Track market-moving stories before they get noisy

Walmart
WMT +0.76% 85

, the retail giant powering millions of daily purchases worldwide, moved approximately 1.5% higher to $115.99 Tuesday morning as investors rotated into defensive winners while rising bond yields pressured high-growth technology stocks. But the real battle starts on August 20.

Wall Street expects Walmart to deliver approximately $186.7 billion in second-quarter revenue, up 5.2% year over year, with earnings expected at $0.74 per share, according to Exante. The company already proved its digital engine is accelerating, with e-commerce growth reaching 26% in the previous quarter. The challenge is turning that growth into bigger profits as Walmart continues pouring money into fulfillment, technology and price investments. The market is no longer asking whether Walmart can grow. It is asking whether Walmart can grow fast enough to justify the price investors are paying.

At nearly 41 times trailing earnings and close to a $1 trillion market value, Walmart is trading like a premium technology company rather than a traditional retailer. The company has earned that confidence through scale, resilience and a powerful consumer brand—but the valuation leaves little room for disappointment.

The GF Value chart highlights that tension. Walmart's stock price sits at $115.85, above its GF Value estimate of $94.72, suggesting shares are trading approximately 22.31% above estimated fair value. Investors are paying up for safety, but the next earnings report needs to prove that Walmart's growth story is still accelerating.

The focus will be on U.S. comparable sales, e-commerce profitability, advertising growth and management's outlook for the rest of the year. Walmart remains one of the strongest retailers on the planet—but at this valuation, simply being strong is no longer enough. It needs to keep winning.

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Investors looking for dividends will likely be disappointed by the yield of the S&P 500 index. In the wake of its long rally, the broad market index yields a paltry 1%. You calculate any investment's yield by dividing the payout by the investment's price. Hence, when the price grows faster than the dividend, the yield shrinks.

By contrast, in 1982, amid a severe recession, when share prices fell, the index yielded 6.2%. More recently, in January 2009, during the Great Recession, its yield rose to 3.2%.

Still, you can find individual stocks within the index today that have much higher yields as well as upside price potential. PepsiCo (PEP +1.37%), which has raised dividends annually for many years, belongs in that category.

Image source: Getty Images.

Price cuts are a positive sign After nine consecutive quarters of declining sales volumes, and facing broadening consumer irritation over its pattern of price hikes, the food and beverage company decided to alter its strategy early this year. Rather than continuing to raise prices, management began to cut them in a bid to increase consumer demand and keep competition from lower-priced private-label brands at bay.

You can see the positive results of that pivot already. PepsiCo's revenue grew 2.6% year over year in the first quarter, with rising volumes contributing slightly. Matters continued to head in the right direction in the second quarter, with higher sales volume accounting for about 1 percentage point of the company's 2.4% revenue gain.

That contrasts to last year, when price increases were solely responsible for its top-line increases. For all of 2025, revenue rose 2%, with higher prices adding 4 percentage points and lower sales volume subtracting 2 percentage points.

The business seems to be on a more solid footing. After all, a company can't continue raising prices while losing sales volume.

Secure dividends Meanwhile, investors who own PepsiCo can feel good about their dividends. In fact, earlier this year, the board of directors raised the payout by 4% to an annualized $5.92 per share. With a payout ratio (dividends divided by earnings) of 75%, PepsiCo can certainly afford the higher payout.

The latest increase made it 54 consecutive years that the company has increased payments. The streak has earned PepsiCo a spot as a Dividend King, a designation reserved for those rare companies that have raised their payouts for at least 50 straight years.

At the new annualized rate and the current share price, PepsiCo's stock has a 4.2% yield. That's quadruple the yield of the S&P 500.

Valuation remains attractive Though the business is heading in the right direction, the market seems to have adopted a wait-and-see attitude with regards to the stock. It has fallen 3.9% this year through Monday morning, in stark contrast to the S&P 500's 13.6% gain.

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However, that's made the valuation more compelling. PepsiCo's price-to-earnings (P/E) ratio has dropped from 24 to 18 this year. That's below its 10-year median of 26.

The shares also trade at a lower P/E multiple than the overall market. The S&P 500 has a P/E ratio of 30.

But PepsiCo won't stay a bargain forever. In light of its high dividend yield, secure payout, and compelling valuation, and with product sales volumes starting to recover thanks to management's actions, investors should view this as a narrow opportunity to purchase PepsiCo stock.

, /PRNewswire/ -- Dover Corporation (NYSE: DOV) today announced that it has signed a definitive agreement to acquire Leistung Engineering Pvt. Ltd. ("Leistung"), which will become part of OPW Fluid Transfer Solutions within Dover's Clean Energy & Fueling segment following the closing of the deal.

Headquartered in Ahmedabad, India, Leistung specializes in the design and manufacture of cryogenic valves, including globe, check and control valves engineered for liquefied natural gas, industrial gas, and other low-temperature applications, along with a complementary portfolio of diaphragm valves, filtration systems, and related products. Leistung has driven double-digit organic growth over the past three years through continuous research and development, new product introductions, and a talented engineering workforce.

Leistung's modern facility will serve as a highly strategic manufacturing hub for Dover in India and is well positioned to capitalize on robust investments in LNG terminals and natural gas pipeline infrastructure in the country, which are driving sustained demand for cryogenic flow control solutions. The facility has substantial capacity for future operational expansion opportunities.

"This acquisition strengthens our ability to serve the rapidly growing Indian market while expanding our global manufacturing footprint and advancing our capabilities in cryogenic solutions, positioning OPW to deliver greater value to customers worldwide," stated David Malinas, President of OPW.

The transaction is expected to close in the fourth quarter following satisfactory completion of customary closing conditions. The terms of the transaction were not disclosed.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

Forward-Looking Statements:

This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the anticipated effects of the transaction. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions, and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, and our ability to realize synergies from newly acquired businesses. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements that may be contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the SEC, and on our website, www.dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Contact:

Media Contact:

Jack Dickens

Adrian Sakowicz

Vice President – Investor Relations

Vice President – Communications

(630) 743-2566

(630) 743-5039

[email protected]

[email protected]

SOURCE Dover

, /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) announced that it has declared a quarterly cash dividend of $1.50 per share on its common stock. The dividend will be payable September 30, 2026, to shareholders of record at the close of business on September 1, 2026.

M&T has also declared a quarterly cash dividend of $99.38 per share (equivalent to $0.24845 per depositary share) on its Perpetual 6.625% Non-Cumulative Preferred Stock, Series L ("Series L Preferred Stock"). The preferred stock dividend will be payable September 15, 2026 to shareholders of record at the close of business on September 1, 2026.

About M&T
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information about M&T Bank, visit www.mtb.com.

Equal Housing Lender. © 2026 M&T Bank. NMLS# 381076. Member FDIC. All rights reserved.

Investor Contact:
Rajiv Ranjan
Steve Wendelboe
(716) 842-5138

Media Contact:
Frank Lentini
(929) 651-0447

SOURCE M&T Bank Corporation

Key Takeaways Gilead's HIV business is gaining momentum, led by Biktarvy, Descovy and new Yeztugo sales. Yeztugo's twice-yearly dosing is driving uptake, with 2026 sales expected to reach about $1 billion.New lenacapavir-based regimens could expand Gilead's HIV treatment and prevention franchise. Gilead Sciences, Inc. (GILD - Free Report) has a market-leading HIV franchise, led by flagship HIV therapies — Biktarvy for treatment and Descovy for prevention.

Earlier this month, the company reported better-than-expected second-quarter results, driven by strong HIV breast cancer drug Trodelvy and liver disease drug Livdelzi sales.

HIV business continues to maintain momentum, driven by solid performance of Biktarvy and Descovy, and incremental contributions from Yeztugo.

Biktarvy continues to be a dominant player in the HIV treatment market, retaining its position as the most prescribed therapy for both treatment-naïve and switch patients across major markets.

Gilead’s HIV pre-exposure prophylaxis (PrEP) portfolio comprises daily oral Descovy and the first and only twice-yearly injectable Yeztugo.

Descovy’s performance continues to be strong, primarily driven by higher demand in HIV prevention.

The newly approved Yeztugo (lenacapavir) for PrEP has witnessed a robust uptake.  With a twice-yearly dosing schedule, the therapy offers meaningful adherence advantages over daily oral regimens and targets a broad patient population.

Gilead expects Yeztugo sales to reach approximately $1 billion in 2026, signaling the product’s potential to achieve blockbuster status in its first full year on the market.

Driven by a $4-billion annualized PrEP business and the continued strong performance of Biktarvy, Gilead raised its full-year HIV sales growth guidance to 9-10% from 8%.

Gilead expects continued HIV growth from its expanding treatment and prevention portfolio, including potential launches of bictegravir/lenacapavir and once-weekly islatravir/lenacapavir.

The FDA accepted Gilead’s new drug application for bictegravir/lenacapavir (BIC/LEN) for virologically suppressed people living with HIV under priority review, setting a target action date of Aug. 27, 2026.  A potential approval of BIC/LEN would further bolster its HIV portfolio.

GILD has also collaborated with Merck (MRK - Free Report) to advance its HIV pipeline further.

Gilead and Merck recently announced positive phase III results from the ISLEND-1 and ISLEND-2 studies, demonstrating the potential of the investigational once-weekly oral combination of islatravir and lenacapavir in virologically suppressed adults with HIV. These data will form the basis of regulatory submissions.

The investigational regimen combines Merck's islatravir, a next-generation nucleoside analog that inhibits HIV replication through multiple mechanisms, including reverse transcriptase translocation inhibition, with Gilead's lenacapavir.

Gilead’s expanding lenacapavir pipeline strengthens its long-term HIV growth prospects. The company is advancing once-weekly oral combinations into phase II, while a phase III twice-yearly regimen could create a differentiated treatment option with potential launch around 2030. In PrEP, the potential approval of once-weekly oral lenacapavir by February 2027, followed by a possible once-yearly option in 2028, could further expand Gilead’s prevention franchise and reinforce its leadership in the growing HIV market.

Competition for GILD’s HIV BusinessThe HIV treatment landscape is dominated by many bigwigs, such as GSK plc (GSK - Free Report) and Merck, apart from GILD.

HIV sales account for a major chunk of GSK’s Specialty Medicines portfolio. GSK continues to grow its HIV business, driven by strong patient demand for long-acting injectable medicines (Cabenuva and Apretude) and Dovato. The solid growth from these drugs has helped GSK combat the decline in Triumeq sales.

MRK markets doravirine for treating adults with HIV-1 in the United States, either as a monotherapy under the brand name Pifeltro or as part of the single-tablet combination regimen under the brand name Delstrigo (doravirine/lamivudine/tenofovir disoproxil fumarate).

MRK won FDA approval for Idvynso, a once-daily, two-drug single-tablet regimen containing doravirine (100 mg) and islatravir (0.25 mg), for adults living with HIV-1 who are virologically suppressed on a stable antiretroviral regimen. The approval covers patients with no history of treatment failure and no known resistance-associated mutations to doravirine, allowing them to switch from their current HIV therapy.

GILD’s Price Performance, Valuation and EstimatesShares of GILD have gained 13.2% year to date compared with the industry’s growth of 4.3%.

Image Source: Zacks Investment Research

Going by the price/earnings ratio, GILD’s shares currently trade at 23.60X forward earnings, higher than its mean of 12.14X and the large-cap pharma industry’s 18.51X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings is pinned at a loss of 62 cents per share. The EPS estimate for 2027 has moved south to $9.65 from $9.71 in the past 60 days.

