Track market-moving stories before they get noisy

Ford made a $2 billion bet two years ago when it closed its Louisville Assembly Plant in Kentucky and scrapped the assembly line system it had used for more than a century. Its goal was to transform the factory into one capable of making a new generation of affordable EVs.

The auto giant provided an update on Thursday, stating that its factory overhaul is on track and in 2027 will be ready to start producing the Fathom, an all-electric midsize truck that costs less than $30,000 and is the first EV built on its new universal platform.

Ford said it expects to begin prototype builds of the Fathom in the first quarter of 2027, with customer vehicles to follow later in the year. The U.S. automaker is already testing production-level tooling ahead of the prototypes.

The stakes for Ford are high. The company’s previous EV efforts were a drag on its profitability, while Chinese competitors and Tesla leapt ahead with vehicles that sell at volume and with a profit margin.

To catch up, Ford ditched the moving assembly line system that its founder Henry Ford launched and turned to a system developed by its skunkworks team led by former Tesla executive Alan Clarke.

This “universal production system,” as Ford calls it, uses a three-branched assembly tree. Ford will use large single-piece aluminum unicastings that use far fewer parts — a technique that Tesla has popularized — and that will allow the front and rear of the vehicle to be assembled separately on two of the branches. The third branch is where the structural battery will be assembled with seats, consoles, and carpeting. The three components will come together at the end of the line to form the vehicle.

As part of the factory rebuild, Ford has also nearly tripled the Wi-Fi coverage density in the factory to 1,080 access points to the kind of high-bandwidth, low-latency connectivity required for software quality checks.

Ford said it will be able to assemble the Fathom a net 15% faster than the former vehicles that were built at the Louisville plant.

The company said some employees have already spent months training on the new system at its New Models Program Development Center in Allen Park, Michigan.

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Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. She is also co-founder and co-host of the podcast, “The Autonocast.” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.

You can contact or verify outreach from Kirsten by emailing [email protected] or via encrypted message at kkorosec.07 on Signal.

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It has been about a month since the last earnings report for Goldman Sachs (GS - Free Report) . Shares have lost about 10% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Goldman due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for The Goldman Sachs Group, Inc. before we dive into how investors and analysts have reacted as of late.

Goldman Q2 Earnings Beat on Solid Trading & IB RevenuesGoldman reported second-quarter 2026 earnings per share of $20.98, which topped the Zacks Consensus Estimate of $14.47. The metric also surged 92% from $10.91 a year ago.

Driven by robust client activity, Goldman posted record net revenues in Equities of $7.42 billion, which jumped 72% year over year, while fixed income, currencies and commodities (FICC) revenues climbed 32% to $4.59 billion. Strong dealmaking activity lifted investment banking (IB) fees 55% to $3.40 billion, supported by solid growth in advisory, equity underwriting and record debt underwriting revenues. 

Goldman’s overall results benefited from strong revenue growth in the Global Banking & Markets and Asset & Wealth Management businesses, while profitability was highlighted by an annualized return on equity of 23.5%. However, higher operating expenses created a headwind. Shares of the company rose in the pre-market trading following the earnings release.

Net earnings attributable to common shareholders were $6.40 billion, up 84% year over year.

Revenues & Expenses Increase

Net revenues were $20.34 billion, rising 39% year over year and comfortably surpassing the Zacks Consensus Estimate of $16.49 billion by 23.3%.

On the cost side, operating expenses were $11.67 billion, up 26% from the prior-year quarter. Management attributed the increase primarily to significantly higher compensation and benefits expenses, reflecting improved operating performance, along with substantially higher transaction-based expenses.

Even with higher costs, Goldman’s efficiency ratio declined 6 basis points to 57.4% for the quarter, reflecting continued operating leverage.

Provision for credit losses was $102 million, down sharply from $384 million in the year-ago quarter, primarily reflecting impairments related to wholesale loans.

Quarterly Segmental Performance

Asset & Wealth Management generated net revenues of $4.60 billion, up 20% year over year. The increase primarily reflected record management and other fees, driven by higher average assets under supervision and significantly higher investment gains from private equity investments, partially offset by weaker private banking and lending revenues. The franchise continued to scale meaningfully. Total assets under supervision increased to a record $4.04 trillion, reflecting $230 billion in total net inflows and $91 billion in long-term net inflows during the quarter.

Global Banking & Markets generated record net revenues of $15.52 billion, up 53% year over year. Growth was driven by record Equities revenues, stronger FICC performance and significantly higher investment banking fees across advisory, equity underwriting and debt underwriting.

Platform Solutions reported net revenues of $221 million, down 64% from the year-ago quarter. The decline primarily reflected net markdowns related to the Apple Card loan portfolio, which had previously been transferred to held for sale.

Balance Sheet & Capital Position

Goldman ended the second quarter with total assets of $2.13 trillion, up from $2.06 trillion at the end of the first quarter, while deposits were $558 billion compared with $561 billion in the previous quarter. Total loans increased sequentially to $261 billion from $253 billion.

Capital ratios strengthened sequentially. The standardized CET1 capital ratio improved to 12.9% from 12.5%, while the advanced CET1 ratio rose to 13.7% from 13.3%. The supplementary leverage ratio was 4.3% compared with 4.7% in the prior quarter. 

During the quarter, Goldman returned $5.36 billion to its shareholders, including $4 billion in common share repurchases and $1.36 billion in common stock dividends. 

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in fresh estimates.

The consensus estimate has shifted 11.11% due to these changes.

VGM ScoresCurrently, Goldman has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Following the exact same course, the stock has a score of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Goldman has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

For much of the AI boom, the assumption has been straightforward: as companies adopt artificial intelligence, more computing workloads will move to the public cloud.

Cisco Systems Inc. (NASDAQ:CSCO) is now making a different bet.

The networking giant used its fiscal fourth quarter earnings call to argue that the next phase of enterprise AI will not be defined by cloud migration alone, but by companies bringing more AI infrastructure into their own data centers.

The shift, Cisco argues, is being driven by economics as much as technology. As enterprises move beyond experimenting with AI and begin deploying it at scale, they are looking more closely at where AI workloads should run to balance cost, performance and security.

• Cisco Systems shares are retreating from recent levels. Why is CSCO stock dropping?

On-Premise AI Infrastructure Is Becoming a Strategic Enterprise ChoiceCisco made its position clear during the earnings call.

“We believe on-premise AI infrastructure will become an important option for enterprise customers as they look to optimize both the business value and cost of AI,” Chairman and CEO Chuck Robbins said.

The statement marks a notable departure from the long-held narrative that enterprise AI would increasingly reside inside hyperscale cloud platforms. Instead, Cisco sees businesses adopting a more flexible approach, deploying workloads wherever they make the most operational and financial sense.

That strategy, the company believes, will require significant investments in enterprise infrastructure rather than cloud capacity alone.

Enterprise AI Deployments Are Expanding Beyond the Public CloudCisco said companies deploying AI increasingly need infrastructure capable of supporting AI applications close to where their data is generated and stored.

As Robbins explained, “Enterprises need GPU clusters on premise and at the edge with low-latency, high-bandwidth networking and built-in security, observability and automation, all of which Cisco Systems can provide in a co-designed, vertically integrated stack.”

For businesses handling sensitive information or applications requiring fast response times, keeping AI workloads on premises can reduce delays, improve control over data and potentially lower operating costs. Those requirements, in turn, create demand for networking equipment capable of connecting increasingly complex AI infrastructure.

Cisco Sees Opportunity Regardless of Where AI RunsRather than framing public cloud and private infrastructure as competing models, Cisco believes enterprises will adopt a combination of deployment options.

“Regardless of how or where customers choose to deploy AI — whether in the public cloud, through neo or sovereign clouds, on premise, or at the edge — we believe Cisco Systems will benefit because of the unmatched depth and breadth of our portfolio and our expertise in each scenario,” Robbins said.

Cisco’s outlook reflects a broader evolution in enterprise AI adoption. The first wave of investment centered on cloud providers building massive AI infrastructure. The next may be shaped by enterprises building AI capabilities of their own, creating fresh opportunities for networking vendors as corporate data centers once again become a focal point of technology spending.

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Key Takeaways MGM received $546M from Northfield, lifting cash to $2.55B at June 30, 2026.MGM cut annual cash rent by $53M, adding recurring flexibility as it funds growth projects.MGM had $1.4B left under its buyback authorization while continuing major Osaka investments. MGM Resorts International (MGM - Free Report) completed the sale of MGM Northfield Park's operations for $546 million in April 2026, adding liquidity while removing a recurring lease burden. The transaction gives the company more flexibility as it balances share repurchases with sizable development spending.

That flexibility is useful, but it does not eliminate competing capital demands. MGM is still funding Osaka, maintaining its domestic portfolio and investing in digital operations, so the Northfield proceeds are best viewed as added capacity rather than pure excess cash.

MGM Turns Northfield Into $546M of Fresh LiquidityThe Northfield transaction converted a regional operating asset into $546 million of cash proceeds. MGM's cash and cash equivalents stood at $2.55 billion at June 30, 2026, up from $2.06 billion at the end of 2025, leaving the balance sheet with greater near-term liquidity.

The sale also simplifies the Regional Operations comparison because Northfield closed on April 21. MGM reported second-quarter same-store regional revenues of $904 million, up 3% year over year, showing that the remaining portfolio continued to produce revenue growth after adjusting for the disposition.

MGM Cuts $53M of Annual Cash RentExiting Northfield also reduced MGM's annual cash rent by $53 million. That recurring savings extends the economic benefit beyond the one-time sale proceeds and lowers a fixed cash obligation as management directs funds toward growth projects and shareholder returns.

MGM currently expects 2026 cash rent and ground lease payments of about $1.8 billion, with that forecast reflecting the Northfield closing. The rent reduction does not transform MGM's cost structure, but it improves recurring cash flexibility at the margin.

MGM Has More Room to Reaccelerate BuybacksMGM repurchased about 4 million shares for $164 million during the second quarter and had roughly $1.4 billion remaining under its repurchase authorization at June 30. The company has reduced its share count by nearly 50% over the past five years, making buybacks a central use of discretionary capital.

Capital-return choices differ across casino operators. Caesars Entertainment, Inc. (CZR - Free Report) had $221 million of repurchase authorization remaining at June 30 but said no repurchases were expected at that time because of its proposed merger. Wynn Resorts, Limited (WYNN - Free Report) repurchased $75 million of shares in the second quarter, showing that buybacks remain an active capital-allocation tool for major gaming peers.

MGM Still Has Major Osaka Funding NeedsNorthfield's proceeds arrive while MGM Osaka continues to absorb substantial capital. MGM expects approximately $350-$400 million of 2026 investment in unconsolidated affiliates for Osaka, while second-half funding is projected at $125-$175 million. Management also expects to deploy about $1 billion in each of 2027 and 2028.

Wynn provides a useful development comparison. Wynn had contributed $1.06 billion of cash life to date to its 40%-owned Wynn Al Marjan Island venture by June 30 and expects that resort to open in September 2027. MGM's own Osaka project remains targeted for a 2030 opening, keeping development funding a multiyear capital priority.

MGM's Style Scores Back Selective Capital ReturnNorthfield improves MGM's financial flexibility, but the transaction does not remove the need for disciplined capital allocation. The company still has major development commitments, while buybacks compete with investment in Las Vegas, digital operations and other growth initiatives.

MGM currently carries a Zacks Rank #3 (Hold), with a Value Score of A, Momentum Score of A, Growth Score of D and VGM Score of B. The favorable Value and Momentum Scores indicate stronger value and momentum characteristics, while the weaker Growth Score keeps the setup mixed. The Hold rank reinforces a balanced stance rather than a clear near-term buy signal. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.

