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, /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of UWM Holdings Corporation (NYSE: UWMC) securities between March 9, 2026 and August 5, 2026, inclusive (the "Class Period"), have until October 13, 2026 to seek appointment as lead plaintiff of the UWM class action lawsuit. Captioned Bond v. UWM Holdings Corporation, No. 26-cv-12862 (E.D. Mich.), the UWM class action lawsuit charges UWM and certain of UWM's top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the UWM class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-uwm-holdings-corporation-class-action-lawsuit-uwmc.html 

You can also contact attorneys Ken Dolitsky or Michael Albert of Robbins Geller by calling 800/851-7783 or via e-mail at [email protected].

CASE ALLEGATIONS: UWM engages in the origination, sale, and servicing residential mortgage lending. According to the complaint, in December 2025, UWM and Two Harbors Investment Corp. signed an all-stock merger agreement valued at $1.3 billion to expand UWM's mortgage servicing rights. Allegedly, in March 2026, Two Harbors Investment Corp. terminated the UWM agreement due to a competing offer and agreed to pay UWM's termination fee. 

The UWM class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) UWM had deviated from its traditional strategy of not hedging its mortgage servicing rights to take a major hedge position; (ii) UWM over-hedged itself in anticipation of the Two Harbors Investment Corp. transaction; (iii) UWM's purported efforts to balance its risk in fact created an excess hedging risk; and (iv) that, as a result of the foregoing, defendants' positive statements about UWM's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 5, 2026, after the market closed, UWM reported second quarter fiscal year 2026 financial results, allegedly including a nearly $603.2 million interest rate derivatives loss which contributed to a $451.9 million second quarter net loss, and that total equity fell 43.6% year over year, reflecting the net loss and derivative-related charges. Then, on August 6, 2026, UWM held an earnings call in connection with its second quarter 2026 financial results. According to the complaint, UWM's Chief Executive Officer, Mathew Ishbia, disclosed "[w]e were over-hedged, if you think of it that way, protecting against the Two Harbors transaction" and that "[w]e don't traditionally hedge our MSRs [Mortgage Servicing Rights]" but "when you're going through and acquiring a company like Two Harbors and a massive MSR book… it created a little more risk. So . . . we did put a hedge on to protect against that risk and then a lot of things happen[ed]…and then obviously, the Two Harbors transaction went away. And so a confluence of events that created a hedge loss." On this news, the price of UWM shares fell nearly 35%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired UWM securities during the Class Period to seek appointment as lead plaintiff in the UWM class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the UWM class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the UWM class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the UWM class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder rights litigation. Our Firm ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report, recovering more than $916 million for investors in 2025. This marks our fourth #1 ranking in the past five years. And in those five years alone, Robbins Geller recovered $8.4 billion for investors – $3.4 billion more than any other law firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices. 

Contact:

Robbins Geller Rudman & Dowd LLP
Ken Dolitsky
Michael Albert
655 W. Broadway, Suite 1900, San Diego, CA 92101
800/851-7783
[email protected] 

SOURCE Robbins Geller Rudman & Dowd LLP

Kevin McGurn, the company's interim CEO, reported the disposition of 16,509 shares of Trump Media & Technology Group Corp. (DJT -0.36%) on August 13, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$137,520Shares sold16,509Post-transaction shares (directly held)120,811Post-transaction value$1.00 millionTransaction value based on SEC Form 4 weighted average sale price ($8.33); post-transaction value based on the August 13 market close ($8.30).

Key questionsWhat triggered this specific disposal of equity?
The transaction was a non-discretionary execution to cover tax withholding obligations resulting from the settlement of restricted stock units. No open-market sales occurred, and the interim CEO received no cash proceeds from the event, which was an automatic consequence of equity vesting.How does this impact the insider's total direct position?
After the disposal of 16,509 shares, McGurn retains a direct ownership of 120,811 shares. This remaining stake represents a roughly 0.04% interest in the company and is the primary component of his disclosed beneficial ownership, as no indirect holdings or separate derivative counts were reported in the current filing.What are the terms governing the insider's remaining restricted equity?
Footnotes in the filing clarify that a portion of the reporting person's holdings consists of restricted stock units. These units represent contingent rights to receive common stock, subject to vesting schedules and the conditions of the company's 2024 equity incentive plan.Company OverviewMetricValueShare Price (as of market close 2026-08-12)$8.27Market Capitalization$2.3 billionRevenue (TTM)$4.5 millionNet Income (TTM)-$1.3 billionCompany SnapshotTrump Media & Technology Group operates Truth Social, a social networking platform that generates revenue through digital advertising and user engagement services within the United States market.The company's business model centers on building and monetizing a proprietary social media platform designed to serve users seeking an alternative to mainstream social networks.The platform targets a defined demographic of users in the United States seeking social networking services aligned with specific ideological preferences.Trump Media & Technology Group Corp., founded in 2021 and headquartered in Sarasota, Florida, operates Truth Social as its primary digital asset. With a market capitalization of $2.3 billion and minimal current revenue generation of $4.5 million TTM, the company remains in an early stage development phase with substantial operating losses. The organization is focused on scaling its social networking platform to achieve profitability and establish competitive positioning within the crowded social media landscape.

What this transaction means for investorsA withholding this small from an interim CEO barely registers on its own, but it's worth noting that the transaction lands as Trump Media is remaking what it fundamentally is. The company is pivoting from a money-losing social media operation into something closer to a Bitcoin holding company, and that shift now drives nearly everything about the stock, including a share price that has fallen more than 50% over the past year.

The scale of the transformation is stark. Truth Social generated just $1.7 million in second-quarter revenue, while the company reported a $238 million net loss, almost entirely from mark-to-market declines on its digital-asset holdings. It holds roughly 14,139 Bitcoin after buying more in July, so the balance sheet is effectively the business now, with McGurn saying the company has "refined" its approach to capital allocation. Meanwhile, the company has also pivoted again within crypto, walking away from a planned Cronos treasury venture and moving toward third-party institutional management of its coins, along with pursuing a proposed merger with nuclear fusion firm TAE Technologies.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Alphabet (GOOG -0.12%)(GOOGL -0.13%) closed a $25 billion senior notes sale on Monday -- ten separate tranches, with maturities running from 2028 all the way out to 2066.

The size isn't the interesting part. Against a market value of about $4.2 trillion, $25 billion is well under 1% of the company. The interesting part, to me, is the shape. About $10 billion of the debt doesn't come due for at least 20 years, and the longest slice, $2.5 billion carrying a 6.5% interest rate, isn't due until August 2066.

That's a 40-year loan, taken out by a company whose servers are worn out, by its own accounting, in about six years.

Google campus. Image source: Alphabet.

The ladder The fixed-rate tranches step up in cost as they stretch out in time. Alphabet sold $1.25 billion of 4.5% notes due 2028, $2 billion at 4.625% due 2029, $3.5 billion at 4.875% due 2031, and $2.5 billion at 5.2% due 2033. Further out sit $4.5 billion at 5.45% due 2036, $3 billion at 6.25% due 2046, $4.5 billion at 6.375% due 2056, and the $2.5 billion of 6.5% notes due 2066. Two floating-rate tranches totaling $1.25 billion round out the $25 billion, and Alphabet netted about $24.8 billion after fees.

The fixed-rate notes alone will cost about $1.3 billion a year in interest. That sounds like a lot, but it's small for a company whose revenue over the past 12 months came to about $446 billion, up 20% year over year -- and whose operations produced roughly $85 billion of cash in just the first half of 2026.

As for what the money is for, the prospectus is deliberately unspecific: Alphabet said it intends to use the net proceeds for "general corporate purposes, which may include the repayment of outstanding debt." That's the standard language big companies use.

Why a cash machine is borrowing Alphabet raised its 2026 capital expenditure guidance to $195 billion to $205 billion last month, up from an earlier $180 billion to $190 billion. About 60% of the infrastructure investment has been going to servers, per chief financial officer Anat Ashkenazi, with the rest toward data centers and networking equipment.

The first half shows what that pace does to a balance sheet. Capital spending more than doubled year over year to $80.6 billion in the six months through June, from $39.6 billion. And that outlay nearly matched the $84.9 billion of cash its operations generated over the same stretch. In other words, free cash flow is running close to zero even before dividends go out.

When spending runs that close to cash flow, everything else needs another source. Alphabet's buybacks went to zero (from $28.3 billion in the first half of 2025), and it raised about $56 billion of debt plus roughly $50 billion from sales of common and preferred stock in the first half.

The borrowing is piling up on the balance sheet. Alphabet carried $46.5 billion of long-term debt at the start of 2026 and $98.2 billion by June 30. This sale pushes the figure to roughly $123 billion.

Of course, that's still modest leverage for a company earning what Alphabet earns. But the balance sheet is changing fast: Alphabet entered the year with less than half this much debt.

Today's Change

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345.90

Six-year machines, 40-year money Alphabet's own accounting, laid out in its annual report, depreciates servers and network equipment over about six years. Data center and office buildings get seven to 40 years.

And at first, the two look badly mismatched. A bond due in 2066 will outlive this year's servers by more than three decades. The machines bought with 2026's budget could be replaced six or seven times before the principal comes due.

But I'd argue the maturity schedule fits the assets better than it first appears. The 40-year money matches the assets that actually last that long. The buildings, the land, and the power infrastructure are what remain when the chips inside them are swapped out.

So borrowing to 2066 only makes sense if management expects the data centers themselves, as physical places, to be producing revenue for decades -- a bet on the permanence of artificial intelligence (AI) demand, not on any single generation of hardware.

The problem, though, sits in the six-year column. Because most of the spending buys short-lived equipment, this year's roughly $200 billion isn't a one-time bill. Keeping the buildings filled with current hardware means paying a large share of that sum again.

The interest on this debt is easy for Alphabet to carry. The spending it supports is recurring, and each replacement cycle will have to be paid for again.

An Amazon box moves along a conveyor belt at Amazon’s fulfillment center in Robbinsville, New Jersey, U.S., December 1, 2025. REUTERS/Eduardo Munoz/File Photo Purchase Licensing Rights, opens new tab

CompaniesAug 14 (Reuters) - Amazon (AMZN.O), opens new tab on Friday reinstated binding arbitration for its U.S. customers while also barring them ​from seeking class-action lawsuits, making it more difficult for users ‌to address grievances in court.

In emails on Friday, Amazon said the changes are effective immediately and customers agree to the terms by continuing to use the company's services. ​Often, companies alert customers to upcoming changes to their terms of ​service weeks in advance.

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

Previously, Amazon said customers should pursue legal claims ⁠in court in Washington state, where Amazon is based. Five years ​ago, Amazon revoked binding arbitration after facing tens of thousands of costly individual ​cases.

"We determined that reinstating the arbitration clause will offer customers a fast, cost-effective way to resolve disputes while still giving them the option of going to small claims court," ​a spokesperson said in a statement.

In 2021, Amazon was flooded with around ​75,000 arbitration claims from customers claiming its Alexa service was recording them without their ‌consent. ⁠It was part of a tactic some law firms use to overwhelm corporations with arbitration claims, forcing them to pay millions of dollars in fees to start the process and causing administrative headaches.

Amazon said in its new terms ​that 25 or ​more arbitration cases ⁠relating to the same matter in a six-month period would be considered a "mass arbitration" and would be settled in "batches ​of at least 25."

Courts have generally sided with corporations ​over language ⁠in their terms of service that dictate when and how customers can pursue legal recourse. Arbitration cases are settled privately before a third-party adjudicator, meaning disputes ⁠and ​any settlement typically are not made public.

Disputes ​with Amazon, including class-action suits, begun prior to Friday are not impacted by the new terms.

Reporting ​by Greg Bensinger in San Francisco; Editing by Lisa Shumaker and Rosalba O'Brien

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

Greg Bensinger joined Reuters as a technology correspondent in 2022 focusing on the world's largest technology companies. He was previously a member of The New York Times editorial board and a technology beat reporter for The Washington Post and The Wall Street Journal. He also worked for Bloomberg News writing about the auto and telecommunications industries. He studied English literature at The University of Virginia and graduate journalism at Columbia University. Greg lives in San Francisco with his wife and two children.

