Silver (XAG/USD) stabilizes around $63.45 on Wednesday, up 0.16% on the day at the time of writing. The white metal is attempting to regain its footing after hitting an intraday low of $62.19, initially extending the pullback that followed Tuesday’s rejection from the $66.50 area.
Silver remains under pressure in a cautious market environment as investors monitor the deteriorating situation in the Middle East. The Memorandum of Understanding between the United States (US) and Iran expired on Monday, while US President Donald Trump confirmed on Tuesday that no talks with Tehran are currently taking place.
Disruptions to maritime traffic through the Strait of Hormuz are also keeping tensions elevated in the energy market, reinforcing concerns about the conflict's inflationary consequences. This prospect could complicate the task of the Federal Reserve (Fed) and limit its room to tighten monetary policy.
Investors now await the Minutes of the Federal Open Market Committee (FOMC) July meeting, due on Wednesday at 18:00 GMT, for fresh clues about the path of US interest rates.
Since that meeting, weaker-than-expected labor market and inflation data have reduced expectations of a September rate hike. According to the CME FedWatch tool, markets now price in only a 32% chance of an increase at the next meeting. This shift helps limit pressure on precious metals, which tend to benefit from expectations of less restrictive monetary policy.
At the same time, inflation risks stemming from the energy shock continue to support the possibility of further monetary tightening over the longer term. US Treasury yields therefore remain elevated despite a modest decline on Wednesday, limiting the appeal of non-yielding Silver.
The release of the Fed Minutes could therefore provide the next catalyst for Silver as markets assess the balance between softer US economic data, inflation risks stemming from the Middle East conflict and the future path of interest rates.
XAG/USD technical analysisIn the one-hour chart, XAG/USD trades at $63.46, retaining a capped near-term tone as it holds beneath the 100-period simple moving average (SMA) at $64.74 and the 200-period SMA at $64.65. The proximity of the immediate horizontal barrier at $63.50 reinforces overhead supply just above spot, while the Relative Strength Index (RSI) at 44.51 stays below the neutral 50 line, hinting that recovery attempts could remain limited for now.
On the topside, initial resistance is located at $63.50, ahead of the 200-hour SMA at $64.65 and the 100-hour SMA at $64.74, with a stronger hurdle emerging at the prior horizontal cap near $66.80. On the downside, first support appears at $62.60, with a deeper cushion seen at $61.00, where buyers would be expected to show more interest if the current pullback extends.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Enterprise Products Partners, Energy Transfer a Enbridge hlásí rekordní objemy a zvyšují dividendy. Energy Transfer navíc zvedla celoroční výhled upravené EBITDA na 18,8 až 19,1 miliardy USD.
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Midstream energy remains one of the few corners of the market where investors can pair mid-single-digit growth outlooks with above-market income. WTI crude has staged a sharp recovery, rallying 17.0% over the past month to $84.77 per barrel, and U.S. LNG export capacity keeps expanding, with the EIA forecasting LNG exports averaging 17.0 Bcf/d in 2026 and 18.2 Bcf/d in 2027. Pipeline operators sit at the toll booth for all of that throughput.
Three names stand out: two U.S. MLPs and one large-cap Canadian pipeline operator, all US-listed, all posting record volumes, and all raising distributions.
Enterprise Products Partners (EPD) Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) is a master limited partnership that issues a Schedule K-1, so unitholders should factor tax filing complexity into their decision. Shares closed at $38.61 on August 17, up 25.99% year to date, and the partnership carries a market cap near $82.1 billion. The latest quarterly distribution of $0.56 per unit, annualizing to $2.24, was paid on August 14, 2026.
Q2 2026 delivered record operational DCF of $2.3 billion, up 21% year over year, providing 1.9x coverage of the cash distribution. Adjusted EBITDA hit a record $2.83 billion, up 17% YoY, on record equivalent pipeline volumes of 14.7 million barrels per day and marine terminal volumes of 2.8 million barrels per day. The partnership has $6.5 billion in organic growth projects under construction, headlined by an LPG export terminal expansion on the Houston Ship Channel expected online by year-end 2026. CEO Jim Teague said "Enterprise reported strong volumes, earnings and cash flow for the second quarter of 2026". With a distribution track record stretching from $0.225 in 1999 to $0.56 in 2026, it ranks among the cleanest income compounders in midstream.
Risk to watch: Marine terminal volumes benefited from a Middle East demand surge in April and May and, per management, "returned to normal levels in June and July". Second-half comparisons will be tougher.
Energy Transfer (ET) Energy Transfer (NYSE:ET) is also a K-1-issuing MLP. Units finished at $20.94, up 33.84% year to date, making it the top performer of the three in 2026. The current quarterly distribution of $0.34, or $1.36 annualized, represents the 19th consecutive quarterly increase. The next payment is scheduled for August 19, 2026.
Q2 was strong. EPS of $0.59 topped the $0.37 consensus, a 60.41% beat, with revenue of $34.33 billion versus a $28.86 billion estimate. Adjusted EBITDA came in at $5.07 billion, up 31% YoY. Management raised full-year 2026 adjusted EBITDA guidance to $18.8 billion to $19.1 billion, the second raise this year. The Hugh Brinson Pipeline is in commercial service, with full Phase 1 capacity of 1.5 Bcf/d expected September 1, 2026, and the Nederland NGL export expansion adds 240,000 bpd of ethane plus 55,000 bpd of LPG capacity. Data center demand is layering on top: an Abilene AI factory campus signed a 900 MW natural gas supply agreement. CFO Dylan Bramhall put it plainly: "When we look at this opportunity set, we’re not by any means lowering our return threshold. In fact, I think when we look at these projects, our return threshold is probably going up".
Risk to watch: Q1 2026 EPS missed by 7.60% partly on higher interest expense from an expanded capital structure. Leverage sits at the top of the 4.0x to 4.5x EBITDA target range, leaving less cushion if commodity spreads compress.
Enbridge (ENB) Enbridge (NYSE:ENB) is the diversified pipeline heavyweight, with a market cap of roughly $111.2 billion. Unlike the two MLPs, Enbridge is a Canadian corporation that pays a standard 1099-DIV and declares its dividend in Canadian dollars, introducing FX risk for U.S. holders. The board declared a quarterly dividend of C$0.97, payable September 1, 2026 to holders of record August 14. Shares closed at $50.58, up 10.07% year to date but down 9.59% over the past month, which improves the entry point.
Q2 adjusted EPS of $0.63 beat the $0.60 consensus by 5.63%, adjusted EBITDA rose to $4.78 billion, and DCF reached $2.95 billion. Management reaffirmed 2026 guidance of C$20.2 billion to C$20.8 billion adjusted EBITDA and DCF per share of C$5.70 to C$6.10, alongside a post-2026 growth outlook of roughly 5%. The secured backlog stands at approximately C$41 billion, with C$9 billion sanctioned year to date. CEO Greg Ebel called it the "best macro environment for growth in the last 10 years", pointing to over 50 data center opportunities across North America requiring up to 10 Bcf/d of new takeaway capacity.
Risk to watch: Debt-to-EBITDA sits at an elevated 5.1x, GAAP earnings will remain choppy due to non-cash derivative marks, and CAD-denominated dividends fluctuate with the loonie.
What Investors Should Watch Next All three offer growing distributions backed by fee-based cash flows, visible project backlogs, and direct exposure to LNG export, NGL export, and power/data center demand. EPD offers the most conservative coverage profile, ET the strongest earnings momentum and cheapest valuation, and ENB the broadest diversification and largest project pipeline. Key catalysts into the fall include the Hugh Brinson Phase 1 full commercial in-service on September 1, 2026, EPD’s LPG export expansion coming online by year-end 2026, and Enbridge’s plan to sanction C$10 billion to C$20 billion of new projects over 2026 to 2027.
Contact [email protected] for any questions or corrections.
CEO Alex Karp řekl, že Palantir může při současných maržích a růstu tržeb pokračovat ještě dalších 18 měsíců. Wall Street má medián cílové ceny 205 USD od 35 analytiků, což znamená 18% potenciál růstu.
Palantir Technologies (PLTR -0.58%) is one of the most popular artificial intelligence trades on the market, particularly among retail investors. The stock has essentially moved sideways this year despite a series of strong financial results, but investors have reason to think it could break higher in the coming months.
Recent commentary from CEO Alex Karp suggests the company can maintain its impressive revenue growth trajectory for the foreseeable future, and most Wall Street analysts believe the stock is undervalued. Here are the important details.
Image source: The Motley Fool.
Alex Karp says Palantir can maintain its growth trajectory for the next 18 months Palantir develops data integration and analytics platforms for customers in the public and private sectors. The company also provides an adjunct artificial intelligence platform (AIP) that serves as an orchestration tool for large language models (LLMs).
Palantir has received praise from several independent research firms. Dresner Advisory Services has ranked the company as a leader in three market studies: AI, data science, and machine learning; model operations; and agentic AI. And Forrester Research has recognized Palantir as a leader in AI decisioning platforms.
Palantir reported tremendous financial results in the second quarter, beating consensus estimates on both the top and bottom lines. Revenue rose 93% to $1.9 billion, marking the 12th consecutive acceleration, and non-GAAP (generally accepted accounting principles) net income increased 215% to $0.41 per diluted share. Palantir also achieved a phenomenal Rule of 40 score of 155%.
Here's the good news: During a recent CNBC interview, CEO Alex Karp said Palantir was a "business unlike any other." He also said the company was "poised to grow with these margins and this revenue growth for another 18 months."
Karp pins his confidence on the strong demand for sovereign AI, meaning systems that ensure a company has absolute control over its proprietary data and model weights. "Demand for AI sovereignty has now been unleashed," said Karp. "Palantir is the only company that has demonstrated it can transform tokens into actual economic value."
Palantir is the application layer that makes AI models safe, useful, and precise Palantir plays a critical role in the AI value chain. Companies like Anthropic and OpenAI have built incredible models, but businesses need an application layer not only to unlock operational value with those models but also to safeguard proprietary data. Palantir is that application layer.
One way Palantir has differentiated itself is through its unique software architecture. Whereas most analytics products focus on reporting through spreadsheets and charts, Palantir built its platforms around a decision-making framework called an ontology. Think of an ontology as a real-time digital twin for an organization. It connects abstract data to physical assets, creating an intuitive interface that lets users surface insights and take action.
Here's the bottom line: Most analytics products are simply visualization dashboards, but Palantir actually bridges the gap between data and decision-making, allowing its software to create real operational value. And ontology-based software is the secret to its success. CEO Alex Karp says the company's ontology makes large language models "safe, useful, and precise."
Today's Change
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The Wall Street consensus says Palantir stock will increase 18% in the next year Wall Street expects Palantir's adjusted earnings to increase at 56% annually through 2027. That is impressive, but the current price-to-earnings ratio of 144 still looks very expensive by comparison. Those figures give a price-to-earnings-to-growth (PEG) ratio of 2.5, and values above 2 are generally considered rich.
Nevertheless, Palantir has such a long runway for growth that most Wall Street analysts anticipate upside in the stock. Palantir has a median 12-month target price of $205 per share among 35 analysts. That implies 18% upside from its current share price of $173.
Personally, I think investors should be cautious with Palantir. While the stock has traded sideways this year, it has also climbed more than 60% since late June, and the valuation is not cheap. I think it's OK to purchase a few shares today, but I would limit the position to no more than 1% of my portfolio.
Micron po růstu tržeb a zisku stále obchoduje jen za asi 7násobek odhadu zisku na příští rok, výrazně pod Nvidií s asi 18násobkem forward P/E. Investoři ale zůstávají opatrní kvůli cykličnosti paměťového trhu.
Shares of Micron Technology (MU -7.02%) have soared over the past year as memory shortages fueled explosive growth in revenue and profits. With the stock up by more than 700%, the company's market cap recently crossed $1 trillion, yet the stock still trades at a cheap-looking valuation of about 7 times next year's consensus earnings estimate.
That valuation sits well below Nvidia's roughly 18 forward price-to-earnings (P/E) multiple. So why the discount on Micron -- and is it warranted?
Image source: The Motley Fool.
Investors are cautious despite booming demand In its fiscal 2026 third quarter, Micron delivered a 346% year-over-year revenue jump, and analysts expect a similar increase in fiscal Q4. But investors aren't ready to start ignoring the memory market's boom-and-bust history.
Over the past 10 years, Micron has at times seen its revenue drop by as much as 50% in a single year. That matches the occasional downward swings in memory chip selling prices. That type of volatility explains why investors tend to pay a low multiple for the stock even during good times -- because they expect the next memory market downturn will eventually arrive.
Trailing-12-month earnings have hit a record $44 per share and just doubled year over year in the most recent quarter. But Micron's results were choppy before fiscal 2025. From fiscal 2017 through fiscal 2025, earnings rose 72% in total, which isn't much over eight years.
The current memory boom might last for another year or two. On the June earnings call, management said it has no clear line of sight for when memory supply will fully catch up to demand. This statement supports expectations for higher prices and profit growth in the near term.
The question is what happens after 2028. That's when the gap between supply and demand is expected to shrink as Micron and its competitors gradually bring expanded manufacturing capacity online. SK Hynix expects to add some production capacity as early as next year, which keeps investors cautious about how long memory prices can stay this elevated as supply catches up to demand.
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The market rewards consistency Nvidia faces a similar cyclical risk, but it's more tied to the broader semiconductor industry's demand cycles. The market is willing to award the GPU leader a higher forward earnings multiple because its business typically doesn't experience the same extreme degree of cyclicality that Micron faces.
Nvidia has posted occasional dips in earnings, yet from 2012 through 2022 -- before the AI boom even began -- its earnings grew almost 1,000% total. Investors generally award higher multiples to companies with steadier earnings growth than to those with sharper swings.
The key variable to watch is Micron's new strategic customer agreements -- deals that lock in prices and volumes for much longer than was previously common in the memory space. Management expects these deals to be transformative for the business, with 16 contracts signed so far, each lasting five years. In time, management expects strategic customer agreements to account for more than half of its revenue, making its future revenue more stable.
If these agreements lead to more durable revenue and a firmer pricing floor for memory, investors could start to assign Micron a higher earnings multiple, narrowing its valuation gap with Nvidia.
Moderna a Merck & Co. oznámily, že jejich personalizovaná protinádorová vakcína v pozdní studii snížila riziko návratu melanomu. Jde o první úspěšnou závěrečnou studii u mRNA protinádorové terapie.
Farmaceutické společnosti Moderna a Merck & Co. oznámily, že jejich personalizovaná protinádorová vakcína ve velké studii pozdní fáze pomohla snížit recidivu melanomu. Jde o první úspěšnou studii závěrečné fáze u jakékoli protinádorové terapie založené na mRNA.
Studie splnila hlavní cíl, když prokázala, že vakcína v kombinaci s imunoonkologickým lékem Keytruda od Mercku snižuje míru návratu melanomu ve srovnání se samotnou imunoterapií. Splněn byl i klíčový sekundární cíl, když vakcína pomohla bránit šíření nádorů do dalších částí těla. Konkrétní čísla k přežití bez recidivy firmy nezveřejnily, studie dále pokračuje a má posoudit, zda pacienti s vakcínou žijí déle.
Vakcína nazvaná intismeran autogene je vyvinuta pomocí technologie mRNA, která stála za covidovou vakcínou Moderny, a každá dávka se upravuje na míru podle konkrétních mutací nádoru daného pacienta. Podávána byla pacientům po chirurgickém odstranění nádoru, kontrolní skupina dostávala samotnou Keytrudu. Ve studii střední fáze měli pacienti s kombinací po pěti letech o 49 % nižší pravděpodobnost úmrtí nebo návratu rakoviny než ti na samotné Keytrudě.
Obě společnosti budou o podání žádosti o registraci jednat s regulátory a data představí na nadcházející lékařské konferenci. Generální ředitel Moderny Stéphane Bancel uvedl, že přípravek by mohl být schválen už v roce 2027 v závislosti na průběhu regulačního řízení. Merck a Moderna testují vakcínu i u dalších typů rakoviny včetně rakoviny plic, studie s melanomem jsou ale nejdále.
Vývoj akcií Akcie Moderny se obchodují na burze NASDAQ pod tickerem MRNA a v předburzovní fázi obchodování posilují o 62,42 % na 102,26 USD. Akcie Merck & Co., obchodované na NYSE pod tickerem MRK, přidávají 6,89 % na 144,48 USD.
Pozitivně reagují i další výrobci vakcín. Německý BioNTech, jehož americké depozitní certifikáty (ADR) se obchodují na NASDAQ pod tickerem BNTX a reprezentují jednu podkladovou akcii, roste o 11,05 % na 103 USD. Novavax (NVAX) posiluje o 4,04 % na 8,25 USD.
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The connectivity layer of AI infrastructure has become the most reliable profit center in the buildout. While attention concentrates on GPUs and hyperscaler capex, the switches, optics, and custom networking silicon that stitch clusters together are compounding at rates rivaling accelerator vendors. Three names have separated from the pack: an Ethernet fabric specialist, a custom silicon giant with a networking moat, and a rising optical interconnect leader. Each posted a beat-and-raise in its most recent quarter, and each is priced for continued acceleration.
Here is the bull case for each, backed by the numbers. The networking layer is exactly the kind of non-GPU AI exposure we mapped in a free report on seven suppliers powering the buildout, from power and cooling to the fabric itself.
Arista Networks (ANET): The Ethernet Fabric Leader Arista Networks (NYSE:ANET | ANET Price Prediction) has become the default choice for hyperscalers standardizing on Ethernet-based AI fabrics. Shares are trading at $201.80, up 19.68% over the past month and 54.01% year to date.
The Q2 FY26 earnings report on August 4, 2026 confirmed the thesis. Revenue reached just over $3 billion, up 37.7% year over year, with non-GAAP EPS of $1.02 against a $0.89 estimate. It was Arista’s fifth consecutive EPS beat. Full-year revenue guidance was raised to $12.6 billion, representing 40% annual growth, and the AI fabrics goal moved to at least $3.5 billion.
CEO Jayshree Ullal framed the scale plainly: "Our AI fabrics momentum with EtherLink switches now exceeds 100 cumulative customers from the initial four to five customers I spoke of in 2024." The 7060XE7 platform delivers 100 terabit capacity and 1.6 terabit throughput with first liquid cooling options, and multi-year purchase commitments have nearly tripled from a year ago at $3.6 billion to approximately $9.7 billion by the end of Q2 2026. Analyst sentiment is uniform: 97% bullish with 29 buy/strong buy ratings and zero sells, with a target of $241.82.
Risk to watch: Customer concentration remains real. Ullal expects "one, maybe two, 10% customers", and any Microsoft or Meta pause would ripple. A trailing P/E near 72 leaves little room for stumbles.
Broadcom (AVGO): Custom Silicon Plus a Networking Moat Broadcom (NASDAQ:AVGO) sits at the intersection of custom AI accelerators and the switching silicon that clusters them. The stock trades at $392.43, up 13.80% year to date, though it has pulled back 7.10% over the past week.
Q2 FY26, reported June 3, 2026, delivered $22.2 billion in revenue, up 48% year on year, with AI semiconductor revenue of $10.8 billion, up 143%. Networking made up almost 40% of Q2 AI revenue, where the durable moat lives. CEO Hock Tan put it directly: "While we have significant IP and execution leadership in XPUs, networking is key to building scalable XPU and GPU clusters. And here in networking, we have at least one generation of technology and product leadership."
Q3 guidance calls for $29.4 billion in revenue, up 84% year on year, with AI semiconductor revenue accelerating to $16 billion, up over 200%. Six core hyperscaler customers, including Google, Anthropic, OpenAI, and Meta, have multi-gigawatt commitments, and Broadcom is planning to ship 10 gigawatts in FY2027. Q2 free cash flow was a record $10.3 billion.
Risk to watch: Retail sentiment turned sharply cautious around the August 4-5 window with Reddit sentiment scores collapsing to 12 (very bearish) alongside heavy activity. Concentration among a handful of frontier-lab customers is the underlying vulnerability if any single roadmap slips.
Marvell Technology (MRVL): The Optical Interconnect Story Marvell Technology (NASDAQ:MRVL) is the year’s clearest breakout, trading at $234.33 after gaining 176.15% year to date and 24.19% in the past month. Optical interconnect and custom silicon are compounding faster than the rest of the AI stack.
Q1 FY27 revenue hit $2.418 billion, up 28% year over year, with data center revenue of $1.83 billion, up 27%. CEO Matt Murphy raised the bar: "Demand for our interconnect products continues to accelerate, and as a result, we have increased our fiscal 2027 revenue growth expectations for this business to more than 70% year over year." Full-year FY27 revenue guidance was raised to approximately $11.5 billion (40% YoY growth), and FY28 guidance moved to approximately $16.5 billion (45% YoY growth). Custom silicon is targeting $10+ billion in revenue by fiscal 2029.
Recent acquisitions (Celestial AI, closed 2/2/2026, and XConn on 2/10/2026) round out a photonic and chiplet portfolio deep enough to compete on end-to-end scale-up solutions. Analyst consensus stands at 88% bullish with 38 buy or strong buy ratings and zero sells, with a target of $257.29.
Risk to watch: Volatility is elevated, with a beta of 2.25. Reddit sentiment on wallstreetbets swung from very bullish (score 85) on August 7 to very bearish (score 12) by August 13-14, hyperscaler in-house silicon risk is real, and a $331.8 million contingent consideration charge highlights ongoing integration complexity.
What to Watch Next The setup into fall is clean. Broadcom’s Q3 print will test the $16 billion AI semiconductor guide. Marvell’s next report will confirm whether the raised FY27/FY28 outlooks are conservative. Arista already told investors what to expect: Q3 revenue of approximately $3.3 billion and diluted EPS of $1.06 to $1.08. If any of the three delivers a beat on top of already-raised guidance, the “quietly dominating” label stops being quiet.
