Track market-moving stories before they get noisy

@injective has announced that staking on its network has hit a new all-time high, with 58.8 million $INJ tokens now locked with validators. That figure represents roughly 59% of the protocol's fixed 100 million total supply, a level the team described as one of the highest staking ratios among layer-1 blockchains.

A Sharp Climb From 2023 The milestone marks a significant shift from where the network stood just three years ago. Staked supply has risen from approximately 42 million INJ in September 2023, with the bulk of that growth coming over the past several months. The climb reflects both growing confidence in the network and the structural incentives built into the protocol.

What a High Staking Ratio Means for the Network That dynamic has been reinforced by the protocol's burn mechanics.

The growing staking base has also attracted institutional attention. Separately,

Sources:
CoinMarketCap: Injective Latest Updates
Staking Rewards: Injective (INJ)
Messari: Injective Protocol

AI servers are absorbing premium memory capacity while Apple tries to protect hardware margins. Summary

Memory inflation now threatens a product category supplying nearly half of Apple’s quarterly revenue.

Apple AAPL, the consumer-technology giant, faces a tightening memory crunch as artificial-intelligence data centers swallow an expanding share of global chip capacity. The Verge reported Monday that some smartphone-memory prices have more than quadrupled, with meaningful relief potentially delayed until late 2027 or 2028. Apple shares last closed at $319.97 because U.S. markets were shut Monday.

Samsung, SK Hynix and Micron command roughly 90% of the memory market. Manufacturers can earn more by steering scarce wafer capacity toward the high-bandwidth memory demanded by deep-pocketed AI customers, leaving smartphone producers fighting over conventional DRAM supply. Apple's enormous purchasing power offers leverage, but it cannot manufacture new factories overnight.

The financial stakes are substantial. Apple's latest statements show $54.25 billion of iPhone revenue, representing 49.6% of quarterly sales, while companywide gross margin reached 50.1%. The shares trade 12.35% above the GF Value estimate of $284.79, signaling that investors already expect Apple to defend margins despite rising component costs. Premium models and price increases could absorb part of the pressure, but customers must remain willing to pay more for each upgrade.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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The warning creates no binding rule, but it raises the governance cost surrounding Meta's infrastructure race. Summary

Meta’s enormous AI investment is attracting scrutiny beyond earnings, electricity and data-center permits.

Meta Platforms META, the social-media, digital-advertising and artificial-intelligence giant, faced a sharper global warning over AI governance Monday. According to Reuters, UN human-rights chief Volker Türk urged governments and technology companies to build firm protections against risks to critical infrastructure, communications and democratic institutions. Meta shares were priced at $616.77.

The warning lands as Meta pours unprecedented capital into the AI race. Second-quarter capital expenditures hit $31.08 billion, equivalent to roughly 51.1% of revenue. Sales climbed 28% to $60.80 billion, but total costs rocketed 55% to $42.03 billion, squeezing free cash flow to just $784 million.

The valuation picture adds another layer. Meta's $616.77 share price sits 27.35% below its GF Value estimate of $848.92, signaling substantial potential upside if the company converts its massive AI spending into durable earnings. The UN warning carries no immediate financial penalty, but tougher testing, reporting and safety standards could raise the price of staying at the front of AI. Meta has the cash to build the infrastructure; investors now need proof that its safeguards can scale just as aggressively.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Fresh shareholders are already underwater after funding one of Hong Kong's largest-ever follow-on offerings. Summary

Monday’s close sat approximately 2.75% below Alibaba’s August placement price.

Alibaba Group (BABA), the Chinese e-commerce and cloud-computing giant, raised HK$80 billion in August after pricing 710 million new Hong Kong shares at HK$112.70 apiece. The U.S.-listed stock stood at $113.24 on Sept. 7, putting investors' focus squarely on whether Alibaba can turn fresh capital into faster, more profitable AI growth.

The placement expands Alibaba's share count by roughly 3.6%, and every dollar of net proceeds is headed toward AI infrastructure and full-stack capabilities. The company's June-quarter results delivered 9% revenue growth to RMB268.95 billion and a 45% surge in cloud and AI-related revenue. The catch was brutal: net profit plunged approximately 75%.

The valuation picture offers some breathing room. At $113.24, Alibaba trades 5.3% below its GF Value™ estimate of $119.58, suggesting modest upside if execution improves. But that discount is not a free pass. Management now has the capital; the real test is whether cloud growth and proprietary chips can outrun dilution, collapsing profit and the enormous depreciation burden created by its infrastructure buildout.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Korean memory stocks surged while Wall Street was closed, sharpening Micron's September 30 earnings test. Summary

Asian memory shares rallied as Micron’s guided sequential growth hurdle reached 20.6%.

Micron Technology MU, the memory-and-storage chipmaker, caught another bullish AI-memory signal Monday as SK Hynix SKHY rocketed 8.3% and Samsung Electronics SSNLF advanced 5.7%. Micron entered the holiday after jumping 6.1% Friday to $1,016.59, leaving Wall Street unable to react immediately while U.S. markets were closed for Labor Day.

The operating momentum is just as dramatic. Micron's latest quarterly release reported $41.46 billion in revenue, an 84.9% adjusted gross margin and $18.3 billion in adjusted free cash flow. Management expects fiscal fourth-quarter revenue of $50 billion, plus or minus $1 billion, alongside an adjusted gross margin near 86%.

Hitting the guidance midpoint would require revenue to leap another 20.6% sequentially before Micron reports September 30. The valuation already assumes enormous success: at $1,016.59, the shares trade 63.22% above their $622.82 GF Value™ estimate. Asia's semiconductor rally reinforces the high-bandwidth-memory narrative, but Micron must now prove that AI demand can convert its extraordinary revenue target into equally extraordinary gross profit.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Wallets tied to North Korea’s sanctioned Lazarus Group have been routing tens of millions of dollars through Hyperliquid, according to on-chain work first published by Arkham analyst Emmett Gallic.

The finding lands just as the Trump administration is trying to pull the same derivatives venue into the regulated US market.Gallic reported that addresses linked to the OFAC-designated group moved more than $30 million through Hyperliquid’s HyperUnit bridge as recently as August 30.

Investigator ZachXBT had already tied those same addresses in 2024 to about $61 million in stolen bitcoin.

In the latest flow, funds arrived as bitcoin, were swapped into ether and solana, then bridged out to Tron, Solana, and Ethereum.

From there they reached KuCoin, LBank, Kraken, and several unlabeled Tron services.

Gallic split the activity into two clusters: one of about $30 million that traces to wallets already labeled Lazarus, and another of about $5 million that shows similar dormancy, address style, and counterparties.

That pattern is not a claim that Hyperliquid itself was breached.

It is a claim that a permissionless venue can be used to convert and hop stolen coins before they hit centralized exchanges.

Public ledgers show the path. They do not by themselves show whether those exchanges later froze accounts, filed reports, or blocked further withdrawals.

The policy backdrop makes the tracing more than a crime-lab footnote.

At a White House gathering in mid-August, President Donald Trump said CFTC Chairman Michael Selig was working to bring Hyperliquid into the United States “in a fully compliant and legal fashion.”

Separate reporting has described advanced talks between Hyperliquid Labs and Payward, Kraken’s parent, about offering some perpetual futures to American traders through Bitnomial, a CFTC-regulated exchange and clearinghouse.

An onshore product would still have to satisfy derivatives rules, customer-protection standards, market surveillance, and sanctions screening—requirements that sit uneasily next to wallet-to-wallet trading with no traditional KYC gate.

Hyperliquid grew into the largest decentralized home for perpetual futures by letting users trade from a wallet rather than a brokerage account.

That design helped it process trillions of dollars in cumulative volume.

It also leaves developers unable to force identity checks on every address that touches the chain.

Product filings for HYPE-linked funds have already listed that gap as a sanctions risk.

Lazarus-linked wallets were flagged on the platform as early as late 2024, when earlier suspected DPRK activity helped spark a large one-day outflow even though the protocol said no user funds were taken.

US agencies have long argued that North Korean cyber units steal crypto to finance weapons programs.

Analytics firms put 2025 DPRK-linked theft near $2 billion. Converting bitcoin on a high-liquidity perps venue, then bridging into other networks before cash-out, matches a familiar layering playbook.

Addresses linked to OFAC Sanctioned Lazarus Group (North Korea) have been actively moving $30M+ through Hyperliquid (HyperUnit) as recent as yesterday.@zachxbt identified these addresses as Lazarus Group in 2024 linked to $61M in stolen fundshttps://t.co/RNJ4NMBrxA pic.twitter.com/CvivPLVnEL

— Emmett Gallic (@emmettgallic) August 31, 2026

None of that proves an intent to sabotage Hyperliquid’s US ambitions.

It does give regulators a concrete case when they ask how a permissionless global book can be walled off from a compliant American offering.

The open questions are practical.

Who controls the deposit accounts at the centralized exchanges? Which of those firms acted after the coins arrived? And can an onshore Hyperliquid product be designed so that sanctioned clusters on the open protocol do not bleed into U.S. order flow?

Until those answers are public, the $30 million trail is less a verdict on Hyperliquid than a stress test of whether DeFi can enter US markets without importing the same sanctions problem that thrives in wallet-native trading.