In Brief

Posted:

3:43 PM PDT · August 14, 2026

Image Credits:CFOTO/Future Publishing / Getty Images PayPal CEO Enrique Lores’ turnaround plan for the fintech company could include a sale — of itself.

The prospect first popped in July when Stripe and private equity giant Advent offered to buy PayPal for $60.50 a share in a deal that would have valued it at $53 billion, the Wall Street Journal reported at the time.

PayPal balked. But apparently, negotiations never stopped and a deal could come together in the coming weeks, according to new reporting by the WSJ, which cited unnamed sources.

PayPal declined to comment on the report. A Stripe spokesperson said the company doesn’t “comment on rumors or speculation.”

The negotiations are taking place as Lores attempts to save the company from its lagging trajectory.

Lores joined PayPal in March, after spending years at HP. In April, Lores made the first moves in his turnaround plan, including an executive shuffle and splitting the business into three operating models: checkout solutions and PayPal, consumer financial services (and Venmo), and payment services and crypto. A month later, Lores told investors that PayPal would recommit to the fundamentals,” which included “becoming a technology company again.”

PayPal’s turnaround will also include a cost-saving plans, which is expected to reduce its workforce by 20% over the next two to three years.

PayPal was founded in 1998 by a number of men who went on to be Silicon Valley luminaries, including Peter Thiel, Elon Musk, Max Levchin, Luke Nosek, and others. The company has struggled in recent years, after ballooning during the pandemic due to an e-commerce boom.

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Toni Anne Barson/Getty Images for iHeartMedia A new filing in a lawsuit from a fired WPP executive alleges that Sony, one of the ad giant's major partners, investigated the company and concluded it had improperly withheld rebates from clients.

The lawsuit says that Sony presented the findings of its investigation to WPP in 2025 in a detailed analysis that said the ad agency giant operated what Sony called a "global crime scheme" across several markets, including China.

The allegations have high stakes for WPP, which handles tens of billions of dollars in ad spending for some of the world's largest companies. At its core, the lawsuit alleges WPP put its own interests ahead of its clients', engineering a way to use some of their advertising budgets to maximize its own profits without their consent.

The lawsuit says that Sony's investigation alleged this is how the practice worked:

WPP's media investment arm, GroupM, would negotiate a rebate deal with a media owner by leveraging its clients' combined advertising spending.WPP used a network of "intermediary brokers" to hold some of the rebates for itself rather than dispersing them to clients.WPP used rebate funds to subsidize the cost of ad inventory, then kept the resulting margin as profit that was shielded from audits.The lawsuit contains a purported slide from Sony's presentation to WPP titled "impact for WPP Advertisers — China 2024," which claims that approximately $110 million was passed back to clients that year, while $350 million remained in its rebate pool "for later utilization" by WPP.

A separate purported Sony slide described the practice as a "fraud scheme" run in China and other markets, and attributed its design to senior global WPP executives.

Sony drew its findings from the work of independent investigators who attended a criminal trial in China involving WPP executives and from interviews with former WPP and GroupM executives, the lawsuit says. GroupM was rebranded to WPP Media last year.

The lawsuit says Sony supported its findings with "contractual language regarding rebate policies, transaction-level financial reporting, internal emails regarding rebate amounts, and documentation of WPP tracking systems."

A Sony spokesperson said the company does not comment on pending litigation.

The new details are part of a lawsuit filed in November by Richard Foster, a former longtime GroupM executive. In the lawsuit, he accuses the company of retaliating against him and firing him after he raised concerns that the group's media investment division was allegedly running an improper global kickback operation.

WPP filed a motion to dismiss the lawsuit, arguing that Foster failed to state a legally sufficient claim while also objecting on jurisdictional grounds. The suit is ongoing.

WPP declined to comment on the alleged Sony review and said in a statement that Foster's amended complaint, filed days prior to an upcoming court hearing, is an attempt to avoid the case's dismissal.

"Both complaints are baseless and without merit, and WPP will be re-filing an updated motion to dismiss," WPP said. "We have confidence that this matter will be resolved through due legal process."

Foster alleged in the lawsuit that the operation was not confined to China and was deployed as part of a global model through which GroupM improperly retained roughly $1.5 billion to $2 billion in profits from rebate deals over five years, by his estimation.

The amended complaint says Sony's investigative findings corroborated "years of whistleblowing" from Foster, who is seeking at least $100 million in damages from WPP.

In the latest filing, Foster says he refused a "seven-figure termination package which included an obligation of silence regarding the company's undisclosed rebate practices."

The ad industry's heated 'principal media' debateMedia rebates are not inherently illegal, though they can raise transparency and accounting issues if they are not properly disclosed. A US ad industry trade group previously warned that rebates could amount to a breach of contract or fraud if not disclosed to the client or if advertisers were deceived about the practice.

Some markets, including China, are heavily reliant on media rebates and the use of brokers to facilitate them.

The prevalence of "proprietary media" agency models, commonly referred to as "principal media," has long been a divisive topic in the ad industry. They tend to take the form of agencies purchasing a large volume of media at a discount, reselling it to their clients, and making a margin on that resale.

Agencies argue that principal media is often more cost-effective for their clients than buying ad inventory themselves — and that CMOs are happy to participate so long as it performs well. Critics say the model — even when it's disclosed — can create conflicts of interest for agencies, which could be incentivized to steer marketers toward media the agency has already bought, rather than the inventory best suited to their clients' campaign objectives.

Advisory and consulting firm Madison and Wall recently estimated that principal media accounts for a "high single-digit or low double-digit" share of large-brand and agency activity in the US.

"Richard Foster asked a question any agency should be prepared to answer: Are your profits derived from loyal service to your clients, or not?" William A. Brewer III, partner at Brewer, Attorneys & Counselors and lead counsel to Foster, said in a statement.

WPP's media operations in China have already faced significant legal scrutiny. Earlier this year, Di Fei, the former GroupM China chief investment officer, was sentenced to life in prison for taking bribes totaling $176 million with his ex-colleagues, Bloomberg reported. Di Fei is appealing the ruling, Bloomberg reported in June.

WPP has said it is aware of the court's sentencing of its former employees in China and has cooperated fully with the relevant authorities.

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Lara O'Reilly You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Lara O'Reilly is the anchor of the CMO Insider newsletter.She is a senior correspondent who has covered the digital advertising, marketing, and media industries since 2010. Her current beat includes big tech companies like Alphabet, and Meta, and adtech firms, agencies,  publishers, the creator economy, and CMOs.Lara has previously worked as a reporter and executive producer at titles including The Wall Street Journal, Digiday, Yahoo Finance, and Marketing Week. She was previously Business Insider's senior global advertising editor from 2014 to 2017.Lara is a regular guest on TV and radio and has appeared on outlets such as the BBC, NPR, SiriusXM's Wharton Business Daily, and CTV Television Network. She also frequently speaks on stage at major events such as Web Summit, IFA, VivaTech, Advertising Week, and Cannes Lions.To get in touch with Lara O'Reilly, email [email protected] or contact her on Signal at @loreilly.71

Sony Advertising Agencies

Berkshire Hathaway sharply increased its stake in Alphabet in the second quarter, vaulting the Google parent into its three biggest stock holdings. The sprawling conglomerate also added to the size of its investments in Delta Air Lines and various homebuilders.

Berkshire, now operating under CEO Greg Abel, owned about 106 million Alphabet shares worth $37.9 billion at the end of June, according to a regulatory filing released Friday. The size of the position jumped 83% in the latest quarter, making Alphabet the third-largest U.S.-listed equity holding at Omaha-based Berkshire by market value. Only investments in Apple and American Express are larger.

The increase largely reflects a $10 billion private stock purchase announced in early June, when Alphabet sought fresh capital to finance its massive AI infrastructure buildout.

Warren Buffett, now chairman at Berkshire, told CNBC he had been behind the bullish view on Alphabet, with Abel's support.

Berkshire also continued to build a sizable wager on the airline industry, a past favorite of Buffett's. The holding in Delta Air Lines climbed 44% during the quarter, to 57.3 million shares, valued at about $5.4 billion at the end of June. Berkshire had only recently returned to Delta after famously selling its airline holdings in the early days of the pandemic.

Housing was another cyclical business where Berkshire increased its exposure, boosting its holding of Class A shares of Lennar by nearly 30%, to 13.1 million shares, worth about $1.19 billion, while Class B holdings rose 25% to roughly 298,000 shares. Berkshire also disclosed a small new position in D.R. Horton, holding 3,600 shares at the end of June.

Berkshire ended a long streak of net stock sales, emerging as a buyer of equities in the second quarter with nearly $20 billion in net purchases. Berkshire had been a net seller for 14 straight quarters before the latest three-month period.

The conglomerate's cash level fell to $365.5 billion at the end of June from a record $397.4 billion three months earlier, as Berkshire began putting more of its capital to work through investments and share repurchases. The quarter also saw the completion of Berkshire's acquisition of Taylor Morrison, a Scottsdale, Arizona-based homebuilder.

, /PRNewswire/ -- The Mosaic Company (NYSE: MOS) ("Mosaic") today announced the Reference Yield and Total Consideration (as set forth in the table below) to be paid in connection with its previously announced cash tender offers (collectively, the "Offers") to purchase the outstanding notes described below, in each case upon the terms and subject to the conditions set forth in the Offer to Purchase dated August 10, 2026 (the "Offer to Purchase").

The Notes offered to be purchased in the Offers, in the order of acceptance priority, are the 4.050% Senior Notes due 2027 (the "2027 Notes"); 7.30% Debentures due 2028 (the "2028 Debentures"); 5.375% Senior Notes due 2028 (the "2028 Notes") and 4.350% Senior Notes due 2029 (the "2029 Notes" and together with the 2027 Notes, 2028 Debentures and 2028 Notes, the "Notes" and each a "Series of Notes") for the consideration described below, up to an aggregate purchase price, excluding the Accrued Coupon Payment (as defined below), of $1,400,000,000 (the "Tender Cap") subject to proration and the application of the Acceptance Priority Levels set forth in the table below and as further set forth in the Offer to Purchase and the terms and conditions, including, among others, a $150,000,000 cap on the aggregate consideration to be paid to purchase the 2029 Notes pursuant to the Offers (the "Series Cap") and the Acceptance Priority Procedures set forth in the Offer to Purchase. The 2029 Notes may be subject to proration both due to the Acceptance Priority Procedures and the Series Cap such that Mosaic will only accept for purchase the 2029 Notes for aggregate consideration up to the Series Cap. Subject to applicable law, Mosaic may, but is under no obligation to, eliminate, increase or decrease the Tender Cap and/or the Series Cap at any time prior to the "Expiration Date" of 5:00 p.m., New York City time, on August 14, 2026 (unless extended or earlier terminated by Mosaic with respect to any Offer). In the event proration is required with respect to a Series of Notes, Mosaic will multiply the principal amount of each valid tender of such Series of Notes by the applicable proration rate and round the resulting amount down to the nearest integral multiple of the Minimum Denomination, in order to determine the principal amount of such tender that will be accepted pursuant to the applicable Offer. The excess principal amount of Notes not accepted from the tendering Holders will be promptly returned to such Holders, and if this excess principal amount of Notes is less than $1,000, Mosaic may either accept or reject all such tendering Holders' validly tendered Notes in its sole discretion. Additionally, Mosaic may increase the amount of Notes accepted for payment in the Offers by no more than 2% of the outstanding Notes of the applicable Series, as further described in the Acceptance Priority Procedures set forth below, without amending or extending the Offer. The Offer to Purchase and any related documents are referred to herein collectively as the "Tender Offer Documents".  Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase.

Certain information regarding the Notes and the pricing for the Offers is set forth in the table below.

Series of Notes

Issuer

CUSIP/ISIN
Number(1)

Aggregate
Principal
Amount
Outstanding

Series Cap

Acceptance
Priority
Level

Reference
Security

Reference

Yield(2)

Bloomberg
Reference
Page

Fixed
Spread
(Basis
Points)

Total

Consideration(3)

4.050%
Senior Notes
due 2027

The Mosaic
Company

61945CAG8 /
US61945CAG87

$700,000,000

N/A

1

4.125% UST
due 11/15/2027

4.111 %

FIT 4

+20

$996.82

7.30%
Debentures
due 2028

Mosaic
Global
Holdings,
Inc.