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While Gilead’s recent aggressive dealmaking strategy strengthens its long-term pipeline and growth potential, the sizable upfront payments and integration-related costs are pressuring near-term profitability.

Micron Technology
MU -6.98% 80

, the memory-chip powerhouse at the center of the AI infrastructure boom, dropped approximately 7% to $940.89 Tuesday morning as investors slammed the brakes on high-flying AI stocks. Rising Treasury yields triggered a broad risk-off move across semiconductors, with the Nasdaq and chip names taking the hit as investors questioned whether the AI trade had moved too far, too fast.

But here is the key point: Micron's business is not slowing down. The stock is falling because expectations are sky-high, not because the AI memory story is broken. Micron's fiscal third-quarter revenue surged to $41.46 billion, compared with $23.86 billion in the previous quarter and just $9.3 billion a year earlier. Operating cash flow jumped to $25.39 billion, while GAAP net income reached $28.24 billion. The numbers show a company riding one of the strongest memory cycles in its history.

The real battle is valuation. Micron shares have exploded more than 700% over the past year, according to Barron's, creating a stock that now demands near-perfect execution.

The GF Value chart tells the story: Micron trades at $941.49, roughly 60.62% above its GF Value estimate of $586.15. The market is already pricing in a massive AI-driven future. Micron may still have one of the best AI memory stories in the market, but after a historic rally, even great companies can face brutal pullbacks when investors decide the price has run ahead of reality.

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Taiwan Semiconductor Manufacturing
TSM -4.07% 97

is making progress with its U.S. manufacturing expansion, a development that Bank of America expects could keep the chipmaker's investment levels elevated.

BofA analyst Haas Liu kept a Buy rating and NT$3,100 price target on TSMC.

BofA said sales from TSMC's Arizona operations increased 17% from the previous quarter and 145% from a year earlier to NT$45 billion in the second quarter. The business represented about 4% of total company sales.

The bank also expects depreciation to rise at roughly a 20% compound annual rate between 2026 and 2028 as TSMC invests in advanced and specialty technologies. Its board recently approved about $29 billion in additional U.S. capital spending, nearly double the year-earlier level.

BofA expects TSMC's 2026 capital expenditures to reach the midpoint of its $62 billion target. If investment growth remains elevated, spending could reach $80 billion to $85 billion in 2027, compared with Wall Street's roughly $75 billion estimate.

Continued U.S. expansion and strong AI-related demand could support the company's growth outlook, though higher spending may increase depreciation costs.

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Key Takeaways VF Corporation's Vans revenue fell 9% in constant currency, offsetting growth at other major brands.VF Corporation raised fiscal 2027 revenue guidance as Outdoor segment sales increased 5% year over year.Vans' direct-to-consumer gains show progress, but wholesale and international weakness remain challenges. VF Corporation (VFC - Free Report) shares have dropped 14.2% in the past month, keeping pressure on a turnaround that still depends heavily on stabilizing Vans. The brand's revenues fell 9% in constant currency in first-quarter fiscal 2027, as global wholesale declines outweighed continued growth in Vans Americas direct-to-consumer sales.

The setback matters because VFC's broader recovery is gaining traction elsewhere. The North Face, Timberland and Altra grew in the quarter, and management raised fiscal 2027 revenue guidance to 2% or better in constant currency. The key question is whether Vans can stop offsetting those gains.

Vans remains the clearest execution risk. Constant-currency revenues fell 4% in the Americas, 17% in Europe, the Middle East and Africa, and 15% in Asia-Pacific in the first quarter. Management expects another roughly 9% decline in the second quarter, leaving the first half near a 9% drop. It still expects full-year Vans revenues to decline at a mid-single-digit rate, with the third and fourth quarters down 2% or better combined as wholesale assortments refresh.

There are signs of progress inside the brand. Americas direct-to-consumer sales increased again, e-commerce gained and almost 60% of U.S. comparable stores were flat or growing. New versions of Authentic, Slip-On and Old Skool are generating sell-through. The problem is scale. Wholesale partners are carrying fewer of the newer products, and the recovery outside the Americas remains uneven.

The rest of VFC is providing a buffer. Outdoor segment revenues increased 5% year over year, with The North Face up 4% and Timberland up 3% in constant currency. The company also kept its adjusted operating margin target at about 8% for fiscal 2027. Net debt fell $1.1 billion year over year, while free cash flow improved about $75 million in the quarter, including roughly $50 million of tariff refunds.

VFC trades at 12.2X forward 12-month earnings per share, below the Zacks sub-industry's 14.7X. The earnings estimate for the current fiscal year has declined 2.7% in the past four weeks, leaving valuation support alongside a softer near-term earnings revision trend.

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Crocs, Inc. (CROX - Free Report) offers a useful casual-footwear comparison. Its second-quarter 2026 revenues reached a record $1.18 billion, while the Crocs Brand topped $1 billion in quarterly revenues even as HEYDUDE revenues declined 5.7%.

Under Armour, Inc. (UAA - Free Report) is another consumer-brand turnaround facing uneven demand. Its first-quarter fiscal 2027 revenues declined 3%, footwear revenues fell 8% and the company lowered its full-year revenue outlook to a mid-single-digit decline while maintaining its profitability outlook.

The near-term setup for VFC remains mixed. Growth at The North Face and Timberland, a lower cost base and lower debt show that the turnaround is broader than Vans, but the company still needs Vans wholesale and international trends to improve materially in the second half. Until that happens, the brand remains the biggest test of the recovery.

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

Its VGM Score of B and Value Score of A point to favorable value characteristics, while the Growth Score of C is middling and the Momentum Score of F reflects weak near-term price trends. That mix supports a measured view while investors watch for clearer evidence that Vans is stabilizing.

Key Takeaways Ecolab shares gained 12.2% in three months as improving operating momentum supported the advance.High-Tech organic sales rose 29%, while Digital sales climbed 27% and Life Sciences advanced 15%.Ecolab raised 2026 adjusted EPS guidance to $8.05-$8.25, but higher debt and financing costs remain risks. Ecolab Inc. (ECL - Free Report) shares have gained 12.2% over the past three months, drawing attention to whether improving operating momentum can sustain the advance.

Faster growth in High-Tech, Digital and Life Sciences, firmer pricing and a higher 2026 earnings outlook support the case. Elevated debt, acquisition-related financing costs and macroeconomic uncertainty remain offsets.

Ecolab’s High-Tech Growth Strengthens the Bull CaseGlobal High-Tech organic sales rose 29% in the second quarter of 2026, while fixed-currency sales increased 139% with help from Ovivo Electronics. The platform is approaching $1.5 billion in annualized sales.

Management expects Global High-Tech, including Ovivo and CoolIT, to grow more than 25% annually and reach $4 billion in sales by 2030, with a 25% operating income margin. CoolIT also expands Ecolab’s data-center cooling capabilities.

ECL’s Digital and Life Sciences Engines Add MomentumEcolab Digital sales increased 27% in the second quarter, and management continues to target long-term growth above 20%. Connected monitoring and software broaden the company’s recurring technology opportunity across its installed base.

Global Life Sciences organic sales advanced 15%, while organic operating income surged 46% to $58.5 million. Share gains in bioprocessing and strength in pharmaceutical and personal-care applications added another faster-growing earnings stream.

Ecolab’s Pricing and Margins Support the AdvanceSecond-quarter organic sales increased 5%, supported by 4% pricing and 1% volume growth despite an approximately 1% headwind from Middle East customer disruptions. Organic operating margin expanded 40 basis points to 18.8%.

Management expects pricing of 5%-6% in the second half and an organic operating margin of about 20%. Productivity and One Ecolab savings should help offset higher commodity costs, although continued pricing execution remains important.

ECL’s Higher Debt Could Check Further UpsideTotal debt climbed to $13.18 billion at the end of the second quarter from $8.49 billion at the end of the first quarter. Net interest expense rose to $73.1 million from $63.2 million a year earlier.

The CoolIT acquisition increases Ecolab’s data-center exposure but also raises financing and integration risk. Competitive pressure remains relevant as Pentair plc (PNR - Free Report) operates across residential, commercial and industrial water solutions, while STERIS plc (STE - Free Report) provides infection-prevention products and services to healthcare and life-sciences customers.

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Ecolab’s Outlook Tests Whether the Rally Can ContinueEcolab raised its 2026 adjusted earnings guidance to $8.05-$8.25 per share, representing expected growth of 7%-10%. The company also projects 6%-7% organic sales growth in the second half.

Execution remains the key test. Geopolitical disruption, energy volatility, softer Heavy Water demand and pricing pressure could constrain results even as High-Tech and other growth engines gain scale.

ECL’s Cautious Rank Tempers the 12.2% RallyThe operating backdrop has improved, but the recent share-price gain now sits against higher leverage and near-term acquisition-related costs. That mix leaves the next phase of the rally dependent on continued sales growth and margin delivery.

Ecolab currently carries a Zacks Rank #4 (Sell). Its Momentum Score of A is the strongest Style Score, while the Value Score of F, Growth Score of C and VGM Score of D point to a less favorable value, growth and blended profile. Because Style Scores complement rather than override the Zacks Rank, the current setup remains cautious despite the stock’s recent momentum.

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

Key Takeaways Ecolab adds CoolIT's direct-to-chip cooling to broaden its data-center infrastructure offering.ECL targets more than 25% annual High-Tech growth and $4B in sales by 2030 after the CoolIT deal.Ecolab's debt rose to $13.18B, while higher interest and acquisition costs create near-term pressure. Ecolab Inc. (ECL - Free Report) has expanded its artificial intelligence infrastructure exposure with the $4.75 billion acquisition of CoolIT Systems. The deal gives Ecolab a larger role in data-center cooling as demand for high-density computing grows.

The strategic opportunity is sizable, but so is the financial commitment. Higher debt, increased interest expense and acquisition-related costs mean investors must weigh faster High-Tech growth against a more leveraged balance sheet.

Ecolab's CoolIT Deal Broadens Its AI Infrastructure BetCoolIT adds coolant distribution units, cold plates and direct-to-chip cooling technologies to Ecolab's existing water treatment, coolant chemistry and 3D TRASAR capabilities. Management plans to combine those assets into an integrated cooling platform for high-density data centers.

The broader offering is designed to manage cooling performance, water use, energy consumption and computing uptime. That expands Ecolab's role from individual water and chemistry applications toward a more complete data-center cooling solution.

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ECL Targets Faster High-Tech Growth Through 2030Global High-Tech is approaching $1.5 billion in annualized sales, compared with about $150 million in 2021. Including Ovivo Electronics and CoolIT, management expects the platform to grow more than 25% annually and reach $4 billion in sales by 2030.

Ecolab also targets a 25% operating income margin for the platform. Those goals are above its prior expectations of more than 20% growth and a 20% margin, reflecting management's higher expectations after adding CoolIT.

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Ecolab's Cooling Platform Could Lift Data Center SalesManagement estimates that adding CoolIT can increase Ecolab's sales opportunity in a data center by three to five times versus its legacy offering. The combination of hardware, water management, chemistry and digital monitoring gives the company more products and services to sell within each facility.

The theme also places Ecolab alongside other companies expanding liquid-cooling capacity. Vertiv Holdings Co. (VRT - Free Report) offers direct-to-chip liquid cooling within its data-center infrastructure portfolio, while nVent Electric plc (NVT - Free Report) is expanding manufacturing capacity for liquid-cooling solutions used in artificial intelligence and high-performance computing environments.