Flare has recorded a roughly 34% increase in staked FLR since July, taking the total to 21.5 billion tokens as its revised economic model cuts inflation and ties more network activity to token burns and protocol revenue.

Summary

Flare staking increased from about 16 billion to 21.5 billion FLR after the July upgrade. FIP.16 reduced annual FLR inflation from 5% to 3% and lowered its issuance ceiling. Transaction-fee burns have risen to more than 10 times their level before the network upgrade. FIRE has collected $31,438 from four revenue sources since it started operating in May. Flare staking has increased to 21.5 billion FLR DefiLlama Research reported on Sept. 4 that Flare’s tokenomics changes are producing measurable onchain results four months after the network approved FIP.16.

Staked FLR rose from approximately 16 billion in July to 21.5 billion, an increase of about 34%. The portion of all staked or delegated FLR held in staking climbed from roughly 32% in April to 46% by late August, with much of the increase occurring within weeks of the July 14 network upgrade.

Under FIP.16, FLR locked on Flare’s P-chain carries five times the signing weight of wrapped FLR delegated on its C-chain. Delegated tokens remain liquid and can be withdrawn at any time, while P-chain staking requires holders to lock their capital with a validator.

Signing weight determines how much influence infrastructure providers have when producing blocks and operating Flare’s native data systems. Providers run the Flare Time Series Oracle, which supplies price feeds, and the Flare Data Connector, which verifies information from other blockchains and Web2 services.

Before FIP.16, different Flare protocols calculated voting weight in different ways. The revised system applies one calculation across FTSO anchor feeds, FDC, and block-latency feeds, with locked stake receiving the fivefold weighting.

Flare’s official governance proposal said the change was designed to put more influence behind committed capital and make the network’s core services equally costly to attack.

At the same time, the July upgrade raised the maximum stake per validator from 200 million to 300 million FLR. It also introduced a network-wide minimum delegation fee of 20%, replacing the previous minimum of zero.

Flare said the fee floor should prevent providers from competing through unsustainably low charges. Infrastructure providers must operate validators, collect data, maintain independent systems, and participate in governance, according to the proposal.

Flare tokenomics changes cut inflation and raise burns Annual FLR inflation fell from 5% to 3% on May 14, cutting the headline rate by 40%. The annual issuance ceiling also declined from 5 billion to 3 billion FLR.

With an inflatable supply of about 87 billion tokens, the 3% rate produces a gross yearly issuance of roughly 2.6 billion FLR, according to DefiLlama Research. Actual issuance may decrease over time because FIP.16 also changed, which balances count toward the calculation.

Permanently burned FLR, tokens held by the Flare Income Reinvestment Entity, and unearned rewards placed in certain penalty pools are excluded from the inflation base. As those balances increase, the amount subject to the 3% calculation becomes smaller.

Transaction burns accelerated after Flare implemented its Granite upgrade on July 14. Official network release notes show that the minimum C-chain base fee increased from 25 gwei to 500 gwei.

All FLR paid as base transaction fees are permanently destroyed. Flare had burned 15.6 million FLR through transaction fees in 2026 by the time DefiLlama published its report, with more than 40% of the total burned following the July upgrade.

Consequently, the current burn pace sits at more than 10 times its pre-upgrade baseline. Usage determines the amount destroyed because every transaction removes FLR without requiring a new vote or a treasury decision.

Higher gas settings have not made simple transfers expensive in dollar terms. DefiLlama estimated that a basic transfer costs around 0.064 FLR, although transactions involving smart contracts may consume more gas.

Activity feeding the burn mechanism has also expanded through Flare’s FAssets system. In May, an FAssets v1.3 upgrade allowed users to mint FXRP from centralized exchanges such as Binance and Kraken through an XRP Ledger destination tag. FLR rose 14% on the day the upgrade went live, crypto.news reported at the time.

FIRE has started collecting network revenue FIP.16 created FIRE as a governed entity responsible for receiving revenue generated by Flare’s protocols. Its primary mandate permits the entity to reduce FLR supply through token burns and open-market purchases.

Secondary uses include supporting asset issuers, application yields, liquidity programs and the Flare Foundation’s network operations. Flare initially administers the entity through its foundation.

Four income sources are already active. FIRE receives all FAssets minting fees, 90% of FDC request fees, 10% of FAssets redemption fees, and FLR paid for FXRP destination-tag registrations.

Since collections began in May, FIRE has received assets worth $31,438, according to the DefiLlama report. FAssets minting provided $18,248 across 7,708 mints, making it the largest source.

FDC request fees contributed another $12,676 after collections from that service began on Aug. 18. Destination-tag registrations added $505, while FAssets redemption fees supplied $9.

Two sources pay FIRE in FLR, and two pay in FXRP. As a result, the pool’s reported dollar value changes with token prices as well as the volume of protocol activity.

FDC activity supports several services behind those revenue streams. Flare uses the connector to verify payments and events outside its network, including XRP Ledger transactions involved in creating FXRP.

A July update simplified FXRP access by allowing users to mint the asset and enter selected vaults with one XRP Ledger signature. At the time, FXRP deployed in DeFi had increased from 82 million in February to 144 million, while users had created nearly 24,000 Flare Smart Accounts.

FIRE’s current receipts remain small compared with approximately 2.6 billion FLR in estimated gross annual issuance. Flare’s model therefore still relies mainly on reduced inflation and transaction burns rather than on enough protocol income to offset token creation.

Planned income from Flare Smart Accounts, Confidential Compute, and protocol-level maximal extractable value has yet to enter FIRE. Flare said its MEV system would capture value from permitted activities such as liquidations, atomic arbitrage, cross-chain arbitrage, and just-in-time liquidity.

According to Flare’s April explanation of FIP.16, its DeFi ecosystem processed more than 660,000 transactions involving cyclic-arbitrage structures and over 1,000 liquidation events during the first quarter of 2026. The company said the amount that FIRE could collect from MEV would depend on the volume and type of DeFi transactions processed by the network.

FXRP activity connects Flare with U.S.-regulated RLUSD FAssets give tokens from networks without smart-contract support a usable form on Flare. FXRP represents XRP within that system, allowing holders to place the asset in lending markets, liquidity pools, vaults, and other decentralized applications.

Flare said in April that more than 150 million FXRP was in circulation, with about 85% deployed across DeFi. At that point, the network had more than $160 million in total value locked under DefiLlama’s standard calculation and over 880,000 active addresses.

Part of that activity now reaches Ethereum. In August, FXRP received approval as collateral in Sentora’s RLUSD Main vault on Morpho, allowing holders to borrow Ripple’s dollar-backed stablecoin without selling their XRP exposure.

The RLUSD lending market provides a relevant U.S. connection because Ripple received approval for the stablecoin from the New York Department of Financial Services in December 2024. Sentora reviewed FXRP’s liquidity, price behavior, oracle design and liquidation mechanics before accepting it as collateral.

Morpho uses isolated lending markets, limiting problems with one collateral asset to its specific pool rather than exposing every market in the protocol. Borrowers must deposit more FXRP than the value of RLUSD they receive, and liquidations depend on enough FXRP liquidity being available to repay lenders.

FIRE may move to joint community governance after its first year. Initiating the change requires support from holders representing at least 50% of Flare’s total inflatable FLR supply, after which the network would elect four representatives from infrastructure providers operating across Flare and Songbird.

United Wholesale Mortgage (UWMC +0.69%) had an August to forget. An unsuccessful acquisition attempt impacted the quarterly results the mortgage originator reported that month, and the impact wasn't positive. Relatedly, it announced a large-scale fundraising effort that raised concerns about stock dilution.

Largely due to the strong investor sell-off these events engendered, UWM's stock fell by more than 20% over the course of August.

Second-quarter swoon UWM's second-quarter results were unveiled on Aug. 5. For the period, it earned $888 million in revenue, up 17% year over year. The company's specialty is mortgage originations; these were essentially flat at $39.7 billion.

The bottom line looked uglier. UWM flipped hard to a net loss not under generally accepted accounting principles (non-GAAP, or adjusted) during the quarter, with a deficit of almost $367 million ($0.23 per share) against second quarter 2025's more than $137 million profit.

That must have come as a shock to analysts tracking the stock, as they were modeling an adjusted net profit of $0.09 per share. This surprise loss was mitigated to some degree by a solid beat on the top line; those pundits collectively estimated UWM's revenue would be under $743 million.

The year-over-year dive was due mainly to one line item, a steep $603 million accounting loss on interest rate derivatives. UWM had established a stand-alone interest rate hedge in anticipation of acquiring the real estate investment trust (REIT) Two Harbors; the idea was that the hedge would protect against potential losses on Two Harbors' mortgage servicing portfolio.

That might have worked out had Two Harbors agreed to be acquired; however, it opted to be purchased by privately held CrossCountry Mortgage instead. UWM closed that derivative position, but the consequence was the nine-digit loss.

One casualty of the awful second quarter was UWM's dividend. The company tersely announced within the earnings release that it suspended the payout, compounding the disappointment of the quarterly results.

Image source: Getty Images.