Contact [email protected] for any questions or corrections.
ZIM ve 2. čtvrtletí zvýšil tržby o 9 % na 1,78 mld. USD a čistý zisk o 170 % na 64 mil. USD. Firma zároveň potvrdila celoroční výhled adjusted EBITDA ve výši 2,0–2,4 mld. USD.
Revenues Up +9% to $1.8bn, and Net Income Up +170% to $64m, y-o-y
Q2 EBITDA and Net Income, adjusted for costs related to the pending Hapag-Lloyd transaction, up +4% to $491m and +226% to $77m, y-o-y, respectively
Positive H1 Adjusted Net Income with significantly stronger performance expected in H2
Generated $386m of Free Cash Flow in Q2
Full year 2026 guidance: Adjusted EBITDA between $2.0bn to $2.4bn and Adjusted EBIT of $700m to $1.1bn
Dividend to shareholders expected based on 2026 results
Pending transaction with Hapag-Lloyd remains subject to closing conditions, including regulatory approvals; the parties continue to perform their obligations under the merger agreement and engage with the relevant authorities to obtain such approvals
, /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) ("ZIM" or the "Company") announced today its consolidated results for the three and six months ended June 30, 2026.
ZIM's strong second-quarter results demonstrated the resilience of its business. ZIM's strategic presence in the Transpacific trade enabled the Company to capitalize on favorable market conditions, which together with ZIM's modern, fuel-efficient and cost-effective fleet and agile commercial strategy, drove improved year-over-year profitability.
Second Quarter 2026 Highlights
Net income for the second quarter was $64m (compared to $24m in the second quarter of 2025), or diluted earnings per share of $0.53 (compared to $0.19 in the second quarter of 2025). Adjusted net income for the second quarter was $77m (compared to $24m in the second quarter of 2025) Adjusted EBITDA for the second quarter was $491m, a year-over-year increase of 4%. Revenues for the second quarter were $1.78bn, a year-over-year increase of 9%. Carried volume in the second quarter was 922 thousand TEUs, a year-over-year increase of 3%. Average freight rate per TEU in the second quarter was $1,590, a year-over-year increase of 8%. Free cash flow of $386m generated during the quarter. Net leverage ratio of 1.6x as of June 30, 2026, compared to 1.7x net leverage ratio as of March 31, 2026 and 1.3x net leverage ratio as of December 31, 2025. Net debt, comprised predominantly of lease liabilities minus total cash position, of $2.77bn as of June 30, 2026, compared to $2.93bn as of March 31, 2026, and $2.92bn as of December 31, 2025. Net cash position (total cash position minus financial debt; i.e., excluding lease liabilities) of $2.46bn as of June 30, 2026. Chen Lichtenstein, ZIM President & CEO, stated, "Since assuming my role in July, my focus has been clear: to capitalize fully on current market opportunities while deploying the Company's resources with discipline and efficiency. We remain committed to preserving the agility that allows us to respond quickly to changing market conditions, strengthening our competitiveness, and creating sustainable value."
Sami Jubran, Chief Financial Officer, added, "We delivered solid results in the second quarter and expect significantly stronger performance during the remainder of the year, as reflected in our guidance. This anticipated improvement would enable our Board of Directors to consider declaring a dividend to shareholders based on our third-quarter results."
Diluted earnings per share ($).....................
0.53
0.19
(0.19)
2.64
Net cash generated from operating activities
($ in millions)...............................................
395
441
657
1,296
Free cash flow ($ in millions).......................
386
426
621
1,213
JUN-30-26
DEC-31-25
Net debt ($ in millions)..................................
2,773
2,925
Financial and Operating Results for the Second Quarter Ended June 30, 2026
Total revenues were $1.78 billion for the second quarter of 2026, compared to $1.64 billion for the second quarter of 2025, mainly driven by the increase in freight rates as well as carried volume.
ZIM carried 922 thousand TEUs in the second quarter of 2026, compared to 895 thousand TEUs in the second quarter of 2025. The average freight rate per TEU was $1,590 for the second quarter of 2026, compared to $1,479 for the second quarter of 2025.
Operating income (EBIT) for the second quarter of 2026 was $144 million, compared to $149 million for the second quarter of 2025.
Net income for the second quarter of 2026 was $64 million, compared to $24 million for the second quarter of 2025. Adjusted net income for the second quarter of 2026 was $77 million, compared to $24 million for the second quarter of 2025.
Adjusted EBITDA for the second quarter of 2026 was $491 million, compared to $472 million for the second quarter of 2025. Adjusted EBIT for the second quarter of 2026 was $169 million, compared to $149 million for the second quarter of 2025. Adjusted EBITDA and Adjusted EBIT margins for the second quarter of 2026 were 28% and 10%, respectively. This compares to 29% and 9% for the second quarter of 2025, respectively.
Net cash generated from operating activities was $395 million for the second quarter of 2026, compared to $441 million for the second quarter of 2025.
Financial and Operating Results for the Six Months Ended June 30, 2026
Total revenues were $3.18 billion for the first half of 2026, compared to $3.64 billion for the first half of 2025, primarily driven by the decrease in freight rates as well as carried volume.
ZIM carried 1,788 thousand TEUs in the first half of 2026, compared to 1,839 thousand TEUs in the first half of 2025. The average freight rate per TEU was $1,455 for the first half of 2026, compared to $1,632 for the first half of 2025.
Operating income (EBIT) for the first half of 2026 was $126 million, compared to $613 million for the first half of 2025. The decrease in operating income for the first half of 2026 was primarily driven by the above-mentioned decrease in total revenues.
Net loss for the first half of 2026 was $22 million, compared to net income of $320 million for the first half of 2025, mainly driven by the above-mentioned decrease in total revenues, partially offset by the impact of income taxes. Adjusted net income for the first half of 2026 was $4 million, compared to $318 million for the first half of 2025.
Adjusted EBITDA for the first half of 2026 was $804 million, compared to $1.25 billion for the first half of 2025. Adjusted EBIT for the first half of 2026 was $164 million, compared to $612 million for the first half of 2025. Adjusted EBITDA and Adjusted EBIT margins for the first half of 2026 were 25% and 5%, respectively. This compares to 34% and 17%, respectively, for the first half of 2025.
Net cash generated from operating activities for the first half of 2026 was $657 million, compared to $1.30 billion for the first half of 2025.
Liquidity, Cash Flows and Capital Allocation
ZIM's total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments), was $2.53 billion as of June 30, 2026, compared to $2.54 billion as of March 31, 2026 and $2.80 billion as of December 31, 2025.
Capital expenditures totaled $12 million and $43 million for the second quarter of 2026 and for the first half of 2026 respectively, compared to $24 million for the second quarter of 2025 and $102 million for the first half of 2025. Other cash flow items in the first half of 2026 include a dividend payment of $106 million and $781 million of debt service, mostly related to charter vessel and equipment lease liability repayments.
Net debt position as of June 30, 2026, was $2.77 billion compared to $2.93 billion as of March 31, 2026, and $2.92 billion as of December 31, 2025.
Net cash position (total cash minus financial debt) was $2.46 billion as of June 30, 2026, unchanged from March 31, 2026, compared with $2.72 billion as of December 31, 2025. ZIM's net leverage ratio as of June 30, 2026, was 1.6x, compared to 1.7x net leverage ratio as of March 31, 2026 and 1.3x as of December 31, 2025.
Fleet Update
ZIM currently operates 115 containerships with a total capacity of 707 thousand TEUs, as well as 13 car carriers, compared to 123 containerships with total capacity of 767 thousand TEU and 14 car carriers as of our Q2 2025 earnings release (August 20, 2025).
In addition, the Company has 9 containerships scheduled for charter expiration during the remainder of 2026, representing an aggregate capacity of approximately 35 thousand TEU. In 2027, 13 containerships are scheduled for charter expiration, representing an aggregate capacity of approximately 28 thousand TEU. While this flexibility allows ZIM to actively manage its operated capacity, the company expects capacity to remain stable in 2026.
ZIM has entered into charter agreements for an aggregate of 40 vessels, or approximately 286 thousand TEU of capacity, the vast majority of which is newbuild capacity, including:
Four 8,000 TEU newbuild scrubber fitted vessels with charter durations of either 5 or 7.5 years and expected delivery between the second half of 2026 and the first half of 2027 Ten 11,500 TEU newbuild dual-fuel LNG vessels with charter duration of 12 years and expected delivery between 2027 and 2028. ZIM holds options to extend the charter duration or alternatively, to purchase these vessels Two 12,000 TEU newbuild scrubber fitted vessels, scheduled for delivery during 2027, with charter periods of up to five years, with optional extensions included Four 9,000 TEU secondhand vessels (build 2015-2016), with expected delivery between 2027-2028, with charter periods of five years with optional extensions included 20 newbuild vessels, some of which are scrubber fitted, with capacities ranging from 3,000 to 5,000 TEU, scheduled for delivery between 2027 and 2028. Charter periods for these vessels are of either 5 or 7.5 years, some of which also include optional extensions. Volume Breakdown by Geographic Trade Zone (K TEU)*
Three months ended June 30
Six months ended June 30
2026
2025
2026
2025
Pacific
426
354
817
738
Cross-Suez
66
76
132
161
Atlantic
118
129
233
270
Intra-Asia
212
199
409
392
Latin America
100
137
197
278
Total
922
895
1,788
1,839
* The table above may contain slight summation differences due to rounding.
Use of Non-IFRS Measures in the Company's 2026 Guidance
A reconciliation of the Company's non-IFRS financial measures included in its full-year 2026 guidance to corresponding IFRS measures is not available on a forward-looking basis. In particular, the Company has not reconciled Adjusted EBITDA and Adjusted EBIT because the various reconciling items between such non-IFRS financial measures and the corresponding IFRS measures cannot be determined without unreasonable effort due to the uncertainty regarding, and the potential variability of, the future costs and expenses for which the Company adjusts, the effect of which may be significant, and all of which are difficult to predict and are subject to frequent change.
Full-Year 2026 Guidance and Expected Dividend
In 2026, the Company expects to generate Adjusted EBITDA between $2.0 billion and $2.4 billion and Adjusted EBIT between $700 million and $1.1 billion.
Based on its current full year 2026 guidance, the Company expects to distribute dividends to shareholders on account of 2026 results in accordance with its existing dividend policy.
All future dividends are subject to the discretion of the Company's Board of Directors, the restrictions provided by Israeli law and the applicable restrictions set forth in the merger agreement with Hapag-Lloyd.
Transaction with Hapag-Lloyd
On February 16, 2026, ZIM announced that it entered into a merger agreement with Hapag-Lloyd, under which Hapag-Lloyd will acquire ZIM for $35.00 per share in cash. The transaction was unanimously approved by ZIM's Board of Directors and approved by shareholders at a special meeting held on April 30, 2026. The transaction remains subject to satisfaction of customary closing conditions, including approvals by various regulatory authorities among them the State of Israel pursuant to the requirements of the Special State Share (the "Golden Share") and is targeted to close in the fourth quarter of 2026.
Until the closing of the transaction, Hapag-Lloyd and ZIM will remain separate independent companies and ZIM will continue to operate in the ordinary course.
Conference Call Details
In light of the pending transaction with Hapag-Lloyd, ZIM will not host a conference call in connection with its second quarter 2026 results.
About ZIM
Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with operations in more than 90 countries, serving over 30,000 customers across more than 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.
Forward-Looking Statements
This press release contains, or may be deemed to contain, forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, assumptions, and other important factors, may include statements regarding macroeconomic and geopolitical conditions, chartering agreements, anticipated capacity, and the timing thereof, statements relating to the timing and closing of the pending transaction with Hapag-Lloyd, the Company's anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company's current expectations and projections about future events or results. There are important factors that could cause the Company's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: our expectations regarding general market conditions as a result of the current geopolitical instability, developments and further escalation of events, including, but not limited to, risks and uncertainties relating to outcome of the pending transaction with Hapag-Lloyd, the current military conflict between Israel and the U.S. against Iran and some of its proxies, the Houthi attacks against vessels in the Red Sea, the war between Israel and Hamas, Iran and Iranian-backed proxies (including its impact on the Strait of Hormuz), the political and military instability in the Middle East and the war between Russia and Ukraine; our expectations regarding general market conditions as a result of global economic trends, including potential rising inflation and interest rates as a result of geopolitical and other events; our expectations regarding trends related to the global container shipping industry, including with respect to fluctuations in vessel and container supply, industry consolidation, demand for containerized shipping services, bunker and alternative fuel prices and supply, charter and freight rates, container values and other factors affecting supply and demand; our plans regarding our business strategy, areas of possible expansion and expected capital spending or operating expenses; our ability to adequately respond to political, economic and military instability in Israel and the Middle East (particularly as a result of the Israel-Hamas war and the Israel-Hezbollah and Israel-Iran armed conflicts), and our ability to maintain business continuity as an Israeli-incorporated company in times of emergency; our ability to effectively handle cyber-security threats and recover from cyber-security incidents, including in connection with the war between Israel and Iran and Iranian-backed proxies; our anticipated ability to obtain additional financing in the future to fund expenditures; our expectation of modifications with respect to our and other shipping companies' operating fleet and lines, including the utilization of larger vessels within certain trade zones and modifications made in light of environmental regulations; the expected benefits of our cooperation agreements and strategic partnerships; formation of new alliances among global carriers, changes in and disintegration of existing alliances and collaborations, including alliances and collaborations to which we are not a party to; our anticipated insurance costs; our expectations regarding the availability of crew; our expectations regarding our environmental and regulatory conditions, including extreme weather events (such as the drought conditions in the Panama Canal), changes in laws and regulations or actions taken by regulatory authorities, and the expected effect of such regulations; our expectations regarding potential liability from current or future litigation; our plans regarding hedging activities; our ability to pay dividends in accordance with our dividend policy; our expectations regarding our competition and ability to compete effectively, and other risks and uncertainties detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission (SEC), including under the caption "Risk Factors" in its 2025 Annual Report filed with the SEC on March 9, 2026 and its Notice and Proxy Statement attached as Exhibit 99.1 to its Current Report filed with the SEC on March 19, 2026 in connection with the pending transaction with Hapag-Lloyd.
Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. The Company assumes no duty to update any of these forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except as otherwise required by law.
The Company prepares its financial statements in accordance with IFRS Accounting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB).
Use of Non-IFRS Financial Measures
The Company presents non-IFRS measures as additional performance measures as the Company believes that it enables the comparison of operating performance between periods on a consistent basis. These measures should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with IFRS as measures of profitability or liquidity. Please note that Adjusted EBITDA does not take into account debt service requirements or other commitments, as well as capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company's use. In addition, the non-IFRS financial measures presented by the Company may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated.
Adjusted EBITDA is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net, income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees).
Adjusted EBIT is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees).
Adjusted Net Income is a non-IFRS financial measure which we define as net income (loss) adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees), all of which net of their respective income tax effect.
Free cash flow is a non-IFRS financial measure which we define as net cash generated from operating activities minus capital expenditures, net.
Net debt is a non-IFRS financial measure which we define as face value of short- and long-term debt, minus cash and cash equivalents, bank deposits and other investment instruments.
Net cash position is a non-IFRS financial measure which we define as the total cash position (which includes cash and cash equivalents, bank deposits and other investment instruments) minus financial debt (i.e., excluding lease liabilities).
Net leverage ratio is a non-IFRS financial measure which we define as net debt (see above) divided by Adjusted EBITDA for the last twelve-month period. When our net debt is less than zero, we report the net leverage ratio as zero.
See the reconciliation of net income to Adjusted EBIT, Adjusted EBITDA and Adjusted net income and net cash generated from operating activities to free cash flow in the tables provided below.
Pendle Finance just raised the pool caps on its PT Looping incentives program to $15 million, a move that opens the door for significantly more capital to flow into one of DeFi’s more sophisticated yield strategies. The updated caps apply to two specific pools, PT-USD3 on Morpho and PT-USDG on both Aave and Morpho, during an incentive window running from August 17 to 27, 2026.
At the top end, users running leveraged looping strategies through these pools can earn up to 53.7% APY.
How PT Looping actually generates those yields Pendle’s core product revolves around splitting yield-bearing assets into two components: Principal Tokens (PTs) and Yield Tokens (YTs). PTs represent the principal value of an asset at maturity, essentially locking in a fixed yield. YTs capture the variable yield generated along the way.
PT Looping takes this a step further. Users deposit PTs as collateral on lending platforms like Aave or Morpho, borrow against them, and use the borrowed funds to purchase more PTs.
The base incentive from Pendle is an extra 2% APY, paid in PENDLE tokens, layered on top of whatever fixed yield the PT itself offers. That 2% is calculated before any leverage is applied. When a user cranks the leverage to 10x, that modest-sounding bonus compounds into roughly 20% additional yield on top of the underlying PT rate.
The 53.7% headline figure reflects the maximum effective APY achievable when combining the PT’s fixed yield, the PENDLE incentive, and aggressive leverage.
Why the cap increase matters Previous iterations of Pendle’s PT Looping incentive program started with caps as low as $500K. The jump to $15 million across these two pools represents a dramatic scaling of the program.
The two eligible pools both involve stablecoin-denominated assets. PT-USD3 is available on Morpho, while PT-USDG can be accessed on both Aave and Morpho.
Rewards for this incentive period are time-weighted and distributed after the window closes on August 27. That means users who deposit early and maintain positions throughout the full period capture a larger share of the PENDLE rewards than those who jump in at the last minute.
Pendle’s broader DeFi integration play The PT Looping program is part of Pendle’s broader strategy of embedding its yield-tokenization infrastructure into the lending layer of DeFi. By making PTs accepted collateral on protocols like Aave and Morpho, Pendle effectively turns its tokens into building blocks that other protocols can use.
For users considering participation, the key variables to monitor are the utilization rate of the $15 million cap, the borrowing costs on Aave and Morpho for the relevant assets, and the price stability of PENDLE tokens themselves. The incentive rewards are paid in PENDLE, so the dollar value of those rewards fluctuates with the token’s market price. A sharp decline in PENDLE’s value could meaningfully reduce the effective APY, even if the token-denominated yield stays constant.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
EHang zahájil Global Fast Track Program pro rychlejší zavádění bezpilotních eVTOL v zahraničí. První se připojila Srí Lanka, která míří ke komercializaci v sandboxu do čtyř měsíců.
COLOMBO, Sri Lanka, Aug. 19, 2026 (GLOBE NEWSWIRE) -- EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a world-leading advanced air mobility (“AAM”) technology platform company, today announced the launch of its Global Fast Track Program — a structured and accelerated pathway for the assessment and introduction of pilotless eVTOL operations in international markets. Sri Lanka is the inaugural market under the initiative, with Sri Lanka's Ministry of Ports and Civil Aviation, and the Civil Aviation Authority of Sri Lanka (“CAASL”) adopting the Fast Track Program, targeting sandbox commercialization within four months, subject to the successful completion of mandatory regulatory, technical, operational and safety assessments.
(Image: CAASL officially adopts EHang Global Fast Track Program, targeting sandbox commercialization within four months)
EHang Global Fast Track Program
Driven by EHang's global expansion strategy, the launch of its Global Fast Track Program is expected to expedite the deployment of EHang's pilotless eVTOL aircraft from initial regulatory engagement to commercial operations in new international markets.
Built upon EHang’s complete certifications for pilotless passenger eVTOL aircraft, its commercial operating experience in China, and proven safe flight records across 23 countries, this structured framework delivers a validation‑driven pathway. It is expected to enable international civil‑aviation authorities and partners to streamline certification and commercial roll‑out for pilotless eVTOL operations, aiming to compress timelines from years to months.
Rather than being built in isolation, this framework distills the practical experience EHang has accumulated through years of engagement from scratch with multiple civil aviation authorities, including operational learnings from early sandbox projects, as well as EHang talent teams covering the full end‑to‑end workflow spanning technology, airworthiness and flight operations to address regulatory requirements.
Drawing on that experience, Fast Track packages it into a replicable, four-phase roadmap, aiming to enable authorities to move from validation to commercialization more efficiently based on an already-certified aircraft:
1. Framework alignment — regulatory workflow established, and validation pathway defined.
2. Sandbox build-out — site designation, infrastructure and ground operations systems deployed.
3. Validation flights — sandbox flights conducted in accordance with established safety standards.
4. Commercial launch — operational approval and commercial service.
Sri Lanka — The Inaugural Market of EHang Global Fast Track Program
Sri Lanka was the first country to join the Fast Track Program, targeting initial sandbox commercialization within four months, subject to the successful completion of mandatory regulatory, technical, operational and safety assessments. Both parties reached a consensus to conduct continued technical work with CAASL inspectors and technical teams, and to jointly plan sandbox flight sites and practical operation scenarios.
Recently, EHang has held in‑depth multi‑round discussions with Sri Lanka’s Ministry of Ports and Civil Aviation and the CAASL, alongside cross‑government stakeholders from defense, tourism, investment and aviation services. The high‑level engagements were chaired by Hon. Anura Karunathilaka, Minister of Ports and Civil Aviation and Minister of Energy, together with Hon. Janitha Ruwan Kodithuwakku, Deputy Minister, and Mr. W.W.S. Mangala, Ministry Secretary, while Capt. Daminda Rambukwella, Director‑General & CEO of CAASL, led the technical deliberations on behalf of the civil aviation regulators.
(Image: EHang delegation holds technical discussions with Sri Lanka's civil aviation authorities’ officials on the Fast Track Program)
During the meetings, both sides exchanged in‑depth views on core topics covering eVTOL regulatory sandbox establishment, implementation pathway, regulatory requirements, operational framework, aircraft and technical requirements, infrastructure, airspace considerations, maintenance arrangements, personnel requirements, and multi‑sector stakeholder coordination.