449669AK6 /
US449669AK64

$147,100,000

N/A

2

4.250% UST
due 01/15/2028

4.132 %

FIT 4

+35

$1,037.99

5.375%
Senior Notes
due 2028

The Mosaic
Company

61945CAH6 /
US61945CAH60

$400,000,000

N/A

3

4.250% UST
due 07/31/2028

4.169 %

FIT 1

+35

$1,017.38

4.350%
Senior Notes
due 2029 

The Mosaic
Company

61945CAJ2 /
US61945CAJ27

$500,000,000

$150,000,000

4

4.125% UST
due 07/15/2029

4.245 %

FIT 1

+40

$993.31

(1)

No representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers listed above. 

(2)

Each Reference Yield was determined at 2:00 p.m., New York time, on August 14, 2026. 

(3)

Represents the total consideration for each Series of Notes (the "Total Consideration") payable per each $1,000 principal amount of such Series of Notes validly tendered and accepted for purchase in the Offers.

The "Total Consideration" for each Series of Notes payable per each $1,000 principal amount of such Series of Notes validly tendered for purchase is based on the applicable Fixed Spread for such Series of Notes, plus the Reference Yield based on the bid-side price of the applicable Reference Security as quoted on the applicable Bloomberg Reference Page as of 2:00 p.m., New York City time, today August 14, 2026 (the "Price Determination Date"). In addition to the applicable Total Consideration, Holders whose Notes are accepted for purchase pursuant to an Offer will receive accrued and unpaid interest on those Notes from the last interest payment date with respect to those Notes to, but excluding, the Settlement Date (the "Accrued Interest," and the payment thereof, the "Accrued Coupon Payment"). 

Tenders of Notes of a Series may be validly withdrawn at any time at or prior to 5:00 p.m., New York City time, today, August 14, 2026 (the "Withdrawal Deadline"), but, except as provided in the Offer to Purchase or required by applicable law, may not be validly withdrawn thereafter. The "Settlement Date" will be the second business day after the Expiration Date and is expected to be August 18, 2026.

The complete terms and conditions of the Offers are set forth in the Tender Offer Documents. Holders are urged to read the Tender Offer Documents carefully. If any condition to the Offers is not satisfied or waived, Mosaic is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered Notes, in each case subject to applicable law, and may terminate or alter any or all of the Offers.

Mosaic has retained Citigroup Global Markets Inc., BMO Capital Markets Corp. and U.S. Bancorp Investments, Inc. to act as dealer managers (the "Dealer Managers") for the Offers. Global Bondholder Services Corporation will act as the Tender and Information Agent for the Offers. For additional information, please contact: Citigroup Global Markets Inc. at +1 (800) 558-3745 (toll-free) or +1 (212) 723-6106 (collect), BMO Capital Markets Corp. at +1 (833) 418-0762 (toll-free) or +1 (212) 702-1840 (collect), or U.S. Bancorp Investments, Inc. at +1 (800) 479-3441 (toll-free), +1 (917) 558-2756 (collect) or by email at [email protected]. Requests for documents and questions regarding the tendering of Notes may be directed to Global Bondholder Services Corporation by telephone at (212) 430-3774 (for banks and brokers only) and (855) 654-2015 (for all others toll-free) or to the Dealer Managers at their respective telephone numbers. Copies of the Offer to Purchase are available at: https://www.gbsc-usa.com/mosaic/. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers.

Holders of Notes are advised to check with each bank, securities broker or other intermediary through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that Holder to be able to participate in, or withdraw their instruction to participate in the Offers before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and DTC for the submission and withdrawal of tender instructions may be earlier than the relevant deadlines specified herein and in the Offer to Purchase.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes or any other securities. The Offers are made only by and pursuant to the terms of the Offer to Purchase and only to such persons and in such jurisdictions as is permitted under applicable law. The information in this press release is qualified by reference to the Offer to Purchase. None of Mosaic, the Dealer Managers or the Tender and Information Agent makes any recommendation as to whether Holders should tender their Notes pursuant to the Offers. Holders must make their own decisions as to whether to tender Notes, and, if so, the principal amount of Notes to tender.

Forward-Looking Statements

This release includes forward-looking statements. Forward-looking statements are based on the views and assumptions of management as of the date of this release. They are subject to known and unknown risks and uncertainties. These risks include, but are not limited to: market conditions, regulatory and environmental requirements, operational risks, commodity price volatility, labor matters, completion and timing of potential transactions, accounting determinations, and other risks and uncertainties described in Mosaic's reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. Mosaic assumes no obligation to update any forward-looking statements.

About The Mosaic Company

The Mosaic Company (NYSE: MOS) helps the world grow the food it needs. Headquartered in Tampa, Florida, Mosaic is a leading producer and marketer of potash and phosphate fertilizer which are essential inputs for the world's farmers. Through the Mosaic Biosciences platform, the company is advancing the next generation of biological solutions designed to improve nutrient use efficiency, strengthen crop performance, and support more sustainable agricultural systems. As a Fortune 500 company with 13,000 employees serving customers in more than 40 countries, Mosaic is helping build resilient and productive food systems for the future.

SOURCE The Mosaic Company

NEW YORK--(BUSINESS WIRE)--Madison Square Garden Sports Corp. (NYSE: MSGS) (“MSG Sports” or the “Company”) today announced that it is continuing to make progress on the proposed spin-off of its New York Rangers business from its New York Knicks business, with the public filing of a Form 10 Registration Statement for the new Rangers company with the U.S. Securities and Exchange Commission.

As previously announced, the proposed transaction would create two distinct publicly traded companies. Following completion of the spinoff, MSG Sports is expected be renamed MSG Knickerbockers Corp. and would include the Knicks and the Westchester Knicks. The newly created Rangers company would be named MSG Rangers Corp., and would include the Rangers, as well as the Hartford Wolf Pack and the MSG Training Center. James L. Dolan is expected to serve as Executive Chairman and Chief Executive Officer of MSG Rangers Corp., and remain Executive Chairman and Chief Executive Officer of MSG Knickerbockers Corp.

The spin-off transaction is expected to be structured as a tax-free spin-off to all Company shareholders, and upon completion of the contemplated separation, record holders of Company Class A and Class B common stock would receive a pro-rata distribution of 100% of the common stock in the newly created Rangers company.

MSG Sports currently expects to complete the spin-off by the end of October 2026. There can be no assurance that the proposed transaction will be completed in the manner described above, or at all. Completion of the transaction remains subject to various conditions, including any required league approval, receipt of a tax opinion from counsel and Company board approval.

The Form 10 Registration Statement is filed under the name MSGS Spinco, Inc. (to be renamed MSG Rangers Corp. following the spin-off).

About Madison Square Garden Sports Corp.
Madison Square Garden Sports Corp. (MSG Sports) is a leading professional sports company, with a collection of assets that includes the New York Knicks (NBA) and the New York Rangers (NHL), as well as two development league teams – the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL). MSG Sports also operates a professional sports team performance center – the MSG Training Center in Greenburgh, NY. More information is available at www.msgsports.com.

Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates, and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Notice
Securities of MSG Rangers Corp. may not be sold, nor may offers to buy be accepted, prior to the time the Form 10 Registration Statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of MSG Rangers Corp. in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

More News From Madison Square Garden Sports Corp.

, /PRNewswire/ -- BorgWarner Inc. (NYSE: BWA) (the "Company") today announced the Reference Yield and Tender Consideration (as set forth in the table below) to be paid in connection with its previously announced tender offers to purchase for cash the debt securities issued by the Company referred to below (collectively, the "Notes," and each a "Series"), in each case upon the terms and subject to the conditions set forth in the Offer to Purchase dated August 10, 2026 (the "Offer to Purchase"). The Company made the Tender Offers as a balanced capital allocation strategy intended to grow the long-term earnings of the Company.

Certain information regarding the Notes and the pricing for the Tender Offers is set forth in the table below.

Series of
Notes

CUSIP/ISIN
Number(1)

Aggregate
Principal
Amount
Outstanding

Offer Sub
Cap

Acceptance
Priority
Level

Reference
Security

Reference
Yield(2)

Bloomberg
Reference
Page

Fixed
Spread
(Basis
Points)

Tender
Consideration(3)

7.125%
Senior Notes
due 2029
(Any and All
Offer)

099724 AC0 /
US099724AC03

$120,685,000

N/A

N/A

3.500% UST
due
2/15/2029

4.230 %

FIT 5

+25

$1,061.70

4.375%
Senior Notes
due 2045

099724 AH9 /
US099724AH99

$500,000,000

N/A

1

5.000% UST
due
5/15/2046

5.265 %

FIT 1

+65

$827.77

5.400%
Senior Notes
due 2034

099724 AQ9 /
US099724AQ98

$500,000,000

N/A

2

4.375% UST
due
5/15/2036

4.689 %

FIT 1

+40

$1,019.75

4.950%
Senior Notes
due 2029

099724 AP1 /
US099724AP16

$500,000,000

N/A

3

4.125% UST
due
7/15/2029

4.248 %

FIT 1

+30

$1,010.87

2.650%
Senior Notes
due 2027 

099724 AL0 /
US099724AL02

$1,100,000,000

$250,000,000

4

3.750% UST
due
6/30/2027

4.013 %

FIT 3

+20

$986.77

____________________________

(1)

No representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers listed above.

(2)

Each Reference Yield was determined at 3:00 p.m., New York City time, on August 14, 2026.

(3)

Payable per each $1,000 principal amount of Notes of a series validly tendered, not validly withdrawn and accepted for purchase at or prior to the Expiration Date (defined below). Each Tender Consideration was determined in the manner described in the Tender Offer Documents.

The Tender Offers consist of offers to purchase for cash (i) any and all of the Company's outstanding 7.125% Senior Notes due 2029 (the "7.125% Notes" and the "Any and All Offer") for the Tender Consideration and (ii) four separate offers, one for each Series of Notes set forth in the table above (other than the 7.125% Notes) (the "Waterfall Notes") (each, an "Offer" and, collectively, the "Offers," and together with the Any and All Offer, a "Tender Offer" and, collectively, the "Tender Offers") for aggregate Tender Consideration of up to $720,000,000 (the "Waterfall Cap"), excluding the Accrued Interest Payment (as defined below), subject to the proration and the application of the Acceptance Priority Levels set forth in the table above and as further set forth in the Offer to Purchase and the terms and conditions, including, among others, a cap of $250,000,000 (the "Sub Cap") on the maximum aggregate principal amount of the 2.650% Senior Notes due 2027 (the "2.650% Notes") to be purchased pursuant to the Offer. The Company may, but is under no obligation to, increase the Waterfall Cap or the Sub Cap. Additionally, the Company may increase the amount of Waterfall Notes accepted for payment in the Offers by no more than 2% of the outstanding Waterfall Notes of the applicable Series, as further described in the Acceptance Priority Procedures set forth in the Offer to Purchase, without amending or extending the Offer. In the event proration is required with respect to a Series of Waterfall Notes, the Company will multiply the principal amount of each valid tender of such Series of Waterfall Notes by the applicable proration rate and round the resulting amount down to the nearest integral multiple of $1,000, in order to determine the principal amount of such tender that will be accepted pursuant to the applicable Offer. The Offer to Purchase and any related documents are referred to herein collectively as the "Tender Offer Documents." Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase.

On August 10, 2026, the Company delivered to The Bank of New York Mellon ("BNY," as successor in interest to The First National Bank of Chicago and as trustee of the 7.125% Notes) a notice of redemption to redeem on September 9, 2026 (the "Redemption Date") all of the 7.125% Notes that remain outstanding following the Any and All Offer, to the extent the Company purchases less than all of the 7.125% Notes in the Any and All Offer, in accordance with the terms of the Indenture, dated February 15, 1999 (the "7.125% Notes Indenture"), between the Company (f/k/a Borg-Warner Automotive, Inc.) and BNY, at a make-whole redemption price pursuant to the 7.125% Notes Indenture plus accrued and unpaid interest to, but not including, the Redemption Date.

The "Tender Consideration" for each Series of Notes payable per each $1,000 principal amount of such Series of Notes validly tendered for purchase is based on the applicable Fixed Spread for such Series of Notes, plus the Reference Yield based on the applicable Reference Security as quoted on the applicable Bloomberg Reference Page as of 3:00 p.m., New York City time, today, August 14, 2026 (the "Price Determination Date"). Holders must validly tender (and not validly withdraw) their Notes at or prior to the Expiration Date (as defined below) to receive the Tender Consideration. The formula for determining the Tender Consideration is set forth on Annex A to the Offer to Purchase. See "The Tender Offers—Tender Consideration" of the Offer to Purchase.