Image Source: Zacks Investment Research

ECL Takes on More Debt and Financing CostsThe acquisition strategy has raised Ecolab's financial burden. Total debt reached $13.18 billion at the end of the second quarter of 2026, up from $8.49 billion at the end of the first quarter as the company raised debt to fund recent acquisitions, including CoolIT.

Net interest expense increased to $73.1 million from $63.2 million a year earlier. Ecolab's 2026 earnings outlook also incorporates short-term non-cash amortization and financing costs tied to CoolIT, creating a near-term earnings offset to the deal's growth potential.

Ecolab's Core Risks Could Limit Deal PayoffHigh-Tech growth does not remove pressure elsewhere. Middle East disruption reduced companywide volume growth by about 1 percentage point in the second quarter, while Heavy Water organic sales fell 1% and Paper sales were flat amid softer industrial demand.

Energy and commodity volatility remain additional risks because Ecolab relies on pricing and productivity to protect margins. Integration adds another execution demand as the company works to scale CoolIT while maintaining performance across its existing businesses.

ECL's Underperform Signal Tempers the AI UpsideCoolIT gives Ecolab a larger addressable opportunity in data-center cooling, but higher leverage and acquisition-related costs raise the bar for execution. The long-term High-Tech targets are favorable, while the balance-sheet trade-off remains meaningful in the near term.

ECL currently carries a Zacks Rank #4 (Sell). Its Momentum Score of A is favorable, but the Value Score of F, Growth Score of C and VGM Score of D present a more mixed Style Score picture. Because Zacks Style Scores are intended to complement the Zacks Rank rather than override it, the current readings support a cautious view despite the AI-related growth opportunity.

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

Cinema United, a trade organization representing theater owners, on Tuesday ​appealed to California Attorney General Rob Bonta and Paramount Skydance (PSKY.O) to ‌discuss settling a lawsuit that seeks to block the $110 billion merger of the Hollywood studio with Warner Bros Discovery (WBD.O)
.

The trade group previously opposed the deal. Cinema United's call for California and the ​company to explore a resolution to the 11-state antitrust lawsuit came ​after the third-largest U.S. theater chain, Cinemark, joined the two biggest ⁠chains, AMC Theatres and Regal Cinemas, in supporting the merger.

The trade group urged a ​settlement in a letter to Bonta and Paramount CEO David Ellison and asked for "tangible ​and enforceable guardrails" that would protect theater owners and moviegoers.

"Since the outset, we have been open to steps that will protect the exhibition industry. This is the next step in ​that process to ensure a thriving industry for generations to come," a ​Cinema United spokesperson said.

Cinemark, AMC and Regal are part of Cinema United, which represents ‌30,000 ⁠movie screens in the U.S.

California and 11 states sued to block Paramount's acquisition of Warner Bros Discovery, alleging the deal would create a media behemoth with the power to raise prices in film and television.

States including New York, ​Arizona and Minnesota argued ​the deal ⁠would harm theaters and television distributors, raise prices for consumers and make wages less competitive for workers.

Cinema United on Tuesday ​sought a long-term commitment that Paramount would maintain or ​expand the ⁠number of films the studios offer in wide release, provisions that the merger would not increase the fees theater owners pay to exhibit films and continued access ⁠to ​the vast film libraries of Paramount and Warner ​Bros.

Neither Paramount nor Bonta could immediately be reached for comment.

MIAMI, Aug. 18, 2026 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (“WRAP” or the “Company”), a global public safety technology company delivering intelligent detection, orchestration and response solutions designed for the next generation of autonomous public safety, today announced it has closed its previously announced registered direct offering (the “Offering”) with a fundamental institutional investor and an existing investor of the Company, consisting of 8,571,609 shares of the Company’s common stock (or pre-funded warrants in-lieu thereof) at an offering price of $1.40 per share. The gross proceeds to the Company from the Offering were approximately $12.0 million before deducting placement agent fees and other Offering expenses. The Company intends to use the proceeds from the Offering for general corporate purposes and working capital, including for any future planned business expansion.

Maxim Group LLC acted as the sole placement agent in connection with the Offering.

The securities were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-291707), which was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 18, 2025. The Offering was made only by means of a prospectus supplement and the accompanying prospectus that form a part of such registration statement. A prospectus supplement relating to the Offering was filed by the Company with the SEC. Copies of the prospectus supplement and accompanying prospectus can be obtained at the SEC’s website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, Attention: Syndicate Department, via email at [email protected], or telephone at (212) 895-3500.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Wrap Technologies, Inc.

Wrap Technologies, Inc. (Nasdaq: WRAP) is a global public safety technology and training company focused on developing tools, training and capabilities designed to support awareness, earlier intervention and more appropriate responses to challenging encounters.

Cautionary Note on Forward-Looking Statements - Safe Harbor Statement

This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to the use of proceeds from the Offering, including any statements regarding any future planned business expansion. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ability to maintain compliance with the Nasdaq Capital Market's listing standards; the Company's ability to successfully implement training programs for the use of its products; the Company's ability to manufacture and produce products for its customers; the Company's ability to develop sales for its products; market acceptance of existing and future products; changes in law enforcement budgets, policies, procurement practices, and use-of-force standards; the availability of funding to continue to finance operations; the complexity, expense, and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company's product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations and changes in regulatory classifications or interpretations; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for countries outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company's ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations.

Investor Relations Contact:

(800) 583-2652
[email protected]
wrap.com

Power producer NRG Energy (NRG.N) has been named as a potential suitor for a West Virginia coal plant that landed in bankruptcy last month with $13 million in cash ​and several profitable years ahead of it, a court filing shows.

A motion to ‌dismiss the case on Friday disclosed that NRG Energy is evaluating a potential acquisition of the coal plant or an ownership stake. NRG was not immediately available to comment on the filing.

A major question in the ​case is whether the Pleasants Power Station should even be in bankruptcy, given its ​cash position and future prospects.

The fight over control of the coal plant escalated ⁠on Friday when its owner asked a federal bankruptcy judge in Delaware to dismiss the ​Chapter 11 reorganization case. Omnis Energy, led by clean-tech entrepreneur Simon Hodson, argued the bankruptcy case ​is unjustified because Pleasants Power Station is on track to generate at least $466 million in revenue over the next four years while making an operating profit estimated at $286 million.

Hodson's group is battling a turnaround management team ​installed earlier this year by lenders.

The new management team said Hodson failed to convert the ​coal plant into a clean hydrogen power producer. As a result, Pleasants missed out on securing crucial capacity ‌payments from ⁠the PJM Interconnection, a grid operator for 67 million people in a territory that stretches from Washington, D.C. to Chicago, it said.

"From 2023 through mid-2025 ... Pleasants incurred significant operating losses caused by misconduct and mismanagement by prior leadership, inadequate working capital, deferred maintenance that caused significant generation ​outages that impaired the ​Plant's performance," David Hindman, ⁠the head of the management turnaround team, said in a July 27 declaration filed in bankruptcy court.

Hindman also said the U.S. Federal Energy ​Regulatory Commission began an investigation of the coal plant's operation in October ​2025.

Omnis denies ⁠any wrongdoing. Offers to purchase Pleasants Power Station range from $350 million to $400 million, more than 10 times the amount of its 2023 purchase price, and any sale would immediately pay in full all ⁠of the ​estimated indebtedness related to the plant, Omnis told the ​court.

Omnis contends the new management group was not authorized to file for bankruptcy protection. Omnis added that its attempt to ​settle outstanding obligations — with a $76 million payment — was rejected.

MOU establishes IonQ as a listed provider for the FABrIC Quantum Computing Sandbox, accelerating quantum research and enterprise adoption

TORONTO--(BUSINESS WIRE)--IonQ (NYSE: IONQ), the world’s leading quantum platform company, today announced a collaboration with Canadian Microelectronics Corporation, operating as CMC Microsystems. This collaboration integrates IonQ’s commercial trapped-ion quantum computing systems into Canada's FABrIC Quantum Computing Sandbox (QCS).

The framework for this initiative is covered under a newly signed memorandum of understanding (MOU), which designates IonQ as a listed cloud quantum computing access provider for the QCS. The QCS is operated through FABrIC, an initiative backed by funding from the Government of Canada's Strategic Response Fund (SRF) and managed by CMC Microsystems. The program aims to strengthen the nation's semiconductor and quantum industries by providing engineering support and cloud quantum computing access to Canadian academics and small-to-medium sized enterprises.

“Innovation moves faster when researchers and businesses can work with frontier quantum computing systems,” said Lisa Lambert, Vice President, Global Strategy & Managing Director, Canada at IonQ. “The FABrIC Quantum Computing Sandbox expands access to IonQ’s commercial technology so more Canadian researchers and businesses can start building quantum expertise and real capability now.”

“This is FABrIC's mandate in action: pairing a leading commercial quantum computing platform with the expertise to use it, so Canadian innovators can move from access to application,” said Gordon Harling, CEO of CMC Microsystems. “That's the outcome FABrIC was built to deliver."

About IonQ

IonQ, Inc. [NYSE: IONQ] is the world’s leading quantum platform and foundry - delivering integrated quantum solutions across computing, networking, sensing, and security. IonQ’s newest generation of quantum computers, the IonQ Tempo, is the latest in a line of cutting-edge systems. Earlier systems have helped customers and partners including Amazon Web Services, AstraZeneca, and NVIDIA achieve a 20x performance increase over previous quantum solutions and accelerate innovation in drug discovery, materials science, financial modeling, logistics, cybersecurity, and defense. In 2025, the company achieved 99.99% two-qubit gate fidelity, setting a world record in quantum computing performance.

Headquartered in College Park, Maryland, IonQ has operations in California, Colorado, Massachusetts, Tennessee, Washington, Italy, South Korea, Sweden, Switzerland, Canada, and the United Kingdom. Our quantum computing services are available through all major cloud providers, while we also meet the needs of networking and sensing customers across land, sea, air, and space. IonQ is making quantum platforms more accessible and impactful than ever before. Learn more at IonQ.com.

About CMC Microsystems

CMC Microsystems has been enabling advanced technology innovation in Canada for more than 40 years, managing federal and provincial investments to support research, accelerate commercialization, and strengthen Canada’s high‑tech ecosystem. With support from the Government of Canada, CMC leads FABrIC, a $217‑million initiative to build a vibrant and sustainable Canadian semiconductor ecosystem anchored by world‑class talent and global impact. www.cmc.ca | fabricinnovation.ca

IonQ Forward-Looking Statements

This news release contains forward-looking statements. All statements contained in this news release other than statements of historical fact are forward-looking statements, including statements regarding the anticipated benefits, scope, timing and outcomes of IonQ's collaboration with CMC Microsystems; IonQ's designation as a listed cloud quantum computing access provider for the FABrIC Quantum Computing Sandbox; the expected availability, capabilities, performance and deployment of IonQ's quantum computing systems, including through the Quantum Computing Sandbox; expectations regarding the adoption and use of quantum computing by Canadian academic institutions, researchers and small- and medium-sized enterprises; the expected funding, continuation, scope and objectives of the FABrIC program and the Quantum Computing Sandbox; the potential applications, advantages and commercial viability of quantum computing; and IonQ's business plans, strategy, market position and growth opportunities in Canada and globally. These statements are only predictions based on our expectations and projections about future events as of the date of this news release and are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause actual results to differ materially from those expressed or implied by such statements, including, among others, those described under the heading “Risk Factors” in our most recent filings with the Securities and Exchange Commission.