Initial operations will focus on a designated sandbox zone centered on Port City in Colombo, where eVTOL operational services will be established. Potential routes under consideration include scenic flights over the “Eighth Wonder of the World” — the historic rock fortresses of Sigiriya, as well as the Pidurangala, also shuttle services connecting Katunayake Airport to hotels in central Colombo and catering to tourist mobility needs within Port City and the greater Colombo area. In addition to passenger services, unmanned maritime cargo logistics applications are also being explored. EHang will act as the provider of eVTOL aircraft, operation systems, technical services and personnel training, advancing the safe and structured roll‑out of eVTOL demonstration and trial operations in Sri Lanka in alignment with international aviation safety standards.
Hon. Anura Karunathilaka, Minister of Ports and Civil Aviation and Minister of Energy, commented, “Sri Lanka is actively embracing emerging aviation technologies to transform our tourism industry, strengthen emergency response capabilities, and meet maritime logistics and coastal service needs. EHang brings a compelling track record, and the Fast Track Program offers a structured approach that aligns well with our development priorities. The Government of Sri Lanka is committed to coordinating across ministries and agencies to create an enabling environment for eVTOL commercialization, and we look forward to working with EHang to bring this vision to life.”
Capt. Daminda Rambukwella, Director General of Civil Aviation and Chief Executive Officer of CAASL, commented, “CAASL has adopted the proposals presented by EHang under its Global Fast Track Program, aimed at establishing the first eVTOL sandbox in Sri Lanka, with a target of achieving initial sandbox commercialization within four months. The adoption of this fast-track approach marks an important milestone in Sri Lanka's efforts to embrace Advanced Air Mobility and emerging aviation technologies. The four-month target reflects the proposed implementation timeline and remains subject to the successful completion of the required regulatory, technical, operational, and safety assessments and approvals. This initiative represents a significant step towards positioning Sri Lanka as a regional destination for Advanced Air Mobility and eVTOL innovation, while maintaining a strong focus on regulatory compliance, operational integrity and the highest applicable standards of aviation safety.”
Mr. Hu Huazhi, Founder, Chairman and CEO of EHang, stated, “We believe the Global Fast Track Program can serve as a genuine breakthrough for unlocking international eVTOL markets. By enabling civil aviation authorities to validate an already-certified aircraft rather than start from scratch, the Fast Track Program is expected to turn regulatory exploration into actionable progress effectively. We are thrilled to see Sri Lanka has the vision to be the first to adopt this framework. We are in active dialogue with civil aviation authorities in several other markets. We welcome regulators and partners worldwide who share this vision to join us in making pilotless eVTOL operations a reality.”
About EHang
EHang (Nasdaq: EH) is the world's leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world's first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country's first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang's VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of AAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management's control. These statements involve risks and uncertainties that may cause EHang's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
Greg Abel v Berkshire Hathaway ve druhém čtvrtletí navýšil podíly v Delta Air Lines, Lennar a The New York Times Company. Největší z nich je Delta, kde Berkshire drží 8,7 % akcií.
Berkshire Hathaway (BRKA +0.83%) (BRKB +0.95%) is shuffling its portfolio again. The Omaha, Nebraska-based conglomerate filed its second-quarter 13F form with the Securities and Exchange Commission, detailing the company's huge stock portfolio and changes made since the first quarter.
Chief Executive Officer Greg Abel, who took over from the legendary Warren Buffett at the beginning of the year, was an active buyer, increasing the portfolio's size from $263 billion to $299 billion. Abel is getting the most attention for his purchase of Alphabet stock, which is now the third-largest position in the company's portfolio. He increased the size of its holdings in the company by 83%, bringing its stake to more than $36 billion.
However, I'm also intrigued by some of his smaller stock purchases. Here are three companies that Berkshire bought last quarter -- not including Alphabet.
Berkshire Hathaway has bought more shares in Lennar, a homebuilder. Image source: Getty Images.
No. 1: Delta Air Lines Delta Air Lines (DAL -2.16%) is one of the biggest airlines in the world, serving 290 destinations and operating about 5,000 flights per day. When you add Delta's partner network, the airline can get you to more than 700 destinations in 130 countries and territories.
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Operating an airline can be a tough business when you factor in jet fuel costs, competition from low-fare operators, and the overhead of purchasing and maintaining a fleet of aircraft. Operating revenue was $19.8 billion in the quarter, up 19% from a year ago.
But expenses grew even faster. Fuel costs jumped 67%, and refinery expenses were up 89%. Overall, Delta reported operating expense of $17.9 billion, up 25% from a year ago. That led to net income falling 25% year over year to $1.6 billion.
Berkshire Hathaway initiated a stake in Delta in the first quarter and increased it by 44% in the second quarter. The conglomerate now owns 8.7% of the airline, with 57.3 million shares representing a stake of about $5 billion in Delta stock.
No. 2: Lennar Lennar (LEN -1.85%) is a home construction and real estate company and one of the nation's largest homebuilders. The company delivered just over 20,500 homes in the second quarter, near the midpoint of its forecast, with an average sale price of $371,000.
However, revenue from home sales fell 2% in the quarter to $7.6 billion, with housing prices falling by an average of 5% from last year. Gross margin was 15.6%, down from 17.8% year over year, and operating earnings for the company's financial services segment fell from $157 million to $100 million.
The company is in the process of making over its business, moving from a capital-heavy land developer to a land-light strategy built on land-option platforms and option agreements. Lennar has said the change will make it more efficient, freeing up capital and improving returns on inventory and equity over the long term.
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Abel apparently sees it as a good value. Berkshire increased its stake in Lennar Class B shares by 43% in the quarter, and the conglomerate now holds 13.4 million shares of its Class A and Class B stock that represents a combined stake of almost $1.2 billion.
No. 3: The New York Times Company Berkshire used to be big into the newspaper business, operating a chain of daily papers under the Berkshire Hathaway Media Group. Buffett once said that he liked that daily newspapers essentially held monopolies in the communities they served by providing news, supermarket ads, and job listings.
All that changed with the internet, however, and Berkshire sold its last newspapers in 2020. Buffett declared that the industry was "toast."
But there are always exceptions, and one of those is The New York Times Company (NYT -0.31%). Berkshire opened a position in the company in the fourth quarter of 2025 and has been adding to it steadily. Abel tripled Berkshire's position in the first quarter this year, and in the second quarter, he increased the conglomerate's stake again, by 4%.
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The news company has transitioned to a digital model, with digital-only subscriptions up 16.4% from a year ago and digital ad revenue up 20.7%. Overall, the company has 13.4 million subscribers, of which 12.8 million are digital-only.
Total revenue was $762.5 million in the quarter, up 11%, and adjusted operating profit was $155.3 million, up 20% from last year. Berkshire Hathaway now owns 15.7 million shares of New York Times stock, or 9.8% of the company, and its stake is valued at a little more than $1 billion.
Estée Lauder ve 4Q překonala odhady tržeb i očištěného zisku na akcii a organické tržby vzrostly o 5 %. Firma zároveň potvrdila výhled organických tržeb a zvýšila výhled očištěné provozní marže pro fiskální rok 2027.
Americká kosmetická společnost Estée Lauder reportovala výsledky hospodaření za 4Q fiskálního roku 2026, který skončil 30. června 2026. Firma překonala odhady trhu v tržbách i v očištěném zisku na akcii a ukončila sérii tří po sobě jdoucích poklesů ročních tržeb. Zároveň potvrdila výhled organických tržeb na fiskální rok 2027 a navýšila projekci očištěné provozní marže.
Výsledky společnosti Estée Lauder (EL) za 4Q FY 2026 4Q FY 2026 Konsensus 4Q 2026 4Q FY 2025 Čisté tržby (mld. USD) 3,63 3,55 3,41 Čistý zisk (mld. USD) -0,12 -- -0,55 Očištěný zisk na akcii (EPS, USD/akcie) 0,39 0,32 0,09 Výsledky Čisté tržby ve 4Q meziročně vzrostly o 6 % na 3,63 mld. USD, přičemž konsensus trhu činil 3,55 mld. USD. Organické tržby se zvýšily o 5 %, když se očekával růst o 3,1 %.
Očištěná hrubá marže zaznamenala meziroční růst o 3,6 p. b. na 75,5 %. Trh očekával 73,1 %.
Očištěný provozní zisk meziročně vzrostl o 95 % na 267 mil. USD. Očištěná provozní marže se zlepšila o 3,3 p. b. na 7,3 %.
Čistá ztráta činila 116 mil. USD (-0,32 USD na akcii). Do výsledku se promítly restrukturalizační a další náklady v objemu 306 mil. USD (258 mil. USD po zdanění), tedy 0,71 USD na akcii. Narušení podnikání v důsledku konfliktu na Blízkém východě mělo na očištěný zisk na akcii negativní dopad 0,05 USD, což bylo více než vykompenzováno přínosem 0,07 USD z vratek cel.
Za celý fiskální rok 2026 čisté tržby vzrostly o 5 % na 15,05 mld. USD, organické tržby o 3 %. Očištěný zisk na akcii dosáhl 2,51 USD, očištěná provozní marže se zvýšila o 3,2 p. b. na 11,2 %. Volné hotovostní toky (FCF) dosáhly 1,32 mld. USD oproti 0,67 mld. USD ve FY 2025.
Tržby dle segmentů Tržby ze segmentu péče o pleť vzrostly o 9 % na 1,85 mld. USD. Očekávalo se 1,8 mld. USD.
Tržby v rámci kategorie makeup zaznamenaly růst o 3 % meziročně na 1,01 mld. USD, což odpovídalo očekávání trhu.
Segment parfémů vygeneroval tržby ve výši 618 mil. USD, očekávalo se 588,3 mil. USD. Meziročně tržby tohoto segmentu vzrostly o 10 %.
Nejmenší podíl na celkových tržbách má segment péče o vlasy. Tržby dosáhly 140 mil. USD (-1 % meziročně), očekávalo se 146,3 mil. USD.
Výhled Společnost pro fiskální rok 2027 očekává:
Růst čistých tržeb ve výši 3 až 5 %. Růst organických tržeb ve výši 3 až 5 %. Očekávalo se +3,96 %. Očištěnou provozní marži ve výši 12,7 až 13,5 %, dříve firma v předběžném výhledu z května 2026 projektovala 12,5 až 13,0 %. Očištěný zisk na akcii ve výši 3,10 až 3,35 USD, konsensus trhu činil 3,19 USD. Provozní hotovostní toky v rozmezí 1,3 až 1,4 mld. USD, tedy méně než ve fiskálním roce 2026. Kapitálové výdaje na úrovni zhruba 4 % projektovaných tržeb. Dividenda Společnost oznámila kvartální dividendu ve výši 0,35 USD na akcii.
Komentář CEO „Jsem nesmírně hrdý na náš tým, že dodal výsledky za fiskální rok 2026 nad rámec očekávání, se kterými jsme rok začínali. Znovu jsme nastartovali růst s organickými tržbami rostoucími o 3 %, taženými šíří růstu napříč značkami, a dosáhli jsme výrazného rozšíření provozní marže," řekl generální ředitel Stéphane de La Faverie. „Rok jsme zakončili ve velkém stylu, když organický růst tržeb zrychlil na 5 % ve čtvrtém po sobě jdoucím kvartálu růstu a zlepšila se i ziskovost. Naplňujeme všechny aspekty strategie ‚Beauty Reimagined'. Náš provozní model One ELC stále více umožňuje celé organizaci postupovat rychle a s disciplínou," dodal de La Faverie.
CEO dále zdůraznil: „Pro fiskální rok 2027 potvrzujeme naši důvěru ve zrychlení růstu organických tržeb. Navíc zvyšujeme náš výhled na ještě silnější očištěnou provozní marži, jelikož zdvojnásobujeme sázku na naše silné stránky, abychom dále diverzifikovali růst napříč produktovými kategoriemi a regiony, včetně zrychlení růstu v Severní Americe."
Vývoj akcie Akcie společnosti Estée Lauder (EL) v předburzovní fázi obchodování posilují o 7,26 % na 90,39 USD.
Akcie Estée Lauder (EL) před výsledky na 84,27 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 30,5 P/E 34,6 Vývoj za letošní rok (%) -19,5 Očekávané P/E 26,4 52týdenní minimum (USD) 66,2 Prům. cílová cena (USD) 96,4 52týdenní maximum (USD) 121,6 Dividendový výnos (%) 1,7 Zdroj: Estée Lauder, Bloomberg
Stříbro minulý týden vyskočilo téměř o 10 % po slabých datech z trhu práce v USA, ale v úterý kleslo k 64 USD, když výnosy dluhopisů vystřelily na několikaletá maxima.
Silver has had one of its strongest months in years, but this week’s price action shows just how fragile precious metals rallies can be when bond markets get nervous. The metal surged nearly 10% last week after July’s Non-Farm Payrolls badly missed expectations, printing a loss of 23,000 jobs, prompting markets to price out any chance of a September Fed hike and reviving safe-haven demand.
That momentum reversed on Tuesday, however, with silver dropping toward $64 as global bond yields spiked to multi-year highs on mounting concerns over government spending and persistent inflationary pressures. Rising oil prices added to the unease, keeping inflation risks firmly in focus even as rate-hike expectations continue to fade.
Beneath the volatility, the structural picture remains supportive: silver continues to draw solid demand from the green energy transition, solar panels, electric vehicles, and AI data centre infrastructure, all keeping a floor under prices. All eyes now turn to the Fed’s July meeting minutes and Chair Kevin Warsh’s remarks at Jackson Hole, both expected to offer fresh clues on the path ahead for rates.
Technical Analysis of XAG/USD
As XAG/USD chart shows, silver broke above its descending trendline from June’s highs in early August, a genuine shift after weeks of decline, and has since been holding above the 0.382 Fibonacci retracement near 62.88, right where the 200-period EMA also sits nearby at 62.27. The broader recovery has been building on an ascending trendline off the mid-July lows.
Bullish Scenario
Should buyers defend this 0.382-EMA confluence and push higher, the path would open toward a retest of the 66.73 highs, the 0 Fibonacci level marking the origin of the entire decline. A confirmed break above that zone would signal the correction is fully over.
Bearish Scenario
Conversely, a break below the 0.382 retracement and the ascending trendline would expose the 0.5 level near 61.69, with a deeper slide risking a retest of the 0.618 retracement around 60.49, or even the triangle apex near 56.64 if selling pressure accelerates.
With price sitting right at the intersection of a reclaimed trendline, the 200-period EMA, and a key Fibonacci level, silver looks poised for a decisive move, will this recovery extend toward fresh monthly highs, or does the recent bond market turmoil drag the metal back into its prior range?
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Few large-cap stocks offer a more direct way to capitalize on today’s powerful transportation-fuel margins than Valero Energy (VLO - Free Report) ).
With VLO sporting a Zacks Rank #1 (Strong Buy), it’s noteworthy that Valero’s Zacks Oil and Gas-Refining and Marketing Industry is currently in the top 10% of over 240 Zacks industries.
In addition to its strong buy rating, VLO also checks an overall “A” VGM Zacks Style Scores grade for the combination of Value, Growth, and Momentum.
This comes as U.S. gasoline prices have climbed back above $4 per gallon. At the same time, refining margins have reached historically elevated levels as tight global product supplies stemming from disruptions in the Middle East have collided with resilient transportation demand.
Bullish Refining MarginsThe 3-2-1 crack spread — a widely watched proxy for refinery profitability — recently reached record territory, creating an exceptionally favorable backdrop for efficient U.S. refiners.
As provided by the Chicago Mercantile Exchange (CME) Group and visualized by TradingView, U.S. refining margins have surged to historic levels, with the closely watched 3-2-1 crack spread approaching $70 per barrel.
This means that the market value of the gasoline and diesel produced from crude oil is running roughly $70 per barrel above the cost of the crude itself—a powerful indicator of the unusually favorable economics facing refiners such as Valero.
In other words, refiners can currently sell the gasoline and diesel produced from a barrel of crude for roughly $70 more than the crude feedstock cost, before accounting for the refinery’s other expenses.
Image Source: CME Group
Valero is Translating that Environment Directly into Earnings GrowthValero's Refining segment generated $4.5 billion of Q2 operating income, up sharply from $1.3 billion a year ago, while throughput averaged roughly 3 million barrels per day.
More importantly, refining margin per barrel surged to $23.62 from $12.35 in the year-ago period. That combination of high utilization and dramatically stronger margins gives Valero tremendous operating leverage when gasoline and diesel markets tighten.
The earnings picture reflects it. Last month, Valero delivered record quarterly adjusted EPS of $12.54, comfortably topping the Q2 consensus estimate of $9.87 by 27% and surging 450% from earnings of $2.28 per share in the prior year quarter.
Plus, Valero has now exceeded earnings expectations for seven consecutive quarters with an impressive average EPS surprise of 26.8% in its last four quarterly reports.
Image Source: Zacks Investment Research
Surging EPS Revisions and a Reasonable ValuationJust as encouraging is the direction of analyst estimates. Following the Q2 EPS beat, the forward earnings-revision trend has moved decisively higher in the last month, with Valero's fiscal 2026 and FY27 EPS estimates now spiking over 30% in the last 60 days, respectively.
In the last two months, EPS revisions for the current quarter and next quarter have both spiked over 90%, with Valero’s annual adjusted earnings now expected to surge more than 282% to what would be a new record of $40.62 per share.
Image Source: Zacks Investment Research
And despite a more than 100% year-to-date run-up in VLO shares, Valero’s valuation remains very reasonable at 8X forward earnings.
Image Source: Zacks Investment Research
VLO still trades at a steep discount to the benchmark S&P 500’s 22X forward earnings multiple despite having one of the clearest earnings growth catalysts in the market.
Its valuation is also roughly in line with the broader Oil and Gas-Refining and Marketing industry, which includes notable peers Marathon Petroleum (MPC - Free Report) ) and Phillips 66 (PSX - Free Report) ).
Image Source: Zacks Investment Research
Bottom LineWith gasoline prices above $4 per gallon, refining margins exceptionally strong, throughput near 3 million barrels per day, and earnings estimates moving sharply higher, Valero remains one of the clearest large-cap beneficiaries of the current transportation-fuel environment.
USD/JPY se drží kolem 159,53, zatímco jen zůstává v úzkém pásmu a odevzdal zhruba polovinu zisků po konci červencové intervence. Trh zároveň více započítává zářijové zvýšení sazeb BoJ.
USD/JPY held around 159.53, with the Japanese yen trading sideways for more than a week. The currency has lost approximately half of the gains made following the joint intervention by Tokyo and Washington at the end of July.
Pressure on the yen persists due to a wide interest rate differential, rising fiscal risks, and elevated energy and import costs.
At the same time, markets are increasingly pricing in a Bank of Japan rate hike in September to support the yen and contain inflation. The yield on 10-year Japanese government bonds climbed to 30-year highs this week, reflecting expectations of near-term policy tightening and concerns over the state of public finances.
Core machinery orders rose 9.7% in June, significantly exceeding forecasts and providing further support for expectations of tighter policy while signalling robust business capital expenditure.
Technical Analysis
On the H4 USD/JPY chart, the market is forming a consolidation range around the 159.49 level, currently extending down to 159.20. A move higher to 159.49 is expected today, followed by a decline to 159.00. A break below this level would open the way for a correction towards 158.54. The MACD indicator supports this scenario, with its signal line above zero and trending downward.
On the H1 chart, USD/JPY has moved up to 159.65. A consolidation range is currently forming below this level. A downside breakout would open the way for a move lower to at least 159.00. The Stochastic oscillator confirms this scenario, with its signal line below 50 and trending downward towards 20, indicating short-term downside pressure.
Conclusion USD/JPY remains range-bound as the yen struggles to sustain gains from the late-July intervention. The currency has given back roughly half of its post-intervention appreciation, weighed down by persistent fundamental headwinds. However, markets are increasingly pricing in a September rate hike from the Bank of Japan, supported by rising bond yields and stronger-than-expected machinery orders data. Technically, the pair may see a short-term pullback towards 159.00 and potentially 158.54 before its next directional move. The yen’s outlook will depend on Bank of Japan policy signals, US economic data, and the trajectory of energy prices.
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Parsons was selected for the U.S. Space Force's National Space Test and Training Complex (NSTTC) Innovative Technology & Engineering – Space Test and Range (NITE-STAR) Capability Development Multiple Award IDIQ.NITE-STAR aims to ensure Space Force Guardians are prepared for realistic operational scenarios and engagements against peer adversaries in increasingly contested space environments, and awardees had to meet strict qualification criteria including successful delivery of operational space vehicles and ground systems.The multiple-award IDIQ has a shared ceiling value of $981 million across all awardees and spans two five-year ordering periods, providing a pathway for future task order awards. CHANTILLY, Va., Aug. 19, 2026 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today it has been selected by the U.S. Space Force as an awardee on the National Space Test and Training Complex (NSTTC) Innovative Technology & Engineering – Space Test and Range (NITE-STAR) Capability Development multiple award indefinite delivery indefinite quantity (IDIQ) contract. The contract vehicle has a shared ceiling value of $981 million across all awardees over two five-year ordering periods.
The NITE-STAR contract establishes an acquisition vehicle designed to accelerate the development of advanced space test and training capabilities that ensure U.S. Space Force Guardians are prepared for engagements against peer adversaries in increasingly complex operational environments. Parsons will support the rapid development, integration, and deployment of innovative space vehicle and ground system technologies across the space test and training enterprise
"Maintaining superiority in the space domain requires continuous innovation, realistic training environments, and advanced test capabilities," said Mike Kushin, president, Defense and Intelligence for Parsons. "Through this contract vehicle, Parsons will bring together our expertise in space systems, mission engineering, digital technologies, and national security solutions to help the Space Force advance the next generation of test and training capabilities needed to address evolving threats."
The NITE-STAR initiative is focused on advancing sophisticated space and ground systems and technologies that enable Guardians to operate effectively in a contested space environment. By fostering the development and integration of emerging capabilities, the program helps ensure the Space Force remains prepared for high-stakes operational scenarios while maintaining access to the best available technologies from across the innovation ecosystem.
