Egg Board estimated the U.S. laying flock at 340 million to 347 million hens based on producer assessment data, materially above USDA’s published estimate.
However, Miller said early indicators suggest the market may be starting to rebalance, including slowing breeder activity, increased chick cancellations, softer hatchery demand and more aggressive flock rotations. If accurate, he said those developments are likely to tighten supply in the near term and could suggest moderation over coming quarters.
During the question-and-answer session, Miller said Cal-Maine’s conventional pricing arrangements remained steady, with about half of the business tied to market pricing and the other half tied to grain-based or hybrid structures. He said the company’s market realization was 102% of the Urner Barry market in the quarter, but the benchmark itself was at an “all-time low inflation-adjusted” level.
Miller also said highly pathogenic avian influenza remains an uncertainty, citing recent layer outbreaks in the U.S., continued presence in the U.S. dairy herd and outbreaks in Australia and South Korea. He said the issue should not be considered “a problem of the past.”
Prepared Foods Remains a Growth Focus Management highlighted prepared foods as a key part of Cal-Maine’s strategy to reduce earnings cyclicality and expand into higher-value consumer-facing markets. Prepared foods accounted for 10.9% of consolidated net sales in the fourth quarter and 8.4% for fiscal 2026. Combined specialty eggs and prepared foods represented 53% of fourth-quarter net sales and 44.4% of full-year net sales.
Miller said the company completed several strategic moves during fiscal 2026, including the acquisition of certain assets of Creighton Brothers LLC and affiliates, as well as the Van’s Foods brand acquisition. Subsequent to fiscal year-end, Cal-Maine also expanded its Eggland’s Best franchise territory in the Northeast.
The company announced a new $54 million investment to expand prepared foods production capacity, which Miller said is expected to add about 30% incremental capacity to the segment beginning in the first half of fiscal 2028. Together with previously announced organic capacity growth and capacity added through the Van’s acquisition, management expects prepared foods production capacity to increase more than 60% from the end of fiscal 2026 through the first half of fiscal 2028.
John Zoeller, CFO of Prepared Foods, said previously announced capacity additions for pancakes, scrambled eggs and Crepini products remain on track, with some capacity expected to come online in fiscal 2027 and additional growth continuing into fiscal 2028. He said the newly announced $54 million investment is expected to begin contributing around mid-fiscal 2028.
Balance Sheet, Buybacks and Dividend Policy Bowman said Cal-Maine ended the quarter with $924.1 million in cash and temporary cash investments and remained virtually debt-free. Net cash flow from operations for the quarter was $2.8 million, down 99.3%.
The company repurchased 396,083 shares during the quarter for $30.1 million. Bowman said $320.7 million remains available under the company’s $500 million share repurchase authorization.
Under Cal-Maine’s variable dividend policy, the company will not pay a cash dividend for the fourth quarter or for any subsequent profitable quarter until it is profitable on a cumulative basis from the most recent quarter for which a dividend was paid. As of May 30, 2026, Bowman said the cumulative loss to be recovered before payment of a dividend was $35.9 million.
Company Sees Improving Conditions Beyond Early Fiscal 2027 Looking ahead, Miller said market prices averaged $0.72 during the first five weeks of the first quarter of fiscal 2027, about 54% below the comparable period in the fourth quarter of fiscal 2026. He described that period as part of the seasonal trough typical of June and July.
More recently, Miller said pricing had strengthened by more than 90% in only a few weeks. He said early indications point to an improving supply-demand balance and a more constructive egg pricing environment heading into the fall, historically a seasonally stronger period.
Miller said Cal-Maine’s long-term strategy is not dependent on any single market environment. He said the company remains focused on disciplined capital allocation, operational execution, specialty egg growth and building a prepared foods platform that extends its egg-focused business into additional product formats and consumption occasions.
About Cal-Maine Foods (NASDAQ:CALM) Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.
Pegasystems (NASDAQ:PEGA) executives said the company faced a challenging first half of 2026 as customer uncertainty around artificial intelligence, a back-half-weighted renewal portfolio and go-to-market execution issues weighed on annual contract value growth.
On the company’s second-quarter earnings call, Founder and CEO Alan Trefler said the software market is undergoing a “fundamental transformation driven by AI,” but that the shift has also created confusion for enterprise buyers. He said organizations are reassessing how software should be designed, built and operated as AI pricing models evolve from low-cost or free access toward usage-based token pricing.
“This cost uncertainty is leading many organizations to sort of freeze and try to figure out what’s going on and take a more deliberate approach to technology investments,” Trefler said. He added that decision cycles have lengthened as customers seek clarity on AI strategies and the potential variability of token costs.
ACV Growth Slows as Customers Delay Decisions COO and CFO Ken Stillwell said annual contract value, or ACV, remains one of Pegasystems’ most important operating metrics because it provides a clearer view of business momentum in a subscription model.
Pega Cloud ACV increased by $165 million year over year, growing 22% both as reported and in constant currency. Stillwell said the cloud business remains the fastest-growing and most important part of the company’s subscription model, although growth moderated from 27% in constant currency at the end of the prior quarter.
Total ACV grew 7% as reported and 8% in constant currency year over year, with gains in Pega Cloud offset by decreases in maintenance ACV and subscription license ACV. Stillwell said Pega Cloud now represents 57% of total ACV and could ultimately reach approximately 75% of the total over time.
Stillwell identified three primary reasons for the slower first-half performance:
A renewal portfolio that is significantly weighted toward the second half of the year, limiting first-half expansion opportunities. Customer uncertainty caused by rapid changes in the software market and AI economics. Slower-than-expected execution on go-to-market changes intended to deepen engagement with clients and prospects. Because a meaningful portion of Pegasystems’ net new ACV comes from cross-selling and upselling into its existing customer base, fewer renewal opportunities in the first half naturally resulted in fewer expansion opportunities, Stillwell said.
Executives Say Pipeline Remains Active Despite Longer Sales Cycles In response to analyst questions, Stillwell said Pegasystems is not seeing customers abandon transformation projects or disengage from the company. Instead, he said many opportunities have elongated rather than disappeared.
“A lot of those pipeline deals in Q2 just didn’t close,” Stillwell said. “They elongated.” He said the company’s pipeline is growing and that late-stage pipeline is “very strong” compared with last year, but acknowledged that the duration of customer uncertainty is difficult to predict.
Trefler said the company saw “movement” in customer conversations after a period of heightened uncertainty in the second quarter. He said customers are still trying to determine how AI fits into their future technology plans, but added that many have “serious things they need to get done.”
Stillwell said Pegasystems had assumed that one-third of its full-year net new ACV additions would occur in the first half of 2026 and two-thirds in the second half. He said the company underachieved that first-half expectation and will work to recover as much of the shortfall as possible, though he described that task as “very difficult.”
Pegasystems Emphasizes AI Cost Predictability A central theme of the call was Pegasystems’ positioning around AI costs. Trefler argued that enterprises are becoming more concerned about opaque token consumption, particularly “reasoning tokens” used internally by large language models. He said these costs can become unexpectedly expensive when AI agents reason through processes repeatedly at runtime.
Pegasystems is emphasizing an alternative approach that uses AI heavily at design time through Pega Blueprint AI, then runs structured workflows predictably at scale with selective AI use at runtime. Trefler compared the approach to a restaurant that designs recipes in advance rather than reinventing every dish for each customer.
“Our goal is simple,” Trefler said. “Help our clients avoid AI chaos and the mess that comes from it by delivering predictable outcomes at predictable costs.”
Stillwell said Pegasystems does not charge customers per token. Instead, he said the company’s AI monetization strategy is based on business value created on the Pega platform. Blueprint is intended to make it faster for customers to create and deploy applications, while advanced AI-powered runtime capabilities can carry a case price uplift.
New Infinity Studio Release Extends Blueprint Trefler highlighted the release of Pega Infinity 2026 and the introduction of Infinity Studio, which he said extends Blueprint AI from design into application development, deployment and ongoing evolution. He said the release allows Pega Cloud and client cloud customers to use Blueprint AI to deploy new applications and improve existing ones.
He said Pegasystems initially focused Blueprint on new customers and new applications, but Infinity 2026 makes the technology available to help existing customers reimagine and modernize current Pega applications. Trefler called Infinity Studio “a really big deal” and said the company will roll it out aggressively through the rest of the year.
Executives also discussed the company’s use of Model Context Protocol, or MCP. Trefler said every workflow in Pega is automatically available through MCP in Infinity 2026, allowing agents built on other platforms to find and invoke Pega workflows.
Free Cash Flow, Buybacks and 2028 Target Despite slower ACV growth, Stillwell emphasized Pegasystems’ cash generation. The company generated $288 million of free cash flow in the first half of 2026, which he described as a record. He said strong cash generation provides flexibility for capital allocation.
In the first half, Pegasystems repurchased 9 million shares for more than $360 million under prior authorizations. Stillwell said the cash spent on repurchases represented well over 100% of free cash flow generated during the period, and that total common shares were reduced by 6 million in the first half.
The company reiterated its expectation to generate more than $700 million of free cash flow in 2028. Stillwell said slower ACV growth in the first half of 2026 does not change that objective, but it will require the company to reevaluate certain investment priorities. He cited cloud scale, mix shift, sales productivity, gross margin improvement and disciplined investment prioritization as levers supporting the target.
Asked about the company’s free cash flow outlook for 2026, Stillwell said any ACV shortfall would put pressure on the company’s ability to reach its $575 million free cash flow outlook for the year, though he said Pegasystems continues to see cash flow durability in the business.
Trefler closed the call by acknowledging the challenging environment but said the company has navigated major technology and market shifts before. “We have a really good understanding of how to react strongly but smartly,” he said.
About Pegasystems (NASDAQ:PEGA) Pegasystems Inc is a software company specializing in customer engagement and digital process automation solutions. Headquartered in Cambridge, Massachusetts, Pegasystems develops enterprise applications designed to help organizations streamline operations, manage customer interactions and automate complex workflows. Its platform supports a wide range of use cases, from sales and marketing optimization to case management and robotic process automation.
The core of Pegasystems’ offering is the Pega Platform, a low-code development environment that enables businesses to build and deploy applications with minimal hand-coding.
Portland General Electric (NYSE:POR – Get Free Report) will likely be issuing its Q2 2026 results before the market opens on Friday, July 31st. Analysts expect the company to post earnings of $0.71 per share and revenue of $847.5980 million for the quarter. Interested persons can check the company’s upcoming Q2 2026 earning results page for the latest details on the call scheduled for Friday, July 31, 2026 at 11:00 AM ET.
Portland General Electric (NYSE:POR – Get Free Report) last announced its earnings results on Thursday, April 30th. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.19). Portland General Electric had a return on equity of 7.57% and a net margin of 7.12%.The firm had revenue of $879.00 million for the quarter, compared to analyst estimates of $953.24 million. During the same quarter last year, the business earned $0.91 EPS. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, analysts expect Portland General Electric to post $3 EPS for the current fiscal year and $4 EPS for the next fiscal year.
Portland General Electric Trading Down 1.0% Shares of POR stock opened at $52.41 on Friday. The company has a market capitalization of $6.07 billion, a P/E ratio of 23.40, a P/E/G ratio of 2.22 and a beta of 0.52. Portland General Electric has a 12-month low of $39.73 and a 12-month high of $54.62. The company has a quick ratio of 0.95, a current ratio of 1.09 and a debt-to-equity ratio of 1.19. The firm has a 50-day moving average price of $50.98 and a 200 day moving average price of $51.26.
Analyst Upgrades and Downgrades POR has been the subject of a number of research analyst reports. Wells Fargo & Company set a $51.00 target price on shares of Portland General Electric in a research note on Tuesday, April 21st. BMO Capital Markets decreased their price target on Portland General Electric from $55.00 to $54.00 and set a “market perform” rating on the stock in a research report on Wednesday. Zacks Research cut Portland General Electric from a “hold” rating to a “strong sell” rating in a report on Monday, July 6th. JPMorgan Chase & Co. lifted their price objective on Portland General Electric from $51.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Portland General Electric in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $50.90.
View Our Latest Research Report on POR
Insider Activity In related news, CFO Joseph R. Trpik, Jr. sold 7,500 shares of Portland General Electric stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.03, for a total value of $367,725.00. Following the completion of the sale, the chief financial officer directly owned 31,897 shares in the company, valued at $1,563,909.91. This trade represents a 19.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert N. Hoglund bought 2,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $97,600.00. Following the completion of the transaction, the director owned 2,519 shares in the company, valued at approximately $122,927.20. This trade represents a 385.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.52% of the company’s stock.
Institutional Trading of Portland General Electric Several institutional investors and hedge funds have recently made changes to their positions in the business. Johnson Financial Group Inc. bought a new position in shares of Portland General Electric in the 3rd quarter worth $27,000. Northwestern Mutual Wealth Management Co. lifted its stake in Portland General Electric by 272.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 719 shares of the utilities provider’s stock valued at $35,000 after buying an additional 526 shares during the period. IFP Advisors Inc lifted its stake in Portland General Electric by 61.7% in the third quarter. IFP Advisors Inc now owns 1,080 shares of the utilities provider’s stock valued at $48,000 after buying an additional 412 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Portland General Electric by 18.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,469 shares of the utilities provider’s stock worth $71,000 after buying an additional 226 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in shares of Portland General Electric by 202.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,816 shares of the utilities provider’s stock worth $80,000 after buying an additional 1,216 shares during the period.