New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement we make. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made.

The memorandum of understanding described in this news release establishes a non-binding framework for collaboration. It does not obligate either party to enter into any definitive agreement, or to purchase, provide or deploy any products or services, and it may be terminated by either party. There can be no assurance that the memorandum of understanding will result in any definitive agreement, revenue, or any of the other benefits described in this news release.

Except as otherwise required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Record Q4 FY26 Bookings of $660 million grew 93.1% year-over-year; book-to-bill of 2.28Record Backlog of over $1.9 billion; up 38.4% year-over-yearRecord Q4 FY26 Revenue of approximately $290 million; up 6.1% year-over-yearGAAP net income of $1 million; adjusted EBITDA of $49 million and adjusted EBITDA margin of 16.7% ANDOVER, Mass., Aug. 18, 2026 (GLOBE NEWSWIRE) -- Mercury Systems, Inc. (NASDAQ: MRCY, www.mrcy.com), reported operating results for the fourth quarter and fiscal year 2026, ended July 3, 2026.

“We delivered fourth quarter fiscal 2026 results that were ahead of our expectations, with record bookings, record backlog, record revenue, the highest EBITDA margin of the year, and robust free cash flow," said Bill Ballhaus, Mercury’s Chairman and CEO. “Based on our solid execution and strong demand signals, we enter fiscal year 2027 with enhanced visibility and are increasing our outlook for organic growth."

“In the fourth quarter we delivered record bookings of $660 million, up 93% year-over-year and nearly double our previous record bookings quarter; a 2.3 book-to-bill, resulting in a record backlog of approximately $1.9 billion; record revenue of $290 million, up 6.1% year-over-year; GAAP net income of $1 million; adjusted EBITDA of $49 million; adjusted EBITDA margin of 16.7%; cash flows provided by operating activities of $42 million; and free cash flow of $29 million."

Fourth Quarter Fiscal 2026 Results

Fourth quarter fiscal 2026 revenues were $290 million, compared to $273 million in the fourth quarter of fiscal 2025.

Total bookings for the fourth quarter of fiscal 2026 were $660 million, yielding a book-to-bill ratio of 2.28 for the quarter.

GAAP net income and diluted earnings per share for the fourth quarter of fiscal 2026 were $1 million and $0.01, respectively, compared to GAAP net income and diluted earnings per share of $16 million and $0.27, respectively, for the fourth quarter of fiscal 2025. Adjusted earnings per share (“adjusted EPS”) was $0.37 per share for the fourth quarter of fiscal 2026, compared to $0.47 per share in the fourth quarter of fiscal 2025.

Fourth quarter fiscal 2026 adjusted EBITDA was $49 million, compared to $51 million for the fourth quarter of fiscal 2025.

Cash flows provided by operating activities in the fourth quarter of fiscal 2026 were $42 million, compared to $38 million in the fourth quarter of fiscal 2025. Free cash flow, defined as cash flows from operating activities less capital expenditures for property and equipment, was $29 million for the fourth quarter of fiscal 2026 and $34 million for the fourth quarter of fiscal 2025.

Full Year Fiscal 2026 Results

Full year fiscal 2026 revenues were $984 million, compared to $912 million for full year fiscal 2025.

Total bookings for fiscal 2026 were $1.5 billion, yielding a book-to-bill ratio of 1.57 for the year.

GAAP net loss and loss per share for fiscal 2026 were $30 million, and $0.50, respectively, compared to GAAP net loss and loss per share of $38 million, and $0.65, respectively, for fiscal 2025. Adjusted EPS was $1.06 per share for fiscal 2026, compared to adjusted loss per share of $0.64 per share for fiscal 2025.

Fiscal 2026 adjusted EBITDA was $150 million, compared to $119 million for fiscal 2025.

Cash flows provided by operating activities in fiscal 2026 were $102 million, compared to $139 million in fiscal 2025. Free cash flow, defined as cash flows from operating activities less capital expenditures for property and equipment, was $68 million for fiscal 2026 and $119 million for fiscal 2025.

Backlog

Mercury’s total backlog at July 3, 2026 was over $1.9 billion, an approximate $540 million increase from a year ago. Of the July 3, 2026 total backlog, $1.0 billion represents orders expected to be recognized as revenue within the next 12 months.

Conference Call Information

Management will host a conference call and simultaneous webcast at 5:00 p.m. ET on Tuesday, August 18, 2026, to discuss Mercury's quarterly financial results, business highlights and outlook. In addition, Company representatives may answer questions concerning business and financial developments and trends, the Company's view on earnings forecasts, and other business and financial matters affecting the Company, the responses to which may contain information that has not been previously disclosed.

To participate in the conference call Q&A as an analyst please register online at https://events.q4inc.com/analyst/603599389?pwd=RYGqad9c or dial +1 585 542 9983 by phone using Meeting ID: 603599389. The live listen-only webcast and replay will be available ir.mrcy.com/events-presentations. A replay of the webcast will be available two hours after the call and archived on the same web page for six months.

Use of Non-GAAP Financial Measures

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, the Company provides adjusted EBITDA, adjusted income, adjusted earnings per share (“adjusted EPS”) and free cash flow, which are non-GAAP financial measures. Adjusted EBITDA, adjusted income, and adjusted EPS exclude certain non-cash and other specified charges. The Company believes these non-GAAP financial measures are useful to help investors understand its past financial performance and prospects for the future. However, these non-GAAP measures should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. Management believes these non-GAAP measures assist in providing a more complete understanding of the Company’s underlying operational results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company’s business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. A reconciliation of GAAP to non-GAAP financial results discussed in this press release is contained in the attached exhibits.

Mercury Systems – Innovation that Matters®

Mercury Systems is a global leader in aerospace and defense electronics, providing breakthrough capabilities in signal and data processing. With a four-decade legacy of innovation that spans silicon to systems and radio frequency front ends to effectors, we accelerate commercial technology adoption to deliver powerful and secure mission-critical processing solutions to the edge. We are headquartered in Andover, Massachusetts, and have multiple locations worldwide. Our end-to-end processing ecosystem, the Mercury Processing Platform, is built on technologies we have developed and acquired over 40 years. Our technologies are available as standard products or custom solutions from silicon to system scale to ensure interoperability, reduced complexity, optimized performance and speed development. To learn more, visit mrcy.com. (Nasdaq: MRCY)

Investors and others should note that we announce material financial information using our website (www.mrcy.com), SEC filings, press releases, public conference calls, webcasts, and social media, including X (X.com/mrcy) and LinkedIn (www.linkedin.com/company/mercury-systems). Therefore, we encourage investors and others interested in Mercury to review the information we post on the social media and other communication channels listed on our website.

Forward-Looking Safe Harbor Statement
This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company's focus on enhanced execution of the Company's strategic plan. You can identify these statements by the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, cost increases, our inability to increase production and deliver products on time and with appropriate quality, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company’s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of increasingly volatile geopolitical events and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government’s interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company's products, shortages or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, failure to meet contractual performance specifications, adherence to required manufacturing standards, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, failure to achieve or maintain qualified business systems, such as those required by the DFARS, adverse findings in government audits or investigations, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, including the risks from heightened, persistent, and increasingly sophisticated nation-state level cyberattacks and emerging threats associated with agentic AI-enabled cyber tools, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the state law claim related to our settled federal securities class action lawsuit, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended July 3, 2026 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

Contact:
Tyler Hojo, CFA, Vice President of Investor Relations
Mercury Systems, Inc.
978-967-3676

Mercury Systems and Innovation That Matters are registered trademarks of Mercury Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders.

MERCURY SYSTEMS, INC.  UNAUDITED CONSOLIDATED BALANCE SHEETS  (In thousands)      July 3, June 27,  2026 2025     Assets    Current assets:    Cash and cash equivalents $214,306 $309,099Accounts receivable, net  69,222  109,588Unbilled receivables and costs in excess of billings, net  285,760  278,475Inventory  366,968  332,920Prepaid income taxes  2,258  457Prepaid expenses and other current assets  34,925  27,639Total current assets  973,439  1,058,178     Property and equipment, net  108,413  101,440Goodwill  942,419  938,093Intangible assets, net  175,820  210,611Operating lease right-of-use assets, net  47,713  52,264Deferred tax asset  67,188  69,016Other non-current assets  7,784  5,162Total assets $2,322,776 $2,434,764     Liabilities and Shareholders’ Equity    Current liabilities:    Accounts payable $91,041 $79,116Accrued expenses  32,991  35,264Due to factoring facility  391  7,879Accrued compensation  54,537  51,321Deferred revenues and customer advances  149,565  126,797Total current liabilities  328,525  300,377     Income taxes payable  3,487  4,046Long-term debt  441,500  591,500Operating lease liabilities  45,829  52,738Other non-current liabilities  5,977  12,642Total liabilities  825,318  961,303     Shareholders’ equity:    Preferred stock  —  —Common stock  596  590Additional paid-in capital  1,333,410  1,287,478Retained earnings  152,222  181,895Accumulated other comprehensive income  11,230  3,498Total shareholders’ equity  1,497,458  1,473,461Total liabilities and shareholders’ equity $2,322,776 $2,434,764        MERCURY SYSTEMS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
  Fourth Quarters Ended Twelve Months Ended  July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Net revenues $289,782  $273,106  $983,622  $912,020 Cost of revenues(1)   201,199   188,338   702,457   657,526 Gross margin  88,583   84,768   281,165   254,494          Operating expenses:        Selling, general and administrative(1)   47,848   37,714   175,031   154,412 Research and development(1)  16,157   11,913   59,736   67,647 Amortization of intangible assets  9,390   10,275   38,904   42,849 Restructuring and other charges  348   (15)  5,939   7,216 Acquisition costs and other related expenses  375   1,331   1,275   1,997 Total operating expenses  74,118   61,218   280,885   274,121          Income (loss) from operations  14,465   23,550   280   (19,627)         Interest income  1,541   1,367   7,723   3,607 Interest expense  (6,524)  (8,026)  (29,590)  (33,430)Other (expense) income, net  (1,689)  1,926   (7,302)  (974)         Income (loss) before income tax provision (benefit)  7,793   18,817   (28,889)  (50,424)Income tax provision (benefit)  6,995   2,447   784   (12,520)Net income (loss) $798  $16,370  $(29,673) $(37,904)         Basic net earnings (loss) per share $0.01  $0.28  $(0.50) $(0.65)         Diluted net earnings (loss) per share $0.01  $0.27  $(0.50) $(0.65)         Weighted-average shares outstanding:        Basic  59,552   58,924   59,460   58,746 Diluted  61,259   59,540   59,460   58,746          (1) Includes stock-based compensation expense, allocated as follows:Cost of revenues $1,011  $446  $5,584  $1,205 Selling, general and administrative $9,319  $653  $29,197  $17,809 Research and development $1,586  $1,318  $6,351  $6,005                   MERCURY SYSTEMS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)
  Fourth Quarters Ended Twelve Months Ended  July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Cash flows from operating activities:        Net income (loss) $798  $16,370  $(29,673) $(37,904)Depreciation and amortization  17,514   19,969   72,683   82,027 Other non-cash items, net  23,846   6,953   61,336   26,627 Changes in operating assets and liabilities  (5)  (5,217)  (1,958)  68,101          Net cash provided by operating activities  42,153   38,075   102,388   138,851          Cash flows from investing activities:        Purchases of property and equipment  (13,588)  (4,098)  (34,301)  (19,803)Acquisition of assets and businesses, net of cash acquired  —   (4,543)  (1,415)  (4,543)Proceeds from sale of manufacturing operations to Cicor Group  —   6,246   —   6,246 Other investing activities  —   —   —   4,600          Net cash used in investing activities  (13,588)  (2,395)  (35,716)  (13,500)         Cash flows from financing activities:        Proceeds from employee stock plans  2,690   2,169   5,418   3,661 Payments for retirement of common stock  —   —   (15,001)  — Payments under credit facilities  (150,000)  —   (150,000)  — Payments of deferred financing and offering costs  —   —   (3,156)  (2,249)         Net cash (used in) provided by financing activities  (147,310)  2,169   (162,739)  1,412          Effect of exchange rate changes on cash and cash equivalents  1,251   1,428   1,274   1,815          Net (decrease) increase in cash and cash equivalents  (117,494)  39,277   (94,793)  128,578          Cash and cash equivalents at beginning of period  331,800   269,822   309,099   180,521          Cash and cash equivalents at end of period $214,306  $309,099  $214,306  $309,099                   UNAUDITED SUPPLEMENTAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except per share data)

Adjusted EBITDA, a non-GAAP measure for reporting financial performance, excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company’s underlying results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company’s business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below:

Other non-operating adjustments. The Company records other non-operating adjustments such as gains or losses on foreign currency remeasurement, investments and fixed asset sales or disposals among other adjustments. These adjustments may vary from period to period without any direct correlation to underlying operating performance.