In addition to the Tender Consideration, all Holders whose Notes are accepted for purchase pursuant to a Tender Offer will, on the Settlement Date, also receive accrued and unpaid interest on those Notes from the last interest payment date with respect to those Notes to, but excluding, the Settlement Date (the "Accrued Interest," and the payment thereof, the "Accrued Interest Payment").

The Tender Offers will expire at 5:00 p.m., New York City time, today, August 14, 2026 (such time and date, as it may be extended, the "Expiration Date"), unless extended or earlier terminated by the Company. The Notes tendered may be withdrawn at any time at or prior to the Expiration Date by following the procedures described in the Offer to Purchase.

The "Settlement Date" will be the second business day after the Expiration Date and is expected to be August 18, 2026.

The complete terms and conditions of the Tender Offers are set forth in the Tender Offer Documents. Holders of Notes are urged to read the Tender Offer Documents carefully. 

Information Relating to the Tender Offers

The Offer to Purchase has been distributed to holders. Barclays Capital Inc. and PNC Capital Markets LLC are the dealer managers for the Tender Offers. Investors with questions regarding the Tender Offers may contact Barclays Capital Inc. at (212) 528-7581 or toll-free at (800) 438-3242, or email [email protected], or PNC Capital Markets LLC at (212) 878-8946 or toll-free at (833) 715-3537, or email [email protected]. Global Bondholder Services Corporation is the tender and information agent for the Tender Offers and can be contacted at (212) 430-3774 or toll-free at (855) 654-2015. The Offer to Purchase may be accessed at the following web address: https://www.gbsc-usa.com/borgwarner/.

Holders of Notes are advised to check with each bank, securities broker or other intermediary through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that Holder to be able to participate in, or withdraw their instruction to participate in the Offers before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and The Depositary Trust Company for the submission and withdrawal of tender instructions may be earlier than the relevant deadlines specified herein and in the Offer to Purchase. 

None of the Company, the dealer managers, the tender and information agent, the trustees or any of their respective directors, officers, employees or affiliates makes any recommendation as to whether holders should tender Notes of a series in response to the Tender Offers. Each holder must make his, her or its own decision as to whether to tender Notes and, if so, as to what principal amount of Notes to tender.

This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offers are being made only pursuant to the Offer to Purchase and only to such persons and in such jurisdictions as is permitted under applicable law.

About BorgWarner

For more than 130 years, BorgWarner has been a transformative global product leader bringing successful mobility innovation to market. With a focus on sustainability, we're helping to build a cleaner, healthier, safer future for all.

Forward-Looking Statements

This release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current outlook, expectations, estimates and projections. Words such as "anticipates," "believes," "continues," "could," "designed," "effect," "estimates," "evaluates," "expects," "forecasts," "goal," "guidance," "initiative," "intends," "may," "outlook," "plans," "potential," "predicts," "project," "pursue," "seek," "should," "target," "when," "will," "would," and variations of such words and similar expressions are intended to identify such forward-looking statements. Further, all statements, other than statements of historical fact, contained or incorporated by reference in this release that we expect or anticipate will or may occur in the future regarding our financial position, our expectations for participation in the Tender Offers based on results prior to the Withdrawal Deadline, including our guidance for full year 2026, our business strategy and measures to implement that strategy, including changes to operations, competitive strengths, goals, expansion and profitable growth of our business and operations, plans, references to future success, including the anticipated benefits of our new business awards and other such matters, are forward-looking statements. Accounting estimates, such as those described under the heading "Critical Accounting Policies and Estimates" in Item 7 of our most recently filed Annual Report on Form 10-K ("Form 10-K"), are inherently forward-looking. All forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. Forward-looking statements are not guarantees of performance, and the Company's actual results may differ materially from those expressed, projected or implied in or by the forward-looking statements.

You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. These risks and uncertainties, among others, include: the success of our portfolio strategy; supply disruptions impacting us or our customers, commodity availability and pricing and an inability to achieve expected levels of recoverability in commercial negotiations with customers concerning these costs; conditions in the automotive industry; competitive challenges from existing and new competitors, including original equipment manufacturer ("OEM") customers; the challenges associated with rapidly changing technologies, including artificial intelligence, and our ability to innovate in response; the difficulty in forecasting demand for electric vehicles and our electric vehicles revenue growth; potential future changes in laws and regulations, including, by way of example, taxes and tariffs, in the countries in which we operate; potential disruptions in the global economy caused by wars or other geopolitical conflicts; the ability to identify targets and consummate acquisitions on acceptable terms; failure to realize the expected benefits of acquisitions on a timely basis; the possibility that our 2023 tax-free spin-off of our former Fuel Systems and Aftermarket segments into a separate publicly traded company will not achieve its intended tax benefits; the failure to promptly and effectively integrate acquired businesses; the potential for unknown or inestimable liabilities relating to the acquired businesses; impacts of our exit of the charging business; our dependence on automotive and truck production, which is highly cyclical and subject to disruptions; our reliance on major OEM customers; impacts of any future strikes involving any of our OEM customers and any actions such OEM customers take in response; fluctuations in interest rates and foreign currency exchange rates; our dependence on information systems; the uncertainty of the global economic environment; the uncertainty surrounding global trade policies, including tariffs and export restrictions and their impact on the Company, its customers and its suppliers; the outcome of existing or any future legal proceedings, including litigation with respect to various claims, or governmental investigations, including related litigation; impacts from any potential future acquisition or disposition transactions; and the other risks discussed in reports that we file with the Securities and Exchange Commission, including in Item 1A. "Risk Factors" in our most recently filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q. We do not undertake any obligation to update or announce publicly any updates to or revisions to any of the forward-looking statements in this release to reflect any change in our expectations or any change in events, conditions, circumstances, or assumptions underlying the statements.

SOURCE BorgWarner

The Zacks Real Estate Operations industry faces problems, including geopolitical instability and macroeconomic uncertainties. Amid this, investors demand greater price discovery, causing a delay in the closing timeline for transactions. Moreover, higher costs continue to weigh on the industry’s activity.

Despite these challenges, the industry constituents are poised to benefit from the increased adoption of outsourced real estate services and other emerging trends. Strategic investments in AI and data tools provide a competitive edge. Companies like CBRE Group, Inc. (CBRE - Free Report) , Jones Lang LaSalle (JLL - Free Report) and Newmark Group, Inc. (NMRK - Free Report) are set to benefit from these favorable trends.

About the Industry
The Zacks Real Estate Operations industry comprises companies that provide leasing, property management, investment management, valuation, development services, facility management, project management, transaction and consulting services, among others. However, real estate investment trusts or REITs, are excluded from this group. Economic trends and government policies impact the real estate market (both global and regional), which determines the industry’s performance. Economic activity, employment growth, office-based employment, interest-rate levels, costs and availability of credit, tax and regulatory policies and the geopolitical environment are the major factors shaping the real estate market’s fate. Also, pandemic-induced public health challenges and geopolitical issues have affected property sales and the leasing lines of businesses.

What's Shaping the Real Estate Operations Industry's Future?
Global Tensions Disrupt Supply Chains and Growth: Geopolitical instability and macroeconomic uncertainty continue to weigh on industry performance. The Ukraine-Russia war and conflicts in the Middle East have disrupted energy markets and global supply chains, while Strait of Hormuz disruptions have intensified energy prices, freight costs and shipping availability. These challenges, along with U.S. tariffs on imported materials and tighter immigration enforcement, have affected international relations and constrained labor availability. Persistent supply-chain constraints and longer lead times for certain materials and equipment can delay project schedules. Against this uncertain economic backdrop, clients remain cautious, while investors seek greater clarity around pricing and valuations, further contributing to longer transaction timelines.

Higher Costs Weigh on U.S. Real Estate Activity: High borrowing and development costs continue to constrain U.S. real estate activity. Elevated interest rates, higher construction costs, insurance premiums, regulatory expenses and other operating costs are increasing the capital required to acquire, build and reposition properties, making project economics more challenging for developers and owners. These pressures are most acute where expected rents, occupancy or asset values cannot support higher costs, prompting some developers to defer, resize or reconsider marginal projects. In the residential market, affordability remains constrained. Home prices remained near record levels, limiting purchasing power and contributing to subdued transaction activity. For commercial real estate clients, particularly across office, retail, industrial, hotels and mixed-use projects, higher financing, construction and operating costs are driving up total project costs and altering the underlying economics of development and investment decisions.

Outsourcing in the Real Estate Market to Gain Further Momentum: Corporations, public sector organizations, healthcare providers and firms across finance, industrials, life sciences and technology are increasingly opting to outsource their real estate needs. They are relying on third-party real estate experts to improve execution and efficiency. More companies are seeking strategic advice on reshaping their workplaces and operations to strengthen culture, attract top talent and improve overall performance. These trends are opening up opportunities for real estate operations participants. Leading players in the industry are capitalizing on this shift by winning new clients and expanding relationships with existing ones. In addition, companies in the industry are making significant investments in proptech, AI and data tools to boost efficiency, enhance client service and gain market share.

Zacks Industry Rank Indicates Bleak Prospects
The Zacks Real Estate Operations industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #173, which places it in the bottom 30% of 246 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of the downward earnings per share (EPS) outlook for the constituent companies in aggregate. Looking at the aggregate EPS estimate revisions, it appears that of late, analysts are losing confidence in this group’s growth potential. Since March 2026, the industry’s EPS estimates for 2026 have moved up 2%.

Before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.

Industry Underperforms Sector & S&P 500
The Zacks Real Estate Operations industry has underperformed the broader Zacks Finance sector and the S&P 500 composite over the past year.

The industry has declined 5.6% during this period compared with the S&P 500’s return of 22% and the broader Finance sector’s growth of 13.7%.

One-Year Price Performance

Industry's Current Valuation
On the basis of the forward 12-month price-to-earnings, which is a commonly used multiple for valuing Real Estate Operations stocks, we see that the industry is currently trading at 12.57X compared with the S&P 500’s forward 12-month price-to-earnings (P/E) of 20.69X. The industry is trading below the Finance sector’s forward 12-month P/E of 17.11X. This is shown in the chart below.

Forward 12-Month Price-To-Earnings Ratio

Over the last five years, the industry has traded as high as 23.09X and as low as 9.52X, with a median of 13.68X.

3 Real Estate - Operation Stocks to Consider
Newmark Group, Inc.: Headquartered in New York City, Newmark is a leading commercial real estate advisory and service provider for institutional investors and global corporations. The company continues to capitalize on the fragmented commercial real estate market, achieving significant gains in management services, leasing and capital markets. It reported record second-quarter 2026 total revenues of $888.4 million, up 17% year over year, marking its eighth consecutive quarter of double-digit top-line growth.

By investing in advanced technology, expanding its international footprint and focusing on high-growth sectors such as data centers, Newmark remains positioned to capture emerging growth opportunities and deliver consistent performance for its shareholders. It expects 2026 adjusted EPS to be within $1.87-$1.98, reflecting a 15-22% rise year over year.

Newmark Group currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its 2026 adjusted EPS increased 6 cents to $1.97. This suggests an increase of 21.6% year over year. The stock has gained 6.5% in the past three months.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

CBRE Group: Headquartered in Dallas, TX, CBRE Group is a commercial real estate services and investment firm. The company provides services spanning advisory, building operations, project management and real estate investments to office, retail, industrial, multi-family and other commercial real estate sectors across major global markets. In the second quarter of 2026, it delivered strong results, with revenues increasing 16% and each of its four business segments generating more than 25% growth in Segment Operating Profit.

Its outsourcing business remains a standout performer, bolstered by a robust pipeline that sets the stage for promising future opportunities. Management raised 2026 core EPS guidance to $7.80 to $7.90 per share, reflecting 23% year-over-year growth at the midpoint.

CBRE Group currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its 2026 EPS is pegged at $7.74, suggesting 21.32% growth year over year. The stock has gained 16.9% in the past three months.