About Portland General Electric (Get Free Report)
Portland General Electric (NYSE:POR) is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.
As one of Oregon’s largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.
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Nejvýraznější růst si v úvodu obchodování připisují akcie Gevorkyanu (+2,20 %), Monety Money Bank (+1,17 %) a Kofoly (+1,00 %). Moneta Money Bank zveřejnila své hospodářské výsledky za 2Q 2026. Čistý zisk za 2Q dosáhl 1,8 mld. Kč a management o 200 mil. Kč navýšil celoroční výhled. Výsledky hodnotíme neutrálně.
Nejvíce momentálně oslabují akcie CSG (-3,69 %), ČEZ (-1,04 %) a Komerční banky (-0,10 %).
Uniswap has introduced Permissioned Pools, a new hook standard for its v4 protocol designed to enable compliant trading of regulated and permissioned assets through automated market makers (AMMs).
The new infrastructure allows tokenized funds, securities, equities and other assets with transfer restrictions to trade on-chain while enforcing compliance requirements directly at the protocol level.
Uniswap developed Permissioned Pools in collaboration with teams working to bring regulated assets on-chain, the team stated in a Thursday blog post. Launch partners include Superstate, Securitize and Dowgo, alongside a growing group of issuers and platforms exploring compliant access to on-chain markets.
“As more regulated assets move on-chain, issuers need infrastructure that can enforce each asset’s compliance rules,” Uniswap wrote.
Permissioned Pools are programmed to verify a user's eligibility directly on-chain. Issuers maintain control of an allowlist, while approved users can trade assets and provide liquidity through Uniswap v4.
Permissioned Pools use allowlists to enforce complianceThe system uses Uniswap v4 hooks to add compliance functionality to standard liquidity pools without changing the protocol's permissionless nature.
A permissioned hook checks an issuer-managed allowlist whenever a user attempts to swap an asset. It also verifies eligibility before users can create liquidity positions. This means only approved addresses can trade or provide liquidity for assets subject to transfer restrictions.
Permissioned Pools are designed for tokens that require approved addresses to hold or trade them, thereby ensuring that liquidity providers meet compliance requirements.
Under the architecture, a Permissions Adapter holds the underlying permissioned asset, while the pool trades a compatible wrapper token. Assets entering the pool are wrapped, while those exiting leave unwrapped. The Universal Router and Permissioned Position Manager handle these processes, reducing the changes required for integrations.
The architecture also prevents users from bypassing compliance through indirect routes. Disallowed addresses cannot gain exposure to the underlying permissioned asset through multi-hop transactions. At the same time, liquidity position NFTs are non-transferable to prevent allowlist restrictions from being circumvented.
The issuer can also halt swaps and unwind liquidity positions when required. The system remains non-custodial, with funds leaving the pool only through permitted swaps, liquidity withdrawals or claim redemptions.
Uniswap targets institutional adoption of tokenized assetsUniswap said Permissioned Pools give issuers a way to access AMM liquidity and DeFi composability without abandoning regulatory controls. Approved investors can also gain direct on-chain trading access to assets that previously could not be traded through AMMs.
“For approved investors, it means direct on-chain trading for assets that previously couldn't trade on an AMM at all,” Uniswap stated.
The team emphasized that the protocol itself remains permissionless. The company also shared that the new standard is intended to provide the market infrastructure needed for the next phase of tokenization.
The launch comes as the tokenized asset market continues to expand and gain industry-wide attention, with the sector estimated to reach $11 trillion by 2030.
UNI is trading at $3.75, down 0.5% over the past 24 hours at the time of writing.
After its spectacular launch rally, Cash Cat is still losing ground; the token is currently trading at $0.046. The daily chart clearly shows that sellers are now in charge, as speculative buying pressure has virtually completely vanished. CASHCAT did not establish any significant consolidation after its initial surge toward the $0.20 region. Instead, a textbook downtrend has been created as each attempt at recovery has resulted in a lower high.
This structure is reinforced by the most recent candle sequence, which shows that buyers were unable to withstand even the brief recovery toward $0.08. The chart's lack of accumulation following the collapse is among its most alarming features. Violent sell-offs of strong meme assets are frequently followed by protracted sideways trading as new buyers enter the market.
CASHCAT/USDT Chart by TradingViewCASHCAT does not yet exhibit that behavior. Rather, the price keeps printing lower lows while daily volatility progressively decreases, indicating a decline in the activity of both buyers and sellers. Momentum indicators are still not very good. The token is kept below the neutral 50 level by the RSI, which is currently at 41.
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Although this reading is no longer oversold, it also shows no signs of a resurgence of bullish momentum. Every bounce runs the risk of turning into another brief relief rally rather than the start of a long-term reversal until the RSI rises back above 50.
Currently, the main resistance zone is located between $0.06 and $0.08. Before it broke sharply, that area served as short-term support, so if the price rises, sellers are probably waiting there to sell their positions. The first technical indication that bears are starting to lose control would be reclaiming that range. The present lows around $0.045 are becoming more significant on the downside.
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A clear breakdown below them would expose CASHCAT to yet another wave of price discovery lower, since the token would have no historical support. Even though long upper wicks occasionally indicate speculative buying attempts, the structure as a whole is still bearish.
Although buyers frequently fail to sustain higher prices by the daily close, those spikes show that liquidity is still present. It seems likely that CASHCAT will continue to face pressure unless meme coin sentiment across the market significantly improves. Before any discussion of a wider trend reversal is technically warranted, bulls must set a higher low and recover the $0.06–$0.08 zone.
Solana's stabilization effort After months of weakness, Solana is trying to stabilize, trading at about $76 and progressively forming a string of higher lows. Heavy resistance overhead continues to limit the broader trend, despite the chart's notable improvement since June's steep decline toward the low-$60 area.
The relationship between price and the shorter moving averages is the most promising development. Both the 26-day and 50-day exponential moving averages have been successfully recovered by SOL, and they are now serving as dynamic support. The price has been consolidating above those levels for a number of sessions, suggesting that buyers are protecting recent gains rather than taking quick profits. The wider picture is still difficult, though.
SOL/USDT Chart by TradingViewThe 100-day EMA is currently close to $80 and has consistently rejected attempts to rise throughout July. The 200-day EMA at $93 is still sloping downward even higher, highlighting the fact that the longer-term trend has not yet returned to bullish territory. Solana might benefit from the current $76 consolidation.
The price is moving sideways while allowing moving averages to compress below, rather than extending vertically into resistance. If buying volume eventually reappears, this frequently lays the groundwork for a more forceful breakout attempt. The RSI is consistent with that interpretation. The indicator is close to 51, which is nearly neutral. This implies that momentum has bounced back from negative conditions without overheating. Before momentum enters overbought territory, bulls still have room to move higher.
The area between $80 and $84, where the declining 100-day EMA intersects with earlier horizontal resistance, continues to be the center of immediate resistance. Reaching the $90 area, which is psychologically significant, would probably lead to a resurgence of optimism. The shorter moving averages are currently converging at $73–$74, where support has strengthened.
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The recent recovery would be weakened if that area were lost, and SOL might return to the mid-$60 range. During the most recent consolidation, volume has progressively decreased, which is quite common following a recovery rally. Before anticipating a clear breakout, traders will probably wait for a discernible rise in buying activity. Compared to earlier this summer, Solana's technical picture has significantly improved overall.
The asset has developed a positive base and is no longer in freefall. However, the recovery should be seen as an improving consolidation rather than the start of a confirmed long-term uptrend until SOL firmly breaks through the $80–$84 resistance zone.
XRP's difficult periodXRP has already encountered difficulties in its most recent breakout attempt. Sellers swiftly intervened and drove the asset back below the breakout level after it momentarily pushed above the upper boundary of its ascending triangle. The rejection implies that buyers are still not convinced enough to buck the general downward trend. Right now, XRP is trading at about $1.13, which is nearly exactly where several short-term moving averages converge.
XRP/USDT Chart by TradingViewThe 50-day and 100-day moving averages are still higher at $1.16-$1.24, forming a dense supply zone, while the 26-day EMA is serving as immediate resistance. Upside is probably going to be restricted until XRP clears that cluster. Following the unsuccessful breakout, the daily RSI has fallen back below the neutral 50 level, indicating waning momentum.
An indication that bulls are having trouble attracting new capital is the volume, which has remained comparatively muted. The rising trendline that supported the most recent consolidation is still the crucial level to watch on the downside.
With psychological support at $1.00 becoming more crucial, a decisive daily close below it might invalidate the entire recovery structure and expose XRP to another move toward the $1.05 area. On the other hand, recovering $1.16 would boost confidence and restore access to the 50-day moving average.
Dogecoin's key weaknessDogecoin still appears to be substantially weaker than the majority of large-cap cryptocurrencies. The meme coin is trading close to $0.070, just above recent local lows, and it is still well below all of the daily chart's major moving averages. There is not much room for optimism in the technical structure.
The 50-day, 100-day, and 26-day moving averages are all trending above the price, indicating that sellers are still in charge across all significant time periods. In contrast to XRP, DOGE has been grinding sideways following a protracted decline rather than establishing any convincing higher-low pattern.
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The same weakness can be seen in momentum indicators. The RSI is below 40, a sign of bearish momentum that has not yet reached extremely oversold levels. If selling pressure picks up speed, that allows for an additional leg lower.
Additionally, compared to the peaks observed during earlier rallies, volume has significantly decreased, indicating that speculative interest has essentially vanished. In the absence of new demand, recovery efforts are likely to be sold into. Recovering the 26-day EMA at $0.075 is the first obstacle for buyers.
Stronger resistance emerges above that, close to the 50-day moving average at $0.078. If the current range is not maintained, DOGE may move toward the psychological $0.065 level, which would represent yet another major decline in its long-term structure. DOGE currently has one of the weakest-looking charts among major cryptocurrencies.
Following an early surge, Cash Cat has continued its downward trajectory, currently trading at $0.046. The daily price chart indicates persistent selling, with buyers retreating and speculative demand all but disappearing. The token failed to establish any meaningful base after its initial rally toward $0.20, instead forming a clear downtrend as every rebound produced a lower high.
Cash Cat struggles to find supportRecent trading sessions show that even minor recovery efforts, such as a move toward $0.08, met immediate resistance, and buyers were unable to sustain upward momentum. Unlike many meme tokens, where intense sell-offs are usually followed by a period of sideways movement as new buyers accumulate, CASHCAT continues to record lower lows. Daily fluctuations are narrowing, and both buying and selling activity appears to be fading.
Technical indicators provide little optimism. The relative strength index (RSI) remains below the neutral 50 mark, sitting at 41. While this is not an oversold level, it also does not point to any budding bullish momentum. For sustained recovery, the RSI would need to rise above 50 and see prices reclaim the resistance zone between $0.06 and $0.08.
Every rally attempt so far has failed to break resistance, and unless the price overcomes the $0.06–$0.08 area, sellers are likely to stay in control.
If Cash Cat slips below the current local support near $0.045, it could trigger a new drop, as there is no clear historical support at lower levels. Occasional speculative spikes show that liquidity is present, but buyers often cannot hold gains into the close. Until market sentiment surrounding meme coins shifts, sellers are expected to retain control.
Solana’s gradual recovery stalls at moving averagesSolana has attempted to stabilize after several months of weakness, consolidating around $76 and shaping a series of higher lows. Although the downtrend that started with June’s decline toward $60 has given way to some price stability, stiff resistance remains overhead.
The most notable development is Solana’s recovery of its 26-day and 50-day exponential moving averages, which now provide dynamic support. Price has lingered above these levels, indicating that recent gains are being defended. However, more significant resistance at the 100-day EMA—currently around $80—has repeatedly capped upward movement, while the longer-term 200-day EMA at $93 continues to slope downward, highlighting an unconfirmed long-term reversal.
The sideways price action gives moving averages time to converge and may support a breakout attempt if buying returns in force. Solana’s RSI stands at 51, signaling that momentum has rebounded from lows but is not yet overbought. This leaves some room for further upside should bullish sentiment return.
Moving AverageCurrent LevelStatus26-day EMA$74Support50-day EMA$74Support100-day EMA$80Resistance200-day EMA$93Downtrend ResistanceNear-term resistance is concentrated between $80 and $84, coinciding with the declining 100-day EMA and previous price ceilings. A break above this region could open the door to $90, a critical psychological level. Meanwhile, support has formed at $73–$74, where the shorter moving averages are converging; losing this area could put $60s back in play. Volume has decreased during the recent consolidation, typical after a rebound. Solana’s structure is stronger than in early summer, but a confirmed uptrend hinges on overcoming the $80–$84 zone.
XRP attempts breakout, faces seller pressureXRP’s bullish momentum faltered quickly after briefly breaching the upper edge of its ascending triangle pattern. Sellers pushed the price back below breakout levels, indicating that buyers remain hesitant. At the moment, XRP trades near $1.13, close to a cluster of short-term moving averages.
The 26-day EMA acts as immediate resistance, with the denser 50-day and 100-day moving averages at $1.16 to $1.24 creating a challenging supply zone above. The daily RSI has also slipped below the neutral midpoint as positive momentum fades.
Failure to solidly regain $1.16 would likely keep XRP rangebound or send it lower, while a close below $1.00 could nullify the current recovery and expose the asset to further declines.
Muted trading volume suggests that fresh capital inflows are lacking, while the asset’s structure depends on the rising trendline that has provided support in recent weeks. Should XRP fall below this, and lose hold of the psychologically sensitive $1.00 mark, further downside becomes a risk.