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A $2 billion-plus move Another stock-shaking announcement occurred on the same day that the earnings report was released. UWM announced what it described as a "capital partnership" with SFS Group Capital and Oaktree Capital Management. This is effectively a $1.65 billion sale by the company of preferred equity and 330 million warrants for its publicly traded Class A common stock.

Another part of this capital-raising effort is a rights offering. It aims to raise $400 million by floating 200 million shares of Class A stock to current holders of that equity. This should take place in early October.

While these moves help shore up its finances, they illustrate that the company is very much reeling from its ultimately scotched attempt to acquire Two Harbors. I feel it'll recover eventually, as originating mortgages in a massive country full of people eager to own homes is a lucrative endeavor.

Yet I think the road to recovery might be longer and more painful than some think, not least because the rights issue and the large pile of new warrants could be significantly dilutive. Also, the preferred stock pumps out a high-yield dividend, so I wouldn't expect a return of the common stock payout anytime soon. To me, it feels best to steer away from UWM's shares until these storms pass.

Key Takeaways Kenvue's first-half adjusted operating margin rose 180 basis points to 23.1% as earnings climbed 18.9%.Cost cuts aided profitability, while second-quarter inflation and tariffs pressured Kenvue's margins.Kenvue's Skin Health and Beauty sales grew 4.4%, but Self Care sales and volumes remained under pressure. Kenvue Inc. (KVUE - Free Report) is showing better earnings leverage than its sales growth alone would suggest. In the first half of 2026, adjusted operating margin rose 180 basis points to 23.1% and adjusted earnings increased 18.9% to 63 cents per share.

The improvement is encouraging, but revenue momentum remains modest. First-half organic sales grew only 1.2%, with volume up 0.2%, while the company continues to manage tariff, inflation, debt and transaction-related risks.

Cost discipline is doing much of the work. Supply-chain optimization, restructuring benefits and lower administrative expenses supported first-half profitability. Kenvue expects its 2026 Restructuring Initiative to generate about $200 million of annualized pre-tax gross savings upon completion, although the program is also expected to require about $250 million of pre-tax charges in 2026.Kenvue Inc. Price, Consensus and EPS Surprise

The second quarter showed why investors should not assume margin expansion will be linear. Organic sales improved to 1.6%, but adjusted gross margin declined 70 basis points to 60.2% as inflation, tariffs and transactional foreign exchange outweighed pricing and productivity gains. Adjusted operating margin also narrowed 60 basis points to 22.1% as Kenvue increased brand investment.

The sales mix remains uneven. Skin Health and Beauty was the clearest growth engine in the first half, with organic sales up 4.4% and segment adjusted operating income rising 46.9% to $354 million. Self Care moved back to 0.6% organic growth in the second quarter, yet first-half organic sales still declined 0.9% and volumes fell 2.3%. That leaves Kenvue exposed to seasonal illness patterns and slower category demand.

Cash generation offers some support. Operating cash flow increased 12.2% to $1.2 billion in the first six months of 2026 and free cash flow rose to about $1 billion. Still, total debt remained $8.5 billion at the end of the second quarter. Kenvue is also withholding forward financial guidance while its pending combination with Kimberly-Clark moves toward an expected fourth-quarter 2026 closing, subject to remaining approvals and conditions.

Image Source: Zacks Investment Research

Valuation is not demanding relative to several benchmarks. KVUE trades at 15.6X forward 12-month earnings, below the Zacks sub-industry's 18.7X multiple and its own five-year median of 16.8X. On fiscal-year-one earnings, KVUE's 16.4X multiple is also below Church & Dwight Co., Inc. (CHD - Free Report) at 26.1X. Church & Dwight provides a useful consumer-staples benchmark for how investors are valuing a peer with a higher earnings multiple.

The Procter & Gamble Company (PG - Free Report) offers another large-cap consumer-products comparison. PG trades at 21.0X fiscal-year-one earnings, again above KVUE. These peer gaps support the argument that Kenvue's slower growth and execution risks are already reflected to some degree in its valuation, but a discount alone does not establish a near-term buying signal.

The bottom line is that Kenvue's improving first-half profitability, stronger cash flow and healthier Skin Health and Beauty trends are offset by modest organic growth, weak Self Care volumes, quarterly margin pressure and $8.5 billion of debt. The risk-reward profile looks balanced rather than decisively favorable.

KVUE currently carries a Zacks Rank #3 (Hold), along with a Value Score of C, Growth Score of C, Momentum Score of D and VGM Score of D.

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

A Zacks Rank #3 can support holding an existing position, while the weaker Momentum and VGM scores reduce the case for an aggressive new entry. Investors may want firmer evidence of sustained volume growth and more consistent margin expansion before treating the current valuation discount as a clear buying opportunity.

Apple is expected to unveil its most radical iPhone redesign in years this Wednesday — giving new CEO John Ternus an early test of whether he can reignite innovation at the tech giant during a challenging time.

The Cupertino, Calif.-based company is set to introduce its first-ever foldable iPhone at its annual product showcase, alongside new high-end iPhone 18 models and possible updates to its home and wearable devices, according to reports.

The new tech — rumored to have names like “iPhone Ultra” or “iPhone fold” — is expected to be about the size of a passport when fully folded, with the capacity to fold out to a wider display with a roughly 4:3 aspect ratio.

John Ternus (pictured) took over as Apple CEO from Tim Cook on Sept. 1, ending Cook’s 15 years at the helm. Apple Inc./AFP via Getty Images The foldable would represent a significant departure from the familiar iPhone design and arrives as Apple searches for another breakout hardware success.

Its Vision Pro headset, which debuted to much fanfare in 2024, has yet to connect with consumers.

The launch comes just days after Ternus took over from longtime CEO Tim Cook last Tuesday. The 50-year-old Apple veteran previously ran the company’s hardware division.

He inherited a company facing questions about its artificial intelligence strategy — including a long-delayed overhaul of Siri — and whether it can deliver another blockbuster product as its existing lineup ages.

Whether a new crop of products can meet picky customers’ demands will be one of the main questions in the air on Wednesday.

Apple is expected to unveil its first foldable iPhone on Wednesday, marking what could be the most radical redesign of its flagship device in years. YouTube/Bob Obba Apple may unveil a long-rumored home hub featuring a display and smart-speaker capabilities that would serve as a central control point for connected devices and entertainment, according to Bloomberg.

Updates to the Apple TV and HomePod mini are expected, with new internal hardware designed to accommodate Apple’s revamped AI-powered Siri, the outlet reported.

The company is expected to refresh its wearables, too, with new AirPods and Apple Watch models including the Series 12 and Ultra 4.

Tim Cook stepped down as Apple CEO on Sept. 1 after 15 years leading the tech giant. AP Photo/Annie Mulligan The watches are set to receive chip upgrades aimed at expanding their fitness features without a major exterior redesign.

Apple is also expected to showcase the finished versions of iOS 27, iPadOS 27, macOS 27, watchOS 27 and visionOS 27. The foldable is expected to run an iteration of iOS 27 adapted for its two-display configuration.

Rollouts of the iPhone 18 Pro and iPhone 18 Pro Max are reportedly on the way, too.

Apple is expected to unveil the iPhone 18 Pro and iPhone 18 Pro Max on Wednesday, with upgrades including faster chips and improved cameras. Apple The Pro handsets are expected to feature Apple’s new A20 chip along with camera upgrades, changes to the Dynamic Island and additional color options.

The standard iPhone 18 and a successor to the iPhone Air, however, reportedly won’t arrive alongside the Pro models.

Apple is set to begin splitting its iPhone launches between the fall and the spring, with reveals of the iPhone 18 and new iPhone Air coming in March, according to Fast Company.

One of the biggest questions Wednesday will be what Apple charges for the new lineup.

The company raised prices on iPads, Macs and home products over the summer amid an AI-fueled memory shortage, but spared the iPhone from those increases.

That reprieve is likely to end with the iPhone 18 Pro series, which is expected to carry higher prices than the current models.

Key Takeaways Kenvue secured shareholder approval and U.S. antitrust clearance for its planned Q4 2026 deal.Kenvue's Q2 sales rose 3%, but EPS missed estimates and adjusted gross margin fell 70 basis points.Kenvue faces Self Care weakness, $8.5B debt, restructuring costs and ongoing litigation risks. Kenvue Inc. (KVUE - Free Report) is moving closer to its planned combination with Kimberly-Clark Corporation (KMB - Free Report) , with shareholder approvals secured and the U.S. antitrust waiting period expired. The cash-and-stock transaction is expected to close in the fourth quarter of 2026, subject to remaining foreign regulatory approvals and customary conditions.

Kenvue shareholders are expected to receive 0.14625 Kimberly-Clark shares plus $3.50 in cash for each Kenvue share. They are expected to own about 46% of the combined company on a fully diluted basis after closing.

Kimberly-Clark has already announced a post-closing organizational structure that would become effective once the acquisition is completed. The buyer, which describes itself as a global personal care leader, is preparing for integration even as the transaction still depends on outstanding approvals.

Those remaining conditions matter because Kenvue is not providing forward-looking financial guidance while the deal is pending. Expected transaction benefits may not be realized or may take longer than expected, while the pending transaction could also disrupt the business.