Jones Lang LaSalle Incorporated: Headquartered in Chicago, Jones Lang offers comprehensive commercial real estate and investment management services globally. The company’s commitment to delivering superior client service, paired with strategic investment in cutting-edge technology and innovation, positions it for significant growth in market share and client relationships. Its second-quarter 2026 results showed record revenue of $6.93 billion, rising 11%.

The company continues to maintain a robust balance sheet with sufficient liquidity to support agile operations and seize emerging opportunities. Looking ahead, JLL remains well-positioned to navigate macro uncertainties while continuing to scale its tech-enabled services and advance its global investment management objectives. Management raised its 2026 adjusted EPS outlook to $24.60-$25.90 from the prior range of $21.80-$23.50. The revised guidance reflects 34% year-over-year growth at the midpoint.

Jones Lang LaSalle carries a Zacks Rank of #3 at present. The Zacks Consensus Estimate for 2026 adjusted EPS increased 5.9% to $24.18 over the past three months. This indicates an increase of 28.62% year over year. The stock has gained 28.2% in the past three months.

SpaceX (SPCX -0.91%) plans to catch a returning Starship upper stage with its launch tower for the first time this month.

"I'd say things look very good, and that's why we, assuming we receive regulatory approval to do so, will attempt to catch the Ship with the tower on the next flight, which is tentatively scheduled for the end of this month," CEO Elon Musk said on the company's Aug. 4 earnings call, its first since going public in June.

The confidence traces to Flight 13, which flew July 24 and ended with the Ship surviving reentry and splashing down softly in the Indian Ocean. Flight 14 is also slated to put Starlink V3 satellites into an operational orbit for the first time.

Two steps sit between here and the attempt: the preflight engine firings both vehicles still have to complete, and the regulatory sign-off Musk named.

The company's towers have caught the returning Super Heavy booster before, but never the Ship, which comes back from space at far higher speeds.

Elon Musk at the White House. Image source: The White House.

Reusability is the cost case
The reason a catch matters is money. Starship's economics rest on both halves of the rocket flying again quickly -- a booster and Ship recovered at the tower are meant to be turned around and reflown instead of rebuilt.

And a tower catch is the version of reuse that saves the most. The vehicle lands where it launched, gets inspected, and gets restacked, with no ocean recovery in between.

For now, the finances run through Starlink. SpaceX's connectivity segment grew revenue 66% year over year to $4.3 billion last quarter, the only segment operating at a profit, while the company overall narrowed its net loss to $541 million from $1.0 billion on revenue that nearly doubled to $7.8 billion.

Today's Change

(

-0.91

%) $

-1.29

Current Price

$

140.00

The company also closed the quarter with $100 billion of cash and marketable securities and a $47.5 billion backlog, resources it says are going into Starship, Starlink satellites, and its artificial intelligence (AI) platform.

The V3 satellites Flight 14 would carry are the larger generation that the network's next capacity step depends on.

Of course, a tentative date is just that. The flight could slip into September, and the regulatory review isn't on the company's clock. A missed catch wouldn't end the program, either. Test flights exist to find the failures.

But a catch that works would be the first time the Ship itself came back to the tower. And with the stock around $141 as of this writing and the company valued near $1.9 trillion, the reusability case is arguably carrying a lot of that price.

By PYMNTS  |  August 14, 2026

 | 

Apple worked with Alibaba Group to develop and train an Apple artificial intelligence model specifically for the Chinese market, Reuters reported Friday (Aug. 14), citing unnamed sources.

Apple has previously used third-party models to power the AI features it offers in the iPhones and other devices it sells in China, according to the report.

Now, following the collaboration with Alibaba Group, the company plans to launch its Apple Intelligence suite of AI tools in China within months, the report said.

Having its own model tailored for China would give Apple greater control over the AI experience it offers in the market, per the report.

The offering would also make Apple the first foreign company to secure Chinese government approval to offer a proprietary model in the country, the report said.

Neither Apple nor Alibaba immediately replied to PYMNTS’ request for comment.

It was reported in February 2025 that a top executive from Alibaba said that his company had formed an AI partnership with Apple.

Alibaba Chairman Joe Tsai said at the time that the tech firm would work with Apple to help bring AI-powered iPhones to China.

“Apple has been very selective,” Tsai said. “They talked to a number of companies in China, and in the end, they chose to do business with us.”

“They want to use our AI to power their phones, so we’re very fortunate and extremely honored to be able to do business with a great company like Apple,” Tsai added.

It was reported in December that smartphone companies in China were promoting apps to help customers switch from Apple’s iPhone and that this signaled a bid by the companies to capture market share while Apple struggled to debut AI offerings in the country’s massive smartphone market.

However, in March it was reported that Apple was enjoying a sales boost in China even as the country’s smartphone market was seeing a downturn. The report attributed Apple’s gains to eCommerce discounts, the fact that its base iPhone 17 model qualified for government subsidies and the fact that Apple’s “strong control” of its supply chain left it better positioned to absorb the cost of memory chips and keep prices steady.

For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.

Key Takeaways PayPal targets at least $1.5B in gross run-rate savings over the next two to three years.AI-led productivity gains are expected to drive about 40% of total savings, the largest share.PayPal plans to reinvest much of the savings in Venmo, BNPL and financial services.
PayPal Holdings’ (PYPL - Free Report) cost savings plan is taking center stage as the company works to improve profitability. It is on track to deliver at least $1.5 billion in gross run-rate savings over the next two to three years. About $400 million of new run-rate savings are targeted by the end of 2026.

The savings plan comes as profitability faces pressure. In the second quarter of 2026, PayPal generated revenues of $8.68 billion, up 5% year over year, but non-GAAP operating income fell 8% to $1.51 billion. Non-GAAP operating margin dropped to 17.4% from 19.8%, highlighting the importance of improving cost efficiency.

The plan has three main drivers: a simpler structure, operational and portfolio changes, and wider use of artificial intelligence (AI). PayPal expects roughly 20-30% of total savings from structure and alignment, 30-40% from operating improvement and about 40% from AI-led productivity gains across the business.

AI is expected to be the largest contributor to the savings plan, and PayPal is already seeing productivity gains from its technology initiatives. The company’s AI-assisted coding is already improving productivity, while implementation time has fallen 25%. Management is also moving more infrastructure to the cloud and combining platforms to reduce complexity. These changes are designed to lower costs while helping teams release products faster.

PayPal is not planning to bank all those savings. Much of the money is expected to be reinvested in areas such as financial services, Buy Now Pay Later and Venmo. That makes execution important because savings must translate into stronger growth over time.

How Are Intuit & Block Restructuring?Intuit (INTU - Free Report) is tightening costs while reshaping its business around AI and faster decision-making. Its 2026 restructuring plan includes reducing management layers, cutting overlapping roles, consolidating locations and shifting resources toward core growth areas. The company expects to reduce its full-time workforce by approximately 17% under the plan by the first fiscal quarter ending Oct. 31, 2026.

Block (XYZ - Free Report) is pursuing an even sharper efficiency push, using AI to support a smaller, flatter organization. The company is restructuring its workforce while increasing automation and product-development speed, arguing that smaller teams can now accomplish more.

PYPL’s Price Performance, Valuation & EstimatesShares of PayPal have gained 34.6% in the past three months compared to the broader industry and the S&P 500 Index.

Image Source: Zacks Investment Research

From a valuation standpoint, PayPal’s shares are trading cheaply, as suggested by the Value Score of A. In terms of forward 12-month P/E, PYPL stock is trading at 10.75X, which is at a significant discount to the Zacks Financial Transaction Services industry’s 18.92X.

Image Source: Zacks Investment Research

PayPal’s estimate revisions reflect a positive trend. The Zacks Consensus Estimate for full-year 2026 EPS has been revised upward to $5.37 in the past month. The consensus estimate for the metric indicates a year-over-year increase of 1.13%.

Image Source: Zacks Investment Research

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

Key Takeaways AbbVie's neuroscience sales rose 21.8% to $6.1 billion in the first half of 2026.Vraylar, Botox Therapeutic, Ubrelvy and Qulipta delivered strong sales growth in the period.Tavapadon could launch later this year, potentially expanding AbbVie's Parkinson's franchise.
AbbVie’s (ABBV - Free Report) neuroscience franchise continued to deliver strong growth in the first half of 2026, with sales reaching $6.1 billion, up 21.8% year over year on an operational basis. While the segment may not be the largest contributor to the company’s topline, it remains a key growth engine.

The growth was broad-based, with all three key areas, psychiatry, migraine and Parkinson’s disease (PD), contributing to the performance.

Vraylar remained the largest contributor, generating $1.98 billion in sales during the first half of 2026, up 18.6% year over year. Per AbbVie, the drug continued to benefit from share gains across its approved indications, namely bipolar disorder and adjunctive major depressive disorder.

AbbVie’s migraine portfolio also maintained strong momentum. Ubrelvy sales rose 26.4% year over year to $731 million, while Qulipta generated revenues of $646 million, up 39.2%. Botox Therapeutic sales increased 13.2% to $2.05 billion.

Meanwhile, Parkinson’s disease therapy Vyalev generated $457 million in sales, with second-quarter sales rising more than 27% sequentially. During the second-quarter earnings call, management reiterated that Vyalev remains on track to achieve blockbuster revenues this year, reflecting the drug’s accelerated uptake.

The strong performance has also prompted AbbVie to raise its full-year outlook for the franchise. The company now expects 2026 neuroscience revenues of approximately $12.7 billion, $100 million above its previous forecast. This includes Vraylar sales approaching $4.1 billion and Botox Therapeutic sales approaching $4.2 billion. Overall, AbbVie raised its 2026 revenue outlook by $300 million to approximately $67.6 billion.

ABBV Could Add Another Drug to the FranchiseBeyond the continued uptake of these marketed therapies, AbbVie is also preparing to add another potential growth driver to its neuroscience portfolio.

The company expects an FDA decision on tavapadon, a once-daily oral therapy for PD, in third-quarter 2026. If approved, the drug could launch later this year and expand AbbVie’s PD franchise alongside Vyalev and Duopa, potentially creating a Parkinson’s franchise with more than $5 billion in peak sales.

ABBV’s Competition in the Neuroscience SpaceOther bigger players in the neuroscience space are Biogen (BIIB - Free Report) and Johnson & Johnson (JNJ - Free Report) .

As revenues from its legacy multiple sclerosis portfolio continue to decline, Biogen is increasingly focused on expanding its neuroscience business through newer therapies. Along with partner Eisai, Biogen markets Leqembi, one of the two FDA-approved treatments for Alzheimer's disease. The company also markets Zurzuvae, the first FDA-approved oral treatment for postpartum depression.

J&J's neuroscience business is anchored by the blockbuster depression therapy Spravato and long-acting antipsychotic Invega Sustenna. The company's acquisition of Intra-Cellular Therapies last year further strengthened its portfolio by adding Caplyta, an approved treatment for schizophrenia and bipolar depression.

ABBV’s Price Performance, Valuation and EstimatesShares of AbbVie have underperformed the industry year to date, as seen in the chart below.

Image Source: Zacks Investment Research

From a valuation standpoint, AbbVie is trading at a discount to the industry. Based on the price/earnings (P/E) ratio, the company’s shares currently trade at 16.29 times forward earnings, lower than its industry’s average of 18.74.

Image Source: Zacks Investment Research

EPS estimates for 2026 have declined over the past 30 days, while those for 2027 have increased during the same timeframe.

Image Source: Zacks Investment Research

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

Key Takeaways WMT shares have lost momentum in 2026, with the company set to report results on August 20th. Other notable retailers, including TGT and HD, are also scheduled to report Q2 results soon. The overall Q2 earnings cycle is winding down, with more than 450 S&P 500 members already reporting. Walmart (WMT - Free Report) shares have struggled lately after consistently outshining others over the last few years. The stock outperformed peers like Target (TGT - Free Report) , Home Depot (HD - Free Report) , and even Amazon (AMZN - Free Report) over the last five years, up more than +130% vs. +60.8% for Amazon, +2.1% for Home Depot, and -40.9% for Target. Walmart’s +130% gain over the last five years compares to a +77.7% gain for the S&P 500 index.

Walmart shares seem to have lost momentum this year even though the company continues to perform exceptionally well, as the year-to-date performance chart below for Walmart, Target, Amazon, Home Depot, and the S&P 500 index shows.