Parsons has decades of experience supporting national security space missions and delivering advanced solutions spanning space vehicles, space operations, satellite ground systems, cyber, digital engineering, systems integration, and mission-critical infrastructure. The company supports government and defense customers with technologies designed to enhance mission readiness, accelerate innovation, and strengthen operational effectiveness across all domains. Parsons’ NITE-STAR team features Blue Canyon Technologies, Orion Space Solutions, EnduroSat, Turion, and Intuitive Machines.
Learn more about Parsons’ space capabilities here: https://www.parsons.com/space/
About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn to learn how we’re making an impact.
Forward-Looking Statements:
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so by law.
Opendoor má za posledních 12 měsíců tržby 3,2 miliardy USD, ale ve čtvrtletí vykázal čistou ztrátu 162 milionů USD. Obchodování s bydlením v USA zůstává zamrzlé.
Last year, Opendoor (OPEN -5.08%) had a new CEO, Kaz Nejatian, take the helm, promising a massive turnaround for the struggling pandemic-era real estate technology company. The stock price rose from under $1 to $10 in a year, with investors betting that the pain was finally over.
Today, shares are back down to $3.50. The financial results for the real estate buying platform continue to deteriorate, with housing market activity frozen shut in the United States.
Here's what Opendoor's future may look like, and whether the stock looks cheap again, down 90% from 2021 highs, as a bet on an eventual reversion to the mean in homebuying activity.
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A struggling turnaround When joining Opendoor, Nejatian wanted to reinvigorate the business by becoming leaner on costs and adding new features for real estate buyers and sellers on its platform. Historically, Opendoor's business model has been to buy and sell homes directly, which has proved tough to finance as a start-up trying to hold more and more inventory on its balance sheet.
This business model broke down amid the rising interest-rate environment of 2022, which drove many transactions out of the U.S. housing market. Opendoor's revenue has steadily declined from its peak, reaching $3.2 billion over the last 12 months, down from over $15 billion at one point in 2021.
Nejatian wants to scale up home acquisitions again, but more efficiently. Last quarter, Opendoor had 6,900 acquisition contracts but spent just $5 million on marketing. That compares to a similar level of acquisitions back in Q2 2022, when Opendoor spent $81 million on marketing.
At the same time, Nejatian wants to turn over homes more quickly, reducing the time this inventory sits on the balance sheet. Opendoor is making progress in this regard, with the percentage of homes on the market at over 120 days down to 9% last quarter, compared to 10% a year prior.
Image source: Getty Images.
Should you buy Opendoor stock? Despite efforts to improve the core business model and layer on new products, such as automated pricing and mortgage lending through Opendoor, the business remains in rough financial shape.
Last quarter, Opendoor had a net loss of $162 million. It has never generated positive profitability, no matter how hot or cold the U.S. housing market is. Right now, the housing market is ice cold when it comes to transactions, and Opendoor and its investors are betting that an eventual turnaround will finally lead to profitability.
Investors should not automatically expect the housing market to return to the level it was at during the COVID-19 pandemic. We may be in a new environment of higher interest rates and an aging population that lessens the importance of this sector. And Opendoor operated in a hot housing environment a few years ago, and it still could not generate a profit. For these reasons, investors should stay far away from this stock.
The AUD/JPY has pulled back after a strong uptrend, with the momentum attributed to short-term profit-taking. However, the pair’s broader uptrend remains intact Joint interventions have not helped the yen much and stubborn inflation is a significant concern for Japan’s policymakers Despite the recent dip, the wide interest rate gap between the RBA and BoJ continues to favour carry trade in the long-term The AUD/JPY currency pair climbed for over ten straight days from its early August low around 110.14. It started falling on Tuesday, though, and has kept dropping into today’s trading session.
Earlier this month, the pair rose from roughly 110-111 to a high near 113.27-113.65. It’s since dropped, however, to about 112.64-112.72. This move signals a break in the prior upward trend.
So, is this the start of a bigger downtrend? What’s making the yen stronger? And what does it mean for carry traders?
Is Momentum Shifting Lower? Recent price movements point to a short-term pause, not a full trend reversal. The pair still trades above important long-term moving averages across various analyses, and the overall trend since the August lows still suggests a recovery.
However, technical indicators on medium-term charts, however, look more cautious. Some suggest short-term selling pressure has built up after the rapid ascent.
The Relative Strength Index (RSI) on daily charts has moved back toward the 50-52 range. This doesn’t automatically signal a bearish divergence. Instead, it likely shows the pair correcting from overbought conditions after a long period of gains
Reuters reports the Bank of Japan (BOJ) is getting ready to raise interest rates as early as its September 17-18 meeting. Policymakers might even speed up the pace of hikes beyond the current rate of about twice a year.
Policymakers are reportedly growing more concerned about ongoing inflation, strong global demand driven by AI, and the yen’s persistent weakness, even after joint currency interventions. Bank of America has even raised its year-end forecast for the yen, noting intervention needs faster rate hikes to be truly effective.
Implications for Carry Traders The AUD/JPY is among the most popular currency pairs in carry trade. Traders usually borrow Japanese yen, with its low interest rates, to buy the Australian dollar, which offers higher returns. This rate difference made the pair appealing over the last year. But when the exchange rate falls, that advantage shrinks, and traders often adjust their positions.
If you’re already holding long-carry positions, the recent drop means your investments are worth less on paper. It also raises the risk of further selling if prices keep falling. If the carry trade loses its appeal, some investors might trim their holdings or look to hedge more.
On the other hand, if the pair stabilizes or starts to climb, the carry trade strategy will regain its appeal. This is especially true if Australian economic data stays strong and the Bank of Japan slowly tightens its monetary policy. When these shifts happen, the pair can become more volatile as traders adjust their leveraged positions.
Has AUD/JPY momentum clearly turned bearish?
It is not yet confirmed. The current decline follows a strong multi-session rally and looks like consolidation before a potential break of key support.
What is driving the yen’s recent strength?
Market expectations for a Bank of Japan rate hike are up, there are lingering effects from late-July intervention, and policy outlooks differ when compared to Australia.
How does this affect carry trades?
A falling AUD/JPY cuts the profit from borrowing yen to hold Australian dollars. This can prompt leveraged traders to reduce their positions.
CEO Hims & Hers Andrew Dudum prodal 78 859 akcií za 2,2 milionu USD, ale šlo o rutinní nediskreční prodej kvůli daňové srážce při čtvrtletním vestingu RSU. Firma zároveň uvedla, že jeho podíl zůstává vysoký.
Andrew Dudum, the chief executive officer of Hims & Hers Health, Inc. (HIMS -4.26%), disposed of 78,859 shares of Class A Common Stock on August 14, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$2.2 millionShares sold78,859Post-transaction shares (directly held)1,033,177Post-transaction shares (indirectly held)8,640,870Post-transaction value$272.32 millionTransaction value based on SEC Form 4 weighted average sale price ($28.15); post-transaction value based on the August 14 market close ($28.15).
Key questionsWas this a discretionary trade?
The disposition was non-discretionary and was executed solely to cover mandatory tax withholding obligations in connection with the quarterly vesting of Restricted Stock Units. This type of transaction is a standard administrative event and does not reflect the CEO's view on the company's valuation or future performance.What are the terms of the underlying equity awards?
The Restricted Stock Units are subject to service-based vesting requirements satisfied over four-year periods. These awards vest in substantially equal quarterly installments, providing the executive with continuous equity accumulation as long as service requirements are met.Through which entities are the indirect shares held?
Dudum manages his indirect holdings through eight separate entities, including the AD 2022 GRAT, AD 2022 GRAT 2, Dudum Family Community Property Trust, Dudum Legacy 2021 Trust, Dudum Family Heritage Trust, Dudum Family 2021 Trust, Andrew Dudum 2015 Trust, and the AD 2025 GRAT.What has been the equity's performance leading up to this event?
As of the transaction date on August 14, the company's stock had a one-year total return of -40%. Company OverviewMetricValueShare Price (as of market close 2026-08-17)$28.61Market Capitalization$6.4 billionRevenue (TTM)$2.6 billionNet Income (TTM)-$142.0 millionCompany SnapshotHims & Hers operates a comprehensive digital health platform that delivers prescription medications, over-the-counter drugs, medical devices, cosmetics, and dietary supplements directly to consumers through its websites and mobile application.The company generates revenue through a direct-to-consumer model by connecting patients with licensed medical professionals for virtual consultations and facilitating the sale of health and wellness products with recurring subscription and transaction-based revenue streams.The company primarily serves consumers seeking convenient, accessible healthcare solutions and wellness products, targeting individuals who prefer digital-first medical consultations and home delivery of pharmaceutical and consumer health products.Hims & Hers Health operates as a leading digital health platform with a $6.4 billion market capitalization and $2.6 billion in TTM revenue, positioning itself at the intersection of telehealth and direct-to-consumer pharmaceutical distribution. The company's integrated platform model creates competitive advantages through operational efficiency, customer convenience, and data-driven personalization. Despite current net losses of $142.0 million TTM, the company's substantial revenue base and market scale reflect strong consumer adoption of its digital-first healthcare delivery model.
What this transaction means for investorsDudum's shares went out four days after Hims' second-quarter report and weeks after the FTC sued the company, but the filing makes it clear that his is routine quarterly RSU withholding, rather than any discretionary call on the stock.
As for those results, second-quarter revenue hit $753.2 million, up 38%, and management raised the full-year range to $3.1 billion to $3.3 billion in the August 10 release. However, gross margin fell to 64% from 76% a year earlier as branded weight loss drugs and international revenue took over the mix, and CFO Yemi Okupe said on the call that margins "will remain below the levels we have historically achieved." The firm reported a larger $86.3 million net loss for the period, which includes a $47.5 million accrual tied to the FTC suit filed July 29 alongside Utah and Los Angeles County and lands in the middle of a sustained series of FTC enforcement actions against telehealth and digital health companies. Third-quarter guidance calls for $880 million to $900 million, and long-term investors should stay focused on that number for now, which decides whether the margin trade-off is working.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hims & Hers Health. The Motley Fool has a disclosure policy.
Deborah M. Autor z Hims & Hers Health prodala 16 147 akcií v hodnotě zhruba 455 000 USD kvůli daňovým povinnostem z vestingu jednotek RSU. Po transakci drží 65 734 akcií.
Chief Policy Officer Deborah M. Autor reported a non-discretionary disposition of 16,147 shares of Hims & Hers Health, Inc. (HIMS -4.26%) on August 14, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value~$455,000Shares sold (directly held)16,147Post-transaction shares (directly held)65,734Post-transaction value~$1.9 millionTransaction value based on SEC Form 4 weighted average sale price ($28.15); post-transaction value based on the August 14 market close ($28.15).
Key questionsWhat prompted the disposition of these shares?
The transaction was non-discretionary and executed specifically to cover tax liabilities associated with the vesting and settlement of restricted stock units, a routine event for executive compensation.What is the insider's total equity exposure following this move?
While direct ownership now stands at 65,734 shares, the insider also holds 427,953 derivative securities, including unvested awards that align future incentives with shareholder performance.How has the stock performed leading up to this transaction?
As of the August 14 transaction date, Hims & Hers Health shares had returned -38% over the preceding 12-month period.What is the company's current financial and market profile?
The company operates a digital health platform and reported trailing-twelve-month revenue of $2.6 billion and a net loss of $142.0 million, with a market capitalization of $6.4 billion as of the latest reporting date.Company OverviewMetricValueShare Price (as of market close 2026-08-17)$28.61Market Capitalization$6.4 billionRevenue (TTM)$2.6 billionNet Income (TTM)-$142.0 millionCompany SnapshotHims & Hers operates a comprehensive digital health platform that delivers prescription medications, over-the-counter drugs, medical devices, cosmetics, and dietary supplements directly to consumers through its websites and mobile application.The company generates revenue through a direct-to-consumer model by connecting patients with licensed medical professionals for virtual consultations and facilitating the sale of health and wellness products with recurring subscription and transaction-based revenue streams.The company primarily serves consumers seeking convenient, accessible healthcare solutions and wellness products, targeting individuals who prefer digital-first medical consultations and home delivery of pharmaceutical and consumer health products.Hims & Hers Health operates as a leading digital health platform with a $6.4 billion market capitalization and $2.6 billion in TTM revenue, positioning itself at the intersection of telehealth and direct-to-consumer pharmaceutical distribution. The company's integrated platform model creates competitive advantages through operational efficiency, customer convenience, and data-driven personalization. Despite current net losses of $142.0 million TTM, the company's substantial revenue base and market scale reflect strong consumer adoption of its digital-first healthcare delivery model.
What this transaction means for investorsThis was a relatively small transaction, and it landed on the same day as filings from other Hims & Hers executives, including the firm's CEO and CTO. That makes this seem pretty clearly like a quarterly RSU vesting working throughout the executive ranks, as opposed to something specific to Autor, meaning nothing here points to her view of the stock.
The more useful context is what she oversees. As chief policy officer, Autor sits closest to the regulatory obstacles the company is currently having in two directions at once. The FTC sued Hims & Hers on July 29 over data-sharing and billing practices, and the company took a $47.5 million legal contingency accrual in the second quarter. Separately, the FDA hasn't yet finalized rulemaking on the peptide compounds Hims wants to sell, six of seven cleared a key advisory hearing last month, and CEO Andrew Dudum told analysts on the August 10 call that the company is "waiting on full and final rule making from the FDA" before it launches them. Both of those developments are what actually move the stock from here. Autor's 427,953 in unvested derivative securities is the real measure of how much she has riding on the outcome, not the 16,147 shares that just got disposed of.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hims & Hers Health. The Motley Fool has a disclosure policy.
Šéfka právního oddělení Hims & Hers Health prodala 21 500 akcií za zhruba 605 000 USD kvůli daňovému zadržení při vestingu RSU. Nešlo o změnu názoru na firmu; dál drží 339 075 akcií.
Soleil Boughton, the chief legal officer of Hims & Hers Health, Inc. (HIMS -4.26%), reported a non-discretionary disposition of 21,500 shares on August 14, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value~$605,000Shares sold21,500Post-transaction shares (directly held)339,075Post-transaction value~$9.5 millionTransaction value based on SEC Form 4 weighted average sale price ($28.15); post-transaction value based on the August 14 market close ($28.15).
Key questionsWhat initiated this disposition of Class A Common Stock?
The transaction was a non-discretionary move executed to satisfy tax withholding requirements tied to the vesting and settlement of restricted stock units.Does this transaction reflect a shift in the insider's assessment of the company?
No, the sale was part of a pre-arranged tax withholding process and does not reflect an active assessment of the company's valuation or future prospects.What is the extent of the insider's remaining equity exposure?
Boughton retains 339,075 shares in direct ownership and also holds additional derivative securities, including both vested and unvested awards.What was the stock's performance context on the transaction date?
The disposition occurred after a one-year return of -40% as of August 14, with the shares priced at $28.15 per share.Company OverviewMetricValueShare Price (as of market close 2026-08-17)$28.61Market Capitalization$6.4 billionRevenue (TTM)$2.6 billionNet Income (TTM)-$142.0 millionCompany SnapshotHims & Hers operates a comprehensive digital health platform that delivers prescription medications, over-the-counter drugs, medical devices, cosmetics, and dietary supplements directly to consumers through its websites and mobile application.The company generates revenue through a direct-to-consumer model by connecting patients with licensed medical professionals for virtual consultations and facilitating the sale of health and wellness products with recurring subscription and transaction-based revenue streams.The company primarily serves consumers seeking convenient, accessible healthcare solutions and wellness products, targeting individuals who prefer digital-first medical consultations and home delivery of pharmaceutical and consumer health products.Hims & Hers Health operates as a leading digital health platform with a $6.4 billion market capitalization and $2.6 billion in TTM revenue, positioning itself at the intersection of telehealth and direct-to-consumer pharmaceutical distribution. The company's integrated platform model creates competitive advantages through operational efficiency, customer convenience, and data-driven personalization. Despite current net losses of $142.0 million TTM, the company's substantial revenue base and market scale reflect strong consumer adoption of its digital-first healthcare delivery model.
What this transaction means for investorsAs chief legal officer, Boughton oversees a key fight that's shaping HIMS stock. The FTC sued the company on July 29 over data sharing and billing practices, and that lawsuit is already showing up on the income statement as a $47.5 million legal contingency in the second quarter. In a statement, the company called the suit an attempt to "generate headlines at our expense,” and the firm's CFO on the latest earnings call said HIMS is "not prepared to accept the terms we do not believe reflect the facts or the law," so investors shouldn't expect a quick settlement.
However, if you set the legal overhang aside, the underlying business is doing fine. Revenue grew 38% last quarter to $753.2 million, and management raised full-year guidance to $3.1 billion to $3.3 billion. The real tension for a buyer isn't insider selling, it's whether that growth is worth paying for while a federal regulator is actively litigating how the company gets its customers. That could be a bet on the lawsuit's outcome as much as one on the business itself.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hims & Hers Health. The Motley Fool has a disclosure policy.
Alchemy Pay integroval AEON do své fiat-to-crypto rampy, takže uživatelé ve 173 zemích mohou snadněji nakupovat $AEON běžnými platebními metodami. AEON uvádí, že má 2,3 milionu uživatelů a přes 475 milionů USD v objemu zpracovaných transakcí.
Alchemy Pay, a leading global fiat-crypto payment gateway, has integrated AEON, the native settlement infrastructure for the agentic economy, into its fiat-crypto ramp. The integration supports seamless buying of $AEON, while enabling users across 173 countries to access through familiar fiat payment methods.
AEON is building settlement infrastructure specifically for an economy where AI agents can interact, transact, and exchange value autonomously. By leveraging emerging agentic protocols including x402, ERC-8004, Google A2A, and MCP, AEON connects agent-to-agent interactions with verifiable settlement and continuous value flows, addressing key limitations of traditional financial infrastructure such as transaction costs, limited programmability, and settlement delays. With more than 2.3 million users and over $475 million in processed volume, AEON is building toward a globally connected settlement network for agentic transactions.
Through Alchemy Pay's global payment infrastructure, users can now seamlessly buy $AEON while using familiar payment options, including Visa, Mastercard, Apple Pay, Google Pay, local bank transfers, and mobile wallets. With support for more than 50 fiat currencies across 173 countries, the integration significantly lowers the barriers for both individual and institutional users seeking to enter the AEON ecosystem.
By enabling seamless fiat-to-crypto conversions around the AEON ecosystem, Alchemy Pay provides users with a more frictionless way to participate in the growing agentic economy. The integration helps:
Simplify global onboarding: Users can acquire $AEON through familiar local payment methods without navigating complex crypto conversion processes.
Expand ecosystem access: Developers and businesses around the world can more easily access AEON ecosystem assets, creating a smoother path toward building and transacting within its agentic payment infrastructure.
Connect Web3 payments with familiar rails: Users can engage with AEON's payment and loyalty solutions while relying on established fiat payment methods they already use in everyday transactions.
The integration also strengthens the connection between traditional payment infrastructure and the emerging agentic economy. As AI agents increasingly move beyond generating information to independently calling services, accessing resources, and executing transactions, reliable entry and exit points between fiat and digital assets become essential. Alchemy Pay's fiat-crypto rails provide that access layer, while AEON provides the settlement infrastructure for autonomous economic interactions.
Alchemy Pay’s global payment network spans 173 countries and supports more than 50 fiat currencies and 300+ payment methods. Its expanding regulatory footprint includes 19 U.S. Money Transmitter Licenses, alongside regulatory approvals and registrations across Southeast Asia, Korea, Europe, and the United Kingdom. By combining Alchemy Pay's global fiat payment infrastructure with AEON's purpose-built settlement layer for autonomous transactions, the collaboration creates a more accessible gateway into the agentic economy. Users can move between fiat and digital assets more seamlessly, while developers, businesses, and AI agents gain easier access to the financial infrastructure needed for the next generation of Web3 payments.
About AEON
AEON is building a native settlement infrastructure for the agentic economy, specifically designed to eliminate three major friction points traditional finance networks pose for agent collaboration: fee overhead, programmability gap, and settlement lag.
Leveraging leading agentic protocols such as x402, ERC-8004, Google A2A, and MCP, AEON enables autonomous, verifiable AI agent transactions at scale and bridges Agent-to-Agent (A2A) interactions with real-world settlement and continuous value flows.
Serving 2.3 million users with more than $475M in processed volume, AEON is backed by YZi Labs and IDG Capital, with participation from investors including HashKey Capital, Stanford Blockchain Builders Fund, etc.
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Developers of Web3 platforms and dApps with interest in integrating Alchemy Pay’s ramp solution can contact via the website https://alchemypay.org/contact
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MUFG varuje, že EUR/USD je podle krátkodobého modelu asi o 2,5 % až 3,0 % přeceňovaný a naráží na odpor na úrovni 1,1630. Banka zároveň upozorňuje na rostoucí energetická a růstová rizika v Evropě.
The Euro-Dollar is struggling to clear 1.1630, with MUFG warning the EUR/USD looks overvalued as European gas and growth risks build. The Euro to Dollar (EUR/USD) exchange rate has climbed back towards 1.1600, but the move is starting to look less convincing once valuation and Europe's energy exposure are brought into the picture.
EUR/USD traded around 1.1597 early on Wednesday after reaching 1.1614 earlier in the week.
Softer expectations for Federal Reserve tightening should, on paper, have given the Euro more room to run. It hasn't quite happened.
MUFG sees the hesitation as significant.
“The 200-day moving average is offering resistance at 1.1630,” the bank said, noting that the best level reached on Monday was 1.1614. “We do certainly sense a high level of caution in buying EUR/USD.”
Image: EUR/USD 48h chart EUR/USD has recovered from below 1.1570, but the latest advance still leaves the pair short of the 1.1630 area highlighted by MUFG.