Recent results show why execution remains important. Second-quarter 2026 net sales rose 3% to $3,955 million and organic sales increased 1.6%, but adjusted earnings of 31 cents per share fell short of the Zacks Consensus Estimate of 32 cents. Adjusted gross margin fell 70 basis points to 60.2% as inflation, tariffs and unfavorable transactional foreign exchange outweighed pricing and supply-chain productivity benefits.

Self Care remains a pressure point. First-half organic sales in the segment declined 0.9% as volumes fell 2.3%, reflecting lower illness incidence in pediatric pain and cough-and-cold categories. Skin Health and Beauty provided a stronger offset, with first-half organic sales up 4.4% and segment adjusted operating income rising 46.9% to $354 million.

Competition across these categories remains broad. The Procter & Gamble Company (PG - Free Report) operates Beauty, Health Care and Grooming businesses, including skin and personal care and oral care, which overlap with several Kenvue markets. PG's portfolio breadth makes it a relevant competitive reference point for Kenvue's brand-led categories.

The balance sheet adds another layer of risk. Kenvue had $8.5 billion of total debt and $1.1 billion of cash as of June 28, 2026. First-half operating cash flow improved 12.2% to $1.2 billion and free cash flow reached $1 billion, but the 2026 restructuring program is expected to carry approximately $250 million of pre-tax charges before delivering approximately $200 million of annualized pre-tax gross cost savings upon completion.

Legal and macro pressures have not disappeared. The Second Circuit vacated the prior acetaminophen judgment in July 2026 and remanded the litigation for further proceedings. Kenvue also remains responsible for certain talc-related liabilities outside the United States and Canada, while annualized gross tariff exposure was estimated at approximately $80 million.

Bottom line, major shareholder and U.S. antitrust milestones are complete, but the expected fourth-quarter closing still carries regulatory, operational and financial risk. Weak Self Care volumes, margin pressure, debt, restructuring execution and litigation keep the near-term picture balanced despite stronger cash generation and improving Skin Health and Beauty trends.

Image Source: Zacks Investment Research

Kenvue currently carries a Zacks Rank #3 (Hold), a Value Score of C, a Growth Score of C, a Momentum Score of D and a VGM Score of D. Within the Style Score framework, A and B grades are more favorable than C and D grades, while the Zacks Rank remains the first screen for near-term earnings-estimate trends. Kenvue's C and D scores therefore do not add a strong style-based tailwind to its #3 Rank.

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

Vornado scored a 38,000-square-foot expansion at PENN 1 by payroll and HR management platform Gusto, which brought the redesigned tower to over 90% leased. The asking rent was $135 per square foot, sources said.

But while Gusto’s move is relatively modest, it’s revealing to hear Vornado chairman Steve Roth’s comments in the company’s second-quarter earnings call.

PENN1 is more than 90% leased after payroll and HR management platform Gusto signed a lease for 38,000 square feet. Matthew McDermott Vornado leased 978,000 square feet of Manhattan offices in the year’s first half, Roth said — most with an average starting rent of $105 per square foot.

He declared a “victory lap” for both PENN 1 and sister property PENN 2 across from Madison Square Garden. 

At  PENN 1, “broadly speaking, we invested $200 per square foot to achieve a $50 a foot uptick in rents, which when all gets said and done, is a 25% return,” Roth said.

Vornado spent $450 million to turn the once obsolescent building into a sparkling, 2.5 million square-foot trophy with a dramatic new glass curtain wall.

Arm's new Samsung chip deal looks like a data center breakthrough, but the business investors are actually paying 298 times earnings for operates on completely different terrain from where this partnership lands.

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Arm Holdings (NASDAQ:ARM | ARM Price Prediction) is pushing deeper into AI silicon through a new collaboration with Samsung on a 2nm on-device AI accelerator SoC, with Arm supplying the AI accelerator architecture and core design IP while Samsung’s System LSI division handles full SoC integration and its foundry manufactures the chip on the SF2 2nm process. Investors reading the headline as a data center breakout are misreading the deal. The Samsung tie-up targets power-efficient, low-latency inference on phones and consumer devices to reduce cloud dependence, a high-volume but lower-margin segment. Arm’s actual data center bet is the AGI CPU, where CEO Rene Haas said demand now exceeds $2 billion across fiscal 2027 and fiscal 2028. That is the number to benchmark against the incumbents.

Arm: On-Device Wins Are Real, Data Center Ambitions Are Bigger The Samsung SoC extends Arm’s reach in mobile inference, but the strategic pivot investors are paying for lives in the data center. Arm’s fiscal Q1 2027 delivered revenue of $1.29 billion, up 22.4% year over year, with royalty revenue of $715 million outpacing licensing. On the earnings call, Haas said data center royalty revenue more than doubled year over year once again and that Arm Neoverse shipments have surpassed 1.5 billion cores. Management now targets a $15 billion silicon business against a data center TAM cited at more than $100 billion by 2030.

The bull case: Arm sits inside NVIDIA’s Vera CPU, Google’s Axion, Microsoft’s Cobalt, and Amazon’s Graviton 5, giving it approximately 50% CPU compute share among top hyperscalers. The risk is margin. Arm’s own AGI CPU gross margin is guided to the high 30% range, maybe low 40s for the first generation, a step down from its 92.5% IP-licensing gross margin. The stock is priced for perfection at a P/E of roughly 298, after a 130.62% year-to-date run to $252.09. And the Qualcomm license litigation trial expected Q4 2026 hangs over the royalty base.

NVIDIA: The Incumbent Arm Has to Coexist With, Not Displace NVIDIA (NASDAQ:NVDA) remains the incumbent Arm must coexist with. Its fiscal Q2 2027 revenue reached $96.22B, up 105.8% year over year, with Data Center revenue of $89.02B. Jensen Huang said demand is growing 100% year over year while NVIDIA expects to fulfill approximately 70% of that demand because of supply constraints. Revenue opportunity per gigawatt is stepping up from roughly $18 billion on Hopper to $40 billion on Vera Rubin.

Critically for the Arm thesis, NVIDIA’s Vera CPU is itself Arm-based. Grace CPU revenue already exceeded $5 billion on a trailing twelve-month basis, and NVIDIA sees demand for approximately 20 billion in total server CPUs. The bull case for NVDA is a platform moat that keeps expanding into CPUs, networking, and financing. The risk is customer concentration and geopolitics: NVIDIA assumes no China Data Center compute revenue in its Q3 guidance, and supply obligations have surged to $279B. Shares trade at a P/E of roughly 46 after gaining 23.67% year to date.

Taiwan Semiconductor: The Toll Booth Every Architecture Pays Taiwan Semiconductor Manufacturing (NYSE:TSM) fabricates the leading-edge silicon for NVIDIA’s Rubin, Arm’s AGI CPU partners, and Qualcomm’s hyperscaler custom chips. Q2 2026 revenue reached $40.2 billion, up 36.0% year over year, with advanced nodes at 77% of wafer revenue and 2nm debuting at 3% of wafer revenue in its first ramp quarter. Full-year 2026 revenue is expected to grow slightly above 40% in US dollar terms.

Management said high-performance computing represented 66% of revenue and cited a resurgence in the role of CPUs in AI data centers, singling out agentic workloads. Notably, Samsung’s SF2 node is competing for the same generation of AI silicon. That partial disintermediation of TSMC is the strategic subplot behind the Arm-Samsung deal. The bull case is unavoidable throughput: whoever wins the accelerator war, most of the wafers ship from TSMC. The risk is 2nm ramp cost, guided to dilute Q3 gross margin by about 3 to 4 percentage points, plus Taiwan Strait geopolitical exposure. Shares are up 41.85% year to date to $428.91.

Qualcomm: The Peer Entering Data Center Through the Same Door Qualcomm (NASDAQ:QCOM) is Arm’s closest strategic analog and its most direct new-entrant competitor in AI data center compute. Fiscal Q3 2026 revenue was $9.95B, down 4.0% year over year, with non-GAAP EPS of $2.21. CEO Cristiano Amon confirmed that two near-term custom-silicon wins will begin generating revenue in the December quarter, both with global scale hyperscalers. Management is guiding to $5 billion in fiscal 27 data-center revenue and $15 billion in fiscal 29, with the Arm-based Dragonfly C1000 as its merchant CPU entry.

The bull case: automotive already grew 61% year over year for 23 consecutive quarters of double-digit growth, and hyperscaler custom silicon opens a second engine. The risks are cost and legal exposure. The data-center ramp is guided as a drag of 1.5% to 2% on weighted-average QCT gross margin. The Arm license dispute, with a trial expected Q4 2026, could reshape the economics of Qualcomm’s Arm-based server chips. Shares are essentially flat year to date at up 0.21%, trading at a P/E of roughly 33.

What It All Means The Samsung SoC deal expands Arm’s mobile inference footprint and gives Samsung Foundry a real 2nm reference design, though it stops short of the AGI CPU opportunity. Investors underwriting Arm at 298 times earnings are paying for the data center silicon business, where the incumbent shipped $89 billion in a single quarter and the closest peer is guiding to $15 billion by fiscal 2029. Arm’s on-device wins are additive to a larger data center story. The competitive gravity of the data center still points through NVIDIA’s platform and TSMC’s fabs (we reverse-engineered what the biggest AI chip winners looked like early in a free playbook here: The Next Nvidia Playbook).

