Akcie PayPal ve čtvrtek vzrostly o 1,71 % na 62,30 USD, protože trh dál spekuluje o možném prodeji firmy. Podle zprávy se o koupi jedná se Stripe a Advent International.
PayPal Holdings Inc (NASDAQ:PYPL) shares closed higher on Thursday as deal chatter continued around a potential sale process.
PayPal Holdings shares are trending higher. Why are PYPL shares climbing? A recent report says Stripe and Advent International are in talks to buy PayPal after a July proposal of $60.50 per share was viewed as too low, with negotiations now centered on a potentially higher price.
The same report said a deal could come together within weeks (though not guaranteed) and that the earlier $60.50 proposal valued PayPal at roughly $53 billion.
New Higher Education Integrations Support Core ExpansionPayPal meanwhile announced on Wednesday that it is expanding its footprint into higher education payments. Through new integrations with major campus payment processors, including Illumia, Nelnet Campus Commerce and TouchNet, students and families can now pay tuition and university fees directly using PayPal and Venmo.
Critical Levels To Watch for PYPL StockFrom a trend perspective, PayPal is extended to the upside: it’s trading about 6% above its 20-day SMA ($59.06) and more than 21% above both its 50-day SMA ($51.61) and 200-day SMA ($51.48). That "air pocket" versus the longer moving averages can keep momentum traders interested, but it also raises the odds of sharper pullbacks if the deal narrative cools.
RSI is the cleaner momentum read right now, sitting at 75.32, which signals the move is getting stretched and buyers may be chasing. RSI measures how "overheated" a rally is versus recent price action, and readings above 70 often line up with consolidation or a reset rather than a straight-line continuation.
Key Resistance: $63 — Nearby round-number area where upside attempts can stall. Key Support: $58 — Nearby level that sits close to the 20-day area and a spot buyers have recently defended. PayPal Holdings Benzinga Edge Scorecard BreakdownBelow is the Benzinga Edge scorecard for PayPal, highlighting its strengths and weaknesses compared to the broader market:
Momentum: Bullish (Score: 82.51) — The stock is showing strong relative strength versus the broader market, consistent with its position above key moving averages. Quality: Neutral (Score: 45.59) — Fundamentals screen as middle-of-the-pack, so price action is doing more of the work than a "quality premium" narrative. Value: Strong (Score: 71.75) — The setup leans value-friendly on this model, which can matter if the market stays choppy and investors rotate toward cheaper cash-flow stories. Growth: Neutral (Score: 32.35) — Growth is the weaker pillar here, which can cap upside if the market shifts back to paying up for faster growers. The Verdict: PayPal’s Benzinga Edge signal reveals a momentum-driven story with supportive value characteristics. The main near-term risk is that the chart is stretched (overbought RSI), so traders may want to see whether strength holds above the $58.00 support zone on any pullback.
Price Action for PYPL Stock TodayPYPL Stock Price Activity: PayPal Holdings shares closed higher by 1.71% to $62.30 Thursday, according to Benzinga Pro data.
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American Express schválila dividendu pro prioritní akcie série E ve výši 5 912,50 USD na akcii. Výplata je splatná 15. září 2026 akcionářům k rozhodnému dni 1. září 2026.
NEW YORK--(BUSINESS WIRE)--The Board of Directors of American Express Company (NYSE: AXP) declared a dividend on the company’s 6.450% Fixed Rate Reset Noncumulative Preferred Shares, Series E, of $5,912.50 per share (which is equivalent to $5.91250 per related Depositary Share).
The dividend is payable on September 15, 2026, to shareholders of record on September 1, 2026.
ABOUT AMERICAN EXPRESS
American Express (NYSE: AXP) is a global payments and premium lifestyle brand powered by technology. Our colleagues around the world back our customers with differentiated products, services, and experiences that enrich lives and build business success.
Founded in 1850 and headquartered in New York, American Express’ brand is built on trust, security, service, and a rich history of delivering innovation and Membership value for our customers. We seek to provide the world’s best customer experience every day to a broad range of consumers, small and medium-sized businesses, and large corporations, and we build and manage relationships with millions of merchants across our global network.
For more information about American Express, visit americanexpress.com, americanexpress.com/en-us/newsroom/, and ir.americanexpress.com.
Abbott uzavřel dohody o narovnání žalob týkajících se speciálních výživ pro předčasně narozené děti za zhruba 670 milionů USD. Týká se to případu Gill a asi 2 000 dalších osob.
Agreements will resolve the Gill case and claims involving approximately 2,000 other individuals Abbott and the medical community stand by the safety of preterm infant formulas Regulators and medical professionals recognize that these products are safe and necessary, and there is no reliable scientific evidence that they cause necrotizing enterocolitis , /PRNewswire/ -- Abbott (NYSE: ABT) has reached agreements with three law firms to resolve the Gill case and claims involving approximately 2,000 other individuals relating to the company's specialty formulas for preterm infants.
In July 2024, a St. Louis jury awarded the plaintiff in the Gill case $495 million in damages. Abbott appealed the verdict to the Missouri Court of Appeals in December 2024, but the appeal was denied. Rather than continuing to appeal or paying approximately $600 million, representing the Gill judgment plus accrued interest to date, Abbott entered into agreements to resolve the Gill case as well as necrotizing enterocolitis (NEC) claims asserted on behalf of approximately 2,000 additional infants for an aggregate amount of approximately $670 million.
These agreements are a compromise of disputed claims and not in any way an admission of liability. Abbott stands by the safety of these products and the essential role they play in helping the medical community care for preterm infants. The Food and Drug Administration, National Institutes of Health, Centers for Disease Control and Prevention, American Academy of Pediatrics, NEC Society, neonatologists and other medical professionals recognize that these products are safe and necessary, and that there is no reliable scientific evidence that they cause NEC.
The agreements follow a series of favorable rulings for preterm formula manufacturers in federal and state courts, including victories in all three federal Multidistrict Litigation (MDL) bellwether cases. In July 2026, the U.S. Court of Appeals for the Seventh Circuit affirmed a pretrial judgment for Abbott in the first federal MDL bellwether case involving the company's preterm infant formulas. In June 2026, the Illinois Appellate Court reversed a $60 million verdict against Mead Johnson, finding that the trial court failed to properly apply the learned intermediary doctrine governing a manufacturer's duty to warn, a defense relevant in a substantial number of cases. In March 2026, a Florida state court, applying the learned intermediary doctrine, also dismissed claims involving preterm infant formula.
While Abbott remains confident in the safety of these products and the science supporting them, the company believes these agreements are in its best long-term interest and represent a constructive step toward substantially resolving the overall litigation.
Following these agreements, there are roughly 1,700 lawsuits pending in federal and state courts involving claims on behalf of approximately 12,700 individual infants. That population includes claims on behalf of individuals who named both Abbott and Mead Johnson without identifying which manufacturer's formula was administered, individuals diagnosed with NEC before receiving any formula, individuals who were never diagnosed with NEC, and individuals who appear in multiple lawsuits in different jurisdictions. Abbott continues to work to identify and eliminate such claims and others like them.
Frequently Asked Questions
What is NEC?
Necrotizing enterocolitis, or NEC, is an inflammatory intestinal disease, which typically affects premature infants. Challenges associated with prematurity – such as an underdeveloped intestinal tract and immature immune system – can combine to lead to NEC, which explains why infants born the most prematurely are at the highest risk of NEC.
Does preterm infant formula cause NEC?
No. Numerous scientific papers and NEC authorities have made clear that preterm infant formula does not cause NEC. Indeed, a 100-page report authored by a blue-ribbon Working Group of 24 doctors and eight government officials organized by the Department of Health and Human Services explained that "[a]vailable evidence supports the hypothesis that it is the absence of human milk – rather than the exposure to formula – that is associated with an increase in the risk of NEC."
Earlier this year, the AAP confirmed that "[p]reterm infant formula is recommended when [mother's own milk] is not available and [pasteurized donor human milk] is either not available or the family declines use." Dr. Mark Corkins, division chief of pediatric gastroenterology at the University of Tennessee Health Science Center, said: "There is no evidence that the formulas cause NEC. That is why these court cases make no sense to the folks who understand the actual science."
What is preterm infant formula?
Preterm infant formulas are specialty formulas that are designed to meet the unique nutritional needs of preterm and low-birth-weight infants, who need more calories and nutrients than full-term infants to survive and thrive. Thus, these products differ from infant formulas for full-term infants that are sold in stores directly to parents and caregivers. For decades, Abbott has researched, developed and produced these specialized nutrition products, and today Abbott is one of only two companies in the U.S. providing these products. FDA regulates preterm infant formula and has not asked for changes or additions to the ingredients or label. Abbott complies with all applicable FDA regulations.
Is preterm infant formula part of the standard of care?
Yes. The AAP has explained that "[p]roviding special formula is a routine and necessary part of care of these preterm infants." Likewise, the NEC Society – a non-profit focused on eradicating NEC – explained that "[s]ometimes, formula is necessary and chosen by the baby's care team as the best available plan of care." Preterm formula is especially important because mothers of premature infants may have trouble expressing a sufficient supply of breast milk and donor human milk is not always available. In these situations, preterm infant formula is a critical option.
In a brief filed on Aug. 7, 2026, to the U.S. Supreme Court, the AAP, North American Society for Pediatric Gastroenterology, Hepatology and Nutrition, National Association of Pediatric Nurse Practitioners, Perinatal Research Society, Children's Hospitals Neonatal Consortium, and March of Dimes wrote: "Preterm infant formula is an indispensable component of neonatal medicine" and that "[t]he medical community universally regards preterm formula as an essential, life-saving component of neonatal care."
What have federal health authorities and the medical community said about preterm infant formula?
The FDA, CDC and NIH, the AAP, and the NEC Society agree that preterm infant formulas are a vital necessity in caring for premature infants and that feeding decisions should be made in neonatal intensive care units (NICUs), not in courtrooms.
In October 2024, the FDA, CDC and NIH said: "There is no conclusive evidence that preterm infant formula causes NEC." Instead, "[a]vailable evidence supports the hypothesis that it is the absence of human milk – rather than the exposure to formula – that is associated with an increase in the risk of NEC." These groups also said: "These formulas can be critical for premature infants for whom parental or donor milk is not an option, or where a supplement to parental or donor milk is necessary for the health of the infant."
In September 2024, the American Academy of Pediatrics said: "Specialty formulas and fortifiers provide an essential source of nutrition for premature infants. While breastmilk is preferred, it does not eliminate the risk of NEC, and there is not always enough supply from a parent or donors."
In July 2024, the American Academy of Pediatrics said: "Courtrooms are not the best place to determine clinical recommendations for the care of infants. Feeding decisions should be made by clinicians and families. These need to be individualized in the context of human milk availability, specific patient needs, and individual family preferences."
In July 2024, the NEC Society said: "Feeding decisions should be made in the NICU, not in courtrooms."
In April 2024, the NEC Society said: "In the ICU, feeding decisions are medical decisions. It is imperative for medical decisions to be made by those who practice medicine in partnership with patient-families. The medical team, in collaboration with patient-families, should decide how babies are fed in the ICU. These medical feeding decisions aim to protect against NEC while providing optimal nutrition for discharge and long-term health outcomes. Neonatal feeding decisions should be made at patients' bedsides, not in courtrooms."
Why does access to preterm infant formula matter?
About 1 in every 10 infants born in the U.S. is premature, per the CDC. But per the AAP: "there is not always enough [human milk] supply from a parent or donors" for premature infants. As Judge Rebecca R. Pallmeyer, the judge in the federal MDL has recognized, "[t]his means that cow's-milk-based formulas, including [Similac Special Care 24], will remain essential products until the production of human-milk formula is sufficient to eliminate any risk of shortfalls in all NICUs nationwide." And "[f]ormula is designed to serve as a replacement whenever donor milk or mother's milk is unavailable, so the product's utility is categorical, not marginal." To use the Court's analogy, it is a "lifeboat" product.
Is the medical community concerned about continued access to preterm infant formula?
Yes. As the AAP has said: "Feeding decisions should be made by clinicians and families," not litigants. When these decisions are taken from clinicians, physicians, medical organizations and policymakers have expressed concern about continued access to preterm infant nutrition products. These groups have warned of potential impact on availability if manufacturers cannot continue supplying them given the threat of unending litigation.
In a brief filed on Aug. 7, 2026, to the U.S. Supreme Court, the AAP, North American Society for Pediatric Gastroenterology, Hepatology and Nutrition, National Association of Pediatric Nurse Practitioners, Perinatal Research Society, Children's Hospitals Neonatal Consortium, and March of Dimes wrote: "The substantial verdicts already entered in other cases, together with the thousands of similar claims now pending, pose a grave threat to the preterm formula supply. Should that supply diminish or be withdrawn, neonatologists and pediatric clinicians would lose an essential instrument of care and with foreseeable consequences: increased infant mortality, impaired neurological development, and permanent degradation of the standard of care for the Nation's most vulnerable patients."
What is the learned intermediary doctrine?
In both Watson v. Mead Johnson (Ill. App. Ct. 2026) and Ennix v. Abbott (Fla. Cir. Ct. 2026), courts held that the learned intermediary doctrine applies to preterm formula used in the NICU. That doctrine provides that a manufacturer's duty is to communicate to doctors, not directly to the patient, because it recognizes that doctors – not manufacturers – are in the best position to evaluate risks and benefits and advise parents accordingly.
About Abbott:
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 122,000 colleagues serve people in more than 160 countries.
Connect with us at www.abbott.com, and on LinkedIn, Facebook, Instagram, X and YouTube.
, /PRNewswire/ -- The board of directors of Medtronic plc (NYSE:MDT) on Thursday, August 20, 2026, approved the company's cash dividend for the second quarter of fiscal year 2027 of $0.72 per ordinary share. This quarterly declaration is consistent with the dividend increase announcement made by the company in June 2026. Medtronic is a constituent of the S&P 500 Dividend Aristocrats index, having increased its annual dividend payment for the past 49 consecutive years. The dividend is payable on October 16, 2026, to shareholders of record at the close of business on September 25, 2026.
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic (NYSE: MDT), visit www.Medtronic.com and follow Medtronic on LinkedIn.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
Contacts:
Justin Paquette
Public Relations
+1-612-271-7935
Ingrid Goldberg
Investor Relations
+1-763-505-2696
Anheuser-Busch investuje 13 milionů USD do závodu v Baldwinsville v New Yorku s cílem zvýšit výrobu Michelob ULTRA a Cutwater a rozšířit školení dovedností. Součástí je i nové technické školicí centrum.
LEADING AMERICAN MANUFACTURER CONTINUES TO DELIVER ON $600 MILLION COMMITMENT, FUELING PRODUCTION OF MICHELOB ULTRA AND ADDING CUTWATER PRODUCTION CAPABILITIES
, /PRNewswire/ -- Today, Anheuser-Busch (NYSE: BUD), a leading American manufacturer and maker of Michelob ULTRA, Busch Light, Budweiser, Bud Light, Cutwater Spirits and NÜTRL Vodka Seltzer, announced a $13 million investment in its Baldwinsville, New York facility. This investment will help Anheuser-Busch, the #1 fastest-growing supplier in total alcohol,1 meet growing consumer demand for Michelob ULTRA and Cutwater, the top 2 fastest-growing alcohol brands in the country,2 and expand local manufacturing skills training.
Baldwinsville Brewery This latest investment is part of Anheuser-Busch's ongoing Brewing Futures initiative through which the company is investing $600 million in its U.S. operations across 2025 and 2026. The initiative builds on Anheuser-Busch's commitment to investing in people, breweries and communities by creating and sustaining manufacturing jobs, building the manufacturing workforce for the future, and strengthening manufacturing career opportunities for veterans.
Brendan Whitworth, CEO, Anheuser-Busch said: "Anheuser-Busch is committed to supporting the communities where our employees live and work. Investments in facilities like our Baldwinsville Brewery help us strengthen our operations while creating and sustaining jobs and continuing to drive economic growth throughout Central New York State. We're proud to continue investing in American manufacturing and in the hardworking New Yorkers who help to produce America's most iconic beer and spirits brands every day."
This new $13 million investment in Anheuser-Busch's Baldwinsville Brewery will help increase production of Michelob ULTRA, the #1 top-selling and fastest-growing beer in America,3 as well as upgrade can and bottle lines. It will also add new production capabilities for Cutwater to help meet rapidly growing demand for the #1 spirits-based cocktail brand in the U.S.4
As part of this investment, Anheuser-Busch will also open a new technical skills training center inside the Baldwinsville Brewery, one of 15 that the company is opening nationwide, to upskill employees across mechanical, electrical, digital, and operational areas. This new center builds on the Baldwinsville Brewery's already strong technical skills training programs. This year, the Brewery is celebrating the first two graduates from its Maintenance Technician Development Program—developed in partnership with New York State, The Manufacturers Association of Central New York (MACNY) and the Teamsters—who went through hands-on training to advance from packaging operators to electricians.
Governor Kathy Hochul said: "New York has a proud manufacturing heritage that continues to fuel economic opportunity across the state. Anheuser-Busch's latest investment in its Baldwinsville Brewery, alongside the apprenticeship opportunities developed in partnership with Anheuser-Busch, New York State, MACNY, and the Teamsters, helps to create new pathways to long-term careers right here in New York and a bright future for the Central New York region."
Representative John W. Mannion (NY-22) said: "Anheuser-Busch's $13 million investment in its Baldwinsville Brewery will expand local production while creating new opportunities for workers to build their skills and advance into good-paying manufacturing careers. The new technical training center, combined with the company's successful partnership with New York State, MACNY, and the Teamsters, is exactly the kind of workforce development I've consistently championed because it's a proven model that benefits workers, businesses, and our entire regional economy. I commend Anheuser-Busch for continuing to invest in its Baldwinsville workforce and the future of American manufacturing."
Anheuser-Busch has proudly called New York State home for over 40 years, investing more than $100 million in its Baldwinsville Brewery since 2021, and remains committed to being a key economic driver in New York State. The Baldwinsville Brewery serves as a hub of innovation, and the hundreds of New Yorkers employed at this facility produce more than 50 Anheuser-Busch brands.
ABOUT ANHEUSER-BUSCH
At Anheuser-Busch, our purpose is to create a future with more cheers. For more than 165 years as a leading American manufacturer, we have delivered a legacy of brewing great-tasting, high-quality beers that have satisfied beer drinkers for generations. As the nation's top brewer, one of the fastest growing spirits companies, and an insurgent force in energy drinks, we drive economic prosperity nationwide through investments in our people, facilities, and communities. We are the only alcohol company that invests in the U.S. at this scale.
We make the nation's most iconic beers, ready-to-drink spirits and beyond beer brands, including Michelob ULTRA – America's #1 top-selling and fastest-growing beer – Busch Light, Budweiser, Bud Light, Stella Artois, Cutwater Spirits, NÜTRL Vodka Seltzer, BeatBox, industry-leading craft beers and non-alcohol beers like Michelob ULTRA Zero. We are guided by our commitment to the communities we call home and to the 65,000 hardworking Americans who bring our products to life. That's who we are. For more information, visit www.anheuser-busch.com or follow Anheuser-Busch on LinkedIn, X, Facebook, and Instagram.
Morgan Stanley si pro expanzi mimo New York vybral Dallas a do roku 2031 tam plánuje přesunout až 4 800 pracovních míst. Firma se usadí v novém mrakodrapu za 1,3 miliardy USD.
Morgan Stanley has picked Dallas for a major expansion of its banking empire outside New York City — accelerating Wall Street’s migration to Texas following the election of Mayor Zohran Mamdani, The Post has learned.
The financial giant plans to relocate up to 4,800 jobs to the state by 2031, passing over Alpharetta, Georgia, according to municipal filings reviewed by The Post. The firm will anchor a new $1.3 billion, 709,000-square-foot skyscraper in the fast-growing Texas metropolis known to financiers as “Y’all Street”.
The Wall Street behemoth led by CEO Ted Pick — which began exploring options outside the Big Apple earlier this year following the election of the Big Apple’s socialist mayor — had been weighing the new regional hub against Alpharetta, where it already has 3,000 employees.
Mayor Zohran Kwame Mamdani irritated Wall Street’s financial titans with a video taking a pop at Citadel founder Ken Griffin and his Manhattan pied-a-terre. Mayor Mamdani/X But in June, the Dallas City Council approved incentives including an $18.5 million grant tied to specific hiring benchmarks and a 10-year, 90% property tax abatement — and Morgan Stanley has since plowed ahead with the project, public filings show.
The city’s 15-member Plan Commission quietly rubber-stamped final approval on Aug. 6 for the bank to mount 366.3-square-foot illuminated exterior signs on the Fountain Place tower downtown, following a preliminary sign committee vote in July, filings show. They clearly list the bank as a tenant.
Demolition crews also began clearing a former Gold’s Gym on McKinney Avenue last week to make way for the permanent skyscraper.
“This is the latest in what should be a wake-up call for City Hall,” said Steve Fulop, CEO of the pro-business Partnership for NYC.
“Apollo, Goldman Sachs and JPMorgan have all highlighted Texas as a major hub in just the last few months, with thousands of jobs headed there,” Fulop added. “Texas is playing the long game and rolling out the red carpet for jobs, while New York keeps upgrading the tax calculator. The contrast is pretty clear.“
Morgan Stanley CEO Ted Pick has not commented on the plans, but public records show the bank’s decision has been made. Bloomberg via Getty Images Morgan Stanley and City Hall did not immediately respond to requests for comment. A spokesperson for Dallas Mayor Eric Johnson declined to comment.
Morgan Stanley will execute the move in two phases. The bank will first occupy 255,000 square feet at Fountain Place on 1445 Ross Ave. in downtown Dallas, where contractors will complete a $97 million interior renovation.
Workers will eventually move to the $1.3 billion skyscraper to be located at 2401 McKinney Ave.
Morgan Stanley will first move into a building at Fountain Place before a new $1.3 billion skyscraper is completed. 4kclips – stock.adobe.com The signage filings, submitted by Dallas land attorney Victoria Morris, propose installing illuminated, 366.3-square-foot attached signs featuring three-inch back-lit channel letters reading “Morgan Stanley.”
Construction in Dallas has begun even as state records lag. The Texas Department of Licensing and Regulation shows no new filings for the Fountain Place work or the Uptown tower.
Morgan Stanley has also published a slew of new job openings in the city on the professional networking platform LinkedIn.
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The project continues a major shift of Wall Street firms to Texas in search of lower costs and favorable tax rules.
Charlie Jewell, Alpharetta’s economic development director, told The Atlanta Journal-Constitution in June 2026 that local leaders did not engage in a bidding war against Texas for the Morgan Stanley hub.
Demolition crews swooped in last week to raze the old Gold’s Gym. The site is to host Morgan Stanley’s potential regional office in a new 708,000-square-foot tower. Google Maps Just a mile away from the Morgan Stanley site in Dallas, Goldman Sachs is building an 800,000-square-foot urban campus that will host 5,000 staffers.
The migration mounts pressure on Mamdani, who has vowed to heavily tax the rich and rein in corporate real estate.
JPMorgan Chase Chief Executive Jamie Dimon warned in his annual shareholder letter that punitive taxes threaten New York City, noting bluntly that residents and businesses “vote with their feet.”
Citadel founder Ken Griffin has also openly battled the mayor. The dispute erupted in April when Mamdani filmed a viral video outside Griffin’s $239 million Manhattan penthouse to promote a new pied-à-terre tax, a stunt Griffin blasted as “creepy and weird.”
WESTCHESTER, Ill., Aug. 20, 2026 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage industry, today announced the appointment of Diego Reynoso as chief financial officer effective October 1, 2026. He will serve as a member of the executive leadership team and report to Jim Zallie, chairman, president and chief executive officer.
In addition to leading the finance organization, Reynoso will play a key role in advancing Ingredion's growth strategy, enterprise productivity initiatives, disciplined capital allocation and integration execution as the company continues its transformation into a leading global ingredient solutions provider.
“Diego’s experience in major integration and portfolio transformations across the food and beverage industry will be a great asset for Ingredion,” said Jim Zallie, chairman, president and CEO of Ingredion. “His focus on profitable growth and shareholder value creation will be critical as we advance our strategy and drive long-term value for shareholders.”
"Ingredion has a clear strategy, a strong culture and a tremendous opportunity to accelerate growth as the company continues its transformation journey," said Reynoso. "I am excited to join the team and enhance productivity while delivering on the opportunities ahead through disciplined execution, innovation and a continued focus on creating value for customers and shareholders."
Reynoso joins Ingredion from the Boston Beer Company where he served as chief financial officer leading finance, investor relations, IT, M&A and enterprise strategy initiatives.
Prior to the Boston Beer Company, Reynoso led financial, commercial and operational organizations at Tyson Foods, Constellation Brands, Beam Suntory, Danone and Procter & Gamble.
Reynoso holds a Bachelor’s degree in Chemical Engineering from Universidad Autonoma de Mexico, Mexico City and an Executive Masters of Business Administration from Universidad Panamericana, Mexico.
About Ingredion
Ingredion Incorporated (NYSE: INGR), headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2025 annual net sales of approximately $7.2 billion, the Company turns grains, fruits, vegetables, and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion Idea Labs® innovation centers located around the world and more than 11,000 employees, the Company cocreates with customers and fulfills its purpose of bringing the potential of people, nature, and technology together to make life better. Visit ingredion.com for more information and the latest Company news.
CONTACTS:
Investors: Noah Weiss, 773-896-5242
Media: Rick Wion, 708-209-6323
HOUSTON, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced that the Board of Directors declared a quarterly cash dividend of $0.55 per share, payable on October 23, 2026, to common stockholders of record at the close of business on October 2, 2026.
About Sysco
Sysco is the global leader in selling, marketing and distributing food and related products to customers who prepare meals away from home. This includes restaurants, healthcare and educational facilities, lodging establishments, entertainment venues, and more. Sysco operates 333 distribution centers, in 10 countries, with 75,000 colleagues serving approximately 670,000 customer locations. The company generated sales of more than $84 billion in fiscal year 2026 that ended June 27, 2026.
As the world’s largest food-away-from-home distributor, Sysco offers customized supply chain solutions, bespoke specialty product offerings, and culinary support to drive customers to innovate and optimize their operations. We act as a trusted business partner to our customers, helping them grow through our industry-leading portfolio that includes fresh produce, premium proteins, specialty products, sustainably focused items, equipment and supplies, and innovative culinary solutions.
For more information, visit www.sysco.com. For important news and key information for Sysco investors, visit the Investor Relations section of the company’s website at investors.sysco.com.
For more information contact:
Kevin KimCassandra MauelInvestor ContactMedia [email protected]@sysco.comT 281-584-1219T 281-584-1390 SYY-INVESTORS
Trane i Carrier těží z boomu datových center, ale Trane má rychlejší růst i větší backlog. Backlog společnosti Trane ve 2. čtvrtletí 2026 vzrostl meziročně o 70 % na rekordních 12,1 miliardy USD.
Trane (TT -0.96%) and Carrier (CARR -1.72%), two of the world's largest heating, ventilation, air conditioning, and cooling (HVAC) companies, are generally considered slower-growth, cyclical companies that generate stronger sales in hotter summers and warmer housing markets.