Dogecoin remains under pressureDogecoin continues to lag behind other major cryptocurrencies, trading near $0.070 and sitting below all major daily moving averages. The technical landscape offers little cause for optimism, as the 50-day, 100-day, and 26-day moving averages remain above price and reinforce ongoing selling dominance.
Unlike XRP, which at least attempted a breakout, DOGE has failed to establish higher lows and mostly moved sideways following a sustained decline. Momentum indicators like the RSI remain below 40, pointing to persistent bearishness that has not yet reached a capitulation point. Trading volumes have also collapsed compared to previous rallies, evidence that speculative interest has waned.
The first target for buyers is reclaiming the 26-day EMA at $0.075, followed by the 50-day MA at $0.078. If DOGE cannot maintain its current range, it risks sliding toward the psychological $0.065 level, deepening its longer-term downtrend. For now, Dogecoin shows one of the weakest setups among leading cryptocurrencies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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Ethereum has further consolidated its lead in decentralized finance, with its share of total cryptocurrency total value locked (TVL) rising to 54.39% during the past month. The increase, up from 53% one month prior, represents a gain of more than one percentage point despite persistent competition from other blockchain protocols, according to data from DefiLlama shared by staking provider Everstake.
Ethereum’s TVL Growth and Market ImpactTVL, a key metric for measuring participation in blockchain-based financial applications, tracks the value of assets deposited within smart contracts across various DeFi platforms. The most recent change means billions of dollars in digital assets have moved into Ethereum-based protocols, underscoring the platform’s ongoing appeal in lending, decentralized exchanges, and staking services.
Everstake highlighted, “When one network now secures 54.39% of the entire crypto TVL, it’s a reminder of just how significant Ethereum’s position has become.” The staking provider attributed this continued supremacy to years of progressive ecosystem expansion, ongoing protocol upgrades, and robust developer activity that have attracted new applications and liquidity to Ethereum.
Everstake commented that Ethereum’s steady growth in TVL points to the network’s years of expansion, upgrades, and adoption by both developers and users, reinforcing its vital role within DeFi.
Rival Blockchains Maintain Diverse DeFi EcosystemWhile Ethereum’s dominance remains substantial, alternative public blockchain networks continue to hold considerable TVL market shares. According to DefiLlama, Solana currently controls 6.49% of the total, with Tron and BNB Smart Chain each holding 6.30%. Base, a rising layer-2 solution backed by Coinbase, accounts for 6.03%, while Bitcoin-based DeFi stands at 5.61% of TVL.
These figures reflect a diversified landscape, as Solana accelerates adoption through user-focused applications, and Base leverages synergies with Coinbase’s broader ecosystem. Tron, meanwhile, has established a niche in stablecoin transfers, particularly for USDT. Each network addresses unique market segments, signaling that capital allocation is spread across multiple platforms based on their respective strengths and user bases.
BlockchainTVL Share (%)Ethereum54.39Solana6.49Tron6.30BNB Smart Chain6.30Base6.03Bitcoin5.61Technical Upgrades Drive Ethereum AdoptionEthereum’s high TVL levels have been strengthened by a constant flow of technical improvements and a strong developer community. Flagship DeFi protocols, such as Aave, Maker, Uniswap, and Lido, anchor substantial liquidity on Ethereum, bolstering overall network TVL and activity.
Continuous upgrades aimed at boosting scalability and reducing transaction fees, especially via Layer-2 networks, have made Ethereum more attractive for institutional investors and retail participants alike. This broader appeal supports the deployment of additional decentralized applications, all while maintaining Ethereum’s well-regarded security profile.
Mini dictionary: Layer-2 networks, often referred to as L2s, are secondary frameworks built atop Layer-1 blockchains like Ethereum. These solutions process transactions off the main chain and submit bundled results to the base layer, effectively reducing congestion and lowering fees without compromising security.
For market participants, rising total value locked is commonly viewed as an indicator of growing trust in a blockchain’s DeFi ecosystem. However, analysts recommend evaluating TVL alongside other factors such as user activity, transaction volume, protocol revenues, and fee generation before forming conclusions about overall network health.
ETH’s Role as Primary DeFi Settlement LayerEthereum’s expanding share of TVL reflects its pivotal position as the main settlement and liquidity hub for DeFi applications. Higher TVL levels generally result in increased liquidity, enabling broader lending markets and more efficient decentralized trading for users and institutions.
This development is particularly relevant as institutional interest in Ethereum has accelerated since the approval of spot ETH exchange-traded funds (ETFs) in the United States. While ETF inflows do not directly count toward DeFi TVL, greater mainstream exposure to ETH has further boosted awareness and interest across its diverse ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Key Highlights Solana has gained 12% over the last month, currently hovering near $77 ETF capital flows reached a two-week peak, with BSOL receiving $5.83M Inactive wallet activity on Solana decentralized exchanges jumped 400% week-over-week Critical resistance level established at $78; surpassing $97.89 may trigger a rally toward $120–$130 Technical indicators show a bullish MA crossover, indicating accumulating buy-side momentum Solana has posted impressive gains of 12% during the last 30-day period, securing its position as the strongest performer among the top five cryptocurrencies by market capitalization. Currently, SOL is exchanging hands around the $77 mark, accompanied by daily trading activity totaling $1.61 billion.
Solana (SOL) Price Daily transaction volumes have experienced a modest decline from $2.2 billion down to $1.7 billion following a four-day consecutive upward price movement. The cryptocurrency market seems to be consolidating after its recent advance.
Capital flows into Solana-focused exchange-traded funds shifted into positive territory this week, with approximately $7.2 million entering SOL-based investment products. Leading the charge was the Bitwise Solana Staking ETF (BSOL), which attracted $5.83 million on July 21 — marking its strongest single-day performance in a fortnight.
Source: SoSoValue The subsequent trading session witnessed outflows totaling $1.27 million, representing approximately 25% of the previous day’s inflows. Monthly net inflows for July have reached nearly $12 million, a stark contrast to June’s $786,000 net exodus.
However, July’s momentum represents an 86% decrease compared to May, when Solana ETFs attracted $115 million while SOL was valued around $80.
Inactive Wallets Make Comeback Previously inactive wallet addresses returning to Solana’s decentralized exchange ecosystem reached 62,000 during the past week, climbing from under 20,000 in the preceding period. This represents a remarkable 400% surge and marks the highest returning participant count recorded in more than twelve months.
Source: Dune The stablecoin reserves on Solana’s network have also achieved a fresh record high of $17 billion, based on data from DeFi Llama. Meanwhile, application fee generation continues to languish at levels not seen in two years.
Digital asset analyst Michaël van de Poppe shared on X that SOL is “holding the range low” and forecasted it’s “just a matter of time” before the cryptocurrency accelerates toward the $120 threshold. Van de Poppe has identified the $75 zone as a crucial support foundation for SOL.
The path of $SOL remains the same.
It's holding the range low and, to me, it's just a matter of time until this starts to accelerate towards $120. pic.twitter.com/hv6rVMtkxl
— Michaël van de Poppe (@CryptoMichNL) July 21, 2026
Critical Price Thresholds Under Observation A significant moving average crossover has materialized, with the shorter-term MA climbing above its longer-term counterpart — a configuration that market participants monitor for potential trend reversals. The Relative Strength Index is also positioned above the midpoint, indicating strengthening buyer interest.
SOL must establish a close above the $97.89 level to transform its market structure from bearish to bullish. Trading beneath this threshold maintains the technically bearish pattern.
Should Solana successfully pierce through the $78 resistance barrier, market analysts are targeting the $90–$95 zone as the subsequent objective, where the 200-day exponential moving average is currently positioned. A sustained advance beyond $97 could propel prices into the $120–$130 territory.
The Crypto Fear and Greed Index currently registers at 39, hovering near Neutral sentiment. More than half of the analysts monitored by FedWatch anticipate a 25 basis point Federal Reserve rate increase by September, which may constrain upside potential for alternative cryptocurrencies in the immediate term.
Combined Solana and Hyperliquid ETF products represent nearly 80% of non-Bitcoin/Ethereum ETF trading volume, with aggregate Solana ETF assets under management nearing the $1 billion milestone.
LayerZero and Keeta have partnered to make tokenized commercial bank deposits transferable across Ethereum, Solana, Base and the Keeta Network.
Summary
Keeta stablecoins will represent commercial bank deposits and move across four networks through LayerZero infrastructure. Nine fiat currencies are scheduled to launch across supported public blockchains later during July 2026. Bivo will hold backing deposits while issuers retain control over contracts, transfers, and compliance requirements. The companies plan to launch the service later in July 2026, giving institutions a way to move bank-backed digital money across several public blockchains.
(1/8) Keeta has partnered with @LayerZero_Core to bring tokenized commercial bank money to major blockchains.
Together, we’re the first to combine regulated, compliance-native infrastructure with omnichain interoperability, enabling financial institutions to move bank-grade… pic.twitter.com/QKPJff0b7N
— Keeta (@KeetaNetwork) July 23, 2026 The system will use Keeta Stablecoins, which the companies describe as tokenized commercial bank money. Commercial bank deposits held through Bivo and its partner-bank network will back the tokens. The initial release will cover the U.S. dollar and eight other fiat currencies.
Keeta Stablecoins target multichain settlement According to the official LayerZero announcement, the first currencies will include USD, EUR, JPY, CNY, GBP, CAD, MXN, AED and HKD. The companies did not provide a specific launch date or name the institutions that will use the product at launch.
The product targets treasury, payment and settlement work. An institution could hold a token linked to a commercial bank deposit and transfer it between supported networks. Keeta CEO Ty Schenk said, “The future of institutional money isn’t a walled garden.” He said Keeta wants regulated bank money to move across chains rather than remain inside one closed system.
LayerZero supplies the cross-chain token standard Keeta Stablecoins will use LayerZero’s Omnichain Fungible Token Standard. LayerZero’s technical documentation says the OFT model lets one fungible token exist across several chains while maintaining one global supply. A transfer removes tokens from circulation on the source network and credits the same amount on the destination network.
The partnership says the issuing institution will retain contract authority across the supported networks. LayerZero also offers stablecoin controls such as transfer restrictions, rate limits, pause functions and separate operational roles. These controls allow an issuer to apply internal policies while keeping the token available on more than one blockchain.
Bivo provides the deposit and payment connection Bivo will provide access to U.S. payment rails and its partner-bank network. Keeta identifies Bivo as a licensed money transmitter with NMLS number 2572288. California’s Department of Financial Protection and Innovation also lists Bivo as a regulated money transmitter in the state.
The announcement does not state whether every token holder will receive deposit insurance or hold a direct claim against a named bank. It only says that commercial bank deposits held through Bivo will back the tokens. The companies also did not disclose reserve reporting rules, redemption fees, minimum transaction sizes or which entities will issue each currency.
The structure differs from many stablecoins that hold cash, Treasury bills or other reserve assets outside a customer deposit account. Keeta and LayerZero still use the term “stablecoins” for the product, but they describe the backing as commercial bank money rather than a mixed reserve portfolio.
Tokenized deposit projects gain wider attention Banks and crypto firms have tested several forms of tokenized deposits in 2026. JPMorgan and other large U.S. banks have worked on a shared network for tokenized deposits, with a possible 2027 launch. That project would operate through a bank-led system rather than distribute deposits across several public chains.
In another model, Custodia Bank and Vantage Bank tested a dual-purpose token that acts as a bank deposit inside their Hazel network and as a stablecoin when it moves outside the network. The Keeta and LayerZero plan instead focuses on issuing several fiat-linked assets across Ethereum, Solana, Base and Keeta from the start.
LayerZero already supports cross-chain distribution for payment and tokenized-asset products. As previously reported, PayPal expanded PYUSD to additional networks through LayerZero infrastructure. Ondo Finance also used LayerZero for cross-chain transfers of tokenized stocks and exchange-traded funds.
Cross-chain systems also carry technical and operational risks. In April, attackers drained about $292 million from Kelp DAO’s rsETH bridge after compromising infrastructure used by a LayerZero verifier. LayerZero said the attack affected Kelp DAO’s single-verifier setup rather than the core protocol. The company later stopped signing messages for applications using one-verifier configurations and urged projects to use several independent verifiers.
Keeta will also add LayerZero as an anchor inside its network. Keeta uses anchors to connect blockchains and traditional payment systems. The company says its network reached 11.2 million transactions per second during a public stress test conducted with Google’s Spanner engineering team, although that result does not represent normal production volume.
The companies have not disclosed launch partners, expected transaction volume or pricing. Their July rollout will test whether institutions want tokenized commercial bank money that can move across public chains while the issuer keeps control over transfers and compliance settings.
Index nákupních manažerů PMI ve výrobě (S&P Global / BME) (červenec - předběžný):
aktuální hodnota: 52,2 b.
očekávání trhu: 50,5 b.
předchozí hodnota: 50,3 b.
Index nákupních manažerů PMI ve službách (S&P Global) (červenec - předběžný):
aktuální hodnota: 49,6 b.
očekávání trhu: 49,0 b.
předchozí hodnota: 48,6 b.
Index nákupních manažerů PMI - kompozitní (S&P Global) (červenec - předběžný):
aktuální hodnota: 51,2 b.
očekávání trhu: 49,7 b.
předchozí hodnota: 49,5 b.