Contact [email protected] for any questions or corrections.

The yen has continued to gain relevance during recent trading sessions and, over the last four trading days, USD/JPY has declined by nearly 3.6%, highlighting the strength currently being displayed by the Japanese currency against the U.S. dollar. This selling pressure has remained in place as markets continue digesting recent updates regarding Japan's currency interventions while also maintaining expectations of a more aggressive Bank of Japan. As long as these factors remain dominant, downside pressure on USD/JPY could continue to be an important feature of the market in the sessions ahead.

Is Intervention Risk Returning to Japan?
The most important short-term development behind the yen's recent strength relates to the latest confirmations regarding Japan's efforts to support its currency through direct intervention.

Recent data revealed that Japan carried out a record intervention program during August. International reserves declined by approximately $76.6 billion, marking the largest monthly drop seen in recent years and falling from July's peak of $1.287 trillion in total reserves. As a result, markets have interpreted a significant portion of this decline as being linked to yen-buying operations.

In addition, the Ministry of Finance confirmed that approximately $98.6 billion was deployed in currency interventions through August 26, including operations conducted in coordination with the United States. This information is particularly important because it confirms that intervention threats are no longer merely theoretical but are instead supported by figures directly released by the Japanese government.

The market's interpretation has been straightforward: Japanese authorities remain willing to sell dollars and buy yen aggressively whenever they believe the currency is under excessive pressure. Consequently, this confirmation has increased expectations that intervention could continue to play an important role in the months ahead, helping reinforce demand for the yen over the short term.

Alongside this situation, expectations of a more restrictive monetary policy from the Bank of Japan also remain important. Markets are currently assigning more than a 62% probability to a rate increase at the September 17 meeting, taking the benchmark rate from 1.00% to 1.25%. This reflects continued expectations that Japan will gradually move away from the ultra-low interest rate environment that has characterized its monetary policy for decades.

Source: centralbankwatch

Taking all of this into account, the outlook surrounding the yen appears to have changed significantly compared with previous weeks. Expectations of additional interventions and a more aggressive Bank of Japan are helping support interest in the Japanese currency. On one hand, markets continue to consider the possibility of renewed yen purchases by authorities. On the other, higher interest rates improve the relative attractiveness of yen-denominated investments. As long as these factors remain in place, downside pressure on USD/JPY could continue to be an important feature of the short-term outlook.

Could the U.S. Dollar Become a Threat?
At the same time, it is important to recognize that the main obstacle to further yen strength could remain the U.S. dollar. This issue gained importance after last Friday's NFP report, which delivered employment figures well above expectations and once again supported the possibility of a more aggressive Federal Reserve.

Although this dynamic has not yet translated into a significant recovery in the dollar itself, it could become a relevant factor over the coming weeks. For now, the DXY Index continues to trade around the 98-point area without registering meaningful declines and remains relatively stable near the lows established in recent weeks.

Part of this lack of reaction may be explained by the U.S. market holiday, which tends to reduce both activity and volatility across financial markets.

Source: TradingEconomics

The key point to monitor is whether expectations of a more hawkish Federal Reserve begin translating into a more meaningful recovery in the dollar. If that occurs, part of the yen's recent advance could begin to face resistance. Under such a scenario, USD/JPY could move into a more balanced trading environment, particularly if both central banks continue progressing toward more restrictive policy settings over the coming months.

 

USD/JPY Technical Outlook

Source: StoneX, Tradingview

A Potential Trendline Begins to Take Shape: The recent decline in USD/JPY has led to the formation of a sequence of increasingly lower lows on the chart, a development that is beginning to shape a potential bearish trendline. As long as selling pressure remains dominant, this structure could continue to strengthen and become the most important technical pattern to monitor in the weeks ahead.

 
MACD: The MACD histogram continues to move below the neutral 0 line, indicating that the average strength of short-term moving averages remains tilted toward the downside. As long as this behavior persists, bearish momentum could continue dominating market activity.

 
RSI: A similar dynamic can be seen in the RSI, which continues to move lower below its neutral threshold. However, it is also worth noting that the indicator has now fallen below the 30 oversold level. This suggests that selling pressure may be becoming excessive in the short term and could create room for temporary bullish corrections over the coming sessions.

 
Key Levels:

158.235 – Key Resistance: This level coincides with the 200-period Simple Moving Average and represents the most important upside barrier on the chart. Price action returning toward this area could challenge the formation of the current bearish structure and favor a broader phase of consolidation during the weeks ahead.

 
155.928 – Nearby Barrier: This area corresponds to the nearest retracement zone on the chart and stands as the primary reference point for potential short-term bullish corrections.

 
152.441 – Key Support: A support area not seen since February and currently the most important downside barrier within the market. A move toward this level could reinforce the dominant bearish bias and further confirm the downtrend structure that has emerged during recent sessions.

 
Written by Julian Pineda, CFA, CMT – Market Analyst

Follow him on: @julianpineda25

Life has two constants: death and taxes. But if you were to add a third, it might be the U.S. military expanding its annual budget. And now that the war in Iran has drastically depleted the coffers, the U.S. military is once again fiending for firepower. The Pentagon is requesting $1.1 trillion in discretionary spending for fiscal 2027, including a 188% increase in funds for missile procurement. This spending typically flows into the pockets of the aerospace industry, but not evenly.

Today, we’ll look beyond the prime contractors like Lockheed Martin Inc. NYSE: LMT and RTX Inc. NYSE: RTX to three lesser-known defense stocks. Each company posted a record backlog in its most recent earnings report, but record backlogs don’t always translate into record profits. We’ll dig into the numbers and find out which company is best positioned to actually monetize its growing order book.

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ATI: Specialty Materials Producer With Pricing PowerAllegheny Technologies Incorporated, better known as ATI Inc. NYSE: ATI, is the largest company on our list, with a $27.8 billion market cap and more than $4.5 billion in trailing 12-month sales.

ATI Today

$210.52 -0.13 (-0.06%)

As of 09/4/2026 03:58 PM Eastern

$74.45▼

$243.5761.74

$232.00

Much of the company’s recent growth has come from transforming the Flat Rolled Products segment into Advanced Alloys and Solutions (AA&S). Flat Rolled Products was a cyclical industrial segment making steel, nickel, and plate metal products. But AA&S has become a crucial defense supplier, and aerospace now makes up more than 44% of segment revenue according to the company’s Q2 2026 numbers.

ATI has built its niche around hafnium and zirconium, two minerals only a handful of firms worldwide can produce to aerospace and military standards.

Defense demand has run hot enough that the company has deliberately withdrawn capacity from other segments to reallocate it to defense orders with closer delivery dates. ATI expects to deliver 70% of its record $4.4 billion backlog within the next 12 months. Management believes AA&S margins are sustainable in the mid-20% range, giving the company pricing power that the other two on our list can’t match.

ATI also has the cleanest chart of the three stocks, with strong support along the 50-day moving average (MA) and a Relative Strength Index (RSI) that rarely stays below 50 for long. We’ve reached another inflection point with shares testing the 50-day MA, which has been a good entry point for investors on the past three occasions.

Astronics: Cleanest Defense Link But Highest LeverageIf you want to crank up the risk/reward level of your mid-cap defense stocks, Astronics Corp. NASDAQ: ATRO can provide the leverage.

Astronics Today

$76.26 0.00 (0.00%)

As of 09/4/2026 04:00 PM Eastern

$30.72▼

$94.4644.86

$74.17

The company recorded less than $950 million in sales in the last 12 months, but its rapid growth in onboard flight hardware and components has driven the stock up more than 65% year-to-date (YTD).

Astronics reported $260 million in revenue during its Q2 2026 earnings call, with more than $237 million coming from the Aerospace segment. Total revenue was up 27% year-over-year (YOY), book-to-bill was 1.18, and the backlog stands at a record $780 million (with the bulk again devoted to Aerospace). But this growth has been funded by debt, and the company’s debt-to-equity ratio is 1.57, implying a highly leveraged firm. Astronics needs to keep growing to maintain its valuation, and any slowdown in revenue or bookings could cause a sharp re-rating.

ATRO shares have a beta of 1.20, meaning the stock is 20% more volatile than the total S&P 500 index. High-beta stocks often create false technical signals, as we saw in July when the stock dipped below the 50-day moving average after a bearish cross on the Moving Average Convergence Divergence (MACD) indicator. Day and swing traders may find stocks like ATRO more enticing, but the long-term trend is still pointing up, and the company did just guide its first-ever $1 billion sales year.

Ducommun: Strongest Backlog Masks Guidance DecelerationDucommun Inc. NYSE: DCO is the prime example of why headline backlog numbers require further scrutiny. Backlogs and order books are leading indicators because they reflect bookings from future customers, not revenue the company has already realized.

Ducommun Today

$167.93 -0.39 (-0.23%)

As of 09/4/2026 03:58 PM Eastern

$84.76▼

$210.39$192.60

But backlogs leave a lot to the imagination; they don’t tell us the quality of the orders, how long they will take to complete, or what margin the company can charge for future business.