But in recent years, both companies have experienced a surge in orders from data centers. As the AI market expanded, many pure-play cooling companies couldn't meet the refrigeration needs of hyperscalers, whose requirements skyrocketed as AI clusters grew hotter with every new generation of accelerators from Nvidia (NVDA -0.33%) and other chipmakers.
Image source: Getty Images.
In response, those hyperscalers turned to established HVAC leaders such as Trane and Carrier to close that gap. That transition was natural, since both companies already sold massive commercial chillers and had many established enterprise relationships. That secular shift drove many investors to revalue Trane and Carrier as higher-growth AI infrastructure plays. But should investors really consider them AI plays rather than cyclical HVAC plays?
How fast are Trane and Carrier growing? From 2021 to 2025, Trane's revenue and EPS grew at CAGRs of 11% and 21%, respectively. Trane doesn't break out its data center market as a stand-alone segment, but analysts believe it accounted for about a fifth of its commercial HVAC sales or 10% of its total revenue in 2025.
That might not seem like a huge amount, but Trane's backlog swelled 70% year over year to a record $12.1 billion in the second quarter of 2026. That's equivalent to 57% of its 2025 revenue. That growth was mainly driven by its soaring orders of data center chillers.
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451.10
From 2021 to 2025, Carrier's revenue grew only at a 1% CAGR, while its EPS declined at a negative 2% CAGR. However, that decline was driven by the divestment of its legacy fire and commercial units and its acquisition of Viessmann Climate Solutions in 2024. By shedding its lower-margin, slower-growth businesses and expanding its higher-growth climate and thermal management businesses, it put itself in a better position to profit from the AI boom.
Carrier's direct data center sales accounted for about 10% of its commercial HVAC sales and 5% of its total revenue in 2025. For 2026, it expects its data center revenue to rise by about 50% and account for roughly 7%-9% of its top line. In the second quarter of 2026, its backlog grew 40% year over year to $8 billion. That's equivalent to 37% of its 2025 revenue.
Today's Change
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60.15
Both companies are clearly benefiting from the AI boom. Still, Trane's growth rates are stronger, its backlog is larger and expanding faster, and it hasn't made any major structural changes to its business over the past few years.
Trane's greater focus on custom-applied industrial chillers also gave it an early advantage over Carrier, which focuses more on light-commercial and residential units, among hyperscalers. That's why Trane's stock rallied more than 130% over the past five years, while Carrier's stock rose by less than 10%.
Which HVAC stock has more upside potential? From 2025 to 2028, analysts expect Trane's revenue and EPS to grow at CAGRs of 10% and 16%, respectively. That growth should be driven by the execution of its backlog, which includes new modular cooling plants (from its acquisition of Stellar Energy) for data centers and liquid-cooling solutions (from its takeover of LiquidStack) for next-generation AI chips. It should also benefit from decarbonization mandates that require upgrades to older HVAC systems.
From 2025 to 2028, analysts expect Carrier's revenue to grow at CAGRs of 6% and 22%, respectively. That growth should be driven by the data center boom, the stabilization of its North American residential HVAC sales, and its integration of Viessmann Climate Solutions.
Trane and Carrier both trade at 30 times this year's earnings. Those are historically high multiples, so I wouldn't rush to buy either stock as an AI infrastructure play in this turbulent market. But if I had to pick one over the other, I'd stick with Trane because it's a cleaner play on the data center market with less exposure to the messier residential market. It also makes sense to buy the higher-growth stock if it's trading at a comparable valuation to its slower-growth competitor.
Prospect Capital za čtvrtletí do 30. června vykázala čistý investiční výnos 77,692 mil. USD, ale na běžné akcionáře připadla čistá ztráta 38,091 mil. USD. Zároveň oznámila měsíční dividendu 0,035 USD na akcii za září a říjen 2026.
NEW YORK, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter and fiscal year ended June 30, 2026.
FINANCIAL RESULTS
All amounts in $000’s except
per share amounts (on weighted average
basis for period numbers)
Quarter EndedQuarter EndedQuarter EndedJune 30, 2026March 31, 2026June 30, 2025 Net Investment Income (“NII”)$77,692$78,457$79,043NII per Common Share$0.15$0.16$0.17Interest as % of Total Investment Income90.1%93.4%94.9% Net Income (Loss) Applicable to Common Shareholders$(38,091)$26,408$(226,369)Net Income (Loss) per Common Share$(0.08)$0.05$(0.50) Distributions to Common Shareholders$57,988$65,421$61,181Distributions per Common Share$0.115$0.135$0.135Cumulative Paid and Declared Distributions to Common Shareholders(1)$4,809,658$4,770,919$4,569,727Cumulative Paid and Declared Distributions per Common Share(1)$22.14$22.07$21.66 Total Assets$6,448,627$6,383,972$6,804,938Total Liabilities$1,945,331$1,816,573$2,186,266Perpetual Preferred Stock$1,574,450$1,613,772$1,629,900Net Asset Value (“NAV”) to Common Shareholders$2,928,846$2,953,627$2,988,772NAV per Common Share$5.71$6.05$6.56 Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments$1,602,744$1,752,375$1,315,967 Net of Cash Debt to Total Assets28.6%27.0%30.4%Net of Cash Debt to Total Equity Ratio(2)40.7%37.6%44.4%Net of Cash Asset Coverage of Debt Ratio(2)345%366%325%Interest Coverage(3)366%356%351% Unsecured Debt + Perpetual Preferred Equity as % of Total Debt + Perpetual Preferred Equity83.7%88.0%77.1%Unsecured and Non-Recourse Debt as % of Total Debt100.0%100.0%100.0% (1)Declared dividends are through the October 2026 distribution. August 2026 through October 2026 distributions are estimated based on shares outstanding as of 8/19/2026.(2)Including our perpetual preferred stock as equity.(3)Calculated as (Net Investment Income + Interest Expense + Incentive Fees) / Interest Expense. CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION
Prospect is declaring distributions to common shareholders as follows:
Monthly Cash Common Shareholder DistributionRecord DatePayment DateAmount ($ per share)September 20269/28/202610/21/2026$0.0350October 202610/28/202611/18/2026$0.0350
Taking into account past distributions and our current share count for declared distributions, since inception through our October 2026 declared distribution, Prospect will have distributed $22.14 per share to original common shareholders, aggregating over $4.8 billion in cumulative distributions to all common shareholders.
Since Prospect’s initial public offering in July 2004 through June 30, 2026, Prospect has invested approximately $23 billion in more than 450 investments, exiting over 350 of these investments.
Since Prospect's initial public offering in July 2004 through June 30, 2026, Prospect's exited investments resulted in an investment level exited gross internal rate of return ("IRR") of approximately 12% (based on total capital invested of approximately $13.4 billion and total proceeds from such exited investments of approximately $17.2 billion).
In Prospect’s primary business of middle market lending since 2004, Prospect’s exited investments resulted in an investment level exited gross IRR of approximately 14.4% (based on total capital invested of approximately $11.5 billion and total proceeds from such exited investments of approximately $14.7 billion), with an annualized realized loss rate of 0.2%.
Middle-Market Lending Track RecordOverallExitedInvestments365293Total Capital Invested$17.5 billion$11.5 billionTotal Proceeds$19.2 billion$14.7 billionAmount Remaining(1)$5.3 billion$0 billionTotal$24.5 billion$14.7 billion Exited Gross IRR 14.4% Credit StatisticsReference(2)PSEC AverageMiddle-Market Net Leverage6.1x4.9xMiddle-Market Cash Interest Coverage160%223%Annualized Net Realized Loss Rate1.0%0.2%(3) (1)Amount remaining represents the fair value of investments and any additional net interest receivable.(2)Reference Middle-Market Net Leverage and Middle-Market Cash Interest Coverage from KBRA Private Credit: Q2 2026 Middle Market Compendium. Such quarterly report includes median statistics for 2,785 unique global middle-market sponsored borrowers assessed over the last twelve months ended June 30, 2026. Reference Loss Rate is calculated by taking the default rate * (1 – the recovery rate). The default rate is calculated by taking the PitchBook average monthly reported LTM default rate for leveraged loans from September 2004 through June 2026. The recovery rate reflects Moody’s average assumption from its loss given default framework used for speculative-grade issuers.(3)PSEC annualized net realized loss rate defined as realized gains/(losses) on investments as a percentage of total invested capital since inception, divided by the number of years since inception for the respective investments. Drivers focused on optimizing our business include:
(1) rotation of assets into and increased focus on our core business of first lien senior secured middle market loans (with our first lien mix increasing 840 basis points to 72.5% (based on cost) from June 2024), including investments in companies with smaller funded private equity sponsors, independent sponsors, and no third party financial sponsors;
(2) reduction in our second lien senior secured middle market loans (with our second lien mix decreasing 454 basis points to 11.9% (based on cost) from June 2024);
(3) exit of our subordinated structured notes portfolio (with our subordinated structured notes mix decreasing 837 basis points to 0.0% (based on cost) from June 2024);
(4) exit of targeted lower yielding equity linked assets, including real estate properties (with six additional properties sold in the fiscal year ended June 2026) and certain corporate investments (such as the exit of Echelon Transportation, LLC in February 2026 and Valley Electric Company, Inc. in July 2026), with other potential exits targeted and in process;
(5) enhancement of portfolio company operating performance and profitability, including through adoption of AI and automation initiatives focused on enhancing revenues and producing cost efficiencies; and
(6) utilization of our cost effective floating rate revolver (which significantly matches our majority floating rate assets) while continuing to operate with one of the lowest debt leverage levels in the industry (28.6% net of cash debt to total assets as of June 30, 2026, which did not reflect the immediately deleveraging impact of the Valley Electric Company, Inc. (“Valley Electric”) sale that closed on July 1, 2026).
On July 1, 2026, Prospect closed the successful sale of its portfolio company Valley Electric, with total consideration of approximately $328 million (subject to post-closing adjustments and payments). Over the life of the Valley Electric investment since 2012 and including expected net exit proceeds of approximately $281 million (including potential post-closing adjustments and payments), together with prior interest on debt, equity distributions, and other cash flow streams, Prospect achieved a 20.5% realized gross annualized internal rate of return (“IRR”) and 4.8 times multiple of invested capital.
On June 30, 2026, $562.3 million was drawn under our current $2.1 billion revolver. Such drawn amount would have been $322.7 million on a pro forma basis assuming that the cash received on July 1, 2026, from the sale of Valley Electric had been received previously and repaid borrowings under our revolver.
In our middle market lending strategy, which represented 85% of our investments at cost as of June 30, 2026, we continued our focus on first lien senior secured loans during the quarter. Middle market investments comprised 91% of our $166.3 million of originations during the June 2026 quarter. Investments during the quarter included new first lien senior and secured loan investments in Safety Solutions Financing, LLC (a provider of fire security products and services), Abacus Dermatology Management, LLC (a management services organization), and Eyefive, LLC (d/b/a Shipoffers, a provider of on-demand product and order fulfillment services), as well as follow-on investments in existing portfolio companies to support acquisitions, working capital needs, organic growth initiatives, and other objectives.
As of June 30, 2026, our portfolio included 2.3% (based on fair market value) of investments in software companies, significantly lower than the 22% average across business development companies included in a June 9, 2026 Oppenheimer equity research report.
Our real estate property portfolio at National Property REIT Corp. (“NPRC”) totaled 14.2% of our investments at cost as of June 30, 2026 and continued its focus on already developed and occupied cash flow multifamily investments. Since the inception of this strategy in 2012 and through June 30, 2026, we have exited 58 property investments that have earned an unlevered investment-level gross cash IRR of 24% and cash on cash multiple of 2.4 times. We exited six property investments in the current fiscal year through June 30, 2026 that earned an unlevered investment-level gross cash IRR of 18% and cash on cash multiple of 2.3 times. The remaining real estate property portfolio as of June 30, 2026 included 52 properties and paid us an income yield of 5.3% for the quarter ended June 30, 2026. These properties provide from time to time opportunities for Prospect to exit certain such investments and recycle into more and higher yielding corporate first lien senior secured loans with selected equity linked investments outside of NPRC. Our aggregate investment in NPRC included a $185 million unrealized gain as of June 30, 2026.
Our senior management team and employees own 26.7% of all common shares outstanding or approximately $0.8 billion of our common equity as measured at NAV.
PORTFOLIO UPDATE AND INVESTMENT ACTIVITY
All amounts in $000’s except
per unit amounts
As ofAs ofAs ofJune 30, 2026March 31, 2026June 30, 2025 Total Investments (1)$6,315,369$6,192,901$6,693,501Total Investments (2)$6,342,558$6,302,465$6,673,516Number of Portfolio Companies918997Number of Industries313133 First Lien Debt72.5%72.0%70.5%Second Lien Debt11.9%12.4%14.4%Total Senior and Secured Debt84.4%84.4%84.9%Unsecured Debt0.1%0.1%0.1%Subordinated Structured Notes—%—%0.6%Equity Investments15.5%15.5%14.4%Total Investments (1)100.0%100.0%100.0% First Lien Debt67.6%66.9%66.9%Second Lien Debt9.1%9.4%11.5%Total Senior and Secured Debt76.7%76.3%78.4%Unsecured Debt0.1%0.1%0.1%Subordinated Structured Notes—%0.1%0.5%Equity Investments23.2%23.5%21.0%Total Investments (2)100.0%100.0%100.0% Non-Accrual Loans as % of Total Assets (2)0.7%0.7%0.3% (1)Calculated at cost.(2)Calculated at fair value. During the March 2026 and June 2026 quarters, investment originations (including follow on investments in existing portfolio companies) and repayments were as follows:
All amounts in $000’s
Quarter EndedQuarter EndedJune 30, 2026March 31, 2026 Total Originations$166,321$115,276 Middle-Market90.5%94.2%Real Estate9.5%5.4%Other—%0.4% Total Repayments and Sales$45,827$222,242 Originations, Net of Repayments and Sales$120,494$(106,966)
For additional disclosure see “Primary Origination Strategies” at the end of this release.
ARTIFICIAL INTELLIGENCE AND AUTOMATION INITIATIVES
Prospect, together with affiliates, and including portfolio company executives and external advisors, has a broad and deep cross-functional team that includes software and information technology engineers, portfolio company operations professionals, and other individuals focused on bringing best practice artificial intelligence (“AI”) and automation initiatives to both Prospect’s operations and that of its portfolio companies, especially those companies where Prospect holds not just senior secured debt but also equity, whereby Prospect can capture economic upside from profit enhancements (including both revenue increase projects as well as cost efficiency projects) in such businesses. Examples of portfolio company use cases include:
First Tower using AI and machine learning to improve credit scoring and decisioning (further reducing loss rates and expanding approvals to additional creditworthy borrowers) and to target pre-qualified prospects (with cross-sell and re-borrow opportunities), in addition to various ongoing AI projects designed to deploy customer service agents, automate collections communications, and detect fraud;Town & Country continuing to prioritize AI to optimize operations and support growth initiatives, including investing in a dedicated AI team and equipping all employees with AI tools. For example, the team has deployed an AI agent that generates design concepts based on retailer, brand, packaging, and product guidelines;InterDent executing on AI initiatives for diagnostic imaging patient treatment plans, clinician automatic credentialling, revenue cycle management collection improvement, recruiting (reducing time to fill), call center efficiency/effectiveness boosting, and other projects;Pacific World using AI for consumer insight testing for new product development, optimizing accounts receivable collections review and dispute processes, and building an enterprise data warehouse unifying finance, marketing, and sales data that makes siloed data accessible to the entire organization;Ubique utilizing AI to benchmark competitor products across competitor websites against its own product portfolio, informing each of product development and sales strategy;Mity hiring a new head of technology who is deploying AI to certain business processes, with an initial focus on sales-related activities, including lead generation, customer outreach, account executive handoffs, and data integration;Refuel deploying an AI-driven lead generation engine to identify, qualify, and convert sales opportunities;National Property REIT Corp rolling out AI across its multifamily platform, including dynamic pricing and revenue management to maximize revenue per available unit; AI-driven applicant screening that evaluates credit, rental history, and employment for consistent and unbiased risk scoring; LLM-based leasing communication and call analytics to improve prospect-to-lease conversion, automated renewals pricing, and outreach to reduce tenant turnover; and AI-assisted preventative maintenance that flags equipment degradation and property risks; andProspect applying AI tools to specific processes within its own operations. First-pass review of investor due diligence questionnaires, which frequently run to several hundred questions, are drafted from the firm's own prior submissions rather than assembled manually. Portions of quarter-end reporting and reconciliation for Prospect's finance vehicles have been automated. These are process-level efficiencies in back-office and administrative work, while investment decisions continue to be made by Prospect's investment professionals and investment committee. “Prospect is actively assessing and implementing the best use cases for artificial intelligence and automation within our critical business processes, including both within our investment processes as well as at the portfolio company operational level,” said John Barry, Prospect Chairman and Chief Executive Officer. “We view AI as the most transformational game changer to come along in a generation, and we expect profit enhancing results within our businesses. Prospect has a long history of innovation and first to market accomplishments in the business development company industry, and our embracing of AI and automation is consistent with that innovative culture.”
CAPITAL AND LIQUIDITY
Our multi-year, long-term laddered and diversified historical funding profile over our more than 22 year history has included our current $2.1 billion revolver (aggregate commitments with 48 current lenders), program notes, institutional bonds, convertible bonds, listed preferred stock, and program preferred stock. As of today, we have retired multiple upcoming maturities, including repurchasing $36 million of our next institutional bond maturity, leaving $264.5 million due in November 2026.
On October 30, 2025, we successfully completed the institutional issuance of approximately $167.6 million in aggregate principal amount of senior unsecured 5.5% Series A Notes due 2030 (the "Notes"), which mature on December 31, 2030.
Our unfunded eligible commitments to portfolio companies aggregate approximately $64.6 million, of which $52.4 million is considered at our sole discretion, representing 1.0% and 0.8% of our total assets as of June 30, 2026, respectively.
As ofAs ofAll amounts in $000’sJune 30, 2026March 31, 2026Net of Cash Debt to Total Assets Ratio28.6%27.0%Net of Cash Debt to Total Equity Ratio(1)40.7%37.6%% of Interest-Bearing Assets at Floating Rates76.0%74.3%Unsecured Debt + Perpetual Preferred Equity as % of Total Debt + Perpetual Preferred Equity83.7%88.0% Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments$1,602,744$1,752,375 Unencumbered Assets$4,242,977$4,177,553% of Total Assets65.8%65.4% (1)Including our perpetual preferred stock as equity. We currently have three separate unsecured debt issuances aggregating approximately $701.4 million outstanding, not including our program notes, with laddered maturities extending through December 2030. At June 30, 2026, $614.9 million of program notes were outstanding with laddered maturities through March 2052.
At June 30, 2026 our weighted average cost of unsecured debt financing was 4.78%.
We have raised significant capital from our existing perpetual preferred stock offering programs. The perpetual preferred stock provides Prospect with a diversified source of programmatic capital without creating scheduled amortization or maturity risk as we benefit from multiple perpetual preferred tranches.
DIVIDEND REINVESTMENT PLAN
We have adopted a dividend reinvestment plan (also known as our “DRIP”) that provides for reinvestment of our distributions on behalf of our shareholders, unless a shareholder elects to receive cash. On April 17, 2020, our board of directors approved amendments to the Company’s DRIP, effective May 21, 2020. These amendments principally provide for the number of newly-issued shares pursuant to the DRIP to be determined by dividing (i) the total dollar amount of the distribution payable by (ii) 95% of the closing market price per share of our stock on the valuation date of the distribution (providing a 5% discount to the market price of our common stock), a benefit to shareholders who participate.
HOW TO PARTICIPATE IN OUR DIVIDEND REINVESTMENT PLAN
Shares held with a broker or financial institution
Many shareholders have been automatically “opted out” of our DRIP by their brokers. Even if you have elected to automatically reinvest your PSEC stock with your broker, your broker may have “opted out” of our DRIP (which utilizes DTC’s dividend reinvestment service), and you may therefore not be receiving the 5% pricing discount. Shareholders interested in participating in our DRIP to receive the 5% discount should contact their brokers to make sure each such DRIP participation election has been made through DTC. In making such DRIP election, each shareholder should specify to one’s broker the desire to participate in the "Prospect Capital Corporation DRIP through DTC" that issues shares based on 95% of the market price (a 5% discount to the market price) and not the broker's own "synthetic DRIP” plan (if any) that offers no such discount. Each shareholder should not assume one’s broker will automatically place such shareholder in our DRIP through DTC. Each shareholder will need to make this election proactively with one’s broker or risk not receiving the 5% discount. Each shareholder may also consult with a representative of such shareholder’s broker to request that the number of shares the shareholder wishes to enroll in our DRIP be re-registered by the broker in the shareholder’s own name as record owner in order to participate directly in our DRIP.
Shares registered directly with our transfer agent
If a shareholder holds shares registered in the shareholder’s own name with our transfer agent (less than 0.1% of our shareholders hold shares this way) and wants to make a change to how the shareholder receives dividends, please contact our plan administrator, Equiniti Trust Company, LLC by calling (888) 888-0313 or by mailing Equiniti Trust Company LLC, PO Box 10027, Newark, New Jersey 07101.
EARNINGS CONFERENCE CALL
Prospect will host an earnings call on August 21, 2026 at 9:00 a.m. Eastern Time. Dial 888-338-7333. For a replay after August 21, 2026 visit www.prospectstreet.com or call 855-669-9658 with passcode 3651062.
PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share and per share data)
June 30, 2026 June 30, 2025 Assets Investments at fair value: Control investments (amortized cost of $3,367,618 and $3,416,244, respectively)$3,644,274 $3,696,367 Affiliate investments (amortized cost of $12,835 and $11,735, respectively)30,447 27,057 Non-control/non-affiliate investments (amortized cost of $2,934,916 and $3,265,522, respectively)2,667,837 2,950,092 Total investments at fair value (amortized cost of $6,315,369 and $6,693,501, respectively)6,342,558 6,673,516 Cash and cash equivalents (restricted cash of $2,812 and $4,282, respectively)43,572 50,788 Receivables for: Interest, net17,350 25,144 Other9,228 1,642 Derivative Assets, at fair value18,900 — Deferred financing costs on Revolving Credit Facility14,128 18,842 Prepaid expenses1,419 1,488 Due from Prospect Administration1,351 — Due from Affiliate61 125 Due from broker60 33,393 Total Assets6,448,627 6,804,938 Liabilities Public Notes (less unamortized discount and debt issuance costs of $10,547 and $6,556, respectively)690,841 593,444 Prospect Capital InterNotes® (less unamortized debt issuance costs of $7,399 and $8,687, respectively)607,480 638,545 Revolving Credit Facility562,328 856,322 Due to Prospect Capital Management38,946 41,757 Dividends payable18,252 28,836 Interest payable13,968 15,116 Due to broker9,156 5,639 Accrued expenses3,675 3,490 Due to Prospect Administration— 2,602 Other liabilities685 515 Total Liabilities1,945,331 2,186,266 Commitments and Contingencies Preferred Stock, par value $0.001 per share (766,678,529 and 836,490,792 shares of preferred stock authorized; 68,468,200 and 70,915,937 issued and outstanding, respectively)1,574,450 1,629,900 Net Assets Applicable to Common Shares$2,928,846 $2,988,772 Components of Net Assets Applicable to Common Shares and Net Assets, respectively Common stock, par value $0.001 per share (1,233,321,471 and 1,163,509,208 common shares authorized; 512,746,556 and 455,902,826 issued and outstanding, respectively)513 456 Paid-in capital in excess of par4,310,026 4,182,453 Accumulated other comprehensive income (loss)5,801 — Distributions in excess of earnings(1,387,494) (1,194,137)Net Assets Applicable to Common Shares$2,928,846 $2,988,772 Net Asset Value Per Common Share$5.71 $6.56 PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data) Three Months Ended June 30,
Year Ended June 30,
2026 2025 2026 2025 Investment Income Interest income (excluding payment-in-kind (“PIK”) interest income): Control investments$ 56,932 $ 55,725 $ 230,683 $ 226,077 Non-control/non-affiliate investments65,229 82,819 285,157 340,762 Structured credit securities— 2,512 — 14,017 Total interest income (excluding PIK interest income)122,161 141,056 515,840 580,856 PIK interest income: Control investments13,084 12,721 50,226 55,230 Non-control/non-affiliate investments5,118 4,663 15,866 35,023 Total PIK Interest Income18,202 17,384 66,092 90,253 Total interest income140,363 158,440 581,932 671,109 Dividend income: Control investments8,239 — 32,503 8,774 Affiliate investments627 540 1,612 681 Non-control/non-affiliate investments2,450 1,714 12,852 9,923 Total dividend income11,316 2,254 46,967 19,378 Other income: Control investments591 3,158 1,659 18,957 Non-control/non-affiliate investments3,491 3,094 8,896 9,992 Total other income4,082 6,252 10,555 28,949 Total Investment Income155,761 166,946 639,454 719,436 Operating Expenses Base management fee32,081 34,503 130,934 145,756 Income incentive fee6,939 7,253 26,508 40,772 Interest and credit facility expenses31,872 34,385 129,885 148,275 Allocation of overhead from Prospect Administration5,525 5,523 22,095 22,257 Audit, compliance and tax related fees543 1,754 1,701 4,137 Directors’ fees150 150 600 600 Other general and administrative expenses4,715 4,335 18,469 18,799 Total Operating Expenses81,825 87,903 330,192 380,596 Reimbursement of Administration Expenses(3,756) — (17,125) — Total Net Operating Expenses78,069 87,903 313,067 380,596 Net Investment Income77,692 79,043 326,387 338,840 Net Realized and Net Change in Unrealized Gains (Losses) from Investments Net realized gains (losses) Control investments(1,615) 4 (116,426) 6,378 Non-control/non-affiliate investments203 (308,483) (107,293) (525,060)Net realized gains (losses)(1,412) (308,479) (223,719) (518,682)Net change in unrealized gains (losses) Control investments(91,822) (83,010) (3,466) (300,131)Affiliate investments(5,990) 4,364 2,291 8,847 Non-control/non-affiliate investments15,438 112,308 48,349 230 Net change in unrealized gains (losses)(82,374) 33,662 47,174 (291,054)Net Realized and Net Change in Unrealized Gains (Losses) from Investments(83,786) (274,817) (176,545) (809,736)Net realized gains (losses) on extinguishment of debt1,486 (156) 4,219 972 Net realized gains (losses) from derivative instruments and foreign currency transactions(344) — (1,042) — Net change in unrealized gains (losses) from derivative instruments and foreign currency transactions435 — 643 — Net Increase (Decrease) in Net Assets Resulting from Operations(4,517) (195,930) 153,662 (469,924)Preferred Stock dividends(26,436) (26,739) (106,645) (106,822)Net gain (loss) on redemptions of Preferred Stock(5,263) (1,749) (9,592) (1,937)Gain (loss) on Accretion to Redemption Value of Preferred Stock(1,875) (1,951) (7,597) (15,079)Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders$ (38,091) $ (226,369) $ 29,828 $ (593,762) PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
ROLLFORWARD OF NET ASSET VALUE PER COMMON SHARE
(in actual dollars) Three Months Ended June 30,
Year Ended June 30,
2026 2025 2026 2025 Per Share Data(9) Net asset value per common share at beginning of period$6.05 $7.25 $6.56 $8.74 Net investment income0.15 0.17 0.68 0.77 Net realized and change in unrealized gains (losses)(1)(0.18) (0.62) (0.40) (1.87) Net increase (decrease) from operations(0.02)(6) (0.44)(6) 0.28 (1.11)(6)Distributions of net investment income to preferred stockholders(0.05)(3) (0.06) (0.22)(3) (0.24) Total distributions to preferred stockholders(0.05) (0.06) (0.22) (0.24) Net increase (decrease) from operations applicable to common stockholders(0.08) (0.50) 0.06 (1.35) Distributions of net investment income to common stockholders(0.12)(3) (0.14) (0.50)(3) (0.44)(5)Return of capital to common stockholders— (3) — (0.02)(3) (0.16)(5)Total distributions to common stockholders(0.12) (0.14) (0.52) (0.60) Effect of other comprehensive income(7)0.02 — 0.01 — Common stock transactions(2)(0.17) (0.06) (0.41) (0.25) Net asset value per common share at end of period$5.71 (6) $6.56 (6) $5.71 (6) $6.56 (6) (1)Realized gains (losses) is inclusive of net realized losses (gains) on investments, net realized losses (gains) from extinguishment of debt, net realized gains (losses) on derivative instruments and foreign currency transactions, and net realized gains (losses) from the repurchases and redemptions of preferred stock. (2)Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our common stock dividend reinvestment plan, common shares issued to acquire investments, common shares repurchased below net asset value pursuant to our Repurchase Program, and common shares issued pursuant to the Holder Optional Conversion of our 5.50% Preferred Stock and 6.50% Preferred Stock. (3)Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2026. (4)For all periods presented above, all shares of our issued and outstanding Convertible Preferred Stock had an anti-dilutive effect. (5)The amounts reflected for the respective fiscal periods were updated based on tax information received subsequent to our Form 10-K filing for June 30, 2025. Certain reclassifications have been made in the presentation of prior period amounts. (6)Does not foot due to rounding. (7)Effect of other comprehensive income is related to income/(loss) deemed attributable to instrument specific credit risk derived from changes in fair value associated with liabilities valued under the fair value option (ASC 825.) (8)Effect is less than $0.01 per share. (9)Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for dividends to stockholders which is based on actual rate per share). INTERNAL RATE OF RETURN
Internal Rate of Return (“IRR”) is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. IRR is gross of general expenses not related to specific investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. Prospect’s gross IRR calculations are unaudited. Information regarding internal rates of return are historical results relating to Prospect’s past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.