Interest income and expense. The Company receives interest income on investments and incurs interest expense on loans, financing leases and other financing arrangements. These amounts may vary from period to period due to changes in cash and debt balances and interest rates driven by general market conditions or other circumstances which may be outside of the normal course of the Company’s operations.

Income taxes. The Company’s GAAP tax expense can fluctuate materially from period to period due to tax adjustments that are not directly related to underlying operating performance or to the current period of operations.

Depreciation. The Company incurs depreciation expense related to capital assets purchased to support the ongoing operations of the business. These assets are recorded at cost or fair value and are depreciated using the straight-line method over the useful life of the asset. Purchases of such assets may vary significantly from period to period and without any direct correlation to underlying operating performance.

Amortization of intangible assets. The Company incurs amortization of intangible assets primarily as a result of acquired intangible assets such as backlog, customer relationships and completed technologies but also due to licenses, patents and other arrangements. These intangible assets are valued at the time of acquisition or upon receipt of right to use the asset, amortized over the requisite life and generally cannot be changed or influenced by management after acquisition.

Restructuring and other charges. The Company incurs restructuring and other charges in connection with management’s decisions to undertake certain actions to realign operating expenses through workforce reductions and the closure of certain Company facilities, businesses and lines of business. The Company’s adjustments reflected in restructuring and other charges are typically related to acquisitions and organizational redesign programs initiated as part of discrete post-acquisition integration activities. Management believes these items are non-routine and may not be indicative of ongoing operating results.

Impairment of long-lived assets. The Company incurs impairment charges of long-lived assets based on events that may or may not be within the control of management. Management believes these items are outside the normal operations of the Company’s business and are not indicative of ongoing operating results.

Acquisition, financing and other third party costs. The Company incurs transaction costs related to acquisition and potential acquisition opportunities, such as legal, accounting, and other third party advisory fees. The Company may also incur third party costs, such as legal, banking, communications, proxy solicitation, and other third party advisory fees in connection with engagements by activist investors or unsolicited acquisition offers. Although the Company may incur such third party costs and other related charges and adjustments, it is not indicative that any transaction will be consummated. Additionally, the Company incurs unused revolver and bank fees associated with maintaining its credit facility as well as non-cash financing expenses associated with obtaining its credit facility. Management believes these items are outside the normal operations of the Company’s business and are not indicative of ongoing operating results.

Fair value adjustments from purchase accounting. As a result of applying purchase accounting rules to acquired assets and liabilities, certain fair value adjustments are recorded in the opening balance sheet of acquired companies. These adjustments are then reflected in the Company’s income statements in periods subsequent to the acquisition. In addition, the impact of any changes to originally recorded contingent consideration amounts are reflected in the income statements in the period of the change. Management believes these items are outside the normal operations of the Company and are not indicative of ongoing operating results.

Litigation and settlement income and expense. The Company periodically receives income and incurs expenses related to pending claims and litigation and associated legal fees and potential case settlements and/or judgments. Although the Company may incur such costs and other related charges and adjustments, it is not indicative of any particular outcome until the matter is fully resolved. Management believes these items are outside the normal operations of the Company’s business, often occur in periods other than the period of activity, and are not indicative of ongoing operating results. The Company periodically receives warranty claims from customers and makes warranty claims towards its vendors and supply chain. Management believes the expenses and gains associated with these recurring warranty items are within the normal operations and operating cycle of the Company’s business. Therefore, management deems no adjustments are necessary unless under extraordinary circumstances.

Stock-based and other non-cash compensation expense. The Company incurs expense related to stock-based compensation included in its GAAP presentation of cost of revenues, selling, general and administrative expense and research and development expense. The Company also incurs non-cash based compensation in the form of pension related expenses and matching contributions to its defined contribution plan. Although stock-based and other non-cash compensation is an expense of the Company and viewed as a form of compensation, these expenses vary in amount from period to period, and are affected by market forces that are difficult to predict and are not within the control of management, such as the market price and volatility of the Company’s shares, risk-free interest rates and the expected term and forfeiture rates of the awards, as well as pension actuarial assumptions. Management believes that exclusion of these expenses allows comparisons of operating results to those of other companies, both public, private or foreign, that disclose non-GAAP financial measures that exclude stock-based compensation and other non-cash compensation.

Mercury uses adjusted EBITDA as an important indicator of the operating performance of its business. Management excludes the above-described items from its internal forecasts and models when establishing internal operating budgets, supplementing the financial results and forecasts reported to the Company’s board of directors, determining a portion of bonus compensation for executive officers and other key employees based on operating performance, evaluating short-term and long-term operating trends in the Company’s operations, and allocating resources to various initiatives and operational requirements. The Company believes that adjusted EBITDA permits a comparative assessment of its operating performance, relative to its performance based on its GAAP results, while isolating the effects of charges that may vary from period to period without direct correlation to underlying operating performance. The Company believes that these non-GAAP financial adjustments are useful to investors because they allow investors to evaluate the effectiveness of the methodology and information used by management in its financial and operational decision-making. The Company believes that trends in its adjusted EBITDA are valuable indicators of its operating performance.

Adjusted EBITDA is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the adjusted EBITDA financial adjustments described above, and investors should not infer from the Company’s presentation of this non-GAAP financial measure that these costs are unusual, infrequent or non-recurring.

The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure.

  Fourth Quarters Ended Twelve Months Ended  July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Net income (loss) $798 $16,370  $(29,673) $(37,904)Other non-operating adjustments, net  69  (4,645)  2,963   (7,742)Interest expense, net  4,983  6,659   21,867   29,823 Income tax provision (benefit)  6,995  2,447   784   (12,520)Depreciation  8,124  9,694   33,779   39,178 Amortization of intangible assets  9,390  10,275   38,904   42,849 Restructuring and other charges  348  (15)  5,939   7,216 Impairment of long-lived asset  —  —   —   — Acquisition, financing and other third party costs  1,097  2,126   4,509   6,638 Fair value adjustments from purchase accounting  131  131   525   617 Litigation and settlement expense, net  1,820  4,062   13,451   13,010 Stock-based and other non-cash compensation expense  14,763  4,165   57,144   38,273 Adjusted EBITDA $48,518 $51,269  $150,192  $119,438                  Free cash flow, a non-GAAP measure for reporting cash flow, is defined as cash provided by operating activities less capital expenditures for property and equipment, which includes capitalized software development costs, and, therefore, has not been calculated in accordance with GAAP. Management believes free cash flow provides investors with an important perspective on cash available for investment and acquisitions after making capital investments required to support ongoing business operations and long-term value creation. The Company believes that trends in its free cash flow are valuable indicators of its operating performance and liquidity.

Free cash flow is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenditures similar to the free cash flow financial adjustment described above, and investors should not infer from the Company’s presentation of this non-GAAP financial measure that these expenditures reflect all of the Company's obligations which require cash.

The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure.

  Fourth Quarters Ended Twelve Months Ended  July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Net cash provided by operating activities $42,153  $38,075  $102,388  $138,851 Purchases of property and equipment  (13,588)  (4,098)  (34,301)  (19,803)Free cash flow $28,565  $33,977  $68,087  $119,048                   Adjusted income and adjusted earnings per share (“adjusted EPS”) are non-GAAP measures for reporting financial performance, exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company’s underlying results and trends and allows for comparability with its peer company index and industry. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The Company uses these measures along with the corresponding GAAP financial measures to manage the Company’s business and to evaluate its performance compared to prior periods and the marketplace. The Company defines adjusted income as income before other non-operating adjustments, amortization of intangible assets, restructuring and other charges, impairment of long-lived assets, acquisition, financing and other third party costs, fair value adjustments from purchase accounting, litigation and settlement income and expense, and stock-based and other non-cash compensation expense. The impact to income taxes includes the impact to the effective tax rate, current tax provision and deferred tax provision(1). Adjusted EPS expresses adjusted income on a per share basis using weighted average diluted shares outstanding.  

The following tables reconcile the most directly comparable GAAP financial measures to the non-GAAP financial measures.

  Fourth Quarters Ended  July 3, 2026 June 27, 2025Net income and earnings per share $798  $0.01 $16,370  $0.27Other non-operating adjustments, net  69     (4,645)  Amortization of intangible assets  9,390     10,275   Restructuring and other charges  348     (15)  Impairment of long-lived assets  —     —   Acquisition, financing and other third party costs  1,097     2,126   Fair value adjustments from purchase accounting  131     131   Litigation and settlement expense, net  1,820     4,062   Stock-based and other non-cash compensation expense  14,763     4,165   Impact to income taxes(1)  (5,662)    (4,576)  Adjusted income and adjusted earnings per share $22,754  $0.37 $27,893  $0.47         Diluted weighted-average shares outstanding    61,259    59,540         (1) Impact to income taxes is calculated by recasting income before income taxes to include the items involved in determining adjusted income and recalculating the income tax provision using this adjusted income from operations before income taxes. The recalculation also adjusts for any discrete tax provision or benefit related to the items.
             Twelve Months Ended  July 3, 2026 June 27, 2025Net loss and loss per share $(29,673) $(0.50) $(37,904) $(0.65)Other non-operating adjustments, net  2,963     (7,742)  Amortization of intangible assets  38,904     42,849   Restructuring and other charges  5,939     7,216   Impairment of long-lived assets  —     —   Acquisition, financing and other third party costs  4,509     6,638   Fair value adjustments from purchase accounting  525     617   Litigation and settlement expense, net  13,451     13,010   Stock-based and other non-cash compensation expense  57,144     38,273   Impact to income taxes(1)  (29,592)    (25,091)  Adjusted income and adjusted earnings per share(2) $64,170  $1.06  $37,866  $0.64          Diluted weighted-average shares outstanding    60,737     59,203  (1) Impact to income taxes is calculated by recasting income before income taxes to include the items involved in determining adjusted income and recalculating the income tax provision using this adjusted income from operations before income taxes. The recalculation also adjusts for any discrete tax provision or benefit related to the items.(2) Adjusted earnings per share is calculated using diluted shares whereas Net loss per share is calculated using basic shares. There was a $0.02 impact and a $0.01 impact to the calculation of adjusted earnings per share as a result of this for the twelve months ended July 3, 2026 and June 27, 2025, respectively.