The more striking warning comes from MUFG's valuation model.
“Our short-term regression model for EUR/USD already indicates current spot is about 2.5%-3.0% overvalued,” the bank said.
That is the awkward part. The Dollar has lost some rate support, yet MUFG argues the Euro is already trading richer than underlying short-term fundamentals justify.
Energy is central to the concern.
European gas storage is running just below the range seen in comparable years since 2011, while delayed winter purchases risk becoming more expensive as Asian LNG demand competes for supply.
MUFG also points to unusually low river levels across the Rhine, Danube, Loire and Po. That is not merely a transport problem. Lower waterways can disrupt industry, food production and power generation at the same time.
“If the refilling period continues to disappoint ahead of winter, a more severe terms of trade hit is likely,” MUFG warned.
Near and Medium-Term EUR/USD Outlook: ING Still Sees 1.18 ING is cautious about the immediate upside too, although its medium-term conclusion is notably more bullish.
“Yesterday's EUR/USD rally stalled shortly above 1.16, and investors will be reluctant to push it much higher given energy price developments,” ING's Chris Turner said.
ING also thinks the Dollar is “not quite ready to make a sustained break lower just yet”, with higher energy prices and long-dated US Treasury yields offering support. It expects DXY to remain broadly inside 99.40-100.00 in the near term.
Still, the bank keeps EUR/USD at 1.17 for end-September and 1.18 for year-end, based on its view that the Fed does not raise rates.
Image: EUR/USD forecast outlook The wider bank consensus also leans higher, with the median path reaching around 1.18 by Q2 2027, although the full forecast range stretches from roughly 1.10 to 1.21.
So there are really two EUR/USD stories here.
ING still sees a route higher once Fed tightening risk fades.
MUFG is warning that the Euro may already have run ahead of the near-term fundamentals, especially if Europe's energy bill starts climbing again.
For the immediate trade, 1.1630 looks like the line that matters.
SpaceX čeká 20. srpna další test, kdy se zpřístupní 319 milionů akcií. Trh zároveň sleduje přehodnocení Nasdaq-100, které má vstoupit v platnost před začátkem obchodování 21. září a může přinést další pasivní nákupy.
Buy SpaceX (NASDAQ: SPCX). The August 6 unlock added massive supply yet the stock rallied (+6.1% day-of, +16% next session). That signals strong absorption from index/ETF demand. With another 319M shares becoming eligible Aug 20 and a Nasdaq-100 rebalance before Sept 21, passive flows can keep demand ahead of supply and extend the momentum into September.
Key Risk: The Aug 20 eligibility finally triggers real selling (insiders monetize) and the stock breaks the post-unlock support, proving buyers can’t absorb the float increase.
SPCX sell/short into valuation risk
Sell or short SpaceX (NASDAQ: SPCX) into the September catalyst. Even if index buying happens, it doesn’t fix the valuation argument: Morningstar flags overvaluation, and the stock has been extremely volatile since the IPO. If the market has already priced “Nasdaq funds fuel the rally,” any supply wave (Aug 20) or rebalance disappointment can cause a sharp mean reversion.
Key Risk: Index/ETF demand overshoots expectations and keeps SPCX grinding higher through the rebalance, leaving valuation bears behind.
SpaceX stock NASDAQ:SPCX faces another major supply test on Thursday, but investors are already looking beyond the August lockup to a September catalyst.
Another 319 million shares are expected to become eligible for trading on August 20, following the release of 912 million shares on August 6.
Yet the first unlock failed to trigger the selloff many investors feared.
SpaceX rose 6.1% that day and nearly 16% in the following session, while shares have risen about 35% since the restrictions lifted.
The Nasdaq-100’s September quarterly rebalance is scheduled to take effect before trading begins on September 21.
SpaceX joined the Nasdaq-100 on July 7. JPMorgan estimated at the time that inclusion could attract roughly $4.3 billion in passive inflows from funds tracking the benchmark.
“Clearly, there’s a lot of demand; that’s why they fast-tracked the integration into the index,” Morningstar strategist Michael Field told Reuters. He also warned that Morningstar considered the shares overvalued.
The next question is whether SpaceX’s growing public float could increase its index representation.
Investor Tangerine Tan Capital calculates that SpaceX currently carries about a 1.16% Nasdaq-100 weight, well below the 4% to 5% allocation he believes its market value could justify without the float constraint.
As more insider shares become tradable, the investor expects index funds to increase their holdings around future rebalances.
“I am expecting a price increase around the time of the rebalancing,” Tangerine Tan Capital wrote.
The September thesis first has to survive Thursday.
About 319 million additional shares become eligible for trading, increasing the pool available to insiders and early investors.
Eligibility does not mean those holders will sell, but it creates another potential source of supply.
Research analyst Ed Elson expects “a lot of selling pressure” as early backers gain opportunities to monetise years of gains.
The August 6 unlock offered an encouraging precedent. More than 900 million shares became eligible, but SpaceX instead climbed 6.1% to $114.92. Elson suggested short sellers closing positions may have helped absorb the new supply.
Morgan Stanley analyst Adam Jonas was also bullish around that event. The Associated Press reported that Jonas viewed the unlock as a buying opportunity and believed SpaceX could reach $300 by mid-2027.
Any additional passive buying would not automatically make SpaceX fundamentally cheap.
The stock has remained highly volatile since its $135 IPO, climbing as high as $225.64 before falling below the offer price and subsequently recovering.
NYU professor and investor Scott Galloway told Business Insider this week that SpaceX remained “crazy overvalued,” arguing that its limited initial public float and rapid Nasdaq-100 inclusion had created unusually strong demand.
Tesla letos klesá téměř o 24 %, protože se odkládají očekávání výnosů z robotaxi a firma zvyšuje kapitálové výdaje nad 25 miliard USD v roce 2026. Wall Street zároveň snížila odhady čistého zisku i volného cash flow.
Tesla (TSLA -0.72%) stock isn't having a great 2026 so far. It's down almost 24% this year as of the time of writing, compared to the S&P 500, which is up almost 13.8%. The underperformance is driven by a realignment of expectations throughout the year: Robotaxi revenue expectations were pushed out, capital expenditure expectations were pushed up, and near-term margin expectations were pushed down. I would invite readers to put forward any stocks that have risen given these sorts of circumstances. The bears got it right, but here's where some of them may be wrong.
Tesla's changing narrative Expectations for earnings from robotaxi have been pushed out due to the "delayed" rollout, at the same time as management has unveiled plans to ramp capital spending to above $25 billion in 2026 and will "grow for the next two or three years" to fund Optimus production, robotaxi fleet, investments in Terafab, solar manufacturing, AI compute, and "all the other expansions we'll do for other manufacturing for automotive," according to CFO Vaibhav Taneja on the last earnings call.
Today's Change
(
-0.72
%) $
-2.43
Current Price
$
336.87
As for the margin compression in the second quarter, it largely stems from an unfavorable sales mix and rising costs, as discussed in more detail previously. Putting all of this together, if you were modeling X amount of earnings and cash flow for, say, 2027 and 2028, and the start of the year, then you would have to lower that figure to X minus Y in light of the changes this year.
For example, here's how the Wall Street analyst consensus for Tesla has changed negatively over the last three months, according to Visible Alpha.
Wall Street Analyst Consensus
2026
2027
2028
Metric
3 Months Ago
Current
3 Months Ago
Current
3 Months Ago
Current
Net income
$4.4 billion
$3.5 billion
$6.1 billion
$4.5 billion
$8.9 billion
$7.1 billion
Capital expenditures
$24.3 billion
$25.2 billion
$20.9 billion
$25.7 billion
$21 billion
$26.3 billion
Free cash flow
($8.4) billion
($8.5) billion
($4.5) billion
($11.1) billion
($0.4) billion
($7.8) billion
Data source: Visible Alpha
In a nutshell, the bears who doubted that Tesla's robotaxi rollout would meet CEO Elon Musk's previous pronouncements have been proven right. Moreover, it's worth noting that Musk's previous estimates focused on fleet size and expansion to new cities, whereas now management wants investors to think in terms of miles driven under robotaxis and the development of the next major version of full self-driving (FSD) software, v15.
Image source: Tesla.
What the bears may be missing The developments in 2026 are disappointing, but the dip in the share price may prove a good long-term entry point, now that expectations for the robotaxi rollout have been reset. In addition, Tesla is making progress on robotaxi development. Realistically, if management has said it wouldn't go "large-scale unsupervised FSD" until v15 was in place, then that's what investors should monitor. The good news is the robotaxi fleet is already running with early, but far from complete, versions of v15.
If the architectural and safety improvements in v15 enable Tesla to scale its robotaxi fleet in 2027, the narrative around the stock will change dramatically for the better, potentially prompting upgrades to earnings expectations. In other words, don't bet against the earnings potential of Tesla's robotaxi business.
Philippe Laffont z Coatue Management prodal akcie společnosti Nvidia už ve 12 z posledních 13 čtvrtletí. Podíl fondu ve společnosti Nvidia od 31. března 2023 snížil zhruba o 88 %.
August is home to two of the most important data releases of the quarter: Nvidia's (NVDA -2.34%) operating results (scheduled for Aug. 26) and Form 13F filings by institutional investors with at least $100 million in assets under management. A 13F offers a snapshot of the stocks that Wall Street's leading money managers purchased and sold in the latest quarter.
Friday, Aug. 14, marked the deadline for fund managers to file Form 13Fs detailing their second-quarter trading activity. It also gives investors a firsthand look at the trends captivating the attention of billionaire investors, such as Coatue Management's Philippe Laffont.
The second quarter was a busy one for Laffont, with nine new holdings, eight existing stakes added to, five positions exited, and 22 holdings reduced. But among these more than three dozen chess moves, one consistency stands out: Laffont was, yet again, a seller of Nvidia stock.
Image source: Getty Images.
Coatue Management's billionaire boss has been a persistent seller of Nvidia stock Despite Nvidia's graphics processing units (GPUs) absolutely dominating in artificial intelligence (AI)-accelerated data centers, Laffont has been reducing his exposure to the face of the AI revolution in all but one of the last 13 quarters (share counts adjusted for Nvidia's 10-for-1 forward split in June 2024):
Q1 2023: 49,802,020 shares held Q2 2023: 46,449,700 shares (-3,352,320) Q3 2023: 45,410,400 shares (-1,039,300) Q4 2023: 43,222,010 shares (-2,188,390) Q1 2024: 13,851,410 shares (-29,370,600) Q2 2024: 13,754,447 shares (-96,963) Q3 2024: 10,138,161 shares (-3,616,286) Q4 2024: 10,006,488 shares (-131,673) Q1 2025: 8,545,835 shares (-1,460,653) Q2 2025: 11,488,529 shares (+2,942,694) Q3 2025: 9,870,743 shares (-1.617,786) Q4 2025: 9,203,337 shares (-667,405) Q1 2026: 6,331,620 shares (-2,871,718) Q2 2026: 6,055,197 shares (-276,423) Collectively, Coatue Management's billionaire boss has slashed his fund's stake in Nvidia by roughly 88% since March 31, 2023. It begs the question: What does Philippe Laffont know that Wall Street doesn't?
Image source: Nvidia.
There's likely more than just profit-taking behind this selling One of the more obvious reasons for this ongoing selling activity is profit-taking. Since Laffont's Nvidia stake peaked in the first quarter of 2023, shares of the company have jumped tenfold. But there's likely more to this selling than just ringing the register.
For example, competition is expected to ramp up. Although Nvidia's GPUs are superior on a compute basis, the company's biggest threat may come from within.
Several of Nvidia's top customers by net sales are developing AI chips for their own data centers. While these in-house AI chips aren't an external threat to Nvidia, they're notably cheaper and more readily accessible than Nvidia's hardware. In other words, they can take up valuable data center real estate and minimize the GPU shortage that's helped fuel Nvidia's pricing power.
-- Geiger Capital (@Geiger_Capital) May 8, 2026 Furthermore, history shows that every game-changing technology dating back more than 30 years has navigated an early stage bubble-bursting event. Investors consistently overestimate the pace of adoption and optimization of hyped technologies, and nothing suggests that AI will be the exception to this unwritten rule.
Things need to go perfectly for Nvidia to maintain its $5.45 trillion valuation. However, the ramp-up of every game-changing technology has been filled with proverbial speed bumps and potholes.
Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
Lowe’s zveřejní hospodářské výsledky před otevřením trhu ve středu; analytici čekají EPS 4,23 USD a tržby 26,12 miliardy USD. Citi, Piper Sandler, RBC, Wells Fargo i JP Morgan mezitím snížily cílové ceny.
Lowe’s Companies, Inc. (NYSE:LOW) will release its second earnings report before the opening bell on Wednesday, Aug. 19.
Analysts expect the Mooresville, North Carolina-based company to report quarterly earnings of $4.23 per share, down from $4.33 per share in the year-ago period. The consensus estimate for Lowe’s quarterly revenue is $26.12 billion. It reported $23.96 billion last year, according to Benzinga Pro.
On May 29, Lowe’s raised its quarterly dividend from $1.20 to $1.25 per share.
Lowe’s shares fell 0.1% to close at $215.64 on Tuesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Citigroup analyst Steven Zaccone maintained a Buy rating and cut the price target from $285 to $267 on Aug. 13, 2026. This analyst has an accuracy rate of 53%. Piper Sandler analyst Peter Keith maintained an Overweight rating and lowered the price target from $276 to $274 on Aug. 13, 2026. This analyst has an accuracy rate of 67%. RBC Capital analyst Steven Shemesh maintained a Sector Perform rating and cut the price target from $232 to $231 on Aug. 12, 2026. This analyst has an accuracy rate of 60%. Wells Fargo analyst Zachary Fadem maintained an Overweight rating and slashed the price target from $255 to $245 on Aug. 11, 2026. This analyst has an accuracy rate of 78%. JP Morgan analyst Christopher Horvers maintained an Overweight rating and cut the price target from $279 to $252 on July 31, 2026. This analyst has an accuracy rate of 70%. Latest Private Market Opportunities
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Coinbase vykázala ve 2. čtvrtletí čistou ztrátu 359,5 mil. USD a upravenou ztrátu 0,39 USD na akcii, hluboko pod odhady trhu. Tržby 1,22 mld. USD také zaostaly za očekáváním.
Coinbase Global (COIN - Free Report) ) has spent the past several years establishing itself as one of the dominant gateways to the cryptocurrency economy. The company continues to expand beyond traditional spot crypto trading, with growing businesses in derivatives, stablecoins, payments, prediction markets, and subscription services.
But while the long-term story may remain intriguing, the near-term earnings picture has deteriorated considerably.
Coinbase stock currently lands a Zacks Rank #5 (Strong Sell), reflecting a wave of negative earnings estimate revisions following a disappointing second-quarter report.
Image Source: Zacks Investment Research
Q2 Misses the MarkCoinbase delivered a rough second quarter, reporting a GAAP net loss of $359.5 million.
The company reported an adjusted loss of $0.39 per share, significantly below the consensus estimate that called for earnings of $0.14 per share and down from EPS of $0.12 in the prior year quarter.
That translated to a negative earnings surprise of 378%. Revenue of $1.22 billion also missed Q2 expectations of $1.29 billion by nearly 6% and declined more than 18% from $1.49 billion in the year-ago period.
The underlying operating metrics provided little comfort.
Monthly Transacting Users fell to 7.6 million from 8.7 million a year earlier and came in below the 8.15 million consensus estimate. Assets on Platform totaled $245.9 billion versus expectations near $295 billion. Meanwhile, transaction revenue declined more than 21% year over year to roughly $599 million.
Consumer transaction revenue was particularly weak, falling approximately 31% YoY.
More concerning is that Coinbase has now missed earnings expectations in three of its last four quarterly reports with a very dismal average EPS surprise of -128.56%.
Image Source: Zacks Investment Research
Earnings Estimates Head SouthThe most concerning development for investors has been the dramatic deterioration in earnings expectations.
Immediately following Coinbase's Q2 report in late July, the Zacks Consensus Estimate had called for fiscal 2026 earnings of $1.41 per share. The current consensus has now fallen all the way to a loss of $0.05 per share (F1 below). Notably, current year sales are expected to decline 29% to $5.09 billion.
In fact, when Coinbase was added to the Zacks Rank #5 (Strong Sell) list earlier this month, the consensus estimate for FY26 had fallen more than 81% over the preceding 60 days.
And the revisions have continued to decline since then, as FY26 EPS estimates are now down more than 102% in the last 60 days from projections of $1.74, with FY27 EPS estimates dropping 25% from projections of $4.79 to $3.59.
Image Source: Zacks Investment Research
As shown in the above “Q1” column, the EPS outlook for the current quarter has been slashed by more than 90%.
The current Zacks Consensus Estimate calls for earnings of just $0.04 per share in Q3, while the Most Accurate and recent estimate among Wall Street analysts sits at a loss of $0.33 per share and even further below the underlying consensus (Current Qtr below).
As also pictured below, Wall Street expects Coinbase to widely miss earnings expectations next quarter as well, with the Most Accurate Estimate having Q4 EPS slated at $0.06 compared to the underlying consensus of $0.46.
Image Source: Zacks Investment Research
Bottom LineCoinbase holds a prominent position in the crypto ecosystem and continues to broaden its platform well beyond its roots as a spot cryptocurrency exchange. Stablecoins, derivatives, payments, and other products could ultimately produce a more diversified business model.
But the Zacks Rank is focused primarily on earnings estimate revisions and their implications for near-term stock performance.
On that front, Coinbase is moving decisively in the wrong direction.
A significant Q2 earnings miss has been followed by aggressive reductions in EPS and revenue expectations, with analysts now forecasting virtually no earnings for 2026.
With estimates continuing to move south and COIN currently carrying a Zacks Rank #5 (Strong Sell), investors may want to steer clear of Coinbase stock until the earnings outlook begins to stabilize.
The TJX Companies, Inc. (NYSE:TJX) will release its second quarter earnings report before the opening bell on Wednesday, Aug. 19.
Analysts expect the Framingham, Massachusetts-based company to report quarterly earnings of $1.19 per share, up from $1.10 per share in the year-ago period. The consensus estimate for TJX’s quarterly revenue is $15.18 billion. It reported $14.4 billion last year, according to Benzinga Pro.
On May 20, TJX reported better-than-expected first-quarter financial results and raised its FY27 GAAP EPS guidance.
Shares of TJX edged lower to $150.85 on Tuesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
UBS analyst Jay Sole maintained a Buy rating and raised the price target from $193 to $197 on May 21, 2026. This analyst has an accuracy rate of 67%. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating and raised the price target from $175 to $185 on May 21, 2026. This analyst has an accuracy rate of 65%. Barclays analyst Adrienne Yih maintained an Overweight rating and increased the price target from $183 to $190 on May 21, 2026. This analyst has an accuracy rate of 69%. Evercore ISI Group analyst Michael Binetti maintained an Outperform rating and increased the price target from $171 to $175 on May 21, 2026. This analyst has an accuracy rate of 67%. Citigroup analyst Paul Lejuez maintained a Buy rating and raised the price target from $168 to $182 on May 21, 2026. This analyst has an accuracy rate of 65%. Latest Private Market Opportunities
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SQM za první pololetí zvýšila tržby na 4 228,5 mil. USD a čistý zisk na 1 024,7 mil. USD. V lithiu dosáhla rekordních čtvrtletních prodejů nad 84 tisíc tun LCE.
Highlights
SQM reported total revenues for the six months ended June 30, 2026 of US$4,228.5 million compared to total revenues of US$2,079.3 million for the same period last year. Net income for the six months ended June 30, 2026 of US$1,024.7 million or US$3.59 per share, compared to US$225.9 million or US$0.79 per share for the same period last year. In lithium: record-high quarterly sales volumes surpassing 84 thousand metric tons of Lithium Carbonate Equivalent (LCE). In Iodine: record-high sales price and record quarterly revenue. In Specialty Plant Nutrition: strong sales volumes and solid sales price. During the first half of 2026, SQM and its subsidiaries accrued over US$1.6 billion in payments to the Chilean State.i SQM will hold a conference call to discuss these results on Wednesday, August 19, 2026 at 12:00pm EDT (12:00pm Chile time).Participant Call link: https://register-conf.media-server.com/register/BI3e9715a0ab7b4208a6ae898954f0797bWebcast: https://edge.media-server.com/mmc/p/s7toz78m SANTIAGO, Chile, Aug. 19, 2026 (GLOBE NEWSWIRE) -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net income for the six months ended June 30, 2026, of US$1,024.7 million or US$3.59 per share, an increase of 353.5% compared to US$225.9 million or US$0.79 per share reported for the same period last year.
Gross profit(1) reached US$2,038.6 million (48.2% of revenues) for the six months ended June 30, 2026, 267.2% higher than US$555.2 million (26.7% of revenues) recorded for the six months ended June 30, 2025. Revenues totaled US$4,228.5 million for the six months ended June 30, 2026, representing an increase of 103.4% compared to US$2,079.3 million reported for the six months ended June 30, 2025.
The Company also announced net income for the second quarter of 2026 of US$660.0 million or US$2.31 per share, an increase of 646.4% compared to US$88.4 million or US$0.31 per share for the second quarter of 2025. Gross profit for the second quarter of 2026 reached US$1,260.0 million, 398.1% higher than the US$253.0 million reported for the second quarter of 2025. Revenues totaled US$2,468.4 million for the second quarter of 2025, an increase of 136.7% compared to US$1,042.7 million for the second quarter of 2025.
SQM’s Chief Executive Officer, Ricardo Ramos, stated, “I am pleased to announce SQM’s second-quarter results. As we close the first half of the year and look ahead to the remainder of 2026, I am encouraged by the solid performance we have delivered across our main business lines.”