Softwarová společnost SAP včera po uzavření trhu reportovala výsledky za 2Q 2026. Výnosy z cloudových služeb předčily očekávání a analytici celkově hodnotí report jako solidní. Očekávání nenaplnila společnost výší provozního zisku, na jehož úrovni snížilo SAP také roční výhled kvůli negativnímu vlivu uskutečněných akvizic.
Výsledky společnosti SAP (SAP) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2026 Tržby (mld. EUR) 9,88 9,85 9,03 Čistý zisk (mld. EUR) 2,21 1,95 1,75 Očištěný zisk na akcii (EPS, EUR/akcie) 1,59 1,75 1,50 Výsledky za 2Q 2026 Společnost SAP dále pokračuje v transformaci z obchodního modelu On-Premise na Off-Premise, když výnosy z cloudových služeb ve 2Q 2026 vzrostly na 6,28 mld. EUR o 24 % na konstantní měnové bázi při analytickém očekávání 23,2% růstu. Objem nevyřízených zakázek (backlog) z tohoto segmentu potom vzrostl na 22,9 mld. EUR o 26 %, přičemž analytici očekávali růst 23,8 %. Naopak slábnoucí segment licencí a podpory klesl bez měnového vlivu o 8 % na 2,57 mld. EUR. Výnosy segmentu cloudu a licencí dohromady činily 8,85 mld. EUR, což mírně předčilo očekávání trhu ve výši 8,82 mld. EUR.
Pod odhady společnost reportovala na úrovni provozního zisku, který činil 2,74 mld. EUR (+9 % meziročně). Analytický konsenzus byl 2,91 mld. EUR.
Volný hotovostní tok činil 3 mld. EUR v souladu s očekáváním trhu.
Výhled na rok 2026 Výnosy z cloudu 25,8 – 26,2 mld. EUR (23 % - 25 % meziročně) Výnosy z cloudu a licencí 36,3 – 36,8 mld. EUR (12 – 13 % meziročně) Mírné zpomalení backlogu (z 25 % v roce 2025) Volný hotovostní rok přibližně 10 mld. EUR SAP však snížil výhled provozního zisku z rozmezí 11,9 – 12,3 EUR do pásma 11,8 – 12,2 mld. EUR. Analytický konsenzus byl 11,97 mld. EUR. Toto rozhodnutí reflektuje dopad akvizic Dremio a Prior Labs, které byly dokončeny v červenci. Negativní dopad společnost odhaduje na 100 mil. EUR.
Komentář analytiků Bloomberg Intelligence: Současný 26% růst backlogu ve 2Q při konstantních měnách je více než 200 bazických bodů nad konsenzem a v rozporu s naším opatrným krátkodobým výhledem pro celé odvětví. Výhled managementu pro celý rok, který počítá s mírným zpomalením růstu z 25 %, může být spíše konzervativní.
Evercore ISI: Bylo to solidní čtvrtletí. Celkově jsou výsledky „do značné míry dostatečně dobré, zejména po výrazném poklesu ceny akcií od začátku roku. Lepší než očekávaný růst současného cloudového backlogu a cloudových tržeb vyvážil slabší ziskovost.
Morgan Stanley: Zatímco hlavní ukazatele tržeb byly v souladu s očekáváním nebo je mírně překonaly, provozní zisk zaostal za očekáváním, především kvůli vyšším investicím do výzkumu a vývoje (R&D).
Akcie SAP
SAP SE (SAP) +4,8 % na 134,52 EUR Ukazatel Ukazatel Kapitalizace (mld. EUR) 165,4 P/E 20,1 Vývoj za letošní rok (%) -35,4 Očekávané P/E 18,7 52týdenní minimum (EUR) 127,5 Prům. cílová cena (EUR) 201,3 52týdenní maximum (EUR) 258,7 Dividendový výnos (%) 1,9 Zdroj: SAP, Bloomberg
TLDRCloud business drives revenue growth and backlog expansionProfit rises as acquisitions influence outlookCash flow strengthens as share repurchases continueGet 3 Free Stock Ebooks SAP stock falls despite strong Q2 cloud revenue and earnings growth. Cloud ERP revenue jumps 25% as cloud backlog reaches €22.9 billion. Free cash flow climbs 27% to €3 billion in the second quarter. Total revenue rises 9% as cloud business offsets software declines. SAP updates 2026 outlook after Dremio and Prior Labs acquisitions. SAP SE (SAP) shares closed at $146.38, down 1.59%, before rising 1.79% to $149.00 in after-hours trading after second-quarter earnings. The software company reported stronger cloud growth, higher profit, and expanding free cash flow despite slower software license sales. The results also reflected continued demand for cloud enterprise products and AI-driven business software.
SAP SE, SAP
Cloud business drives revenue growth and backlog expansion SAP reported current cloud backlog of €22.9 billion during the second quarter. The figure increased 27% year over year and 26% at constant currencies. Moreover, the company said cloud backlog benefited slightly from the Reltio acquisition.
Cloud revenue reached €6.28 billion during the quarter. That result increased 22% from the previous year and 24% at constant currencies. Cloud ERP Suite revenue climbed 25% and 27% at constant currencies.
Cloud and software revenue increased 11% to €8.85 billion. Total revenue rose 9% to €9.88 billion and 11% at constant currencies. Services revenue declined 3% to €1.03 billion, while software license revenue dropped 32% to €131 million.
Software support revenue also declined 8% to €2.44 billion. Stronger cloud performance offset those declines across the broader business. Consequently, cloud products remained SAP’s primary growth driver during the quarter.
Profit rises as acquisitions influence outlook SAP generated IFRS operating profit of €2.64 billion during the quarter. The result increased 8% from the previous year. Non-IFRS operating profit reached €2.74 billion, rising 7% and 9% at constant currencies.
Profit after tax increased 26% under IFRS to €2.21 billion. Basic earnings per share also climbed 30% to €1.89. Non-IFRS earnings per share increased 6% to €1.59.
Cloud gross profit reached €4.66 billion, increasing 22% year over year. The IFRS cloud gross margin declined slightly to 74.3% from 74.7%. Gross profit rose 9% to €7.23 billion despite modest margin pressure.
SAP updated its 2026 non-IFRS operating profit outlook after completing the Dremio and Prior Labs acquisitions. The company said those acquisitions created a dilutive effect on expected operating profit. It also noted sequential operating profit growth slowed because of increased research spending, stock-based compensation changes and acquisition impacts.
Cash flow strengthens as share repurchases continue SAP generated €3.15 billion in operating cash flow during the quarter. Free cash flow reached €3.00 billion, representing a 27% increase from the previous year. Those gains reflected stronger operating performance despite continued investment spending.
For the first six months of 2026, total revenue reached €19.43 billion. Cloud revenue increased 21% to €12.24 billion during the period. Operating profit also advanced 12% under both IFRS and non-IFRS reporting.
Free cash flow for the first half reached €6.25 billion. Operating cash flow increased 5% to €6.67 billion. Basic IFRS earnings per share rose 19% to €3.55 over the six-month period.
SAP also continued its previously announced share repurchase program. The company repurchased more than 16.28 million shares by June 30. Those purchases totaled about €2.6 billion at an average price of €161.16 per share under the €10 billion program announced in January 2026.
SAP has continued shifting its business toward recurring cloud revenue over recent years. That strategy has reduced reliance on traditional software licensing while expanding subscription-based enterprise software. The latest quarterly results showed that cloud demand continued supporting revenue growth, profitability, and cash generation despite acquisition costs and ongoing investments in AI and research.
Lombard Finance has launched its Bitcoin Onchain Credit Strategy with Flow Traders as an early institutional participant.
Summary
Flow Traders can borrow stablecoins while Bitcoin Earn deposits provide collateral coverage through Cap’s platform. Bitcoin holders receive underwriting premiums alongside vault returns, linking yield directly to institutional borrowing demand. Chainlink CCIP moves BTC.b from Avalanche into Ethereum, widening cross-chain access to the credit strategy. The product lets the market maker borrow stablecoins without posting its own collateral directly onchain. Instead, Bitcoin supplied through Lombard’s Bitcoin Earn vault provides separate collateral coverage through Cap’s credit platform.
The model connects Flow Traders’ demand for stablecoin financing with Bitcoin holders seeking yield. Borrowing premiums paid by the trading firm flow to depositors whose assets support the credit. Lombard said the new allocation sits inside Bitcoin Earn, which has recorded more than $1 billion in deposits from over 38,500 users.
Flow Traders borrows through Bitcoin depositors Flow Traders accesses stablecoins through Cap’s automated credit marketplace on Ethereum. Bitcoin Earn depositors supply the assets that cover the loan, while Symbiotic provides the shared-security layer. Cap’s documents say approved operators can borrow reserve assets after receiving enough collateral from delegators. Each operator receives isolated coverage rather than sharing the same collateral across several borrowers.
If a covered loan falls below its required safety level, Cap can liquidate or slash the delegated assets to repay debt. Lombard CEO Jacob Phillips said, “By separating the borrower from the collateral provider, the parties involved have made it possible for regulated, institutional trading firms to tap into onchain credit for the first time.”
Flow Traders executive Michael Lie said the strategy links Bitcoin holders with financing demand that is “less correlated to DeFi market conditions.”Flow Traders has traded digital assets since 2017 and provides liquidity across exchange-based and bilateral institutional markets.
Bitcoin Earn adds institutional credit premiums Bitcoin Earn operates as a managed meta-vault. Users can deposit LBTC, BTC.b, WBTC or native Bitcoin and receive BTCe receipt tokens. Professional managers allocate the pooled assets across several strategies rather than one lending market. Sentora manages the initial vault, while Veda supplies its infrastructure.
Lombard launched Bitcoin Earn in February 2026 as a managed Bitcoin yield product. The new credit strategy becomes one allocation within that structure. Flow Traders’ fixed annualized premium adds another source of return alongside other vault strategies, whose yields can change with market conditions.
Lombard’s documentation says BTCe withdrawals may take up to 14 days and settle in LBTC, regardless of the asset originally deposited. The company also lists smart contract, strategy and liquidity risks. Audits may reduce technical risk, but they cannot remove the chance of code failures, losses or delayed withdrawals.
Cap also states that delegators face slashing risk if an operator becomes undercollateralized. The yield therefore reflects defined credit and technical exposure rather than a guaranteed return. Cap’s risk disclosures warn that malicious or undercollateralized operators may put delegated assets at risk.
Chainlink moves BTC.b into the Ethereum vault Lombard uses Chainlink’s Cross-Chain Interoperability Protocol to move BTC.b from Avalanche into the Ethereum vault used by the strategy. CCIP lets supported applications transfer tokens and messages between blockchains. This allows the credit product to draw Bitcoin liquidity from Avalanche while Cap manages borrowing on Ethereum.
The cross-chain step follows Lombard’s May decision to use CCIP for more than $1 billion in LBTC and BTC.b assets. The company said the change aimed to standardize transfers as its Bitcoin products expanded across more networks.
As crypto.news reported, Lombard moved LBTC and BTC.b to Chainlink CCIP as its exclusive cross-chain infrastructure after reviewing its bridge setup. Lombard said the migration replaced LayerZero across several networks.
The BTC.b route follows Lombard’s acquisition of the asset and its infrastructure from Ava Labs in October 2025. As previously reported, the deal included BTC.b’s existing Avalanche integrations and user base. Lombard planned to expand the 1:1 Bitcoin asset to Ethereum, Solana and other networks.
Pilot tests a different lending structure Traditional DeFi loans usually require borrowers to post more collateral than they receive. Lombard’s structure separates the borrower from the collateral provider. Flow Traders receives stablecoins, Bitcoin Earn depositors provide coverage, and Cap’s contracts track the loan, collateral level and possible liquidation.
The setup does not remove lending risk. It depends on Lombard’s vaults, Cap’s credit contracts, Symbiotic’s collateral system, Chainlink’s cross-chain service and Flow Traders meeting its repayment duties. Problems in any connected system could affect returns, withdrawals or deposited assets.
Lombard has not disclosed the pilot loan’s size, duration, stablecoin type or interest rate. It has also not named other borrowers. The launch extends Lombard’s Bitcoin products beyond staking and standard DeFi lending, while testing whether Bitcoin depositors can support institutional stablecoin credit through an onchain structure.
According to HTX market data, Ethereum has broken through the $1900 level, with a 0.92% decline in the past 24 hours.
18 minutes ago
Analyst: If ETH holds the $1,850 support level, it may rebound to $2,060.
Crypto analyst Ali Charts posted that Ethereum rebounded after testing the lower boundary of its price channel. The current key support level stands at $1,850; as long as this level holds, Ethereum could rally back toward the channel’s upper boundary, around $2,060.
18 minutes ago
CXMT is 3 days away from its IPO, as newly opened whale positions partially cut their CXMT long positions.