Image Source: Zacks Investment Research

Walmart shares were down following the last quarterly release on May 21st, even though it comfortably beat consensus EPS, revenues, and same-store sales estimates. The stock has failed to recoup those losses since then and remains -11.6% below its May 20th level.

It will be interesting to see whether the Thursday, August 20th quarterly release helps shift sentiment toward this retail leader, but the revisions trend has been modestly negative heading into this release. We will have seen results from Target and Home Depot ahead of Walmart’s release, with Home Depot reporting Tuesday morning and Target the day after (Wednesday, August 19th).

Walmart and other big-box retailers are undoubtedly facing a difficult operating environment, with elevated fuel costs not only adding to consumers’ financial burdens but also increasing retailers’ expenses. These macro overhangs prompted management to reiterate prior guidance in the May quarterly release, a move that became a key source of market concern. These headwinds likely played a role in Friday’s soft July Retail Sales reading.

It is important to keep in mind that Walmart shares command a premium valuation, trading currently at 37.6X forward 12-month EPS estimates, only modestly below the 10-year high valuation multiple of 45.4X in February 2026. This represents a significant expansion in the valuation premium relative to Target, as the chart below of the two stocks’ 10-year valuation history shows.

Image Source: Zacks Investment Research

It is reasonable to chalk up Walmart’s recent underperformance to its premium valuation, particularly in light of management’s conservative, if not altogether underwhelming, guidance back in May. Market participants expect stocks commanding premium valuation multiples to beat-and-raise when they report results.

Notwithstanding the negative effects of elevated fuel costs on consumer spending as well as the company’s freight costs, Walmart remains better positioned than many others in the space given its value orientation, greater indexing to groceries, and robust digital capabilities. Walmart has been consistently gaining market share among higher-income households in recent years, which has more than offset affordability-based demand softness from its lower-income consumers.

Walmart is expected to report $0.73 in EPS on $186.3 billion in revenues, representing year-over-year changes of +7.4% and +5.03%, respectively. Estimates have been under pressure, with the current 73-cent estimate down from 74 cents a month ago and 75 cents three months ago.

In terms of same-store sales, the expectation is for U.S. comps (ex fuel) of +3.57%, which will compare to a +4.1% gain in the preceding quarter (vs. expectations of +4.03%) and a +4.6% gain in the year-earlier period (vs. expectations of +3.98%).

The expectation for Target on the comps front is +2.29% growth, following the +5.6% gain in the preceding period (vs. expectations of 1.34%). Target’s impressive comp showing in the May 20th release followed four back-to-back quarters of negative comps.

A positive general merchandise read will also have positive read-throughs for Target.

With respect to the Retail sector 2026 Q2 earnings season scorecard, we now have results from 18 of the 31 retailers in the S&P 500 index. Regular readers know that Zacks has a dedicated stand-alone economic sector for the retail space, which is unlike the placement of the space in the Consumer Staples and Consumer Discretionary sectors in the Standard & Poor’s standard industry classification.

The Zacks Retail sector includes not only Walmart, Target, and other traditional retailers, but also online vendors like Amazon (AMZN - Free Report) and restaurant players. The 18 Zacks Retail companies in the S&P 500 index that have already reported Q2 results are mostly in the ecommerce and restaurant industries, though we have several restaurant companies on deck to report this week as well.

Total Q2 earnings for these 18 retailers that have reported are up +12% from the same period last year on +15.4% higher revenues, with 77.8% beating EPS estimates and 55.6% beating revenue estimates.

The comparison charts below put the Q2 beats percentages for these retailers in a historical context.

Image Source: Zacks Investment Research

As you can see above, the revenue beats percentages for these online players and restaurant operators are tracking significantly below the historical averages for this group of companies, but EPS beats are far more numerous.

With respect to earnings and revenue growth rates at this stage, we like to show the group’s performance with and without Amazon, whose results are among those of the 18 companies that have already reported. As we know, Amazon’s Q2 earnings were up +12.6% on +19.6% higher revenues, as it beat both EPS and top- line expectations. 

The two comparison charts below show the Q2 earnings and revenue growth relative to other recent periods, both with Amazon’s results (left side chart) and without Amazon’s numbers (right side chart)

Image Source: Zacks Investment Research

As you can see above, earnings for the group outside of Amazon are up +10.9% on a +10.0% top-line gain.

Q2 Earnings Season ScorecardThrough Friday, August 7th, we have seen quarterly results from 456 S&P 500 members, or 91.2% of the index’s total membership. Total earnings for these companies are up +41.5% from the same period last year on +14.7% revenue gains, with 83.6% of the companies beating EPS estimates and 76.5% of them beating revenue estimates.

The comparison charts below put the Q2 earnings and revenue growth rates for these index members in a historical context.

Image Source: Zacks Investment Research

The comparison charts below put the Q2 EPS and revenue beats percentages in a historical context.

Image Source: Zacks Investment Research

The unusually strong earnings growth rate of +41.5% and revenue growth of +14.7% are benefiting from Micron (MU - Free Report) and Alphabet’s (GOOGL - Free Report) blockbuster results.

The chart below shows the reported Q2 earnings growth pictures, with and without Alphabet and Micron.

Image Source: Zacks Investment Research

The Q2 reporting cycle is in its final stretch now, with half of the 16 Zacks sectors having reported all of their results, including Energy, Finance, Construction, Basic Materials, Utilities, and others.

This week’s line-up includes more than 100 companies, 12 of which are S&P 500 members. Notable companies reporting this week, in addition to the aforementioned retailers, include Estée Lauder, Viking, Deere & Co., and others.

The Earnings Big PictureThe chart below gives you a big-picture view of the overall earnings picture. It highlights current Q2 expectations right alongside actual results from the past four quarters and forecasts for the next three (including 2026 Q2).

Image Source: Zacks Investment Research

As you can see here, total S&P 500 earnings for 2026 Q2 are expected to increase by +43.2% compared to the same period last year on +15.2% higher revenues.

Of the 16 Zacks sectors, 13 are expected to have positive earnings growth in Q2, with Energy (earnings growth of +142.8%), Tech (+95.1%), Basic Materials (+52.3%), and Finance (+22.3%) as the major growth drivers.

Q2 earnings growth drops to +18.5% from +43.2% once the Tech sector’s substantial contribution is excluded.

The +142.8% earnings growth for the Energy sector is meaningful, but aggregate earnings growth would still be up +38.9% on an ex-Energy basis. The sector simply no longer has the heft it once did.

The Tech sector has been a pillar of earnings growth over the last two years and is expected to continue playing that role in Q2 and beyond. The chart below shows current earnings and revenue growth expectations for the sector relative to what it actually reported in the preceding two periods and what is expected over the following three quarters.

Image Source: Zacks Investment Research

The Tech sector is unlike the other 15 Zacks sectors, as it alone brings in 41.7% of all S&P 500 earnings and accounts for 46.3% of the index’s total market capitalization.

As noted earlier, Alphabet’s Q2 results included a huge boost from a non-operating side, specifically the unrealized gain it has been forced to book on its SpaceX stake following that company’s IPO. Alphabet isn’t alone in having an outsized impact on the sector’s growth pace, as Nvidia and Micron are also exerting an outsized influence.

Excluding the contribution from Alphabet, Micron, and Nvidia, Q2 earnings for the rest of the Zacks Tech sector would be up +33.6% (vs. +95.1% otherwise).

The chart below shows the Tech sector’s earnings growth picture, with and without these three companies.

Image Source: Zacks Investment Research

The chart below shows the aggregate growth picture for the S&P 500 index on a calendar year basis.

Image Source: Zacks Investment Research

As with Q2 expectations, the Tech sector has an outsized impact on the annual earnings picture as well. Total Tech sector earnings are expected to increase +50.8% from the same period last year on +17.5% higher revenues.

Excluding the Tech sector’s substantial contribution, total S&P 500 earnings for the year would be up +14.7% (vs. +27.0% otherwise).

As we saw with Q2 expectations, contributions from Alphabet, Micron, and Nvidia are also significant here on an annual basis, as the chart below shows.

Image Source: Zacks Investment Research

The Revisions Trend – 2026 Q3We showed in an earlier chart that S&P 500 earnings are expected to increase by +21.9% in 2026 Q3 on +10.7% higher revenues.

The revisions trend has remained positive, sustaining the favorable trend in place for almost a year now. The chart below shows how 2026 Q3 earnings growth expectations have evolved lately.

Image Source: Zacks Investment Research

As noted earlier, these favorable revision patterns are not a new development; they extend a tailwind that has been building for nearly a year. Historically, these upward adjustments were tightly concentrated in Technology and, more recently, Energy following Middle East supply disruptions. However, for Q3 2026, the constructive estimate revisions have broadened significantly, rising across 8 of the 16 Zacks sectors—including Transportation, Finance, Aerospace, Industrials, Utilities, and Construction, as well as Tech and Energy.

For a detailed view of the evolving earnings picture, please check out our weekly Earnings Trends report here >>>> Q2 Earnings Scorecard: Record Margins, Strong Beats and Upward Revisions  

, /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today that it has provided notice of its intention to redeem all 525,000 depositary shares each representing a 1/25th ownership interest in a share of its issued and outstanding Series D Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock (CUSIP No. 493267AK4) (the "Preferred Stock") on September 15, 2026.

There are 525,000 depositary shares representing 21,000 shares of Preferred Stock, with an aggregate liquidation preference of $525,000,000, currently outstanding. The Preferred Stock will be redeemed for cash at the redemption price of $25,312.50 per share ($1,012.50 per depositary share), which equals the liquidation preference of $25,000 per share ($1,000 per depositary share) plus accumulated and unpaid dividends and distributions through the redemption date. All shares of the Preferred Stock are held in book-entry form through the Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. Upon redemption, the Preferred Stock will no longer be outstanding and all rights with respect to such stock will cease and terminate, except the right to payment of the redemption price.    

Computershare, KeyCorp's transfer agent, will serve as the redemption agent. Computershare is located at 250 Royall Street, Canton, MA 02021.

About KeyCorp

KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $191 billion at June 30, 2026.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,100 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as "goal," "objective," "plan," "expect," "assume," "anticipate," "intend," "project," "believe," "estimate," or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2025, and in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the "SEC") and are or will be available on Key's website (www.key.com/ir) and on the SEC's website (www.sec.gov). These factors may include, among others, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, the soundness of other financial institutions, and the impact of changes in the interest rate environment. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.

SOURCE KeyCorp

3 Inexpensive Mid Cap Tech Stocks With Good Growth ProspectsItron NASDAQ: ITRI executives said at Oppenheimer’s Annual Technology Conference that the company’s opportunity is increasingly tied to grid-edge intelligence, software and services rather than its historical identity as a smart-meter supplier.

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Chief Financial Officer Joan Hooper said Itron’s early advanced metering infrastructure, or AMI 1.0, business primarily helped utilities automate billing processes. Today, she said, the company offers meters, grid-edge intelligence, networks, software analytics and services intended to help utilities address more complex operating challenges.

Don't Be Fooled By Badger Meter's Rise, There's More To Go“It isn't really about the meter anymore,” Hooper said. “It's about the solutions that we can bring to the customer for the problems that they're dealing with.”

Early-stage adoption of grid-edge intelligence
Hooper described adoption of Itron’s distributed intelligence, or DI, technology as being in the “early innings.” At the end of the second quarter, Itron had shipped about 18 million DI-enabled endpoints, representing approximately 20% year-over-year growth. Hooper characterized those endpoints as meters with computing capability attached.

The company also had nearly 28 million licensed applications for DI-enabled endpoints, up about 50% from a year earlier, according to Hooper. However, she said the number of endpoints in use remains a relatively small share of the broader meter base.

New contracts are increasingly incorporating components from Itron’s Networked and Outcomes businesses, along with the ability for utilities to purchase applications, Hooper said. The platform is designed to help utilities manage load growth, coordinate distributed energy resources and electric-vehicle charging, and improve resilience and reliability.

Utilities are facing rising electricity demand from factors including data centers and distributed-energy-resource activity, along with regulatory pressure to maintain affordability, Hooper said. She added that Itron has “never seen the pipeline” of opportunities as large as it is now, with demand concentrated in U.S. electric utilities while gas-related opportunities have also become significant.