Key Takeaways Howmet's defense aerospace revenues rose 11% in Q2 2026, reaching 15% of total revenues.Strong F-35 engine spare demand and fighter jet parts drove defense aerospace growth.Gas turbine revenues surged 38% year over year in Q2, adding another growth opportunity. Howmet Aerospace Inc. (HWM - Free Report) is poised to benefit from the expanding defense budget, which remains an important growth catalyst. Though commercial aerospace continues to be the company’s primary growth driver, the defense aerospace market has also gained momentum, supported by steady government funding. In the second quarter of 2026, revenues from the defense aerospace market increased 11% year over year, accounting for 15% of HWM’s total revenues. In 2025, revenues from this market surged 21% year over year.

The growth was driven by strong demand for engine spares for the F-35 program and spare parts for legacy fighter jets, including the F-15 and F-16. Howmet is also expanding its focus on new programs, particularly in the drone and collaborative combat aircraft markets. With military aircraft programs expected to benefit from increased funding, the company is well-positioned to capture additional defense opportunities and contracts.

In February 2026, the House of Representatives passed the fiscal year 2026 Defense Appropriations Act, providing a total discretionary allocation of $838.7 billion. The increase in military funding bodes well for Howmet’s defense aerospace business and could support top-line growth in the quarters ahead.

Howmet is also benefiting from strong demand for industrial gas turbines. Revenues from the gas turbines market grew 38% year over year in the second quarter, providing another growth opportunity for the company. Strong defense spending, growing demand across military programs and robust industrial gas turbine demand should support Howmet’s growth in the coming quarters.

HWM’s Peers in the Defense SpaceAmong its major peers, Textron Inc.’s (TXT - Free Report) defense businesses continue to benefit from military production, training demand and funded development programs. Textron’s Bell segment’s second-quarter 2026 revenues increased 6% year over year, driven largely by higher H-1 and MV-75 volume, while commercial helicopter deliveries rose to 36 from 32. Textron’s Bell segment completed the first two MV-75 wing structures, with labor hours declining across successive builds.

Its another peer, GE Aerospace’s (GE - Free Report) Defense & Propulsion Technologies business, is benefiting from the rising demand for its propulsion & additive technologies, critical aircraft systems and aftermarket services in the defense sector. In the first half of 2026, GE Aerospace received a contract from Turkish Aerospace Industries (“TAI”) to continue integrating its F404 engine into Türkiye's Hurjet jet trainer. GE Aerospace also clinched a $1.4 billion deal for T408 engines to support the U.S. Marine Corps’ CH-53K helicopter fleet in the same period.

HWM's Price Performance, Valuation and EstimatesShares of Howmet have surged 60% in the past year compared with the industry’s growth of 5.5%.

Image Source: Zacks Investment Research

From a valuation standpoint, HWM is trading at a forward price-to-earnings ratio of 49.47X, above the industry’s average of 34.1X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for HWM’s 2026 earnings has been on the rise over the past 60 days.

Image Source: Zacks Investment Research

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

Key Takeaways Martin Marietta's $13.5B Lhoist deal would add 20 facilities, 45 terminals and over 2B tons of reserves.The combined company is projected to generate $3.3B of adjusted EBITDA with a 36% margin.MLM expects 3.7X net leverage at closing and aims to reduce it below 2.5X within 24 months. Martin Marietta Materials, Inc. (MLM - Free Report) is pursuing its largest transaction to date with the proposed $13.5 billion combination with Lhoist North America. The deal would add scale in lime and limestone while extending the company beyond its core aggregates exposure.

The long-term opportunity is sizable, but so are the financing and integration demands. Investors must weigh a larger earnings and cash-flow base against higher leverage, execution risk and shareholder dilution.

MLM’s Lhoist Deal Expands Its Limestone PlatformMartin Marietta agreed on June 27 to combine with Lhoist North America in a transaction valued at approximately $13.5 billion. The consideration includes $7 billion in cash and $6.5 billion in stock, subject to customary adjustments.

Lhoist North America operates 20 quarries and production facilities and 45 distribution terminals. It also brings more than 2 billion tons of limestone reserves, adding long-lived mineral assets to Martin Marietta’s aggregates-led portfolio and expanding its upstream Specialties platform.

Martin Marietta Sees a Bigger Earnings Base After LhoistOn a 2026 pro forma basis, including run-rate synergies and New Frontier Materials, the combined business is indicated to generate about $3.3 billion of adjusted EBITDA from continuing operations compared with roughly $2.4 billion for Martin Marietta standalone. The indicated adjusted EBITDA margin rises to 36% from 33%.

Free-cash-flow conversion is indicated at 81% for the combined company compared with 76% standalone. That improvement is central to the strategic case because stronger cash conversion would help support deleveraging after closing while giving Martin Marietta more flexibility to reinvest across its expanded portfolio.

MLM’s Lhoist Exposure Broadens End-Market ReachThe transaction would broaden Martin Marietta’s exposure to industrial, infrastructure, manufacturing and environmental applications. Lhoist North America’s lime products serve markets including steel production, soil stabilization and water treatment, complementing Martin Marietta’s construction aggregates business.

The deal also fits a broader aggregates-led consolidation theme. Vulcan Materials Company (VMC - Free Report) , the nation’s largest producer of construction aggregates, remains centered on aggregates. CRH plc (CRH - Free Report) agreed in June to acquire Arcosa for about $8.5 billion, reinforcing its own U.S. aggregates platform and infrastructure exposure.

Martin Marietta Must Absorb Financing and Execution RiskThe cash component will increase the importance of balance-sheet management. Martin Marietta ended June with $112 million of unrestricted cash and $742 million of unused borrowing capacity, and it later secured a commitment for a new three-year, $1.5 billion senior unsecured term loan facility tied to the Lhoist transaction.

Management expects pro forma net leverage of about 3.7 times at closing and has stated a goal of reducing it below 2.5 times within 24 months. Risks include obtaining financing and regulatory approvals, integrating the businesses, realizing expected synergies and managing dilution from newly issued shares. The company’s existing 2026 adjusted EBITDA guidance of $2.36-$2.50 billion excludes Lhoist contributions.

MLM’s Mixed Style Scores Temper the Lhoist UpsideThe Lhoist transaction could strengthen Martin Marietta’s long-term earnings mix if the company realizes the expected synergies, cash conversion and end-market diversification. The near-term investment case is less straightforward because the deal introduces leverage and integration demands before those benefits are proven.

MLM currently carries a Zacks Rank #3 (Hold), a neutral near-term signal based on earnings estimate revisions. It has a Value Score of D, Growth Score of F, Momentum Score of F and VGM Score of F. Because the Zacks Style Scores are designed to complement the Zacks Rank, those weaker grades argue for balancing the transaction’s long-term potential against execution and valuation considerations rather than treating the deal as an automatic positive. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Arm Holdings (NASDAQ:ARM | ARM Price Prediction) story is straightforward: a licensing business is turning into a data center silicon business. On the fiscal Q1 2027 call, CEO Rene Haas doubled the customer demand pipeline for the Arm AGI CPU to more than $2 billion across FY2027 and FY2028, up from the $1 billion opportunity flagged a quarter earlier. That is the AI signal driving this call.

Our 24/7 Wall St. price target for Arm is $284.95, pointing to modest upside from the current $271.43 price. That is a hold at 90% confidence. Arm is executing, but valuation already discounts much of the story.

24/7 Wall St. Price Target Summary Metric Value Current Price $271.43 24/7 Wall St. Price Target $284.95 Upside 4.98% Recommendation HOLD Confidence Level 90% From $109 to a June Blowoff and Back Arm has had a volatile 2026. Shares are up 148.31% year to date after starting at $109.31, peaked in June at $412.55, then gave back roughly a third of that move.

The most recent quarter reinforced the two-track story: revenue of $1.289 billion grew 22.4% and beat consensus, while GAAP EPS of $0.25 missed the $0.40 consensus estimate as R&D climbed to $838 million. Data center royalties again more than doubled year over year.

Why Bulls See a Breakout to $428 The bull case gets Arm to $428.74 in twelve months, a 57.96% total return. The mechanics: AGI CPU shipments crossing 10% of revenue, first-generation gross margins landing in the high 30% to low 40% range with a path to 50%, and continued royalty ramp from NVIDIA’s Vera, Google’s Axion, AWS Graviton 5, and Microsoft Cobalt.

Haas told investors that “AI is changing where and how compute happens, and Arm is at the center of it,” and pointed to a data center CPU TAM that peers now peg up to $200 billion. Analyst distribution supports this lean, with 27 buy or strong buy ratings against just two sells.

What Could Go Wrong The bear case takes Arm to $226.47, a -16.56% return. Smartphone royalty growth was cut to high teens from the prior 20% expectation as memory-driven BOM inflation pressures every handset tier.

The Qualcomm trial hits Q4 2026, and Arm China concentration plus U.S. export controls remain overhangs. Operating margin compressed to 7% from 11%. Bulls counter, fairly, that margin compression reflects deliberate R&D investment, with FY2026 non-GAAP R&D up 43% to fund the AGI CPU roadmap that just doubled its pipeline.

How Arm Compares to NVIDIA, Broadcom, and Qualcomm Arm’s forward P/E of 127 is the outlier of the AI silicon complex. NVIDIA (NASDAQ:NVDA) trades at 25 forward earnings with 85.2% revenue growth and a 65.6% operating margin. NVIDIA is both a customer and the yardstick, making Arm’s multiple hard to defend on pure growth.

Broadcom (NASDAQ:AVGO) is the closest custom-silicon comp, with 47.9% revenue growth and a 21 forward P/E. Qualcomm (NASDAQ:QCOM), Arm’s largest licensee and litigation counterparty, sits at 16 forward earnings. Against this field, our $284.95 target is generous and effectively assumes Arm’s AGI CPU narrative delivers.

Company Forward P/E Revenue Growth YoY Arm 127 22.4% NVIDIA 25 85.2% Broadcom 21 47.9% Qualcomm 16 -4.0% Arm Price Prediction 2026-2030 Hold at 90% confidence, with a 24/7 Wall St. price target of $284.95. The setup improves materially if AGI CPU shipments start disclosing at 10%+ of revenue with gross margin already in the low 40s.

The thesis weakens if Q2 royalty growth misses the low to mid teens guidance or the Qualcomm ruling breaks against Arm. The $2 billion signal is real. The stock is priced for it.

Year 24/7 Wall St. Price Target 2026 $272 2027 $285 2028 $305 2029 $325 2030 $340 These projections assume Arm executes on the AGI CPU roadmap and smartphone royalties normalize back to 20%+ growth by FY2028. Meaningful upside or downside could come from the Qualcomm verdict and the pace of NVIDIA Vera and AWS Graviton 5 deployments.

Contact [email protected] for any questions or corrections.

The Royal Government of Bhutan has once again sparked discussions among market participants, with its latest transfer of 300 Bitcoin. Although the transfer was made to a new wallet, it has fueled speculations over a potential BTC selloff, especially given the experiences of past events.