Ducommun, a $2.5 billion market-cap electronic systems manufacturer, has the best backlog optics of the three stocks on today’s list, and its quarterly book-to-bill rate of 1.4 is higher than that of Astronics (ATI does not report book-to-bill).

The company has $1.16 billion in remaining performance obligations, but management’s guidance during the fiscal Q2 2026 earnings release dampened the headline numbers. Q2 revenue rose 12% YOY to a record $224.5 million, with missile revenue up 68% in the period and gross margins expanding to a company record 28%.

But then came the guidance: a reiteration of the previous quarter's figures, with high single-digit growth in fiscal 2026 but low single-digit growth in Q3 and Q4 due to commercial destocking and aerospace production being pulled forward. The order book might be growing quickly, but Ducommun doesn’t expect to convert those orders into revenue before the end of the fiscal year. Meanwhile, the missile program continues to do the heavy lifting, while the space, radar, and naval platforms segments all declined in Q2.

DCO shares are still up more than 70% YTD, but post-earnings profit-taking now risks turning into a full-fledged decline. The stock has closed lower than it opened in 11 of the last 12 trading sessions, and now the 50-day moving average support level has been broken. The RSI confirmed the downward pressure with a move below the 50 midpoint, signaling that sellers currently have control of the stock’s momentum. The next earnings report isn’t until Nov. 5, so expect more volatility in the weeks ahead for DCO.

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Key Takeaways Citigroup could gain final approval for a wholly owned China brokerage business as early as September 2026.The platform would offer A-share brokerage, underwriting, research and principal trading services.The expansion could deepen client ties and boost C's investment-banking wallet share above 6% in near-term. Citigroup Inc. (C - Free Report) is moving closer to establishing a wholly owned brokerage business in China, with final regulatory approval potentially coming in September 2026, according to a Reuters report published on MSN. C applied for the brokerage license in 2021, and in May 2026, the China Securities Regulatory Commission (“CSRC”) completed its review, clearing a major regulatory hurdle. The bank also plans to roughly double the unit’s headcount to about 100 employees by 2026-end through internal transfers and external hiring.

The proposed brokerage platform would expand C’s capabilities in China beyond its existing investment-banking operations, which primarily help Chinese companies access overseas capital markets. Once approved, the securities unit is expected to offer A-share brokerage, underwriting, research and principal trading. These services would give the company greater access to domestic equity and mergers and acquisitions (M&As) activity, creating additional fee opportunities and strengthening its onshore capital markets franchise.

The bank enters this expansion with an established corporate and commercial banking franchise in China. The bank already serves onshore clients through foreign exchange, cash management and trade finance, giving it existing relationships that can be leveraged to introduce securities and capital-markets services. This creates an opportunity to deepen client relationships and capture a larger share of their overall financial activity as domestic markets become a bigger part of C’s China offering.

The expansion also fits Citigroup’s OneCiti strategy of connecting businesses and products to increase wallet share across client relationships. By combining its existing banking capabilities with domestic brokerage and capital-markets services, C could pursue more opportunities across the client lifecycle, from financing and cash management to equity issuance, M&A and securities trading. This could support its broader objective of increasing investment-banking wallet share from 4.7% in 2025 to more than 6% in the near term, a key target outlined at its 2026 Investor Day.

The brokerage push is also consistent with C’s broader repositioning of its China business toward institutional banking and capital markets. The bank sold its China consumer banking business to HSBC Holdings plc (HSBC - Free Report) in 2024, allowing it to concentrate resources on institutional clients. Rather than rebuilding its former consumer franchise, the proposed securities platform would deepen C’s institutional presence by adding domestic-market capabilities to its existing corporate and investment-banking relationships. Overall, the China brokerage license could enable Citigroup to deepen existing client relationships, capture a larger share of domestic capital markets activity and unlock new fee opportunities.

How Are Other Firms Positioned in China?Not only Citigroup, but also other global players like JPMorgan (JPM - Free Report) and Goldman Sachs (GS - Free Report) have strengthened their presence in China’s securities market through wholly owned onshore platforms.

JPMorgan has built a strong securities presence in China, receiving CSRC approval in August 2021 to fully own J.P. Morgan Securities (China), making it the first foreign bank to fully own a securities venture in the country. JPMorgan’s broader China franchise includes a wholly owned futures business and China International Fund Management, while its strong global investment-banking position is reflected in a 9.3% wallet share in the first half of 2026.

Goldman Sachs has similarly strengthened its China franchise, receiving approval in October 2021 to fully own Goldman Sachs Gao Hua Securities and consolidate its onshore businesses under one entity. The strong global investment-banking franchise of Goldman Sachs further supports this positioning, with investment-banking fees rising 52% year over year to $6.2 billion in the first half of 2026, while its backlog reached a five-year high.

C’s Price Performance & Zacks RankOver the past six months, shares of Citigroup have gained 29.2% compared with the industry’s growth of 24.9%.

Image Source: Zacks Investment Research

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

Key Takeaways PG expects a $1.4 billion after-tax earnings headwind in fiscal 2027, equal to about 8% of 2026 core EPS.Procter & Gamble sees fiscal Q1 EPS falling 5% or more as cost pressures peak in the first half.PG delivered $2.8 billion in pretax productivity gains in fiscal 2026 to help offset rising cost pressures. The Procter & Gamble Company (PG - Free Report) continues to benefit from its well-established portfolio of consumer brands, extensive global presence and strong productivity and pricing initiatives. However, margin pressure remains a concern as the company contends with elevated raw material, energy and transportation costs.

PG expects an approximately $1 billion after-tax cost headwind in fiscal 2027, primarily due to higher raw material, energy and transportation costs, as well as other premiums stemming from the conflict in the Middle East. The estimate assumes an effective Brent crude oil price of around $90 per barrel, based on actual prices since March 2026 and futures contracts through February 2027. This assumption is intended to reflect the average oil price likely to flow through the company’s income statement during fiscal 2027 and is broadly in line with current spot prices.

Including foreign-exchange pressure, higher interest expense and lower non-operating income, the company anticipates a combined $1.4 billion after-tax earnings headwind in fiscal 2027, equivalent to about 8% of fiscal 2026 core earnings per share (EPS). The pressure was already visible in fiscal 2026. PG’s core gross margin declined 40 basis points, while core operating margin fell 70 basis points in fiscal 2026.

Although PG is taking decisive steps to offset these pressures through robust productivity initiatives, including $2.8 billion in pretax productivity improvements in fiscal 2026, the near-term outlook remains challenging. Management expects fiscal 2027 first-quarter EPS to decline 5% or more, with cost pressures likely to be most pronounced in the first half of the fiscal year. While profitability is expected to improve sequentially as the year progresses, persistent cost inflation, cautious consumer spending and geopolitical uncertainties could continue to weigh on margins.

Hence, despite PG’s solid long-term fundamentals, investors may prefer to remain cautious until productivity gains and business interventions begin to drive more meaningful improvements in profitability.

PG’s CompetitionColgate-Palmolive Company (CL - Free Report) is enhancing its operations to become more connected, efficient and resilient by leveraging digital technologies, data analytics, automation and stronger supplier collaboration. CL’s productivity initiatives are increasingly playing a critical role in supporting margins as it navigates persistent cost inflation and uneven category demand. With a diversified portfolio of everyday consumer essentials spanning multiple price points and a strong presence in faster-growing emerging markets, Colgate is well-positioned to drive sustainable growth and strengthen its competitive position.

The Clorox Company (CLX - Free Report) is implementing a streamlined operating model designed to simplify processes, lower costs and create a faster, more focused organization. CLX is optimizing its portfolio, increasing investments in innovation and brand building, and expanding its presence in the health and hygiene categories. These initiatives, supported by greater sourcing flexibility and adaptable business models, are helping Clorox manage cost inflation while advancing its strategic priorities and strengthening operational efficiency.

PG’s Price Performance, Valuation and EstimatesProcter & Gamble’s shares have gained 1.7% in the past three months compared with the industry’s 5% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, PG is trading at a forward price-to-earnings ratio of 20.72X compared with the industry’s average of 18.66X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PG’s fiscal 2027 and fiscal 2028 earnings per share (EPS) indicates year-over-year growth of 1.5% and 6.2%, respectively. The company’s EPS estimate for fiscal 2027 has moved south while that of fiscal 2028 has increased in the past seven days.

Image Source: Zacks Investment Research

TSMC's $265 Billion U.S. Bet Is Becoming Part of Taiwan's Chip Diplomacy Summary

TSMC is investing $265 billion in Arizona

Taiwan Semiconductor Manufacturing Co. (TSM, Financials) has built one of the most prominent positions in global technology over decades. That position is now splitting the organization in two directions.

Taiwan wants to keep innovative chip-making at home. The U.S. and Europe want to produce more of it domestically. TSMC is already reacting.

The business is investing $265 billion in Arizona and other Taiwanese companies are planned another $20 billion in investment in the U.S. It's not only about factories.

TSMC manufactures many of the powerful circuits that fuel the AI growth including chips designed by Nvidia. That makes Taiwan hugely significant in a supply chain that is increasingly seen as strategic by countries. The pressure to move production offshore is only intensifying.