It has been about a month since the last earnings report for Wells Fargo (WFC - Free Report) . Shares have added about 1.6% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Wells Fargo due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.

Wells Fargo Q2 Earnings Beat on NII & Fee Income GrowthWells Fargo reported second-quarter 2026 adjusted earnings per share of $1.96, which surpassed the Zacks Consensus Estimate of $1.73. In the prior-year quarter, the company reported earnings per share of $1.54.

Results benefited from an improvement in net interest income, higher non-interest income, and lower provisions. Higher loan balances and improved deposits were other positives. However, increased non-interest expenses remained a headwind.

Results included 4 cents per share of discrete tax benefits related to the resolution of prior-period matters. After considering this, net income (GAAP basis) was $6.41 billion, representing a 16.6% increase from the prior-year quarter.

Revenues Improve, Expenses Rise

Total revenues were $22.62 billion, surpassing the Zacks Consensus Estimate of $21.80 billion. Also, the top line increased 8.6% from the year-ago quarter.

NII was $12.32 billion, up 5.2% year over year. The increase was driven by lower deposit costs, higher loan and investment securities balances, balance sheet growth in the Markets business and higher interest-bearing commercial deposits, partially offset by the impact of lower interest rates on floating-rate assets and a modest decline in noninterest-bearing deposits.

The net interest margin (on a taxable-equivalent basis) contracted 25 basis points year over year to 2.43%.

Non-interest income grew 13.1% year over year to $10.31 billion. The increase was driven by strong performance from venture capital investments, higher investment advisory fees on improved market valuations, higher investment banking fees and increases in most other fee categories, partially offset by lower lease income related to the sale of the railcar leasing business.

Non-interest expenses of $13.66 billion increased 2.1% year over year. The increase was due to higher revenue-related and incentive compensation, increased technology and equipment expense and higher advertising expense, partly offset by lower lease expense and continued efficiency initiatives, including a 7% reduction in headcount.

Wells Fargo's efficiency ratio of 60% was lower than 64% in the year-ago quarter. A decline in the efficiency ratio indicates improvement in profitability.

Loan Balance & Deposits Improve

As of June 30, 2026, total average loans were $1.03 trillion, which increased 3.1% on a sequential basis. Total average deposits were $1.47 trillion, up 3.6% on a sequential basis.

Credit Quality Improves

The provision for credit losses was $914 million, down 9.1% from the year-ago quarter.

Net loan charge-offs were 0.34% of average loans in the reported quarter, down from 0.44% in the year-ago quarter. Non-performing assets declined marginally year over year to $7.94 billion.

Capital Ratios Decline

As of June 30, 2026, the Common Equity Tier 1 ratio under the Standardized Approach was 10.3%, down from 11.1% in the prior-year quarter.

Profitability Ratios Improve

Return on assets was 1.15% compared with 1.14% in the prior-year quarter. Return on equity was 15.0%, up from 12.8% a year ago.

OutlookThird Quarter 2026

The company expects modest NIM compression, broadly in line with the 4-basis-point sequential decline recorded in the second quarter. Deposit costs are projected to increase slightly due to continued growth in interest-bearing commercial and institutional deposits.

Fourth Quarter 2026

Wells Fargo expects NIM to stabilize following the anticipated third-quarter compression. The stabilization is expected to be supported by slower Markets balance-sheet growth, earning-asset expansion and continued repricing of the securities portfolio.

Average loan growth is expected to exceed the mid-single-digit increase projected earlier, reflecting stronger commercial, auto and credit card lending.

2026

Wells Fargo expects NII to be approximately $50 billion. NII excluding Markets is projected to be around $48 billion, driven by balance-sheet growth, a favorable loan and deposit mix, and continued fixed-asset repricing, partially offset by the impact of expected rate cuts. 

Markets NII is expected to be around $2 billion, reflecting client-driven balance-sheet growth in lower-risk, lower-margin assets, compared with earlier expectations of an increase driven by lower short-term funding costs and client financings. The company continues to expect stronger NII growth in the second half of 2026 than in the first half.

Average loans are expected to increase mid-single digits, primarily driven by growth in commercial, auto, and credit card lending.

Average deposits are expected to increase by mid-single digits across all operating segments.

Non-interest expenses are projected to be around $55.7 billion. This is due to higher revenue-related compensation along with increased FDIC assessments, and continued investments in technology and other strategic initiatives.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.

VGM ScoresCurrently, Wells Fargo has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Wells Fargo has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Key Takeaways EL's Q4 revenues are projected to rise 4.1% to $3.55 billion, with EPS seen at 32 cents.Fragrance momentum, innovation and improving retail trends are expected to support EL's sales.Middle East disruptions, tariffs, inflation and incentive costs may weigh on EL's profitability. The Estee Lauder Companies Inc. (EL - Free Report) is likely to register growth in both top and bottom lines when it reports fourth-quarter fiscal 2026 earnings on Aug. 19, 2026. The Zacks Consensus Estimate for fiscal fourth-quarter revenues stands at $3.55 billion, indicating 4.1% growth from the same period last year.

The consensus mark for earnings has increased a penny in the past seven days to 32 cents per share, which implies an increase from the 9 cents reported in the year-ago quarter. Estee Lauder delivered a trailing four-quarter average earnings surprise of 39.1%.

Things to Consider About Estee Lauder’s Upcoming ResultsThe Estee Lauder Companies’ fiscal fourth-quarter results are likely to benefit from continued momentum in fragrance, strength in key international markets and improving retail trends. The company has been gaining prestige beauty share in Mainland China, Japan, Korea and the United States, while priority emerging markets have been delivering strong growth. These trends, alongside expanded consumer reach, successful brand activations and innovation, are likely to have supported sales during the quarter.

On a category basis, fragrance has remained a key growth engine and is likely to have maintained its momentum, supported by luxury brands, product innovation and broader distribution. Makeup trends have been improving, with its rate of decline moderating and several brands gaining share in key markets. Recent launches across La Mer, M·A·C, TOM FORD, KILIAN PARIS and BALMAIN Beauty are likely to have supported category performance in the fiscal fourth quarter.

Omnichannel expansion and digital capabilities are likely to have provided additional support. The company has expanded its presence on Amazon and TikTok Shop, strengthened specialty-multi distribution through M·A·C’s Sephora launch and advanced its Shopify-powered direct-to-consumer infrastructure. Continued online growth, together with progress in CRM, consumer care and technology infrastructure, indicates that broader digital reach and more connected consumer engagement are supporting the business.

However, macroeconomic and operating pressures might have limited the upside. Business disruptions related to the Middle East conflict are expected to reduce fourth-quarter sales growth about 2 percentage points and EPS by 6 cents. Tariffs, inflation and a greater year-over-year impact from normalized employee incentive costs also remained profitability headwinds, although PRGP savings, lower excess and obsolescence and other operational-efficiency initiatives have been helping mitigate some of these pressures.

Earnings Whispers for EL StockOur proven model conclusively predicts an earnings beat for Estee Lauder this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is exactly the case here.

Estee Lauder carries a Zacks Rank #3 and has an Earnings ESP of +6.32%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

More Stocks With the Favorable CombinationHere are a few other companies worth considering, as our model shows that these, too, have the right combination of elements to beat on earnings this reporting cycle.

BJ's Wholesale Club Holdings, Inc. (BJ - Free Report) currently has an Earnings ESP of +0.39% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for BJ's Wholesale Club’s upcoming quarter’s EPS is pegged at $1.16, which implies 1.8% growth year over year. The consensus estimate for the quarterly revenues is pinned at $5.89 billion, which indicates 9.5% growth from the figure reported in the prior-year quarter. BJ delivered a trailing four-quarter earnings surprise of 4.5%, on average.

General Mills, Inc. (GIS - Free Report) currently has an Earnings ESP of +0.54% and a Zacks Rank of 3. The consensus mark for the upcoming quarter’s revenues is pegged at $4.31 billion, which indicates a decrease of 4.5% from the figure reported in the year-ago quarter.

The Zacks Consensus Estimate for General Mills’ quarterly earnings per share of 73 cents implies a decline of 15.1% from the figure reported in the year-ago quarter. GIS delivered a trailing four-quarter earnings surprise of 4.1%, on average.

Ulta Beauty, Inc. (ULTA - Free Report) currently has an Earnings ESP of +1.20% and a Zacks Rank of 3. The consensus estimate for the quarterly revenues is pegged at $2.97 billion, which indicates a surge of 6.5% from the figure reported in the prior-year quarter.

The Zacks Consensus Estimate for Ulta Beauty’s upcoming quarter’s EPS is pegged at $6.17, which implies a 6.8% increase year over year. ULTA delivered a trailing four-quarter earnings surprise of roughly 10%, on average.

CuriosityStream (CURI +37.14%) stock rocketed over 50% after releasing its second-quarter earnings last night. There were good reasons for the massive move, too. Shares of the company aren't soaring because of its on-demand streaming service. Rather, it is due to the company's move to monetize its content to builders of artificial intelligence (AI) large language models.

The stock settled some, but let's look at why shares were still up 37.5% as of 11:51 a.m. ET.

Image source: Getty Images.

Licensing revenue lifts margins
Management has been pivoting its business model from subscription service revenue to higher margin licensing revenue. Licensing accounted for over 60% of Q2 revenue and rose 48% year over year. That's the crux of the investment case for CuriosityStream. Management is being creative about it, too.

CuriosityStream now offers 17 ready-made video data set products, providing potential customers with easier paths to meet specific needs. Customers can more easily analyze, navigate, and use its well-organized video collections.

It's not just AI models, either. The company is licensing its factual video content to global media companies for broadcast and continues to manage its subscription service to maintain a steady revenue stream.

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The strategy is paying off. Gross margin soared to 73% from 56% in Q1 and 53% in the prior year quarter. Management plans to continue to grow its high-value revenue, aiming to reach $100 million in annualized sales. Reaching that level while maintaining the profit margin achieved in Q2 would make the stock a buy, even after today's jump.

Howard Smith has positions in CuriosityStream. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Takeaways Chipotle raised its 2026 comp outlook to low-single-digit growth after Q2 comps rose 2.2%.Chipotle's Recipe for Growth, menu innovation and improved throughput are supporting customer demand.Q3 comps are expected near 1%, making sustained traffic growth crucial to the recovery.
Chipotle Mexican Grill, Inc. (CMG - Free Report)  is showing early signs of recovery after a difficult start to 2026. The company raised its full-year comparable sales outlook to the low-single-digit range, supported by improving traffic and stronger execution.

In the second quarter, comparable sales increased 2.2%, helped by 1% transaction growth. Revenues climbed 9.3% to $3.3 billion, while digital sales reached 38.3% of total sales.

Several initiatives are beginning to support demand. Chipotle's Recipe for Growth strategy focuses on menu innovation, restaurant execution, loyalty and digital engagement. The return of Chipotle Honey Chicken and the popularity of Cilantro Lime Sauce helped attract customers. Management also expects these initiatives to create additional transaction growth into 2027.

Operational improvements provide another potential catalyst. The company's high-efficiency equipment package is improving throughput, with equipped restaurants processing two to three additional entrees during peak periods. The rollout is expected to reach about 2,000 restaurants by year-end.

Still, the recovery is not without risks. Management expects third-quarter comps of roughly 1% amid softer recent trends and challenging comparisons.
Overall, Chipotle appears to be moving in the right direction. But sustained traffic growth will be crucial to prove that the worst is truly over.

CMG’s Recovery Stands Out Among Fast-Casual PeersChipotle appears better positioned than some fast-casual rivals as consumer demand remains uneven. CAVA Group (CAVA - Free Report) delivered strong second-quarter 2026 results, with same-restaurant sales rising 9%, supported by 5.3% guest traffic growth. The company also maintained its full-year outlook for 4.5-6.5% same-restaurant sales growth. CAVA’s performance highlights the importance of traffic and menu appeal in a cautious spending environment.