For context, the Bhutan Government has continued to offload its Bitcoin holdings lately. Besides, it also comes amid a time when Bitcoin (BTC) price appears to be targeting the $65,000 resistance.

Bhutan Govt Moves 300 Bitcoin, Raising Selloff Concerns The latest Bitcoin transaction by the Royal Government of Bhutan has quickly caught the attention of crypto traders. On-chain tracking platform Lookonchain reported that a wallet linked to the Royal Government of Bhutan transferred 300 BTC. The coins were valued at roughly $19.3 million at the time of the transaction.

Source: Arkham Meanwhile, the destination was a new wallet. That detail makes the transaction difficult to classify immediately, while a wallet transfer does not automatically confirm that Bhutan sold the Bitcoin.

However, previous movements linked to the government have increased market sensitivity around such transactions. In early July as well, Bhutan Government-linked wallets have sold more than $43 million in Bitcoin.

BTC Price Faces Major Resistance Battle The Bhutan transfer arrives as Bitcoin (BTC) price approaches an important technical barrier. Notably, market participants are watching the area around $63,000 to $65,000 for signs of a breakout or rejection.

Meanwhile, in a recent X post, analyst Ali Martinez has highlighted $63,111 as a major on-chain level. Glassnode-based data showed that about 623,000 BTC previously changed hands near that price, which could create selling pressure as holders reach their cost basis.

In addition, Martinez also noted that the BTC miners are booking profits, which might also dampen the much-anticipated rally in the asset’s price. According to his analysis, the miners have offloaded 1,648 Bitcoin over the past ten days.

However, it’s worth noting that despite the pressure, BTC price has stayed near the flatline and exchanged hands at $64,768 at the time of writing. Besides, prediction markets data showed that Bitcoin price is unlikely to visit the $60,000 mark in August.

Meanwhile, to track these whale wallets and analyze metrics on your own, you can utilize the top crypto on-chain analysis platforms available today.

Metaplanet just wrote one of the more creative checks in recent corporate history: 2,100 Bitcoin and $2.5 million in cash to acquire a controlling stake in Super League Enterprise, a Nasdaq-listed gaming and media company. The total deal is valued at approximately $134.6 million, with the Bitcoin portion alone worth roughly $132.1 million at current prices.

Super League’s stock responded the way you’d expect when a company suddenly becomes a vessel for one of the most aggressive Bitcoin treasury strategies on the planet. Shares surged from a previous close near $3.00 into the $6 to $7+ range during intraday trading, representing gains between 50% and over 100%.

The deal structure Metaplanet, which trades on the Tokyo Stock Exchange under ticker 3350, is executing the acquisition through its US subsidiary. When the transaction closes, targeted for Q4 2026, Metaplanet will own approximately 95.7% of Super League’s common stock. If you account for pre-funded warrants being exercised, that figure dips slightly to around 93.6%.

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As part of the deal, Super League will rebrand as Superplanet, Inc. and begin trading under the ticker SUPA on Nasdaq. The company will continue its existing operations in gaming and media.

The agreement includes several structural safeguards worth noting. Metaplanet’s equity holdings carry a five-year lockup period. There are also protective board control rights through preferred stock, giving Metaplanet governance authority that extends beyond simple share ownership.

Metaplanet secured a 24-month right to invest an additional $210 million in junior preferred stock. That’s not a commitment to invest, it’s an option to.

Why this matters beyond the stock pop Metaplanet has been building a reputation as Japan’s answer to MicroStrategy, the Michael Saylor-led company that pioneered the corporate Bitcoin treasury playbook. By taking control of a Nasdaq-listed entity, Metaplanet effectively creates a dual-listed Bitcoin treasury operation spanning both Tokyo and New York, giving the company direct access to US capital markets, US institutional investors, and the deeper liquidity pools that come with a major American exchange listing.

The fact that the acquisition is being funded primarily in Bitcoin rather than cash or traditional equity is itself a statement. Metaplanet isn’t selling Bitcoin to buy a company. It’s using Bitcoin as the acquisition currency, treating it the way a traditional corporation might use its own stock in a share-swap deal. The 2,100 BTC being transferred represents a significant portion of corporate treasury assets being deployed as strategic capital rather than held passively on a balance sheet.

The MicroStrategy comparison, and where it breaks down The parallels to MicroStrategy are obvious and intentional. Both companies have made Bitcoin accumulation a core part of their corporate identity. But Metaplanet’s approach diverges in one key respect. MicroStrategy has primarily used debt instruments, convertible notes, and at-the-market stock offerings to fund its Bitcoin purchases. Metaplanet is doing something different: using its Bitcoin holdings to acquire operating companies and establish new exchange listings.

The five-year lockup period on Metaplanet’s equity holdings in Superplanet locks the company into this position through at least 2031. For Super League’s existing shareholders, post-closing, existing public shareholders will hold somewhere between 4.3% and 6.4% of the company, depending on warrant exercises. The $210 million in additional preferred stock subscription rights suggests Metaplanet sees this as just the beginning of its US market presence.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

20h05 ▪ 6 min read ▪ by Luc Jose A.

Summarize this article with:

XRP is approaching a deadline that could put its market under pressure. A new unlocking wave scheduled by Ripple is set to release a massive amount of tokens, while the price is already trading around a sensitive technical level. Behind the spectacular figure of this operation lies a more nuanced reality. Not all unlocked XRP necessarily join the market. Between genuinely available supply, risk of selling pressure, and price fragility, the coming weeks could become decisive for XRP.

In Brief Ripple plans to unlock 1 billion XRP on September 1st. 600 to 800 million XRP are expected to be re-locked, limiting the supply actually injected. 200 to 400 million XRP could enter the market to fund Ripple’s activities and ecosystem. XRP trades around the sensitive $1 threshold, in a fragile technical setup. The Background of a Massive Asset Unlocking by Ripple As September 1st approaches, the American company Ripple prepares to execute a contractual routine established since the end of 2017: the monthly unlocking of one billion XRP tokens freed from its escrow accounts. The company had strategically chosen at the time to isolate 55 billion XRP in fixed-term contracts to bring predictability to the management of its reserves.

At the current price hovering around one dollar per token, this operation represents the theoretical equivalent of one billion dollars injected into the market. However, interpreting these figures does not reflect the operational reality observed on the blockchain. Transaction history shows that the firm systematically re-locks between 600 million and 800 million XRP in new time-lock contracts. Consequently, the actual increase in circulating supply each month is only within the range of 200 million to 400 million XRP.

These resources genuinely integrated into the market are also not intended to be wildly sold on exchange order books. Ripple reinjects those 200 to 400 million dollars of assets to support its overall operational infrastructure, feed its On-Demand Liquidity (ODL) service, seal institutional partnerships, and fund ecosystem development initiatives. Relative to the global crypto market, this net monthly contribution remains relatively modest.

In comparison, XRP’s daily transaction volume very frequently exceeds the one billion dollar mark on major international exchanges. The highly predictable and planned nature of these issuances historically limits their direct impact on prices. While brief periods of volatility sometimes occur at the unlocking, the market generally tends to stabilize once the amounts re-locked under escrow are confirmed, as institutional investors have factored in this parameter for several years.

To better understand the real functioning of this recurring financial operation, its key characteristics should be summarized as follows :

The nominal unlocked volume : 1 billion XRP released on September 1st from the initial escrow contracts of 55 billion dating from 2017 ; The re-escrow locking : 600 million to 800 million XRP immediately locked again in new forward contracts ; The real net injection : 200 million to 400 million XRP effectively put into circulation, equivalent to a net value of 200 to 400 million dollars ; Allocation of funds : financing On-Demand Liquidity (ODL) services, institutional partnerships, and ecosystem development ; Liquidity context : a net contribution absorbed by a daily XRP trading volume greater than 1 billion dollars on crypto exchanges. The Technical Fragility of XRP Facing Support Tests The real concern of analysts lies not so much in the schedule but in the delicate technical configuration in which Ripple’s crypto finds itself at the time of this release. The token slips below its major $1 support, trading at $0.99 with a 0.3% decline over the last 24 hours and a cumulative drop of more than 1% on the weekly scale.

This passage below the psychological dollar mark is accompanied by concerning weakness signals from a trend-following perspective. The crypto’s price now moves below its simple 50-day moving average, set at $1.07, confirming short-term dominance of bearish pressure. Moreover, the gap separating it from its 200-day simple moving average, located at $1.28, highlights the deterioration of the underlying longer-term momentum.

From a momentum indicator standpoint, the 14-day Relative Strength Index (RSI) stands at 37.83. Although the crypto remains formally in the neutral zone, this level dangerously flirts with the critical threshold of 30, marking the oversold boundary. This configuration indicates persistent selling pressure, though not yet extreme. If the slide continues, the asset risks sinking further into an oversold zone, while a rebound of the RSI above 50 would be necessary to hope for a return of bullish momentum.

Future Challenges for the Crypto’s Trajectory Between Ripple’s accounting management and the graphic realities of its token, the challenge for the next two weeks promises to be decisive for investor confidence. Although experience shows that the absorption of the net supply of 200 to 400 million XRP usually occurs without major shocks thanks to large trading volumes, the current fragility of technical support could increase investor nervousness.

The market thus faces a complex trade-off between the theoretical neutrality of a programmed mechanism and the psychology of actors reluctant to accumulate an asset below its main moving averages. In this context, where short- and medium-term trends remain bearish, buyers’ ability to defend the $0.99 zone and quickly push the XRP price back towards the 50 SMA at $1.07 will be decisive. Failure to regain these key levels could anchor the token in a prolonged stagnation phase, turning calendar regularity into an additional catalyst of uncertainty.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

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In a major development for Ethereum, the Platåberget public testnet is now live, marking the next stage of testing for Glamsterdam.

The Ethereum Foundation announced the Platåberget Testnet in a blog post dated August 17 and described it as Glamsterdam's (Gloas + Amsterdam) early testing ground open to public participation.

The Platåberget public testnet is now live, marking the next stage of testing for Glamsterdam.

The fork is scheduled for August 20, with ePBS, gas repricings, Block-Level Access Lists (BALs), and the new builder API flow among the key areas being tested. pic.twitter.com/dk47bBK7vD

— Ebunker (@ebunker_eth) August 18, 2026 Platåberget is a short-term testnet designed for testing changes by the community. Unlike the short-lived devnets before it, Platåberget is intended to run for a few months, giving the community a stable place to experiment with post-Glamsterdam Ethereum and an opportunity to test and break things before Glamsterdam goes live on Ethereum's longer-lived testnets, Sepolia and Hoodi.

Platåberget has a relatively small but publicly joinable validator set, which allows anyone to deposit a new validator and test out their validator and builder deposit workflows. The Glamsterdam fork on the testnet is scheduled for August 20, with ePBS, gas repricings, Block-Level Access Lists (BALs), and the new builder API flow among the key areas being tested.

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Platåberget will allow the community to experiment with post-Glamsterdam Ethereum and begin identifying issues.

About Glamsterdam upgradeEthereum's Glamsterdam upgrade is expected to bring significant changes to both its consensus and execution layers.

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A key highlight of the upgrade is Enshrined Proposer-Builder Separation (ePBS), which remains a major change to how blocks are built, proposed, and validated, including a new builder API flow and PTC (payload-timeliness) checks. Infrastructure that depends on the block production and validation pipeline might be affected by this change.