According to Hyperinsight monitoring, CXMT on Hyperliquid is currently trading at $6.4658, down roughly 0.8% over 24 hours, equivalent to ~￥43.93. This is 5.07 times the ￥8.66 IPO price of Changxin Technology, representing a ~407% premium. Changxin Technology is set to list on the STAR Market on July 27 (next Monday), with stock code 688825. Its total post-IPO share count is ~668.81 billion, of which ~45.03 billion shares will be tradable from the first day of listing. Calculated at CXMT’s current price, its implied market cap is ~￥2.94 trillion, ~￥2.36 trillion higher than the IPO valuation of ￥579.188 billion. CXMT futures launched on July 15, hitting a high of $8.64 (~￥58.70) from $6 on its first day, at one point trading at a 577.8% premium to the IPO price, with its implied market cap once approaching ￥3.93 trillion. The current price has fallen 25.2% from that peak, but remains 7.8% higher than its launch price. Open interest for CXMT on the platform stands at ~$50.1 million, with 24-hour trading volume of ~$11.566 million. On the address front, the largest existing position is held by address 0xf29, which is short $8.53 million worth of CXMT at 1x leverage, with an average entry price of $6.6, unrealized profit of $170,000, and liquidation price of $15. Meanwhile, the largest recent million-dollar position (a whale address starting with 0x8e09) has started reducing its long positions; after 13:00 today, it sold a small portion of 30,000 units. As of press time, this address still holds 204,100 CXMT long positions in isolated mode at 5x leverage, with a position value of ~$1.19 million, average entry price of $6.57, unrealized loss of ~$17,000, and a return of ~-7.9%. Although this position is marked as 5x leverage, it has posted ~$1.196 million in isolated margin, resulting in an effective leverage of only ~1.1x; it is currently labeled "Hanba Xiaolong" on Hyperliquid.
18 minutes ago
Roundup of Stablecoin Demand Deposit Yields on Major CEXs: USDT Offers Up to 10% for Small-Tier Deposits, USDC Up to 8%
According to the latest compiled data on flexible savings and earn products of major centralized crypto exchanges (CEXs), platforms including HTX, Binance, OKX, and Bitget continue to offer stablecoin current yields structured as "high returns for small amounts, tiered reduction for excess amounts". For USDT: HTX’s 0-200 USDT tier has an annualized yield of 10%, dropping to 1.95% for amounts over 200 USDT; Bitget’s 0-300 USDT tier yields 6.25%, with excess amounts at 1.59%; Binance’s 0-200 USDT tier is 4.54%, excess at 1.54%; OKX’s is 1.63%. For USDC: HTX’s 0-200 USDC tier offers an annualized yield of 8%, falling to 2.75% above 200 USDC; Bitget’s 0-300 USDC tier is 6.66%, excess at 1.73%; Binance’s 0-200 USDC tier is 6.51%, excess at 1.51%; OKX’s is 1.68%. For other stablecoins: HTX’s USDT VIP tier has an annualized yield of 6%-9%, while Bitget’s USDT VIP 0-300,000 tier is 1.88%; USDE’s annualized yields on HTX, Binance, and Bitget are tiered at 5%/3%, 4.00%, and 1.81% respectively; HTX’s USDD is 4.00%; Binance’s U product has an annualized yield of 8.53% for the 0-10,000 tier, dropping to 0.53% for excess amounts. Overall, current high yields on stablecoin flexible savings products of major CEXs remain concentrated in small amounts, with yields generally lower for large sums. When comparing related products, users should not only consider the nominal annualized yield, but also note tier limits, interest calculation rules, supported currencies, and real-time product availability. The above data is displayed yield rates and does not constitute investment advice.
18 minutes ago
South Korea’s Mirae Asset Group has acquired a 97.15% stake in Korbit, and plans to develop it into a smart investment platform.
South Korea’s Mirae Asset Group has completed the acquisition of a 97.15% stake in Korbit, a veteran South Korean cryptocurrency exchange, and plans to rebrand the platform as Digital X. The deal was finalized after securing approval from South Korea’s Fair Trade Commission, and the group currently has no plans to acquire the remaining shares. Mirae Asset stated that Digital X will be positioned as a "smart investment platform" that integrates real-world assets (RWA), security token offerings (STOs), stablecoins, traditional assets, and digital assets into a unified investment ecosystem, while connecting knowledge, information, and in-depth investment research. The "X" in the name represents the unknown future and infinite possibilities arising from the convergence of different value forms. Korbit currently holds less than 1% of South Korea’s domestic crypto market share, far trailing Upbit and Bithumb. Mirae Asset emphasized that its goal is not to outperform other exchanges, but to combine its global investment expertise with Korbit’s digital asset capabilities to drive the steady, sustainable development of the digital asset industry in South Korea and globally. The group also plans to strengthen investor education, research capabilities, and institutional-grade infrastructure, while strictly adhering to anti-money laundering (AML), know-your-customer (KYC), and fraud detection standards across all operations to serve both institutional clients and retail traders.
18 minutes ago
Controversy over Morgan Stanley’s bearish stance on South Korea’s semiconductor sector intensifies, weighing on its investment banking business in the country.
South Korea’s stock market posted sharp declines today, with SK Hynix plunging over 8% and Samsung Electronics falling more than 7%. Some analysts attribute the sell-off to a recent bearish report on memory chips released by Shawn Kim, head of Asia Tech Research at Morgan Stanley, though others argue the report may not be the direct cause of the market drop. In his July 21 report, Kim noted that the AI-driven memory chip boom is nearing an inflection point, with memory contract prices likely to peak in the fourth quarter, and the share of upward earnings revisions has dropped from 92% to 77%. The report also pointed out that NAND module manufacturers’ inventories have risen to around 13 weeks, approaching the peak of roughly 15 weeks recorded during the pandemic, and put forward the trading logic: "Sell DRAM when NAND turns down." Separately, Morgan Stanley was excluded from the joint lead underwriter lineup for SK Hynix’s roughly $265 billion American Depositary Receipt (ADR) listing. The selected underwriters are Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, leaving Morgan Stanley as the only top-tier investment bank left out. At a 0.5% underwriting fee rate, the total commission for the project is approximately $130 million. Multiple banking sources said Morgan Stanley’s Seoul office has launched internal reflection on whether its consistent negative semiconductor reports have harmed its investment banking business. Beyond the SK Hynix deal, Morgan Stanley has recently been embroiled in disputes over SpaceX’s share placement and the sale of IGIS Asset Management in South Korea. These incidents further highlight the tension between the research department’s independence and the commercial interests of investment banking, and have amplified its reputation and business pressure in the South Korean market.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Bitget has completed dividend distributions for 63 stocks including Micron Technology and TSMC.
According to an official announcement, Bitget has completed the dividend distribution for 63 US stocks and ETFs, including rMU (Micron Technology), rQQQ (Nasdaq 100 Index ETF), and rTSM (Taiwan Semiconductor Manufacturing Company, TSMC). The platform has settled USDT dividends proportionally for users who held the relevant assets at the snapshot time, with the entire process automated—no user action is required. This distribution covers multiple asset categories including technology, semiconductors, communications, and index ETFs. Users can check specific details via: in the App, navigate to "Assets" → "Financial Records" → "Spot" → "Other" → "Dividends"; or on the Web, go to "Asset Overview" → "Spot Orders" → "Fund Flow" → "Other" → "Dividends". The final credited amount and timing shall be subject to the platform’s actual credit and page display.
2 minutes ago
Ethereum breaks through $1,900
According to HTX market data, Ethereum has broken through the $1900 level, with a 0.92% decline in the past 24 hours.
2 minutes ago
Analyst: If ETH holds the $1,850 support level, it may rebound to $2,060.
Crypto analyst Ali Charts posted that Ethereum rebounded after testing the lower boundary of its price channel. The current key support level stands at $1,850; as long as this level holds, Ethereum could rally back toward the channel’s upper boundary, around $2,060.
2 minutes ago
CXMT is 3 days away from its IPO, as newly opened whale positions partially cut their CXMT long positions.
According to Hyperinsight monitoring, CXMT on Hyperliquid is currently trading at $6.4658, down roughly 0.8% over 24 hours, equivalent to ~￥43.93. This is 5.07 times the ￥8.66 IPO price of Changxin Technology, representing a ~407% premium. Changxin Technology is set to list on the STAR Market on July 27 (next Monday), with stock code 688825. Its total post-IPO share count is ~668.81 billion, of which ~45.03 billion shares will be tradable from the first day of listing. Calculated at CXMT’s current price, its implied market cap is ~￥2.94 trillion, ~￥2.36 trillion higher than the IPO valuation of ￥579.188 billion. CXMT futures launched on July 15, hitting a high of $8.64 (~￥58.70) from $6 on its first day, at one point trading at a 577.8% premium to the IPO price, with its implied market cap once approaching ￥3.93 trillion. The current price has fallen 25.2% from that peak, but remains 7.8% higher than its launch price. Open interest for CXMT on the platform stands at ~$50.1 million, with 24-hour trading volume of ~$11.566 million. On the address front, the largest existing position is held by address 0xf29, which is short $8.53 million worth of CXMT at 1x leverage, with an average entry price of $6.6, unrealized profit of $170,000, and liquidation price of $15. Meanwhile, the largest recent million-dollar position (a whale address starting with 0x8e09) has started reducing its long positions; after 13:00 today, it sold a small portion of 30,000 units. As of press time, this address still holds 204,100 CXMT long positions in isolated mode at 5x leverage, with a position value of ~$1.19 million, average entry price of $6.57, unrealized loss of ~$17,000, and a return of ~-7.9%. Although this position is marked as 5x leverage, it has posted ~$1.196 million in isolated margin, resulting in an effective leverage of only ~1.1x; it is currently labeled "Hanba Xiaolong" on Hyperliquid.
2 minutes ago
Roundup of Stablecoin Demand Deposit Yields on Major CEXs: USDT Offers Up to 10% for Small-Tier Deposits, USDC Up to 8%
According to the latest compiled data on flexible savings and earn products of major centralized crypto exchanges (CEXs), platforms including HTX, Binance, OKX, and Bitget continue to offer stablecoin current yields structured as "high returns for small amounts, tiered reduction for excess amounts". For USDT: HTX’s 0-200 USDT tier has an annualized yield of 10%, dropping to 1.95% for amounts over 200 USDT; Bitget’s 0-300 USDT tier yields 6.25%, with excess amounts at 1.59%; Binance’s 0-200 USDT tier is 4.54%, excess at 1.54%; OKX’s is 1.63%. For USDC: HTX’s 0-200 USDC tier offers an annualized yield of 8%, falling to 2.75% above 200 USDC; Bitget’s 0-300 USDC tier is 6.66%, excess at 1.73%; Binance’s 0-200 USDC tier is 6.51%, excess at 1.51%; OKX’s is 1.68%. For other stablecoins: HTX’s USDT VIP tier has an annualized yield of 6%-9%, while Bitget’s USDT VIP 0-300,000 tier is 1.88%; USDE’s annualized yields on HTX, Binance, and Bitget are tiered at 5%/3%, 4.00%, and 1.81% respectively; HTX’s USDD is 4.00%; Binance’s U product has an annualized yield of 8.53% for the 0-10,000 tier, dropping to 0.53% for excess amounts. Overall, current high yields on stablecoin flexible savings products of major CEXs remain concentrated in small amounts, with yields generally lower for large sums. When comparing related products, users should not only consider the nominal annualized yield, but also note tier limits, interest calculation rules, supported currencies, and real-time product availability. The above data is displayed yield rates and does not constitute investment advice.
2 minutes ago
South Korea’s Mirae Asset Group has acquired a 97.15% stake in Korbit, and plans to develop it into a smart investment platform.
South Korea’s Mirae Asset Group has completed the acquisition of a 97.15% stake in Korbit, a veteran South Korean cryptocurrency exchange, and plans to rebrand the platform as Digital X. The deal was finalized after securing approval from South Korea’s Fair Trade Commission, and the group currently has no plans to acquire the remaining shares. Mirae Asset stated that Digital X will be positioned as a "smart investment platform" that integrates real-world assets (RWA), security token offerings (STOs), stablecoins, traditional assets, and digital assets into a unified investment ecosystem, while connecting knowledge, information, and in-depth investment research. The "X" in the name represents the unknown future and infinite possibilities arising from the convergence of different value forms. Korbit currently holds less than 1% of South Korea’s domestic crypto market share, far trailing Upbit and Bithumb. Mirae Asset emphasized that its goal is not to outperform other exchanges, but to combine its global investment expertise with Korbit’s digital asset capabilities to drive the steady, sustainable development of the digital asset industry in South Korea and globally. The group also plans to strengthen investor education, research capabilities, and institutional-grade infrastructure, while strictly adhering to anti-money laundering (AML), know-your-customer (KYC), and fraud detection standards across all operations to serve both institutional clients and retail traders.
Oasis Pro Markets Secures Regulatory Green LightOndo Finance has cleared a significant regulatory hurdle in its push to bring tokenized securities to American investors. Its SEC-registered broker-dealer subsidiary, Oasis Pro Markets, has received U.S. regulatory authorization to offer compliant tokenized corporate equities and funds to U.S. financial institutions and retail investors under SEC and FINRA oversight, via OTC retailing, underwritten primary offerings, private placements, and other activities.
Oasis Pro Markets LLC operates as an SEC-registered broker-dealer and alternative trading system and is a member of FINRA/SIPC. The authorizations further enable Oasis Pro Markets to operate a compliant platform for U.S. issuers to conduct primary offerings of, and for U.S. institutional and retail investors to engage in secondary trading of, these tokenized securities.
U.S. investors will gain access to publicly traded equities, including IPOs, as well as fund interests such as ETFs, mutual funds, and index funds. Ondo says the approval will help deliver 24-hour trading, fractional ownership, and faster settlement to investors across the country.
Broader Access and Growing MomentumThe approvals further allow Oasis Pro Markets to support omnibus account structures through integrations with existing broker-dealer and advisory channels, enabling institutional investors, registered investment advisers, and retirement accounts to access tokenized securities through their current brokers, significantly reducing onboarding friction and enabling broader participation by U.S. investors.