Sweetgreen (SG - Free Report) faced a more difficult quarter. Its second-quarter 2026 same-store sales declined 6.2%, while traffic fell 2%. Sweetgreen also lowered its full-year outlook and now expects same-store sales to decline 7-8% in 2026.

Against these contrasting trends, CMG's low-single-digit 2026 comp outlook looks relatively encouraging. Its second-quarter comparable sales increased 2.2%, with transactions up 1%. Management also sees further potential from menu innovation, Rewards, digital initiatives and improved restaurant throughput.

CMG’s Stock Price Performance, Valuation & EstimatesShares of Chipotle have declined 10.1% in the past six months, underperforming the industry and the S&P 500.

CMG Price Performance
Image Source: Zacks Investment Research

From a valuation standpoint, CMG trades at a forward price-to-sales (P/S) multiple of 2.99, below the industry’s average of 3.17.

CMG’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research

EPS Trend of CMG StockIn the past 30 days, the earnings estimates for 2026 and 2027 have witnessed upward revisions.

Image Source: Zacks Investment Research

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

Rocket Lab's (RKLB -0.17%) recently released second-quarter results revealed that the company has $2.36 billion in contract backlogs. It's an impressive amount and signals the rocket company is attracting customers. But some of that potential revenue, and it's only potential right now, is dependent on the successful flight of the company's all-important Neutron rocket.

Management has said that Neutron is expected to be on the launchpad in the fourth quarter after two years of delays. But any further delays will stifle Rocket Lab's ability to convert its contract backlogs into revenue.

Image source: Rocket Lab.

Neutron is the future of Rocket Lab Rocket Lab is currently depending on its existing Electron rockets for its launch business, and while they've been a successful piece of the company's growth, Rocket Lab can't reach its full potential without Neutron.

Neutron is a medium-lift rocket -- similar in size to Space Exploration Technologies' Falcon 9 -- that's reusable and capable of lifting to 28,000 lbs into lower earth orbit (LEO). An electron can only lift about 661 lbs.

Rocket Lab has made progress in its Neutron hot fires and stand tests, but Neutron's first launch is already two years behind schedule. And some of the company's latest contracts are specifically tied to Neutron.

For example, a recently announced $397 million contract with the U.S. Space Force states that Rocket Lab will use Neutron to deploy next-generation satellite technology called "flatellites" into LEO for the government agency. Rocket Lab's flatellites are stackable and flatter than traditional satellites, and will be used for the Space Force's Space-Based Airborne Moving Target Indicator (SB-AMTI) program.

To scale its business and achieve more efficiencies, the company needs to move beyond its Electron rockets and shift toward Neutron. SpaceX is doing the same -- although to a much larger scale -- with its Starship rocket. The larger the reusable rocket, the more payload and revenue these companies can earn from it.

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Neutron may reach the launchpad in the 2026 launch, but will it launch? Rocket Lab CEO Peter Beck said on the second-quarter earnings call that Neutron's target delivery to the launchpad is Q4 of this year. But he added that "the window for an end-of-year launch is narrowing" and that Rocket Lab is focused on balancing its first launch with scaling for future launches. And CFO Adam Spice said on the call that the first test launch would "hopefully" be later this year.

To me, it seems as if Rocket Lab management is very much leaving open the possibility that a launch may not happen this year.

Rocket Lab now has 90 launch missions in its backlog, both for Neutron and Electron rockets. For perspective, the company sold more launches in the first three months of 2026 than in all of 2025. And at least seven launches between now and 2029 are Neutron-specific for confidential commercial customers, excluding launches tied to the Space Force contract and other government defense launches.

This demand spurred Beck to say earlier this year: "Of all the things that I sit awake at night worrying about, Neutron demand is not one of them."

But with so much riding on a successful Neutron launch, investors should keep a close watch on how well the company executes on its current launch timeline. Further delays of Neutron's launch will mean Rocket Lab will have to wait longer to convert some of that impressive $2.4 billion backlog into sales.

Key Takeaways Avient's Q2 adjusted EPS rose 20% to 96 cents as sales increased 5.8% to $917 million.Organic sales grew 4.3%, while adjusted EBITDA margin expanded 110 basis points to a record 18.3%.AVNT raised 2026 adjusted EPS guidance to $3.10-$3.25 and EBITDA guidance to $575-$603 million. Avient Corporation (AVNT - Free Report) reported adjusted earnings of 96 cents per share for the second quarter of 2026, up 20% from 80 cents a year ago. The bottom line beat the Zacks Consensus Estimate of 89 cents by 7.9%. Better-than-expected organic volume growth aided the outperformance.

Sales increased 5.8% year over year to $917 million and beat the Zacks Consensus Estimate of $895.3 million by 2.4%. Organic sales rose 4.3%, while favorable foreign exchange contributed 1.5%. Adjusted EBITDA margin expanded 110 basis points to a record 18.3%.

Segment HighlightsColor, Additives and Inks sales increased 6.6% year over year to $574.2 million from $538.6 million. Segment EBITDA rose 10.5% to $124.5 million from $112.7 million. The segment’s EBITDA margin improved to approximately 21.7% from 20.9% in the year-ago quarter.

Specialty Engineered Materials generated sales of $343.9 million, up 4.3% from $329.7 million a year earlier. Segment EBITDA climbed 21.1% to $75.8 million from $62.6 million. EBITDA margin expanded to approximately 22% from 19%, indicating significant profitability improvement in the segment.

FinancialsAvient ended the second quarter with cash and cash equivalents of $425.6 million. Total debt was approximately $1.88 billion. For the first six months of 2026, net cash provided by operating activities was $59.3 million. Capital expenditures were $41.3 million. Management expects cash generation to support both growth investments and further balance-sheet improvement.

OutlookAvient raised its full-year 2026 adjusted earnings guidance to $3.10-$3.25 per share from the previous range of $2.93-$3.17. The revised range implies adjusted earnings growth of 10-15% over 2025. Management cited year-to-date performance and visibility into third-quarter demand in raising its expectations.

The company also increased its full-year adjusted EBITDA guidance to $575-$603 million. AVNT expects to repay $100-$150 million of debt during 2026, including the $50 million repaid in the second quarter. Management remains focused on targeted investments in prioritized growth portfolios while pursuing continued earnings growth and balance-sheet improvement.

AVNT’s Price PerformanceShares of Avient have gained 25.5% in the past year against the 4.3% growth in the industry.

Image Source: Zacks Investment Research

AVNT’s Zacks Rank & Other Chemicals ReleasesAVNT currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

Ashland Inc.’s (ASH - Free Report) adjusted earnings were $1.02 per share for the fiscal third quarter, down around 2% from the year-ago quarter’s figure of $1.04. The bottom line missed the Zacks Consensus Estimate of $1.03. For fiscal 2026, Ashland reaffirmed sales guidance of $1.835-$1.870 billion and adjusted EBITDA outlook of $385-$400 million. 

Huntsman Corporation (HUN - Free Report) posted break-even earnings per share on an adjusted basis for the second quarter compared with a loss of 20 cents in the year-ago quarter. The Zacks Consensus Estimate of earnings was pegged at 6 cents per share. HUN expects to remain focused on additional price increases and cost-reduction initiatives to offset rising and volatile energy and crude oil-related costs, particularly in Europe. 

Olin Corporation’s (OLN - Free Report) second-quarter adjusted earnings were 7 cents per share, in line with the Zacks Consensus Estimate. For the third quarter, Olin expects adjusted EBITDA in the range of $160 million to $200 million. OLN expects its Chemical businesses’ results to be comparable with second-quarter levels as lower operating rates at the Freeport vinyl chloride monomer facility and weaker ethylene dichloride pricing offset anticipated stronger caustic soda volumes.

Acquisition delivers lower average rates and long-term infrastructure upgrades

, /PRNewswire/ -- Pennsylvania American Water today completed its acquisition of the Sutersville-Sewickley Municipal Sewage Authority (SSMSA) wastewater system for $3.25 million. The newly acquired wastewater system serves approximately 500 customer connections in Sutersville Borough and Sewickley Township, Westmoreland County.

"Pennsylvania American Water is pleased to welcome Westmoreland County residents as new wastewater customers," said Pennsylvania American Water President Justin Ladner. "We look forward to providing these communities with safe, reliable wastewater service by delivering on our technical expertise and extensive wastewater experience."

As part of the agreement, Pennsylvania American Water plans to invest approximately $700,000 in improvements to the SSMSA system to improve the quality and reliability of service over the next five years of ownership. The company has a long and successful track record of providing solutions for water and wastewater systems facing significant capital investment needs and making the necessary and continued investments to meet current and future regulatory requirements. Learn more at pennsylvaniaamwater.com/infrastructure.

"Three and a half years ago, the Sutersville-Sewickley Municipal Sewage Authority welcomed a new board as the members who had overseen the system for more than 20 years stepped down. After evaluating all available options, the board determined that Pennsylvania American Water was best positioned to operate, maintain and invest in the system for the benefit of our customers," said SSMSA Chairman Bruce Riley. "Both the Borough of Sutersville and Sewickley Township have supported the decision to sell the system to Pennsylvania American Water."

SSMSA's decision in May 2025 to sell its wastewater system to Pennsylvania American Water was made with customers in mind. The Pennsylvania Public Utility Commission (PUC) approved the acquisition on March 26, 2026. Prior to the acquisition, SSMSA aligned its rates with the Pennsylvania American Water rates in effect at that time, which results in a lower monthly bill for customers with average household usage. As the PUC regulates the company's rates and service rules, any future changes to rates must be reviewed and approved by the PUC.

Pennsylvania American Water offers several customer assistance programs, including its longstanding H2O Help to Others Program™, which provides income-eligible customers with grants of up to $500 per year, significant discounts on monthly bills, arrearage forgiveness and water-saving devices and education.

About American Water 
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886 and celebrating 140 years in 2026, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to approximately 14 million people with regulated operations in 14 states and on 19 military installations. American Water's approximately 7,000 talented professionals leverage their significant expertise and the company's national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders. For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X and Instagram.

About Pennsylvania American Water
Pennsylvania American Water, a subsidiary of American Water, is the largest regulated water utility in the state with approximately 1,200 dedicated employees working to provide safe, clean, reliable and affordable water and wastewater services to approximately 2.5 million people.

SOURCE American Water

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Super Micro Computer (NASDAQ:SMCI | SMCI Price Prediction) shares are rising 6% to $40 midday Thursday, extending a rally that began after Tuesday afternoon’s fiscal Q4 report. Peer AI server names are climbing alongside it, with Dell Technologies (NYSE:DELL) stock up 3% to $498 and Hewlett Packard Enterprise (NYSE:HPE) shares gaining 3% to $60.50.

The iShares U.S. Technology ETF (NYSEARCA:IYW) is up 1.43% to $256.70, a comparatively muted move because the AI-server trio don’t have an outsized influence inside a fund dominated by mega-caps. This is day two of the AI server rally, and today’s continuation is driven by external read-across, not a fresh Super Micro catalyst.

Lenovo Earnings and Analyst Calls Extend the Rally
Hong Kong-listed Lenovo reported April-June revenue up 43% year over year to $26.94 billion, well ahead of the $22.44 billion consensus. The company’s adjusted net income jumped 176% to $1.1 billion, with the AI server pipeline swelling to $54 billion, up 157% sequentially.

CEO Yuanqing Yang stated that AI is emerging as a clear growth engine across every business group. Because Lenovo competes directly with Dell and Hewlett Packard Enterprise, the read-across is lifting the entire sector.