All track record data herein is as of 6/30/2026, unless otherwise noted. Middle-market lending track record segmentation by EBITDA represents EBITDA at the date of initial investment.
ANNUALIZED NET REALIZED LOSS RATE
Annualized net realized loss rate defined as realized gains/(losses) on investments as a percentage of total invested capital since inception, divided by the number of years since inception for the respective investments. Numbers may not add up to precise totals due to rounding.
PRIMARY ORIGINATION STRATEGIES
Our primary investment strategy is investing in private, middle-market companies in the U.S. in need of capital for refinancings, acquisitions, capital expenditures, growth initiatives, recapitalizations and other purposes. Typically, we focus on making investments in middle-market companies with annual revenues of less than $750 million and enterprise values of less than $1 billion. These private, middle-market companies are primarily owned by private equity funded and independent sponsors or us, as well as by a portfolio company’s management team, founder(s), or other investors. Our typical investment involves a senior and secured loan of less than $250 million.
Our investments in senior and secured loans are generally senior debt instruments that rank ahead of unsecured debt and equity of a given portfolio company. These loans also have the benefit of security interests on assets of the applicable portfolio company, which often rank ahead of any other security interests. We also make equity and equity-linked investments with capital-appreciation potential (such as senior and secured convertible debt, preferred equity, common equity and warrants).
We also invest a lesser amount of our assets in senior and secured debt and controlling equity positions in real estate investment trusts (“REIT” or “REITs”). The real estate investments of National Property REIT Corp. (“NPRC”) are in various classes of developed and occupied real estate properties that generate current yields, including multi-family properties and other tenant-diversified properties; historically, NPRC made investments in structured credit (primarily debt tranches). We historically invested in structured credit (primarily equity tranches).
We may also invest in other strategies and opportunities from time to time that the Investment Adviser views as attractive. The Investment Adviser may continue to evaluate other origination strategies in the ordinary course of business with no specific top-down allocation to any single origination strategy.
We directly originate the significant majority of our investments through our long-term relationships with private equity funded and independent sponsors, financial intermediaries, and management teams, as well as other sources. We seek to maximize returns, including both current yield and capital-appreciation potential, and minimize risk for our investors by applying rigorous credit and other analyses and cash-flow and asset-based lending techniques to originate, close, and monitor our investments.
We are consistently pursuing multiple investment opportunities. There can be no assurance that we will successfully consummate any investment opportunity we pursue. If any of these opportunities are consummated, there can be no assurance that investors will share our view of valuation or that any assets acquired will not be subject to future write downs, each of which could have an adverse effect on our stock price.
MIDDLE MARKET LENDING PORTFOLIO COMPANY EBITDA, NET LEVERAGE AND CASH INTEREST COVERAGE
Middle-Market Lending Portfolio Company Net Leverage (“Middle-Market Portfolio Net Leverage”) and Middle-Market Lending Portfolio Company Cash Interest Coverage (“Middle-Market Portfolio Cash Interest Coverage”) provide clarity into the underlying capital structure of PSEC’s middle-market loan portfolio investments and the likelihood that such portfolio will make interest payments and repay principal. Investments in real estate, subordinated structured notes, and equity (for which principal repayment is not fixed) and for which EBITDA is not available, negative or de minimis are not included in the calculations.
Middle-Market Portfolio Net Leverage reflects the simple average net leverage of each of PSEC’s middle-market loan portfolio investments. The net leverage for each such investment is calculated based on PSEC’s loan investment in the capital structure of the portfolio company, with a maximum limit of 10.0x, and adjusted EBITDA. This calculation excludes debt subordinate to PSEC’s position within the capital structure because PSEC’s exposure to interest payment and principal repayment risk is limited beyond that point. The calculation does not exceed 10.0x adjusted EBITDA for any individual investment because 10.0x captures the highest level of risk to PSEC.
Middle-Market Portfolio Cash Interest Coverage reflects the simple average cash interest coverage of each of PSEC’s middle-market loan portfolio investments. The cash interest coverage for each middle-market loan portfolio investment is calculated based on the portfolio company’s cash interest and adjusted EBITDA.
Middle-Market Portfolio Net Leverage and Middle-Market Portfolio Cash Interest Coverage generally indicates a portfolio company’s ability to make interest payments and repay principal. Adjusted EBITDA provides PSEC with insight into profitability and scale of the portfolio companies within PSEC's middle-market loan portfolio.
These calculations include addbacks and adjustments that are often negotiated and documented in the applicable investment documents, including but not limited to transaction costs, share-based compensation, management fees, foreign currency translation adjustments, and nonrecurring transaction expenses. Consumer finance companies are adjusted to treat third-party receivables financing as a cost of goods sold (rather than financing) because consumer finance companies typically rely on such financing to fund their lending activities.
Middle-Market Portfolio Net Leverage and Middle-Market Portfolio Cash Interest Coverage assist PSEC in assessing the likelihood that PSEC will timely receive interest and principal payments. However, these calculations are not meant to substitute for an analysis of PSEC’s underlying portfolio company debt investments, but to supplement such analysis.
About Prospect Capital Corporation
Prospect is a business development company that primarily lends to and invests in middle market privately-held companies. Prospect’s investment objective is to generate both current income and long-term capital appreciation.
Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. Prospect has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
For additional information, contact:
Grier Eliasek, President and Chief Operating Officer [email protected]
Telephone (212) 448-0702
Ross Stores ve 2. čtvrtletí zvýšila tržby o 13 % na 6,3 miliardy USD a zisk na akcii na 2,66 USD. Zároveň zvýšila celoroční výhled EPS na 8,61 až 8,77 USD.
, /PRNewswire/ -- Ross Stores, Inc. (Nasdaq: ROST) today reported financial results for the 13‑week quarter ended August 1, 2026.
Highlights:
Total sales for the second quarter of fiscal 2026 increased 13% versus last year, with comparable store sales up a very strong 10%, primarily driven by customer traffic. Second quarter operating profits were $1.1 billion, which includes approximately $253 million from IEEPA tariff refunds. Operating margin increased 610 basis points, including 405 basis points from the tariff refunds. Excluding this benefit, operating margin increased by 205 basis points, well above the Company's plan for an increase of 130 to 150 basis points. Earnings per share for the second quarter were $2.66, which includes an approximate $0.60 per share benefit from the tariff refunds, well above our guidance of $1.85 to $1.93. Opened 47 new stores during the quarter, including 35 Ross and 12 dd's DISCOUNTS. Increasing 2026 store opening plans to 115 new locations. Jim Conroy, Chief Executive Officer, commented, "We achieved stellar sales and earnings growth in the second quarter. I am incredibly proud of our teams across the Company, whose dedication and strong execution drove these outstanding results. Our performance was fueled by our compelling merchandise offerings, engaging marketing initiatives, and continued enhancements to the in-store experience. We were pleased to see strength throughout the quarter, with comparable store sales growth once again primarily driven by customer traffic. Importantly, that growth was supported by both an increase in new customers and higher engagement from existing customers. These trends reinforce our belief that the actions we are taking are not only driving the current business performance but that we can continue to build on our early successes."
Second Quarter and First Six Months Results
Sales for the second quarter increased 13% to $6.3 billion, up from $5.5 billion in 2025. Comparable store sales rose a very strong 10% for the quarter on top of a 2% gain last year. Net income was $851 million versus $508 million last year, while earnings per share were $2.66 compared to $1.56 per share in the prior year period.
For the first six months of fiscal 2026, sales increased a robust 17% to $12.3 billion, up from $10.5 billion in 2025. Comparable store sales for the six-month period were up 13%. Net income was $1.5 billion versus $987 million last year, while earnings per share were $4.69 compared to $3.03 per share in the prior year period.
Both the second quarter and first six months 2026 results include about $253 million in IEEPA tariff refunds, benefiting earnings per share by approximately $0.60.
Update on Shareholder Payouts
During the 2026 second quarter, a total of 1.4 million shares of common stock were repurchased for an aggregate price of $319 million under the Company's two-year $2.55 billion authorization approved by its Board of Directors in March 2026. The Company remains on track to buy back a total of $1.275 billion in common stock during fiscal 2026.
Fiscal 2026 Guidance
Mr. Conroy commented, "Looking ahead, we exited the second quarter with building momentum and are excited for the plans we have in place entering the Fall season. Despite facing significantly more challenging year-over-year comparisons in the back half, we are raising our outlook for both the third and fourth quarters. Comparable store sales are now expected to increase 6% to 7% in the third quarter and 4% to 5% in the fourth quarter. If the second half of 2026 performs in line with these sales projections, our earnings per share ranges for the third and fourth quarters are projected to be $1.75 to $1.83 and $2.17 to $2.26, respectively."
Mr. Conroy continued, "Based on our strong first half results and our updated second half guidance, we are increasing our 2026 fiscal year earnings per share projections to be in the range of $8.61 to $8.77, which again includes an approximate $0.60 earnings per share benefit from IEEPA tariff refunds recognized in the second quarter. From a store growth perspective, we continue to be encouraged by the success of our expansion strategy across both new and existing markets. As a result, we are increasing our 2026 new store opening plan to 115 locations, consisting of approximately 90 Ross Dress for Less and 25 dd's DISCOUNTS stores."
Mr. Conroy concluded, "The year is off to a very strong start with the entire organization executing at a high level. As our efforts to improve topline growth continue, we remain focused on disciplined, consistent execution across the business. Moving forward, we believe we are well positioned to capture additional market share and drive profitable growth over the long term."
The Company will host a conference call on Thursday, August 20, 2026 at 4:15 p.m. Eastern time to provide additional details concerning its second quarter results and management's outlook for the second half and fiscal year 2026. A real-time audio webcast of the conference call will be available in the Investors section of the Company's website, located at www.rossstores.com. An audio playback will be available at 201-612-7415, PIN #13762049 until 8:00 p.m. Eastern time on August 27, 2026, as well as on the Company's website.
Forward-Looking Statements: This press release and the related conference call remarks contain forward-looking statements regarding, without limitation, projected sales, costs and earnings, planned new store growth, capital expenditures, liquidity and other matters. These forward-looking statements reflect our then-current beliefs, plans, and estimates with respect to future events and our projected financial performance, operations, and competitive position, and they are subject to risks and uncertainties which could cause our actual results to differ materially from management's current expectations. The words "plan," "expect," "target," "anticipate," "estimate," "believe," "forecast," "projected," "guidance," "outlook," "looking ahead," and similar expressions identify forward-looking statements. Risk factors for Ross Dress for Less® ("Ross") and dd's DISCOUNTS® include without limitation, risk from adverse changes in the macroeconomic environment, government regulations and policies, geopolitical conditions and conflicts, and financial and credit markets; increased costs of fuel and other consumer necessities, continuing inflation and other external economic trends and events may have significant negative effects on consumer confidence, shopping behavior, and spending, and also on our costs; tariff increases (or threats of increases) and other changes and uncertainty in U.S. trade or tax policy regarding apparel, home-related merchandise, shoes, and other goods we sell that are produced in other countries; competitive pressures and the pace of change in the retailing industry; unexpected changes in the level of consumer spending or preferences; adverse or unseasonable weather may affect shopping patterns and consumer demand for seasonal apparel and other merchandise, and may result in temporary store closures and disruptions in deliveries of merchandise to our stores; our dependence on the market availability, quantity, and quality of attractive brand name merchandise at desirable discounts, and on the ability of our buyers to source and purchase merchandise to enable us to offer customers a wide assortment of merchandise at competitive prices; our need to expand in existing markets and enter new geographic markets in order to achieve growth; our need to obtain acceptable new store sites with favorable consumer demographics in order to achieve growth; our need to continually attract, train, and retain associates with the retail talent necessary to execute our off-price retail strategies, as well as labor shortages, increased turnover, or increased labor costs; our need to effectively manage our inventories, markdowns, and inventory shortage in order to achieve our planned gross margins; information or data security breaches, including cyberattacks on our transaction processing and computer information systems, including malware intrusion, data exfiltration, identity theft, and other types of cybersecurity threats, could disrupt our operations, result in theft or unauthorized disclosure of our confidential and valuable business information or credit card and other customer information, and could disrupt our operations, damage our reputation, increase our costs, and create significant legal exposure; disruptions in our supply chain or in our information systems could impact our ability to process sales and to deliver product to our stores in a timely and cost-effective manner; risks associated with importing and selling merchandise produced in other countries; damage to our corporate reputation or brands; a natural or man-made disaster in a region where we have a concentration of stores, offices, or a distribution center; consumer problems or legal issues involving the quality, safety, or authenticity of products we sell could harm our reputation, result in lost sales, and/or increase our costs; an adverse outcome in various legal, regulatory, or tax matters, could damage our reputation or brand and increase our costs. Other risk factors are set forth in our SEC filings including the Form 10-K for fiscal 2025 and fiscal 2026 Form 8-Ks and 10-Q on file with the SEC. The factors underlying our forecasts and plans are dynamic and subject to change. As a result, any forecasts or forward-looking statements speak only as of the date they are given and do not necessarily reflect our outlook at any other point in time. We disclaim any obligation to update or revise these forward-looking statements.
About Ross Stores, Inc.
Ross Stores, Inc. is an S&P 500, Fortune 500, and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2025 revenues of $22.8 billion. Currently, the Company operates Ross Dress for Less® ("Ross"), the largest off-price apparel and home fashion chain in the United States with 1,952 locations in 44 states, the District of Columbia, Guam, and Puerto Rico. Ross offers first-quality, in-season, brand name and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 376 dd's DISCOUNTS® stores in 23 states that feature a more moderately-priced assortment of first-quality, in-season apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com.
Ross Stores, Inc.
Condensed Consolidated Statements of Earnings
Three Months Ended
Six Months Ended
($000, except stores and per share data, unaudited)
August 1, 2026
August 2, 2025
August 1, 2026
August 2, 2025
Sales
$ 6,264,886
$ 5,529,152
$ 12,275,362
$ 10,514,123
Costs and Expenses
Cost of goods sold
4,145,215
4,002,167
8,375,804
7,583,533
Selling, general and administrative
1,016,053
888,711
1,991,914
1,685,846
Operating income
1,103,618
638,274
1,907,644
1,244,744
Interest income, net
(31,144)
(32,346)
(64,593)
(66,755)
Earnings before taxes
1,134,762
670,620
1,972,237
1,311,499
Provision for taxes on earnings
283,463
162,625
470,974
324,255
Net earnings
$ 851,299
$ 507,995
$ 1,501,263
$ 987,244
Earnings per share
Basic
$ 2.68
$ 1.57
$ 4.72
$ 3.05
Diluted
$ 2.66
$ 1.56
$ 4.69
$ 3.03
Weighted-average shares outstanding (000)
Basic
317,687
323,000
318,322
323,938
Diluted
319,450
324,796
320,343
325,909
Store count at end of period
2,328
2,233
2,328
2,233
Ross Stores, Inc.
Condensed Consolidated Balance Sheets
($000, unaudited)
August 1, 2026
August 2, 2025
Assets
Current Assets
Cash and cash equivalents
$ 4,288,124
$ 3,847,016
Accounts receivable
248,140
210,520
Merchandise inventory
3,087,370
2,608,485
Prepaid expenses and other
252,726
259,815
Total current assets
7,876,360
6,925,836
Property and equipment, net
4,257,806
3,906,340
Operating lease assets
3,545,351
3,374,582
Other long-term assets
302,763
288,761
Total assets
$ 15,982,280
$ 14,495,519
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable
$ 2,621,740
$ 2,205,613
Accrued expenses and other
744,284
655,218
Current operating lease liabilities
752,302
716,162
Accrued payroll and benefits
440,837
315,893
Income taxes payable
84,916
—
Current portion of long-term debt
241,459
499,122
Total current liabilities
4,885,538
4,392,008
Long-term debt
777,053
1,017,218
Non-current operating lease liabilities
2,968,337
2,835,481
Other long-term liabilities
295,611
279,258
Deferred income taxes
312,557
238,985
Commitments and contingencies
Stockholders' Equity
6,743,184
5,732,569
Total liabilities and stockholders' equity
$ 15,982,280
$ 14,495,519
Ross Stores, Inc.
Condensed Consolidated Statements of Cash Flows
Six Months Ended
($000, unaudited)
August 1, 2026
August 2, 2025
Cash Flows From Operating Activities
Net earnings
$ 1,501,263
$ 987,244
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
272,790
242,337
Stock-based compensation
106,377
83,239
Deferred income taxes
51,130
51,945
Change in assets and liabilities:
Merchandise inventory
(456,400)
(163,972)
Other current assets
(85,729)
(92,049)
Accounts payable
226,307
101,937
Other current liabilities
65,676
(83,135)
Income taxes
29,788
(54,139)
Operating lease assets and liabilities, net
166
4,301
Other long-term, net
399
369
Net cash provided by operating activities
1,711,767
1,078,077
Cash Flows From Investing Activities
Additions to property and equipment
(460,217)
(409,105)
Net cash used in investing activities
(460,217)
(409,105)
Cash Flows From Financing Activities
Issuance of common stock related to stock plans
13,183
12,380
Treasury stock purchased
(136,595)
(64,420)
Repurchase of common stock
(637,500)
(525,021)
Excise tax paid on repurchase of common stock
(9,496)
(9,443)
Dividends paid
(286,191)
(265,637)
Payment of long-term debt
(500,000)
(700,000)
Net cash used in financing activities
(1,556,599)
(1,552,141)
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents
(305,049)
(883,169)
Cash, cash equivalents, and restricted cash and cash equivalents:
Beginning of period
4,661,973
4,796,462
End of period
$ 4,356,924
$ 3,913,293
Reconciliations:
Cash and cash equivalents
$ 4,288,124
$ 3,847,016
Restricted cash and cash equivalents included in prepaid expenses and other
21,328
17,232
Restricted cash and cash equivalents included in other long-term assets
47,472
49,045
Total cash, cash equivalents, and restricted cash and cash equivalents:
Rocket Lab byl zařazen do programu U.S. Space Force NITE-STAR s kontraktním stropem až 981 milionů USD na 10 let. Firma ale bude jednou z 15 společností a průměrný přínos pro každého vítěze má být jen asi 6,5 milionu USD ročně.
"Rocket Lab onboarded to U.S. Space Force's $981M NITE-STAR Program to advance space test and training infrastructure," blared the headline Monday evening. Managed by the U.S. Space Force's Space Systems Command, the announcement proceeded to explain, NITE-STAR will "support a distributed test and training architecture to help prepare space operators for contested scenarios." Fast-growing space company Rocket Lab (RKLB -3.81%) will participate in the program -- and potentially win up to $981 million in contracts.
Good news for Rocket Lab?
Yes, but... the devil's in the details.
Image source: Rocket Lab.
What we know about NITE-STAR Someone worked late nights to come up with the NITE-STAR acronym, which, in full, reads as the "NSTTC Innovative Technology & Engineering – Space Test and Range" program. Announcing its participation, Rocket Lab explained that NITE-STAR will develop "distributed test and training architecture to help prepare space operators for contested scenarios."
Translated from Pentagon-speak, that appears to mean NITE-STAR is a wargames program that will allow Space Force Guardians (that's the official name for servicemen and servicewomen in this military branch) to train for and practice military operations in space. Participating in this near-billion-dollar program holds promise for Rocket Lab. What you may not know, however, is that Rocket Lab is only one of several defense companies working on NITE-STAR.
What you also may not know is that the actual value to Rocket Lab will probably be a whole lot less than $981 million.
NITE-STAR by the numbers NITE-STAR first appeared in a March announcement on GovConWire.com seeking requests for proposals (RFPs) to build the architecture. Winners were announced on the Department of Defense website late last month.
And that's where we find the details of this contract.
Two stand out. First, the NITE-STAR program will last 10 years (so the $981 million contract ceiling must be divided by 10 to determine how much will actually be paid out annually). Second, Rocket Lab is only one of 15 companies allowed to bid for task orders under the contract. (Other winners include such big space names as Lockheed Martin, Northrop Grumman, and Viasat.)
So take that number that you already divided by 10, and divide it again -- this time by 15.
The result of all this dividing is that, on average, investors can expect each winner of a NITE-STAR task order to collect about $6.5 million per year over the contract term.
Today's Change
(
-3.81
%) $
-2.89
Current Price
$
72.95
What it means to Rocket Lab investors That number -- $6.5 million -- is, of course, a whole lot less impressive number than $981 million, so you can understand why Rocket Lab accentuated the more positive number in its press release. Still, the upshot for Rocket Lab investors is that, while their company may win some funds from NITE-STAR, it probably won't be enough to move the needle.
With Rocket Lab currently pulling in nearly $770 million annually, the near-billion-dollar NITE-STAR contract will likely add less than 1% to the company's revenue. It's better than nothing -- but it's not enough to turn Rocket Lab stock -- which trades at more than 60 times sales and is unprofitable -- into a buy.
Dynatrace koupí Arize za celkovou protihodnotu 915 milionů USD, z toho přibližně 815 milionů USD v hotovosti a zbytek v náhradních akciových odměnách pro zaměstnance, aby rozšířila nabídku v oblasti AI observability. Firma čeká uzavření transakce do konce září nebo začátkem října.
Datadog Soars, Dynatrace Slumps: Gap Widens in AI Agent StocksDynatrace NYSE: DT said it plans to acquire AI observability company Arize for total consideration of $915 million, consisting of approximately $815 million in cash and replacement equity awards for Arize employees who join Dynatrace.
The transaction is expected to close by the end of September or in early October, subject to customary closing conditions and regulatory approvals. Dynatrace said it has sufficient cash on hand and access to its existing credit facility to fund the acquisition, and said its plans for share repurchases are unchanged.
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3 Stocks Flashing Rare Buy Signals After the Market's Wildest MonthChief Executive Officer Rick McConnell described Arize as a category leader in AI observability and said the deal is intended to expand Dynatrace's position in a market the company expects to exceed $10 billion by 2030. AI observability encompasses evaluation of AI-powered applications before and after release, as well as monitoring how large language models, agents and orchestration layers perform in production.
Broader AI observability portfolio McConnell said enterprises need to assess whether AI systems are functioning, whether their outputs are accurate and trustworthy, and whether agentic systems are delivering their intended outcomes. He said AI systems can fail differently than traditional software, including through plausible but incorrect, biased or factually wrong outputs that may not generate conventional infrastructure alerts.
DTE’s Stargate Deal Turns Power Into ProfitsArize adds capabilities in AI and agent evaluation, experimentation and agentic workflow optimization across development and production, according to Dynatrace. Those capabilities are intended to complement Dynatrace's existing offerings in application and infrastructure observability, model performance, AI usage and cost, and business impact.
“This is not a point solution,” McConnell said. “It is a portfolio expansion that positions Dynatrace to better capture a greater share of AI spending in this rapidly emerging category.”
Dynatrace said it had already been investing internally in AI observability for roughly 18 months. McConnell said the acquisition would accelerate its roadmap by adding areas where Arize has developed deeper capabilities, including LLM experimentation, evaluations and observability for issues such as model drift and hallucinations.
Developer reach and open-source strategy A central element of the deal is Arize's reach among AI developers through its open-source Phoenix platform. McConnell said Phoenix has millions of monthly downloads and is used for LLM evaluations. Arize also has an open-source standard called OpenInference, Dynatrace said.
Dynatrace expects the acquisition to extend its reach into developer-led buying motions and AI-native workloads. McConnell said the company views developers as increasingly influential in observability decisions as organizations move observability earlier in the software development cycle.
Arize currently has roughly 200 customers, with approximately 20% to 30% overlap with Dynatrace customers, Chief Financial Officer Jim Benson said. The companies already have shared customers across industries including automotive, communications, e-commerce and financial services, according to Dynatrace.
Dynatrace intends initially to let Arize operate with substantial independence rather than immediately fully integrating its technology. McConnell said the near-term priority is to preserve Arize's growth and product-development velocity while integrating go-to-market efforts. Arize co-founder Jason is expected to join Dynatrace's leadership team and lead Arize as a business unit, while Arize's sales organization will have a dotted-line relationship to Dynatrace Chief Revenue Officer Dan Zugelder.
Dynatrace said it expects to eventually integrate Arize into its Dynatrace Platform Subscription, or DPS, offering, though Benson said that will not occur on day one. He added that Arize's revenue-recognition model is similar to Dynatrace's: annual contracts, ratable revenue recognition and advance billing.
Expected financial impact Benson said Arize is a small but rapidly growing business. Dynatrace expects the acquisition to be immediately accretive to annual recurring revenue growth and to contribute approximately 200 basis points to Dynatrace's ARR growth rate in fiscal 2027, or roughly $40 million.
Dynatrace previously guided for fiscal 2027 ARR growth of 15.5% to 16.5%, Benson said. The company plans to provide additional information on Arize's growth profile following the transaction close and during its second-quarter earnings call in early November.
On profitability, Dynatrace expects Arize to dilute non-GAAP operating margin by about 175 basis points in fiscal 2027. However, Benson said anticipated synergies should drive incremental operating-margin expansion from fiscal 2027 levels in fiscal 2028 and beyond.