US authorities have cautioned that chip tariffs could hurt companies who do not produce products in the US. Meanwhile, Europe is seeking to attract more investment from Taiwan. The closeness of TSMC to its clients can help offset geopolitical risk.

But there's a catch. It costs more to produce chips outside Taiwan and TSMC's edge has always been about manufacturing efficiency.

That leaves investors with one clear question. TSMC can develop more plants across the world. The harder thing is doing it without throwing out the economics that made the corporation so dominant.”

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

Key Takeaways Canadian National moved a record 2.50 MMT of grain in August, topping the prior August record of 2.34 MMT.CNI's added capacity, customer coordination and operating execution supported higher volumes and reliability.CNI's 2026-2027 Grain Plan targets adequate resources and capacity to handle the upcoming harvest. Canadian National Railway (CNI - Free Report) set a new record for grain movement in August 2026. The company moved 2.50 MMT of grain during the month, exceeding the previous August record of 2.34 MMT set in 2020. Strong demand and efficient network operations are likely to remain supportive as the company enters the new crop year.

The record grain movement reflects a robust start to the 2026–2027 crop year as the harvest season advances across Western Canada and new grain starts moving through the supply chain. The strong performance also indicates effective coordination with customers and other supply-chain partners, along with consistent execution of CNI’s operating plan. The company’s ability to unlock incremental capacity supported higher volumes while strengthening service reliability across the grain supply chain.

Looking ahead, Canadian National’s 2026-2027 Grain Plan positions the company to handle the upcoming harvest with adequate resources and capacity. Continued focus on reliable service and operational execution should help CNI capitalize on grain demand and support volume growth in the upcoming crop year.

CNI Share Price PerformanceCNI’s shares have gained 14.3% over the past six months compared with the  Transportation - Rail industry’s 14.2% growth.

CNI Stock’s Six-Month Price Comparison Image Source: Zacks Investment Research

CNI’s Zacks Rank and Stocks to ConsiderCurrently, CNI carries a Zacks Rank #3 (Hold).

Investors interested in the Zacks Transportation sector may consider Expeditors International of Washington, Inc. (EXPD - Free Report) and Seanergy Maritime Holdings (SHIP - Free Report) . 

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

EXPD has an expected earnings growth rate of 28.6% for 2026.  The company has an encouraging earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.

Seanergy Maritime Holdings currently sports a Zacks Rank #1.

SHIP has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 38%.

Key Takeaways DELL launched the student-focused Dell 14S, pairing portability, battery life and accessible pricing.DELL consumer revenues rose 7% to $1.8 billion, marking a fourth straight quarter of demand growth.DELL's CSG revenues are expected to rise about 15% in fiscal Q3 and grow in the mid-teens for fiscal 2027. Dell Technologies (DELL - Free Report) is benefiting from improving demand across its Client Solutions Group (CSG), supported by PC refresh activity and an expanding consumer portfolio. The company recently introduced the Dell 14S, an affordable lightweight laptop for students and young adults. The device features a 13.5mm aluminum chassis weighing 1.15 kg, four color options and up to 21 hours of battery life. It offers 2K 60Hz and 2.8K 120Hz display options and is powered by Intel Core 5 and Core 7 Series 3 processors. The Dell 14S is expected to become available in North America this fall and complements the premium XPS 13, potentially helping DELL address a broader range of price points and consumer use cases.

The student-focused launch could help DELL sustain consumer demand by combining portability, battery life and premium design with a more accessible price point. The Dell 14S is designed for everyday workloads ranging from classes and study sessions to video calls and multitasking, broadening DELL’s appeal among first-time buyers and younger customers. Expanding its consumer lineup could enhance DELL’s competitive positioning against HP (HPQ - Free Report) and Apple (AAPL - Free Report) , which maintain strong notebook portfolios.

Dell Technologies’ consumer momentum is already improving. In the second quarter of fiscal 2027, consumer revenues increased 7% year over year to $1.8 billion, marking the fourth consecutive quarter of demand growth. Total CSG revenues increased 20% to $15 billion, while operating income reached $1.1 billion, or 7.6% of revenues, benefiting from pricing discipline and greater scale. Dell Technologies’ expects CSG revenues to increase roughly 15% in the fiscal third quarter and grow in the mid-teens for fiscal 2027.

DELL Faces Tough CompetitionHP is strengthening its competitive position through product breadth, artificial intelligence (AI) PCs and aggressive cost optimization. Personal Systems revenues climbed 18% year over year to a record $11.8 billion in the third quarter of fiscal 2026, while consumer revenues increased 10%. HPQ gained share in premium PCs, while AI PCs represented 46% of its mix and are expected to reach 60-70% in 2027. HP is using design-for-cost initiatives and demand shaping to optimize configurations for specific markets, strengthening its ability to compete on value.

APPL presents a particularly strong challenge in education. In the third quarter of fiscal 2026, Mac revenues increased 29% year over year to $10.4 billion, driven by MacBook Neo and MacBook Pro, while Apple recorded its best-ever quarter for customers new to Mac. MacBook Neo is gaining substantial traction in the education market. Pinellas County Schools is transitioning 25,000 students from Windows devices, while other districts purchased thousands of units. Roughly half of large MacBook Neo purchases by U.S. educational institutions displaced Windows and Chromebook devices. Apple Financial Services and the new Apple Upgrade leasing program further strengthen its affordability proposition.

DELL’s Share Price Performance, Valuation & EstimatesShares of Dell Technologies have appreciated 316.3% year to date, outperforming the broader Zacks Computer and Technology sector’s 17.9% growth.

DELL Stock’s Price Performance
Image Source: Zacks Investment Research

DELL stock is trading at a premium, with a forward 12-month price-to-earnings ratio of 18.85 compared with the broader sector’s 20.80. Dell Technologies has a Value Score of C.

DELL’s Valuation
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The Zacks Consensus Estimate for Dell Technologies earnings is currently pegged at $6.64 per share, up by $2.32 over the past 30 days, suggesting 156.37% growth.

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

What if you could turn a decentralized mining network into a global army of ethical hackers? That’s the premise behind RedTeam, a subnet on Bittensor that pits miners against each other in competitive security challenges. And the results, at least on paper, are hard to ignore: bot detection efficacy jumped from 74.3% to 99.5% over 11 months of continuous adversarial testing.

The project, operated by cybersecurity firm Innerworks under Bittensor’s subnet 61 (SN61), is now gearing up for its next phase. An “Immune System” designed to expand bot detection into real-time attack-and-defense operations is on the way, complete with a new challenge called “Bot Virus” that aims to breed adversarial agents capable of doing both simultaneously.

How turning miners into hackers actually works Miners submit code-based solutions to specific security challenges. Those solutions get evaluated in controlled environments, and performers earn TAO tokens based on how well their submissions stack up against the competition.

Since its launch in late 2024, RedTeam has run 14 distinct challenges, deprecating 9 of them as the network’s capabilities matured past the difficulty threshold.

The challenges span a range of security scenarios, from human-behavior mimicry to automation bypass testing. Miners submit Docker-based solutions, which means each entry is a self-contained software package that can be spun up and tested in isolation.

The 99.5% bot detection figure is the headline stat, but the more telling number might be this: while RedTeam’s network was sharpening its detection capabilities, the average performance rate of competing systems fell to just 14.6%.

Enterprise traction beyond the subnet Innerworks has integrated its technology with 1inch, the well-known DeFi aggregation protocol, and with a major messaging application that serves over 100 million daily active users.

Beyond those two, five additional enterprise applications are currently being tested on the platform. Those five collectively carry valuations exceeding $22 billion and each processes more than 1 billion transactions per week.

The Immune System and what comes next The centerpiece is the “Bot Virus” challenge, which flips the traditional attacker-defender paradigm. Instead of miners only building better detectors, they’ll also be tasked with creating adversarial agents that can simultaneously attack and defend.

The Immune System will feature encrypted submissions, a design choice aimed at preventing miners from copying each other’s work. It will also introduce enhanced incentive structures to reward continuous innovation rather than one-time breakthroughs.

On the economic side, Innerworks plans to initiate alpha token buybacks funded through revenue from its SaaS operations, alongside locked profits and upcoming emissions.

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

Key Takeaways MYR Group posted record Q2 revenues of $1.08 billion, driven by strong C&I segment growth.The record $3.16 billion backlog provides revenue visibility as infrastructure investment remains strong.Valley Electric and Comet Electric acquisitions are expected to expand C&I capabilities and geographic reach. MYR Group (MYRG - Free Report) revenue growth has accelerated in 2026, reflecting continued strength across its core markets and solid execution across its Transmission & Distribution (T&D) and Commercial & Industrial (C&I) businesses. MYRG’s strong first-half performance, backlog and favorable infrastructure spending trends point to continued top-line momentum.

MYR Group generated record revenues of $1.08 billion in the second quarter of 2026, up 20.2% from the prior-year quarter. This followed a strong first quarter, with revenues rising 20% to $1 billion. Consequently, first-half revenues increased 20.1% year over year to $2.08 billion, underscoring the company’s strengthening growth trajectory.