Morgan Stanley also upgraded its U.S. IT hardware industry view to In-Line from Cautious, citing refresh cycles, pull-forwards, and AI demand. Goldman Sachs separately named Dell, Hewlett Packard Enterprise, and NetApp (NASDAQ:NTAP) its top U.S. hardware picks. Morningstar declared of Dell, “If AI demand is truly durable, the cyclicality of the business will be reduced, and Dell’s valuation is quite attractive.”

The Super Micro Numbers Behind the Setup
Super Micro Computer reported fiscal Q4 revenue of $11.12 billion, up 93.2% year over year, a touch shy of the roughly $11.2 billion projected. Adjusted EPS came in at $1.70 versus $1.59 expected, and gross margin recovered to 17.5% from 9.5% a year earlier.

CEO Charles Liang credited “a richer enterprise customer mix and broader adoption of our optimized Data Center Building Block Solutions.” The company disclosed record backlog entering fiscal 2027 and more than $60 billion in fiscal 2026 new orders. Super Micro Computer’s guidance is what caught the market’s attention: Q1 FY2027 sales of $14.5 billion to $15.5 billion versus roughly $11.9 billion expected, and full-year FY2027 revenue of $65 billion to $72 billion versus roughly $53.3 billion expected.

The risks are real. Super Micro Computer’s full-year operating cash flow was negative $6.8 billion on a working capital build, and the board is running an independent review of export-control transactions. Results remain preliminary and unaudited.

Valuation Debate Puts Super Micro in the Spotlight
On a trailing 12-month (TTM) basis, Super Micro Computer stock trades at a P/E ratio of 21.03x, versus 39.54x for Dell stock and 56.76x for Hewlett Packard Enterprise stock. That gap is fueling retail chatter, with the Super Micro community actively debating a possible short squeeze and a valuation re-rating. A lower multiple reflects the market’s doubts as much as any opportunity, so treat that as speculation, not a catalyst.

Retail sentiment on Stocktwits is extremely bullish on Dell and Hewlett Packard Enterprise with extremely high message volume. Analyst coverage tilts constructive, with 19 of 27 analysts rating Dell stock Buy or Strong Buy, and 13 of 22 holding a positive view on Hewlett Packard Enterprise stock, per Koyfin.

ETF Reaction and What to Watch
The iShares U.S. Technology ETF holds all three names, but the weights are minimal. Per its April 30, 2026 disclosure, Dell sits at 0.4% of net assets, Hewlett Packard Enterprise at 0.2%, and Super Micro Computer at 0.1%.

NVIDIA (NASDAQ:NVDA) alone comprises 16.2%, with the balance concentrated in a handful of other mega-cap technology names. Investors buying the ETF for AI server exposure get very little of it, and the concentration risk in a few giants is worth flagging.

Investors can watch for whether Super Micro Computer’s Q1 FY2027 revenue lands inside the $14.5 billion to $15.5 billion guide, whether operating cash flow normalizes as backlog converts, and whether the export-control review closes cleanly.

The next anticipated indicator for the sector could be whether Dell stock can clear $500 as the AI server read-across continues. If it does, the group’s momentum has room to run into next week’s trading; if it stalls, expect the valuation debate around Super Micro Computer to intensify.

Contact [email protected] for any questions or corrections.

Key Takeaways TransUnion shares gained 15.3% in three months as Q2 revenues rose 14.9% and adjusted earnings climbed 13.9%.TransUnion raised 2026 revenue guidance to $5.127-$5.162B and adjusted EPS guidance to $4.75-$4.83.TransUnion ended June with $5.59B in debt, while its adjusted EBITDA margin fell 90 basis points to 34.8%.
TransUnion (TRU - Free Report) shares have gained 15.3% over the past three months, drawing attention to whether the rebound can extend. Better earnings, rising revenues and faster international growth give investors several operating signals to assess.

Management also raised its 2026 outlook after a stronger first half. The counterweight is a debt-heavy balance sheet and a second-quarter margin decline, leaving the next leg of the rally dependent on continued execution.

TRU’s 15.3% Rally Follows Stronger Operating MomentumThe share advance has coincided with broader operating momentum. In the second quarter of 2026, U.S. Markets revenues rose 11% year over year, while International revenues increased 27%, helped by the Trans Union de Mexico acquisition.

Adjusted EBITDA increased 12% to $456.1 million, and International organic constant-currency revenue growth accelerated to 6% from flat growth in the first quarter. Those trends can help explain improved investor sentiment, but they do not establish that operating results directly caused the stock’s move.

TransUnion’s Q2 Beat Adds Support to the MoveTransUnion reported adjusted earnings of $1.23 per share for the second quarter, up 13.9% year over year and 7.9% above the Zacks Consensus Estimate. Revenues increased 14.9% to $1.31 billion and beat the consensus mark by 1.7%.

Organic constant-currency revenues grew 10%, showing that growth extended beyond acquisition contributions. Financial Services revenues rose 18% to $496.3 million, while Emerging Verticals revenues increased 9% to $353.9 million.

TRU’s Raised Outlook Tests the Rally’s Staying PowerTransUnion raised its 2026 revenue guidance to $5.127-$5.162 billion, implying reported growth of 12-13%. Organic constant-currency growth remains projected at 8-9%.

The company also increased adjusted earnings guidance to $4.75-$4.83 per share from $4.68-$4.75. Stronger first-half execution and better-than-expected contributions from Mexico supported the revision, giving investors a higher operating bar for the rest of the year.

Debt and Margin Pressure Could Limit TRU’s UpsideThe balance sheet remains a constraint. TransUnion ended June with $5.59 billion in total debt, and its debt-to-equity ratio stands at 1.07. Its adjusted EBITDA margin fell 90 basis points year over year to 34.8%, with management attributing the decline to FICO mortgage royalties.

Leverage improved to 2.6X, but management is still targeting a ratio below 2.5X. The competitive backdrop also remains demanding. Equifax Inc. (EFX - Free Report) operates as a global data, analytics and technology company, while Fair Isaac Corporation (FICO - Free Report) provides analytics and decision-management solutions used in areas including credit risk.

TRU’s Mixed Signals Keep Expectations in CheckThe 15.3% rally has credible operating support, but debt and margin pressure make a straight-line extension uncertain. Guidance now points to continued growth, yet execution in the second half will determine whether the operating momentum remains durable.

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

TransUnion has a Value Score of B, Growth Score of B and VGM Score of B. Those B scores indicate comparatively favorable value and growth characteristics within the Zacks Style Score framework.

Its Momentum Score of C is less supportive than its other Style Scores. Combined with a Zacks Rank #3, the setup favors a measured view of the recent advance rather than assuming the rally will automatically continue.

Key Takeaways Verisk's subscriptions reached 83% of Q2 revenues, while organic constant-currency growth was 8%.VRSK trades at 21.7X forward earnings, above sub-industry and sector averages of 18.8X and 18.1X.Verisk's operating cash flow rose 49.7% to $366M, while net interest expense increased to $52.8M. Verisk Analytics, Inc. (VRSK - Free Report) offers investors a durable subscription model, improving operating trends and strong cash generation. The question is whether those qualities justify paying more than key valuation benchmarks.

The trade-off is clear. Recurring revenues and product investment support visibility, but higher financing costs and operating expenses raise the execution bar at a still-premium multiple.

VRSK Builds on a Subscription-Led Revenue BaseSubscription revenues represented 83% of second-quarter 2026 revenues, up from 82% a year earlier, and grew 8% on an organic constant-currency basis. The mix strengthens predictability because subscription fees are generally paid in advance, while renewal pricing is supported by product and data enhancements.

Deferred revenues rose to $573.9 million at June 30, 2026, from $444.2 million at the end of 2025. That increase, along with annual price increases tied to enhancements in forms, rules and loss-cost services, gives Verisk a firmer base for revenue visibility.

Verisk Couples Growth With Strong Cash GenerationSecond-quarter revenues increased 4.3% year over year to $806.3 million, while adjusted earnings rose 5.3% to $1.98 per share. Adjusted EBITDA climbed 4.2% to $463.6 million, with the margin at 57.5%, underscoring continued operating discipline.

Verisk Analytics, Inc. Revenue (Quarterly)Verisk Analytics, Inc. EPS Diluted (Quarterly)Cash conversion was a bigger positive. Operating cash flow jumped 49.7% to $366 million and free cash flow advanced 57.9% to $297.9 million. That capacity supports investment in software, artificial intelligence and scalable technology while funding dividends and share repurchases.

VRSK Still Commands a Valuation PremiumVRSK trades at 21.7X forward 12-month earnings, above the Zacks sub-industry average of 18.8X and the Zacks sector average of 18.1X. The premium means investors are already paying for a meaningful measure of business quality and recurring-revenue resilience.

The multiple is less demanding relative to Verisk’s own history. Its five-year median is 35.6X, with the range spanning 19.6X to 43.5X. Even so, a valuation above current peer benchmarks leaves less room for disappointment if growth or margins soften.

                                                                 Image Source: Zacks Investment Research

                                                                 Image Source: Zacks Investment Research

Verisk Faces Higher Debt and Margin PressuresTotal debt stood at $4.47 billion at June 30, 2026, including $4.22 billion of long-term debt and $257.7 million of short-term debt. Net interest expense rose to $52.8 million in the second quarter from $35.5 million a year earlier, increasing the cost of carrying that leverage.

                                                                 Image Source: Zacks Investment Research

Cost pressure is another offset. Cost of revenues increased 1.7% year over year, partly on higher personnel, benefits and information-technology expenses, while selling, general and administrative expenses rose 20.8% on legal fees, advisory costs and acquisition-related expenses.

VRSK Signals Favor Selectivity Over AggressionThe operating backdrop supports patience rather than an aggressive entry. Guidewire Software, Inc. (GWRE - Free Report) also serves property and casualty insurers with core software and analytics, while CCC Intelligent Solutions Holdings Inc. (CCC - Free Report) uses cloud, data and artificial intelligence across insurance claims and repair workflows. Those peers highlight the broader push toward embedded insurance technology and automation.

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

VRSK carries a VGM Score of B, Growth Score of B, Momentum Score of B and Value Score of C. A #3 rank can support holding a stock, while the B scores point to favorable growth and momentum characteristics. The Value Score of C is more neutral, fitting a stock with solid operating quality but a valuation that still warrants selectivity.

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The optics complex is splitting in two this morning. Coherent (NYSE:COHR | COHR Price Prediction) is trading down 4.94% and Cisco Systems (NASDAQ:CSCO) is down 8.48% after both reported fiscal fourth-quarter results last night. Yet the pure-play optical vendors that sell into the exact same demand story are green. Ciena (NYSE:CIEN) is up 6.04% and Nokia (NYSE:NOK) is up 3.29%.

Margins and Cash Flow Are the Reason the Reporters Are Red
Both earnings were beats. Coherent posted revenue of $2.05 billion, up 33.74% year over year, and non-GAAP EPS of $1.74 against a $1.612consensus. The Datacenter and Communications segment hit $1.615 billion, up 59% year over year on a pro forma basis. The sore spot is the 8-K cash disclosure: fiscal 2026 operating cash flow of $79.5 million, down 87.45% year over year, against capital expenditures of $1.1029 billion, up 150.18%. Coming into the earnings report, COHR had already rallied 8.35% over the prior week, which included a steep sell-off on Monday and gains last week following reports of potential U.S. bans on Chinese transceiver shipments.

Cisco reported $17.25 billion in revenue, up 17.6% year over year, with $4.0 billion of AI infrastructure orders in the quarter and $9.3 billion for fiscal 2026. FY2027 guidance calls for revenue of $72.2 billion to $73.4 billion and $7.5 billion in AI infrastructure revenue. The issue is margin mix. Non-GAAP gross margin dropped to 66.3% from 68.4% on heavier AI hardware volume and memory cost inflation. CEO Chuck Robbins called it “a very strong close to fiscal 2026, marking another record year for Cisco,” but the stock is trading as if expectations were priced for perfection.