The company does not expect a material impact on its second-quarter guidance because of the anticipated close timing. Dynatrace executives said the acquisition is designed to create cross-sell and upsell opportunities in both customer bases while adding access to AI-native companies and the broader developer community.
About Dynatrace (NYSE:DT)Dynatrace is a global software intelligence company specializing in application performance management (APM), cloud infrastructure monitoring, and digital experience management. Its flagship offering, the Dynatrace Software Intelligence Platform, leverages artificial intelligence to provide real-time observability across distributed environments, including on-premises data centers, private clouds, public clouds and hybrid deployments. Organizations rely on Dynatrace to detect anomalies, troubleshoot performance issues and optimize end-user experiences through automated root-cause analysis powered by the company's engine, Davis.
The Dynatrace platform comprises modules for full-stack application monitoring, digital experience monitoring, infrastructure monitoring and business analytics.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Interactive Brokers v červenci zvýšil objem maržových úvěrů na více než 100 miliard USD, meziročně o 49 %. Počet zákazníků vzrostl o 34 % na 5,3 milionu.
In July, Interactive Brokers (IBKR -0.76%) proved yet again that it is one of the fastest-growing brokerages in the world. Customer margin loans surpassed $100 billion in July, and were up 49% year over year.
This indicates that the animal spirits of the bull market are in full swing and that Interactive Brokers is capturing significant market share in the financial asset trading space. Here's why the electronic broker's margin debt has grown so quickly, and what it means for earnings this quarter.
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Growing customers means growing interest income In July, the total number of Interactive Brokers customers grew 34% year over year to 5.3 million. The company is attracting increasingly sophisticated customers and professionals to its platform due to its global coverage of financial assets and its low margin-debt rates.
Margin loans offer a way for a brokerage's customers to bet more aggressively on stocks, as well as the interest charged on short-selling. When the customer base grows, so too will Interactive Brokers' total margin debt. In fact, last month, it grew much faster than the overall customer count, likely due to aggressive trading in the artificial intelligence (AI) market.
Margin debt growing by 49% year over year is going to provide a huge boost to the company's net interest income in Q3, at least, if it continues to grow this quickly in August and September. Last quarter, net interest income grew 23% year over year to $1.06 billion. At this rate of margin debt growth, Interactive Brokers should see an acceleration in net interest income growth this quarter.
Image source: Getty Images.
Should you buy Interactive Brokers stock? One potential headwind to Interactive Brokers' net interest income would be a decline in interest rates. The company charges interest on clients' margin loans at a variable rate based on standardized cost-of-borrowing benchmarks such as the Secured Overnight Financing Rate (SOFR). In the last two years, the Federal Reserve has begun to lower its benchmark interest rates, which is a headwind for the company's net interest income.
Depending on where interest rates head over the next few years, they will be either a headwind or a tailwind for the low-cost broker's net interest income, which provides the majority of its revenue. Today, the stock trades at a price-to-earnings ratio of 36, which indicates that investors do not believe interest rates will fall in the near future, and that they anticipate that Interactive Brokers will continue to grow its total customer count at a similar pace to previous years. If they are correct on both counts, then Interactive Brokers stock will probably prove a good buy at today's levels.
Brett Schafer has positions in Interactive Brokers Group. The Motley Fool has positions in and recommends Interactive Brokers Group. The Motley Fool recommends the following options: long January 2027 $43.75 calls on Interactive Brokers Group and short January 2027 $46.25 calls on Interactive Brokers Group. The Motley Fool has a disclosure policy.
EHang jmenovala KPMG Huazhen LLP novým nezávislým registrovaným auditorem pro konsolidovanou účetní závěrku za fiskální rok končící 31. prosince 2026 a pro posouzení účinnosti vnitřního systému finančního výkaznictví k 31. prosinci 2026. Současně odvolala PwC Zhong Tian LLP.
GUANGZHOU, China, Aug. 21, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading advanced air mobility (“AAM”) technology platform company, today announced the dismissal of PricewaterhouseCoopers Zhong Tian LLP (“PwC”) and the engagement of KPMG Huazhen LLP (“KPMG”) as the Company's independent registered public accounting firm to audit the consolidated financial statements of the Company for the fiscal year ending December 31, 2026 and the effectiveness of the Company’s internal control over financial reporting as of December 31, 2026, effective August 19, 2026.
The report of PwC on the Company’s consolidated financial statements for the years ended December 31, 2024 and 2025 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended December 31, 2024 and 2025, and the subsequent period through July 13, 2026, the date on which the Company informed PwC of its intent to dismiss PwC, there were (i) no disagreements (as that term is defined in Item 16F(a)(1)(iv) of Form 20-F) between the Company and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the subject matter of disagreements in PwC’s report on the Company’s consolidated financial statements for such years, and (ii) no reportable events (as that term is defined in Item 16F(a)(1)(v) of Form 20-F), other than the material weakness as disclosed in Item 15 of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025, as filed on May 15, 2026.
About EHang
EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of AAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
SCOTTSDALE, Ariz., Aug. 20, 2026 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH, “Meritage” or the “Company”), the fifth-largest homebuilder in the U.S., today announced that its Board of Directors has declared a quarterly dividend of $0.48 per share. This dividend is payable on September 30, 2026 to shareholders of record as of the close of trading on September 15, 2026.
About Meritage Homes Corporation
Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2025. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina.
Meritage has delivered over 210,000 homes in its 41-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award.
For more information, visit www.meritagehomes.com.
The Ensign Group zvýšila revolvingový úvěr na 800 milionů USD a prodloužila splatnost do 19. srpna 2031. Firma říká, že jí to posílí likviditu pro akvizice a kapitálové investice.
SAN JUAN CAPISTRANO, Calif., Aug. 20, 2026 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of companies, which invest in and provide skilled nursing and senior living services, physical, occupational and speech therapies, other rehabilitative and healthcare services, and real estate, announced today that it has amended its existing revolving Credit Facility with commitments totaling $800 million and extended the maturity date to August 19, 2031.
The amended Credit Facility amends the Company's previous revolving Credit Facility and provides enhanced liquidity and financial flexibility to support its ongoing growth strategy, including acquisitions, capital investments and other general purposes.
"We are pleased to complete this financing with the strong support of our lending partners," said Barry Port, Chief Executive Officer. "The increased capacity and long-term commitment from our banking group reflect confidence in our operating model, disciplined growth strategy and financial strength. This facility positions us well to continue pursuing opportunities that create long-term value for our stakeholders while maintaining our conservative approach to capital management."
"Our balance sheet remains a significant competitive advantage," added Chad Keetch, Chief Investment Officer. "The amended facility provides substantial liquidity and flexibility as we continue to invest in both healthcare operations and real estate opportunities throughout the post-acute care continuum."
Truist Bank serves as Administrative Agent for the Credit Facility, and the lending syndicate includes Citibank, N.A., The Huntington National Bank, U.S. Bank National Association, Wells Fargo Bank, N.A., Bank of America, N.A., BMO Bank, N.A., PNC National Bank, N.A. and Synovus Bank.
Additional information regarding the Credit Facility is contained in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 20, 2026.
About Ensign™
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and senior living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at 398 healthcare facilities in Alabama, Alaska, Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, Nevada, Oregon, South Carolina, Tennessee, Texas, Utah, Washington and Wisconsin. More information about Ensign is available at http://www.ensigngroup.net.
This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations, assumptions and beliefs about its business, financial performance, operating results, the industry in which it operates and other future events. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding growth prospects and future operating and financial performance. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to materially and adversely differ from those expressed in any forward-looking statement.
These risks and uncertainties relate to the Company’s business, its industry and its common stock and include: reduced prices and reimbursement rates for its services; its ability to acquire, develop, manage or improve operations, its ability to manage its increasing borrowing costs as it incurs additional indebtedness to fund the acquisition and development of operations; its ability to access capital on a cost-effective basis to continue to successfully implement its growth strategy; its operating margins and profitability could suffer if it is unable to grow and manage effectively its increasing number of operations; competition from other companies in the acquisition, development and operation of facilities; its ability to defend claims and lawsuits, including professional liability claims alleging that our services resulted in personal injury, and other regulatory-related claims; and the application of existing or proposed government regulations, or the adoption of new laws and regulations, that could limit its business operations, require it to incur significant expenditures or limit its ability to relocate its operations if necessary. Additionally, our business and operations continue to be impacted by the unprecedented nature of the changes in the regulations and environment, as such, we are unable to predict the full extent and duration of the financial impact of these changes on our business, financial condition and results of operations. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company’s periodic filings with the Securities and Exchange Commission, including its Form 10-Q and 10-K, for a more complete discussion of the risks and other factors that could affect Ensign’s business, prospects and any forward-looking statements. Except as required by the federal securities laws, Ensign does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.
Jefferies uvedla, že nálada investorů vůči AppLovin je před druhou polovinou roku převážně negativní a býčí případ je čím dál těžší najít. Největší obavy míří na zpomalující mobilní hry a tlak na take-rate.
AppLovin Corp (NASDAQ:APP) faces a mostly negative investor mood heading into the back half of the year, with few able to make a clear bullish case, according to a new Jefferies note summarizing recent investor conversations and a debate the firm hosted on the stock.
Jefferies said questions about whether AppLovin could follow a trajectory similar to The Trade Desk's downturn represent the most negative line of questioning the firm has received in its years covering the company.
Jefferies believe the two businesses don't overlap much. The Trade Desk relies more on large agencies and Fortune 100 advertisers moving budgets to rivals like Amazon DSP and Google DV360, while AppLovin is built around performance marketing tied to measurable results rather than fixed brand spending.
On the bull side, investors point to AppLovin's potential to grow its e-commerce business by expanding its sales team and building out agency partnerships, which could bring more large, sophisticated direct-to-consumer brands onto the platform. Bulls also argue that continued growth in in-app advertising works in AppLovin's favor even if the broader mobile gaming market slows, so long as the company keeps improving its ad targeting.
Bears counter that a slowing mobile games market limits how much upside is left. Third-party data pointing to declining install volumes and rising cost-per-install figures suggests some game studios are pulling back spending, they argue, which would put more weight on take-rate expansion and e-commerce growth to sustain results. Both of those areas have seen expectations soften over the past quarter.
Bears also flagged take-rate compression in the second quarter, tied to double-digit percentage growth in publisher revenue disclosures from AppLovin's MAX ad exchange. Rising competition from Unity, Meta and Liftoff is pressuring AppLovin's 35-40% take rate. Jefferies can't say how much stems from competition versus stalled improvement in AppLovin's AXON ad model.
Jefferies estimates the addressable market for mobile games, excluding China, at about $105 billion for 2026 across in-app purchases, direct-to-consumer spending and in-app advertising, up in the mid-single digits year over year.
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, /PRNewswire/ -- AMH (NYSE: AMH) (the "Company"), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced that the Board of Trustees declared a dividend of $0.33 per share on the Company's common shares for the third quarter of 2026. The distribution will be payable in cash on September 30, 2026 to shareholders of record on September 15, 2026.
The Board of Trustees also declared a per share quarterly distribution on the Company's cumulative redeemable perpetual preferred shares of $0.36719 per share on the 5.875% Series G shares and $0.39063 per share on the 6.250% Series H shares payable in cash on September 30, 2026 to shareholders of record on September 15, 2026.
About AMH
AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We're an internally managed Maryland real estate investment trust (REIT) focused on developing, renovating, leasing and managing homes as rental properties.
In recent years, we've been named a 2026 Great Place to Work®, a 2026 Top U.S. Homebuilder by Builder100, and one of America's Best Companies 2026 by TIME and Statista. As of June 30, 2026, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.
AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living, AMH Living LLC or American Homes 4 Rent. Please see www.amh.com/dba to learn more.
This press release contains "forward-looking statements" that relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as "believe," "expect," "will," "intend," "anticipate" or other words that convey the uncertainty of future events or outcomes. These forward-looking statements include the payment and anticipated timing of the payment of distributions of the Company's common and preferred shares. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company's management considers these expectations to be reasonable, they are inherently subject to risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control and could adversely affect our cash flows and ability to pay distributions. Additional information about these and other important factors that may cause our actual results to differ materially from anticipated results expressed or implied by these forward-looking statements is available in the Company's most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement to conform to actual results or changes in expectations, except as required by applicable law.
AMH Contacts
Brian Nelson
Media Relations
Phone: (855) 774-4663
Email: [email protected]
Nicholas Fromm
Investor Relations
Phone: (855) 794-2447
Email: [email protected]
Aurora Innovation řešila obavy, že AI může zkomoditizovat autonomní řízení kamionů, a zdůraznila otázku své obranyschopné konkurenční výhody. Firma zároveň uvedla, že nebude komentovat finanční výhled nad rámec již zveřejněného guidance pro rok 2026.
Aurora Innovation, Inc. (AUR) Discusses AI Advancements, Commoditization Concerns, and Defensibility in Autonomous Trucking August 20, 2026 12:00 PM EDT
Company Participants
Stacy Feit - Vice President of Investor Relations
Christopher Urmson - Co-Founder, CEO & Non-Independent Executive Chairman
David Maday - Chief Financial Officer
Presentation
Stacy Feit
Vice President of Investor Relations
Thank you, everyone, for joining us today. Before we begin the Q&A portion of today's town hall, I want to quickly note that as you just saw at the end of the video, we will be making forward-looking statements. These statements are based on assumptions and beliefs as of today's date and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the risk factors and other disclosures in our most recent annual report on Form 10-K and our other filings with the SEC.
Now on to Q&A.
Question-and-Answer Session
Stacy Feit
Vice President of Investor Relations
First, thank you to everyone who submitted and upvoted questions. We had a tremendous turnout. We're going to extend our time together today to cover as much ground as possible.
A quick note on how the segment will work. We'll be addressing the top of voted questions submitted by our retail investor community, all of which have been anonymized. Please keep in mind, we aren't in a position to provide investment advice, and we won't be discussing our financial outlook beyond the 2026 guidance we've already provided.
With that, let's dive in. Chris, Dave, the most upvoted question we received is, there has been a lot of speculation about AI leading to commoditization of autonomous drivers. How would you respond to this speculation? Do you believe Aurora has a defensible moat? Is the industry nearing an inflection point where it's nearly impossible for new competitors to enter the market?
Sionna Therapeutics po selhání kandidáta SION-719 ve 2. fázi prudce oslabila, což posílilo důvěru Wall Street v dominanci Vertex Pharmaceuticals v léčbě cystické fibrózy.
Vertex Pharmaceuticals (VRTX -2.14%) has dominated the cystic fibrosis (CF) drug market -- where it has a virtual monopoly -- since it launched its first medicine in this field in 2012. As a result, it has performed extremely well over this period. However, the bears argue that because the biotech generates almost all of its sales from this therapeutic area, its business would crumble once it faces competition. And many thought that day was getting closer, as Sionna Therapeutics (SION -11.68%) seemed to be developing potentially better CF drugs. But recent developments have proved once again why Vertex won't easily lose its lead in its core market. Here's what investors need to know.
Image source: The Motley Fool.
Sionna's leading candidate flops First, some background on CF. The disease is caused by mutations in the CFTR gene, which produces a defective CFTR protein. Vertex Pharmaceuticals' medicines can significantly improve CFTR function, but even with these drugs, most patients don't achieve normal CFTR protein function. Sionna Therapeutics is trying to change that. The company's medicines could stabilize CFTR function in most patients, at least that's what the company argues. But Sionna recently hit a roadblock.
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The company reported phase 2 clinical trial results for one of its leading candidates, SION-719. In this study, SION-719 was being investigated as a potential add-on treatment to Vertex's Trikafta. Unfortunately, SION-719 did not achieve its activity endpoint in the trial, sending Sionna Therapeutics' stock down by about 90% overnight. This episode made at least some Wall Street analysts much more bullish on Vertex's outlook.
What this means for Vertex's prospects Sionna Therapeutics isn't giving up. The company has other pipeline candidates it is still working on. However, this setback once again highlights how challenging it is to develop novel, effective therapies for CF. Sionna Therapeutics isn't the first to fail. AbbVie (ABBV -1.56%), a pharmaceutical leader, abandoned its CF goals several years ago after multiple failures. It seems Vertex Pharmaceuticals is the only one that has cracked the code. After launching its first CF product in 2012, it earned approval for several others.
The company's latest launch in this field, Alyftrek, can be taken once daily -- versus twice a day for the one before that. And Vertex's Trikafta and Alyftrek can now target about 95% of CF patients, whereas some of the therapies it had launched before targeted a much smaller subset of this population.
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In other words, Vertex Pharmaceuticals has significantly improved its CF portfolio over time, thereby expanding its addressable market and achieving better patient outcomes. The company has had setbacks in this field, too. But it has had enough successes to continue launching new drugs and post strong financial results. There are still other biotech companies developing potential competing CF medicines, but don't hold your breath for anyone to successfully challenge Vertex anytime soon.
So, the company could continue to deliver consistent financial results from this business until its most important drugs lose patent exclusivity in the late 2030s. Vertex Pharmaceuticals has also launched newer medicines in other fields. For instance, the company's Casgevy, a gene editing medicine for two rare blood diseases -- sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT) -- first earned approval in 2023. Vertex Pharmaceuticals developed this drug with CRISPR Therapeutics (CRSP -2.83%). Casgevy hasn't generated much in sales yet, partly because gene-editing therapies are expensive and complicated to administer.
However, Vertex has ramped up third-party coverage for it, and it recently earned a label expansion for Casgevy for patients as young as two. This regulatory win meaningfully expands the medicine's addressable market by allowing it to treat patients before they have had substantial health problems due to TDT and SCD. Vertex's Journavx, another relatively new launch, could also eventually be highly successful as it gives patients a non-opioid option to treat acute pain. Lastly, Vertex should earn additional brand-new approvals in the next few years, further improving its portfolio. The company's dominance in CF and diversification efforts make the stock an attractive pick.
Credit Acceptance dokončila financování kryté aktivy v objemu 600 milionů USD s očekávanými průměrnými ročními náklady přibližně 5,5 %. Výtěžek použije na splacení dražšího dluhu a na obecné firemní účely.
Southfield, Michigan, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today the completion of a $600.0 million asset-backed non-recourse secured financing (the “Financing”). Pursuant to this transaction, we conveyed loans having a value of approximately $750.2 million to a wholly owned special purpose entity which will transfer the loans to a trust, which will issue three classes of notes:
Note Class Amount Average Life Price Interest Rate A $319,880,000 2.54 years 99.99218% 5.01% B $117,300,000 3.23 years 99.97598% 5.29% C $162,820,000 3.69 years 99.98270% 5.51% The Financing will:
have an expected average annualized cost of approximately 5.5% including upfront fees and other costs;revolve for 24 months after which it will amortize based upon the cash flows on the conveyed loans; andbe used by us to repay higher cost outstanding indebtedness and for general corporate purposes. We will receive 4.0% of the cash flows related to the underlying consumer loans to cover servicing expenses. The remaining 96.0%, less amounts due to dealers for payments of dealer holdback, will be used to pay principal and interest on the notes as well as the ongoing costs of the Financing. The Financing is structured so as not to affect our contractual relationships with dealers and to preserve the dealers’ rights to future payments of dealer holdback.
Following the completion of this financing, Credit Acceptance maintained approximately $1.8 billion in unused and available borrowing capacity on its revolving credit facilities and unrestricted cash. “We are pleased with the execution of this $600 million securitization, matching the largest ABS transaction in our history,” said Jay Brinkley, Treasurer of Credit Acceptance. “Strong demand from our investor base enabled us to achieve our lowest credit spreads since late 2021, and while the all-in cost increased modestly from our most recent securitization in May, the increase was driven by higher Treasury rates.”
The notes have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not and will not constitute an offer to sell or the solicitation of an offer to buy the notes. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.
Description of Credit Acceptance Corporation
We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.
Without our financing programs, consumers are often unable to purchase vehicles, or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.
Opendoor si vzala 0% konvertibilní dluhopisy splatné v roce 2030 za 650 milionů USD a z nich za 158 milionů USD odkoupí asi 5 % vlastních akcií. Firma zároveň dál hlásí ztrátu a klesající tržby.
A brutally frozen housing market has taken a toll on the stock prices of many different businesses. Homebuilders, makers of construction supplies, and real estate brokerages are all in the doldrums. One previously hot stock trying to turn things around amid this headwind is Opendoor Technologies (OPEN -3.07%).
The iBuying platform operator got a new CEO last year and recently announced it had taken out convertible debt to raise funds to repurchase 5% of its outstanding stock. Despite these headlines, its shares continue to fall due to the pain in the housing market and the business's inability to generate a profit.
Here's what the transaction means for the company, and whether Opendoor stock looks like a good value right now.
Today's Change
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3.47
Financial engineering, but at what cost? Convertible notes are bonds with low interest rates -- sometimes as low as zero percent. But investors in said bonds can convert them into newly issued shares of stock at a certain price, which is a good deal if the stock is trading above that level.
Opendoor just took out 0% 2030 convertible notes -- meaning they are due in 2030 -- worth $650 million. It is using $158 million of this capital to repurchase around 5% of its common stock, as announced in a press release. The convertible price for these bonds is just $4.71, which is about a 32% premium versus Wednesday's closing share price of $3.58.
To offset potential dilution, Opendoor bought capped calls, which artificially inflate the conversion price. In this case, the new converted price is $6.98, below which no shareholder dilution will occur.
While management may proclaim that this is a bond with no upfront costs, the actual cost to shareholders will be borne in these capped-call transactions (a direct cash cost at the time of bond issuance), and in potential dilution years down the line. Bondholders could see significant gains if the stock price rises from here, which existing shareholders will pay for through new share issuance. Otherwise, Opendoor will be forced to repay the principal in cash.
Image source: Getty Images.
A business model in need of repair Financial engineering can create value for shareholders, provided a business is doing well. Opendoor is on a shaky financial footing.
Last quarter, revenue fell by nearly half year over year to $883 million. With slim gross margins on the iBuying business, its gross profit was just $86 million. The business model is to buy homes directly from consumers and resell them, which comes with low gross margins and requires stuffing existing inventory on the balance sheet, sometimes funded with debt.
Existing home sales in the United States are down to around 4 million a year, as compared to over 5 million a year prior to the COVID-19 pandemic. Opendoor has failed to gain market share with its iBuying strategy, which has been a double-edged sword amid this macroeconomic environment. The company posted a net loss of $162 million last quarter, and it has never generated a profit.
OPEN Gross Profit (TTM) data by YCharts.
Should you buy Opendoor stock? Management taking out a nifty convertible bond does not change anything about Opendoor's failed business model. The company is trying to pivot to new business strategies, such as automated pricing and offering new services to homebuyers and sellers, but it is failing to generate interest at the moment.
A frozen housing market is going to make it difficult for even the best businesses in the sector, let alone one that has never generated a profit. Right now, Opendoor's market cap of $3.25 billion is more than 10 times its trailing gross profit generation. (We cannot value Opendoor relative to its earnings since it has none.) Gross profits have been declining for many quarters.
Add everything up, and this repurchase authorization fueled by debt is likely a bad sign for the company, not a good one. Avoid buying the dip on Opendoor stock.
Sempra dokončila prodej Ecogas México a získala zhruba 500 milionů USD. Transakce podporuje program recyklace kapitálu a pětiletý investiční plán za asi 65 miliard USD.
, /PRNewswire/ -- Sempra (NYSE: SRE) today announced the successful completion of Sempra Infrastructure's sale of Ecogas México, S. de R.L. de C.V. (Ecogas), a natural gas distribution network in Mexico serving over 600,000 residential, commercial and industrial customers across the Mexicali, Chihuahua and La Laguna-Durango regions. Through this strategic transaction, Sempra continues to advance its capital recycling program and execute on its 2026 value creation initiatives, helping simplify the company's business model, strengthen its financial position and support long-term growth at its regulated utilities in Texas and California.
"The successful completion of this transaction reflects the disciplined execution of our strategy and continued focus on recycling capital to the opportunities we believe will create the greatest long-term value," said Jeffrey W. Martin, chairman and CEO of Sempra. "As energy demand continues to grow, we are executing a series of strategic initiatives to better support our customers, while advancing our mission of building America's leading utility growth business."
The transaction generated approximately $500 million in U.S. dollar-equivalent in proceeds and advances Sempra's capital recycling program in support of its record five-year capital plan of approximately $65 billion1, with more than 95% of planned investments directed toward regulated utility infrastructure.
The Ecogas sale complements other strategic actions undertaken by the company, including an agreement to sell a 45% equity interest in Sempra Infrastructure Partners, one of North America's leading energy infrastructure platforms, to affiliates of KKR. The transaction is expected to close in the third quarter of 2026.
Taken together, these transactions are expected to support investments across Sempra's growing portfolio of opportunities in Texas and California, enabling critical transmission and distribution infrastructure investments that serve customers while strengthening safety, reliability and resilience. They also aim to help reduce the company's reliance on future common-equity issuances to fund growth while supporting credit quality and financial strength.
About Sempra
Sempra's mission is to build America's leading utility growth business. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving energy resilience in California and Texas, the two largest economies in the U.S. The company is recognized as a leader in responsible business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in The Wall Street Journal's Management Top 250 and Fortune's World's Most Admired Companies. More information about Sempra is available at sempra.com, including investor.sempra.com/corporate-updates which contains important information for investors, and on social media @sempra.
We use the investor.sempra.com/corporate-updates webpage as a means of disclosing important information to investors, some of which may be material, and complying with our disclosure obligations under SEC Regulation FD. The information on this webpage is supplemental to the information we disseminate to investors through other channels, including filings with the SEC, press releases, and public conference calls and webcasts, and investors should monitor all these sources for material information about us.
###
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.
In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "pro forma," "strategic," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.
Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054 and the wildfire fund continuation account established by California Senate Bill 254, rates from customers or a combination thereof; decisions, disallowances or denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, legislative actions, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) Comisión Nacional de Energía, California Public Utilities Commission (CPUC), U.S. Department of Energy, Electric Reliability Council of Texas, Inc., U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions, such as the planned sale of a portion of our equity interest in Sempra Infrastructure Partners, including risks related to, as applicable, (i) being able to reach a positive final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments, including with respect to closing or post-closing payments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors and increasing geopolitical instability as a result of wars or other conflicts in various parts of the world, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries (and uncertainty related to the implementation and enforceability thereof), and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact of efforts to increase affordability of U.S. utility customer rates on our ability to obtain cost recovery from applicable regulators, our capital expenditure and other growth plans and our ability to advance statewide policies; the impact on affordability of customer rates, cost of capital and operating margin due to (i) volatility in inflation, interest rates, commodity prices, tariff rates, and foreign currency exchange rates and (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California; the impact of air quality and climate-related policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability and reliability of electric power, natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC's (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.
These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra Infrastructure Partners and its subsidiaries, and the Sempra Texas utilities (Oncor and Sharyland Utilities) are not the same companies as the Sempra California utilities, SDG&E or SoCalGas, nor are they regulated by the California Public Utilities Commission (CPUC).
1 Refers to Sempra's 2026-2030 capital plan, which (i) includes Sempra's proportionate ownership interest in projected capital expenditures at unconsolidated equity method investees while excluding Sempra's projected future contributions to those equity method investees and (ii) excludes noncontrolling interests' proportionate ownership interest in projected capital expenditures at Sempra and at unconsolidated equity method investees. Our 2026-2030 capital plan reflects our 80.25% ownership of Oncor and assumes our projected 70% ownership of SI Partners through March 31, 2026, and 25% ownership thereafter.