The C&I segment was the primary growth engine in the second quarter, with revenues at a record $557.7 million. Revenues were up 41.5% year over year on higher revenues on fixed-price contracts. T&D revenues rose a modest 3.5% to $524 million, reflecting increased activity on time-and-equipment and unit-price contracts, partly offset by lower revenues on fixed-price contracts. 

MYRG’s record backlog of $3.16 billion at the end of the second quarter, up nearly 20% year over year, provides meaningful revenue visibility. The C&I backlog stood at $1.89 billion, while the T&D backlog was $ 1.27 billion.

Looking ahead, MYR Group appears well-positioned to sustain revenue growth supported by its healthy bidding pipeline, record backlog and continued investment in electrical infrastructure. The July acquisition of Valley Electric and Comet Electric is expected to expand its C&I capabilities and geographic reach. While project timing, execution challenges and cost pressures remain potential risks, MYR's accelerating revenue trend and strong end-market fundamentals provide a constructive outlook for continued top-line expansion. 

Rising electricity demand, driven by greater electrification, the growing adoption of Artificial Intelligence and increased power needs from the reshoring of manufacturing, is expected to spur significant customer investments across both of MYR’s reporting segments.

Peer Quanta Services (PWR - Free Report) reported record second-quarter 2026 revenues of $9.56 billion, representing a 41% increase over the prior-year period.  Total backlog was $53.44 billion as of June 30, 2026, reflecting continued demand across Quanta’s end markets. 

MasTec Inc. (MTZ - Free Report) delivered record revenues of $4.37 billion in the second quarter, up 23% year over year. MasTec’s estimated 18-month backlog was $21.39 billion at the quarter end, up 30% from a year earlier and 5.2% from $20.33 billion at the end of the first quarter. 

MYRG’s Price Performance, Valuation & EstimatesMYR Group shares have gained 60.7% in the past year, outperforming the industry's 75.4% fall.

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MYRG is currently trading at a forward 12-month P/E of 21.66X, a premium compared with the industry’s 18.24X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 points to year-over-year earnings growth of 61.2%, while the 2027 estimate implies growth of around 13.2%. 

Image Source: Zacks Investment Research

Earnings estimates for both years have moved up over the past 60 days. 

Image Source: Zacks Investment Research

MYR Group stock currently sports a Zacks Rank #1 (Strong Buy).

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

After months of anticipation, Bulk, an emerging Solana perpetual futures trading venue, has finally opened the doors to its invite-only mainnet beta launch.

Much to the delight of over 15,000 pre-depositors, Bulk’s launch hit Solana’s perps race with a bang, reportedly netting over $22M in Day 1 trading volume and outpacing the giants who came before it.

However, despite palpable excitement, it wasn’t all smooth sailing for the venue. Concentrated, aggressive trading caused a temporary price dislocation, triggering large liquidations and ADL.

Bulk Records $22M in Day 1 Trading After first launching its testnet in March 2026, and amassing peak TVL of $40M in pre-deposits, Bulk is finally live in mainnet beta. An estimated 15,000 wallets are eligible for the invite-only soft launch, with access being periodically rolled out to other users over the coming weeks.

According to Bulk CEO Kobie McGlashan, Bulk processed over $22M in day one volume, surpassing the traffic witnessed by market leaders like Hyperliquid and Lighter on their respective debuts.

Comparatively, Bulk’s $22M launch would’ve placed it in fourth position in Solana’s perp DEX volume rankings, trailing GMTrade, Pacifica, and Jupiter.  While an impressive start for the emerging venue, it’s important to note that some of Bulk’s volume may be driven by mercenary capital. 

Bulk is expected to deliver one of Solana DeFi’s most anticipated future airdrops, prompting traders to generate volume on the platform in exchange for AURA, or points. 

Debut Marred by Temporary Price Dislocation While Bulk’s maiden voyage attracted plenty of volume and demonstrated strong demand from traders, market data shows that some users took advantage of the venue’s Day One liquidity to force a price dislocation and trigger liquidations.

According to co-founder & CTO Junaid Peel’s public statement, one wallet traded aggressively through the venue’s Day One liquidity, rebuilding a large short position while undergoing partial liquidations.

The trader’s behaviour ultimately caused a market-wide price dislocation, triggering liquidations across several positions and causing cascading auto-deleveraging. Bulk has communicated that affected users will be reimbursed following incident review.

Despite the growing pains, McGlashan has asserted that targeted market manipulation practices are commonplace in the crypto industry. Challenges like what Bulk faced on Saturday are particularly common for new and emerging venues, and even established venues can fall victim to sophisticated attacks. 

In March 2026, a malicious actor forced a self-liquidation by manipulating the price of $JELLYJELLY, effectively passing a toxic position to the HLP, causing several million in losses and threatening to liquidate the entire vault at certain price thresholds.

While unsettling in the short term, incidents like the above only help to make perpetual trading venues more resilient in the long term, enabling stronger and more efficient markets and safer trading for users.

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The oldest trick in the con artist’s handbook, updated for the crypto age: call someone pretending to be from a trusted institution, create enough panic, and walk away with their life savings. In this case, the life savings happened to be more than 4,100 Bitcoin, worth over $240 million at the time of the theft.

Malone Lam, a 22-year-old Singaporean national, is scheduled to appear in a U.S. federal court on September 9, 2026, to enter a guilty plea linked to one of the largest Bitcoin thefts ever prosecuted on American soil.

How the scheme worked Lam and his associates allegedly impersonated representatives from both Google and the Gemini crypto exchange, contacting a wealthy investor based in Washington, D.C.

The goal was straightforward, even if the execution was elaborate: convince the target that his accounts were compromised, then talk him into handing over security codes and access credentials. Once inside, the group transferred his Bitcoin holdings out of his control entirely.

The theft occurred in August 2024, though the broader criminal operation had been running since approximately October 2023. By the time authorities dismantled it, the group had been linked to thefts totaling more than $263 million across multiple incidents stretching through March 2025.

The FBI arrested Lam in September 2024 at a mansion in Miami, a detail that says everything about how the stolen funds were being spent. Prosecutors allege the group converted Bitcoin into cash and then burned through it: dozens of sports cars, private jets, and a single nightclub visit in Los Angeles that reportedly ran to over $569,000.

A landmark prosecution This case carries legal significance that extends well beyond the dollar amount. It marks the first time a Bitcoin-related prosecution has been brought under the Racketeer Influenced and Corrupt Organizations Act, better known as RICO, a statute historically associated with organized crime syndicates rather than crypto theft rings.

Eighteen people have been indicted in connection with the scheme. Ten have already pleaded guilty ahead of Lam’s scheduled hearing, suggesting prosecutors have built a durable case from the inside out. Lam himself faces a minimum sentencing guideline of 14 years in prison if the plea proceeds as expected.

The operation also had a physical dimension that investigators found notable. The group reportedly conducted home burglaries specifically to steal hardware wallets, the small USB-like devices that store crypto private keys offline.

What this means for crypto security Exchanges invest heavily in technical infrastructure, multi-factor authentication, and blockchain-level security. None of that matters if an attacker can simply call your customer and impersonate your support team.

Gemini’s brand was used as a prop in this scheme, though the exchange itself was not compromised at the infrastructure level.

For individual holders of significant crypto assets, the case reinforces several uncomfortable realities. Legitimate exchanges and platforms do not initiate unsolicited calls asking for security codes. Any unexpected contact claiming to be from a financial institution or exchange, requesting credentials or urgent account action, should be treated as a red flag regardless of how official it sounds.

Ten guilty pleas already secured, a lead defendant scheduled to follow, and a case that federal prosecutors are framing as organized crime rather than opportunistic fraud.

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

XRP’s derivatives market just woke up from a long nap. Futures trading volume across major platforms exceeded $64.6 billion in August, the highest monthly total since February and a signal that traders are piling back into one of crypto’s most watched assets.

The volume spike arrived alongside a meaningful price move. XRP climbed nearly 30% during the month, running from $1.06 at the start of August to a high of $1.50 on August 24 before settling around $1.35.

Where the volume landed Binance was the clear heavyweight in this derivatives surge, accounting for roughly $37 billion in XRP futures volume. Bybit came in second at approximately $14.54 billion, while OKX rounded out the top three with about $12.88 billion.

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The futures activity wasn’t happening in isolation. Spot trading volume for XRP also reached its highest point since February, with Binance again leading at $7.28 billion. South Korean exchanges showed up in force as well: Upbit recorded $4.68 billion in spot volume, and Bithumb Korea added $2.59 billion.

ETF inflows add institutional flavor US spot XRP ETFs recorded net inflows of $18.96 million during August, pushing combined assets under management to $1.48 billion.

What’s driving the renewed interest Two catalysts appear to be fueling the surge in XRP market activity. First, whale accumulation patterns picked up notably during August, with large holders adding to their positions ahead of a critical vote scheduled for September 15. Second, the broader narrative around XRP has shifted, with ETF products now live and attracting capital.

Worth noting: the volume spike did not indicate a clear directional bias. While the price moved higher, the futures market showed activity on both sides. Long and short interest appeared elevated, which means traders weren’t unanimously bullish.

For context, the last time XRP futures volume hit comparable levels was February, when the token was trading in a similar range.

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