Why Ciena and Nokia Are Rallying Off the Same Data
The read-through is that data center interconnect and coherent optical transport demand is inflecting hard. On Lumentum’s conference call earlier this week CEO Michael Hurlston said:

“Expanding, inferencing and training applications are driving full rate connectivity between data centers, while political and regulatory constraints favor smaller, more modular builds. These 2 factors among others are substantially increasing the demand for our pump laser solutions. To put this in perspective, for one major hyperscaler, the network capacity connecting just 2 AI data center sites could double the total global backbone capacity they built over the entirety of the last decade. To support the growth and scale across deployments, we have secured multiple long-term customer agreements that helped offset our planned capital expenditures. We continue to expect a fourfold increase in our pump laser shipments over the next several quarters to meet this escalating demand.”

That quote is music to the ears of companies like Nokia and Ciena. In addition, Coherent CEO James Anderson said on last night’s call that “The demand just continues to go up for anything DCI or scale across related.”Cisco said their Acacia optics unit had another $1 billion quarter that was “very strong.”

That is exactly the addressable market Ciena and Nokia sell into. Ciena’s most recent quarter showed 39.51% revenue growth with cloud provider revenue at 46% of total, growing 70% year over year. Nokia’s Q2 AI and Cloud revenue more than doubled year over year with $3.2 billion in AI and Cloud order intake. Nokia trades as a US-listed ADR.

Another catalyst for this group appears to be Wall Street commentary. Last night JPMorgan issued a note taht the strongest parts of Cisco’s earnings had positive read-through for Nokia as the company reported surprisingly strong telecom orders. That’s also positive read-through for Ciena itself.

The Split on the Screen

Ticker
Today
YTD

COHR
-4.39%
+92.69%

CSCO
-8.48%
+63.15%

CIEN
+6.04%
+84.74%

NOK
+3.29%
+61.85%

The two that reported are down. The transport and interconnect vendors around them are up. Coherent still has heavy analyst backing, with a consensus target of $394.62 against today’s $340.04 print.

Contact [email protected] for any questions or corrections.

Marvell Technology (MRVL +5.32%) shares are down 37% from their prior high as investors have sold off artificial intelligence (AI)-linked stocks and grown more cautious about aggressive AI infrastructure spending.

Despite the negative market sentiment, this pullback looks more like an opportunity than a warning sign. The decline sits in sharp contrast to Marvell's recent 28% year-over-year revenue growth and management's long-term outlook for demand across data center interconnects, switches, and custom chip solutions.

Image source: Getty Images.

Strong demand for data center components Marvell is aiming to be a core networking supplier for AI data centers. Its optical interconnects and advanced Ethernet switches enable massive data throughput at high speeds -- an essential requirement for AI workloads. As models grow larger and more capable, the pressure on networking and bandwidth should only increase.

That demand is already showing up in results and guidance. Management's full-year outlook now calls for total revenue growth of 40% year over year to $11.5 billion. Data center revenue, in particular, is expected to climb about 50% in fiscal 2027 and then accelerate to roughly 55% in fiscal 2028.

Investors can also see the push toward faster, lower-latency processing in Marvell's scale-up optics roadmap, including near-packaged optics (NPO) and co-packaged optics (CPO). Revenue for these products was previously projected to reach $150 million next fiscal year, but that forecast has doubled to $300 million as customers prioritize latency reduction and higher performance.

In other words, Marvell's accelerating data center growth suggests AI infrastructure investment is still moving forward -- even as the stock now trades at a discount.

Today's Change

(

5.32

%) $

11.56

Current Price

$

228.64

Valuation and growth expectations At first glance, the stock's forward price-to-earnings (P/E) multiple of roughly 52 looks expensive. But analysts expect earnings to grow about 37% annually over the next several years, supported by management's view that surging data center revenue can push operating margins toward the upper end of its 38% to 40% target through fiscal 2028.

Nvidia CEO Jensen Huang recently called Marvell the "next trillion-dollar company," implying significant upside from today's roughly $183 billion market capitalization. I wouldn't expect the stock to get there anytime soon. However, Huang's comment highlighted Marvell's increasing value in the AI supply chain, particularly the growing need for faster data center connections to support more sophisticated AI models.

Still, the recent sell-off is a reminder of the risks. If data center spending slows meaningfully, the stock could drop further. But for long-term investors, the pullback offers an attractive entry point. The key tailwind remains the same: As new AI models gain stronger reasoning capabilities and broader adoption, the need for higher-bandwidth data processing should continue to rise. That plays directly into Marvell's strengths.

Key Takeaways ATI's Q2 sales rose 10.6% as aerospace and defense demand, pricing and product mix drove growth.Record backlog reached $4.4B, up 18%, reflecting sustained demand for aerospace and defense materials.ATI raised 2026 adjusted EPS guidance to $4.90-$5.18 and free cash flow to $550-$600 million. ATI Inc. (ATI - Free Report) posted adjusted earnings of $1.23 per share for the second quarter of 2026, up 66.2% from the year-ago quarter. The figure beat the Zacks Consensus Estimate of $1.03 by 19.4%.

Sales of $1.26 billion rose 10.6% year over year and topped the consensus estimate of $1.22 billion by 3.4%. Strong aerospace and defense demand, favorable pricing and an improved product mix supported the quarter. Backlog reached a record $4.4 billion, up 18% year over year, highlighting sustained demand for the company's aerospace and defense materials.

Segment HighlightsHigh Performance Materials & Components generated sales of $637.1 million in the second quarter, up 4.6% from $608.8 million in the year-ago period. However, the figure fell short of the consensus estimate of $669 million. The improvement primarily reflected strong demand and pricing for commercial jet engine products. The segment EBITDA margin was 24.1% compared with 23.7% a year ago. Higher volumes and favorable pricing supported the year-over-year margin improvement, partly offset by increased manufacturing and period costs.

Advanced Alloys & Solutions posted sales of $624 million, up 17.4% from $531.6 million in the prior-year quarter. The figure surpassed the consensus estimate of $550 million. Growth was primarily driven by aerospace and defense and conventional energy markets. The segment EBITDA margin expanded to 23.7% from 14.4%. Results included a $9.9 million gain from the sale of a previously closed manufacturing facility. Excluding that gain, stronger pricing and a favorable product mix supported the margin improvement.

FinancialsATI ended the second quarter with cash and cash equivalents of $783 million. Cash provided by operating activities was $131.8 million during the quarter, while capital expenditures totaled $68.6 million. Adjusted free cash flow came in at $68.6 million. Long-term debt stood at $1.81 billion at the end of the quarter.

OutlookATI expects third-quarter 2026 adjusted EBITDA in the range of $305-$315 million. Adjusted earnings are projected between $1.31 and $1.37 per share. Management expects momentum to continue into the second half, supported by contracted pricing improvements, a richer product mix and increasing production volumes.

For full-year 2026, ATI raised adjusted EBITDA guidance to $1.14-$1.2 billion from its previous outlook of $1.01-$1.06 billion. Adjusted earnings guidance was increased to $4.9-$5.18 per share from $4.2-$4.48 previously.

The company also lifted its full-year adjusted free cash flow forecast to $550-$600 million from the earlier range of $465-$525 million. Management expects targeted investments and operational execution to increase available capacity as demand for aerospace and defense materials remains strong.

ATI’s Price PerformanceATI’s shares are up 211.3% over a year compared with the 14.4% growth recorded by the industry.

Image Source: Zacks Investment Research

ATI’s Zacks Rank & Other Aerospace ReleasesATI currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. 

Howmet Aerospace Inc. (HWM - Free Report) reported second-quarter 2026 adjusted earnings of $1.33 per share, up 46% year over year. The figure beat the Zacks Consensus Estimate of $1.23. For 2026, Howmet Aerospace raised its revenue outlook to $10-$10.1 billion. Adjusted EBITDA is now anticipated between $3.21 billion and $3.25 billion.

Axon Enterprise, Inc. (AXON - Free Report) reported second-quarter 2026 adjusted earnings of $1.88 per share, down 13.8% year over year. The figure missed the Zacks Consensus Estimate of $1.89 by 0.5%. AXON raised its full-year revenue outlook to 32-34% annual growth, up from 30-32% expected earlier. The updated view reflects continued momentum across the company’s connected devices and software offerings.

GE Aerospace (GE - Free Report) reported second-quarter 2026 adjusted earnings of $2.02 per share, up 22% year over year. The figure beat the Zacks Consensus Estimate of $1.86 by 8.6%. GE now expects 2026 adjusted revenue growth in the high-teens range, up from its prior low-double-digit outlook. Adjusted earnings are expected in the range of $7.65-$7.85 per share, up from $7.1-$7.4 expected earlier.

Pershing Square LON: PSH held its first earnings call as Pershing Square Inc., with Chief Executive Officer and Chairman Bill Ackman outlining a strategy centered on long-term compounding in its existing investment vehicles, potential new fund launches and efforts to improve trading in Pershing Square USA Ltd. shares.

Ackman said the firm’s principal focus remains investment performance rather than frequent fundraising. He said Pershing Square expects the earnings of its portfolio companies to compound over time and believes the holdings are currently undervalued. In turn, he said, increases in net asset value would expand management and performance fees earned by the company.

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“Our first priority is always going to be generating returns for our investors,” Ackman said, adding that future fund launches would be “episodic” and dependent on market conditions and the firm’s business needs.

Venture fund planned for fall or year-end
Ackman said Pershing Square’s first planned new vehicle will be Pershing Square Ventures, which the firm is targeting for a fall or year-end launch. He said the strategy would invest across a broad range of private companies, from businesses valued in the several-hundred-million-dollar range to companies worth tens of billions of dollars.

The proposed vehicle would include both earlier-stage companies and businesses nearing public offerings, according to Ackman. Unlike traditional venture funds, he said, Pershing Square Ventures is intended to operate as a permanent-capital vehicle that could continue holding companies after they go public.

Ackman said the firm sees venture investing as strategically useful because it can help Pershing Square monitor potential technological disruption affecting its public-market holdings. He also said the firm wants to provide individual investors with access to private-company opportunities that are often unavailable outside established venture-capital funds.

He said Pershing Square plans to seed the vehicle with investments before raising capital from outside investors, though he noted the company was limited in what it could disclose before filing relevant documents with the Securities and Exchange Commission.

PSUS deployment and planned leverage
Ackman said Pershing Square USA Ltd., or PSUS, was about 95% invested after raising $5 billion during a volatile market period. He said market declines around the time of the initial public offering created opportunities to buy positions including Microsoft, Meta Platforms, Alcon, Netflix, Intercontinental Exchange, Visa and Mastercard at what the firm viewed as meaningful discounts.

Chief Investment Officer Ryan Israel said Pershing Square maintains a “library” of hundreds of companies that meet its business-quality standards and continuously evaluates their prices relative to its estimate of value. He said volatile markets can create opportunities to redeploy capital from securities with good expected returns into investments the firm considers even more attractive.

The company intends to add investment-grade debt to PSUS, with a target capital structure of roughly 15% to 20% debt to total assets. Ackman characterized that level as conservative compared with typical hedge-fund leverage. He said Pershing Square expected to begin discussions with rating agencies in early September and would pursue a debt offering after obtaining a rating.

“If we had the incremental capital today, we have places to put it,” Ackman said.

On broader equity valuations, Ackman said Pershing Square does not base its investment decisions primarily on measures such as the equity risk premium. Instead, the firm focuses on individual company fundamentals, valuation and longer-term return potential. Israel said the company’s portfolio has a higher earnings yield than the broader market, along with what he described as nearly double the level of earnings-per-share growth.