EDEN PRAIRIE, Minn., Aug. 20, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today announced the renewal and extension of its asset-based revolving credit facility (“ABL Credit Facility”), reinforcing the company's strong liquidity position and disciplined approach to capital allocation.
The ABL Credit Facility maintains total commitments of $350.0 million and extends the maturity date by four years to August 2031. It replaces the company’s previous asset-based revolving credit facility, which was scheduled to mature on July 15, 2027. JPMorgan Chase Bank, N.A., served as Administrative Agent for the transaction.
“The successful renewal and extension of this facility reflect the strength of our banking relationships and reinforces our financial position,” said Bryan L. Hughes, chief financial officer at Winnebago Industries. “The facility provides continued financial flexibility as we navigate evolving market conditions while investing in our brands, innovation initiatives and operational capabilities and maintaining a disciplined approach to capital allocation to create long-term value for shareholders.”
About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota, and Florida. The company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries’ investor relations material visit www.winnebagoind.com/investors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's liquidity position, financial flexibility, capital allocation strategy and long-term strategic priorities. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the company upon request. We caution that the foregoing list of important factors is not complete. The company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Flowers Foods ve 2. čtvrtletí snížila čisté tržby o 4 % na 1,193 miliardy USD a čistý zisk o 30,3 % na 40,7 milionu USD. Zároveň zhoršila celoroční výhled čistých tržeb i upravené EBITDA.
, /PRNewswire/ -- Flowers Foods, Inc. (NYSE: FLO) today reported financial results for the company's 12-week second quarter ended July 18, 2026.
Second Quarter Summary:
Compared to the prior year second quarter where applicable
Net sales(1) decreased 4.0% to $1.193 billion as favorable price/mix was more than offset by lower volume. Net income decreased 30.3% to $40.7 million, representing 3.4% of sales, a 130-basis point decrease, primarily due to a challenging consumer environment, increased marketing expense, and increases in labor and freight costs, partly offset by lower interest expense and moderating ingredient costs. Adjusted net income(2) decreased 30.5% to $44.1 million. Adjusted EBITDA(2) decreased 19.2% to $111.3 million, representing 9.3% of net sales, a 180-basis point decrease. Diluted EPS decreased $0.09 to $0.19. Adjusted diluted EPS(2) decreased $0.09 to $0.21. Chairman and CEO Remarks:
"Our second quarter results reflect the continued challenges across the fresh packaged bread category, where macroeconomic pressures, evolving consumer purchasing behavior, and sustained competitive activity created a more difficult operating environment than we anticipated," said Ryals McMullian, chairman and CEO of Flowers Foods. "While these headwinds weighed on our performance, they also reinforced the actions we are taking to strengthen our competitiveness and improve execution.
"Against this backdrop, we are accelerating initiatives already underway to improve our performance and better align our resources with the opportunities that we believe will create the greatest long-term value. That includes sharpening our value proposition, improving in-store execution, accelerating innovation, winning new business opportunities, and continuing to invest behind our leading brands.
"The relaunch of Nature's Own is an important example of that strategy in action. Early feedback from customers and distribution partners has been excellent, particularly around the brand's simpler ingredients, stronger better-for-you positioning, and Non-GMO Project Verified offering at national scale. While this initiative remains in its early stages and has not yet meaningfully contributed to results, positive customer feedback and the brand's growing presence in the better-for-you segment reinforce our confidence in Nature's Own's ability to extend its category leadership over time.
"In addition, consistent with the findings in our comprehensive review, we are taking select actions to further realign our organization and improve our cost structure. These actions are intended to simplify our operations, improve execution, and better position the company to respond to evolving consumer needs.
"Given our first-half performance and the current category environment, we are updating our full-year outlook to reflect a more cautious view for the balance of 2026. While near-term conditions remain challenging, we are confident that the actions underway will strengthen our top-line trajectory and better position our portfolio to meet evolving consumer demand."
Revised Outlook: 52-week Fiscal 2026, the Company Expects:
Net sales of approximately $5.070 billion to $5.142 billion, representing a -3.5% to -2.2% change compared to the prior year. Prior guidance called for net sales of approximately $5.163 billion to $5.267 billion. Adjusted EBITDA(3) in the range of approximately $453 million to $481 million, compared to prior guidance of $465 million to $495 million. Adjusted diluted EPS(2) of approximately $0.75 to $0.85 per share, compared to prior guidance of $0.80 to $0.90 per share. The company's outlook is based on the following assumptions:
Depreciation and amortization of approximately $165 million to $170 million. Net interest expense of approximately $65 million to $70 million. An effective tax rate of approximately 26%. Weighted average diluted share count for the year of approximately 213.5 million shares. Capital expenditures of approximately $115 million to $125 million. Matters Affecting Comparability:
Reconciliation of Earnings per Share to Adjusted Earnings per Share
For the 12-Week
Period Ended
For the 12-Week
Period Ended
July 18, 2026
July 12, 2025
Net income per diluted common share
$
0.19
$
0.28
Business process improvement costs
NM
NM
Restructuring-related implementation costs
0.02
0.01
Acquisition and integration-related costs
—
0.01
(a)
Legal settlements and related costs
—
NM
Recovery on inferior ingredients
(0.01)
—
Adjusted net income per diluted common share
$
0.21
$
0.30
(a) Deductible tax impact of prior period acquisition-related costs that impacted this period by $0.01 per
share.
NM - not meaningful.
Certain amounts may not add due to rounding.
Consolidated Second Quarter Operating Highlights
Compared to the prior year second quarter where applicable
Net sales decreased 4.0% to $1.193 billion. Pricing/mix(4) increased 1.8% and volume(5) declined 5.8%. Branded Retail net sales decreased $31.7 million, or 3.8%, to $794.6 million due to volume declines partially offset by favorable pricing/mix. Pricing/mix(4) rose 3.8%, volume(5) decreased 7.6%. Other net sales decreased $18.2 million, or 4.4%, to $398.3 million due to inflationary pressure on consumer spending impacting store branded sales. Pricing/mix(4) decreased 1.0% and volume(5) declined 3.4%. Materials, supplies, labor, and other production costs (exclusive of depreciation and amortization) were 51.6% of net sales, a 40-basis point increase. These costs increased as a percentage of net sales mostly due to lower production volumes and an increase in labor costs and outside purchases of product (sales with no associated ingredient costs). This increase was partially offset by moderating ingredient costs. Selling, distribution, and administrative (SD&A) expenses were 39.7% of net sales, a 160-basis point increase. SD&A expenses increased as a percentage of net sales due to higher workforce-related and freight costs and increased marketing spend, partially offset by lower distributor distribution fees. Excluding matters affecting comparability, adjusted SD&A(2) was 39.1% of net sales, a 140-basis point increase. Depreciation and amortization (D&A) expenses were $38.6 million or 3.2% of net sales, flat with last year's second quarter. Net interest expense decreased $1.3 million primarily due to lower debt balances. Net income decreased 30.3% to $40.7 million, representing 3.4% of sales, a 130-basis point decrease, and diluted EPS decreased $0.09 to $0.19. Adjusted net income(2) decreased 30.5% to $44.1 million and adjusted diluted EPS(2) decreased $0.09 to $0.21. Adjusted EBITDA(2) decreased 19.2% to $111.3 million, representing 9.3% of net sales, a 180-basis point decrease. Cash Flow, Capital Allocation, and Capital Return
Year-to-date, cash flow from operating activities decreased $24.9 million to $241.5 million, capital expenditures decreased $11.9 million to $44.5 million, and dividends paid to shareholders decreased $23.7 million to $81.0 million. Cash and cash equivalents were $52.8 million at quarter end.
(1) Any reference to sales refers to net sales inclusive of allowances and deductions against gross sales for variable consideration and consideration payable to customers
(2) Adjusted for items affecting comparability. See reconciliations of non-GAAP measures in the financial statements following this release. Earnings are net income. EBITDA and Adjusted EBITDA are reconciled to net income.
(3) No reconciliation of the forecasted range for adjusted EBITDA to net income for the 52-week Fiscal 2026 is included in this press release because the company is unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable efforts. In addition, the company believes such reconciliation would imply a degree of precision that would be confusing or misleading to investors. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.
(4) Calculated as (current year period units X change in price per unit) / prior year period net sales dollars
(5) Calculated as (prior year period price per unit X change in units) / prior year period net sales dollars
Pre-Recorded Management Remarks and Question and Answer Webcast
In conjunction with this release, Flowers Foods will post pre-recorded management remarks and a supporting slide presentation on the investors page of flowersfoods.com. The company will host a live question and answer webcast at 8:30 a.m. Eastern Time on August 21, 2026, which will be archived on the investors page along with the other related materials.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of packaged bakery foods in the United States with 2025 net sales of $5.3 billion. Flowers operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own, Dave's Killer Bread, Canyon Bakehouse, Simple Mills, Wonder, and Tastykake. Learn more at www.flowersfoods.com.
FLO-CORP FLO-IR
Forward-Looking Statements
Statements contained in this press release and certain other written or oral statements made from time to time by Flowers Foods, Inc. (the "company", "Flowers Foods", "Flowers", "us", "we", or "our") and its representatives that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to current expectations regarding our business and our future financial condition and results of operations and are often identified by the use of words and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would," "is likely to," "is expected to" or "will continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based upon assumptions we believe are reasonable. Forward-looking statements are based on current information and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Certain factors that may cause actual results, performance, liquidity, and achievements to differ materially from those projected are discussed in our Annual Report on Form 10-K for the year ended January 3, 2026 (the "Form 10-K") and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and may include, but are not limited to, (a) unexpected changes in any of the following: (1) general economic and business conditions; (2) the competitive setting in which we operate, including advertising or promotional strategies by us or our competitors, as well as changes in consumer demand; (3) interest rates and other terms available to us on our borrowings; (4) supply chain conditions and any related impact on energy and raw materials costs and availability and hedging counter-party risks; (5) relationships with or increased costs related to our employees and third-party service providers; (6) laws and regulations (including environmental and health-related issues and the impacts of tariffs, including retaliatory tariffs); and (7) accounting standards or tax rates in the markets in which we operate, (b) the loss or financial instability of any significant customer(s), including as a result of product recalls or safety concerns related to our products, (c) changes in consumer behavior, trends and preferences, including health and whole grain trends and consumer buying habits, the movement toward less expensive store branded products, and the continued reduction of purchases in the fresh packaged bread category, (d) the level of success we achieve in developing and introducing new products and entering new markets, (e) our ability to implement new technology and customer requirements as required, (f) our ability to operate existing, and any new, manufacturing lines according to schedule, (g) our ability to implement and achieve our corporate responsibility goals in accordance with regulatory requirements and the expectations of our stakeholders, suppliers, and customers; (h) our ability to execute our business strategies which may involve, among other things, (1) the ability to realize the intended benefits of completed, planned or contemplated acquisitions, dispositions or joint ventures, such as the acquisition of Simple Mills, (2) the deployment of new systems (e.g., our enterprise resource planning ("ERP") system), distribution channels and technology, and (3) an enhanced organizational structure (e.g., our sales and supply chain reorganization), (i) consolidation within the baking industry and related industries, (j) changes in pricing, customer and consumer reaction to pricing actions (including decreased volumes), and the pricing environment among competitors within the industry, (k) our ability to adjust pricing to offset, or partially offset, inflationary pressure or tariffs (including retaliatory tariffs) on the cost of our products, including ingredient and packaging costs; (l) disruptions in our direct-store-delivery distribution model, including litigation or an adverse ruling by a court or regulatory or governmental body that could affect the independent contractor classifications of the independent distributor partners ("IDPs"), and changes to our direct-store-delivery distribution model in California, (m) increasing legal complexity and legal proceedings that we are or may become subject to, (n) labor shortages and turnover or increases in employee and employee-related costs, (o) the credit, business, and legal risks associated with IDPs and customers, which operate in the highly competitive retail food and foodservice industries, (p) any business disruptions due to political instability, pandemics, armed hostilities, incidents of terrorism, natural disasters, labor strikes or work stoppages, technological breakdowns, product contamination, product recalls or safety concerns related to our products, or the responses to or repercussions from any of these or similar events or conditions and our ability to insure against such events, (q) the failure of our information technology systems to perform adequately, including any interruptions, intrusions, cyber-attacks or security breaches of such systems or risks associated with the implementation of the upgrade of our ERP system; and (r) the potential impact of climate change on the company, including physical and transition risks, our availability or restriction of resources, higher regulatory and compliance costs, reputational risks, and our availability of capital on attractive terms. The foregoing list of important factors does not include all such factors, nor does it necessarily present them in order of importance. In addition, you should consult other disclosures made by the company (such as in our other filings with the SEC or in company press releases) for other factors that may cause actual results to differ materially from those projected by the company. Refer to Part I, Item 1A., Risk Factors, of our Form 10-K, Part II, Item 1A., Risk Factors, of the Form 10-Q for the quarter ended July 18, 2026 and subsequent filings with the SEC for additional information regarding factors that could affect the company's results of operations, financial condition and liquidity. We caution you not to place undue reliance on forward-looking statements, as they speak only as of the date made and are inherently uncertain. The company undertakes no obligation to publicly revise or update such statements, except as required by law. You are advised, however, to consult any further public disclosures by the company (such as in our filings with the SEC or in company press releases) on related subjects.
Information Regarding Non-GAAP Financial Measures
The company prepares its consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP). However, from time to time, the company may present in its public statements, press releases and SEC filings, non-GAAP financial measures such as, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted EPS, adjusted income tax expense, adjusted selling, distribution and administrative expenses (SD&A), and gross margin excluding depreciation and amortization. The reconciliations attached provide reconciliations of the non-GAAP measures used in this presentation or release to the most comparable GAAP financial measure. The company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.
The company defines EBITDA as earnings before interest, taxes, depreciation and amortization. Earnings are net income. The company believes that EBITDA is a useful tool for managing the operations of its business and is an indicator of the company's ability to incur and service indebtedness and generate free cash flow. The company also believes that EBITDA measures are commonly reported and widely used by investors and other interested parties as measures of a company's operating performance and debt servicing ability because EBITDA measures assist in comparing performance on a consistent basis without regard to depreciation or amortization, which can vary significantly depending upon accounting methods and non-operating factors (such as historical cost). EBITDA is also a widely-accepted financial indicator of a company's ability to incur and service indebtedness.
EBITDA should not be considered an alternative to (a) income from operations or net income (loss) as a measure of operating performance; (b) cash flows provided by operating, investing and financing activities (as determined in accordance with GAAP) as a measure of the company's ability to meet its cash needs; or (c) any other indicator of performance or liquidity that has been determined in accordance with GAAP.
The company defines adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted EPS, adjusted income tax expense and adjusted SD&A, respectively, to exclude additional costs that the company considers important to present to investors to increase the investors' insights about the company's core operations. These costs include, but are not limited to, the costs of closing a plant or costs associated with acquisition and integration-related activities, restructuring activities, certain impairment charges, legal settlements, costs to implement an enterprise resource planning system and enhance bakery digital capabilities (business process improvement costs) to provide investors direct insight into these costs, and other costs impacting past and future comparability. The company believes that these measures, when considered together with its GAAP financial results, provide management and investors with a more complete understanding of its business operating results, including underlying trends, by excluding the effects of certain charges. Adjusted EBITDA is used as a performance measure in the company's incentive compensation program.
Presentation of gross margin includes depreciation and amortization in the materials, supplies, labor and other production costs according to GAAP. Our method of presenting gross margin excludes the depreciation and amortization components, as discussed above.
The reconciliations attached provide reconciliations of the non-GAAP measures used in this release to the most comparable GAAP financial measure.
Flowers Foods, Inc.
Condensed Consolidated Balance Sheets
(000's omitted)
July 18, 2026
January 3, 2026
Assets
Cash and cash equivalents
$
52,766
$
12,100
Other current assets
712,002
694,753
Property, plant and equipment, net
926,854
952,725
Right-of-use leases, net
309,305
321,116
Distributor notes receivable (1)
129,910
130,723
Other assets
42,410
40,007
Cost in excess of net tangible assets, net
2,012,595
2,032,437
Total assets
$
4,185,842
$
4,183,861
Liabilities and Stockholders' Equity
Current liabilities
$
543,163
$
502,804
Long-term debt (2)
1,686,246
1,755,132
Right-of-use lease liabilities (3)
317,102
325,075
Other liabilities
315,830
297,363
Stockholders' equity
1,323,501
1,303,487
Total liabilities and stockholders' equity
$
4,185,842
$
4,183,861
(1) Includes current portion of $21,577 and $22,241, respectively.
(2) Includes current portion of $399,885 and $399,575, respectively.
(3) Includes current portion of $75,162 and $73,778, respectively.
Flowers Foods, Inc.
Consolidated Statement of Operations
(000's omitted, except per share data)
For the 12-Week
Period Ended
For the 12-Week
Period Ended
For the 28-Week
Period Ended
For the 28-Week
Period Ended
July 18, 2026
July 12, 2025
July 18, 2026
July 12, 2025
Net sales
$
1,192,935
$
1,242,835
$
2,764,512
$
2,797,065
Materials, supplies, labor and other production costs (exclusive of
depreciation and amortization shown separately below)
615,005
636,060
1,410,394
1,414,406
Selling, distribution, and administrative expenses
473,185
473,537
1,116,119
1,107,050
Restructuring charges
—
—
1,652
573
Plant closure costs and impairment of assets
—
—
—
7,397
Recovery on inferior ingredients
(1,963)
—
(1,963)
—
Depreciation and amortization expense
38,579
39,826
90,369
89,094
Income from operations
68,129
93,412
147,941
178,545
Other pension cost (benefit)
88
(88)
206
(205)
Interest expense, net
13,787
15,036
33,421
29,084
Income before income taxes
54,254
78,464
114,314
149,666
Income tax expense
13,598
20,099
31,603
38,303
Net income
$
40,656
$
58,365
$
82,711
$
111,363
Net income per diluted common share
$
0.19
$
0.28
$
0.39
$
0.53
Diluted weighted average shares outstanding
212,493
211,991
212,545
212,084
Flowers Foods, Inc.
Condensed Consolidated Statement of Cash Flows
(000's omitted)
For the 12-Week
Period Ended
For the 12-Week
Period Ended
For the 28-Week
Period Ended
For the 28-Week
Period Ended
July 18, 2026
July 12, 2025
July 18, 2026
July 12, 2025
Cash flows from operating activities:
Net income
$
40,656
$
58,365
$
82,711
$
111,363
Adjustments to reconcile net income to net cash from operating
activities:
Total non-cash adjustments
53,018
74,705
139,506
151,840
Changes in assets and liabilities
40,014
(2,241)
19,328
3,260
Net cash provided by operating activities
133,688
130,829
241,545
266,463
Cash flows from investing activities:
Purchase of property, plant and equipment
(23,853)
(30,810)
(44,476)
(56,366)
Acquisition of business, net of cash acquired
—
—
—
(791,880)
Other
(1,274)
(4,563)
(284)
(23,141)
Net cash disbursed for investing activities
(25,127)
(35,373)
(44,760)
(871,387)
Cash flows from financing activities:
Dividends paid
(26,594)
(52,449)
(81,024)
(104,772)
Stock repurchases
(37)
—
(3,824)
(5,499)
Net change in debt borrowings
(38,000)
(41,700)
(70,000)
734,880
Payment of financing fees
(289)
(64)
(2,056)
(10,120)
Other
(2,394)
2,462
785
(3,525)
Net cash (disbursed for) provided by financing activities
(67,314)
(91,751)
(156,119)
610,964
Net increase in cash and cash equivalents
41,247
3,705
40,666
6,040
Cash and cash equivalents at beginning of period
11,519
7,340
12,100
5,005
Cash and cash equivalents at end of period
$
52,766
$
11,045
$
52,766
$
11,045
Flowers Foods, Inc.
Net Sales by Sales Class and Net Sales Bridge
(000's omitted)
Net Sales by Sales Class
For the 12-Week Period
Ended
For the 12-Week Period
Ended
July 18, 2026
July 12, 2025
$ Change
% Change
Branded Retail
$
794,642
$
826,364
$
(31,722)
(3.8)
%
Other
398,293
416,471
(18,178)
(4.4)
%
Total Net Sales
$
1,192,935
$
1,242,835
$
(49,900)
(4.0)
%
For the 28-Week Period
Ended
For the 28-Week Period
Ended
July 18, 2026
July 12, 2025
$ Change
% Change
Branded Retail
$
1,839,860
$
1,837,551
$
2,309
0.1
%
Other
924,652
959,514
(34,862)
(3.6)
%
Total Net Sales
$
2,764,512
$
2,797,065
$
(32,553)
(1.2)
%
Net Sales Bridge
For the 12-week period ended July 18, 2026
Branded Retail
Other
Total
Pricing/mix^*
3.8
%
(1.0)
%
1.8
%
Volume*
(7.6)
%
(3.4)
%
(5.8)
%
Total percentage point change in net sales
(3.8)
%
(4.4)
%
(4.0)
%
For the 28-week period ended July 18, 2026
Branded Retail
Other
Total
Pricing/mix^*
3.9
%
(1.0)
%
1.9
%
Volume*
(5.8)
%
(2.6)
%
(4.4)
%
Acquisition (until cycled on February 21, 2026)
2.0
%
—
1.3
%
Total percentage point change in net sales
0.1
%
(3.6)
%
(1.2)
%
The table above presents certain sales by category that have been reclassified from amounts previously reported to conform to the current period
presentation.
^ Includes sales reductions from variable consideration and payments to customers.
* Computations above are calculated as follows (the Total column is consolidated and is not adding the Branded Retail and Other columns):
Price/Mix $ = Current year period units × change in price per unit
Price/Mix % = Price/Mix $ ÷ Prior year period Net Sales $
Volume $ = Prior year period price per unit × change in units
Volume % = Volume $ ÷ Prior year period Net Sales $
Flowers Foods, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(000's omitted, except per share data)
Reconciliation of Earnings per Share to Adjusted Earnings per Share
For the 12-Week
Period Ended
For the 12-Week
Period Ended
For the 28-Week
Period Ended
For the 28-Week
Period Ended
July 18, 2026
July 12, 2025
July 18, 2026
July 12, 2025
Net income per diluted common share
$
0.19
$
0.28
$
0.39
$
0.53
Business process improvement costs
NM
NM
0.01
NM
Plant closure costs and impairment of assets
—
—
—
0.03
Restructuring charges
—
—
0.01
NM
Restructuring-related implementation costs
0.02
0.01
0.05
0.03
Acquisition and integration-related costs
—
0.01
(a)
NM
(a)
0.06
Legal settlements and related costs
—
NM
0.05
NM
Recovery on inferior ingredients
(0.01)
—
(0.01)
—
Adjusted net income per diluted common share
$
0.21
$
0.30
$
0.49
$
0.65
NM - not meaningful.
Certain amounts may not add due to rounding.
(a) Includes the reclassification of costs between deductible and non-deductible for income tax purposes for certain acquisition-related costs from
the prior period.
Reconciliation of Gross Margin
For the 12-Week
Period Ended
For the 12-Week
Period Ended
For the 28-Week
Period Ended
For the 28-Week
Period Ended
July 18, 2026
July 12, 2025
July 18, 2026
July 12, 2025
Net sales
$
1,192,935
$
1,242,835
$
2,764,512
$
2,797,065
Materials, supplies, labor and other production costs (exclusive
of depreciation and amortization)
615,005
636,060
1,410,394
1,414,406
Gross margin excluding depreciation and amortization
577,930
606,775
1,354,118
1,382,659
Less depreciation and amortization for production activities
21,910
21,072
50,871
48,555
Gross margin
$
556,020
$
585,703
$
1,303,247
$
1,334,104
Depreciation and amortization for production activities
$
21,910
$
21,072
$
50,871
$
48,555
Depreciation and amortization for selling, distribution, and
administrative activities
16,669
18,754
39,498
40,539
Total depreciation and amortization
$
38,579
$
39,826
$
90,369
$
89,094
Reconciliation of Selling, Distribution, and Administrative Expenses to Adjusted SD&A
For the 12-Week
Period Ended
For the 12-Week
Period Ended
For the 28-Week
Period Ended
For the 28-Week
Period Ended
July 18, 2026
July 12, 2025
July 18, 2026
July 12, 2025
Selling, distribution, and administrative expenses
(SD&A)
$
473,185
$
473,537
$
1,116,119
$
1,107,050
Business process improvement costs
(1,010)
(471)
(2,251)
(1,362)
Restructuring-related implementation costs
(5,545)
(2,896)
(13,772)
(7,184)
Acquisition and integration-related costs
—
(871)
(1,897)
(14,635)
Legal settlements and related costs
—
(205)
(14,400)
(902)
Adjusted SD&A
$
466,630
$
469,094
$
1,083,799
$
1,082,967
Flowers Foods, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(000's omitted, except per share data)
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
For the 12-Week
Period Ended
For the 12-Week
Period Ended
For the 28-Week
Period Ended
For the 28-Week
Period Ended
July 18, 2026
July 12, 2025
July 18, 2026
July 12, 2025
Net income
$
40,656
$
58,365
$
82,711
$
111,363
Income tax expense
13,598
20,099
31,603
38,303
Interest expense, net
13,787
15,036
33,421
29,084
Depreciation and amortization
38,579
39,826
90,369
89,094
EBITDA
106,620
133,326
238,104
267,844
Other pension cost (benefit)
88
(88)
206
(205)
Business process improvement costs
1,010
471
2,251
1,362
Plant closure costs and impairment of assets
—
—
—
7,397
Restructuring charges
—
—
1,652
573
Restructuring-related implementation costs
5,545
2,896
13,772
7,184
Acquisition and integration-related costs
—
871
1,897
14,635
Legal settlements and related costs
—
205
14,400
902
Recovery on inferior ingredients
(1,963)
—
(1,963)
—
Adjusted EBITDA
$
111,300
$
137,681
$
270,319
$
299,692
Net sales
$
1,192,935
$
1,242,835
$
2,764,512
$
2,797,065
Adjusted EBITDA margin
9.3
%
11.1
%
9.8
%
10.7
%
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
For the 12-Week
Period Ended
For the 12-Week
Period Ended
For the 28-Week
Period Ended
For the 28-Week
Period Ended
July 18, 2026
July 12, 2025
July 18, 2026
July 12, 2025
Income tax expense
$
13,598
$
20,099
$
31,603
$
38,303
Tax impact of:
Business process improvement costs
253
118
563
341
Plant closure costs and impairment of assets
—
—
—
1,850
Restructuring charges
—
—
413
144
Restructuring-related implementation costs
1,386
724
3,443
1,796
Acquisition and integration-related costs
—
(1,510)
(a)
2,214
(a)
1,929
Legal settlements and related costs
—
52
3,600
226
Recovery on inferior ingredients
(491)
—
(491)
—
Adjusted income tax expense
$
14,746
$
19,483
$
41,345
$
44,589
(a) Includes the reclassification of costs between deductible and non-deductible for income tax purposes for certain acquisition-related costs from the prior period.