Project timing remains utility-specific
Despite the demand pipeline, Hooper said the timing of bookings and revenue conversion can vary substantially by utility and regulator. Utilities may address projects one territory at a time rather than pursuing a large multiyear deployment across all service territories, she said.

That approach could produce smaller bookings that move from pipeline to backlog more quickly and are deployed over one to two years, rather than larger projects that can take four to five years to roll out. Still, Hooper cautioned that outcomes will differ by customer.

Itron does not include awards in backlog until they receive regulatory approval. Hooper noted that bookings received over the next 12 to 18 months would not have a major effect on revenue over the same period, because most revenue contemplated in the company’s second-half guidance was already in backlog.

The company’s Outcomes backlog exceeded $1 billion within total backlog of $4.4 billion, Hooper said. She added that the historical lag between Networked revenue and initial Outcomes revenue remains roughly nine to 12 months, as utilities may wait until endpoints are deployed before activating applications.

Supply chain, pricing and margins
Hooper said Itron is closely monitoring memory pricing, although it is not seeing the same degree of capacity tightness experienced during prior semiconductor constraints. The company began purchasing memory ahead of expected needs late last year and believes it has appropriate buffers in place.

Itron has expanded its use of dual suppliers and uses an integrated sales-and-operations-planning process to align product, procurement and manufacturing teams, Hooper said. She said the company has a strong balance sheet and is prepared to carry additional inventory when necessary to avoid supply limitations.

Unlike several years ago, Itron’s current contracts generally include pricing escalators based on indices such as the producer price index, according to Hooper. Memory is a relatively small portion of the company’s bill of materials, she said.

Hooper did not disclose a gross-margin comparison between legacy AMI endpoints and DI-enabled endpoints, but said average selling prices have increased from roughly $80 to $90 for older endpoints to approximately $120 to $140 for DI-enabled products. She also attributed margin improvement to better factory utilization, a factory closure, leaner overhead, improved supply-chain resilience and pricing changes.

Resiliency acquisitions and capital allocation
Itron’s Resiliency Solutions segment includes the Urbint and Locusview acquisitions. Hooper said Urbint, acquired in late 2025, has been substantially integrated. Its software-as-a-service platform focuses on emergency preparedness and response, damage prevention and worker safety.

Locusview, acquired at the beginning of 2026, provides digital construction-management capabilities for utilities. Integration work, including the migration of Locusview’s enterprise resource planning system and other internal tools to Itron’s systems, is expected to be completed by early 2027.

Hooper said Itron continues to expect the two businesses to generate $65 million to $70 million in revenue with 70% gross margins. The company expects the operations to contribute to earnings per share by the end of the year and into next year, while net accretion after lost interest income on the cash used is expected by 2028.

Joel Vach, Itron’s vice president of tax and treasury, said the company continues to invest heavily in internal development, with more than 9% of revenue devoted to research and development. For acquisitions, he said Itron is focused primarily on software assets that expand Outcomes and Resiliency Solutions, complement its platform and offer cross-selling potential.

Vach said Itron had $745 million in cash, leverage of 2.3 times and approximately $1.5 billion in liquidity. The company generally expects acquisitions to become accretive within two to three years and does not pursue transactions solely to add revenue.

About Itron (NASDAQ:ITRI)Itron, Inc NASDAQ: ITRI is a global technology company that develops innovative solutions to measure, manage and analyze the use of energy and water. Its comprehensive portfolio includes smart meters, data collection devices, communication networks and advanced software applications designed to optimize utility operations and foster sustainable resource management. The company's offerings enable utilities and cities to accurately monitor consumption patterns, streamline billing processes and improve grid reliability.

Itron's product lineup spans a range of hardware and software solutions, from residential and commercial smart meters to meter data management systems (MDMS), networked communication platforms and analytics tools.

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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Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries.

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Energy Transfer (ET +1.52%), one of the largest midstream pipeline companies in the United States, pays a forward yield of 6.5%. That yield might seem high, but it's supported by plenty of cash and long-term catalysts. Let's see why it's still a reliable income play for patient investors.

Why is Energy Transfer a reliable stock?
Energy Transfer operates more than 140,000 miles of pipeline across 44 states. It transports natural gas, liquefied natural gas (LNG), natural gas liquids (NGLs), crude oil, and other refined products, and helps companies export some of their natural gas products.

Image source: Getty Images.

As a pipeline operator, Energy Transfer generates most of its revenue by charging upstream producers and downstream refineries "tolls" to use its infrastructure. That business model is insulated from volatile commodity prices because it only needs those resources to keep flowing through its pipes. However, the soaring demand for oil and natural gas continued to boost crude oil and NGL volumes to record levels in the first half of 2026. It also secured more long-term agreements with utilities and data centers to supply natural gas for the booming cloud infrastructure and artificial intelligence (AI) markets.

Today's Change

(

1.52

%) $

0.32

Current Price

$

21.08

How stable are its distributions?
Energy Transfer is a Master Limited Partnership (MLP), which technically treats you as a partner rather than a regular shareholder. It blends a return of capital with its own cash to pay more tax-efficient distributions instead of traditional dividends. Still, you'll need to report that income separately on a K-1 form every year when you file your taxes.

Energy Transfer, like other MLPs, covers its distributions with its distributable cash flow (DCF). Its DCF has easily covered its total distributions over the past few years, even as the pandemic, inflation, soaring interest rates, and geopolitical conflicts rattled the commodities market.

Metric (Billions USD)

2020

2021

2022

2023

2024

2025

Adjusted Annualized DCF

$5.74

$8.22

$7.45

$7.58

$8.36

$8.21

Total Distributions

$2.47

$1.78

$3.09

$3.99

$4.39

$4.56

Data source: Energy Transfer.

Energy Transfer has raised its payout for 19 consecutive quarters, and it plans to raise its distribution at an annual rate of 3% to 5% as long as its coverage ratio (its adjusted DCF to distributions) -- which came in at 1.8x in 2025 -- stays around that level. That's why it's a reliable income stock, even if it pays a higher yield than many other pipeline companies.

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

These 3 Water ETFs Could be Quiet Winners From Infrastructure SpendingIDEXX Laboratories NASDAQ: IDXX outlined an innovation-led growth strategy at its 2026 Investor Day, highlighting a $45 billion global companion-animal testing opportunity, expanded commercial investments and a pipeline of diagnostic, software and artificial-intelligence offerings intended to increase testing utilization in veterinary practices.

President and CEO Mike Erickson said the company sees a long-term opportunity to expand diagnostic testing as pets live longer and veterinary practices adopt more preventive screening. He said IDEXX estimates that blood work and urinalysis identify clinically meaningful abnormalities in roughly one in four apparently healthy pets, while diagnostic testing also drives broader practice activity, including medical services, therapeutics and prescription diets.

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Bullish or Bearish? Vetting Animal Health Care StocksErickson said only 13% of U.S. wellness visits currently include blood work, leaving substantial headroom for growth. IDEXX estimates that sector-wide blood-work inclusion has increased by about 50 basis points annually, contributing roughly 150 basis points of incremental recurring CAG diagnostic revenue for the company each year.

Diagnostic platforms and cancer testing The company emphasized its “Technology for Life” approach of adding new testing capabilities to existing installed instruments. IDEXX introduced quantitative proBNP cardiac testing for both dogs and cats on its Catalyst point-of-care platform. The company said the test will help veterinarians evaluate cardiac risk and make referral or monitoring decisions during patient visits.

IDEXX also discussed continued adoption of its inVue Dx cytology platform. Erickson said the company had placed more than 9,000 inVue Dx instruments globally through the second quarter, with utilization per instrument in the previously stated range of $3,500 to $5,500. The platform supports ear cytology, blood morphology and fine-needle aspirate testing, or FNA.

Puja Pathak, senior vice president and general manager of IDEXX VetLab, said inVue Dx is designed to reduce hands-on work, standardize results and automatically integrate findings into practice records and invoices. She said practices adopting inVue Dx have seen 6% higher ProCyte CBC utilization. IDEXX expects broad availability of the inVue FNA application by the end of the year following a controlled rollout.

The company said FNA testing on inVue Dx can enable veterinarians to assess lumps and bumps in-practice, reducing the cost and complexity associated with traditional slide preparation and outside laboratory review. According to IDEXX, practices adopting the application are examining twice as many masses.

Erickson also said IDEXX plans to provide further details on MultiCue Dx, a new point-of-care diagnostic platform, at VMX in Orlando in January. He described MultiCue as complementary to the existing VetLab suite and said it was designed and manufactured at IDEXX facilities in Maine. The company did not disclose launch timing or expected economics for the platform.

Cancer Dx panel expansion Oncology was a central focus of the event. IDEXX said Cancer Dx has been used by more than 11,000 practices globally and that 70% of test runs have been paired with reference-laboratory blood-work panels. The company also said 20% of practices using Cancer Dx had another provider as their primary reference laboratory.

Mike Lane, executive vice president at IDEXX, said the company will expand Cancer Dx from lymphoma detection to a multi-cancer panel. Canine mast cell tumor detection is planned for September, followed by canine hemangiosarcoma detection in December. With lymphoma, those additions are expected to address 40% of canine cancers, according to the company. IDEXX said it aims to expand panel coverage to 50% of canine cancers by 2028.

IDEXX said it plans to maintain a roughly $15 price point for the multi-cancer panel when run alongside blood work through an IDEXX Reference Laboratory. Lane said the lymphoma offering can also be used for monitoring remission during CHOP chemotherapy, creating potential for recurring testing.

The company characterized hemangiosarcoma as a particularly urgent unmet need because the disease can remain undetected until internal tumors rupture. Lane cited a peer-reviewed study in which more than one-third of dogs identified before rupture survived a year or longer, while no dogs identified after rupture survived one year.

Software, AI and commercial expansion Tracy Byers, senior vice president of veterinary software, diagnostic imaging and telemedicine, said IDEXX is building an integrated, cloud-based software ecosystem spanning practice management, workflow, imaging, telemedicine and pet-owner engagement. She said nearly 70% of the company’s practice-management installed base is cloud-based, while net recurring revenue retention across the software ecosystem is 105%.

IDEXX reported that Vello users increased 37% over the prior six months. Byers said practices using IDEXX software have higher wellness blood-work inclusion, with a further 300-basis-point increase when Vello is combined with the company’s practice-management tools.

The company said it is using data from 35 billion diagnostic records, more than 750 million pet-lifespan medical records and more than 650,000 annual specialist-consulting calls to develop AI capabilities. Potential applications include workflow prompts, clinical recommendations, ambient voice tools, image-quality support and disease registries.

George Fennell, executive vice president of global CAG commercial, said IDEXX’s commercial model is centered on helping practices manage workflow changes required to adopt new technology. The company is expanding commercial investments in Spain, France, South Korea and Canada, along with targeted additions in the U.S., to increase customer proximity and support adoption.

Long-term financial framework CFO Andrew Emerson said IDEXX expects 2026 operating profit margin to exceed 32%. The company reiterated its long-term outlook for more than 10% organic revenue growth, 50 to 100 basis points of operating-margin expansion and average annual EPS growth of about 15%.

Emerson said CAG diagnostic recurring revenue has expanded about 10% annually over the past five years, adding more than $1 billion in incremental revenue. IDEXX sees potential for 8.5% to 11% long-term CAG diagnostic recurring-revenue growth excluding any recovery in clinical visits, supported by utilization, innovation, instrument placements and net price realization.

The company said it expects recurring software and diagnostic-services revenue growth of more than 15%, capital revenue growth above 5%, and mid- to high-single-digit growth from its water and livestock, poultry and dairy businesses. Emerson added that IDEXX has reduced its share count by about 20% over time through share repurchases and generated 25% compounded annual free-cash-flow-per-share growth since 2015.

About IDEXX Laboratories (NASDAQ:IDXX)IDEXX Laboratories, Inc NASDAQ: IDXX is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.

IDEXX's product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.

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

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Key Takeaways Cadence is benefiting from rising AI-driven design demand as chip and system complexity increases.CDNS estimates call for 2026 revenues of $6.313B and earnings of $8.12 per share.Cadence trades at 36.3X forward earnings, while 2026 operating cash flow is expected near $2B.
Cadence Design Systems (CDNS - Free Report) combines rising AI-related demand, higher earnings expectations and stronger cash generation with a valuation that remains well above major benchmarks.