Focus on PSUS discount and shareholder returns
Ackman acknowledged that PSUS shares had traded at a substantial discount to net asset value, which he said was approximately $50 per share. He described the trading performance as “absurd” and said Pershing Square would take steps to improve awareness and demand for the vehicle.

He attributed part of the early trading weakness to the IPO allocation process, saying retail investors received full allocations while institutions were reduced. Ackman said the firm had not done enough to create demand after the offering and plans a more comprehensive marketing effort directed at financial advisers and other investors.

Unlike Pershing Square’s historical public vehicle, Ackman said PSUS can be marketed more broadly in the United States, including through media appearances, podcasts and other promotional channels.

On capital returns, Ackman said the company’s policy is to distribute substantially all quarterly free cash flow to shareholders. Israel said distributable earnings are viewed as a proxy for free cash flow, and dividends are the most likely form of capital return in the foreseeable future. Ackman said buybacks could be considered if they became the best use of capital and did not impair trading liquidity.

He also contrasted PSUS with Pershing Square Holdings, noting that PSH’s tax treatment makes it less suitable for U.S. investors because it is considered a passive foreign investment company. PSH has a lower management fee and low-cost leverage, he said, but also charges an incentive fee. PSUS has no incentive fee and is expected eventually to add leverage.

Howard Hughes transformation and AI investment views
Ackman also discussed Howard Hughes, where Pershing Square is pursuing a transformation toward an insurance-led model through Vantage, the company’s insurance subsidiary. He said Mark, whom he identified as Vantage’s executive chair, and Chief Executive Officer David Gansberg form a strong leadership team, alongside Lucy Fato, a former AIG vice chair and general counsel.

The company is exploring ways to accelerate the movement of capital from Howard Hughes’ real estate operations into Vantage, Ackman said. He described the goal as transforming Howard Hughes into a “modern-day Berkshire Hathaway.”

Israel said Pershing Square expects Howard Hughes to generate $2.5 billion to $3 billion in free cash flow over the next three to five years and sees Vantage as an increasingly important value driver. He said the firm plans to provide disclosures intended to help investors evaluate the insurance business similarly to a publicly traded insurer.

On artificial-intelligence-related capital spending by cloud providers, Israel said Pershing Square views investments by companies such as Amazon and Microsoft as potentially high-return opportunities with a delayed financial payoff. He said data centers can take two to three years to build before generating revenue, followed by additional time to install computing equipment.

Israel said Pershing Square expects revenue and margins to improve as customers begin using newly constructed capacity, potentially reducing capital-expenditure-to-sales ratios over time. He said the firm believes investors had previously viewed the higher spending too negatively because the associated revenue had not yet appeared in near-term earnings measures.

SPARC remains under review
Ackman said Pershing Square continues to evaluate potential transactions for its special purpose acquisition rights company, or SPARC. He described SPARC as an acquisition structure without founder stock, shareholder warrants or underwriting fees, designed to offer private companies a way to go public with committed capital from Pershing Square.

No transaction has yet been completed, though Ackman said the firm has recently seen more deal flow. If a deal is reached, he said, the economics would belong to the Pershing Square funds and could support assets under management, investment returns and the management company’s fee stream.

About Pershing Square (LON:PSH)Pershing Square Holdings (LN:PSHD) is an investment holding company structured as a closed-ended fund that makes concentrated investments in publicly traded, principally North American-domiciled, companies. The investment objective is to maximize long-term compound annual rate of growth in intrinsic value per share.

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Chicago Atlantic BDC NASDAQ: LIEN reported second-quarter net investment income of $7.7 million, or $0.34 per share, as loan repayments exceeded new originations and reduced the size of its investment portfolio.

The company declared a quarterly dividend of $0.34 per share, its eighth consecutive quarter at that level. Net investment income declined from $10 million, or $0.44 per share, in the first quarter, which management attributed to a smaller portfolio, lower fee income from originations and, in part, lower income-based incentive fees.

Chief Executive Officer Peter Sack described the quarter as strong but said comparisons with the prior quarter were difficult because originations and repayments can vary materially from period to period.

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Portfolio Declines on Paydowns, While Credit Quality Remains Stable
The fair value of Chicago Atlantic BDC’s portfolio was $334.8 million as of June 30, down $29.1 million from March 31. The decline primarily reflected $32.2 million of gross paydowns, including three full loan payoffs, partly offset by $2.7 million in new originations during the quarter.

The paydowns included $26.7 million from three borrowers that fully repaid their loans, plus $5.5 million of amortization and unscheduled payments. Sack said the loans were repaid at par, with no realized losses, and had generated a weighted-average contractual yield in the high teens over their lives.

Interim Chief Financial Officer Tom Geoffroy said the decline in portfolio value did not result from deterioration in credit quality. Fair value continued to track closely with principal outstanding, he said, and the company reported no loans on non-accrual status.

Portfolio fair value: $334.8 million as of June 30
Portfolio companies: 37
Weighted-average gross yield on debt investments: approximately 16%
Debt portfolio that is fixed rate or at applicable rate floors: approximately 93%
Debt investments that are senior secured: 100%
Non-cannabis investments: 26% of the portfolio

Sack said 81% of the debt portfolio would benefit from a 100-basis-point increase in benchmark interest rates, while the fixed-rate structures and interest-rate floors offer protection in a declining-rate environment.

The company had $27 million of debt outstanding at quarter-end, all drawn on its revolving credit facility, resulting in a debt-to-equity ratio of 0.09 times. Geoffroy said the company had approximately $47.2 million of liquidity as of Aug. 12, including $46.5 million of borrowing capacity under its $100 million credit facility and about $0.7 million of cash.

Origination Pipeline Expands Following Modest Quarter
President Dino Colonna said second-quarter deployment was modest due to transaction timing rather than a reduction in market activity or deal flow. Several investments expected to close during the quarter required additional time and moved into the third quarter, he said.

After the quarter ended, the company funded a $25 million senior-secured, floating-rate debt investment to a new portfolio company. Colonna said the investment had characteristics similar to other cannabis loans originated this year.

Chicago Atlantic’s platform-wide pipeline was just under $1.1 billion in potential debt transactions at quarter-end, including approximately $649 million in cannabis opportunities and about $440 million in non-cannabis opportunities. Sack characterized the mix as roughly 60% cannabis and 40% diversified direct lending.

Management said it remains focused on selective lending and direct origination rather than pursuing growth for its own sake. Colonna said the company sources most new investments directly and has minimal reliance on syndicated transactions, allowing it to retain control over loan structures, pricing and covenant protections.

Merger With Chicago Atlantic Real Estate Finance Remains Targeted for Fourth Quarter
Chicago Atlantic BDC continues to expect its proposed all-stock, net-asset-value merger with Chicago Atlantic Real Estate Finance Inc., or REFI, to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals and other customary conditions.

The companies filed a preliminary Form N-14 registration statement and joint proxy materials on July 31. Sack said the SEC review process is the most significant uncertain variable in the closing timeline, though he said there were no significant state regulatory hurdles.

Management said the combination would create a larger and better-capitalized BDC, potentially improving access to capital, trading liquidity, market visibility and future earnings capacity. Sack said the combined company would have book equity of more than $600 million and would rank among the top 25 BDCs by book equity.

Cannabis Policy Developments Seen as Supportive, but Not Included in Underwriting Assumptions
Sack also pointed to continued developments in federal cannabis policy, including the Department of Justice’s announcement regarding the proposed rescheduling of state-licensed medical cannabis products from Schedule I to Schedule III. He said the company views regulatory developments as positive for borrowers’ credit quality but does not incorporate anticipated regulatory changes into its projections or underwriting standards.

While management expects evolving cannabis policy and broader investor interest in cannabis-related businesses to support the company’s market narrative, Sack said the merger’s potential to increase scale and liquidity could be more important for attracting larger institutional investors.

For the quarter, gross investment income was $14 million, compared with $16.7 million in the first quarter. Total expenses declined to $6.3 million from $6.7 million. Chicago Atlantic BDC recorded a $1.6 million net unrealized loss, primarily due to reversals of prior unrealized gains on loans that repaid at par. Net assets were $302.5 million, and net asset value per share was $13.26, compared with $13.33 at the end of the first quarter.

About Chicago Atlantic BDC (NASDAQ:LIEN)Chicago Atlantic BDC NASDAQ: LIEN is a closed-end management investment company organized as a business development company (BDC). It focuses on providing debt and equity financing solutions to U.S. middle-market companies that demonstrate strong growth potential. Through its public listing, the company offers investors exposure to a diversified portfolio of private credit and equity investments aimed at delivering attractive risk-adjusted returns.

The company's investment strategy centers on structuring customized credit facilities, including senior secured loans, unitranche loans, mezzanine debt and equity co-investments.

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Key Takeaways SuperFlex expands prenatal and preeclampsia testing access for small and mid-sized labs and clinics.Revvity's automated benchtop system runs up to 60 tests per hour, with results in as little as 14 minutes.SuperFlex will launch in CE-marked markets first, with Asia-Pacific expansion planned for late 2026.
Revvity, Inc. (RVTY - Free Report) recently announced the launch of the SuperFlex prenatal screening system, a compact, CE-IVDR-certified automated immunoassay instrument designed to expand access to prenatal and preeclampsia testing. Purpose-built for small to mid-sized laboratories and clinics, the platform is intended to bring reliable, rapid in-house screening capabilities to lower-volume testing environments. SuperFlex initially will be available in markets accepting CE-marked instruments, with expansion into Asia-Pacific planned for late 2026.

Per management, the SuperFlex system represents a significant addition to Revvity’s prenatal screening portfolio by addressing financial and operational barriers associated with in-house testing. The company believes the platform’s accessibility, simplicity and flexible throughput can enable this potentially life-saving testing to be more accessible to women, irrespective of where they receive care.

Likely Trend of RVTY Stock Following the NewsShares of RVTY have gained 1.6% since the announcement on Monday. Year to date, the stock rose 21.8% compared with the industry’s 1.2% growth and the S&P 500’s 12.7% gain.

The launch of SuperFlex is expected to strengthen Revvity’s position in the prenatal screening and reproductive health market. By targeting small and mid-sized laboratories that may not have access to high-throughput centralized testing, the platform could expand the company’s addressable market and support broader adoption of its prenatal screening solutions. Growing demand for preeclampsia screening, along with planned expansion into Asia-Pacific, could create additional opportunities for Revvity to increase instrument placements, consumables demand and recurring revenue over the long term.

RVTY currently has a market capitalization of $12.91 billion.

Image Source: Zacks Investment Research

More on the NewsSuperFlex is a fully automated benchtop immunoanalyzer that uses chemiluminescence immunoassay (CLIA) technology and features a cartridge-based design with 24 sample positions. The system can process up to 60 tests per hour, supports continuous sample loading and delivers initial results in as little as 14 minutes. Its flexible workflow allows laboratories to process samples as needed for both urgent and routine testing.

SuperFlex supports in-house screening for preeclampsia, a condition affecting 2% to 8% of pregnancies, while offering first- and second-trimester biochemical prenatal screening. It offers an accessible solution with lower instrument costs, annual maintenance and no reagent wastage at low sample volumes. The system combines full automation with a user-friendly design that can reduce training requirements and integrates with Revvity’s LifeCycle software.

Revvity’s LifeCycle software is a comprehensive informatics and risk-calculation solution that supports maternal and fetal health screening. Together, SuperFlex and LifeCycle provide a decentralized prenatal screening solution for streamlined risk assessment and LIMS data transfer. By enabling cost-effective, decentralized testing, SuperFlex can help laboratories and clinics bring timely prenatal screening closer to patients.