Flowers Foods, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(000's omitted, except per share data)
Reconciliation of Net Income to Adjusted Net Income
For the 12-Week
Period Ended
For the 12-Week
Period Ended
For the 28-Week
Period Ended
For the 28-Week
Period Ended
July 18, 2026
July 12, 2025
July 18, 2026
July 12, 2025
Net income
$
40,656
$
58,365
$
82,711
$
111,363
Business process improvement costs
757
353
1,688
1,021
Plant closure costs and impairment of assets
—
—
—
5,547
Restructuring charges
—
—
1,239
429
Restructuring-related implementation costs
4,159
2,172
10,329
5,388
Impairment of intangible assets
—
—
—
—
Acquisition and integration-related costs
—
2,381
(a)
(317)
(a)
12,706
Legal settlements and related costs
—
153
10,800
676
Recovery on inferior ingredients
(1,472)
—
(1,472)
—
Adjusted net income
$
44,100
$
63,424
$
104,978
$
137,130
(a) Includes the reclassification of costs between deductible and non-deductible for income tax purposes for certain acquisition-related costs from
the prior period.
Reconciliation of Earnings per Share -
Full Year Fiscal 2026 Guidance
OSI Systems zvýšila autorizaci zpětného odkupu o dalších 1 000 000 akcií na celkem 1 078 731. Ve čtvrtletí končícím 30. června 2026 už odkoupila 564 880 vlastních akcií.
HAWTHORNE, Calif.--(BUSINESS WIRE)--OSI Systems, Inc. (NASDAQ: OSIS) today announced that its Board of Directors has approved an increase to the Company’s existing stock repurchase authorization.
The Board has authorized an additional 1,000,000 shares for repurchase under the Company’s stock repurchase program, increasing the total remaining authorization to 1,078,731. The expanded authorization reflects the Company’s continued confidence in its long-term strategy and strong free cash flow generation.
During the quarter ended June 30, 2026, the Company repurchased 564,880 shares of its common stock.
“We continue to execute on our capital allocation priorities by returning capital to shareholders through share repurchases,” said Alan Edrick, Executive Vice President and Chief Financial Officer. “The increase in our share repurchase authorization underscores our confidence in the strength of our business and our ability to generate robust cash flow, while maintaining flexibility to invest in growth opportunities.”
Purchases may be made from time to time in the open market or in privately negotiated transactions and block trades, in accordance with federal securities laws, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. This program does not have an expiration date. The share repurchase program may be modified, terminated or expanded by the Company at any time without prior notice. There is no guarantee as to the exact number of shares, if any, that will be purchased by the Company. The amount and timing of any purchases will depend on a number of factors, including price, trading volume, general market conditions, legal requirements, and other factors.
About OSI Systems
OSI Systems designs and manufactures specialized electronic systems and components for critical applications. The Company operates through three business segments: Security, Optoelectronics and Manufacturing, and Healthcare. Its Security division delivers advanced inspection systems, turnkey screening solutions, and comprehensive support services to protect people and infrastructure. The Optoelectronics and Manufacturing segment serves as a global supplier of high-performance optoelectronic solutions and precision manufacturing services for leading OEMs. The Healthcare segment focuses on patient monitoring, diagnostic cardiology, and related services with the goal of enhancing clinical care and patient outcomes. Serving customers in over 170 countries, OSI Systems strategically positions its sales, service, R&D, and manufacturing capabilities worldwide to provide fast and efficient delivery and support. For more information on OSI Systems or any of its subsidiary companies, visit www.osi-systems.com. News Filter: OSIS-G
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to OSI Systems’ current expectations, beliefs, and projections concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance and involve uncertainties, risks, assumptions, and contingencies, many of which are outside OSI Systems’ control and which may cause actual results to differ materially from those described in or implied by any forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are based on currently available information and speak only as of the date on which they are made. OSI Systems assumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent it is required to do so in connection with its ongoing requirements under Federal securities laws. For a further discussion of factors that could cause OSI Systems’ future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in OSI Systems’ most recently filed Annual Report on Form 10-K and other risks described therein and in documents subsequently filed by OSI Systems from time to time with the Securities and Exchange Commission.
LPL Financial uvedla, že klientská aktiva na konci července klesla meziměsíčně o 0,6 % na 2,55 bilionu USD. Čistá organická nová aktiva dosáhla 7,4 miliardy USD.
SAN DIEGO, Aug. 20, 2026 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”) today released its monthly activity report for July 2026.
Total client assets at the end of July were $2.55 trillion, a decrease of $16.1 billion, or 0.6%, compared to the end of June. Advisory assets as a percentage of total assets increased to 60.6%, up from 55.5% a year ago.
Total organic net new assets (“NNA”) for July were $7.4 billion, translating to a 3.5% annualized growth rate.
Total client cash balances at the end of July were $54.3 billion, a decrease of $2.6 billion compared to the end of June. Net buying in July was $14.7 billion.
(End of period $ in billions, unless noted)July June Change July Change 2026 2026 M/M 2025 Y/Y Client Assets Advisory1,544.2 1,548.4 (0.3%)1,077.0 43.4%Brokerage1,002.4 1,014.3 (1.2%)862.4 16.2%Total Client Assets2,546.6 2,562.7 (0.6%)1,939.4 31.3% Organic NNA Advisory10.2 13.3 n/m 7.5 n/m Brokerage(2.8)(2.0)n/m (2.0)n/m Total Organic NNA7.4 11.3 n/m 5.4 n/m Acquired NNA Advisory0.0 0.5 n/m 0.0 n/m Brokerage0.0 0.0 n/m 0.0 n/m Total Acquired NNA0.0 0.5 n/m 0.0 n/m Total NNA Advisory10.2 13.8 n/m 7.5 n/m Brokerage(2.8)(2.0)n/m (2.0)n/m Total NNA7.4 11.8 n/m 5.5 n/m Net brokerage to advisory conversions1.9 2.3 n/m 2.4 n/m Client Cash Balances Insured cash account sweep36.8 38.4 (4.2%)33.7 9.2%Deposit cash account sweep15.0 15.6 (3.8%)10.8 38.9%Total Bank Sweep51.8 54.1 (4.3%)44.4 16.7%Money market sweep1.1 1.1 — %3.4 (67.6%)Total Client Cash Sweep Held by Third Parties52.8 55.2 (4.3%)47.9 10.2%Client cash account1.5 1.7 (11.8%)1.6 (6.3%)Total Client Cash Balances54.3 56.9 (4.6%)49.5 9.7% Net buy (sell) activity14.7 13.1 n/m 13.7 n/m Market Drivers S&P 500 Index (end of period)7,490 7,499 (0.1%)6,339 18.2%Russell 2000 Index (end of period)2,931 3,024 (3.1%)2,212 32.5%Fed Funds daily effective rate (average bps)363 363 —%433 (16.2%) For additional information regarding these and other Company business metrics, please refer to the Company’s most recent earnings announcement, which is available in the quarterly results section of investor.lpl.com.
LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 32,000 financial advisors and the wealth management practices of approximately 1,100 financial institutions, servicing and custodying approximately $2.6 trillion in brokerage and advisory assets on behalf of approximately 8 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.
Securities and advisory services offered through LPL Financial LLC (“LPL Financial”) and LPL Enterprise, LLC (“LPL Enterprise”), both registered investment advisers and broker-dealers. Members FINRA/SIPC.
Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial or LPL Enterprise.
We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.
Akcie MaxLinear za měsíc klesly o 22,8 % kvůli obavám z růstu, koncentrace zákazníků a právních sporů. Tržby z infrastruktury ve 2. čtvrtletí 2026 meziročně vyskočily o 145 %.
Key Takeaways MaxLinear shares fell 22.8% in a month amid growth, customer concentration and legal concerns.Infrastructure revenues jumped 145% in Q2 2026 as optical demand and Keystone deployments accelerated.MXL's 2026 EPS estimate rose 33.8% in 30 days, while new AI products are set to add revenue from 2027. MaxLinear (MXL - Free Report) shares have dropped 22.8% in the past month, underperforming the broader Zacks Computer and Technology sector’s return of 1.6%. The sharp decline can be attributed to investor concerns over growth prospects, concentrated clientele, and legal disputes related to termination of the Silicon Motion deal. MaxLinear’s outlook now significantly depends on the successful ramp of AI and data-center optical products, which depend on a clientele that is concentrated among a limited number of hyperscale customers and AI-platform programs. Top 10 customers represented 55% of MXL’s first-half of 2026 revenues, while one customer represented 11%.
Rapid AI-driven growth is keeping MaxLinear’s balance sheet under pressure as the need for working capital accelerates significantly. Inventory increased to $105.5 million as of June 30 from $85.8 million at the end of the first quarter of 2026. First-half 2026 operating cash flow was negative $4.1 million. Inventory-purchase and other contractual obligations rose to $305.9 million as of June 30 compared with $209.6 million as of Dec. 31, 2025, as MaxLinear placed incremental orders to support higher demand. The company made wafer prepayments to secure supply against backlog, and also acknowledged tight supply and higher wafer, packaging and test costs. This clearly raises MaxLinear’s risk profile for investors. So, what should they do with MXL stock? Let’s find out.
MXL’s One-Month Price Performance
Image Source: Zacks Investment Research
MXL Shares Trading at a PremiumMaxLinear shares are overvalued, as suggested by a Value Score of F.
The MXL stock is trading at a forward 12-month price/sales (P/S) of 6.91X compared with the broader sector’s 6.37X. However, the stock is trading at a discount compared with peers including Broadcom’s (AVGO - Free Report) 10.67X, Credo Technology’s (CRDO - Free Report) 16.29X, and Marvell Technology’s (MRVL - Free Report) 14.47X.
MXL Stock’s Valuation
Image Source: Zacks Investment Research
Strong AI Infrastructure Demand Aids MXL’s ProspectsThe sharp pullback reflects some profit-taking following the stock’s massive year-to-date (YTD) surge, while investors assess whether MaxLinear can sustain its AI-driven growth trajectory. MXL shares have jumped 281.1% YTD, outperforming the broader sector’s return of 16.4%. The company has also outperformed peers including the likes of Marvell, Broadcom and Credo. YTD, shares of Marvell, Broadcom and Credo have returned 181.2%, 5.2% and 63.2%, respectively.
MaxLinear has emerged as one of the fastest-growing beneficiaries of AI networking infrastructure, with investors increasingly pricing in a multi-year optical data center growth cycle. Infrastructure revenues jumped 145% year over year in the second quarter of 2026 and became MXL’s largest revenue category, led by optical interconnect demand. Keystone, MaxLinear’s 100G-per-lane PAM4 DSP, is ramping into high-volume 400G and 800G deployments at major hyperscale customers in the United States and Asia. Keystone consumes almost 40% less power than competing solutions, and MXL believes the product establishes the foundation for multigenerational engagements extending into 1.6T and eventually 3.2T architectures.
MaxLinear’s strong portfolio that includes Rushmore, its 1.6T/200G-per-lane PAM4 DSP, Washington, its 200G-per-lane TIA, and Annapurna, its 200G-per-lane Ethernet retimer for AI scale-up networks, is a key catalyst. Rushmore is already undergoing customer qualification and is expected to begin contributing in 2027. Both Washington and Annapurna are expected to generate initial revenues in 2027, followed by more meaningful contributions in 2028.
MaxLinear has additionally qualified an XGS-PON design for a hyperscale data-center control-network application and has secured USB-controller wins at two major hyperscalers. The company expects its Panther storage-accelerator revenues to roughly double in 2026 with the potential to nearly double again in 2027. These products increase MaxLinear’s content opportunity per AI system and reduce its dependence over time on a single optical DSP generation.
The company's more established broadband and connectivity franchises provide another layer of growth and diversification. MaxLinear reported large-scale deployments of single-chip fiber PON and Wi-Fi 7 gateway platforms at major Tier 1 service providers in North America and Europe, while Ultra DOCSIS 3.1 and DOCSIS 4.0 deployments remain in their early stages and are expected to ramp through 2027 and 2028.
MXL’s Earnings Estimate Revision Shows Rising TrendThe Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at 56 cents per share, up 55.6% over the past 30 days. MXL reported earnings of 14 cents per share in the year-ago quarter.
The consensus mark for 2026 earnings is pegged at $1.74 per share, up 33.8% over the past 30 days. MXL reported earnings of 31 cents per share in 2025.
Here’s Why MaxLinear Stock is a Buy NowDespite the recent pullback and risks tied to customer concentration, working-capital requirements and legal uncertainties, MaxLinear’s growth story remains compelling. Strong demand for AI-driven optical connectivity, the expanding Keystone ramp and upcoming contributions from Rushmore, Washington and Annapurna provide multiple avenues for sustained revenue growth. Rising earnings estimates further reflect improving business momentum, while broadband, Wi-Fi 7 and DOCSIS opportunities add diversification beyond AI infrastructure. Investors willing to withstand near-term volatility may consider the recent weakness an opportunity to gain exposure to MaxLinear’s multi-year AI infrastructure growth cycle.
MXL currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Darling Ingredients vykázala ve 2. čtvrtletí 2026 výrazné zlepšení zisku: upravená EBITDA v core ingredients vzrostla na 352,5 mil. USD z 206,9 mil. USD před rokem. EPS byl 2,41 USD, nad odhadem 1,45 USD.
Key Takeaways Darling Ingredients' core ingredients adjusted EBITDA rose to $352.5M in Q2 from $206.9M a year earlier.Darling's DGD adjusted EBITDA share jumped to $389.2M, with EBITDA per gallon sold rising to $2.23.DAR's 2026 earnings estimate rose 55.1% in four weeks, while capacity and higher costs remain key offsets. Shares of Darling Ingredients Inc. (DAR - Free Report) have gained 12.8% in the past week, putting the durability of the move in focus. The rally is backed by a sharp improvement in core ingredients profitability and much stronger renewable-fuel economics.
Estimate revisions have also moved decisively higher. The question now is whether Darling can sustain those earnings drivers as capacity constraints, higher costs and a weaker momentum signal create offsets.
DAR's Core Earnings Base Looks StrongerCore ingredients adjusted EBITDA climbed to $352.5 million in the second quarter of 2026 from $206.9 million a year earlier. Contract management, commercial optimization, price-risk management and operating efficiencies are helping Darling extract more earnings from its existing asset base.
Management expects third-quarter core ingredients adjusted EBITDA of $325-$340 million. Excluding the second-quarter tariff recovery in Food, that outlook implies underlying earnings generally consistent with the elevated second-quarter level, supporting the case for a more durable core earnings base.
Darling's DGD Economics Add Another Earnings LiftDarling's share of Diamond Green Diesel adjusted EBITDA surged to $389.2 million from $42.6 million a year earlier. EBITDA per gallon sold rose to $2.23 from 34 cents, helped by higher Renewable Identification Number values, diesel prices, production tax credits and about $50.5 million of tariff recovery at the DGD entity level.
Valero Energy Corporation (VLO - Free Report) , Darling's partner in Diamond Green Diesel, also has direct exposure to the venture's renewable-diesel economics. Bunge Global SA (BG - Free Report) is relevant on the feedstock side, with its renewable-fuels partnerships and oilseed processing network positioning it in the same policy-driven demand chain.
DAR's Estimate Revisions Support the RallyThe Zacks Consensus Estimate for 2026 earnings has risen 55.1% in the past four weeks and 53.6% over the past 12 weeks. That magnitude of upward revision gives the recent stock-price advance a clearer earnings foundation.
Darling reported second-quarter earnings of $2.41 per share, compared with 8 cents a year earlier, and topped the consensus mark of $1.45. Continued estimate support will depend on core-margin execution and renewable-fuel economics holding up through the balance of the year.
Darling Still Faces Capacity and Cost PressureFeed raw material processed remained at 3.1 million metric tons in the second quarter, unchanged from both a year earlier and the first quarter. Darling is out of rendering capacity in Brazil, while faster U.S. poultry line speeds could put additional pressure on its processing network.
Selling, general and administrative expenses rose to $151 million from $138.1 million a year earlier, while acquisition and integration costs increased to $13.2 million from $3.4 million. If commodity prices or DGD margins retreat, those costs could limit operating leverage and cash conversion.
Image Source: Zacks Investment Research
DAR's Ratings Mix Supports Cautious OptimismDAR's 12.8% weekly rally has a solid earnings foundation, but continuation is not assured. Stronger core earnings, favorable DGD economics and sharply higher estimates are constructive, while throughput constraints and a higher expense base leave less room for weaker pricing or renewable-fuel margins.
DAR currently carries a Zacks Rank #1 (Strong Buy). It also has a VGM Score of A, Growth Score of A and Value Score of B, while its Momentum Score of D is the weaker signal. The favorable Rank and broader Style Score mix support the earnings case, but the Momentum Score argues for a measured view after the rapid weekly advance. You can see the complete list of today’s Zacks #1 Rank stocks here.
Darling Ingredients uvedla, že nová politika pro obnovitelná paliva podporuje Diamond Green Diesel a marže mohou zůstat atraktivní až do roku 2027. Ve 2. čtvrtletí 2026 činil podíl DGD na upraveném EBITDA 389,2 mil. USD oproti 42,6 mil. USD.
Key Takeaways Darling Ingredients' share of DGD adjusted EBITDA jumped to $389.2 million in Q2 2026 from $42.6 million.DGD EBITDA per gallon sold rose to $2.23 from 34 cents as RIN values, diesel prices and tax credits improved.Management sees DGD margins through 2027 as attractive, but RINs, diesel and feedstock costs remain key. The finalized 2026-2027 Renewable Volume Obligation gives Darling Ingredients Inc. (DAR - Free Report) a supportive policy backdrop for Diamond Green Diesel ("DGD"). The mandate is intended to increase domestic feedstock demand and renewable-fuel production, conditions that have coincided with much stronger DGD economics.
The question is whether that support can carry through 2027. Recent results were unusually strong, but DGD still depends on Renewable Identification Number values, diesel pricing, feedstock costs and other market inputs.
DAR's DGD Earnings Jumped in the Second QuarterDarling's share of DGD adjusted EBITDA reached $389.2 million in the second quarter of 2026, up from $42.6 million a year earlier. Production increased to 355.9 million gallons, while EBITDA per gallon sold climbed to $2.23 from 34 cents.
The improvement gives DGD a much larger role in Darling's earnings profile. Valero Energy Corporation (VLO - Free Report) , Darling's 50/50 DGD partner, reports the venture within its Renewable Diesel segment and says DGD has about 1.2 billion gallons of annual production capacity.
Darling Sees RIN Tightness Supporting DGD MarginsManagement expects continued tightness in Renewable Identification Numbers (RINs) to remain supportive of renewable-fuel production and DGD margins. Higher RIN values, diesel prices and production tax credits all contributed to the second-quarter improvement.
Darling also believes the current Renewable Volume Obligation is appropriately sized when production increases, imports, small-refinery exemptions and normal deficit carryforwards are considered. Still, the company has said RINs need to remain supportive to keep incentivizing production and fulfill the mandate.
DAR's Production Outlook Keeps Scale in FocusDGD is expected to produce about 335 million gallons in the third quarter. Management views margins through 2027 as attractive under the current mandate, so maintaining high utilization remains an important part of the earnings opportunity.
Phillips 66 (PSX - Free Report) offers another renewable-fuels reference point. Its Rodeo Renewable Energy Complex has capacity of about 800 million gallons per year, and the company's second-quarter 2026 Renewable Fuels results benefited partly from higher regulatory credit pricing and renewable-fuels production.
Darling's DGD Upside Still Depends on Market InputsThe second quarter included about $50.5 million of favorable International Emergency Economic Powers Act tariff recovery at the DGD entity level. That benefit means the quarter should not be treated as a clean recurring run rate even though the underlying market environment improved substantially.
DGD profitability also remains exposed to renewable-fuel pricing, feedstock costs and broader market conditions. A softer RIN market, weaker diesel values or higher feedstock costs could narrow margins even if the policy framework continues supporting industry production.
Image Source: Zacks Investment Research
DAR's Ratings Back Growth but Flag MomentumPolicy support strengthens the DGD earnings case, but sustaining the second-quarter pace will require more than the Renewable Volume Obligation. RIN support, diesel values and feedstock economics need to remain favorable, while the tariff recovery makes the latest quarter an imperfect benchmark for future profitability.
DAR currently carries a Zacks Rank #1 (Strong Buy), along with a Growth Score of A, VGM Score of A and Value Score of B. Its Momentum Score of D is the weaker signal. The mix favors the earnings-growth and broader style case, but the momentum reading supports a measured view of near-term price timing. You can see the complete list of today’s Zacks #1 Rank stocks here.
MasTec po akvizici The Superior Group posiluje expanzi do datových center díky nové elektrické expertize a širší pracovní síle. Téměř 2,5 miliardy USD růstu backlogu za poslední dvě čtvrtletí má z větší části přinést výsledky až v roce 2027.
Key Takeaways MasTec's Superior deal expands its data center reach with added electrical and skilled-workforce capabilities.Superior can pair with MasTec's power, civil, telecom and construction management services on larger projects.Most of MasTec's recent $2.5 billion backlog growth is expected to benefit 2027 rather than 2026. MasTec, Inc. (MTZ - Free Report) is expanding its exposure to the fast-growing data center market through its acquisition of The Superior Group, adding electrical expertise to an infrastructure platform already spanning power, civil construction, telecom and maintenance.
Superior, acquired in July, is a full-service electrical contractor with roughly 3,000 employees and a strong position in data center infrastructure. Management believes combining Superior’s electrical capabilities with MasTec’s broader services can provide customers with more integrated solutions, improving speed, quality and execution certainty.
The deal also creates cross-selling opportunities. MasTec expects to pair Superior’s capabilities with its construction management, civil, power and telecom operations, allowing it to participate across more stages of mission-critical projects. Its existing turnkey data center project is progressing well, while the company is pursuing several large opportunities and expects additional awards in 2026.
Importantly, data center growth can benefit multiple MasTec businesses. Power Delivery is seeing rising demand tied to the power requirements of data center development, while Communications is pursuing billions of dollars of hyperscaler connectivity opportunities. Superior adds another important piece by strengthening MasTec’s electrical infrastructure capabilities and expanding its skilled workforce.
The financial impact could become more visible in 2027. MasTec recorded nearly $2.5 billion of backlog growth over the past two quarters, but only a modest portion is expected to contribute to 2026 revenues, with most benefiting 2027. Management believes Superior and its turnkey data center capabilities have fundamentally expanded MasTec’s mission-critical position.
Superior gives MasTec a broader way to capture the AI-driven data center infrastructure buildout rather than relying on a single construction specialty.
MasTec Faces Strong Data Center CompetitionMasTec’s expanding data center position puts it against established infrastructure players such as Quanta Services (PWR - Free Report) and EMCOR Group (EME - Free Report) , both of which are benefiting from rising AI-related infrastructure investment.
Quanta Services is a particularly strong competitor because its capabilities span the power infrastructure needed to support large data centers. Quanta Services provides solutions covering high-voltage transmission, substations and grid interconnections as well as electrical infrastructure inside data centers. Rising AI workloads and power requirements are expanding Quanta Services’ addressable market, making it a major competitor as MasTec combines Superior’s electrical expertise with its existing power and construction capabilities.
EMCOR Group also represents a meaningful competitive threat. EMCOR Group has significant exposure to data centers and high-tech facilities, supported by its electrical and mechanical construction capabilities. EMCOR Group’s established presence in complex facilities overlaps directly with the opportunity MasTec is targeting through Superior. Still, Superior strengthens MasTec’s ability to compete by adding electrical expertise to its broader power, telecom, civil and construction-management platform.
MTZ Stock’s Price Performance, Valuation & Estimate TrendShares of this Florida-based infrastructure construction company have gained 23.7% year to date, outperforming the Zacks Building Products - Heavy Construction industry, the broader Zacks Construction sector and the S&P 500 Index.
MTZ Price Performance (YTD)
Image Source: Zacks Investment Research
MTZ stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 23.78, as shown in the chart below.
MTZ Valuation (P/E F12M)
Image Source: Zacks Investment Research
MTZ's earnings estimates for 2026 have moved upward in the past 30 days to $9.31 per share, but the same for 2027 moved down to $12.77 per share. The revised estimates for 2026 and 2027 imply a year-over-year surge of 42.1% and 37.2%, respectively.
Image Source: Zacks Investment Research
MasTec currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Burger King v rámci Restaurant Brands International dál zrychluje: tržby ze srovnatelných prodejen v USA ve 2. čtvrtletí vzrostly o 8,5 %. Obnova značky po čtyřech letech už se promítá do čísel.
Restaurant Brands International (QSR +3.18%) is four years into rebuilding Burger King, and the work is finally showing up in the numbers. U.S. same-store sales grew 8.5% in the second quarter, compared to just 0.8% at McDonald's in the same period.
That was the second strong quarter in a row for Burger King -- same-store sales rose by nearly 6% in the first quarter. Average unit volumes for the Whopper are up over 20% since the burger's relaunch hit menus in February.
The fast-food restaurant is taking market share, outgrowing the quick-service burger industry by more than nine percentage points as the company's Reclaim the Flame initiative rolls on.
Image source: Getty Images.
Rebuilding from the kitchen out The Burger King playbook was borrowed from Domino's Pizza, where Patrick Doyle led a major turnaround before joining Restaurant Brands International as executive chairman in 2022.
The strategy puts operations, including the food and franchisee economics, ahead of marketing and growth.
The company has remodeled over 1,000 restaurants since 2018, and plans to continue updating more of them through 2028, building on a foundation of healthier unit economics.
With the business on firmer footing, management can now focus on driving traffic through marketing campaigns centered on the elevated Whopper.
The profit driver is decelerating While Burger King's results have been improving, Tim Hortons' performance has weighed on the overall company's results. The Canadian coffee-and-donut chain posted same-store sales growth of only 0.1%, marking its fourth straight quarter of decelerating growth.
The slowdown is a big deal because Tim Hortons is the company's anchor, generating around 40% of Restaurant Brands International's operating profit.
Meanwhile, its Popeyes Louisiana Kitchen chain continues to slide. The fried chicken chain posted a 5.2% decline in U.S. same-store sales. It has been RBI's weakest brand over the past year, but management expects Popeyes to return to growth in the second half of 2026.
The international segment remains a bright spot for Restaurant Brands International, with same-store sales up 5.5%. Burger King's 19% profit share, combined with the international side at roughly 29%, means half the business is expanding, and nearly 90% of the company is growing or stable.
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For someone who's watched the Burger King saga unfold for more than a decade, it's nice to see the turnaround taking place. Now, management needs to get old, reliable Tim Hortons moving in the right direction. With Restaurant Brands International trading at around 18 times forward earnings and paying a dividend that yields 3.3% at the current share price, patient investors may consider this a good time to pick up shares.
Bryan White has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Domino's Pizza. The Motley Fool recommends Restaurant Brands International and recommends the following options: long January 2028 $320 calls on McDonald's and short January 2028 $340 calls on McDonald's. The Motley Fool has a disclosure policy.
BigBear.ai podepsala v Salvadoru pětiletou smlouvu na CargoSeer po úspěšném 12měsíčním pilotním projektu. Platforma AI pro kontrolu nákladu už přitahuje zájem dalších celních úřadů.