Glamsterdam will add Block-Level Access Lists, which introduce enforced block-level access lists that record accessed state locations and post-transaction changes. BALs are stored separately from the block body and can be exchanged between execution-layer peers through eth/71.

Other changes include gas repricings, which represent a coordinated bundle of gas cost changes aimed at about a 200 million gas floor. Any tooling that hardcodes a maximum gas limit might be affected. Larger contracts and initcode increase the maximum deployed contract size from 24KiB to 64KiB and the maximum initcode size from 48KiB to 128KiB, as well as introduce forward-compatible consensus data structures. 

In brief BitBox shipped the Dixence update after internal AI audits found two severe vulnerabilities plus a bootloader issue. Exploiting them required a successful phishing attack plus the user unlocking a tampered device. BitBox says no user funds were stolen and the wallet seed was never at risk. BitBox, the Zurich-based maker behind the BitBox02, released the Dixence security update this week after its own engineers uncovered two severe flaws in the cryptocurrency wallet's firmware.

The company disclosed the issues itself, with no evidence they were ever exploited. But the news itself is likely enough to set off the alarms of most Bitcoin holders, given the recent exploit of hardware wallet maker Coldcard that’s resulted in over $130 million in stolen BTC.

Myriad: Bitcoin's next move? Click to make your prediction.For BitBox, the first problem lives in the bootloader, the code that decides which firmware a device will accept. A fix shipped in July's Oeschinen release (v9.26.2) closed most of it, but BitBox now says the original issue was worse than first reported. An attacker who ran a phishing scam—tricking a user into installing a fake BitBoxApp and unlocking the device—could have loaded malicious firmware onto a genuine BitBox02 and walked off with the coins.

The BitBox02 Nova, the newer model, was never exposed because of its bootloader version.

The second severe bug is a memory-corruption flaw in the Multi edition of the BitBox before it's been set up with a wallet. Paired with a hostile computer, it could allow arbitrary code execution and, again, malicious firmware. The Bitcoin-only edition doesn't carry the affected code, so it's clear.

A third issue, less dangerous, touched the wallet's silent-payment feature. It couldn't steal coins directly, but could have locked funds to a wrong address in a ransom-style move. All three are fixed in v9.26.5.

BitBox leaned on frontier AI models during its internal review, part of a wider push the company described in a separate post about auditing firmware with AI help.

It’s another reminder that hardware wallets, long considered the ideal choice for security-conscious crypto users, aren't bulletproof.

Myriad: When will OpenAI release GPT-6? Click to make your prediction.The Coldcard Bitcoin exploit showed how a five-year-old firmware bug let thieves drain roughly 1,596 BTC, the largest hardware-wallet hack of 2026. Days ago, the data breach of hardware wallet maker SafePal stoked fresh fears of so-called wrench attacks on wallet owners whose personal details, including physical addresses, were exposed.

In this case, BitMox says there’s nothing to worry about besides updating. Per BitBox's disclosure, "There are no reports of stolen user funds and there is no reason for users to panic."

The fix is live at bitbox.swiss/download, and older firmware stays exposed until users install it.

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Key Takeaways IREN gained 11.7% in a month as AI cloud contracts and a customer acceptance milestone boosted momentum.$2.8B in new cloud contracts put about 85% of IREN's year-end 2026 AI Cloud revenue target under contract.Mining revenue fell 21.3% year over year, while IREN's higher valuation raises the bar for execution. IREN Limited (IREN - Free Report) shares have gained 11.7% in the past month as its shift from Bitcoin mining toward AI cloud infrastructure gathers commercial momentum. New contracts and a completed customer handoff have improved visibility around the transition.

The question for investors is whether delivery can keep pace with the expectations now embedded in the stock. Contracted demand is rising quickly, but legacy mining pressure and a richer valuation leave less room for execution delays.

IREN's AI Contracts Add Revenue VisibilityIREN signed $2.8 billion of new multi-year cloud services contracts in July. The agreements span bare metal and managed cloud services, and the portfolio's weighted average contract term is roughly four years.

Following those agreements, about 85% of IREN's year-end 2026 AI Cloud annualized run-rate revenue target was under contract. The company also raised that target to more than $4 billion from $3.7 billion, giving the expansion a clearer revenue bridge as new capacity comes online.

IREN's Delivery Milestones Bolster ExecutionMicrosoft Corporation (MSFT - Free Report) accepted Horizon 1 at IREN's Childress campus. Microsoft operates Azure AI infrastructure, and Horizon 1 is the first of four 50-MW deployments tied to IREN's five-year, $9.7 billion Microsoft agreement. Horizons 2-4 remain scheduled for 2026.

NVIDIA Corporation (NVDA - Free Report) separately awarded IREN Exemplar Cloud status for the GB300 NVL72 deployment at Horizon 1. NVIDIA describes GB300 NVL72 as a liquid-cooled rack-scale system built around 72 Blackwell Ultra GPUs, making the designation another marker of IREN's ability to bring advanced AI capacity into service.

IREN Still Faces a Mining Revenue Air PocketThird-quarter fiscal 2026 AI Cloud Services revenues increased to $33.6 million from $3.6 million a year earlier. The newer business is scaling rapidly, but Bitcoin mining still supplied most of the quarterly revenue base.

Bitcoin mining revenues fell 21.3% year over year to $111.2 million from $141.2 million. That gap highlights the transition risk as mining declines before the larger Microsoft and other GPU deployments are fully reflected in reported revenues.

IREN's Valuation Raises the Bar for ExecutionIREN trades at 4.59X forward 12-month sales, above the Zacks sub-industry's 2.58X and its own five-year median of 2.33X. The premium signals that investors are already assigning substantial value to the AI cloud ramp.

That makes delivery timing increasingly important. Further share-price gains may depend more on commissioned capacity, customer acceptance and recurring revenue conversion than on contract announcements alone.

Image Source: Zacks Investment Research

IREN's Mixed Style Signals Temper the RallyThe bottom line is that IREN's monthly gain now coincides with both contract wins and a completed customer acceptance milestone, but execution remains the central test. The stock currently carries a Zacks Rank #3 (Hold), which points to a more balanced short-term setup than the top-ranked stocks. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

IREN has a Growth Score of B, supporting its growth profile, but a Value Score of D, Momentum Score of F and VGM Score of D. Those mixed Style Scores suggest the stock's growth characteristics are more favorable than its valuation and momentum profile, reinforcing the case for measured expectations as the AI cloud buildout advances.

USD/CAD is attempting to extend its recovery on Tuesday as traders look beyond Canada’s hotter July inflation report and turn their attention to an increasingly important US-Canada trade deadline. The pair was trading around 1.3897 at the time of writing, having recovered from a recent low near 1.3850. The rebound puts the psychological 1.3900 level back in focus after USD/CAD spent much of August under selling pressure.

The Canadian dollar initially benefited from Monday’s inflation figures, but that support has faded as investors assess whether the increase in headline CPI is enough to materially alter the Bank of Canada interest rate outlook. More importantly, currency markets are now preparing for Wednesday’s deadline for potentially steep US tariffs on Canadian goods, making trade policy a significant near-term risk for the loonie.

Canada CPI Hits 3.0%, but Core Inflation Tells a Different Story Canada’s annual inflation rate accelerated to 3.0% in July from 2.8% in June, reaching the upper end of the Bank of Canada’s 1% to 3% inflation-control range. The increase was largely driven by gasoline prices, which jumped 25.7% year over year, while higher travel costs also contributed to the rise. On a monthly basis, CPI increased 0.5%. However, the underlying inflation picture was considerably less concerning.

The Bank of Canada’s closely watched CPI-trim measure stood at 1.9%, while CPI-median was 2.0%. Inflation excluding food and energy was also 1.9%, suggesting the acceleration in headline prices has not yet developed into broad-based inflationary pressure.

That distinction matters for the Canadian dollar outlook. A headline CPI reading of 3.0% would normally strengthen expectations for tighter monetary policy and potentially support the loonie. However, contained core inflation gives the Bank of Canada more room to wait before making its next move, particularly while the economy faces substantial uncertainty from US trade policy.

As a result, Monday’s inflation report has not been enough to prevent USD/CAD from recovering.

US-Canada Tariff Deadline Becomes the Next USD/CAD Catalyst Attention has now shifted firmly toward trade negotiations between Washington and Ottawa. The United States has threatened to impose 50% tariffs on roughly $20 billion of Canadian imports beginning Wednesday, representing a potentially significant escalation in the trade dispute between the two countries.

Canadian Prime Minister Mark Carney spoke with US President Donald Trump on Tuesday as officials continued last-minute negotiations aimed at preventing the tariffs from taking effect. However, significant disagreements remain, particularly around automobiles and existing US tariffs on Canadian goods. For USD/CAD, the outcome could overshadow Monday’s inflation data.

A last-minute agreement, postponement or softer tariff framework could remove an important source of uncertainty for the Canadian economy and potentially strengthen the loonie. Conversely, implementation of the proposed 50% tariffs could raise concerns about Canadian exports, business investment and economic growth. That makes Wednesday’s deadline a potential volatility event for the USD/CAD exchange rate.

USD/CAD Technical Analysis: 1.3900 Back in Focus The four-hour chart shows USD/CAD attempting to recover after its prolonged decline from the July highs. The pair recently found support around 1.3850, before rebounding to approximately 1.3897. Price has also moved back above the 20-period Bollinger Band moving average near 1.3885, providing an early indication that short-term momentum is improving.

The MACD reinforces that recovery signal. Although both the MACD and signal lines remain below zero, the MACD line has crossed above its signal line and the histogram has turned positive. This suggests bearish momentum is weakening after the recent selloff.

Immediate resistance sits around 1.3900, followed by the upper Bollinger Band near 1.3932. A sustained move above 1.3930 could strengthen the rebound and expose the previous resistance zone around 1.3950.

On the downside, 1.3850 remains the key support level, closely followed by the lower Bollinger Band around 1.3838. A break below this region would restore the bearish structure and increase the risk of another leg lower.

USD/CAD Outlook: Can the Canadian Dollar Resume Its Rally? Despite Tuesday’s rebound, the broader USD/CAD price trend remains bearish, with the pair having fallen substantially from levels above 1.4100 in late July. For buyers, reclaiming 1.3930 to 1.3950 would provide stronger evidence that the current move is developing into something more than a short-term correction.

For sellers, failure to establish a sustained break above 1.3900 would leave the recent 1.3850 support vulnerable to another test. The tariff deadline may ultimately decide which side gains control. With Canada’s CPI report now behind the market, US-Canada trade negotiations have become the most immediate catalyst for the USD/CAD price forecast, and Wednesday could determine whether the pair extends its recovery or resumes the broader decline.

Why is USD/CAD rising today?

USD/CAD is rebounding toward 1.3900 as the Canadian dollar loses some of the support it received from Canada’s July inflation report. Traders are also positioning ahead of the US-Canada tariff deadline, which could have significant implications for the Canadian economic outlook.

How did Canada’s CPI affect the Canadian dollar?

Canada’s July headline CPI accelerated to 3.0% year over year from 2.8% in June. However, underlying inflation measures remained considerably softer, limiting expectations that the Bank of Canada will need to respond aggressively to the headline increase.

What could move USD/CAD next?

The US-Canada tariff deadline is the main near-term catalyst. Any agreement, postponement or escalation in tariffs could trigger volatility in the Canadian dollar and USD/CAD. Traders will also continue monitoring oil prices, US economic data and Bank of Canada interest rate expectations.