Industry Prospects Favoring the MarketGoing by the data provided by Precedence Research, the global preeclampsia diagnostics market is predicted to be valued at $1.33 billion in 2026 and is expected to witness a CAGR of 3.1% through 2035.

Factors like the rising awareness of maternal health, technological advancements in point-of-care testing, and increasing prenatal screening initiatives are boosting the market’s growth.

Other NewsRevvity recently announced the development of the T-SPOT A201, a next-generation high-throughput automated platform designed to support large-volume clinical laboratories performing latent tuberculosis (TB) testing. The platform is targeted for launch in the second half of 2027.

Revvity recently launched Signals for Startups, a new program to help early-stage biotechnology companies establish scalable digital informatics capabilities from the earliest stages of research.

RVTY’s Zacks Rank & Key PicksRevvity currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are Globus Medical (GMED - Free Report) , Cardinal Health (CAH - Free Report)  and The Cooper Companies (COO - Free Report) .

Globus Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2026 adjusted earnings per share (EPS) of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.

GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 27.9%.

Cardinal Health, carrying a Zacks Rank #2 (Buy) at present, reported a fourth-quarter fiscal 2026 adjusted EPS of $2.91, which beat the Zacks Consensus Estimate by 20.3%. Revenues of $63.67 billion missed the Zacks Consensus Estimate by 2.9%.

CAH has an estimated long-term earnings growth rate of 13.5%. CAH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 14.7%.

The Cooper Companies, carrying a Zacks Rank #2 at present, reported a second-quarter fiscal 2026 adjusted EPS of $1.21, which beat the Zacks Consensus Estimate by 10%. Revenues of $1.08 billion beat the Zacks Consensus Estimate by 2.6%.

COO has an estimated long-term earnings growth rate of 8.3%. COO’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 5.8%.

Key Takeaways Teradyne's Robotics revenues rose 33% year over year to $100 million in Q2 2026.
Electronics and semiconductor robotics revenues surged 50% sequentially, led by AI data center demand.
Teradyne combines semiconductor testing and robotics, while investing in optical and networking products.

Teradyne (TER - Free Report) is benefiting from a surge in AI-driven demand, which is fueling robust growth across its robotics and semiconductor testing businesses. In the second quarter of 2026, Robotics revenues reached $100 million, marking a 33% year-over-year increase and a 9% rise sequentially. More than 60% of Teradyne’s revenues are now AI-driven, underscoring the effectiveness of its 'wafer to AI data center' strategy.

The fastest-growing segment within robotics is electronics manufacturing and semiconductors, which includes AI data centers. Electronics manufacturing and semiconductor revenues within Robotics surged 50% from the first quarter, making it the largest end market segment in this group. This growth is closely tied to the ongoing build-out of AI data centers and the broader trend toward automation in manufacturing and assembly processes. U.S. sales rose to 32% of Robotics revenues, and a U.S. manufacturing center remains on schedule to open later in 2026.

Compared to competitors like KLA Corporation (KLAC - Free Report) and Cohu (COHU - Free Report) , Teradyne’s integrated strategy stands out. While KLAC excels in process control and inspection, and COHU is strong in test handlers and automation, Teradyne’s ability to address both semiconductor testing and robotics for assembly and test automation gives it a unique edge. The company is also investing in next-generation products and strategic acquisitions, such as Quantifi Photonics and the Multilane Test Products JV, to address emerging needs in optical, networking and board test for AI applications.

Management expects Robotics to grow in the second half as data center construction drives more rack shipments and automation demand at contract manufacturers and original design manufacturers. Over time, robot-assisted test, assembly, and data center operations can widen the addressable market beyond traditional factory automation.

How Competitors Fare Against TERTeradyne is facing stiff competition from companies such as KLA and Cohu. Both KLA and Cohu are expanding their footprint in the AI space.

KLA is benefiting from the growing demand for AI through its leadership in process control and its ability to address growth markets in wafer fab equipment, including high-bandwidth memory and advanced packaging.

In May 2026, Cohu received approximately $5 million in multiple orders for its Diamond X platform from a leading semiconductor manufacturer. The systems will support testing of next-generation GaN power devices for AI data centers, strengthening Cohu’s position in AI infrastructure and high-efficiency power semiconductor testing.

TER’s Share Price Performance, Valuation and EstimatesTeradyne shares have surged 108% in the year-to-date period, outperforming the Zacks Computer & Technology sector’s growth of 16.8% and the Zacks Electronics - Miscellaneous Products increase of 50.2%.

TER Stock Performance
Image Source: Zacks Investment Research

TER stock is trading at a premium with a forward 12-month Price/Sales of 11.13X compared with the Computer & Technology sector’s 6.48X. TER has a Value Score of F.

TER Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings is pegged at $9.10 per share, which has increased 26.38% over the past 30 days. This suggests 129.80% year-over-year growth.

Teradyne currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways Sterling's shares have surged 79.2% YTD as record Q2 results and mission-critical demand fuel growth.Sterling's signed backlog hit $4.3B, while visibility into potential work exceeded $7B.STRL raised 2026 guidance as data centers, semiconductors and CEC support E-Infrastructure growth. Sterling Infrastructure, Inc. (STRL - Free Report) has been one of the standout construction stocks in 2026, with shares rallying 79.2% year to date. The gain easily tops the Zacks Engineering - R&D Services industry's 28.3% rise, the Zacks Construction sector's 11.4% increase and the S&P 500 Index's 12.5% advance.

STRL Price Performance (YTD)

Image Source: Zacks Investment Research

The rally has been backed by record results, rapidly expanding mission-critical demand and a much larger backlog. However, the stock is now trading below its 50-day moving average, while remaining above its 200-day average, suggesting some near-term cooling after the sharp run. Investors therefore need to assess whether Sterling's growth outlook is strong enough to support further gains.

Image Source: Zacks Investment Research

Record Q2 Results Strengthen STRL's Growth StorySterling's second-quarter results gave investors plenty of support for the rally. Revenues jumped 90% year over year to $1.17 billion, including organic growth of roughly 50%. Adjusted earnings per share (EPS) climbed 116% to a record $5.80, while adjusted EBITDA increased 104% to $256.7 million. Adjusted EBITDA margin expanded more than 150 basis points to 22%.

E-Infrastructure remains the main engine. Segment revenues surged 192%, while adjusted operating income rose 148%. The legacy site development operation delivered 111% revenue growth, while CEC revenues increased 140% from its pre-acquisition second-quarter level. Mission-critical projects, including data centers, manufacturing and semiconductor facilities, accounted for 92% of E-Infrastructure's signed backlog.

That mix is important because Sterling is increasingly directing resources toward higher-margin opportunities rather than simply pursuing volume.

Massive Backlog Provides Multi-Year Growth VisibilitySterling's backlog offers one of the strongest arguments that its growth can continue beyond 2026. Signed backlog reached $4.3 billion at June-end, up 116% year over year, while combined backlog climbed 150% to $5.6 billion. Organic growth was also strong, with signed and combined backlog rising 50% and 36%, respectively.

High-probability future-phase opportunities exceeded $1.4 billion. When combined with signed backlog and unsigned awards, Sterling has visibility into more than $7 billion of potential work, up more than $2.5 billion since 2025-end.

Data centers remain particularly promising. Management said projects are getting larger, lasting longer and expanding into additional markets, while some incremental opportunities are not yet included in backlog or future-phase figures.

CEC, Semiconductors and Expansion Add More Growth DriversCEC is giving Sterling greater exposure to mission-critical electrical work and creating opportunities to combine site development and electrical services on the same projects. Its prefabrication operations are also being expanded to improve field productivity and lower costs. Stone Ridge, meanwhile, strengthens Sterling's position ahead of expected activity in the Pacific Northwest.

Semiconductors provide another avenue. Sterling's large Northeast project is running ahead of schedule, with significant revenues expected in the third quarter. The company also secured initial work on an electric-vehicle plant in Atlanta and sees additional manufacturing opportunities. Management now expects E-Infrastructure revenues to grow more than 100% in 2026, with legacy site development approaching 70% growth or better.

These trends led Sterling to raise its 2026 outlook. Revenues are now projected to be $4-$4.15 billion, adjusted EPS to be $19.70-$20.30 and adjusted EBITDA to be $891-$916 million.

Earnings Estimates Point to Momentum Beyond 2026Wall Street's estimates reinforce the growth case. Over the past seven days, the Zacks Consensus Estimate for 2026 EPS has risen to $20.03 from $19.21. The current estimate implies 84.1% earnings growth, while revenues are expected to rise 64.5% in 2026.

Growth is expected to moderate but remain healthy in 2027, with the consensus estimate calling for EPS and revenues to increase 29% and 20.5%, respectively.

STRL Estimate Revision
 

Image Source: Zacks Investment Research

Broker sentiment is also favorable. STRL has an Average Brokerage Recommendation of 1.25, with seven of eight brokerage recommendations at Strong Buy. The average Wall Street price target of $847.57 implies substantial upside from the latest closing price.

Image Source: Zacks Investment Research

Transportation and Housing Remain Key ChallengesNot every part of Sterling is growing. Transportation Solutions revenues fell 20% in the second quarter as resources were shifted toward higher-margin E-Infrastructure projects. Sterling expects Transportation revenues to decline 7-10% in 2026. The trade-off is better profitability, with management forecasting 150-200 basis points of adjusted operating margin expansion.

Building Solutions is another weak spot. Second-quarter revenues declined 1%, while adjusted operating income fell 11%. Housing affordability continues to pressure homebuilder activity, and Sterling expects the segment's revenues to decline modestly for 2026.

Investors should also expect some backlog volatility. Management cautioned that strong third-quarter revenue burn and the timing of new awards could produce a sequential backlog decline in the third quarter, even though it views this as a timing issue rather than weakening demand.

How Sterling Compares With Key Infrastructure RivalsSterling competes with Quanta Services, Inc. (PWR - Free Report) , MasTec, Inc. (MTZ - Free Report) and Granite Construction Incorporated (GVA - Free Report) across parts of its infrastructure portfolio. Quanta Services and MasTec are particularly relevant as Sterling expands in mission-critical, electrical and data-center infrastructure, while Granite Construction provides a closer comparison in site development, transportation and heavy civil work.

Sterling's 79.2% YTD gain leads Quanta Services' 61.6%, MasTec's 29.3% and Granite Construction's 9.4% advances. That stronger performance has not made Sterling the most expensive of the group. STRL trades at 23.24X forward 12-month earnings compared with 38.6X for Quanta Services and 24.73X for MasTec, although it carries a premium to Granite Construction's 15.86X. Quanta Services commands the richest multiple, while MasTec trades closer to Sterling. Granite Construction offers the lowest valuation, but Sterling's faster earnings growth and mission-critical exposure help explain its premium to Granite Construction.

Valuation Is Reasonable, but No Longer CheapSterling trades at 23.24X forward 12-month earnings, below its industry's 27.02X multiple. However, the stock stands well above its five-year median of 17.28X. Investors are therefore paying more than Sterling's historical norm for its stronger growth profile.

STRL Valuation vs Industry - P/E (F12M)

Image Source: Zacks Investment Research

Analyst sentiment remains favorable. Sterling's average brokerage recommendation is 1.25, with seven of eight recommendations at Strong Buy. The average Wall Street price target of $879.71 implies 65.1% upside from the latest closing price. Still, the stock's move below its 50-day moving average suggests that near-term momentum has moderated after the strong rally.

Should Investors Chase STRL After the Rally?Sterling's record second-quarter results, rapidly expanding mission-critical backlog, rising earnings estimates and raised 2026 outlook provide solid reasons to believe the underlying growth story remains intact. Data centers, semiconductor projects, CEC integration and geographic expansion could support strong growth well beyond 2026.