Key Takeaways BigBear.ai signed a five-year CargoSeer deal in El Salvador after a successful 12-month pilot.CargoSeer uses AI and computer vision to flag cargo anomalies and help customs officials manage trade.BigBear.ai says the El Salvador deployment is already attracting interest from other customs agencies. BigBear.ai Holdings, Inc. (BBAI - Free Report) sees changing global trade and mobility patterns as a potential growth engine for its applied AI solutions. Management believes increasingly complex trade regulations, supply-chain security concerns and border-management challenges are pushing governments and businesses to invest in new technology.
CargoSeer is central to this opportunity. The AI-powered cargo inspection platform combines X-ray imagery, import-export documents and structured trade data in one workflow. In El Salvador, BigBear.ai recently signed a five-year commercial deployment agreement following a successful 12-month pilot, marking CargoSeer’s first deployment in Central America. The system helps customs officials detect contraband, collect appropriate duties and keep legitimate trade moving.
The potential market is sizable. Global merchandise trade totals roughly $26 trillion annually, while ports and border crossings face rising volumes, security threats and limited resources. CargoSeer uses AI and computer vision to compare cargo scans with declarations and other trade data, flagging anomalies. Importantly, the platform can be configured for individual countries and updated as trade patterns and risks change. Management said that the El Salvador deployment is already attracting interest from customs agencies elsewhere.
BigBear.ai enters this opportunity with improving business momentum. Second-quarter 2026 revenues rose 13% year over year to $36.7 million, gross margin expanded 781 basis points to 32.8%, and backlog increased 9% from 2025-end to $269.6 million. The company also reaffirmed its 2026 revenue guidance of $135-$165 million.
Global trade could therefore provide BigBear.ai with another route to scale beyond its defense-focused operations. The key will be converting growing international interest in CargoSeer into additional long-term commercial deployments.
Palantir and Parsons Target Similar AI-Led OpportunitiesBigBear.ai faces competition from Palantir Technologies (PLTR - Free Report) and Parsons Corporation (PSN - Free Report) as governments and businesses increase spending on AI-driven trade, border security and supply-chain solutions. Palantir offers its Artificial Intelligence Platform for supply-chain and procurement operations, including tools that help companies respond to changing tariffs, supplier risks and material shortages. Palantir also offers AI-based export-control capabilities designed to improve import/export compliance and classification.
Parsons competes more directly in border and national-security applications. Parsons combines AI, surveillance, communications and command-and-control technologies to help government agencies detect illicit activity and manage complex border environments. Its broader portfolio includes border security, biometrics and AI-enabled threat detection.
For BigBear.ai, CargoSeer provides differentiation through its focus on AI-assisted cargo inspection and customs workflows. However, Palantir brings significant data-integration capabilities, while Parsons has extensive border-security experience. BigBear.ai’s ability to turn CargoSeer’s early international traction into broader deployments will determine how effectively it competes with Palantir and Parsons.
BBAI’s Price Performance, Valuation & EPS Estimate TrendShares of BBAI have plunged 17% over the past six months, underperforming the Zacks Computers - IT Services industry, as shown below.
BBAI’s 6-Month Price Performance
Image Source: Zacks Investment Research
BBAI stock is currently trading at a discount compared with the industry peers, with a forward 12-month price-to-sales (P/S) ratio of 9.64, as evidenced by the chart below.
P/S Ratio (F12M)
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BBAI’s 2026 loss per share has widened in the past 30 days, as shown below. However, the estimated figure indicates a narrower loss than the year-ago loss of 82 cents per share.
JPMorgan obnovila pokrytí SanDisk s doporučením overweight a cílovou cenou 2 250 USD, což je asi o 26 % nad aktuální cenou. Banka sází na silnou poptávku po NAND pamětech a kontrakty za zhruba 42 miliard USD.
Sandisk (SNDK +1.29%) has soared more than 600% so far this year. But it may go even higher. Late last week, Harlan Sur, JPMorgan Chase's tech stock analyst, reinstated coverage of the memory supplier with an overweight rating and a $2,250 price target.
With the stock currently trading around $1,786, that would represent a 26% increase in the share price. Sur's reasoning for the hefty price target had three components. Let's take a look at them.
First, he points out that Sandisk is one of the top manufacturers of NAND flash memory in a market where demand is significantly outpacing supply.
Image source: Getty Images.
NAND memory is a type of non-volatile flash storage that retains data even when the device is powered off. And AI data center demand is causing the NAND market to grow at an estimated 5.3% annual growth rate. Meanwhile, due to supply constraints, the price of NAND flash memory is expected to jump 61% in the second half of 2026.
The semiconductor market is no longer as cyclical as it once was Second, the cyclical semiconductor market -- which has historically seen booms and busts, with high demand driving up prices, overproduction, and subsequent market crashes and price declines -- has fundamentally changed. Due again to the huge imbalance between memory demand and supply, Sandisk has been able to sign multiyear agreements with eight major customers, including built-in pricing terms. The contracts are worth some $42 billion for the company.
Finally, JPMorgan notes that Sandisk is not resting on its technological laurels. It continues to innovate with new memory products that deliver higher density and performance.
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Sandisk's latest quarterly results suggest that Sur is right about the company's prospects. In its fiscal fourth quarter, ended July 3, Sandisk reported revenue of $8.97 billion, up 51% from the previous quarter. Net income of $6.9 billion rose 91%.
For fiscal 2026, revenue rose 175% to $20.25 billion, and net income climbed 797% to $11.4 billion. Management expects revenue of $10.3 billion this quarter, more than all of 2025. And the company's gross margin is expected to be between 83% and 85%.
JPMorgan is hardly the only firm bullish on Sandisk. Bank of America maintains a "buy" rating on the stock with a target of $2,500. The average price target on the stock is $2,107, and 20 of 24 analysts covering Sandisk rate it a buy or strong buy.
So-called hyperscalers -- the AI firms building out massive AI infrastructure -- are expected to spend $750 billion on data centers this year alone, with that figure set to climb over time. If that spending does in fact happen, and right now there's little to suggest it won't, flash memory products will remain in high demand.
That would suggest the lofty price targets for Sandisk are appropriate.
Comstock ve 2. čtvrtletí zvýšil zisk na akcii na 84 centů z 14 centů a tržby o 74 % na 22,6 milionu USD. Čistý zisk vyskočil o 512 % na 8,9 milionu USD.
Shares of Comstock Holding Companies, Inc. (CHCI - Free Report) have gained 27.7% since the company reported its earnings for the quarter ended June 30, 2026, compared with the S&P 500 index’s 0.6% decline over the same period. Over the past month, the stock has advanced 22.8% compared with the S&P 500’s 2.2% increase.
Comstock reported second-quarter 2026 earnings per share of 84 cents, which jumped from 14 cents per share in the prior-year quarter.
Revenues of $22.6 million denoted a 74% rise from $13 million in the year-ago quarter.
Net income surged 512% to $8.9 million from $1.5 million, while Adjusted EBITDA rose 231% year over year to $7.4 million from $2.2 million.
Other Key Business MetricsComstock ended the quarter with 108 managed assets, up from 82 a year earlier. Its stabilized commercial portfolio was 92% leased, with nine commercial leases covering approximately 409,000 square feet executed during the quarter and 447,000 square feet leased year to date. The stabilized residential portfolio was 94% leased, with 351 units leased during the quarter and 501 units year to date. ParkX subsidiary revenues increased 89% from the prior-year period, while the business secured eight new contracts during the quarter, including three third-party parking garages.
The company also reported progress across its development portfolio. The final phase of the BLVD Haley residential tower and roughly 6,000 square feet of adjacent retail space was delivered, completing all buildings at The Row at Reston Station. Lease-up at BLVD Haley reached 37%. Meanwhile, the JW Marriott Reston Station Hotel conference center expansion is scheduled for delivery in fall 2026.
Management CommentaryChairman and CEO Christopher Clemente attributed the quarter's performance to Comstock's continued focus on strategic growth and said the results demonstrated the potential of its asset-light, debt-free platform. Management highlighted the diversity of the company's revenue sources, noting that recurring fee-based revenues from the core business increased alongside expansion of the managed portfolio. Comstock also pointed to its institutional venture and data center platforms as contributors to both top- and bottom-line growth and said it remains positioned to capitalize on that momentum.
Factors Influencing the Headline NumbersThe sharp increase in reported net income partly reflected a $4.3 million gain on equity investments in Jericho Energy Ventures during the quarter. Excluding unrealized gains on equity investments, along with other specified items, adjusted EBITDA still increased substantially to $7.4 million. Comstock said the improvement in adjusted EBITDA was primarily driven by expansion of its managed portfolio, which generated higher recurring fee-based revenues from its three operating property-management subsidiaries and increased asset-management fees. Higher supplemental leasing and acquisition fee revenues also contributed.
Operating income increased to $6.7 million from $1.8 million despite higher expenses. Cost of revenue rose to $14.6 million from $10.5 million, while selling, general and administrative expenses increased to $1.3 million from $0.6 million. Income before taxes reached $11.2 million, compared with $2.1 million a year earlier, aided significantly by the equity-investment gain.
Balance Sheet UpdateCash and cash equivalents declined to $25.3 million as of June 30, 2026, from $31.3 million as of Dec. 31, 2025. Total assets increased to $92.2 million from $85 million.
Total liabilities decreased to $11 million as of June 30, 2026, from $15 million at 2025-end.
Total stockholders’ equity rose to $81.2 million from $70 million over the same period.
Other DevelopmentsComstock finalized the acquisition of the Woodland Pointe office complex through its Institutional Venture Platform, generating $4.1 million of supplemental fees during the quarter. The transaction added an existing 185,000-square-foot office building to the stabilized commercial portfolio and approximately 100,000 square feet of build-to-suit office space to the development pipeline, with both buildings fully leased to Peraton. It was Comstock's second Institutional Venture Platform transaction of 2026.
The company also finalized its Oklahoma data center joint venture with Jericho Energy Ventures. The venture has development rights covering roughly 6,000 acres of an approximately 18,000-acre subsurface portfolio and secured a letter of intent with an electric power and energy infrastructure company to serve as exclusive power provider for up to 3 gigawatts of power to the assembled land portfolio.
CREDI přináší na Starknet soukromé úvěrové trhy: šifrované transakce skrývají identitu dlužníků i podmínky obchodů, zatímco kryptografické důkazy dál ověřují správnost účtování. Integrace byla oznámena 20. srpna 2026.
Private credit is one of traditional finance’s least transparent corners. Borrowers don’t want their financing terms public. Lenders don’t want competitors knowing their book. And yet, on a public blockchain, every transaction is readable by anyone with a browser. CREDI thinks it has found a way around that contradiction.
The protocol, built by Credilabs, is bringing short-duration invoice and receivables financing onto Starknet using encrypted transactions that keep borrower identities and deal terms confidential while still allowing anyone to verify that the math checks out.
How the privacy layer actually works The core problem with putting credit markets on a public chain is that transparency, usually a feature, becomes a liability. A supplier borrowing against invoices doesn’t want the world to know who their clients are or what payment terms they’ve negotiated. CREDI’s answer is to use Starknet’s STRK20 framework to encrypt transaction data and maintain confidential balances.
The trick is that confidentiality doesn’t mean unverifiability. Cryptographic proofs let anyone confirm that collateralization ratios hold, that advance rates are correctly applied, and that vault accounting is accurate, without ever seeing the underlying borrower data.
Starknet announced the integration on August 20, 2026, and CREDI is part of the foundation’s inaugural Proof of Privacy cohort, a select group of projects building out the network’s privacy tooling.
The settlement architecture adds another layer of protection against default. Borrower repayments via Visa settlements flow directly into the vault rather than passing through the borrower’s hands first. Removing that intermediary step means borrowers can’t accidentally or deliberately redirect funds before lenders get paid.
The numbers behind the product CREDI isn’t a whitepaper project. Its Ethereum-based operation has been running since May 2024, and the track record so far is notable for an early-stage DeFi credit protocol.
The platform has financed more than 1,710 invoices totaling over $4 million, with an average advance rate of 69.78%. That means lenders are typically fronting roughly 70 cents on every dollar of invoice value, with the remainder acting as a buffer against non-payment. Zero defaults have been recorded across that portfolio.
The realized yield across the financed book sits at 29.3%. The loans themselves are short-dated, with maturities capped at 60 days, so capital turns over quickly and risk doesn’t accumulate over long horizons.
The $CREDI token functions as the yield-bearing instrument. Holders accrue interest daily with automatic reinvestment, and the token can be staked for terms ranging from 3 to 24 months with a fixed annual interest rate of 12% to 18%, backed by the underlying credit portfolios. The minimum entry point for staking is $10,000 USDC, and an OTC secondary market provides an exit route for investors who need liquidity before their term ends.
The addressable market CREDI is pitching into is large. Invoice and receivables financing is a subset of the broader private credit universe, which the protocol pegs at $1.75 trillion globally.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Starknet dočasně vypnul Bitcoin bridging po bezpečnostním incidentu u Atomiq. Uživatelské prostředky zůstaly v bezpečí a náprava má přijít během několika dní.
If you wanted to move Bitcoin onto Starknet today, you’re out of luck. Atomiq, the infrastructure provider powering BTC-to-Starknet swaps, yanked all of its swap routes offline on August 20 after what it described as sophisticated AI-assisted security attacks targeting its operations.
The good news: no user funds were lost. The less good news: one of Starknet’s key Bitcoin on-ramps is now a dead end until a replacement integration goes live, which Starknet says should happen within days.
What happened and why funds are safe Atomiq’s role in the Starknet ecosystem was straightforward but critical. It facilitated zero-slippage swaps between native BTC (including Lightning Network transactions) and Starknet-based assets like strkBTC.
Starknet moved quickly to clarify the damage, or rather the lack of it. The swaps relied on a trustless escrow model secured by Bitcoin’s proof-of-work consensus. In practical terms, that means the security of user funds didn’t depend on Atomiq staying online. The cryptographic guarantees were baked into the protocol layer, not the application layer.
Users who had swaps in progress aren’t stranded either. Atomiq’s web application remains accessible specifically so people can claim refunds on past transactions. The swap service is dead, but the refund counter is still open.
The replacement plan Starknet confirmed it is actively preparing a new integration to restore Bitcoin bridging capabilities. The timeline is aggressive: days, not weeks or months.
Starknet has positioned itself as a privacy-focused Layer 2 built on zero-knowledge rollup technology, where Bitcoin holders can access DeFi applications with enhanced privacy guarantees. The new integration is expected to include enhancements over the previous Atomiq-powered system, including existing swap services such as zero-slippage Bitcoin transactions and support for the strkBTC token.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Coinbase získala od regulátora v Abú Dhabí povolení spustit mezinárodní hub pro tokenizované cenné papíry. Může nabízet správu úschovy a zprostředkování investic do tokenů krytých akciemi.
Coinbase, a leading global cryptocurrency exchange, has secured regulatory clearance from Abu Dhabi authorities to establish an international hub dedicated to tokenized securities. The Financial Services Regulatory Authority (FSRA) within Abu Dhabi Global Market (ADGM) granted Coinbase a Financial Services Permission, formally bringing the company under the emirate’s regulated financial ecosystem.
Regulatory framework and investor accessThe permission allows Coinbase to arrange investment deals and offer custody services for tokens backed by shares. All securities issued under this structure will be tied to underlying equities and subject to direct oversight by the FSRA, ensuring enhanced investor protection and regulatory transparency.
Verified investors will receive economic rights linked to the underlying assets in these tokenized products, with some shareholder rights such as voting determined by specific vesting arrangements. Individuals can hold these instruments in digital wallets, eliminating the need for traditional brokerage accounts or bank relationships.
Transfers of these products will be subject to sanctions screening, and Coinbase retains the ability to freeze or seize assets at the wallet level if required by authorities.
Coinbase described the regulatory approval as “one of the biggest steps toward building an open financial system.”
The launch of the hub strengthens Abu Dhabi’s position as a regional center for regulated digital financial products.
Expansion on Project DiamondBefore receiving this latest approval, Coinbase had already initiated tokenization efforts in the region through Project Diamond, its proprietary platform for issuing blockchain-based financial instruments. Project Diamond received initial approval from ADGM and debuted with a short-term discount note issued in USDC on the Base blockchain.
In late 2024, Project Diamond integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP), providing institutions with verified, cross-chain data and broader connectivity for tokenized assets.
Brett Tejpaul, co-CEO of Coinbase Institutional, cited ADGM’s virtual asset framework—launched in 2018—as a cornerstone for selecting the jurisdiction. He highlighted the innovative approach of regulating tokenized equities, blockchain tokens, and DeFi assets under a single comprehensive regime.
Mini dictionary: Chainlink CCIP, or Cross-Chain Interoperability Protocol, enables smart contracts and tokenized assets to move securely and seamlessly across different blockchains, allowing greater flexibility and composability for institutional and retail users.
Market competition and regional expansionCoinbase enters a market where other blockchain-based product providers are already established in Abu Dhabi. Ondo Finance received approval earlier this year to issue tokenized equities and exchange-traded funds linked to large US companies such as Amazon, Apple, Microsoft, and Tesla. Ondo’s offerings are structured as equity-linked notes.
BNY, one of the world’s largest banks, launched custody services for Bitcoin and Ether within ADGM through a partnership with Finstreet Limited and the ADI Foundation, and plans to extend support to tokenized assets and stablecoins.
Globally, Coinbase has also rolled out tokenized shares associated with major companies including SpaceX, Nvidia, Google, Strategy, and Bitmine, each fully backed by underlying securities.
CompanyProduct TypeJurisdictionYear ApprovedCoinbaseTokenized equities/securitiesAbu Dhabi (ADGM)2024Ondo FinanceTokenized US stocks, ETFsAbu Dhabi (ADGM)2024BNYBitcoin/Ether custodyAbu Dhabi (ADGM)2024The international hub in Abu Dhabi is part of Coinbase’s strategy to expand its footprint across the United Arab Emirates, with derivatives development running independently in Dubai.
Research by consulting firm Kearney and tokenization company Ctrl Alt suggests that tokenized real world assets in the Gulf Cooperation Council could grow substantially, potentially approaching $500 billion by 2030. Significant growth is expected in private markets, investment funds, and tokenized bank deposits.
Local company KAIO secured $8 million in investment this April from supporters including Tether and Nomura-backed Laser Digital, working to bring products from global firms like BlackRock, Brevan Howard, and Hamilton Lane onto public blockchains.
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.
Mark Zuckerberg naznačil, že Meta brzy uvede mnohem schopnější AI modely. Firma zároveň dál masivně zvyšuje kapitálové výdaje na vývoj vlastních modelů.
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Journalist Alex Heath, co-founder of the Sources newsletter and a longtime Meta chronicler, argued on CNBC this morning that investors are underestimating how close Meta Platforms (NASDAQ:META | META Price Prediction) is to shipping frontier-class AI models. His reporting, drawn from a recent conversation with CEO Mark Zuckerberg, reframes the debate around Meta’s aggressive capital spending at a moment when the stock is under pressure.
Heath said Zuckerberg told him the reason he published his recent AI policy op-ed was to establish his values before Meta unveils more powerful AI models: “He told me… that the reason he wrote that is he wanted to state the values he has before Meta releases much more capable models in the near future.“
Heath interprets that framing as a strategic signal about Meta’s direction. “That, to me, was a pretty definitive statement that he thinks that’s going to happen in the near future, and you’ve seen them catch up pretty quickly over the last year.”
Why Investors Are Punishing Meta’s $145 Billion AI Bet Meta shares currently trade around $546.35 as of this morning, with the stock down 15.46% over the past month and 17.14% year to date. The pullback followed a Q2 2026 earnings report with higher-than-expected capex costs.
Q2 capital expenditures were $31.1 billion, and management raised the 2026 capex outlook to $130-$145 billion. Total 2026 expenses are guided to $165 to $169 billion. Free cash flow fell to just $784 million in the quarter, a figure that has fueled Reddit debates.
Q2 revenue reached $60.8 billion, up 28%, but GAAP operating margin compressed to 31%, and diluted EPS of $6.18 came in below Street consensus. A widely shared post argued investors were looking at the wrong number, noting that operating cash flow still grew 25%.
What All That Capex Spending May Actually Be Buying What, specifically, is all this spending buying? On the Q2 call, Zuckerberg defended proprietary model development directly. “Right now, the open source models are not as strong as the frontier models,” he said, adding that “having kind of sovereignty over building your own models is going to be an important part of that stack going forward.”
Zuckerberg also said Meta is “in the process of scaling much larger and more advanced models” beyond the early scaling ladder of MuseSpark 1.1 and related releases. He argued the real prize is a significantly higher margin on selling intelligence rather than selling compute directly.
What to Watch Next Meta still needs to prove that its unprecedented AI spending can produce frontier models and attractive financial returns. Zuckerberg’s comments offer no firm timeline, but they suggest the company may be closer to a breakthrough than investors realize.
With Meta trading at 19 times forward earnings after a 17% year-to-date decline, any convincing model announcement at September’s Connect event on September 23 could quickly change the narrative. Analysts have an average price target of $754.14, with 47 Buy and 8 Strong Buy ratings against 7 Hold calls.
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Alphabet zvýšil letošní kapitálové výdaje na 195 až 205 miliard USD, hlavně na datová centra. Google Cloud ve 2. čtvrtletí zvýšil tržby o 32 % a provozní marže dosáhla 36 %.
For 2026, Alphabet (GOOG -1.02%) (GOOGL -1.14%) management projected the tech giant would spend $175 billion to $185 billion on capital expenditures, mostly for data centers. That turned out to be a bad estimate, as Alphabet has raised its guidance range each quarter and now expects to spend between $195 billion and $205 billion this year.
The market may see rising spending plans as a red flag, but I don't see it that way. If you look at Alphabet's latest results, one metric shows that this spending is well worth it, and Alphabet is likely making the right move by increasing it.
But what does that mean for investors? Let's take a look.
Image source: Getty Images.
Alphabet is approaching the AI arms race from two directions Alphabet hasn't placed all of its chips on one bet in the artificial intelligence (AI) world. Instead, it has spread them out. It has bet on itself to develop strong AI models and applications internally, and has used some of its computing capacity to pursue that goal. However, it has also built up its cloud computing division, allowing other AI firms to build and create competing models to Alphabet's own. Regardless of which bet works out (they both may be smart moves), Alphabet is assured it will make money from this generational shift.
The primary way this is showing up in Alphabet's financials right now is in its cloud computing division, Google Cloud. During the second quarter, Google Cloud's revenue rose at a jaw-dropping 82% pace, posting an impressive 36% operating margin. That kind of growth blows away all the competition, and with Alphabet increasing its capital expenditure guidance, it shows there's a lot more demand to meet.
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This bodes well for Alphabet's future, as cloud computing is less dependent on the economic cycle than its advertising business is. By diversifying Alphabet away from ads, it's becoming a more balanced company. Additionally, with AI and computing demand growing far faster than the advertising market, Alphabet is investing heavily where it sees the highest growth potential, a smart move by management.
With Alphabet making smart moves by investing in the fastest-growing sector around, I think it's a great stock to buy. It may take several years for Alphabet's cash-generating state to return, as it has already indicated that 2027 spending will be far higher than in 2026. But I think the long-term benefit of building out a sprawling cloud computing network will far outweigh the costs.
Alphabet is a top AI winner to buy a stake in now. Even if you've missed out on it so far, now is not too late to reverse course and take a position.
Nvidia plánuje do konce roku začít dodávat malé objemy čipu pro AI pro čínské zákazníky. Čip má splňovat americká exportní omezení, ale schválení Pekingu je nejisté.
Nvidia (NVDA.O) plans to start shipping small volumes of an AI chip designed for Chinese customers by year-end, The Information reported on Thursday, citing two employees.
Several Chinese customers have already ordered the chip, a version of Nvidia's language processing unit, which uses technology licensed from Groq and works alongside Nvidia's graphics processors to speed up AI chatbot responses, the report said.
The chip complies with U.S. export controls, The Information reported, though it remains unclear whether Beijing will approve sales.
Nvidia did not immediately respond to a Reuters request for comment. Reuters could not independently verify the report.
While the chip giant dominates the market for training AI systems, it faces much more competition in the inference market. Several major Chinese firms, including AI heavyweights such as Baidu (9888.HK), already produce their own inference chips.
Reuters reported in March that Nvidia was preparing a China-compatible version of AI chips, as it sought to compete in the fast-growing market for AI inference.
Walmart po výsledcích hospodaření klesl v premarketu o více než 5 % kvůli slabším tržbám v Severní Americe. Čtvrtletní čisté tržby ale vzrostly o téměř 6 % na 187,94 miliardy USD a firma zvýšila výhled.
Walmart’s NYSE: WMT near-term hurdle is weaker-than-expected Q2 sales in North America. The issue, foreshadowed by weak July retail sales, led to a 5% price drop, taking the stock to near its 52-week low.
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That is the opportunity: the 52-week low and potential for long-term gains. While the near-term hurdle exists, it is offset by sustained growth and improved profitability, which is the critical factor. Walmart is a big business; more than moderate growth is unlikely given its size and scale, and its cash flow is the key. Cash flow enables healthy capital returns, which drive the stock price higher over time.
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Walmart’s capital return is incredibly reliable, backed up by healthy insider ownership centered on the founding family. They run Walmart in their own interests: to produce healthy cash flow and pay themselves to own it.
As it stands, Walmart is a Dividend King with more than 50 years of consecutive annual increases on its record, a signal that it can withstand economic changes and sustain its capital return over time.
The yield isn’t impressive at under 1%, even with the Q3 price pullback, but it is as safe as they come, amounting to less than 35% of the current-year earnings forecast and compounded by share buybacks. Walmart’s share buybacks drive most returns, accounting for 56% of Q2 activity. They reduce the share count incrementally each quarter, providing shareholders with leverage as the company grows and builds equity.
Walmart Outperforms in Q2, Raises GuidanceWalmart’s near-term headwind isn’t as big a problem as it may seem, given its Q2 strengths. The company’s push into international markets and its advertising business helped offset domestic weakness, resulting in $187.94 billion in net sales, up nearly 6% year over year and $1.12 billion above expectations. Segmentally, U.S. comp sales increased 2.6% on traffic and tickets, International grew 12.8%, and Sam’s Club grew 8.8%.
Internally, ecommerce continues to drive sales, up approximately 23%, while the ad business is growing rapidly. It advanced by 38%, with 38% growth in the United States, and is expected to remain strong and drive margin long into the future. Membership is another strength, up 17% year over year (YOY), driven by gains in Sam’s Club and Walmart+. Walmart+ is a premium tier enabling enhanced shopping experiences, free delivery, shipping, and streaming services.
Margin was the better part of the Q2 report. While IEEPA tariff refunds affected the GAAP results, even the adjusted figures revealed improvement. The company widened gross and operating margins, driving a nearly 29% increase in operating income, 17.9% adjusted, and sufficient cash flow to sustain the capital return outlook.
Guidance is another hurdle, as it came in slightly below MarketBeat’s consensus for Q3 and full year results. However, the company improved its previous forecast, expecting mid-single-digit top-line growth and modestly accelerated earnings growth.
Walmart Analysts See 30% Upside Despite Near-Term PressureWalmart’s analysts are bullish on the stock, having issued numerous affirmations and price targets in the weeks leading up to the release. The trend includes steady coverage by 36 analysts, a firm Moderate Buy consensus rating with 86% Buy-side bias, and a $138.50 consensus price target.