That mix creates a clear trade-off for investors. Growth prospects are improving, but the stock still requires buyers to pay a sizable premium for that growth.

Cadence AI Demand Supports a Strong Growth CaseCadence is benefiting from rising chip and system complexity and greater spending on AI-driven design. Management expects agentic AI to increase electronic design automation consumption as customers run more simulation, verification and implementation cycles.

The company is broadening its AI portfolio through AuraStack, ChipStack and ViraStack. ViraStack has more than 25 engagements and has delivered 2X-10X productivity improvements versus traditional design flows, as Cadence highlighted, supporting the case for wider platform usage.

CDNS Estimates Point to Continued Earnings ExpansionThe Zacks Consensus Estimate calls for 2026 revenues of $6.313 billion and 2027 revenues of $7.130 billion. Consensus earnings are $8.12 per share for 2026 and $9.41 for 2027.

Projected 2026 sales growth is 19.2%, while projected earnings growth is 13.7%. Those figures indicate continued expansion even after Cadence increased second-quarter revenues 24.2% year over year.

Cadence Still Trades at a Premium ValuationCDNS trades at 36.3X forward 12-month earnings versus 23.4X for its sub-industry and 20.7X for the S&P 500. Although that multiple is at the five-year low and below the 52.8X median, the relative premium remains substantial.

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The same pattern appears in sales-based measures. CDNS trades at 13.1X forward sales and 13.9X forward enterprise value to sales, compared with 6.2X on both measures for the sub-industry.

CDNS Cash Flow Strengthens the Investment CaseCadence expects about $2 billion in 2026 operating cash flow and plans to use at least 50% of annual free cash flow for share repurchases. It bought back $200 million of stock in each of the first two quarters.

Second-quarter operating cash flow reached $635 million, up from $356 million in the prior quarter. Free cash flow increased to $582 million from $307 million, giving the company more flexibility to fund investment and capital returns.

CDNS Risks Could Limit Multiple ExpansionSynopsys, Inc. (SNPS - Free Report) competes across electronic design automation, silicon intellectual property and engineering simulation. Siemens AG (SIEGY - Free Report) , through Siemens EDA, also spans integrated-circuit design, verification and manufacturing, which keeps competitive intensity high.

Cadence faces currency sensitivity because international operations have historically generated more than half of revenues. AI infrastructure spending can also be volatile, while goodwill and acquired intangible assets represented 56.2% of total assets at June 30, 2026.

Cadence Signals Favor Growth Over ValueCadence’s operating outlook supports the growth case, but the premium valuation argues against treating strong AI demand alone as sufficient reason to buy. The stock currently carries a Zacks Rank #3 (Hold), consistent with a more measured position.

Key Takeaways Lamar acquired more than 230 AdSource billboard faces across Louisiana, including 30 digital displays.AdSource owners received Lamar LP units that track the value of Lamar's Class A common stock.Lamar's UPREIT structure enables tax-deferred acquisitions by issuing partnership units to billboard owners.
Lamar Advertising Company (LAMR - Free Report) has acquired the assets of AdSource Outdoor Advertising through the billboard industry’s second-ever UPREIT transaction. The acquisition, which closed on Aug. 12, had previously been disclosed during Lamar’s recent earnings call.

Through the acquisition, Lamar is adding more than 230 billboard faces across Louisiana to its portfolio. The newly acquired assets include 30 digital displays, further strengthening the company’s outdoor advertising presence in the state.

AdSource was launched in Lake Charles, LA, in 2003. Over the years, the company expanded its operations and built a broader network of billboard assets throughout Louisiana.

As part of the transaction, AdSource contributed its assets to Lamar Advertising Limited Partnership (“Lamar LP”), the operating partnership subsidiary that holds Lamar’s assets. In return, AdSource’s owners received common units of Lamar LP. These units are structured to track the value of Lamar’s Class A common stock. Holders receive cash distributions on each common unit equal to the per-share dividend paid on Lamar’s common stock. The units may also be converted into cash or shares of Lamar Class A common stock.

The transaction was made possible by Lamar’s UPREIT organization or Umbrella Partnership Real Estate Investment Trust. This allows the company to issue Lamar LP partnership units to billboard owners as part of acquisitions on a tax-deferred basis.

ConclusionThe AdSource acquisition is expected to benefit Lamar by expanding its billboard network in Louisiana. The UPREIT structure also provides a tax-efficient acquisition tool that could help Lamar pursue similar transactions, deepen its market presence and support long-term revenue growth.

In the past three months, shares of this Zacks Rank #3 (Hold) company have gained 7.7% compared with the industry's growth of 2.9%.

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Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are American Tower (AMT - Free Report) and Cousins Properties (CUZ - Free Report) , each carrying a Zacks Rank of #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for AMT’s 2026 FFO per share is pegged at $11.00, which indicates year-over-year growth of 2.23%.

The Zacks Consensus Estimate for CUZ’s full-year FFO per share is pinned at $2.96, which suggests an increase of 4.23% from the year-ago period.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

Shares of MP Materials Corp. (NYSE:MP) are trading higher Friday afternoon as investors react to new federal trade and defense initiatives expected to strengthen domestic supply chains.

MP Materials stock is surging to new heights today. Why are MP shares rallying? Trump Administration Actions Boost Demand Outlook for Rare EarthsThe Trump administration announced tariffs on foreign-made drones and critical components, alongside expanded agreements with major defense prime contractors Boeing and RTX to scale up interceptor missile production.

These regulatory and procurement policy shifts have reinforced the long-term demand outlook for rare earth elements and critical minerals. MP Materials operates Mountain Pass, the sole active rare earth mining and processing site in the United States.

Elements produced by the company are essential components in high-performance permanent magnets, military ordnance, guidance systems and unmanned aerial vehicles.

Defense Initiatives Support Strategic Domestic Supply Chain FocusThe combination of trade protections on foreign aerospace hardware and heightened Pentagon missile production underscores the strategic necessity of onshore critical mineral processing.

Increased defense consumption potentially enhances long-term revenue visibility for domestic producers as prime contractors seek supply security for magnetic alloys and raw materials.

MP Shares Climb Friday AfternoonMP Price Action: MP Materials shares were up 6.27% at $59.15 at the time of publication on Friday, according to Benzinga Pro data.

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Key Takeaways SFM shares gained 12.2% in a month as investors weigh growth drivers against soft comps and margin pressure.Sprouts' Q2 net sales rose 5% to $2.33 billion, while comparable-store sales declined 1%.SFM's Q2 gross margin fell 12 basis points to 38.7%, with Q3 EBIT margin seen down about 50 basis points.
Sprouts Farmers Market, Inc. (SFM - Free Report) shares have gained 12.2% in the past month, putting the durability of the rebound in focus. The move comes while the specialty grocer balances healthy expansion drivers with weak comparable-store sales and margin pressure.

The next phase depends less on the stock’s recent momentum and more on whether easier comparisons, customer-engagement initiatives and new-store productivity can improve established-store trends without creating additional profitability strain.

SFM’s 12.2% Monthly Gain Raises the BarSFM’s four-week gain follows a much weaker longer-term performance profile, so the advance should not be treated as proof that operating conditions have already turned. Second-quarter results still showed pressure in the existing store base.

Management expects comparisons to become more manageable as 2026 progresses. Investors will need evidence that better traffic and basket trends can accompany unit expansion before the recent price move looks fully supported by fundamentals.

Sprouts Growth Drivers Support the MoveNew stores continue to perform well, while e-commerce sales increased more than 12% year over year in the second quarter and represented about 16% of sales. Sprouts brand products also outperformed the broader business and reached 26% of total sales.

The company launched about 1,300 products during the quarter, emphasizing organic, seed oil-free, fiber, gut health and protein offerings. Natural Grocers by Vitamin Cottage, Inc. (NGVC - Free Report) , another specialty natural and organic retailer, underscores the competitive importance of differentiated wellness assortments.

The Kroger Co. (KR - Free Report) also competes for grocery spending through stores, e-commerce and loyalty-driven personalization. That broader competitive backdrop raises the value of Sprouts’ discovery-focused assortment and first-party customer data.

SFM’s Soft Comps Challenge the RallyComparable-store sales fell 1% in the second quarter after declining 1.7% in the first quarter. Net sales still rose 5% to $2.33 billion, showing that unit expansion is carrying more of the company’s top-line growth.

The outlook points to gradual improvement rather than a sharp rebound. Comparable-store sales are expected in the range of down 0.5% to up 1.5% for the third quarter and between down 0.5% and up 0.5% for 2026, making traffic and basket recovery an important test.

Sprouts Margins Face a Near-Term TestSecond-quarter gross margin declined 12 basis points to 38.7%, reflecting loyalty investment and elevated fuel costs, partly offset by self-distribution and vendor participation. EBIT margin fell to 7.5% from 8.1% a year earlier.

Third-quarter EBIT margin is expected to decline about 50 basis points. Lower comparable sales are reducing fixed-cost leverage, while a heavier new-store opening cadence and higher depreciation add near-term pressure.

SFM’s Valuation Leaves Room for DebateSFM trades at 14.49X forward 12-month earnings, below the Zacks sub-industry’s 15.7X multiple. The stock’s current valuation is also close to its five-year median of 14.44X.

That positioning suggests the past month’s rebound has not pushed the shares far beyond their historical valuation norm. Further upside may require firmer comparable-store sales and evidence that margin pressure is becoming more manageable.

Image Source: Zacks Investment Research

SFM’s Rank and Style Scores Temper the SetupThe bottom line is mixed. Sprouts has visible growth drivers in new stores, digital sales, private label and product innovation, but weak comps and near-term margin pressure leave execution as the key variable after the stock’s 12.2% advance.

SFM currently carries a Zacks Rank #3 (Hold), supporting a measured stance. It has a VGM Score of A, along with a Value Score of B, Growth Score of B and Momentum Score of B, reflecting favorable style characteristics without overriding the neutral near-term Rank signal. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways AAOI's vertically integrated fiber-optic solutions address key AI bottlenecks.The company landed a strategic, multi-year deal with Amazon.Domestic production gives AAOI an edge with Western buyers. Applied Optoelectronics Company OverviewZacks Rank #3 (Hold) stock Applied Optoelectronics ((AAOI - Free Report) ) designs and manufactures fiber-optic networking products for internet data centers, cable television, telecommunications, and fiber-to-the-home end markets. The company is vertically integrated, beginning with lasers and laser components and building up to optical modules and complete equipment. The company manufactures most of the laser chips and optical components used in its own products.

The AI Scaling BottleneckAAOI’s hottest business segment is the AI data center market. Big tech companies looking to gain a foothold in the AI market are building data centers in one of the biggest commercial buildouts in history to train complex AI models. These massive data centers are filled with thousands of NVIDIA ((NVDA - Free Report) ) graphics processing units (GPUS). Traditionally, GPUs are connected using copper. However, traditional copper interconnects hit physical limits regarding reach, power consumption, and thermal output. Additionally, copper prices have increased dramatically over the past year, making optics more attractive for these uses.

As a result, AAOI’s top-and-bottom line growth is currently in the high double-digit range. However, Zacks Consensus Analyst Estimates suggest that AAOI’s EPS and revenue growth will grow to triple-digits in 2026 and 2027.

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Amazon Deal Provides Revenue VisibilityLast year, Applied Optoelectronics announced a massive, multi-year deal with Amazon ((AMZN - Free Report) ). Amazon will invest up to 8 million shares in AAOI in exchange for an advanced supply of optical transceivers and data center networking products. The deal provides AAOI with multi-year revenue visibility and validation from one of the leading hyperscalers.

Growing Profit MarginsThe company’s profit margins have been increasing dramatically and have nearly doubled since 2023.

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Geopolitically InsulatedAAOI stands to benefit as Western nations seek to derisk their supply chains from China-based optical suppliers. The company’s primary manufacturing facility is in Texas, which makes it one of the few domestic optics manufacturers.

AAOI Technical AnalysisAAOI shares retook the 50-day moving average and are breaking out of a picture-perfect bull flag pattern.

Image Source: TradingView

Bottom Line

As traditional copper infrastructure gives way to high-speed optical transceivers, AAOI’s vertical integration, expanding profit margins, and multi-year deals position it to capitalize on the AI boom.