Yet, a 79.2% YTD rally has raised expectations considerably. Transportation and residential construction remain soft, backlog could decline sequentially in the third quarter because of award timing, and STRL trades at a clear premium to its historical median.

With a Zacks Rank #3 (Hold), existing investors may consider staying invested to participate in Sterling's long-term E-Infrastructure growth. For new investors, the combination of strong fundamentals and a higher valuation supports a more measured approach rather than chasing the stock following its sharp run. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways AST SpaceMobile missed Q2 estimates, with a 44-cent non-GAAP loss per share and $31.5 million in revenue.ASTS' operating expenses rose to $329.1 million from $74 million as network buildout accelerated.ASTS' 2026 and 2027 loss estimates widened 212.9% and 276.5% over the past year, signaling skepticism. AST SpaceMobile, Inc. (ASTS - Free Report) reported soft second-quarter 2026 results, with both the top and bottom lines missing the Zacks Consensus Estimate. Non-GAAP net loss for the reported quarter was 44 cents per share, wider than the Zacks Consensus Estimate of a loss of 28 cents. Quarterly revenues of $31.5 million also missed the consensus estimate of $34.1 million.

ASTS Plagued by High Operating CostsElevated spending overshadowed the company’s progress in satellite deployment and commercial partnerships during the quarter. The bottom-line miss primarily reflected AST SpaceMobile’s rapidly expanding cost base as it accelerates the buildout of its space-based cellular broadband network. Total operating expenses surged to $329.1 million from $74 million in the year-ago quarter.

Unfavorable macroeconomic conditions, including rising inflation, higher interest rates, capital market volatility and geopolitical conflicts, have adversely impacted AST SpaceMobile. These have led to continued fluctuations in satellite material prices, resulting in increased capital costs and pressure on the company’s financial performance. Due to high infrastructure setup costs and research and development expenses for highly sophisticated satellite technology, AST SpaceMobile expects significant expenditures in the coming months to build and launch the next crop of satellites, in line with its expansion plans to serve the full spectrum of U.S. subscribers.

The combination of the earnings miss and rising expenditures likely reinforced investor concerns over how quickly AST SpaceMobile can translate its technological and deployment progress into healthy recurring revenues and improving profitability. The miss is particularly noteworthy given ASTS’ elevated growth expectations. The company is transitioning from a development-stage satellite operator toward scaled commercial service, making the pace at which satellite deployments convert into revenues an increasingly important metric for investors.

Image Source: Zacks Investment Research

ASTS’ Long-Term Growth Story Remains IntactDespite the quarterly blip, AST SpaceMobile is reportedly on track to deploy approximately 45 BlueBird satellites in orbit by early 2027. The company has already deployed 13 commercial satellites (dubbed BlueBird) in LEO, marking a key advancement in developing a space-based mobile network infrastructure. BlueBird 14, 15 and 16 satellites are currently prepared and scheduled to ship for launch, while BlueBird satellites 17 through 46 are in various stages of production and assembly.

Utilizing large phased array antennas measuring approximately 2,400 square feet, AST SpaceMobile's technology is backed by more than 3,800 patents and patent-pending claims. This design aims to deliver global cellular coverage by eliminating dead zones and providing space-based connectivity to areas without broadband service. By connecting directly to standard smartphones at broadband speeds, these advanced phased arrays eliminate the need for special equipment, enhancing current mobile networks while ensuring seamless use of existing mobile phones. The SpaceMobile service is compatible with all major brands available in the market and connects directly to everyday mobile phones.

Price PerformanceAST SpaceMobile has surged 53.2% over the past year compared with the industry’s growth of 34%. It has also outperformed its peers like Aviat Networks, Inc. (AVNW - Free Report) and Comtech Telecommunications Corp. (CMTL - Free Report) over this period. While Aviat has declined 1.2%, Comtech is down 18.4% over the same period. 

One-Year ASTS Stock Price Performance

Image Source: Zacks Investment Research

Estimate Revision Trend of ASTSThe Zacks Consensus Estimate for AST SpaceMobile's loss for 2026 and 2027 has widened 212.9% and 276.5%, respectively, to $2.19 and 90 cents per share over the past year. The negative estimate revision depicts pessimism about the stock’s growth potential as investors remain skeptical about the success of its business model.  

Image Source: Zacks Investment Research

End NoteThe collaboration with leading carriers is seen as a pathway to unlocking the potential of space-based cellular broadband, promising seamless, reliable service across the continental United States and Canada. The successful launch of the Bluebird satellites will likely transform network connectivity and help bridge the digital divide, significantly expanding its global presence and enhancing AST SpaceMobile’s capabilities in providing ubiquitous connectivity.

However, with a Zacks Rank #3 (Hold), AST SpaceMobile appears to be treading in the middle of the road, and investors may prefer to remain on the sidelines until greater visibility emerges regarding the commercial-service ramp and the path toward improving operating leverage. While ASTS’ long-term opportunity in direct-to-device satellite connectivity remains compelling, the second-quarter miss shows that considerable execution will be required before that opportunity is fully reflected in its financial performance.

The downtrend in estimate revisions further portrays skepticism about the business model. Consequently, it might not be prudent to bet on the stock at the moment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Intuitive Machines (LUNR -1.45%), a developer of lunar landers and exploration vehicles, went public through a merger with a special purpose acquisition company (SPAC) in Feb. 2023. Its stock started trading at $10 and closed at a record high of $81.99 just a few days later.

At its peak, Intuitive Machines' market cap reached $1.48 billion, which was nearly 19 times the $80 million in revenue it would generate in 2023. That frothy valuation set it up for a steep pullback as investors fretted over its dilutive stock offerings and persistent losses. SpaceX's (SPCX -3.57%) IPO this June also drew investors away from smaller space stocks.

That's why its stock trades at $16 today. But over the past week, its shares have quietly rallied more than 20%. Is the market finally turning bullish on this oft-overlooked stock?

Image source: Getty Images.

How fast is Intuitive Machines growing?
Intuitive Machines generates most of its revenue from its contracts with NASA. It has sent two lunar landers to NASA so far: IM-1 in 2024 and IM-2 in 2025.

IM-1 marked NASA's first successful moon landing since 1972, and it helped Intuitive secure more lunar logistics and near-space network services (NSNS) contracts from NASA. IM-1 and IM-2 weren't flawless missions, since they both tipped over after landing on the moon, but they successfully transmitted data back to Earth before their solar panels ran out of power.

Intuitive plans to launch its third and fourth lunar landers, IM-3 and IM-4, in the second half of 2026 and 2027, respectively. By the end of the second quarter of 2026, its backlog had swelled to $1.8 billion as it secured more contracts from NASA, the U.S. Space Development Agency (SDA), and the Missile Defense Agency. Its acquisitions of Lanteris, which produces satellites and other spacecraft, and Goonhilly Earth Station, a major satellite and deep-space communications facility, should further diversify its business and boost its revenue.

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Initiative Machines' revenue growth has been lumpy since its market debut, due to its dependence on milestone payments, timed missions, and acquisitions.

But from 2025 to 2028, analysts expect its revenue to grow at an 89% CAGR from $210 million to $1.41 billion. They also expect its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to turn positive in 2026 and grow at a 47% CAGR to $77 million by 2028. That growth should be driven by its IM-3 and IM-4 launches, the conversion of its growing backlog into revenue, and its expansion into the defense sector.

With an enterprise value of $2.7 billion, Intuitive looks like a bargain at less than three times this year's sales. That's probably why it's finally attracting more attention as SpaceX -- which still trades at 42 times this year's sales -- struggles to stay above its IPO price.

IREN Ltd. shares rose more than 12% in Thursday morning trading after the AI cloud infrastructure provider announced it had delivered the first phase of its large-scale Microsoft deployment and secured Nvidia Exemplar Cloud status, marking two significant milestones in its push to become a leading provider of AI computing infrastructure.

IREN said it had completed delivery of Horizon 1, the first of four planned 50-megawatt direct-to-chip liquid-cooled AI cloud deployments being built for Microsoft at the company's Childress, Texas campus.

The project forms part of a five-year, $9.7 billion cloud services agreement announced with Microsoft in November 2025.

"The rapid delivery of Horizon 1 to Microsoft reflects the agility of IREN's vertically integrated model, which provides end-to-end control across design, engineering and construction of the data centers supporting its GPU deployments," the company said in a statement.

IREN also announced that Horizon 1 had achieved Nvidia Exemplar Cloud status after the chipmaker tested the company's Nvidia GB300 NVL72 deployment.

The designation highlights that the deployment meets Nvidia's performance and operational standards for next-generation AI infrastructure.

The company said it remains on track to expand its AI cloud platform to 480 MW of gross capacity during 2026 before increasing it to 1.2 gigawatts in 2027.

Daniel Roberts, Co-Founder and Co-CEO of IREN, said the successful delivery demonstrated the company's ability to rapidly execute complex AI infrastructure projects.

“Delivering Horizon 1 demonstrates the strength of our vertically integrated model and our ability to execute complex AI infrastructure projects at speed and scale.

I want to congratulate and thank the more than 3,000 people across our site team whose expertise, commitment and execution made this milestone possible.

We look forward to building on this momentum with Microsoft as we work to deliver Horizons 2-4 later this year.”

The remaining three Horizon deployments are expected to be completed later this year as part of the Microsoft contract.

IREN has also benefited recently from broader optimism surrounding AI infrastructure companies.

The stock has rallied roughly 22% over the past five trading sessions.

Earlier this week, Nvidia, one of IREN's major shareholders, announced a $500 billion financing initiative with investment firms including BlackRock and Blackstone to support companies building AI infrastructure.

The initiative is expected to improve access to funding for companies requiring substantial capital to build GPU data centers, a positive development for firms such as IREN.

Investor sentiment has also been supported by a series of major AI infrastructure contracts across the industry.

Riot Platforms recently announced a $9 billion agreement with Anthropic, while AI cloud provider CoreWeave reported second-quarter revenue of$2.6 billion, more than doubling from a year earlier.

The company also said its backlog had grown to $104 billion, underscoring robust demand for AI computing capacity.

Analysts remain optimisticWall Street analysts have largely maintained a positive outlook on IREN despite ongoing debate over its capital-intensive business model.

Bernstein SocGen Group recently reiterated its Outperform rating and $100 price target, implying more than 100% upside from current trading levels.

The brokerage said investors remain skeptical about whether former Bitcoin miners can successfully transform themselves into AI cloud providers, particularly companies like IREN that are investing heavily in owning and operating AI infrastructure rather than pursuing a lower-cost colocation leasing model.

However, Bernstein argued that in an environment where AI computing capacity remains scarce, IREN's strategy could prove significantly more profitable.

According to the firm, the company's AI cloud model could generate between $10 million and $20 million per megawatt, compared with roughly $2 million to $2.5 million per megawatt through traditional colocation leasing.

The brokerage also pointed to recent earnings from Nebius, saying they suggest IREN has opportunities to move further up the AI cloud value chain while narrowing its technology gap.

Last month, the company announced new multi-year AI cloud contracts worth $2.8 billion and raised its 2026 year-end AI Cloud annual recurring revenue target to more than $4 billion from $3.7 billion.

About 85% of that updated target, or approximately $3.4 billion, has already been contracted, including agreements with Microsoft, Nvidia, AI laboratories and a major unnamed AI developer.

Several brokerages have since reaffirmed positive views on the stock.

HC Wainwright maintained a Buy rating with a $90 price target, Compass Point reiterated Buy with a $105 target, while Citizens kept a Market Outperform rating and an $80 price target.

Goldman Sachs maintained a Neutral rating with a $50 target, while Needham continued to rate the stock Hold.

Investors are now closely watching developments ahead of IREN's earnings report, due in just over a month.