The good news is that consensus forecasts about a 30% upside relative to the critical support target; the bad news is that July/August activity created a top in the price-target trend, which may turn into a retreat. In this environment, WMT’s stock price has upside but is unlikely to advance until analysts revert to a more optimistic posture. Looking ahead, WMT’s rebound may be sharp and sweet when it triggers, as the stock trades below the low-end analyst target as of mid-August.
Institutional Buying Could Put a Floor Under Walmart StockMeanwhile, institutional activity suggests the downside risk is limited. The group owns 25% of the stock, a seemingly small amount, but it's offset by high insider holdings above 50%.
MarketBeat data shows that institutional buyers outpaced sellers $3-to-$1 over the trailing 12 months, with buying activity spiking in early Q3. With this in play, the group will likely buy on price dips and may provide solid support near $105.
Early price action wasn't favorable following the Q2 release, with the stock down more than 5% in premarket trading. The question is whether Walmart confirms support in the subsequent sessions or moves lower, presenting its buying signal sooner rather than later.
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Should You Invest $1,000 in Walmart Right Now?Before you consider Walmart, you'll want to hear this.
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The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.
Walmart uspořádal konferenční hovor k výsledkům za 2. čtvrtletí fiskálního roku 27 a vedení uvedlo, že oznámí hlavní body minulého kvartálu i celoroční výhled.
Walmart Inc. (WMT) Q2 2027 Earnings Call August 20, 2026 8:00 AM EDT
Company Participants
Stephanie Wissink - Senior Vice President of Investor Relations
John Furner - President, CEO & Director
John Rainey - Executive VP & CFO
David Guggina - President & CEO of Walmart U.S.
Conference Call Participants
Katharine McShane - Goldman Sachs Group, Inc., Research Division
Simeon Gutman - Morgan Stanley, Research Division
Gregory Melich - Evercore ISI Institutional Equities, Research Division
Bradley Thomas - KeyBanc Capital Markets Inc., Research Division
Michael Lasser - UBS Investment Bank, Research Division
Christopher Nardone - BofA Securities, Research Division
Christopher Horvers - JPMorgan Chase & Co, Research Division
Krisztina Katai - Deutsche Bank AG, Research Division
Robert Drbul - BTIG, LLC, Research Division
Kelly Bania - BMO Capital Markets Equity Research
Paul Lejuez - Citigroup Inc., Research Division
Zhihan Ma - Bernstein Institutional Services LLC, Research Division
Seth Sigman - Barclays Bank PLC, Research Division
Presentation
Operator
Greetings. Welcome to Walmart's Second Quarter Fiscal '27 Earnings Call. [Operator Instructions]
I'll now turn the conference over to Steph Wissink, Senior Vice President, Investor Relations. Thank you, Steph. You may begin.
Stephanie Wissink
Senior Vice President of Investor Relations
Welcome, everyone. Joining me today from our home office in Bentonville are CEO, John Furner; and CFO, John David Rainey. We'll begin with highlights of the previous quarter and our outlook for the year. Then we'll open the line for your questions. During the question-and-answer portion, we've invited Seth Dallaire, our Chief Growth Officer; as well as segment leadership to join. Dave Guggina from Walmart U.S.; Chris Nicholas from Walmart International; and Latriece Watkins from Sam's Club U.S.
So we can address as many of your questions as possible, please limit yourself to one question. For additional detail on our results, including highlights by segment, please see our earnings release and supplemental presentation on our website.
Disney spustí později v roce 2027 program nákupu akcií pro zaměstnance a příští rok změní většinu zdravotních plánů. Současné krytí se nebude automaticky prodlužovat a většina zaměstnanců se bude muset znovu zapsat.
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Disney CEO Josh D'Amaro's company has unveiled a new employee stock purchase program. Kevin Dietsch/Getty Images; Illustration by Cheng Xin/Getty Images Disney is shaking up its employee benefits by launching a stock purchase program and switching up its health insurance plans.
Eric Chaisson, Disney's EVP of total rewards and employee services, told US-based employees about the changes in a Wednesday memo.
"We're planning to introduce an Employee Stock Purchase Plan later in 2027, pending approvals, giving eligible employees the opportunity to build company ownership by purchasing Disney stock," Chaisson said in an email, which was viewed by Business Insider.
Details of the stock purchase plan "are still being finalized," Chaisson said, including who's eligible and how the program will be designed.
The new stock program could be a way for Disney to encourage retention and boost morale after multiple rounds of layoffs this year. It could also help Disney staffers make more money without the company giving raises. However, Disney employees won't strike it rich if the stock continues to underperform the market.
Why Disney is more expensive than ever
CEO Josh D'Amaro's company had a major round of cuts in April and reduced stock-based compensation for some tech staffers shortly after. Disney's ESPN let go of additional staffers in July, and some staffers in other parts of the company, including Pixar, were also affected.
Two software engineers previously told Business Insider that their long-term incentive awards, which are restricted stock units vesting every six months for three years, were cut from 35% of their base salary to 25%.
Disney is also changing "most medical plans" next year, Chaisson said, which will affect employee contributions. However, Disney isn't switching health insurers, a person familiar with the updates said.
"Unlike in past years, your current coverage will not automatically roll over: nearly all employees will need to actively choose their plans and re-enroll any dependents for 2027," Chaisson said. He added that Disney is "encouraging everyone to take a fresh look at their options and choose what works best for them and their families."
When asked for comment, Disney spokesperson said: "Like a growing number of large employers, we're making measured adjustments to our employee benefits in response to rising healthcare costs nationwide."
The spokesperson said Disney would share more details about these changes with staffers in the coming months and said the company is "committed to providing our employees with a comprehensive package of high-quality coverage and other benefits that support their total health and well-being."
Businesses across the US are grappling with surging healthcare costs. Employers' healthcare expenses are expected to rise 9.5% next year, insurance brokerage giant Aon said on Thursday.
Disney is also "evolving" well-being programs and consolidating some "to create a more consistent and streamlined experience," Chaisson said. He added that the company is doubling the number of counseling sessions available in its Employee Assistance Program.
Disney at a discountDisney's stock purchase plan announcement comes amid a yearslong share slump. Shares are up over 15% from their late-July low but are down 8% in the past year and 38% in the last five years.
Stock purchase programs let employees buy their firm's shares at a discount, usually about 15% below the market rate, said Josh Bersin, who runs the HR consulting firm The Josh Bersin Company.
That contrasts with stock-based compensation programs, which give eligible employees shares at no charge. Employees must stay at the company for a certain amount of time to collect their shares.
Stock-based compensation can be a highly effective retention tool, especially for staffers at hot companies like OpenAI or Anthropic, Bersin said. But when a stock doesn't move much, like in Disney's case, employees with unvested shares might be less reluctant to leave.
Letting employees buy shares at a discount can be "a better way of managing benefits when the stock is not going up a lot," Bersin said, since they'll profit unless shares tank more than the employee discount.
"They end up with employees who are more committed and feel like owners," Bersin said.
Bill Castellano, a professor of human resource management at Rutgers University, said that an employee stock purchase plan is "much broader based" than stock-based compensation, which is usually reserved for managers or high-ranking staffers.
This new program could be a way for Disney to extend an olive branch to employees and boost morale, given that its April move to cut stock-based compensation "can send a pretty negative signal," Castellano said.
One Disney software engineer said they were "totally stoked" to join the stock purchase program.
Another software engineer was less enthused, saying their level of interest would depend on the program's terms.
Shares acquired through these programs would be taxed at the same rate as ordinary income unless they were held for more than a year.
"The tax complexity is such that it would be beneficial to someone who holds and feels the company is a long-term prospect for growth," the second software engineer said. "It doesn't seem like an easy win."
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Gap za 2. čtvrtletí očekává pokles výnosů o 0,6 % a EPS o 12,3 % meziročně. Firma zároveň očekává výnosy beze změny až -1 % a hrubou marži beze změny až o 50 bazických bodů nižší.
Key Takeaways Gap is expected to post lower Q2 revenues and earnings, with sales seen down 0.6% and EPS down 12.3% YoY.Old Navy's seasonal-category weakness and promotions are expected to weigh on Gap's Q2 sales and margins.Gap sees Q2 sales flat to down 1%, gross margin flat to down 50 bps and operating expense deleverage. The Gap, Inc. (GAP - Free Report) is expected to post year-over-year declines in both revenues and earnings when it reports second-quarter fiscal 2026 results on Aug. 27, after the closing bell. For revenues, the Zacks Consensus Estimate is pegged at $3.7 billion, indicating a 0.6% decline from the year-ago quarter’s figure.
The consensus estimate for the bottom line is pegged at 50 cents per share, indicating a 12.3% decline from the year-ago quarter’s figure. The consensus estimate for fiscal second-quarter earnings has been stable in the past 30 days.
The San Francisco, CA-based company has a trailing four-quarter earnings surprise of 2%, on average. In the last reported quarter, the company’s earnings delivered a negative earnings surprise of 2.6%.
Factors Likely to Impact Gap’s Q2 ResultsGap’s fiscal second-quarter performance is likely to have benefited from continued momentum at the Gap brand, supported by stronger product relevance and effective brand storytelling. The company has been leaning into trend-right assortments across denim, fleece, women’s apparel and kids and baby, while maintaining consistency in men’s. Collaborations and culturally relevant marketing have also helped Gap strengthen its connection with younger consumers without losing its broader multigenerational appeal. Management indicated that customer engagement remained healthy entering the quarter, suggesting that product innovation, clearer brand messaging and improving customer experiences may have continued to support demand.
Old Navy, however, is likely to have been a key drag on the company’s fiscal second-quarter sales performance. While core categories such as denim, active and kids and baby continued to resonate with shoppers, seasonal categories remained challenged. In particular, the women’s dress assortment did not deliver the right combination of fashion and value, while weakness was also seen in other seasonal offerings such as swim and shorts. Management responded with sharper price points and stronger customer messaging, and noted some improvement as these actions took hold. Nevertheless, the need to work through weaker seasonal merchandise likely weighed on conversion and increased promotional activity during the quarter.
Performance across Banana Republic and Athleta is also likely to have shaped the overall quarter. Banana Republic entered the period with improving consistency across men’s and women’s apparel, supported by stronger merchandising and storytelling around its modern-explorer positioning. Athleta, on the other hand, remained in a rebuilding phase. The brand continued clearing less productive legacy merchandise while gradually introducing a cleaner assortment designed to better reflect changing customer preferences in the active category. Although early customer response to selected new products was encouraging, management acknowledged that the transition would take time, making Athleta a likely headwind to consolidated sales during the second quarter.
For the second quarter of fiscal 2026, GAP expects net sales to be flat to down 1% year over year and gross margin to be flat to down 50 basis points, with Old Navy pressured by seasonal-category softness that management attributed primarily to execution in dresses and certain other seasonal assortments Operating expenses, as a percentage of sales, to deleverage about 110-120 basis points from 33.4% seen in the year-earlier quarter.
Profitability is likely to have reflected a mix of disciplined inventory management and continued cost pressures. Gap has remained focused on reducing discounting where demand is healthy and using data and technology to improve merchandising, allocation and inventory productivity. However, higher promotions needed to clear seasonal merchandise at Old Navy may have limited some of these benefits. Elevated fuel costs and the timing of investments in initiatives such as loyalty, beauty and accessories, technology and the company’s Fashiontainment platform could also have weighed on operating leverage. Thus, despite continued operational discipline and pockets of strong brand momentum, a softer sales mix and elevated investment spending may have pressured second-quarter earnings performance.
What the Zacks Model Unveils for GAPOur proven model does not conclusively predict an earnings beat for Gap this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here. You can uncover the best stocks before they're reported with our Earnings ESP Filter.
Gap currently has an Earnings ESP of 0.00% and a Zacks Rank of 3.
Valuation Picture of GAP StockGoing by the price/earnings ratio, the stock is currently trading at 8.09 on a forward 12-month basis, lower than 13.15 for the Retail - Apparel and Shoes industry. Also, it is trading lower than its median of 10.48.
The recent market movements show that Gap’s shares have lost 25.6% in the past six months compared with the industry's 16.3% decline.
Image Source: Zacks Investment Research
Stocks With the Favorable CombinationHere are some companies, which, according to our model, have the right combination of elements to beat on earnings this reporting cycle.
Abercrombie & Fitch Co. (ANF - Free Report) currently has an Earnings ESP of +4.49% and a Zacks Rank #3. The company is likely to register growth in the top line when it reports second-quarter fiscal 2026 numbers. The Zacks Consensus Estimate for ANF’s quarterly EPS is pegged at $1.90, suggesting an 18.1% decline from the year-ago period’s actual. The consensus mark has been stable in the past 30 days.
The consensus estimate for ANF’s quarterly revenues is pegged at $1.24 billion, which implies growth of 2.7% from the prior-year quarter’s actual. Abercrombie has a trailing four-quarter earnings surprise of 8.1%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Five Below Inc. (FIVE - Free Report) currently has an Earnings ESP of +20.8% and a Zacks Rank #2. The company is likely to register growth in the top and bottom lines when it reports second-quarter fiscal 2026 numbers. The Zacks Consensus Estimate for FIVE’s quarterly EPS is pegged at $1.28, suggesting 58% growth from the year-ago period’s actual. The consensus mark has been stable in the past 30 days.
The consensus estimate for FIVE’s quarterly revenues is pegged at $1.2 billion, which implies growth of 17.9% from the prior-year quarter’s actual. Five Below has a trailing four-quarter earnings surprise of 70.1%, on average.
Ulta Beauty, Inc. (ULTA - Free Report) currently has an Earnings ESP of +1.20% and a Zacks Rank of 3. The consensus estimate for the quarterly revenues is pegged at $2.97 billion, which indicates a rise of 6.5% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for Ulta Beauty’s upcoming quarter’s EPS is pegged at $6.17, which implies a 6.8% increase year over year. ULTA delivered a trailing four-quarter earnings surprise of roughly 10%, on average.
Deere & Company na hovoru k výsledkům za 3. čtvrtletí 2026 uvedla, že se zaměří na své trhy a výhled pro fiskální rok 2026. Zmínila také čtvrtletní výsledky hospodaření.
Deere & Company (DE) Q3 2026 Earnings Call August 20, 2026 10:00 AM EDT
Company Participants
Christopher Seibert - Director of Investor Relations
Dan Pulley
Brent Norwood - CFO & Senior VP
Deanna Kovar - President of Worldwide Ag & Turf Div, Production and Precision Ag and Americas and Australia
Conference Call Participants
Jamie Cook - Truist Securities, Inc., Research Division
Tami Zakaria - JPMorgan Chase & Co, Research Division
Kristen Owen - Oppenheimer & Co. Inc., Research Division
Steven Fisher - UBS Investment Bank, Research Division
Jerry Revich - Wells Fargo Securities, LLC, Research Division
David Raso - Evercore ISI Institutional Equities, Research Division
Robert Wertheimer - Melius Research LLC
Stephen Volkmann - Jefferies LLC, Research Division
Charles Albert Dillard - Bernstein Institutional Services LLC, Research Division
Angel Castillo Malpica - Morgan Stanley, Research Division
Peter Kalemkerian - Robert W. Baird & Co. Incorporated, Research Division
Sabahat Khan - RBC Capital Markets, Research Division
Presentation
Operator
Good morning, and welcome to Deere & Company Third Quarter Earnings Conference Call. [Operator Instructions]
I would now like to turn the call over to Mr. Chris Seibert, Director of Investor Relations. Thank you. You may begin.
Christopher Seibert
Director of Investor Relations
Hello. Welcome, and thank you for joining us on today's call. Joining me on the call today are Brent Norwood, Chief Financial Officer; Deanna Kovar, President, Worldwide Agriculture & Turf Division, Production & Precision Ag, Sales and Marketing regions of the Americas and Australia; and Dan Pulley, Manager, Investor Communications.
Today, we'll take a closer look at Deere's third quarter earnings, then spend some time talking about our end markets and our current outlook for fiscal 2026. After that, we'll respond to your questions. Please note that slides are available to complement the call this morning. They can be accessed on our website at johndeere.com/earnings.
BD dokončila nábor 477 pacientů do studie PREVENT, která testuje Phasix Mesh pro prevenci incizních kýl u rizikových pacientů po otevřené střední břišní operaci. Úspěšná 24měsíční data mohou podpořit plánované podání FDA.
Key Takeaways BD enrolled 477 patients across 32 U.S. and European sites in the PREVENT trial.Phasix Mesh is being studied to prevent incisional hernias in high-risk abdominal surgery patients.Successful 24-month data could support BD's planned FDA submission for a new preventive indication. Becton, Dickinson and Company (BDX - Free Report) , popularly known as BD, recently completed enrollment for its PREVENT clinical trial evaluating Phasix Mesh for preventing incisional hernias in high-risk patients undergoing elective open midline abdominal surgery.
For investors, the milestone reinforces BD's strategy of expanding its advanced tissue regeneration franchise through clinically backed innovation rather than relying solely on new product launches. Management has identified advanced tissue regeneration as one of its fastest-growing platforms, with double-digit growth and multiple clinical trials underway to broaden Phasix Mesh into new indications, making successful PREVENT data and a planned FDA submission a potential long-term growth catalyst.
Likely Trend of BDX Stock Following the NewsFollowing the announcement of the news, BDX shares have traded flat. In the year-to-date period, shares of the company have lost 2.6% against the industry’s 5.1% increase. However, the S&P 500 has risen 12.2% in the same timeframe.
The PREVENT enrollment milestone strengthens BD's long-term growth outlook by expanding Phasix Mesh beyond hernia repair into the largely untapped incisional hernia prevention market, where no products are currently approved in the United States. Successful 24-month data could support an FDA submission, open a new commercial opportunity while reinforcing the company's evidence-driven innovation strategy. The development also aligns with management's broader focus on advanced tissue regeneration, which has been delivering double-digit growth and remains a key long-term growth platform supported by multiple clinical expansion programs.
BDX currently has a market capitalization of $51.69 billion.
Image Source: Zacks Investment Research
More on the NewsThe PREVENT trial represents a key milestone in BD's effort to expand the use of its Phasix Mesh beyond traditional hernia repair into incisional hernia prevention, an area with a significant unmet medical need following abdominal surgery. The study enrolled 477 patients across 32 clinical sites in the United States and Europe, making it the first large-scale randomized trial to evaluate prophylactic reinforcement with a resorbable mesh for this indication, where no products currently have regulatory approval.
According to Rian Seger, worldwide president of Surgery at BD, the trial builds on the company's long-standing expertise in abdominal wall surgery while generating clinical evidence that could broaden the use of regenerative technologies for patients at risk of post-surgical complications.
The trial is designed to evaluate Phasix Mesh in high-risk patients undergoing elective open midline abdominal surgery, with the goal of establishing robust clinical evidence for preventing incisional hernias. Patients will be followed through the study's primary endpoint at 24 months, while longer-term follow-up extending to five years will further assess safety and clinical outcomes.
Upon completion of the primary endpoint assessments, BD expects the findings to support a planned submission to the FDA, potentially paving the way for a label expansion into a new preventive surgical indication. The milestone also aligns with management's broader strategy, outlined during its fiscal third-quarter earnings call, of using multiple clinical programs to expand the advanced tissue regeneration platform into new indications as a long-term growth driver.
Advanced Tissue Regeneration Pipeline Extends Beyond PREVENTBeyond the PREVENT study, BD is advancing multiple clinical trials aimed at expanding its advanced tissue regeneration portfolio into new applications. Management said that the Phasix biomaterial platform remains one of the company's key long-term growth drivers, with several ongoing studies evaluating its use across additional indications beyond abdominal wall surgery. The company expects these evidence-generation efforts, alongside continued double-digit growth in the business, to strengthen its presence in regenerative surgery and support future commercial expansion.
Other NewsRecently, BD exited the third quarter of fiscal 2026 with better-than-expected results and solid top- and bottom-line results. Robust performances by all segments and both geographic regions were encouraging.
Apart from these, there were a few other developments during the recent period. BDX was awarded a Vizient Innovative Technology contract for the BD CentroVena One Insertion System.
The company launched the Elyra Thulium Fiber Laser System, thus expanding its kidney stone care portfolio. BD also announced a collaboration with Brazil-based pharmaceutical company EMS to expand access to GLP-1 therapies through a semaglutide launch utilizing BD's Vystra Injection Pen platform to support consistent, reliable self-injection for patients with obesity and type 2 diabetes.
Some better-ranked stocks from the broader medical space are Globus Medical (GMED - Free Report) West Pharmaceutical (WST - Free Report) and The Cooper Companies (COO - Free Report) .
Globus Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2026 adjusted earnings per share (EPS) of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.
GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 27.9%.
West Pharmaceutical, carrying a Zacks Rank #2 (Buy) at present, reported second-quarter 2026 adjusted EPS of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%.
WST has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.4%.
The Cooper Companies, carrying a Zacks Rank #2 at present, reported a second-quarter fiscal 2026 adjusted EPS of $1.21, which beat the Zacks Consensus Estimate by 10%. Revenues of $1.08 billion beat the Zacks Consensus Estimate by 2.6%.
COO has an estimated long-term earnings growth rate of 8.3%. COO’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 5.8%.
Snowflake ve 1. čtvrtletí fiskálního roku 2027 zvýšila tržby z produktů o 34 % díky rychlejší adopci AI nástrojů. Zároveň zvýšila výhled růstu tržeb z produktů pro fiskální rok 2027 na 31 %.
Key Takeaways Snowflake's product revenues rose 34% as AI tools accelerated adoption and enterprise data transformation. Snowflake raised fiscal 2027 product revenue growth guidance to 31%, citing stronger AI-driven consumption. SNOW's dynamic model routing helps enterprises balance AI quality and costs while expanding model access. Snowflake (SNOW - Free Report) is benefiting from the accelerating momentum of artificial intelligence (AI), positioning itself at the forefront of enterprise data and AI transformation. In the first quarter of fiscal 2027, product revenues rose 34% year over year due to rapid adoption of its AI-driven products, Snowflake Intelligence and Cortex Code (CoCo). These tools enable both business users and developers to interact with data and build applications using natural language, driving faster decision-making and automation.
The company’s deep integration of AI into its core platform has become a key differentiator relative to legacy competitors such as Dell Technologies (DELL - Free Report) and Oracle (ORCL - Free Report) . While Dell Technologies and Oracle have robust hardware and database offerings, Snowflake’s cloud-native architecture and focus on governed, unified data make it easier for enterprises to migrate workloads and scale AI initiatives securely. Major customers such as Holiday Inn Club Vacations and Houzz have chosen Snowflake for its simplicity, built-in AI capabilities and strong governance, enabling them to modernize analytics and operations more rapidly than traditional platforms allow.
Further strengthening this AI strategy, Snowflake recently announced dynamic model routing across Cortex AI Gateway and its flagship AI products, enabling enterprises to balance AI quality and costs by automatically selecting the most suitable model for each task. The company also expanded access to leading open models, strengthening its AI capabilities and helping customers improve the efficiency of their intelligence.
Snowflake’s growing customer base, combined with its rapid product innovation, positions the company for continued upside. Snowflake expects fiscal second-quarter 2027 product revenues in the range of $1.415-$1.42 billion, implying 30% year-over-year growth. The company raised its fiscal 2027 product revenue growth outlook to 31%, highlighting increased confidence in AI-driven consumption.
How Competitors Fare Against SNOWSnowflake is facing stiff competition from major players like Dell Technologies and Oracle. Both these companies are expanding their footprint in the AI space.
Dell Technologies is benefiting from surging demand for AI infrastructure. In the first quarter of fiscal 2027, Dell Technologies reported record revenues of $43.8 billion, up 88% year over year, with AI server revenues reaching $16.1 billion and a record AI backlog of $51.3 billion. This robust performance is driven by customers across neocloud, sovereign and enterprise segments seeking to secure supply and modernize their IT environments.
Oracle’s expanding portfolio has been noteworthy. In June 2026, Oracle introduced Oracle OPERA Cloud Assistant, a suite of AI-powered capabilities built into OPERA Cloud that automates guest room assignments, generates AI-driven rate descriptions, supports multilingual operations across 230 countries and territories and gives hotel staff real-time operational guidance.
SNOW’s Share Price Performance, Valuation, and EstimatesSnowflake shares have gained 47.8% year to date, outperforming the broader Zacks Computer & Technology sector’s 16.4% increase. The Internet Software industry has declined 5.5% in the same time frame.
SNOW Stock Performance
Image Source: Zacks Investment Research
Snowflake stock is trading at a premium, with a forward 12-month Price/Sales ratio of 16.33X compared with the Internet Software industry’s 3.88X. SNOW has a Value Score of F.
SNOW's Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for SNOW’s fiscal 2027 earnings is pegged at $1.97 per share, which has increased by a penny over the past 30 days. The figure indicates a 57.60% year-over-year increase.
Snowflake currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
UPS v roce 2026 očekává růst výnosů o 3 % na 91,2 miliardy USD a upraveného EPS o 1 % na 7,22 USD. Firma zároveň dál omezuje závislost na Amazonu, jehož podíl na výnosech byl v letech 2024 a 2025 asi 11 % a v první polovině 2026 klesl pod 9 %.
UPS (UPS -0.29%), one of the world's largest shipping couriers, significantly reduced its dependence on Amazon (AMZN -1.83%) over the past two years. In early 2025, UPS announced it would reduce its Amazon-related shipping volume by more than 50% through 2026. By mid-2026, UPS had phased out its standard last-mile delivery services for Amazon across its major markets, reducing its shipment volume by millions of pieces per day.
Amazon had been UPS's largest customer, so it might initially seem like an odd move to eliminate those services. However, those last-mile shipments clogged its sorting facilities and generated lower profits than its longer-range deliveries. Therefore, UPS was willing to sacrifice its near-term revenue to stabilize its long-term margins. Let's see if that was the right call.
Image source: UPS.
How much did UPS depend on Amazon? In 2024 and 2025, UPS generated about 11% of its revenue from Amazon. That percentage dipped below 9% in the first half of 2026 and should shrink even further in the second half.
That percentage won't drop to zero, since UPS will still process Amazon's returns at its UPS Stores, handle its marketplace seller logistics, and deliver its long-distance freight. It will also still fulfill Amazon's last-mile orders in certain rural areas and during peak delivery seasons. Therefore, it's not completely cutting ties with Amazon, as FedEx (FDX -0.32%) did in 2019.
Today's Change
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What will the impact be on its business? UPS is focused on securing higher-margin orders from small- to medium-sized businesses and healthcare customers to offset its loss of Amazon's orders. It's also trimming its workforce, closing some facilities, and automating more tasks to streamline its business.
For 2026, UPS expects its revenue to rise 3% to $91.2 billion as its adjusted EPS grows 1% to $7.22. Those growth rates might seem sluggish, but they would mark the first time its revenue and adjusted EPS have grown in tandem since 2022.
More importantly, achieving that acceleration would also prove that UPS doesn't need Amazon's lower-margin orders to keep growing. It also counters the bearish notion that macro, competitive, and labor-related headwinds would limit its long-term growth.
Is UPS a good investment today? At $100, UPS still looks like a bargain at 14 times this year's earnings, and it pays an attractive forward dividend yield of 6.4%. It's raised that payout for 16 consecutive years. UPS isn't an exciting stock, but its low valuation, high yield, and steady turnaround all make it a safe income play in this tumultuous market.