The announcement builds on momentum Ondo has already established in the tokenized securities space. Ondo Finance said it has recorded $20 billion in cumulative trading volume and $1 billion in total value locked (TVL) for tokenized stocks, and that it will continue expanding infrastructure connecting traditional finance and blockchain.
Earlier this month, Ondo Finance expanded its tokenized securities offering on Solana by introducing 24/7 minting and redemption for select U.S. stocks and ETFs, with the rollout initially covering six assets: NVDAon, TSLAon, GOOGLon, SPYon, QQQon, and CRCLon. Ondo also introduced tokenized versions of BlackRock's iShares Core S&P 500 ETF and Micron shares in partnership with Broadridge, with the underlying securities remaining within the established U.S. custody system while corresponding tokens are issued on Ethereum and held by regulated custodians.
The move comes as tokenized equities gain momentum across both crypto and traditional finance, with Robinhood rolling out its own blockchain and expanding tokenized stocks beyond Europe, while the DTCC has expanded blockchain-based infrastructure and exchanges including Nasdaq and the NYSE have announced tokenization initiatives.
Sources:
Ondo Finance Official Press Release via PR Newswire
Crypto Times: Ondo's Oasis Pro Gets SEC, FINRA Nod for Tokenized Stocks
CoinDesk: Ondo Finance Debuts SEC-Aligned Tokenized Stock Model
The Pound to Australian Dollar (GBP/AUD) exchange rate fell to a near one-month low on Thursday after stronger-than-expected Australian employment figures boosted the ‘Aussie’.
At the time of writing, GBP/AUD was trading around AU$1.9091, having recovered from an intraday low of approximately AU$1.9066.
Latest — Exchange Rates:
Pound to Australian Dollar (GBP/AUD): 1.911595 (-0.12%)
Pound to Dollar (GBP/USD): 1.332 (-0.41%)
DAILY RECAP:
The Australian Dollar (AUD) strengthened during Thursday’s Asian trading session following the release of Australia’s latest employment report.
The data showed employment increased by 76,300 in June, comfortably beating forecasts for a rise of 15,000.
The stronger-than-expected labour market reinforced expectations that the Reserve Bank of Australia (RBA) could continue raising interest rates later this year.
However, the risk-sensitive ‘Aussie’ struggled to hold onto all of its gains as a cautious market mood weighed on demand during European trade.
Meanwhile, the Pound (GBP) remained subdued as markets continued to assess Andy Burnham’s first week as Prime Minister.
Sterling had strengthened in the run-up to Burnham entering Downing Street as investors unwound the political risk premium previously built into the currency.
However, the Pound has since trended lower amid ongoing questions over how the government's spending commitments and tax cut pledges will be financed.
This uncertainty continued to limit Sterling on Thursday.
Near-Term GBP/AUD Forecast: PMI Surveys in Focus Looking ahead, Friday's Asian session brings Australia's preliminary PMI surveys.
If private sector activity slowed to near-stagnation in July, as expected, the Australian Dollar could face renewed pressure.
European trading then begins with the UK's June retail sales figures. A forecast 0.3% contraction in sales could weigh on Sterling.
Later in the morning, attention turns to the UK's preliminary PMI surveys, with investors particularly focused on the services reading. Any improvement in business activity could provide the Pound with modest support.
Meanwhile, broader market risk appetite and UK political developments are also likely to influence GBP/AUD trading, potentially leading to increased volatility.
The Pound to US Dollar (GBP/USD) exchange rate traded in a narrow range on Thursday as investors continued to assess Prime Minister Andy Burnham's first week in office while awaiting fresh economic data.
At the time of writing, GBP/USD was trading around $1.3362, down marginally on the day.
Latest — Exchange Rates:
Pound to Dollar (GBP/USD): 1.3319 (-0.42%)
Euro to Dollar (EUR/USD): 1.137743 (-0.30%)
Dollar to Yen (USD/JPY): 163.85814 (+0.47%)
DAILY RECAP:
The Pound (GBP) traded with modest losses on Thursday as markets continued to assess Andy Burnham’s first week as Prime Minister.
Sterling had rallied ahead of Burnham’s arrival in Downing Street as investors unwound the political risk premium previously priced into the currency.
However, the Pound edged lower this week amid lingering concerns over how the government's new spending commitments and tax cuts will be financed.
Losses in Sterling were somewhat limited by hopes that the proposed measures could support economic growth.
Plans including a 20% cut in business rates for pubs, clubs and music venues in England, alongside lower VAT on household energy bills, helped temper some fiscal concerns, although GBP investors remained cautious.
Meanwhile, the US Dollar (USD) lacked clear direction as a quiet US economic calendar and mixed market sentiment left the safe-haven currency rangebound.
While global markets remain concerned about the escalating conflict in the Middle East, broader risk appetite has proved surprisingly resilient despite the worsening geopolitical backdrop.
Some investors continued to hope that diplomatic efforts could eventually produce a peace agreement, although optimism appeared to be fading.
Near-Term GBP/USD Forecast: PMI Surveys in the Spotlight Looking ahead, the UK's June retail sales figures will be the first major release on Friday.
Economists expect sales to have fallen by 0.3%, which could place the Pound under pressure.
Attention will then turn to the UK's latest PMI surveys, with the services index expected to be the key focus for Sterling investors. Any improvement in business activity during July could help support the Pound.
Meanwhile, the US S&P Global PMI surveys will be released later in the day. While typically less influential than the ISM reports, stronger-than-expected readings could still provide the US Dollar with additional support.
Booz Allen Hamilton (NYSE:BAH) held its 2026 annual meeting of stockholders on July 22, with shareholders approving the company’s three management proposals and rejecting a shareholder proposal seeking to expand the right to act by written consent.
The virtual meeting was led by Jacob Bernstein, Booz Allen’s Deputy General Counsel and Secretary, and Horacio Rozanski, the company’s Chairman and Chief Executive Officer. Bernstein said a quorum was present and that notice of the meeting and proxy materials had been mailed beginning June 11 to stockholders of record as of June 1.
Shareholders Approve Management Proposals Rozanski said the board recommended that stockholders vote in favor of management proposals one, two and three, and against proposal four, which had been submitted by a stockholder. The transcript did not detail the substance of the first three proposals beyond noting that they were outlined in the company’s proxy statement.
After voting closed, Bernstein said the Inspector of Election had completed a preliminary tabulation. He reported that proposals one, two and three had been “duly approved” by stockholders, while proposal four had not been approved. Bernstein said the final vote tabulation would be filed with the Securities and Exchange Commission within four business days.
Written Consent Proposal Rejected Proposal four was presented by John Chevedden, a private investor and shareholder proponent. Chevedden asked shareholders to support a proposal requesting that Booz Allen’s board take steps to permit shareholders to act by written consent with the minimum number of votes required to authorize an action at a meeting where all shareholders entitled to vote were present and voting.
Chevedden argued that the right to act by written consent would allow shareholders to put forward proposals on a timely basis without waiting for the next annual meeting. He said written consent is designed for issues with broad shareholder support and requires formal backing from a majority of all shares outstanding.
“Many companies incorrectly give the impression that written consent gives too much influence to a minority,” Chevedden said, adding that, in his view, a minority’s role would be limited to initiating a proposal capable of attracting broad support.
CEO Cites Technology Shifts and Market Uncertainty Following the formal portion of the meeting, Rozanski offered remarks on Booz Allen’s market positioning and operating environment. He said “American technology leadership has never been more important” and described Booz Allen’s work as focused on national security, homeland defense and essential civilian services.
Rozanski pointed to several technology and market trends, including the development of “agentic” artificial intelligence, increasingly autonomous cyber threats and the convergence of powerful technologies. He also said the government is placing greater emphasis on speed, commercial technology, outcome-based acquisition and accountability.
“Booz Allen has been advocating, preparing, and investing for these types of changes for years,” Rozanski said. He added that the company believes those shifts will be positive for the country, its customers, Booz Allen and its stockholders over time, while acknowledging that large-scale changes can create near-term uncertainty and disruption.
Fiscal 2026 Described as Challenging Rozanski said fiscal 2026, which ended March 31, reflected that uncertainty. He described the year as challenging, with results shaped by “significant market changes and a highly dynamic macro environment.”
He said the company focused on execution, investment and strategic transformation during the period. “As a result, Booz Allen is stronger than we were a year ago,” Rozanski said. “We are more focused, more agile, and better positioned to lead in a market defined by speed, accountability, and technology-driven outcomes.”
Rozanski said Booz Allen believes its investments in artificial intelligence, cyber, defense technology and next-generation technologies will drive “substantial shareholder value in the medium term.”
No stockholder questions were submitted during the meeting’s question-and-answer period, Bernstein said. Ernst & Young representatives Jill Wheeler and Caitlin Bell were present and available to respond to questions concerning the company’s financial statements, according to Rozanski.
About Booz Allen Hamilton (NYSE:BAH) Booz Allen Hamilton Holding Corporation is a publicly traded management and technology consulting firm headquartered in McLean, Virginia. The company provides a wide range of professional services and solutions in strategy, analytics, digital transformation, engineering and cyber security. Its expertise spans from supporting federal civilian agencies to defense, intelligence and homeland security organizations, as well as select commercial industries.
Key offerings include data analytics and artificial intelligence applications, software development and modernization, systems integration, and cyber risk management.
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Index spotřebitelské důvěry (červenec):
aktuální hodnota: 105,6 b.
očekávání trhu: 107,0 b.
předchozí hodnota: 106,5
Spotřebitelská a podnikatelská důvěra (červenec):
aktuální hodnota: 101,1 b.
očekávání trhu: 101,5 b.
předchozí hodnota: 101,0 b.
Podnikatelská důvěra (červenec):
aktuální hodnota: 100,2 b.
očekávání trhu: 99,8 b.
předchozí hodnota: 99,8 b.
„Důvěra podnikatelů v ekonomiku se v červenci zvýšila ve všech sledovaných odvětvích, což vedlo k jejímu návratu na úroveň dlouhodobého průměru. Z průzkumů je ale patrné, že mezi respondenty přetrvává vysoká míra nejistoty související především s geopolitickým vývojem ve světě,“ uvedl Jiří Obst, vedoucí oddělení konjunkturálních průzkumů ČSÚ.
„Červencové zhoršení spotřebitelské důvěry odráží rostoucí nejistotu domácností ohledně jejich finanční situace i hospodářského vývoje v České republice v následujících 12 měsících,“ sdělila Veronika Ptáčková z oddělení konjunkturálních průzkumů ČSÚ.
Přední asijsko-pacifické indexy uzavřely páteční obchodování v červených číslech. Investoři pokračovali ve výprodejích v návaznosti na obavy růstu kapitálových výdajů na umělou inteligenci. Indexy reagovali výsledky společnosti Alphabet, která navýšila výhled kapitálových výdajů v tomto roce a v roce následujícím by tyto výdaje měly nadále růst. Největší pokles zaznamenal jihokorejský index Kospi (-5,7 %).
Japonský Nikkei 225 -2,73 % na 64611,15 b.
Hongkongský Hang Seng -1,39 % na 24859,73 b.
Čínský Shanghai Composite -1,61 % na 3814,1978 b.
Jihokorejský Kospi -5,72 % na 6690,62 b.
Australský S&P/ASX 200 -0,75 % na 8772,3 b.
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The USD/CAD pair trades in negative territory near 1.4075 during the early European trading hours on Friday. Escalating conflicts in the Middle East boost crude oil prices, supporting the commodity-linked Canadian Dollar (CAD) against the US Dollar (USD).
Oil prices spiked after Yemen’s Iran-backed Houthi rebels attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia has used to bypass the Strait of Hormuz. US President Donald Trump said that the US would hold Iran responsible for the Houthis’ actions and warned that Iran and its Houthi allies would both soon receive a “major military punishment.”
It is worth noting that Canada is a major oil-exporting country, and high crude oil prices generally have a positive impact on the Loonie.
The preliminary readings of the US S&P Global Purchasing Managers Index (PMI) will be in the spotlight later on Friday. If the report shows stronger-than-expected outcomes, this could help limit the Greenback’s losses in the near term.
Technical Analysis:In the daily chart, USD/CAD keeps the bullish vibe, with the price holding above the 100-day Simple Moving Average (SMA). However, the pair slips back under the 20-day Bollinger SMA, signaling a loss of immediate topside traction after the recent spike. The 14-day Relative Strength Index at 47.9 sits just below the midline, hinting at directionless momentum in the near term as neither bulls nor bears currently dominate.
On the topside, initial resistance is aligned with the 20-day Bollinger SMA around 1.4130, ahead of a stronger barrier at the upper Bollinger Band near 1.4262. On the downside, the lower Bollinger Band at approximately 1.4000 offers the first line of support, with the 100-day SMA at 1.3875 reinforcing a deeper demand zone if selling pressure extends.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Us trade comments ease concern over Canada tariffsStrategists at Scotiabank highlight a more constructive tone from US officials on the latest tariff measures, noting that US Trade Representative Greer “offered some hope that the latest tariff blast from Washington would not undermine US/Canada trade relations in the long run and that talks could make progress towards a broader agreement before year-end.” This, they suggest, helps temper market anxiety around the bilateral trade outlook even as currency markets continue to track the broader US Dollar trend.
Canadian Dollar FAQs The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar.