He added, “In lithium, we achieved record quarterly sales volumes of over 84 thousand metric tons of Lithium Carbonate Equivalent (LCE) from our lithium operations in Chile through Nova Andino Litioii and in Australia through Covalent Lithiumiii. As anticipated in our previous earnings report, prices increased during the second quarter, supported by stronger-than-expected market demand. We now expect global lithium demand to be over 2.1 million metric tons in 2026, further strengthening our confidence in the long-term fundamentals of the market.
To see full press release please visit: https://ir.sqm.com/
i Includes accrued corporate income taxes and mining taxes (part of which has already been paid), and payments related to the Corfo contracts such as the lease payment (paid quarterly), and other accrued payments to local governments (paid annually) in connection with said contracts. This amount also includes the dividend accrued to be paid to Codelco.
ii Nova Andino Litio (or Novandino) is the joint company between SQM and Codelco.
iii Covalent Lithium is a joint venture between SQM and Wesfarmers Limited.
Interactive Brokers drží 930 miliard USD zákaznických peněz a z úroků na nich těží: čistý úrokový výnos ve čtvrtletí stoupl meziročně o 23 % na 1,06 miliardy USD.
The financial world changed when the Federal Reserve began raising interest rates in 2022 to combat inflation. Some firms -- like the now-shuttered Silicon Valley Bank -- were ill-prepared for this interest rate rise. Others, like Interactive Brokers (IBKR -4.00%), had balance sheets ready to capitalize on rising rates.
Last quarter, IBKR's customer equity rose 40% to $930 billion, making it one of the fastest-growing brokerages in the world by asset value. Here's how it can capitalize on today's interest rates to generate earnings for shareholders.
Today's Change
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Exploding net interest income As a brokerage, IBKR earns interest income in a few ways. First, it can invest idle cash balances in short-term Treasury bonds, sharing some of the proceeds with customers before pocketing the rest. Second, it earns interest income by making margin loans to customers, backed by customers' equity, as well as short-sale loans.
Even though IBKR offers strong profit sharing on idle cash and low-margin loans compared to the competition, it is still printing gobs of interest income at today's interest rates. Its net interest income rose from $1.148 billion in 2021 to $3.56 billion in 2025, driven by growing customer account balances and rising interest rates, which allowed it to earn more per customer.
Last quarter, net interest income was $1.06 billion, up 23% year over year. It is actually the largest revenue segment for IBKR.
Image source: Getty Images.
Balancing long-term growth IBKR's stock price went up by 500% in the last five years, much of which is due to the explosion in net interest income feeding through to the bottom line. For any shareholder today, there is a risk that this tailwind over the last few years will turn into a headwind if interest rates fall.
At the same time, IBKR has a fantastic growth opportunity to attract more customers to its platform, which can offset any interest-income headwinds. Total customers grew 34% year over year last quarter to 5.19 million, with daily active revenue trades (DARTs) up 36%. Commission revenue grew 30% year over year to $673 million, which is highly correlated with customer and DART growth.
With its superior global trading platform, IBKR should steadily attract new customers in the years ahead. However, the company is currently trading at an elevated valuation, with a price-to-earnings ratio (P/E) of 37 in a time when interest income may be higher than normal. For this reason, investors should avoid buying IBKR stock for the time being.
Brett Schafer has positions in Interactive Brokers Group. The Motley Fool has positions in and recommends Interactive Brokers Group. The Motley Fool recommends the following options: long January 2027 $43.75 calls on Interactive Brokers Group and short January 2027 $46.25 calls on Interactive Brokers Group. The Motley Fool has a disclosure policy.
Equinor 14. srpna 2026 koupila na OSE 415 000 vlastních akcií za průměrnou cenu NOK 382,7682. Po transakci drží 16 809 915 vlastních akcií, tedy 0,70 % kapitálu.
Please see below information about transactions made under the buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR) for shares to be used in the share-based incentive programmes for employees and management.
Date on which the buy-back programme was announced: 4 February 2026.
The duration of the buy-back programme: 13 February 2026 to 15 January 2027.
Size of the buy-back programme: The total purchase amount under the programme is NOK 1,971,000,000 and the maximum shares to be acquired is 19,600,000 shares, of which up to 7,920,000 shares can be acquired in the period from 13 February 2026 to 15 May 2026, and up to 11,680,000 shares can be acquired in the period from 15 May 2026 to 15 January 2027.
On 14 August 2026, Equinor ASA has purchased a total of 415,000 own shares at the Oslo Stock Exchange at an average price of NOK 382.7682 per share.
Aggregated overview of transactions per day:
DateAggregated volume (number of shares)Weighted average share price (NOK)Total transaction value (NOK)14 August 2026415,000382.7682158,848,803Previously disclosed buy-backs under the programme (accumulated)2,984,081330.0844984,998,523Total buy-backs under the programme3,399,081336.51661,413,847,326 Following the completion of the above transactions, Equinor ASA owns a total of 16,809,915 own shares, corresponding to 0.70% of Equinor ASA’s share capital, including shares purchased under the previous buy-back programme for the share-based incentive programmes for employees, and shares purchased under Equinor’s disclosed buy-back programmes which will be used to reduce the issued share capital of the company.
This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Appendix: A detailed overview of all transactions made under the buy-back programme that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.
Alphabet chystá první australskou emisi dluhopisů mezi A$4 miliardami a A$5 miliardami, což by mohlo být rekordem tamního trhu. Peníze má využít na rychlejší investice do AI infrastruktury.
Alphabet Inc (NASDAQ:GOOG) is preparing to raise as much as A$5 billion through its first Australian-dollar bond sale, potentially setting a record for the country’s corporate debt market.
The Google parent is considering 3-year, 5-year, 10-year and 20-year tranches. The shorter maturities may be offered with fixed or floating interest rates, while the longer-dated notes would carry fixed rates.
Known as a “Kangaroo” bond because it is issued in Australian dollars by a foreign borrower, the transaction would broaden Alphabet’s funding sources as it accelerates investment in artificial intelligence infrastructure.
The proposed raising is expected to be between A$4 billion and A$5 billion. If completed at the top of that range, it would surpass Apple’s A$2.25 billion transaction from more than a decade ago as Australia’s largest corporate bond issue.
ANZ, Deutsche Bank, RBC Capital Markets and TD Securities have reportedly been appointed to manage the sale.
The Australian offering follows Alphabet’s recent activity across international debt markets, including US-dollar, yen, sterling, euro, Swiss franc and Canadian-dollar bonds.
Alphabet recently increased its 2026 capital expenditure guidance to between US$195 billion and US$205 billion, from US$180 billion to US$190 billion, primarily due to faster deployment of capacity to meet demand.
Capital expenditure reached US$44.9 billion in the second quarter, with most directed towards technical infrastructure supporting AI. The investment contributed to negative quarterly free cash flow of US$5.9 billion, although Alphabet ended the period with US$242.5 billion in cash and marketable securities.
Target Corporation (NYSE:TGT) will release its second quarter earnings report before the opening bell on Wednesday, Aug. 19.
Analysts expect the Minneapolis, Minnesota-based company to report quarterly earnings of $2.33 per share, up from $2.05 per share in the year-ago period. The consensus estimate for Target’s quarterly revenue is $26.13 billion. It reported $25.21 billion last year, according to Benzinga Pro.
On July 22, Target named former 7-Eleven CEO to its board of directors.
Shares of Target rose 1% to close at $152.48 on Tuesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating and raised the price target from $150 to $170 on Aug. 14, 2026. This analyst has an accuracy rate of 64%. Truist Securities analyst Scot Ciccarelli maintained a Hold rating and raised the price target from $130 to $147 on Aug. 14, 2026. This analyst has an accuracy rate of 70%. Piper Sandler analyst Peter Keith maintained a Neutral rating and increased the price target from $127 to $146 on Aug. 14, 2026. This analyst has an accuracy rate of 67%. Jefferies analyst Corey Tarlowe maintained a Buy rating and increased the price target from $161 to $177 on Aug. 14, 2026. This analyst has an accuracy rate of 60%. RBC Capital analyst Steven Shemesh maintained an Outperform rating and raised the price target from $153 to $166 on Aug. 12, 2026. This analyst has an accuracy rate of 60%. Latest Private Market Opportunities
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ZTO Express (Cayman) Inc. (ZTO) Q2 2026 Earnings Call August 18, 2026 8:30 PM EDT
Company Participants
Sophie Li - Investor Relations Director
Meisong Lai - Founder, Chairman & CEO
Huiping Yan - Chief Financial Officer
Conference Call Participants
Steve Qiu - Goldman Sachs Group, Inc., Research Division
Qianlei Fan - Morgan Stanley, Research Division
Aaron Luo - UBS Investment Bank, Research Division
Presentation
Operator
Good day, and welcome to the ZTO to announce Second Quarter and Half Year 2026 financial results. [Operator Instructions] Please note that this event is being recorded.
I would now like to turn the conference over to Ms. Sophie Li, Company Secretary. Please go ahead.
Sophie Li
Investor Relations Director
Thank you, Chuck. Hello, everyone, and thank you for joining us today. The company's results and investor relations presentation were released earlier today and are available on the company's IR website at ir.zto.com.
On the call today from ZTO are Mr. Meisong Lai, Chairman and Chief Executive Officer; and Mrs. Huiping Yan, Chief Financial Officer. Mr. Lai will give a brief overview of the company's business operations and highlights, followed by Mrs. Yan, who will go through the financials and guidance. They will both be available to answer your questions during the Q&A session that follows.
I remind you that this call may contain forward-looking statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.
Estée Lauder má před výsledky za 4. fiskální čtvrtletí podle odhadů zisk 32 centů na akcii, proti 9 centům před rokem. Tržby mají činit 3,55 miliardy USD.
The Estée Lauder Companies Inc. (NYSE:EL) will release its fourth earnings report before the opening bell on Wednesday, Aug. 19.
Analysts expect the New York-based company to report quarterly earnings of 32 cents per share, up from 9 cents per share in the year-ago period. The consensus estimate for Estée Lauder’s quarterly revenue is $3.55 billion. It reported $3.41 billion last year, according to Benzinga Pro.
On July 16, Estée Lauder named Madeleine Boyd as senior vice president, Global Brand Communications.
Estée Lauder shares fell 0.1% to close at $84.27 on Tuesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
TD Cowen analyst Oliver Chen maintained a Hold rating and raised the price target from $85 to $90 on July 21, 2026. This analyst has an accuracy rate of 52%. Barclays analyst Lauren Lieberman maintained an Equal-Weight rating and raised the price target from $75 to $80 on July 21, 2026. This analyst has an accuracy rate of 63%. JP Morgan analyst Andrea Teixeira maintained an Overweight rating and cut the price target from $99 to $94 on July 16, 2026. This analyst has an accuracy rate of 61%. UBS analyst Peter Grom maintained a Neutral rating and raised the price target from $85 to $86 on July 16, 2026. This analyst has an accuracy rate of 58%. Goldman Sachs analyst Bonnei Herzog reinstated a Buy rating with a price target of $100 on June 22, 2026. This analyst has an accuracy rate of 64%. Latest Private Market Opportunities
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Voya Financial byla vybrána District of Columbia jako nový poskytovatel služeb pro penzijní plány 401(a) a 457(b) pro veřejné zaměstnance. Plány zahrnují více než 52 000 účtů a aktiva ve výši 4,3 miliardy USD.
WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) announced today it has been selected by the District of Columbia (District) as its new service provider for its 401(a) defined contribution and 457(b) deferred compensation plans (retirement plans). Combined, these plans represent more than 52,000 participant accounts and $4.3 billion in assets.
As service provider, Voya will provide recordkeeping, plan administration and retirement plan services, including online engagement, retirement education, in-plan advice and access to brokerage services and managed accounts to the plan’s participants.
Voya is the No. 1 provider of 457(b) deferred compensation plans for government entities,1 serving approximately 4 million plan participants with an average government client tenure of 31 years as of Dec. 31, 2025.1 In addition to its strong governmental client retention, Voya has experienced meaningful organic growth, having onboarded approximately $35 billion and over 1 million new government plan participants across multiple plans from January 2025 through second-quarter 2026. 2
“While the District was already familiar with our competitive advantage in the government space, what resonated with them were the conversations about Voya’s latest products, technology and service offerings — including participant education and reporting capabilities,” said Gavin Gruenberg, Government Market Retirement sales leader, Voya Financial. “They also saw the benefits associated with our experience in the stable value space and, as a result, elected to include the Voya Capital Preservation Fund in their lineup to replace their existing stable value fund.”
The District’s selection underscores Voya’s ability to support large, complex public-sector retirement programs with the scale, service model and participant-focused solutions needed to help employees plan for a more secure financial future. It also reflects Voya’s continued commitment to working with government employers to deliver personalized education, intuitive digital experiences and retirement solutions that meet the evolving needs of today’s workforce.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA) is a leading retirement, employee benefits and investment management company. Voya’s services and solutions help clear the path to financial confidence and a more fulfilling life for individual, workplace and institutional clients, supporting more than 18 million customer relationships. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya fosters a culture that values customer centricity, integrity, accountability, agility and inclusivity. Together with customers and partners, Voya employees fight for everyone's opportunity for a better financial future. For more information visit voya.com and follow Voya Financial on LinkedIn, Facebook and Instagram.
CHICAGO--(BUSINESS WIRE)--GE HealthCare (Nasdaq: GEHC), a leading global precision care innovator, today announced the appointment of William (Bill) Grogan as Chief Financial Officer, effective September 14, 2026. Grogan succeeds Jay Saccaro, who, as previously announced, stepped down for an expanded role outside of the medical technology industry. George Newcomb, who is serving as interim Chief Financial Officer, will continue in his role as Controller and Chief Accounting Officer.
Grogan joins GE HealthCare from Xylem Inc., a leading global water solutions company with approximately $9 billion in revenue, where he has served as executive vice president and chief financial officer since 2023. At Xylem, he partnered with the leadership team to execute a strategy to outpace market growth, significantly expanded margins, and simplified operations to fund investment in innovation and higher-growth digital and services offerings. Under his financial leadership, Xylem successfully integrated a $7.5 billion acquisition, delivering cost synergies well ahead of schedule, drove portfolio optimization, and strengthened capital deployment across the business.
Prior to Xylem, Grogan spent more than a decade at IDEX Corporation, a diversified global engineered products company delivering mission-critical solutions, including serving as senior vice president and chief financial officer from 2017 to 2023. As CFO, he helped reposition IDEX’s portfolio toward higher-growth markets, a strategy that supported a more than doubling of the company’s market capitalization, while delivering consistent margin expansion and disciplined capital deployment. Earlier in his career, Grogan held finance leadership positions at Walgreens, Crane Co., and Sears Holdings Corp.
"I am excited that Bill will serve as our CFO and help lead our next chapter of growth," said Peter Arduini, President and CEO, GE HealthCare. "He combines strong financial leadership with an operator's mindset, grounded in lean business systems and a clear focus on execution. Bill's capabilities will augment our strong leadership team as we advance our precision care strategy and create long-term value for our colleagues, patients, customers, and shareholders."
“GE HealthCare’s purpose of creating a world where healthcare has no limits, its commitment to patients, and the opportunity created by this new wave of innovation drew me to the company,” said Grogan. “I am excited to partner with Peter and the leadership team, spend time with our customers, and lead a finance organization that helps turn innovation into profitable growth and long-term value creation.”
Grogan serves on the Board of Directors and Audit Committee of Crane NXT and on the Advisory Council for the Girard School of Business at Merrimack College. He holds a Master of Business Administration from Northwestern University’s Kellogg School of Management and a bachelor’s degree in finance from Merrimack College.
Forward-looking statements
This release contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” and similar expressions. These forward-looking statements may include, but are not limited to, statements about Mr. Grogan’s anticipated contributions, the Company’s growth and strategy, and value creation. These forward-looking statements involve risks and uncertainties, many of which are beyond the Company’s control. Factors that could cause the Company’s actual results to differ materially from those described in its forward-looking statements include, but are not limited to, those described in Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission and any updates or amendments it makes in future filings. There may be other factors not presently known to the Company or which it currently considers to be immaterial that could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. The Company does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation.
About GE HealthCare Technologies Inc.
GE HealthCare is a leading global healthcare solutions provider of advanced medical technology, pharmaceutical diagnostics, and AI, cloud and software solutions that help clinicians tackle the world’s most complex diseases. Serving patients and providers for 130 years, GE HealthCare is delivering bold innovations designed for the next era of medicine across its Advanced Imaging Solutions, Pharmaceutical Diagnostics, and Patient Care Solutions segments to help clinicians deliver more personalized, precise patient care. We are a $20.6 billion business with approximately 54,000 colleagues working to create a world where healthcare has no limits.
GE HealthCare is proud to be among 2026 Fortune World’s Most Admired Companies™.
Follow us on LinkedIn, Facebook, Instagram, or visit our website for our latest news and perspectives.
Freedom Yatırım získala od CMB provozní licenci a stala se první široce autorizovanou zahraniční brokerskou společností v Turecku od roku 1992. Spustí tak investiční služby na trhu.
ISTANBUL, Turkey, Aug. 19, 2026 (GLOBE NEWSWIRE) -- Freedom Yatırım Menkul Değerler A.Ş., a subsidiary of Freedom Holding Corp. (NASDAQ: FRHC), has received an operating license from the Capital Markets Board of Türkiye (CMB). Freedom Yatırım has become the first broadly authorized foreign brokerage firm to receive such a license in Türkiye since 1992.
The license marks an important step in Freedom Holding Corp.’s expansion in Türkiye and supports its broader strategy to grow its brokerage business and international capital markets infrastructure in the country.
“Receiving this operating license is an important milestone for Freedom Holding Corp. It marks our entry into the Turkish brokerage market as the first broadly authorized foreign firm to receive such a license in 34 years,” said Timur Turlov, Founder and CEO of Freedom Holding Corp.
Freedom Holding Corp. operates through more than 200 offices in over 20 countries across North America, Europe, and Asia. According to its latest financial statements filed with the U.S. Securities and Exchange Commission (SEC), the company’s total assets stood at US$14 billion as of June 30, 2026. Brokerage remains one of its core business lines, accounting for approximately 39% of total net revenue.
Freedom Yatırım will draw on Freedom Holding Corp.’s international brokerage expertise, technology, and infrastructure as it prepares to launch investment services in Türkiye.
Connecting Türkiye with International Markets
Freedom Yatırım plans to offer more than traditional brokerage services. Using TraderNet, Freedom Holding Corp.’s proprietary trading platform, the company intends to build infrastructure that provides two-way access between the Turkish market and international capital markets.
For investors in Türkiye, the goal is to gradually broaden access to international markets through Freedom Holding Corp.’s global brokerage capabilities.
Freedom Yatırım has also completed its integration with Borsa İstanbul, giving clients across the Group’s international brokerage network access to investment opportunities in the Turkish market. The network has more than 870,000 client accounts.
Freedom Holding Corp. expects this infrastructure to help increase international participation in Türkiye’s capital markets and strengthen links between Borsa İstanbul and global financial markets.
Building an Integrated Digital Ecosystem
Freedom Holding Corp. recently completed the acquisition of a 99.32% stake in Turkish Bank A.Ş. through its subsidiary Freedom Finansal Hizmetler A.Ş. Following the acquisition, the bank’s shareholders approved the change of its trade name to Freedom Bank A.Ş.
Together, Freedom Bank and Freedom Yatırım are expected to form the core of Freedom Holding Corp.’s digital financial ecosystem in Türkiye, combining banking and investment services with other digital offerings.
“Our ambition in Türkiye goes beyond brokerage. We plan to build an integrated digital financial ecosystem around Freedom Bank and Freedom Yatırım, bringing banking, investment, and other digital services together over time. We will draw on our experience in Kazakhstan, where Freedom SuperApp already combines financial and everyday digital services within a single platform, while adapting the model to the needs of the Turkish market,” Turlov stated.
For the local team, the next stage will be to combine the Group’s international capabilities with expertise in the Turkish market.
“Türkiye is a long-term market for us. We want to combine the Group’s technology, financial strength, and international capital markets expertise with strong local knowledge to build a sustainable business here,” said Vladimir Pochekuev, Partner at Freedom Holding Corp. and Chairman of the Board of Directors of Freedom Yatırım Menkul Değerler A.Ş.
Pochekuev also expressed his appreciation to the Capital Markets Board of Türkiye for its constructive and professional engagement throughout the licensing process.
Preparing to Launch Operations
Following receipt of its operating license, Freedom Yatırım is continuing to prepare for the launch of full-scale operations in the Turkish market. The company is conducting comprehensive system testing and finalizing its operational readiness.
Freedom Yatırım intends to offer clients technology-driven, user-friendly investment services tailored to the regulatory requirements and specific needs of the Turkish market.
“Türkiye has a large and increasingly sophisticated investor base, with growing interest in diversifying portfolios across markets and asset classes. Our focus will be on combining access to international markets with strong local expertise and a high standard of client service,” said Vusal Mamedov, Senior Adviser to the Board of Directors of Freedom Yatırım.
About Freedom Yatırım Menkul Değerler A.Ş.
Freedom Yatırım Menkul Değerler A.Ş. operates under Freedom Finansal Hizmetler A.Ş., a wholly owned subsidiary of Freedom Holding Corp. The company received approval for its establishment from the Capital Markets Board of Türkiye (CMB) in 2025 and, upon completing all regulatory requirements, obtained its operating license in 2026 to provide brokerage services in Türkiye’s capital markets. Freedom Yatırım seeks to leverage its international expertise and in-depth understanding of the Turkish market to provide investors with innovative investment solutions.
About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 24 countries, including Kazakhstan, the United States, multiple EU countries, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Aviata. Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC) and the common stock is included in the Russell 3000 Index.
Contact
Head of Public Relations
Natalia Kharlashina
Freedom Holding Corp. [email protected]
+77013641454
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a0648ce2-d007-4128-9dcc-6183eb248e64
F5 rozšířila AI Gateway a začlenila ji do F5 AI Security Platform. Novinka má firmám dát jednotné řízení politik, bezpečnosti a nákladů AI a snížit spotřebu tokenů až o 60 %.
Now part of the F5 AI Security Platform, new capabilities provide a unified control point for AI tokenomics, policy enforcement, and security across models, agents, and tools
SEATTLE--(BUSINESS WIRE)--F5 (NASDAQ: FFIV), the global leader in delivering and securing every app and API, today introduced significant enhancements to the F5 AI Gateway and integrated the solution into the F5 AI Security Platform. The enhanced F5 AI Gateway seamlessly enforces policies on every AI request, giving enterprises a unified control plane to govern how AI models, agents, and tools are accessed and used, while optimizing the economics of AI at scale.
Enterprises have moved past AI experimentation, but governance has not kept pace. AI traffic still moves through a patchwork of standalone proxies and monitoring tools that were never built for AI, with no guardrails in between. According to F5’s 2026 State of Application Strategy Report, 77% of organizations say inference, rather than model training or tuning, is now their dominant AI activity, and organizations are managing an average of seven AI models.
As inference scales, tokenomics is becoming an increasingly important consideration, with every model request carrying implications for cost, performance, and security. Yet the piecemeal approach to standalone tools to secure AI traffic leaves enterprises without consistent control over how models and agents are accessed and used.
"We're watching enterprises race to deploy AI while struggling to control it," said Kunal Anand, Chief Product Officer at F5. "Every AI request carries economic, security, and governance implications, yet most organizations are relying on fragmented tools that address only part of the problem. The result is rising costs, increased risk, and operational complexity. F5 AI Gateway, integrated into the F5 AI Security Platform, provides a single control point for managing AI across models, clouds, agents, and applications. We believe every enterprise will need an intelligent control layer for AI. F5 is building that foundation, helping customers accelerate innovation while maintaining visibility, security, and control."
F5 AI Gateway brings three critical functions together in a single integrated solution:
Model Gateway for model access and cost optimization MCP Gateway for agent-to-tool governance AI Guardrails for prompt and response protection Budgets, model routing policies and agent access controls are set once centrally and enforced across distributed environments wherever the models, agents and AI apps run, providing a single operations pane for AI platform ops, AI Security ops and finance teams.
Rapid adoption of AI is fueling the need for AI gateways. According to a recent Gartner® report, "AI gateways have emerged as a critical part of AI infrastructure, as enterprises need tools to support safe, efficient and controlled access to AI models and MCP servers. Adoption of AI gateways will continue to accelerate among large enterprises."1
Bringing AI costs under control
Organizations that cannot see which teams, models, and providers are consuming tokens cannot assess the value and costs of using AI. F5 AI Gateway puts tokenomics under control: the Model Gateway function attributes every token by provider, model, team, and user, per-team budgets enforce limits as spend occurs rather than after the invoice arrives; and automated optimization — smart routing and model tiering, semantic caching, and GPU-aware load balancing — routes each request to the right model at the right cost. The solution is designed to reduce token spend by up to 60 percent, with no application changes.
Governing agents and controlling tool access
As agents multiply, so do the MCP servers they call, usually with no central registry, no per-tool authorization, and no record of what agents are doing. The MCP Gateway function of F5 AI Gateway provides fine-grained access controls that limit agents to the resources they are explicitly authorized to use, including APIs, data sources, and RAG systems. A complete audit trail captures what was accessed, when, by which agent, and on whose behalf. MCP server registry gives teams a single source of truth for approved MCP servers, thereby removing friction for developers who would otherwise find it challenging to discover which servers and tools exist.
Protecting AI data flows and proving compliance
Personal data, health records, and intellectual property move through AI applications every day, and that data usually reaches external models uninspected while injection and jailbreak attempts go undetected. F5 AI Guardrails inspect every prompt and response, redacting sensitive data before it reaches the model, blocking injection and jailbreak attempts, and failing closed when a request cannot be evaluated. Full audit trails, SIEM export, data residency controls, and alignment with SOC 2, ISO, and HIPAA frameworks give regulated industries the evidence they need before putting AI into production.
The enforcement point for the F5 AI Security Platform
F5 introduced the F5 AI Security Platform earlier this year to give teams continuous visibility, governance, and protection across enterprise AI applications, models, agents, and the APIs connecting them. Four integrated pillars — AI governance, AI usage control, AI security testing, and AI runtime protection — plus an overarching observability layer, create a persistent security lifecycle rather than a one-time compliance exercise. F5 AI Gateway is where those pillars meet live traffic, putting policy into force at the point of interaction and controlling what AI can access, what it can expose, and, crucially, what it can cost the business. F5 AI Gateway is deployable across SaaS, hybrid SaaS, and hybrid multicloud environments, with air-gapped support planned for regulated and sovereign use cases.
Supporting resources
Blog: F5 AI Gateway: A single control point for all enterprise AI Product page: F5 AI Gateway F5 AI Gateway Early Access About F5
F5, Inc. (NASDAQ: FFIV) is the global leader that delivers and secures every app. Backed by three decades of expertise, F5 has built the industry’s premier platform—F5 Application Delivery and Security Platform (ADSP)—to deliver and secure every app, every API, anywhere: on-premises, in the cloud, at the edge, and across hybrid, multicloud environments. F5 is committed to innovating and partnering with the world’s largest and most advanced organizations to deliver fast, available, and secure digital experiences. Together, we help each other thrive and bring a better digital world to life.
For more information visit f5.com
Explore F5 Labs threat research at f5.com/labs
Follow to learn more about F5, our partners, and technologies: Blog | LinkedIn | X | YouTube | Instagram | Facebook
Forward-Looking Statements. This press release contains forward-looking statements, including regarding the expected availability, timing, functionality, and benefits of the F5 AI Gateway and F5 AI Security Platform, made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially due to the risks described in F5's SEC filings, including its most recent Forms 10-K and 10-Q. F5 undertakes no obligation to update these statements.
F5 is a trademark, service mark, or tradename of F5, Inc. or its affiliates in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.
Source: F5, Inc.
1 Gartner, Market Overview for AI Gateways, Keith Guttridge, Andrew Humphreys, Shiva Varma, 13 May 2026.
GARTNER is a trademark of Gartner, Inc. and/or its affiliates.
Na Simply Good Foods byla podána hromadná žaloba kvůli údajným zavádějícím tvrzením po akvizici OWYN v červnu 2024. Firma přiznala problémy s kvalitou produktu a zpomalující růst tržeb.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired Simply Good Foods Company (“Good Foods” or the “Company”) (NASDAQ: SMPL) securities during the period of October 24, 2024 through April 8, 2026, inclusive (“the Class Period”). Investors are encouraged to contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below to discuss your rights or interests in the securities fraud class action lawsuit at no cost.
If you suffered a loss on your Good Foods investments, you have until October 13, 2026 to request lead plaintiff appointment. Courts do not consider lead plaintiff applications submitted after this deadline. If you choose to take no action, you may remain an absent class member. For more information about the lawsuit:
[CONTACT THE FIRM IF YOU SUFFERED A LOSS]
What Is This Lawsuit About? The lawsuit alleges that Good Foods made materially false and/or misleading statements and failed to disclose to investors that: (i) following the June 2024 acquisition of OWYN (the “Acquisition”), Good Foods had lost key managerial personnel necessary for the successful integration of the acquired OWYN assets, impairing the Company’s ability to achieve the Acquisition’s purported strategic initiatives and financial and operational targets; (ii) Good Foods had materially increased its general and administrative spending to compensate for the loss of key managerial personnel, leading to an inefficient and bloated organizational structure and a lack of clear and cohesive strategic priorities for its OWYN segment; (iii) the addition of a new pea protein supplier for OWYN formulations prior to the Acquisition had created significant product quality issues, which had negatively impacted the taste, texture, and shelf-life of OWYN products, leading to negative product reviews, depressed consumer sales, and the loss of important distributor relationships; (iv) in an effort to boost short-term sales, Good Foods offered discounts and engaged in other promotional activities for OWYN products above its historical practices, eroding the Company’s margins but failing to achieve the desires sales turnaround; (v) to stem the margin erosion being suffered in its OWYN segment, Good Foods cut brand support and marketing for OWYN, further depressing product sales; and (vi) as a result of the foregoing, the Acquisition had largely failed to achieve its key goals.
On October 23, 2025, Good Foods reported its fourth quarter 2025 financial results, revealing that the Company’s OWYN segment had suffered a slowdown in sales growth. The Company revealed that end user consumption of OWYN branded products had declined due to a previously undisclosed product quality issue, explaining that a “raw material sourcing decision for pea protein” had “resulted in taste and texture issues,” leading to depressed sales. The Company also provided 2026 net sales guidance in the range of negative 2% to positive 2%, a 75% decline in rate of growth from the 9% net sales growth the Company reported for fiscal year 2025. On this news, Good Food’s stock price fell $4.33, or 17%, to close at $20.63 per share on October 23, 2025.
On April 9, 2026, Good Foods announced its second quarter 2026 earnings results, revealing that consumer consumption had plummeted across all the Company’s brands, and OWYN’s quarterly sales had contracted by nearly 17% year-over-year. On this news, Good Food’s stock price fell $3.97 over two days, or 27%, to close at $10.44 per share on April 10, 2026.
[LEARN MORE ABOUT THE LAWSUIT]
The Lead Plaintiff Appointment Process. The federal securities laws permit any investor who acquired eligible securities during the class period to seek appointment as lead plaintiff in aclass action lawsuit. Learn more about the lead plaintiff process and eligibility requirements here. Courts typically appoint the investor(s) with the largest financial loss in the case and the ability to represent the class rather than investors with simply the largest investment portfolio. Courts regularly appoint individual investors, whether acting alone or as a group, as lead plaintiffs. The rights of any investor who bought shares during the class period are generally already protected. However, lead plaintiffs have the power to influence case strategy and have a say in settlement decisions, as well as decisions concerning allocation of settlement funds among class members.
[LEARN MORE ABOUT THE LEAD PLAINTIFF PROCESS]
What Should I Do? If you purchased or otherwise acquired Good Foods securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260818339162/en/
Ondo Finance překročilo hranici 100 000 unikátních držitelů v síti tokenizovaných cenných papírů. Na platformě je zároveň zaznamenáno více než 214 000 individuálních zůstatků aktiv.
@OndoFinance has crossed the 100,000 unique holders milestone for its tokenized securities network, with over 214,000 total individual asset balances recorded across its platform. The achievement came in less than a year since the project's inception, marking a significant moment for the on-chain US equities space.
A Platform Built for Scale Ondo's growth sits against a broader surge in tokenized equities. According to RWA.xyz data cited by Insights4VC, the value of distributed tokenized stocks nearly doubled from $951 million in March 2026 to $1.89 billion in July, underlining how quickly the sector is maturing.
Ondo sits at the center of that growth. Intellectia AI's RWA analysis places Ondo as the leading tokenization protocol with over $3.7 billion in total value locked and roughly 70% market share in tokenized equities. Its flagship product, Ondo Global Markets (OGM), crossed $1 billion in TVL in May 2026, becoming the first tokenized equities platform to reach that level. OGM offers access to more than 260 US stocks and ETFs, including SPY, QQQ, NVDA, and TSLA, across Ethereum, Solana, and BNB Chain.
Regulatory Momentum Adds Fuel The holder milestone arrives as Ondo moves to expand its regulatory footprint. In July 2026, Ondo launched the first implementation of the SEC's third-party custodial tokenization model, using BlackRock's IVV ETF and Micron shares as its initial securities. The structure allows token holders to receive the same governance rights as investors holding securities through traditional brokerages, with Broadridge handling proxy voting and regulatory disclosures.
Separately, Ondo's SEC-registered broker-dealer subsidiary, Oasis Pro Markets, secured FINRA authorization to offer tokenized equities, ETFs, mutual funds, and IPO securities to US retail and institutional investors, a channel that had previously been closed to the platform.
The combination of rapid user growth, a dominant market position in tokenized equities, and expanding regulatory clearance positions Ondo as a central player at the intersection of traditional finance and on-chain markets. With the broader tokenized stock sector now generating $9.22 billion in monthly on-chain transfer volume as of June 2026, the 100,000 holders mark is likely a waypoint rather than a ceiling.
Sources:
CoinDesk: Ondo Finance Debuts SEC-Aligned Tokenized Stock Model
Insights4VC: The State of Onchain Real-World Assets in Mid-2026
KuCoin: Tokenized Stocks Reach $9.22 Billion in Monthly On-Chain Volume
@Ripple's $RLUSD stablecoin now commands 62% of all tokenized assets on the XRP Ledger, cementing its position as the dominant on-chain instrument on the network. Data published on August 18 shows the stablecoin's total value on XRPL stands at $898.8M, up 1.82% over the past 30 days.
Who Else Ranks in the Top TierOndo Finance holds the second spot with $212.9M in tokenized assets, representing a 14.78% share of the ledger's total. VERT Capital and Archax also feature among the major positions on XRPL, alongside RLUSD, Ondo, and Societe Generale. VERT Capital accounts for $116.1M and Archax $55.4M, according to the data.
The 30-day picture is not uniformly positive. Braza Crypto recorded the steepest decline among the top ten, falling 49.5% over the same period, highlighting the divergence in performance across issuers competing for space on the ledger.
A Growing Institutional BattlegroundThe concentration of value in $RLUSD reflects the broader momentum building around XRPL as an institutional tokenization venue. Tokenized real-world assets on XRPL have reached roughly $2.5 billion, part of a global onchain RWA market that Token Terminal data puts at $44.7 billion.
Ondo Finance's presence on the ledger has deepened significantly this year. Ondo Finance, working with JPMorgan's Kinexys, Mastercard and Ripple, completed a near-real-time cross-border redemption of its tokenized U.S. Treasury fund OUSG on the XRP Ledger, with the transaction settling in under five seconds.
Archax, a UK-regulated digital securities exchange, had committed to bringing $1 billion in tokenized assets onto the ledger by mid-2026.
A proposed new XRPL amendment would let institutions encrypt token balances and transfer amounts while still giving issuers, auditors, and regulators selective access, targeting the growing market for tokenized real-world assets on the network. That kind of privacy infrastructure could further attract regulated financial institutions to the ledger.
Ripple has framed XRPL as a compliance-first platform built for institutional deployment. With over 12 years of uptime and more than $1 trillion processed, XRPL is evolving into a full-service financial platform for regulated DeFi, helping institutions send and receive payments, issue credit, trade digital assets, and move real-world value onchain.
Sources:
The Coin Republic: 10 Million RLUSD Minted on XRP Ledger
CoinDesk: New XRP Ledger Amendments Target Tokenized Wall Street Assets
PR Newswire: Ondo, JPMorgan, Mastercard and Ripple Complete Tokenized Treasury Redemption
Trh tokenizovaných fondů za posledních 90 dní přidal zhruba 2,7 miliardy USD tržní kapitalizace, hlavně díky JPMorgan a Ondo Finance. Celková hodnota tokenizovaných aktiv tak vzrostla na asi 38 miliard USD.
The tokenized fund market just had a very productive quarter. Over the past 90 days, tokenized funds added roughly $2.7 billion in market capitalization, driven primarily by two products: JPMorgan’s government money market fund and Ondo Finance’s yield-bearing note.
The growth pushes total distributed value of tokenized assets to approximately $38 billion as of mid-August 2026, according to data tracked on RWA.xyz.
The two products driving the surge JPMorgan’s JLTXX, a US registered government money market fund tokenized on Ethereum, launched on May 13, 2026, with a $100 million seed investment. Within months, its valuation ballooned to somewhere between $694 million and $809 million.
The other major contributor is USDY, Ondo Finance’s tokenized note backed by short-term Treasury securities and bank deposits. USDY reached a market value of approximately $2.1 billion by mid-August, making it one of the largest tokenized yield products in existence. Its appeal is straightforward: holders get exposure to Treasury yields while maintaining the flexibility of a digital asset that can be moved, redeemed, or used as collateral across DeFi protocols.
For context, the current leaderboard of tokenized products looks like this: USYC sits at roughly $3.0 billion, BUIDL (BlackRock’s tokenized fund) at approximately $2.7 billion, USDY at $2.1 billion, and JLTXX at around $809 million. The top four alone account for over $8.6 billion in value.
Why institutions keep showing up Stablecoin issuers have become significant buyers. Companies like Circle and Tether hold tens of billions in reserves, much of it in Treasuries and money market instruments. Tokenized versions of those same instruments let them manage reserves on-chain, reducing friction and potentially improving transparency.
Products like JLTXX and USDY have introduced features that allow instant minting and redemption using digital currencies, removing one of the biggest historical complaints about tokenized funds: that getting money in and out was clunky.
The bigger picture for tokenized assets Products like JLTXX operate within existing US securities frameworks, which means they satisfy compliance requirements that have historically kept large allocators away from anything blockchain-adjacent. The fact that a registered money market fund can exist on Ethereum without triggering regulatory alarms suggests the legal infrastructure has matured alongside the technology.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Investment will accelerate the company’s live entertainment ambitions and build on its pioneering role in bringing global artists and marquee productions to Indian audiences.
MUMBAI, India--(BUSINESS WIRE)--KKR, a leading global investment firm, and BookMyShow (the ‘Company’), one of India’s leading entertainment destinations, today announced the signing of definitive agreements under which funds managed by KKR will acquire a minority stake in the Company. KKR’s investment will support BookMyShow’s next phase of growth as it scales its live entertainment business and deepens its full-stack offering across India.
Established in 2007, BookMyShow has evolved from a ticketing platform into a full-stack entertainment company, combining technology, consumer reach and deep industry capabilities across movies, live entertainment and experiences. A key part of this evolution has been BookMyShow Live, the Company’s live entertainment experiences division, which operates across the value chain - from talent and IP acquisition to production, promotion, partnerships, and audience development. Through sustained investment in the ecosystem, BookMyShow Live has built the capabilities and scale to bring increasingly ambitious entertainment experiences to India, while contributing to the development of a more robust and commercially viable live entertainment market.
KKR’s investment reflects its conviction in India’s entertainment sector and in BookMyShow’s ability to drive its next phase of growth, powered by rising discretionary spending, a large and young consumer base, and growing demand for world-class live experiences. With expansive consumer reach, technology and entertainment capabilities, the Company is positioned to continue its growth in a fast-maturing market.
Akshay Tanna, Partner and Head of India Private Equity at KKR, said, “BookMyShow has been a pioneer in delivering high-quality entertainment experiences in India. We are pleased to support BookMyShow as it continues to lead the next phase of growth in India’s out-of-home entertainment sector. We believe BookMyShow will play an important role in advancing India’s ambition to become a global entertainment hub and a premier destination for leading artists and acts from around the world. We look forward to combining our deep local knowledge with our global investment experience and network to support BookMyShow in its next stage of transformation and further elevate the world-class experiences it delivers to audiences across India.”
Ashish Hemrajani, Founder & CEO, BookMyShow, said, “We are delighted to welcome KKR as an investor in BookMyShow. Their global perspective, deep expertise and strong understanding of consumer businesses will be invaluable as we enter the next phase of our journey. The timing of this investment is particularly exciting, as we have significantly expanded our presence across the live entertainment landscape and are seeing the opportunity for India’s entertainment economy grow like never before. We are also grateful to our longstanding investors Network18 (part of Reliance Industries Limited), Accel Partners, Elevation Capital, Stripes Group, and TPG for their continued support.”
The transaction marks KKR’s latest private equity investment in India, where KKR has made investments across a range of industries and sectors including Medicover India, a multi-speciality hospital; Lighthouse Learning, a leading Indian education services provider; Vini Cosmetics, a leading personal care and beauty products company; Healthcare Global Enterprises, a leading oncology hospital chain; Darwinbox, a leading HR technology platform; Rebel Foods, an internet restaurant company. BookMyShow adds to KKR’s global portfolio of Media and Entertainment investments, including Internet Brands; ByteDance; Chord Music Partners; Epic Games; PlayOnSports; OverDrive; Superstruct; and Simon & Schuster.
The transaction is subject to customary regulatory approvals. Additional details of the transaction are not disclosed.
Avendus Capital served as the exclusive financial advisor for BookMyShow, while Trilegal acted as legal advisor.
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About BookMyShow
Launched in 2007, BookMyShow, owned and operated by Bigtree Entertainment Pvt. Ltd. (founded in 1999), is one of India's leading entertainment destinations with global operations and the one-stop shop for every entertainment need. The firm is present in over 700 towns and cities in India and works with partners across the industry to provide unmatched entertainment experiences to millions of customers. Over the years, the company has evolved from a purely online ticketing platform for movies across 7,000 plus screens, to end-to-end management of live entertainment events including music concerts, live performances, theatricals, sports and more, all accomplished at par with global standards. Some of the key properties that BookMyShow Live, the live entertainment experiential division of BookMyShow, has brought to its markets over the past few years include Lollapalooza India, U2’s The Joshua Tree Tour, NBA’s debut games in India, Disney’s Aladdin, Cirque du Soleil BAZZAR as also international artists such as Coldplay, Ed Sheeran, Travis Scott, Linkin’ Park, John Mayer, Guns N’ Roses, Post Malone, Def Leppard, Justin Bieber to name a few.
BookMyShow is invested in providing the best user experience, whether on-ground or online and to that effect, launched BookMyShow Stream, India’s largest home-grown transactional video-on-demand (TVOD) platform hosting award-winning and critically acclaimed content from around the world, complementing its cinemas business. BookMyShow also houses India’s most extensive organic reviews and ratings engine for movies and has driven technology innovations, such as the M-ticket and Movie Mode, impacting tens of millions of users and the industry at large. With continued support from marquee investors like TPG Growth, Stripes Group, Elevation Capital (formerly SAIF Partners), Accel and Network18 (part of Reliance Industries Limited), and now KKR, BookMyShow has constantly demonstrated category leadership, growing beyond India with operations in Singapore, Indonesia, Malaysia, UAE and Sri Lanka. BookMyShow is also committed to society at large, by way of BookAChange and BookMyShow Foundation, which support special causes to enrich the lives of the less fortunate across India through entertainment-led experiences.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
Hyperliquid’s platform-wide open interest has crossed the $12B threshold, a level the decentralized perpetuals exchange hasn’t touched since October 10. The milestone signals a steady climb back toward the platform’s previous highs and reflects broadening trader appetite for on-chain derivatives.