The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive.
The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD.
While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada’s case is the Canadian Dollar.
Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.
HAYWARD, Calif. & MIAMI--(BUSINESS WIRE)---- $SMMT--Arcus Biosciences, Inc. (NYSE: RCUS), a clinical-stage, global biopharmaceutical company focused on developing differentiated molecules and combination therapies for people with cancer and inflammatory and autoimmune diseases, and Summit Therapeutics Inc. (Nasdaq: SMMT), a biopharmaceutical company focused on patient-friendly oncology therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical ne.
Equinor ASA (NYSE:EQNR) reported higher second-quarter earnings and production, with Chief Financial Officer Torgrim Reitan saying the company is executing in line with plans presented at its recent Capital Markets Day to grow energy output, cash flow and returns through 2030.
Reitan said Equinor produced 2.165 million barrels of oil equivalent per day in the quarter, up 3% from the same period last year. Adjusted operating income totaled $11.5 billion before tax, while IFRS net income was $4.8 billion. Adjusted earnings per share were $1.33. Cash flow from operations after tax reached $13.7 billion year to date.
“While energy markets remain impacted by geopolitical unrest, we continue to focus on what we control, our operations, how we remain robust through price cycles, and our commitment to cost and capital discipline,” Reitan said.
Production Growth Driven by Norway and New Fields Reitan said production on the Norwegian continental shelf rose 4%, driven by new fields including Johan Castberg, Halten East and Verdande, with Eirin and Symra also coming on stream during the quarter. He highlighted another strong quarter from Johan Sverdrup, where Equinor now expects the annual decline to be at the low end of its previously indicated 10% to 20% range.
Production was affected by turnarounds, maintenance and a temporary outage at Johan Castberg. In response to an analyst question, Reitan said issues related to turbine waste heat took 18 days to resolve, and the field resumed production on July 13. He said the impact to Equinor in the third quarter would be about 14,000 barrels per day.
Internationally, production growth was supported by Adura in the U.K. and Bacalhau in Brazil, offsetting lower ownership in Peregrino and the divestment of onshore Argentina assets. Reitan said first-half production growth totaled 6%, making the company’s full-year guidance of 3% growth “more robust,” though Equinor left its production guidance unchanged.
Financial Results Lifted by Prices, Trading and Refining Equinor said liquids and European gas prices were higher than the same quarter last year, while U.S. gas prices were lower. Adjusted operating income in E&P Norway was $9.2 billion before tax and $2.1 billion after tax. In international E&P, Reitan said operating income nearly doubled on 4% production growth and an improved portfolio.
The company’s Marketing, Midstream and Processing segment delivered $777 million in pretax income, well above its $400 million-per-quarter guidance. Reitan attributed the performance to crude trading and strong results at the Mongstad refinery, which benefited from higher margins. He said European refinery product markets were tight, with FCC margins around $25 per barrel in the second quarter, and that Mongstad continued to deliver strong results early in the third quarter.
Power results reflected a strong contribution from power trading for a second consecutive quarter. Equinor produced 1.2 terawatt-hours of power in the quarter, with growth from Dogger Bank in the U.K. and new onshore assets.
Cash Flow, Divestments and Shareholder Returns Cash flow from operations before tax was $14.8 billion in the quarter. Equinor paid $7.1 billion in taxes, including three Norwegian continental shelf installments totaling about $6.4 billion. Organic capital expenditure was $3.4 billion, and net cash flow before distributions was positive $5.5 billion.
The company distributed $1.1 billion to shareholders during the quarter. Its board approved an ordinary cash dividend of $0.39 per share and a third tranche of share buybacks of up to $1.125 billion, including the Norwegian state’s share.
Reitan said Equinor ended the quarter with about $24 billion in cash and cash equivalents, while its net debt ratio declined to 10.4%. At current forward prices, he said the company expects the net debt ratio to be somewhat below 10% at year-end.
Equinor also recorded proceeds from portfolio actions. The sale of Argentina onshore assets generated $558 million in proceeds during the quarter, in addition to $88 million received in the first quarter, and Equinor recorded a $467 million gain. A partial divestment of its financial position in Scatec generated $171 million in proceeds and an accumulated recorded gain of $61 million.
Gas Market Outlook and Capital Allocation Asked about European natural gas markets, Reitan described the situation as “vulnerable” heading into autumn and winter, citing uncertainty around LNG flows and European storage levels. He said storage was 53% full, more than 15 percentage points below average, and that Equinor does not expect Europe to reach 80% storage before winter.
Reitan said Equinor is already producing gas at maximum levels in the short term, but can optimize flows through its production and transportation system toward markets where gas is most needed and prices are highest. He said Equinor keeps its natural gas exposure floating, with 70% linked to day-ahead prices and 30% to month-ahead prices.
On whether strong cash flow could lead to share buybacks above the $3 billion now planned for the year, Reitan said no. He said additional cash has been directed toward increasing oil and gas investments by $1 billion, strengthening the balance sheet and doubling the share buyback program for the year.
Project Pipeline and Cost Focus Reitan pointed to several projects supporting future growth, including the ramp-up of Bacalhau, which he said is expected to reach plateau by year-end. He also cited Raia in Brazil, Sparta in the Gulf of Mexico, Rosebank and Jekta in the U.K., and the recently sanctioned Greater PAJ project in Angola.
On Bay du Nord in Canada, Reitan said BP is handing its ownership to Equinor and that the timeline remains unchanged, with a sanctioning target in 2027. He said Equinor is working to bring in another partner and described the project as supported by the Canadian government.
Reitan said Equinor continues to manage cost inflation through portfolio-level contracting, standardization and simplification. He said the company’s new developments have a break-even below $40 per barrel and that its NCS 2035 operating model aims to double development speed and cut costs by half across a portfolio of projects.
Equinor left its guidance unchanged for production, capital spending and capital distribution, with Reitan saying the quarter demonstrated progress toward the company’s stated objectives of increasing production by 150,000 barrels per day to 2030, growing cash flow from operations by 30% and targeting a 15% return on capital employed through the decade.
About Equinor ASA (NYSE:EQNR) Equinor ASA (NYSE: EQNR) is a Norway-based integrated energy company headquartered in Stavanger. Historically established as Statoil in the 1970s to develop Norway’s petroleum resources, the company changed its name to Equinor in 2018 to reflect a strategic shift toward a broader energy portfolio. Equinor’s operations span the full upstream value chain, including exploration, development and production of oil and natural gas, alongside trading and marketing activities that support its global commercial operations.
In recent years Equinor has pursued a transition strategy that combines continued development of conventional oil and gas resources with growing investments in low‑carbon energy.
SL Green Realty Corp. (SLG) Q2 2026 Earnings Call July 23, 2026 2:00 PM EDT
Company Participants
Marc Holliday - Chairman & CEO
Matthew Diliberto - Chief Financial Officer
Steven Durels - Executive VP and Director of Leasing & Real Property
Harrison Sitomer - President & Chief Investment Officer
Robert DeWitt
Conference Call Participants
Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division
Alexander Goldfarb - Piper Sandler & Co., Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
Thomas Catherwood
John Kim - BMO Capital Markets Equity Research
Blaine Heck - Wells Fargo Securities, LLC, Research Division
Peter Abramowitz - Deutsche Bank AG, Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division
Seth Bergey - Citigroup Inc., Research Division
Vikram Malhotra - Mizuho Securities USA LLC, Research Division
Ronald Kamdem - Morgan Stanley, Research Division
Brendan Lynch - Barclays Bank PLC, Research Division
Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Michael Lewis - Truist Securities, Inc., Research Division
Presentation
Operator
Thank you, everybody, for joining us, and welcome to SL Green Realty Corp. Second Quarter 2026 Earnings Results Conference Call. This conference call is being recorded. At this time, the company would like to remind listeners that during the call, management may make forward-looking statements. You should not rely on forward-looking statements as predictions of future events as actual results and events may differ from any forward-looking statements that management may make today.
All forward-looking statements made by management on this call are based on their assumptions and beliefs as of today. Additional information regarding the risks, uncertainties and other factors that could cause such differences to appear are set forth in the risk factors and MD&A sections of the company's latest Form 10-K and other subsequent reports filed by the company with the Securities and Exchange Commission.
Also, during today's conference call, the company may discuss non-GAAP financial
ECB včera v souladu s všeobecným očekáváním ponechala depozitní sazbu beze změny na 2,25 %. Finanční trhy však mnohem více zajímalo, zda centrální banka nabídne alespoň náznak toho, jak hodlá reagovat na nový energetický šok vyvolaný námořní blokádou Husijů v Rudém moři. Toho se však investoři nedočkali.
Prezidentka Christine Lagardeová znovu zdůraznila přístup „zasedání od zasedání“ a závislost měnové politiky na příchozích makroekonomických datech. ECB sice připustila, že aktuální ceny energií se zatím pohybují poblíž základního scénáře červnové prognózy, zároveň ale bude pečlivě vyhodnocovat, zda vyšší ceny ropy a především zemního plynu nezanechají trvalejší stopu v inflaci prostřednictvím sekundárních efektů.
Zajímavý moment nicméně zazněl během tiskové konference. Přestože bylo včerejší rozhodnutí jednomyslné, někteří členové Rady guvernérů si podle Lagardeové kladli otázku, zda by nebylo vhodné zvýšit sazby již nyní. Pro finanční trhy to byl další argument, proč nepřehodnocovat sázky na zářijové zvýšení sazeb. To je nyní téměř plně zaceněno a investoři zároveň počítají s tím, že ECB do konce roku přidá ještě jedno zvýšení o 25 bazických bodů (depozitní sazba by tak vzrostla na 2,75 %).
Prezidentka ECB navíc poznamenala, že finanční trhy velmi dobře rozumějí reakční funkci centrální banky. My si tento komentář vykládáme jako poměrně silný signál, že na zářijovém zasedání skutečně dojde ke zvýšení sazeb o 25 bazických bodů, a tomuto scénáři přizpůsobujeme i náš výhled eurových úrokových sazeb.
Vedle zasedání ECB se však odehrával ještě jeden z nejzajímavějších příběhů posledních týdnů na dluhopisových trzích. Eskalace napětí v Rudém moři – druhé klíčové dopravní tepně z Blízkého východu – tlačí vzhůru nejen ceny ropy, ale především evropské ceny zemního plynu. To se postupně promítá i do růstu dluhopisových výnosů. Německé výnosy napříč splatnostmi atakují nejvyšší úrovně za mnoho let a dvouletý eurový swap se již vyšplhal nad 3 %. Trh tak stále více sází na scénář, v němž úrokové sazby zůstanou zvýšené déle, než se ještě před několika týdny očekávalo.
Právě delší konec výnosových křivek přitom přepisuje historické milníky. Výnos desetiletého francouzského státního dluhopisu krátce překonal hranici 4 % poprvé od roku 2009, zatímco některé německé splatnosti se dostávají na úrovně naposledy zaznamenané před globální finanční krizí. Podobný obrázek nabízí i Spojené státy, kde výnos třicetiletého vládního dluhopisu opět atakuje letošní květnová maxima, která byla nejvyšší od roku 2007. Jinými slovy, dluhopisové trhy začínají stále vážněji zohledňovat možnost, že současný energetický šok nebude pouze krátkodobou epizodou, ale faktorem, který může centrálním bankám výrazně zkomplikovat návrat inflace k cíli i ve střednědobém horizontu.
TRHY
Koruna
Vyšší ceny plynu, odrážející uzavřený Hormuzský průliv a nové napětí v Rudém moři jsou rizikem i pro náš inflační výhled v Česku. Spotové ceny plynu v Amsterdamu vystoupaly na nejvyšší úrovně od začátku roku (62,5 EUR/MWH) a spolu s nimi rostou i forwardové ceny na rok 2027. Pravě proto nově vidíme inflaci v příštím roce o desetinku výše na 3,3% a rizika jsou v tuto chvíli vychýlena spíše směrem vzhůru.
Pro ČNB to zatím nic bezprostředně neznamená - inflace v nejbližších měsících zůstane velmi nízká. Pokud současný tlak na trzích vydrží, výrazně však vzroste pravděpodobnost dalšího růstu sazeb na konci roku 2026.
Korunu zatím geopolitická nejistota netrápí a drží se i nadále v blízkosti 24,20 EUR/CZK.
Eurodolar
Kombinace cen ropy nad hranicí 100 USD za barel, překvapivě silných makroekonomických dat z USA a ECB, která nevyloučila zvýšení sazeb již na zářijovém zasedání (viz úvodník), vedla k výraznému posunu tržních očekávání. Investoři začali spekulovat, že Fed by mohl přistoupit ke zvýšení sazeb již příští středu. Výsledkem byl prudký růst dolarových úrokových sazeb a výrazné posílení americké měny, a to nejen vůči euru, ale například i vůči japonskému jenu.
Náš základní scénář nicméně nadále předpokládá, že Fed sazby na nejbližším zasedání ponechá beze změny a k případnému zvýšení přistoupí až v září. Domníváme se však, že finanční trhy budou tímto příběhem žít minimálně do nadcházejícího zasedání Fedu, což bude eurodolar držet pod tlakem. Dolar navíc může zůstat silný tím spíše, pokud se ceny ropy udrží poblíž současných úrovní, případně zamíří ještě výše.
Včerejší výprodeje v Evropě (-1,5 %) a USA (SP500 -1,2 %) se v noci přenesly do Asie. Region ztratil -2,4 %, lídři jako Samsung a Hynix klesli o přibližně -7 %. Raketový růst cen energií, kdy ropa Brent vystoupala k metě 100 USD za barel, zhoršil sentiment na trhu. Investoři se navíc potýkají s pochybnostmi o výnosech z investic do AI. Aktuálně futures kontrakty na indexy naznačují v pátek ráno v Evropě snahu o konsolidaci po čtvrtečním propadu. Nevýrazné jsou také zámořské futures. Intel po závěru obchodování včera překonal odhady, ale po růstu se akcie následně vracely zpět. Pokračuje výsledková sezóna, ráno reportoval SAP (příjmy z cloudu rostly rychlejším tempem, než odhady trhu). Volkswagen snížil odhady tržeb pro tento rok, především klesají prodeje v Číně. V Praze Moneta zvýšila celoroční prognózu čistého zisku, nyní vidí 6,8 mld. CZK (předtím 6,6 mld. CZK). Akcie Moneta by mohly zareagovat pozitivně, uvidíme, zdali se jim podaří návrat nad 190 Kč. Celkově index PX včera oslabil -0,7 %, podle očekávání se nedařilo Erste (-3 %). Růst cen komodit naopak vyhovuje ČEZu (+0,7 %).
Space Exploration Technologies (SPCX +2.56%) has grand ambitions, including sending humans to Mars. This may require breakthroughs in space travel even more impressive than those the company has already achieved. It's not surprising, then, that Ark Investment Management -- a firm led by the famous investor Cathie Wood, a staunch believer in the power of innovation -- is doubling down on SpaceX stock. The space company is the fourth-largest holding across Ark Investment Management's combined portfolio, with the firm buying more shares as recently as July 22. However, I wouldn't follow in Wood's footsteps on this one. Here's why I am not ready to buy SpaceX stock yet.
Image source: Getty Images.
The price is not right First, let's give credit where credit is due. SpaceX has already revolutionized space travel and is currently a leader in providing orbital launch services to U.S. government agencies. The company is still making progress. SpaceX is developing a next-gen rocket, Starship, that could significantly reduce launch costs. SpaceX will make progress elsewhere thanks to Starship, including in its Starlink segment, where it provides internet services through a constellation of Low Earth Orbit satellites. Starship will help SpaceX launch substantially more satellites into orbit, thereby improving its services and expanding its addressable market.
SpaceX's artificial intelligence (AI) business also seems to be slowly taking off. The company has a deal in place to provide Alphabet (GOOG -6.89%) (GOOGL -7.12%) with compute capacity. SpaceX is also reportedly in talks to provide computing power to the U.S. Department of Defense in a potential multi-billion-dollar deal. Over the next few years, SpaceX could record growing revenue thanks to Starlink, which already boasts 10.3 million subscribers, a number that should keep growing at a good clip. We could also see revenue growth in its space and AI units ramping up.
Today's Change
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However, SpaceX likely won't be consistently profitable anytime soon. The company is investing heavily to tap into what it sees as transformational opportunities. That's especially true in its AI business, where it is spending more on capex than in its two other segments combined. Whether or not that's the right move, time will tell. But for a company worth $1.6 trillion, it's hard to justify a revenue of just $4.7 billion in the first quarter of 2026, which increased by just 15% year over year.
At its current valuation, SpaceX's revenue should either be much higher or should be growing much faster (or both). Note that the company's price-to-sales ratio is an incredible 78.09 as of this writing. That's far too high by any standard, particularly since the reasonably valued range typically starts below "2." All of this suggests the market is already factoring in SpaceX's success across its connectivity and, especially, its AI businesses, and the stock could decline over the next few years as it faces increased competition. That's why the company's shares aren't attractive right now. They'd have to drop significantly from current levels before becoming so.
Japan’s Nikkei fell sharply on Friday as Alphabet’s spending plans revived doubts over how quickly the artificial-intelligence boom will translate into cash returns for the companies funding it.
The Nikkei 225 dropped 2.69% to 64,634.04 in early trading, while the broader Topix lost 1.28% to 4,002.09.
The gap reflected concentrated selling in the technology heavyweights that dominate the Nikkei.
The benchmark has now fallen more than 7% in July after entering correction territory last week, leaving investors increasingly sensitive to signals from US chip and platform companies.
Alphabet shares sank about 7% in New York even after Google Cloud revenue surged 82% to $24.8 billion.
Investors instead focused on second-quarter capital expenditure of $44.9 billion and negative free cash flow of $5.9 billion, both driven by the rapid expansion of AI infrastructure.
The Google parent also raised its 2026 capital-spending forecast to between $195 billion and $205 billion from $180 billion to $190 billion.
Management said spending would remain elevated as customer demand continued to exceed available computing capacity.
The market reaction showed that growth alone is no longer enough.
Investors increasingly want evidence that higher data-centre and server spending can produce durable cash returns, rather than only faster revenue and cloud bookings.
That concern also dragged the Nasdaq more than 2% lower overnight.
The sell-off hit the companies most closely tied to the AI hardware cycle.
Advantest dropped 6.33%, Tokyo Electron lost 5.43% and memory producer Kioxia declined 4.4%. SoftBank Group slid 7.42%, making it one of the largest drags on the Nikkei.
IwaiCosmo strategist Kazuaki Shimada said the retreat was being driven mainly by overseas technology signals rather than a deterioration in Japan’s domestic economy.
Japanese corporate earnings could help change the direction of the market if companies deliver strong guidance.
The Nikkei’s price-weighted construction also magnifies movements in high-priced technology shares, helping explain why it fell more than twice as much as the capitalisation-weighted Topix.
The session was not a broad market capitulation.
Central Japan Railway rose 1.17% and East Japan Railway gained 0.6%, while Kawasaki Kisen and Mitsui OSK Lines also advanced. Otsuka Holdings climbed 1.6% to lead Nikkei gainers.
Those moves point to a rotation towards businesses with domestic revenues, steadier cash flows and less exposure to AI valuations.
Strong Japanese earnings could help separate local fundamentals from the global technology unwind. Another weak round of US chip results, however, would leave the Nikkei vulnerable to further selling.
Databricks and Microsoft extend strategic partnership through the 2030s to scale enterprise AI Databricks deepens its bet on Azure, growing its use of Azure Databricks to run its own core business operations and analytics, while both companies advance native integration across the Microsoft stack, including Databricks Genie and Microsoft 365 Databricks increases its use of Microsoft Azure Cobalt to improve performance and efficiency , /PRNewswire/ -- Microsoft Corp. and Databricks on Wednesday announced an expansion of their decade-long strategic partnership, extending into the 2030s. Databricks will deepen its use of Azure Databricks to run core business operations and build its unified lakehouse, while leveraging Azure Cobalt, Microsoft's next-generation Arm-based infrastructure, to improve performance and efficiency. Microsoft will also continue integrating Databricks Data and AI platform across its products, bringing capabilities like Genie, Databricks' AI co-worker, directly into customer workflows. Together, the companies are helping enterprises build AI grounded in their own business context with the cost efficiency, control and choice needed to scale successfully.
Enterprises want AI that understands their customers, products, operations, metrics and business processes, all while running securely where work happens. Yet, most still struggle to connect AI to trusted business knowledge, govern models and agents consistently, and control costs. Microsoft and Databricks are helping customers close that gap:
"For nearly a decade, Databricks and Microsoft have helped enterprises innovate with data and AI," said Ali Ghodsi, Co‑Founder and CEO of Databricks. "Today, our partnership is stronger than ever. With Databricks Genie and Unity AI Gateway deeply integrated across Microsoft's products, we're helping enterprises unify their data and ground AI in business knowledge. This lets customers get the full benefits of agents and models while controlling costs and ensuring governance."
"The next generation of AI will be defined by how effectively organizations turn their unique knowledge into intelligence," said Judson Althoff, CEO, Microsoft Commercial Business. "Microsoft and Databricks are helping customers connect data, AI and business context to accelerate decision-making and drive measurable impact. With Databricks deepening its investment in Azure Databricks and Azure Cobalt-powered infrastructure, customers will benefit from greater performance, efficiency and scale for their most demanding workloads. Databricks' decision to run its own core business operations on Azure Databricks also gives customers confidence in a platform proven at enterprise scale."
Databricks runs core business operations on Azure Databricks
As part of this latest deal, Databricks deepens its commitment to Azure, running its own core business operations and analytics on Azure Databricks, using the very platform it delivers to customers at scale.
Advancing performance with Azure Cobalt
Databricks will also expand its use of Azure Cobalt, Microsoft's next-generation Arm-based infrastructure, to improve performance and efficiency for agentic and data-intensive workloads. Databricks currently uses Cobalt 100 and plans to adopt Cobalt 200, which delivers up to 50% better performance and includes memory encryption enabled by default.
Deep integrations for Databricks Genie and Unity AI Gateway with Microsoft product stack
By combining the Databricks Data + AI Platform with Azure's global scale, customers can accelerate AI transformation while maintaining control and reliability. As a native Azure service, Azure Databricks makes its AI capabilities available directly within customers' existing Microsoft environment, grounding and operating agents on enterprise data with Genie and Genie Ontology, and governing models, agents and cost through Unity AI Gateway. Deeply integrated across the Microsoft ecosystem spanning Microsoft Entra, Azure Data Lake Storage, Azure security, Microsoft OneLake, Power BI, Microsoft Purview, Microsoft Foundry, Power Platform, Microsoft 365, Teams and Copilot, these capabilities bring governed, real-time data and AI into business workflows, giving organizations the context, control, choice and cost efficiency needed to drive impact.
Continued investment is evident from our recent announcements with Databricks at Data + AI Summit in June.
Customer impact with Azure Databricks
The deepened collaboration strengthens support for joint customers running data, analytics and AI workloads on Azure Databricks, delivering improved performance, security, AI governance and enterprise readiness. Thousands of customers, including Banco Bradesco, the Cincinnati Reds, Electrolux, SMBC and Unilever, already use Azure Databricks to run critical workloads and scale AI with confidence.
Read more on the proven business value of the Databricks and Microsoft partnership on the Microsoft Azure blog.
About Databricks
Databricks is the Data and AI company. More than 20,000 organizations worldwide — including AT&T, Bayer, BMW Group, HSBC, T-Mobile, Unilever, and 70% of the Fortune 500 — rely on Databricks Data + AI Platform to build and scale data and AI apps, analytics and agents. Headquartered in San Francisco with 30+ offices around the globe, Databricks offers a unified platform that includes Genie, Lakebase, Agent Bricks, Lakeflow, Lakehouse, and Unity Catalog. To learn more, follow Databricks on LinkedIn, X, YouTube, and Instagram.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.
Nvidia (NVDA -1.56%) is taking a larger equity position in Nebius (NBIS +1.29%).
*Stock prices used were the afternoon prices of July 21, 2026. The video was published on July 23, 2026.
Parkev Tatevosian, CFA has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.
Alphabet’s (GOOG -6.89%) (GOOGL -7.12%) YouTube has long been the leading user-created video platform, but the Google parent is so big that YouTube doesn’t get the same level of attention it would if it were a standalone company.
After all, YouTube makes up less than 10% of Alphabet’s revenue, and it pales in comparison to the massive Google Search business.
However, in the video entertainment arena, YouTube is a giant in its own right, and Netflix has long considered it its chief rival. YouTube just topped $10 billion in ad revenue in the second quarter for the first time ever, bringing in $11.1 billion in ad revenue, which doesn’t include subscriptions for YouTube Premium tiers.
At that level, YouTube is not far behind Netflix, which brought in $12.6 billion in total revenue in the second quarter.
Can YouTube catch the streaming leader? Let’s take a closer look.
Image source: Getty Images.
YouTube reported 12.8% revenue growth in the second quarter, slightly slower than Netflix’s 13.4%.
Netflix’s growth has slowed in recent quarters, and the stock has stumbled as investors worry about weak engagement, maturing markets, and its eagerness to make an acquisition, which suggests it is searching for its next growth leg. The streamer sees even slower growth in the third quarter, calling for an 11.7% increase in revenue.
YouTube’s growth rate has fluctuated within a similar range, between 9% and 21%, over the last ten quarters.
Though they have different business models, with Netflix charging a monthly fee to watch traditional television and movie programming, and YouTube selling ads alongside user-generated content, both platforms are highly profitable. Netflix reported an operating margin of 33.4% in the second quarter. Alphabet does not report operating margins for YouTube, but Wall Street analysts estimate it to be somewhere in the teens. YouTube shares revenue with content creators, which decreases its margins. Alphabet’s Google Services business, which is mostly made up of advertising, reported an operating margin of more than 40% in the second quarter.
Netflix and YouTube have also borrowed from each other’s playbooks in recent years. YouTube, once an entirely free service, has begun selling premium subscriptions for everything from music to traditional pay-TV to NFL Sunday TIcket.
Netflix, on the other hand, launched its advertising tier a few years ago, and it continues to be one of its strongest sources of growth for the company, and it’s aiming to double ad revenue from $1.5 billion to $3 billion this year.
A win-winNetflix’s lead over YouTube, though narrow, looks safe for now. While the two companies are competitors, there’s room in the market for both to succeed, as they serve different niches. Though Netflix sees all viewing time as competition, it’s often serving a different use case than YouTube.
Investors can’t invest directly in YouTube, but both of these platforms look poised for continued success and are likely to continue learning from each other. Expect both to continue delivering double-digit growth in the years ahead.