For a protocol that runs its own Layer-1 blockchain dedicated entirely to perpetual futures trading, reclaiming $12B in open interest is more than a vanity metric. It’s a proxy for how much capital traders are willing to park in leveraged positions on a decentralized venue, essentially a confidence vote denominated in billions.
What’s driving the recovery A significant chunk of this growth traces back to HIP-3 markets, Hyperliquid’s framework that lets third-party developers spin up bespoke perpetual contracts. The twist: many of those contracts aren’t crypto assets at all. They’re tied to traditional financial instruments like the S&P 500 and individual equities.
HIP-3 open interest alone has surpassed $4B at points, which means roughly a third of the platform’s total positioning has come from traders betting on stocks and indices through crypto rails.
Earlier in 2026, Hyperliquid had already crossed the $10B open interest mark as it expanded into commodities and real-world assets. The jump from $10B to $12B suggests the expansion isn’t just attracting curiosity, it’s retaining capital.
Hyperliquid has also captured a record 9.5% share of centralized exchange perpetual open interest, competing against incumbents like Binance and Bybit.
Context and the road back The pre-downturn peak for Hyperliquid’s open interest sat around $15.85B, so the platform still has ground to cover before setting new all-time highs. The October decline was part of a broader market correction that compressed positioning across crypto derivatives venues. Recovering to $12B puts Hyperliquid roughly 75% of the way back to its previous ceiling.
HYPE, the platform’s native token, handles governance, staking, and transaction fees on the Hyperliquid blockchain, with a maximum supply capped at 1 billion tokens. As trading volumes and open interest climb, demand for HYPE naturally increases since every transaction on the chain requires it for gas.
The platform’s architecture is deliberately different from competitors that build on top of existing chains like Ethereum or Arbitrum. By operating its own Layer-1, Hyperliquid controls the entire stack, from consensus to order matching.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Multicoin Capital převedla 172 710 HYPE v hodnotě asi 10,15 milionu USD na Coinbase Prime, což vyvolalo spekulace o možném prodeji. Firma přesto stále drží zhruba 2,16 milionu HYPE.
On August 18, blockchain analytics platform Onchain Lens reported that Multicoin Capital transferred 172,710 HYPE tokens, valued at around $10.15 million, to Coinbase Prime, raising questions about potential selling activity from one of HYPE’s most prominent institutional holders.
Market impact of the transferHYPE, backed by the Hyperliquid decentralized exchange, has recently ranked among the top 10 crypto assets by market capitalization. With a market cap of approximately $13 billion and a current trading price near $58.59, as reported by DefiLlama, large-scale token transfers have the potential to influence market sentiment significantly.
While direct sales have not been confirmed, market observers often interpret substantial inflows to major exchanges as early signs of possible liquidation. Elevated awareness of such transfers has intensified as the token’s price remains well below its earlier June peak of $76.87.
Multicoin Capital’s position in HYPEDespite the recent transfer, Multicoin Capital, a crypto investment firm known for actively supporting emerging blockchain projects, continues to be a major HYPE holder. According to Onchain Lens, the firm still holds around 2.16 million HYPE, valued at nearly $126.63 million, making the latest movement a relatively modest trim instead of a substantial exit.
Coinbase Prime, the institutional platform operated by Coinbase, provides custody, trading, and financing solutions for large-scale clients. Transfers to platforms such as Coinbase Prime are often classified as either preparation for potential sales or custody management.
Onchain Lens described this transaction as “likely to sell,” prompting caution among traders due to the high profile of the institution involved.
Mini dictionary: Multicoin Capital is a prominent digital asset investment firm specializing in tokens, blockchain projects, and supporting new Web3 infrastructure initiatives.
Exchange inflows and liquidity concernsThe market reads major token inflows to exchanges as a sign of additional supply that could exert downward price pressure. Although HYPE’s open interest sits around $11.8 billion, its liquidity remains more limited than larger cryptocurrencies, amplifying the price impact from large holders’ transactions.
After a period in which Hyperliquid’s biggest holders have made visible token movements, further actions by Multicoin Capital continue to attract market scrutiny.
MetricValueHYPE current price$58.59June peak price$76.87Current market cap$13 billionOpen interest$11.8 billionMulticoin’s remaining HYPE2.16 million ($126.63 million)Latest transfer172,710 HYPE ($10.15 million)Multicoin Capital has continued to engage with speculation about its intentions, as large transfers to exchanges may spook investors, particularly when liquidity is limited and open interest remains high.
Previous statements and ongoing debateFollowing a previous $291 million combined HYPE unstaking executed by Multicoin Capital and Paradigm in July, which led to price volatility, Multicoin Capital’s co-founder Tushar Jain stated that the unstaking aimed to enhance privacy and rotate wallets rather than initiate sales. On-chain analysts at Markets Alpha backed this by showing the tokens were moved to custody providers rather than exchanges.
The latest transfer, however, marks a shift as tokens have entered Coinbase Prime, an institutionally focused exchange platform more directly linked with trading and settlement. This difference in transaction destination has drawn additional attention to the $10.15 million movement, though there is still no evidence indicating an active sale has taken place.
Multicoin Capital previously stated that wallet movements were for privacy and operational security, not immediate selling, underscoring the ongoing debate about investor intentions during large crypto transfers.
Fundamental outlook for HYPEDespite short-term selling pressure, Hyperliquid reported revenue of $873 million on approximately $2.9 trillion in trading volume for 2025, representing nearly 59% of open interest in the decentralized derivatives market. According to Multicoin Capital’s June valuation report, nearly all protocol revenue is allocated to HYPE buybacks and subsequent burning, underlining the token’s deflationary structure.
Multicoin’s analysts estimated in their forecast that HYPE could eventually reach approximately $319 by 2028, although actual outcomes may depend on market dynamics and investor behavior in the interim.
While the recent transfer has intensified short-term speculation, Multicoin Capital’s substantial remaining stake in HYPE ensures it will remain a focal point for traders monitoring large-scale token moves.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Bitcoin nedokázal využít slabších očekávání ohledně úrokových sazeb, protože z amerických spot BTC ETF za týden odteklo zhruba 390 milionů USD a k tlaku se přidávají i prodeje těžařů.
Bitcoin's muted response to softer rate-hike expectations has raised questions about its near-term demand.
Bitcoin is struggling to hold its June range floor after $390 million left US spot BTC ETFs last week, according to Wintermute’s newest market update.
The trading firm says falling rate-hike odds have failed to lift BTC, while ETF redemptions and miner selling have left the market without a strong source of fresh demand.
ETF Flows Fail to Sustain Bitcoin’s August Recovery As Wintermute pointed out, July CPI came in at 0.1% month-on-month, cutting September rate-hike odds from roughly even to about one-in-three, with retail sales also posting their steepest decline since May 2025.
Almost nothing rallied on it: the S&P 500 added just 0.40%, long-dated Treasuries fell 0.87%, and BTC sat at the bottom, down 3.12%. CoinGecko data shows the cryptocurrency is currently around $64,000, up 1.2% over 24 hours. However, it is down nearly 1% over 30 days and 49% below its October 2025 all-time high.
Brent crude jumped 7.91% as Hormuz ship transits collapsed from 31 the prior weekend to five Saturday and zero Sunday, with the 60-day ceasefire expiring and talks stalled. A re-escalation that holds Brent near $89 puts the August CPI print at risk.
For Wintermute, that combination matters. Lower rate-hike expectations would normally improve the case for risk assets, but Bitcoin failed to respond. The firm said the market was moving toward a situation where “the inflation problem seems to be moving from the Fed’s hands to oil’s.”
The ETF picture was also weak. Roughly $390 million left US spot Bitcoin ETFs between August 10 and 14, the largest weekly redemption since early July. As CryptoPotato reported, Bitcoin ETFs recorded only one positive session last week, with Monday seeing $145 million leave the funds, followed by $61 million on Wednesday, $131 million on Thursday, and nearly $58 million on Friday. Tuesday brought just under $5 million of net inflows.
You may also like: Tech Futures Drop on Rising Treasury Yields While Bitcoin Holds Near $64K How Will BTC React as US and Iran Reportedly Extend Ceasefire? Solana Overtakes Bitcoin and Ether in GSR’s Latest Crypto Portfolio Shake-Up “An asset that cannot rally on good news while its dedicated vehicles bleed is telling us the marginal seller is back, which weakens the depletion argument we have been carrying since W31,” wrote the trading company.
Miner Selling Adds Another Problem Wintermute also pointed to Riot Platforms as evidence that miners may remain a source of Bitcoin supply. The firm sold 4,300 BTC during the second quarter after selling 3,778 BTC in the first quarter. Its treasury fell to 11,380 BTC as mining costs approached $91,000 per unit. Bitcoin was trading below $64,000, contributing to Riot’s $237 million quarterly loss.
Riot is also shifting part of its business toward AI data centers, with the miner reportedly agreeing to supply 191 megawatts of capacity to Anthropic under a 20-year contract worth $9.1 billion.
The ETF picture is not uniformly negative, though, as Jane Street disclosed more than $1 billion in US spot Bitcoin ETF holdings as of the second quarter, including about $828 million in IBIT. However, the filing only shows quarter-end holdings and does not capture the firm’s full derivatives exposure.
VanEck uvedl, že Bitcoin se může blížit akumulační fázi, protože k 12. srpnu bylo aktivních 8 z jeho 12 kapitačních signálů. Další zlom čeká mezi zářím a listopadem.
VanEck said on Aug. 18 that Bitcoin may be approaching an accumulation phase after eight of its 12 capitulation indicators remained active as of Aug. 12.
Summary
Eight of VanEck’s 12 Bitcoin capitulation signals were active on August 12, indicating late cycle stress. All 12 indicators entered capitulation territory during the three months preceding VanEck’s August research update. Long term holder supply dropped 356,534 BTC, leaving 11.84 million BTC untouched for over one year. U.S. spot Bitcoin ETPs absorbed $663 million while realized volatility declined to 27.2% over 30 days. Historical capitulation clusters lagged Bitcoin’s baseline for six months, outperforming only across one year holding periods. The asset manager’s latest report placed the current correction in its tenth month, measured from Bitcoin’s October 2025 peak. VanEck estimated that the next turning point could arrive between September and November if the current cycle follows earlier patterns.
However, the firm did not present the historical timetable as a reliable price forecast. VanEck disclosed that it has exposure to Bitcoin and warned that its forward return study uses a small number of heavily overlapping observations.
Bitcoin capitulation signals point to late cycle stress VanEck considers a signal active when its latest reading reaches an extreme historical percentile. Most indicators must fall within the bottom 15% of their recorded history, or the top 10% when a high reading represents stress.
Price drawdown uses a separate threshold. VanEck activates this signal when Bitcoin falls at least 35% from its peak. Bitcoin was down approximately 49% from its October record in the firm’s analysis, although that decline ranked only in the 35th percentile of its own history.
Applying the same percentile rule to the drawdown would reduce the total from eight active signals to seven. VanEck defended the separate threshold by arguing that institutional ownership and spot ETP demand could produce a shallower bear market than previous cycles.
The firm said it “expects a shallower trough this cycle,” but acknowledged that this remains an assumption rather than a confirmed market outcome. Earlier Bitcoin bear markets produced drawdowns ranging from 78% to 94%.
Historical returns offer no clear six month advantage VanEck’s backtest provides a cautious reading for investors expecting an immediate rebound. When between eight and 12 indicators were in capitulation territory, Bitcoin returned an average 12.8% over the following 90 days. Its baseline return for all comparable periods was 15.2%.
The same group generated an average 32% return over 180 days, below the 36.3% baseline. Outperformance appeared only across the one year horizon.
Source: VanEck VanEck warned that the one year result came from 115 observation days that overlapped heavily. Those observations represent only a small number of separate market episodes. The firm said it does not place substantial weight on that result.
The findings suggest capitulation readings may identify late cycle conditions without identifying an exact bottom. They also leave room for prolonged sideways trading before a durable recovery begins.
U.S. fund inflows absorb long term holder selling U.S. spot Bitcoin ETPs recorded approximately $663 million in net inflows during the 30 days covered by VanEck. The total represented about 10,400 BTC at prevailing prices and reversed roughly $2.4 billion of outflows during the preceding month.
Fund flows remained uneven after VanEck’s measurement period. U.S. spot funds lost about $385.2 million across the week ending Aug. 14, as crypto.news reported in its analysis of why liquidity has yet to return.
Demand then recovered. Farside data showed $297.5 million of net inflows on Aug. 17 and another $189.3 million on Aug. 18. The combined $486.8 million partly reversed the previous week’s withdrawals.
Those inflows followed earlier signs of ETF demand supporting the $64,000 area. Bitcoin traded near $64,250 on Aug. 19, above VanEck’s Aug. 11 closing reference of $63,549 but still below its 200 day moving average.
Long term holders complicate the accumulation case Coins held for longer than one year declined by 356,534 BTC over 30 days, according to VanEck’s Glassnode based figures. Holdings fell 2.9% to 11.84 million BTC, equal to 59.1% of circulating supply.
All six long term age groups contracted. Coins aged between one and two years recorded the largest reduction at approximately 156,000 BTC. Holdings older than ten years fell by only about 4,000 BTC, suggesting the oldest wallets remained comparatively inactive.
VanEck said some movements may have involved wallet security rather than sales. The firm cited concern following the Coldcard security failure, which crypto.news examined in its coverage of the $89 million wallet drain.
It nevertheless called the security explanation difficult to verify. Confirmed losses were far smaller than the total movement by aged coins. Exchange inflows separated by coin age could help determine whether holders transferred funds to trading venues or moved them between private wallets.
The period from September through November now provides the next test of VanEck’s cycle framework. A sustained increase in spot demand, stronger trading volume and stabilization in long term holdings would support the accumulation case. Continued distribution or renewed fund outflows would weaken it.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
BlackRock uvedl, že pád Bitcoinu o více než 50 % od říjnového rekordu z října 2025 nemění jeho dlouhodobou investiční tezi. Firma to vidí jako výprodej způsobený pákou a toky kapitálu, ne změnou fundamentu.
BlackRock said in an August 2026 research report that Bitcoin’s decline of more than 50% from its October 2025 record did not change the asset manager’s long term investment case.
Summary
Bitcoin fell more than 50% from October 2025’s record before reaching June lows below $60,000. Futures open interest exceeded $90 billion, with offshore perpetual contracts representing approximately 80% at peak. Spot Bitcoin ETPs lost roughly $5 billion after attracting $60 billion through October 2025 previously. Strategy sold 1,690 BTC in August, using $108.6 million to repurchase preferred shares during weakness. BlackRock’s historical analysis found 1% to 2% allocations improved hypothetical portfolio risk adjusted returns historically. The firm attributed the correction to excessive leverage, weaker institutional flows and slower purchasing by digital asset treasury companies. Its paper described the decline as a positioning and liquidity event rather than evidence that Bitcoin’s monetary or diversification properties had structurally changed.
BlackRock’s view is an investment assessment, not a prediction that prices will recover. The firm also manages the iShares Bitcoin Trust ETF and warned that Bitcoin remains volatile, speculative and capable of causing a total loss.
Bitcoin’s $90 billion leverage buildup amplified losses Bitcoin climbed from $15,765 in late 2022 to a record $124,606 in October 2025, according to BlackRock’s Bloomberg and Coin Metrics data. Futures open interest exceeded $90 billion near the peak.
Approximately 80% of that exposure came from perpetual futures outside CME. Some platforms offered leverage of between 50 and 125 times, leaving traders vulnerable to automatic liquidation following relatively small adverse price moves.
BlackRock says Bitcoin’s core investment case remains unchanged after a 50%+ drawdown from its October 2025 highs.
The world’s largest asset manager views the sell-off as the result of crypto-native deleveraging and shifting flows, not a change in the long-term thesis.
At the… pic.twitter.com/z4ratfqFkD
— The Wolf Of All Streets (@scottmelker) August 18, 2026 The first major unwind followed U.S. tariff announcements involving China on Oct. 10, 2025. Bitcoin fell 6%, while open interest declined by $20 billion in one day. BlackRock described this as the largest daily open interest reduction in the data reviewed.
Further liquidation waves followed in February and June 2026, eventually pushing Bitcoin below $60,000. The sequence supported BlackRock’s argument that leverage accelerated the decline, although it does not prove that positioning was the only cause.
The U.S. derivatives market has also changed since the selloff. The CFTC approved KalshiEX’s onshore Bitcoin perpetual contract in May, finding that its structure complied with federal derivatives rules. The order brought a product long associated with offshore exchanges into a regulated U.S. market.
ETP outflows and AI funds competed for capital Spot Bitcoin ETPs attracted approximately $60 billion between their January 2024 U.S. launch and October 2025, BlackRock found. The products then recorded roughly $5 billion in aggregate outflows through July 2026.
Over the later period, AI themed funds attracted more than $46 billion. BlackRock said the rotation “likely competed for capital” and became a drag on Bitcoin allocations. The wording reflects the firm’s interpretation because fund flow data alone cannot establish why every investor moved money.
The rotation was also visible in retail and institutional attention. As previously reported, both Bitcoin fund withdrawals and declining crypto search interest coincided with stronger interest in AI equities.
Recent U.S. fund data has been more constructive but remains uneven. Farside data showed $297.5 million of net inflows on Aug. 17 and $189.3 million on Aug. 18. The combined $486.8 million followed approximately $385.2 million of withdrawals during the previous week.
Treasury sales added supply during the correction BlackRock also identified sales by miners, large holders and digital asset treasury companies as sources of pressure. MARA sold 15,133 BTC for approximately $1.1 billion during March, according to its regulatory filing.
Strategy later adopted a Bitcoin monetization program allowing sales to fund reserves, dividends, interest payments and security repurchases. The program does not require the company to sell and has no fixed expiration date.
An Aug. 10 SEC filing confirmed that Strategy sold 1,690 BTC for $108.6 million between Aug. 3 and Aug. 9. It used the proceeds to repurchase STRC preferred shares.
The transaction provided a verified update to BlackRock’s discussion of treasury related selling. In related coverage, crypto.news examined how corporate treasury selling pressure has increasingly interacted with U.S. spot fund demand.
BlackRock retains its small allocation argument BlackRock’s ten year historical test found that adding a 1% or 2% Bitcoin allocation to a traditional U.S. 60/40 portfolio improved hypothetical risk adjusted returns. A 1% allocation produced a Sharpe ratio of 0.90, compared with 0.81 for the benchmark. A 2% allocation produced a ratio of 0.96.
Maximum drawdowns were similar across the tests. The traditional portfolio recorded a 20.3% decline, compared with 20.6% for the 1% allocation and 20.9% for the 2% allocation.
Source: BlackRock These results were hypothetical and benefited from hindsight. They did not include an actual BlackRock client portfolio and cannot establish how the allocations will perform in the future. Diversification also cannot prevent market losses.
BlackRock nevertheless said Bitcoin’s investment case “remains unchanged,” citing its capped supply, ten year correlation of 0.18 with the S&P 500 and possible use as a hedge against declining fiat purchasing power.
Bitcoin traded near $64,300 on Aug. 19 after reclaiming $64,000. As crypto.news reported, the latest price recovery coincided with renewed ETP inflows, although increasing leverage left the move exposed to another reversal.
The next evidence will come from ETP flows, futures positioning and corporate disclosures. Sustained inflows and lower speculative leverage would support BlackRock’s cyclical correction argument. Renewed liquidations or continued treasury sales would keep pressure on that assessment.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
BlackRock’s iShares Bitcoin Trust (IBIT) pulled in roughly $143.57 million in net inflows in a single day, adding another data point to what has become a remarkably consistent pattern of institutional Bitcoin buying through the fund.
The purchase, facilitated through authorized participants who create new ETF shares backed by actual Bitcoin held in custody, reinforces IBIT’s position as the dominant vehicle in the US spot Bitcoin ETF landscape.
IBIT’s grip on the spot ETF market IBIT has maintained its status as the largest US spot Bitcoin ETF by assets under management since launching in early 2024.
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The fund captured $693 million out of $853 million in total spot Bitcoin ETF inflows in August 2026. That’s roughly 81% of all money flowing into the entire product category landing in a single fund. The rest of the field, which includes offerings from Fidelity, Ark Invest, and others, is essentially competing for scraps.
Multiple inflows around the $144 million mark have been recorded throughout 2026, suggesting this isn’t a one-off event but rather a recurring rhythm of institutional allocation.
The mechanics behind these flows involve custodians like Coinbase Prime, which holds the actual Bitcoin backing the ETF shares. Every time authorized participants create new IBIT shares to meet demand, real Bitcoin gets purchased and deposited into custody.
Why BlackRock keeps winning the ETF race BlackRock’s dominance in this space isn’t accidental. The firm manages roughly $10 trillion in total assets across all its products, and that scale creates a self-reinforcing advantage. Institutional investors already have existing relationships with BlackRock. Adding a Bitcoin allocation through a familiar counterparty is a much easier internal conversation than onboarding with a crypto-native firm.
The company has also made strategic moves to lower investment thresholds, aiming to bring in smaller institutions and family offices that might have previously found the entry point too steep.
When the SEC approved these funds in January 2024, pension funds, endowments, registered investment advisors, and wealth management platforms all gained a compliant, exchange-listed way to get Bitcoin exposure without dealing with wallets, private keys, or the operational headaches of direct custody.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
